# EDGAR Filing Document

**Accession Number:** 0002095743
**File Stem:** 0001193125-26-035812
**Filing Date:** 2026-2
**Character Count:** 2784222
**Document Hash:** fd3b6321d2f508a8d41af60460d68ae7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-035812.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001193125-26-035812

**CONFORMED SUBMISSION TYPE**: DRS/A

**PUBLIC DOCUMENT COUNT**: 90

**FILED AS OF DATE**: 20260203

**DATE AS OF CHANGE**: 20260203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rare Earths Americas, Inc.
- **CENTRAL INDEX KEY:** 0002095743
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 394918133
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRS/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08674
- **FILM NUMBER:** 26594187

**BUSINESS ADDRESS:**
- **STREET 1:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 719-659-8838

**MAIL ADDRESS:**
- **STREET 1:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206

**As confidentially submitted to the Securities and Exchange Commission on February 3, 2026. This Amendment No. 1 to the draft registration statement has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Registration No. 333-** 

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________**

**FORM S-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**___________________________**

**Rare Earths Americas, Inc.**

(Exact name of registrant as specified in its charter)

**___________________________**

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| | | | |
|:---|:---|:---|:---|
| **Texas** | **1000** | **1000** | **39-4918133** |
| (State or other jurisdiction of <br>incorporation or organization) |  | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification Number) |

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**250 Fillmore Street, Suite 150**

**Denver, CO 80206**

**[_]** 

(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

**___________________________**

**Donald Swartz**

**Chief Executive Officer and President**

**Rare Earths Americas, Inc.**

**250 Fillmore Street, Suite 150**

**Denver, CO 80206**

**[_]** 

(Name, address, including zip code, and telephone number, including area code, of agent for service)

**___________________________**

**Copies to:**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Era Anagnosti**<br>**Andrew Ledbetter**<br>**DLA Piper LLP (US)**<br>**500 Eighth Street, NW**<br>**Washington, D.C. 20004**<br>**(202) 799-4000** | **James Guttman**<br>**Dorsey & Whitney LLP**<br>**TD Bank Tower**<br>**66 Wellington Street W, Suite 3400**<br>**Toronto, ON M5K 1E6**<br>**(416) 367-7370** |

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**___________________________**

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer | ☐ | Accelerated filer | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer | ☐ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

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| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SUBJECT TO COMPLETION, DATED , 2026** |

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**Shares**

**Common Stock**

![img135096051_0.gif](img135096051_0.gif)

**RARE EARTHS AMERICAS, INC.**

This is the initial public offering of shares of common stock of Rare Earths Americas, Inc. All of the shares of common stock are being sold by us.

Prior to this offering, there has been no public market for our common stock. It is currently estimated that the initial public offering price per share will be between $ and $. We intend to apply to list our common stock on the NYSE American LLC ("NYSE American") under the trading symbol "REA".

We are an "emerging growth company" and a "smaller reporting company" as defined under the federal securities laws and, as such, have elected to comply with certain reduced public company reporting requirements for this prospectus and may elect to do so in future filings.

**Investing in our common stock involves a high degree of risk. See the section titled "Risk Factors" beginning on page 11 to read about factors you should consider before buying shares of our common stock.**

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| | | |
|:---|:---|:---|
|  | **Per share** | **Total** |
| &nbsp;&nbsp;&nbsp;Initial public offering price | $| $|
| &nbsp;&nbsp;&nbsp;Underwriting discounts<sup>(1)</sup> | $| $|
| &nbsp;&nbsp;&nbsp;Proceeds to us before expenses<sup>(2)</sup> | $| $|

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____________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)We have also agreed to issue to Cantor Fitzgerald & Co. ("Cantor"), warrants exercisable for the number of shares of our common stock equal to 2.5% of the total number of shares of common stock sold in this offering (which we refer to as the "Underwriter's Warrants"). See the section titled "Underwriting" beginning on page 148 for additional information regarding compensation payable to the underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The proceeds to us before expenses presented in this table do not give effect to any exercise by the underwriters of (i) the option we have granted to the underwriters to purchase additional shares of our common stock from us as described below or (ii) the Underwriter's Warrants.

To the extent that the underwriters sell more than shares of common stock, the underwriters have the option to purchase up to an additional shares of common stock from us at the initial public offering price less the underwriting discount.

The underwriters expect to deliver the shares against payment in New York, New York on , 2026.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

**Cantor**

Prospectus dated , 2026

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;[<u>Prospectus Summary</u>](#prospectussummary) | 1 |
| &nbsp;&nbsp;&nbsp;[<u>The Offering</u>](#the_offering) | 6 |
| &nbsp;&nbsp;&nbsp;[<u>Summary Financial Data</u>](#summary_financial_data) | 9 |
| &nbsp;&nbsp;&nbsp;[<u>Glossary of Mining and other Terms</u>](#glossaryofminingandotherterms) | 10 |
| &nbsp;&nbsp;&nbsp;[<u>Risk Factors</u>](#risk_factors) | 12 |
| &nbsp;&nbsp;&nbsp;[<u>Special Note Regarding Forward-Looking Statements</u>](#specialnoteregardingforwardlookingstatem) | 41 |
| &nbsp;&nbsp;&nbsp;[<u>Market and Industry Data</u>](#marketandindustrydata) | 43 |
| &nbsp;&nbsp;&nbsp;[<u>Use of Proceeds</u>](#useofprocceds) | 44 |
| &nbsp;&nbsp;&nbsp;[<u>Dividend Policy</u>](#dividendpolicy) | 45 |
| &nbsp;&nbsp;&nbsp;[<u>Capitalization</u>](#capitalization) | 46 |
| &nbsp;&nbsp;&nbsp;[<u>Dilution</u>](#dilution) | 48 |
| &nbsp;&nbsp;&nbsp;[<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#managementsdiscussionandanalysis) | 50 |
| &nbsp;&nbsp;&nbsp;[<u>Business</u>](#business) | 59 |
| &nbsp;&nbsp;&nbsp;[<u>Properties</u>](#properties) | 88 |
| &nbsp;&nbsp;&nbsp;[<u>Management</u>](#management_1) | 121 |
| &nbsp;&nbsp;&nbsp;[<u>Executive Compensation</u>](#executivecompensation) | 128 |
| &nbsp;&nbsp;&nbsp;[<u>Certain Relationships and Related Party Transactions</u>](#certain_relationships_and_related) | 138 |
| &nbsp;&nbsp;&nbsp;[<u>Principal Stockholders</u>](#principalstockholders) | 139 |
| &nbsp;&nbsp;&nbsp;[<u>Description of Capital Stock</u>](#descriptionofcapitalstock) | 141 |
| &nbsp;&nbsp;&nbsp;[<u>Shares Eligible for Future Sale</u>](#shareseligibleforfuturesale) | 146 |
| &nbsp;&nbsp;&nbsp;[<u>Material U.S. Federal Income Tax Consequences to Non-U.S. Holders</u>](#materialusfederalincometaxconsequences) | 148 |
| &nbsp;&nbsp;&nbsp;[<u>Underwriting</u>](#underwriting) | 152 |
| &nbsp;&nbsp;&nbsp;[<u>Legal Matters</u>](#legal_matters) | 163 |
| &nbsp;&nbsp;&nbsp;[<u>Experts</u>](#experts) | 163 |
| &nbsp;&nbsp;&nbsp;[<u>Where You Can Find Additional Information</u>](#whereyoucanfindadditionalinformation) | 163 |
| &nbsp;&nbsp;&nbsp;[<u>Index to Financial Statements</u>](#indextofinancialstatements) | 1 |

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"REA," "Rare Earths Americas," the "Rare Earths Americas" logo, and other trademarks, trade names, or service marks of Rare Earths Americas, Inc. appearing in this prospectus are the property of Rare Earths Americas, Inc. All other trademarks, trade names, and service marks appearing in this prospectus are the property of their respective owners. Solely for convenience, the trademarks and trade names in this prospectus may be referred to without the <sup>®</sup> and™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.

**Neither we nor the underwriters have authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus or in any applicable free writing prospectus is current only as of its date, regardless of its time of delivery or any sale of shares of our common stock. Our business, financial condition, and results of operations may have changed since that date.**

**For investors outside the United States: Neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus or any free writing prospectus we may provide to you in connection with this offering in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions relating to this offering and the distribution of this prospectus and any such free writing prospectus outside the United States.**

i

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**PROSPECTUS SUMMARY**

*This summary highlights selected information contained in greater detail elsewhere in this prospectus. This summary is not complete and does not contain all of the information you should consider in making your investment decision. Before investing in our common stock, you should carefully read this entire prospectus, including the sections titled "Risk Factors," "Special Note Regarding Forward-Looking Statements," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and the related notes included elsewhere in this prospectus. As used in this prospectus, unless the context otherwise requires, references to "we," "us," "our," "the Company," "REA," "Rare Earths Americas" and similar references refer to Rare Earths Americas, Inc. together with its consolidated subsidiaries.*

**Overview**

We are an exploration stage company advancing a portfolio of critical minerals projects focused on high-grade heavy rare earth mineral assets. Our work is aimed toward defining mineralization for our projects and increasing our understanding of its characteristics and economics. Our portfolio includes three material projects, which we believe positions REA as a future potential cornerstone of non-Chinese rare earth supply, aligning with Western industrial and national security priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Shiloh Project (Georgia, United States)**: We believe that the Shiloh Project represents a significant exploration opportunity in the rare earth sector. The exploration activities completed to date, including radiometric surveys, drilling programs, and preliminary metallurgical test work, have indicated the presence of wide-spread and high-grade rare earth elements mineralization, primarily in the form of monazite. The geological setting, favorable land position spanning 1,927 acres, and the increasing market demand for domestic sources provide a foundation for the additional work that is recommended to be conducted in the Shiloh Project area. The Shiloh Project presents a new rare earth district discovery in the U.S, of approximately 400 km² with high rare earth grades of up to 20.01% Total Rare Earth Oxides ("TREO") in early-stage exploration results, including high grades of heavy rare earth elements used in high performance magnets. Located on private land, this project benefits from well-established infrastructure, low-cost power and a streamlined pathway to obtaining necessary permits. Exploration activities are at an earlier stage than at our other material projects, and we have not established mineral resources or mineral reserves at the Shiloh Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Alpha Project (Bahia, Brazil)**: Due to its large land package, the Alpha Project has the potential to become one of the largest ionic adsorption clay ("IAC") resources globally, with district-scale of approximately 496 km of tenements ionic clay rare earth deposit. The resources disclosed are for a deposit area located on nine contiguous concessions (100 km²) with a defined 201.7 Mt inferred mineral resource at 1,520 ppm TREO above a cut-off of 1,000 ppm TREO and a potentially larger estimate at lower cutoff grades that will be further refined with additional study, underscoring its promising potential for scale and expansion. With high-value neodymium-praseodymium ("NdPr"), dysprosium ("Dy"), and terbium ("Tb") comprising approximately 24% of contained oxides, this project is positioned to service the high-performance permanent magnet market. The deposit is characterized by shallow, laterally extensive IAC mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Constellation Project (Minas Gerais, Brazil)**: Located in the prolific Poços de Caldas alkaline district, the Constellation Project spans approximately 59.5 km² of tenements with the resource limited to 16 km² at this time. The project has a defined 266.2 Mt inferred mineral resource at 2,637 ppm TREO above a cut-off of 1,000 ppm TREO and a potentially larger estimate at lower cutoff grades that will be further refined with additional study, underscoring the project's promising potential for scale and expansion. With high-value NdPr, Dy, and Tb comprising over 22% of contained oxides, this project is positioned to service the high-performance permanent magnet market. The deposit is characterized by shallow, laterally extensive IAC mineralization.

We also hold rights to several additional, currently not material, early-stage exploration projects, most notably our Homer Project located in Goiás, Brazil. The Homer Project hosts multiple large carbonatite clusters with potential for

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rare earth minerals and niobium considering the region contains some of the world's preeminent niobium mines. We control an additional 1,233 km² of tenements in Brazil.

Our primary focus is on heavy rare earth elements, which are critical to high-performance permanent magnets used in robotics, defense applications, electric vehicles, wind power systems, renewable energy systems, and consumer electronics. We are currently in the exploration stage, with no revenue generated to date. Our objective is to systematically advance our portfolio—comprising the Shiloh Project, the Alpha Project, and the Constellation Project—from early exploration toward resource definition and, eventually, development.

Our projects are strategically positioned, with dual-jurisdiction exposure in the United States and Brazil, which aligns with growing initiatives in the U.S. and its cooperating nations to ensure diversified, secure rare earth elements supply chains.

**Our Business Strategy**

We intend to grow the value of our assets by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•advancing our project portfolio through land acquisition, drilling, exploration, land consolidation, process flowsheet development, resource definition, metallurgical test work, permitting, and engineering studies in accordance with S-K 1300 (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pursuing strategic partnerships and financing to accelerate project development; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing a U.S.-aligned platform to strengthen critical mineral supply chains.

We believe the long-term prospects for rare earth elements, more specifically heavy rare earth elements, continue to be strong, as described in more detail in the section titled "Business." In part, this reflects the acknowledgment of the U.S. Government that critical minerals, including rare earth elements, are essential for national security and economic resilience and its policies to facilitate domestic mineral production, including by offering expedited permitting, reconsidering regulatory bottlenecks, and providing capital and technical assistance. We have assembled a team with extensive mining sector-related experience, including exploration, development, permitting, operations and capital markets, to execute our strategy and pursue the market opportunity available to us.

**Corporate Information**

We were incorporated in February 2025 under the laws of the Cayman Islands as "Rare Earths Americas Ltd." We completed a redomestication transaction through the filing of a certificate of conversion, becoming a Texas corporation on October 15, 2025 (the "Redomestication"). Following the Redomestication, our name changed to "Rare Earths Americas, Inc."

In July 2025, in two transactions, each contingent upon the completion of the other, we acquired our predecessor, Alpha Minerals Brazil Participações Ltda., a company organized under the laws of Brazil ("AMBPL" or "Predecessor"), and Foothills Rare Earths Limited, an Australian incorporated public unlisted corporation ("FRE Australia"). Consideration paid to the shareholders of AMBPL and FRE Australia consisted of shares of our common stock and warrants exercisable for shares of our common stock. REA and AMBPL were entities under common control at the acquisition date.

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We operate and control our business and affairs through our wholly owned subsidiaries: AMBPL, FRE Australia, Foothills Rare Earths LLC ("FRE US"), and T.E. Liberty Holdings, LLC ("T.E. Liberty").

![img135096051_1.gif](img135096051_1.gif)

Our principal executive offices are located at 250 Fillmore Street, Suite 150, Denver, Colorado 80208. In support of our exploration activities, we also maintain field offices in the state of Georgia and in Brazil. Our corporate website is *rareearthsamericas.com*. Information contained on, or accessible through, our website shall not be deemed incorporated by reference and is not a part of this prospectus or the registration statement of which it forms a part. We have included our website in this prospectus solely as an inactive textual reference and do not intend it to be an active link to our website.

**Risk Factors**

Our business is subject to a number of risks of which you should be aware before making a decision to invest in our common stock. These risks are more fully described in the section titled "Risk Factors" immediately following this prospectus summary. These risks include, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All of our business activities are now in the exploration stage and there can be no assurance that we will build successful business operations or ever produce minerals from any of our properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our mining rights are subject to mineral rights purchase option agreements, and we may be unable to exercise such options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will require substantial additional capital to advance our projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have no history of producing rare earth minerals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mineral exploration is highly speculative and subject to an exceptionally high probability of failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exploration results may not demonstrate economically recoverable reserves under S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Metallurgical recoveries and process economics remain uncertain.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The demand for, and prices of, magnet rare earth elements are highly volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The growth of existing and emerging uses for magnet rare earth elements is highly uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The global supply of magnet rare earth elements is subject to dumping, predatory pricing and other adverse tactics by our competitors or state actors, and, in addition, other new rare earth elements projects may be commissioned and/or existing mines may increase production that substantially increase supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Estimates that guide our development plans and anticipated financing needs with respect to our mineral projects may prove inaccurate or incomplete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mining and mineral exploration is inherently dangerous and subject to conditions or events beyond our control, which could have a material adverse effect on our business and plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our business is subject to operational risks that are generally outside of our control and could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We depend on key personnel for the success of our business, and we may be unable to attract and retain qualified mining and technical personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our operations rely on infrastructure, and disruptions could adversely impact our results and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We face permitting, environmental, and tenure risks in both the U.S and Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•China controls a significant portion of the global output of rare earth minerals and possesses great leverage in dealing with competitors in the industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The U.S. Government and other cooperating nations' governments may decrease support for rare earth elements and critical minerals, which could adversely impact demand for our products and/or may pose permitting, financing and other risks for developing our projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We could be adversely affected by changes in government policies, rules or regulations or trends such as resource nationalism, including the imposition of new taxes, tariffs, or royalties on mining activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The market for, trading price of and other matters associated with our common stock.

**Implications of Being an Emerging Growth Company and a Smaller Reporting Company**

We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). An emerging growth company may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reduced obligations with respect to financial data, including presenting only two years of audited financial statements and only two years of selected financial data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An exemption from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reduced disclosure about our executive compensation arrangements in our periodic reports, proxy statements, and registration statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exemptions from the requirements of holding non-binding advisory votes on executive compensation or golden parachute arrangements.

In addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We intend to avail ourselves of this exemption from new or revised accounting standards, and accordingly, we will not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies or that have opted out of using such extended transition period, which may make comparison of our financial statements with those of other public

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companies more difficult. We may take advantage of these reporting exemptions until we no longer qualify as an emerging growth company or, with respect to adoption of certain new or revised accounting standards, until we irrevocably elect to opt out of using the extended transition period.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year in which we have total annual gross revenue of $1.235 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of the date of the closing of this offering; (iii) the date on which we have issued more than $1 billion in nonconvertible debt during the previous three years; and (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC. We may choose to take advantage of some but not all of these reduced reporting burdens.

We are also a "smaller reporting company," meaning that the market value of our stock held by non-affiliates plus the proposed aggregate amount of gross proceeds to us as a result of this offering is less than $700.0 million and our annual revenue is less than $100.0 million during the most recently completed fiscal year. We may continue to be a smaller reporting company after this offering if either (i) the market value of our stock held by non-affiliates is less than $250.0 million or (ii) our annual revenue is less than $100.0 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700.0 million. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.

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**THE OFFERING**

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| | |
|:---|:---|
| Common stock offered by us | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares |
| Underwriters' option to purchase <br>additional shares of common stock | We have granted the underwriters a 30-day option to purchase up to additional shares of common stock at the initial public offering price less the underwriting discounts. |
| Common stock to be outstanding <br>immediately after this offering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares (shares if the underwriters exercise their over-allotment option in full). |
| &nbsp;&nbsp;&nbsp;Use of proceeds | We estimate that the net proceeds from this offering will be approximately $ million (or approximately $ million if the underwriters exercise in full their option to purchase up to additional shares of common stock), after deducting the underwriting discounts and estimated offering expenses payable by us. We intend to use the net proceeds from this offering as follows: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approximately $ million to fund land acquisition and option payments, drilling, metallurgical test work, permitting and S-K 1300 technical report summary preparation at our Shiloh Project. We plan to prioritize advancement of our Shiloh Project;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approximately $ million to fund exploration, evaluation, land consolidation, metallurgy, engineering and permitting studies at our Alpha Project; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approximately $ million to fund exploration, evaluation, land option payments, metallurgy, engineering and permitting studies at our Constellation Project. <br>We intend to use any remaining net proceeds for evaluating our non-material exploration projects, including Homer, as well as for working capital and other general corporate purposes. See the section titled "Use of Proceeds" for additional information. We may find it necessary or advisable to use the net proceeds for other purposes, and our management will have broad discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of the net proceeds from this offering. |
| &nbsp;&nbsp;&nbsp;Lock-up | We have agreed, subject to certain exceptions and without the approval of Cantor, not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of any of our securities for a period of 180 days following the closing of this offering.<br>Our directors, executive officers, and a significant portion of all other holders of our common stock prior to this offering have agreed with the underwriters not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our common stock or securities convertible into common stock for a period of 180 days following the closing of this offering, subject to certain exceptions.<br>See the section titled "Underwriting" for additional information. |
| Underwriter's warrants | We have agreed to issue to Cantor, upon the closing of this offering, warrants exercisable for the number of shares of our common stock equal to 2.5% of the total number of shares of our common stock sold in this offering (which we refer to as the "Underwriter's Warrants"). The Underwriter's Warrants have an exercise price equal to 125% of the initial public offering price shown on the cover of this prospectus, may be exercised, in whole or in part, from time to time after six months following the date of this prospectus, and will expire on the date that is five years following the date of this prospectus. See the section titled "Underwriting—Underwriter's Warrants." |

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Risk factors See "Risk Factors" on page 11 and other information included in this prospectus for a discussion of factors to consider carefully before deciding to invest in our securities. <br> Proposed NYSE American symbol REA

The number of shares of our common stock to be outstanding after this offering is based on shares of common stock outstanding as of , 2026 and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our common stock reserved for future issuance under the new equity incentive plan we are adopting in connection with this offering, or our 2026 Equity Incentive Plan (the "2026 Plan"), as well as any future increases in the number of shares of our common stock reserved for future issuance pursuant to the 2026 Plan, which will become effective immediately prior to the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of common stock issuable upon the exercise of warrants outstanding as of , 2026, including (i) shares underlying the Underwriter's Warrants, with an exercise price of 125% of the initial public offering price and (ii) shares of common stock issuable upon the exercise of other warrants, with a weighted-average exercise price of $ per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of common stock issuable upon the vesting and settlement of restricted stock units ("RSUs") outstanding as of , 2026, issued pursuant to our 2025 Equity Incentive Plan (the "2025 Plan");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issuable in connection with repayment of the Loan pursuant to the Deed of Novation (each as defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issuable upon exercise of options in connection with our mineral rights purchase and/or lease option agreements described in the sections titled "Business – Mining Rights" and "Properties".

Our 2026 Plan provides for annual automatic increases in the number of shares reserved thereunder. See the section titled "Executive Compensation—Equity Incentive Plans" for additional information.

Unless otherwise indicated, all information contained in this prospectus, including the number of shares of common stock that will be outstanding after this offering, assumes or gives effect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no exercise of the outstanding warrants described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no settlement of outstanding RSUs described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no exercise by the underwriters of their over-allotment option to purchase up to additional shares of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no grants of additional equity awards under the 2025 Plan after , 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no exercise of options in connection with our mineral rights purchase and/or lease option agreements described in the sections titled "Business – Mining Rights" and "Properties"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no issuance of shares of common stock in connection with repayment of the Loan.

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**SUMMARY FINANCIAL DATA**

The following tables set forth a summary of our historical financial data. The summary statements of operations data for the years ended December 31, 2024 and 2023 have been derived from the audited financial statements of our Predecessor, Alpha Minerals Brazil Participações Ltda. Those audited financial statements are included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that may be expected in the future.

You should read the summary financial data below in conjunction with the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and related notes included elsewhere in this prospectus. The summary financial data in this section are not intended to replace the financial statements and are qualified in their entirety by the financial statements and related notes included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
| (in thousands of U.S. Dollars) | **2024** | **2023** |
| **Statements of Operations Data:** |  |  |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenses | $2890 | $3887 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 1094 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 6 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 3990 | 5276 |
| **Operating loss** | (3990) | (5276) |
| **Other income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 15 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net |  | 206 |
| Loss before income taxes | (3975) | (4985) |
| Provision for income taxes |  |  |
| **Net loss** | $(3975) | $(4985) |

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| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
| (in thousands of U.S. Dollars, except share and per share data) | **2024** | **2023** |
| **Net loss per common share, basic and diluted** | $(0.46) | $(1.16) |
| **Weighted average common shares outstanding, basic and diluted** | 8674507 | 4280589 |

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| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
| (in thousands of U.S. Dollars) | **2024** | **2023** |
| **Other Financial Data:** |  |  |
| Net cash used in operating activities | $(3793) | $(4191) |
| Net cash provided by investing activities | $65 | $70 |
| Net cash provided by financing activities | $3311 | $4730 |

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**GLOSSARY OF MINING AND OTHER TERMS**

"**Cut-off Grade**" means a term used in S-K 1300 to describe the grade that determines the destination of the material during mining. For purposes of establishing "prospects of economic extraction," the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility).

"**Deposit**" means an accumulation of minerals.

"**Development Stage**" means a term used in S-K 1300 to describe a property that has mineral reserves disclosed but no material extraction.

"**Exploration Stage**" means a term used in S-K 1300 to describe a property that has no mineral reserves disclosed.

"**Feasibility Study**" means a term used in S-K 1300 to describe a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by S-K 1300, together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project.

"**Indicated Mineral Resource**" means a term used in S-K 1300 to describe that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

"**Inferred Mineral Resource**" means a term used in S-K 1300 to describe that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

**"Measured Mineral Resource**" means a term used in S-K 1300 to describe that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in S-K 1300, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

"**Mineralization**" means the concentration of metals within a body of rock or the process by which such concentration occurs.

**"Mineral Reserve**" means a term used in S-K 1300 to describe an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of a qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

"**Mineral Resource**" means a term used in S-K 1300 to describe a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors

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such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

"**Mining**" means the extraction of valuable geological materials from the Earth.

"**Probable Mineral Reserves**" means a term used in S-K 1300 to describe the economically mineable part of an indicated and, in some cases, a measured mineral resource.

"**Qualified Person**" or "**QP**" means a term used in S-K 1300 to describe an individual who (1) is a mineral industry professional with at least five years of relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of us; and (2) is an eligible member or licensee in good standing of a recognized professional organization that meets certain criteria specified under S-K 1300.

"**Recovery**" means that portion (usually expressed as a percentage) of the metal contained in mineralized material that is successfully extracted by processing.

"**Sampling**" means selecting a fractional part of a mineral deposit for analysis.

"**Sediment**" means solid fragmental material that originates from weathering of rocks and is transported or deposited by air, water, or ice, or that accumulates by other natural agents, such as chemical precipitation from solution or secretion by organisms, and that forms in layers on the earth's surface at ordinary temperatures in a loose, unconsolidated form.

"**S-K 1300**" means subpart 1300 of Regulation S-K, promulgated by the U.S. Securities and Exchange Commission, which sets forth the rules and regulations for disclosure by registrants engaged in the mining industry.

"**Technical Report Summaries**" means, collectively, the technical report summaries for each of the Shiloh Project, Alpha Project and Constellation Project, in accordance with S-K 1300, filed as Exhibits 96.1, 96.3 and 96.2, respectively, to this registration statement, of which this prospectus forms a part.

"**TREO**" means total rare earth oxides.

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**RISK FACTORS**

*In addition to the other information contained in this prospectus, including the matters addressed under the heading "Special Note Regarding Forward-Looking Statements" and "Market and Industry Data," you should carefully consider the following risk factors, together with all of the other information included in this prospectus, including the financial statements and notes to the financial statements included herein, before deciding whether to invest in our common stock. The risk factors described below disclose the material risks, but are not intended to be exhaustive, and do not describe all of the risks we are facing or may face in the future. The occurrence of one or more of the events or circumstances described in these risk factors, alone or in combination with other events or circumstances, may have a material adverse effect on our business, financial condition, results of operations and prospects of, in which event the market price of our common stock could decline, and you could lose part or all of your investment. Additional risks not currently known to us or that we currently deem to be immaterial, or that are not identified because they are generally common to businesses, also may have a material adverse effect on our business, financial condition, results of operations or prospects. Because of the factors described in this section and elsewhere in this prospectus, as well as other factors affecting our businesses, financial condition, operating results, and prospects, past financial performance should not be considered a reliable indicator of future performance, and investors should not rely on historical trends to anticipate trends or results in the future.* 

**<u>Risks Related to Our Business</u>** 

***We are an exploration stage mining company with no operating history other than conducting limited exploratory activities, and there are no assurances that we will build successful business operations or ever produce minerals from any of our properties.***

We are an exploration stage mining company, which means that we have no material property with mineral reserves disclosed. We do not currently operate any mines, and we do not have any direct or indirect interest in any active mining operations. Each of our three material mineral projects, the Shiloh Project, Alpha Project, and Constellation Project, is in an exploration stage and has never been mined for rare earth elements by us or by any prior owner. Additionally, we have several additional, currently not material, early-stage exploration projects, including our Homer Project. As a result, we have never produced revenue, and we have no operating history upon which to base estimates of future operating costs, capital expenditure needs, site remediation costs or other necessary investments. While our management team and board of directors have extensive combined mining sector-related experience, the Company has no experience in developing or operating a mine. We may never be able to develop and produce minerals from a commercially viable mineral property.

Advancing our mineral properties to the development stage (which the SEC defines as the preparation of mineral reserves for extraction) will require significant capital and time, and successful commercial production from any mines will be subject to the additional risks associated with developing and establishing new mining operations and business enterprises including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•completing various studies to verify resources, reserves and commercial viability, including the ability to find sufficient mineralization to support a commercial mining operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•obtaining the financial resources to fund further exploration, permitting and construction of infrastructure, mining, refining and other processing facilities and equipment at our projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability of drilling and other mining and processing equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance with environmental, health, and safety regulations and other governmental approval and permitting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential changes in laws, regulations, or the political environment affecting mining in the jurisdictions where our mineral projects are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential opposition from non-governmental organizations, local groups or local inhabitants that may delay or prevent development activities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential increases in exploration, construction, and operating costs due to changes in the cost of fuel, water, power, materials, and supplies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential shortages of mineral processing, construction, and other facilities and related supplies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential shortages of properly trained and experienced exploration personnel, skilled labor and other personnel.

***Our mining rights are subject to mineral rights purchase option agreements, and we may be unable to exercise such options.***

Our wholly owned subsidiaries are party to various mineral rights purchase option agreements, pursuant to which we have been granted options to purchase and/or lease certain mining rights subject to, among other things, our payment of the applicable premiums and exercise prices, which are substantial. Therefore, our acquisition of certain mining rights depends on our ability to obtain adequate financial resources to pay the applicable exercise prices. In some instances, the payment of the exercise price shall be via the issuance of our shares, which issuance would dilute the ownership percentage of existing stockholders. We may not be able to successfully complete our planned exploration activities, establish mining operations or profitably produce rare earth elements at any of our current or future properties if we are unable to exercise such options. Please see the section titled "Business – Mining Rights" for a description of our mineral rights purchase option agreements.

***We have no history of producing rare earth elements.***

We have no history of producing rare earth elements. Our properties are all exploration stage properties in various stages of exploration and evaluation. Our Shiloh Project and our non-material exploration projects, including Homer, are all early-stage exploration projects and are not yet at the resource stage. Advancing properties from exploration into the development stage requires significant capital and time, and successful commercial production from a property, if any, will be subject to completing various studies through definitive feasibility, permitting and construction of the mines, processing plants, roads, and other related works and infrastructure. As a result, we are subject to all the risks associated with developing and establishing new mining operations and business enterprises including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•completion of studies to verify resources, reserves and commercial viability, including the ability to find sufficient rare earth elements to support a commercial mining operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing and cost, which can be considerable, of further exploration, preparing feasibility studies, permitting and construction of infrastructure, mining and processing facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability and costs of drill equipment, exploration personnel, third-party processing labs and facilities, skilled labor and mining and processing equipment, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability and cost of appropriate refining arrangements, if required, and securing a commercially viable sales outlet for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance with environmental, health, and safety regulations and other governmental approval and permitting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability of funds to finance exploration, development and construction activities, as warranted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential opposition from non-governmental organizations, environmental groups, local groups or local inhabitants which may delay or prevent development activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential increases in exploration, construction and operating costs due to changes in the cost of fuel, power, materials and supplies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential shortages of mineral processing, construction and other facilities related supplies.

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The costs, timing and complexities of exploration, development and construction activities may be increased by the location of our properties and demand by other rare earth elements exploration and mining companies. It is common in exploration programs to experience unexpected problems and delays during drill programs and, if warranted, development, construction and mine start-up. Accordingly, our activities may not result in profitable mining operations and we may not succeed in establishing mining operations or profitably producing rare earth minerals.

***Mineral exploration is highly speculative and subject to an exceptionally high probability of failure.***

The mineral exploration industry is characterized by significant risk and uncertainty. It is widely understood that many exploration programs are unsuccessful for a multitude of reasons including political environment, capital markets, lack of funding and government regulation.

The purpose of exploration is to demonstrate the dimensions, position and mineral characteristics of mineral deposits, estimate mineral resources, assess amenability of the deposit to mining and processing scenarios and estimate potential deposit value. Once mineralization is discovered, it may take several years from the initial exploration phases before production is possible, during which time the project may cease to be feasible. Substantial expenditures are required to establish proven and probable mineral reserves, to determine processes to extract the metals and, if required, to construct mining and processing facilities and obtain the rights to the land and resources required to develop the mining activities.

Development projects have no operating history upon which to base estimates of proven and probable mineral reserves and estimates of future operating costs. Estimates are, to a large extent, based upon the interpretation of geological data and modeling obtained from drill holes and other sampling techniques, feasibility studies that derive estimates of operating costs based upon anticipated tonnage and grades of material to be mined and processed, the configuration of the deposit, expected recovery rates, facility and equipment capital and operating costs, anticipated climatic conditions and other factors. As a result, actual operating costs and economic returns based upon development of proven and probable mineral reserves may differ significantly from those originally estimated. Moreover, significant decreases in actual or expected commodity prices may mean rare earth elements, once found, will be uneconomical to mine.

We have not yet established mineral reserves and hold exploration options that may not mature into viable operations. There is no guarantee that the properties contain economically extractable rare earth elements, or that we will be able to bring such properties to economic production.

***Estimates that guide our development plans and anticipated financing needs with respect to our mineral projects may prove inaccurate or incomplete, which could adversely affect our ability to continue our exploration plans and to profitably produce rare earth elements at any of our properties.***

Estimates that guide our development and financing plans are based on the interpretation of geological data, feasibility studies, anticipated climatic conditions and other factors. Any of the following events, among the other events and uncertainties described in this prospectus, could affect the accuracy of such estimates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unanticipated changes in the grade and tonnage of mineralized material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•incorrect data used in engineering assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•delays in construction schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unanticipated construction and transportation costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•incorrect predictions of the nature and timing of major equipment needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•possible litigation risks, including permit disputes (e.g., in respect of access and/or validity of tenure), environmental claims, occupational health and safety claims, and employee claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unavailability of adequate mining personnel or unfavorable outcomes of labor negotiations; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse changes in laws or regulations (including laws or regulations regarding mining concessions, prices, cost of consumables, royalties, duties, taxes, permitting and restrictions or production quotas on exportation of minerals) and title claims.

Inaccuracies in such estimates could adversely affect our ability to continue our exploration plans and to profitably produce rare earth elements at any of our current or future properties.

***Any material changes in mineralization estimates and grades of mineralization will affect the economic viability of placing any projects into production.***

Because we have not completed various studies and have not commenced actual production, mineralization estimates for our projects may require adjustments or downward revisions. Rare earth elements recovered in small scale tests may not be duplicated in large scale tests under on-site conditions or in production scale.

The estimates contained in this prospectus have been determined and valued based on assumed future prices, cut-off grades and operating costs that may prove to be inaccurate. Extended declines in market prices for rare earth elements may render portions of our mineralization estimates uneconomic and result in reduced reported mineralization or adversely affect the commercial viability determinations we reach. Any material reductions in estimates of mineralization, or of our ability to extract this mineralization, could have a material adverse effect on our share price and the value of our properties.

***We may be adversely affected by fluctuations in demand for, and prices of, magnet rare earth elements.***

Because our potential revenue is, and will for the foreseeable future be, derived from the production and sale of rare earth elements, changes in demand for, and the market price of, and taxes and other tariffs and fees imposed upon magnet rare earth elements and their inputs could significantly affect our profitability. Our financial results may be significantly adversely affected by declines in the prices of magnet rare earth elements. Magnet rare earth elements prices may fluctuate and are affected by numerous factors beyond our control, such as interest rates, exchange rates, taxes, tariffs, inflation or deflation, fluctuation in the relative value of the U.S. dollar against foreign currencies on the world market, shipping and other transportation and logistics costs, global and regional supply and demand for magnet rare earth elements, potential industry trends, such as competitor consolidation or other integration methodologies, and the political and economic conditions of countries that produce and procure magnet rare earth elements. Furthermore, supply side factors have a significant influence on price volatility for critical and rare earth elements prices. Supply of rare earth elements is currently dominated by Chinese producers. The Chinese Central Government regulates production via quotas and environmental standards and has in the past and may continue to change in the future such production quotas and environmental standards. Periods of over supply or speculative trading of rare earth elements can lead to significant fluctuations in the market price of rare earth elements.

In contrast, extended periods of high commodity prices may create economic dislocations that may be destabilizing to rare earth elements supply and demand and ultimately to the broader markets. While some periods of high rare earth elements market prices generally are beneficial to our financial performance if we are producing rare earth elements, if ever, or if magnet rare earth elements prices rise in concert with such higher rare earth elements prices, strong rare earth elements prices, however, also create economic pressure to identify or create alternate technologies that ultimately could depress future long-term demand for magnet rare earth elements, and at the same time may incentivize development of competing mining properties.

***The success of our business will depend, in part, on the growth of existing and emerging uses for magnet rare earth elements.***

Our strategy is to produce and sell magnet rare earth elements, which are used in existing and emerging technologies, such as robotics, electric and hybrid vehicles, advanced air mobility, clean energy, consumer electronics and other high-growth, advanced motion technologies. The success of our business accordingly depends on the continued growth of these end markets and successfully commercializing magnet rare earth elements in such markets. If the market for these existing and emerging technologies does not grow as we expect, grows more slowly than we expect, or if the demand for our products in these markets decreases, then our business, prospects, financial condition and operating results could be harmed. In addition, the market for these technologies, particularly in the automotive and wind turbine industry, tends to be cyclical, which exposes us to increased volatility, and it is uncertain as to how such macroeconomic factors will impact our business.

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A prolonged or significant economic contraction in the United States or worldwide could put downward pressure on market prices of magnet rare earth elements. Protracted periods of low prices for magnet rare earth elements could significantly reduce revenues and the availability of required development funds in the future. This could cause substantial reductions to, or a suspension of, magnet production operations, impair asset values and reduce our results of operations and financial condition.

Demand for our products may be impacted by demand for downstream products incorporating magnet rare earth elements, including robotics, hybrid and electric vehicles, wind turbines, medical equipment, military equipment and other high-growth, advanced motion technologies, as well as demand in the general automotive and electronic industries. Lack of growth or changes in these markets may adversely affect the demand for our products. Any unexpected costs or delays in the commercialization of magnet rare earth elements or any of our other expected products, or less than expected demand for the critical existing and emerging technologies that use magnet rare earth elements, could have a material adverse effect on our financial condition or results of operations.

***An increase in the global supply of magnet rare earth elements or, dumping, predatory pricing and other tactics by our competitors or state actors may adversely affect our profitability.*** 

The pricing and demand for magnet rare earth elements is affected by several factors beyond our control, including growth of economic development and the global supply and demand for magnet rare earth elements. China is projected to continue to account for a substantial portion of global magnet rare earth elements production in the near future. China dominates the manufacture of metals and magnet rare earth elements, capabilities that are not currently materially present in the United States, and the Chinese Central Government regulates production via quotas and environmental standards. Over the past few years, there has been significant restructuring of the Chinese markets in line with China Central Government policy. Assuming that we reach production of magnet rare earth elements and other planned downstream products and subsequently become fully operational and integrated, increased competition may lead our competitors to engage in predatory pricing or other behaviors designed to inhibit our further downstream integration. Any increase in the amount of magnet rare earth elements or related products available in the market, including those exported from other nations, would result in increased competition and may result in price reductions, reduced margins or loss of potential market share, any of which could materially adversely affect our profitability. As a result of these factors, we may not be able to compete effectively against current and future competitors.

***A shortage of equipment, supplies and qualified personnel could adversely affect our ability to operate our business.***

We are dependent on various supplies and equipment to carry out our mining exploration and, if warranted, development operations. The shortage of such supplies, equipment and parts could have a material adverse effect on our ability to carry out our operations and therefore limit or increase the cost of production.

***Suitable infrastructure may not be available or damage to existing infrastructure may occur.***

Exploration activities depend on adequate infrastructure. Reliable roads, bridges, port and/or rail transportation, power sources, water supply and access to key consumables are important determinants for capital and operating costs. The lack of availability on acceptable terms or the delay in the availability of any one or more of these items could prevent or delay exploration, development or exploitation of our projects. If adequate infrastructure is not available in a timely and cost-effective manner, the exploitation or development of our projects might not be commenced or completed on a timely basis, or at all, the resulting operations might not achieve the anticipated production volume and the construction costs and operating costs associated with the exploitation and/or development of our projects might be higher than anticipated. In addition, extreme weather phenomena, sabotage, vandalism, government, non-governmental organization and community or other interference in the maintenance or provision of such infrastructure could adversely affect our business, results of operations, financial condition or prospects.

***Diminished access to water may adversely affect our operations.***

Exploration and eventual processing of rare earth elements requires significant amounts of water. Any disruption in the process or loss of access to adequate water sources could prompt the need for significant access to fresh water. Additionally, once we complete the pending projects, we will require an even greater amount of water for our separation and extraction operations, including additional fresh water. In addition, water usage, including extraction, containment, and recycling, requires appropriate permits, which are granted by respective regulatory authorities in Brazil and the United States. The available water supply may be adversely affected by shortages or changes in

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governmental regulations. We cannot assure stockholders that water will be available in sufficient quantities to meet our future production needs or will prove sufficient to meet our water supply needs. In addition, we cannot assure stockholders that we will maintain our existing licenses related to water rights, particularly if political changes lead to additional regulatory requirements or review of existing licenses. A reduction in our water supply could materially adversely affect our business, results of operations and financial position. In addition, if we are unable to obtain the necessary licenses with respect to water use, we may be prevented from pursuing some of our planned expansion projects.

***We depend on key personnel for the success of our business. We may be unable to attract and retain qualified mining and technical personnel, which could materially and adversely affect our business and the execution of our strategic plans.***

We highly value and depend on the contributions of our senior management and key personnel, particularly our experts with respect to rare earth elements production. Our success continues to depend largely upon the performance of key officers, employees and consultants who have advanced us to our current stage and contributed to our potential for future growth. The mining industry in the United States faces a significant and growing shortage of skilled personnel, including qualified mining engineers, geologists, metallurgists, and experienced technical staff. The U.S. mining workforce has a high average age, and a substantial number of experienced professionals are expected to retire in the coming years. At the same time, enrollment in university and college mining engineering and geology programs has been in a long-term decline, leading to a limited pipeline of new talent.

Our ability to execute our exploration, development, and operational plans depends on our capacity to attract, hire, and retain individuals with the necessary technical skills and experience. As a result of this industry-wide shortage, we face increased competition for talent, which may require us to offer higher compensation packages or face delays in hiring. We may also be required to seek talent from foreign jurisdictions, which could be subject to visa and other immigration-related restrictions. We may not be able to replace our senior management or key personnel (including personnel that are key to rare earth elements production) with persons of equivalent expertise and experience within a reasonable period of time or at all if one or more of our senior management and key personnel are not retained, and we may incur additional expenses to recruit, train and retain additional personnel. Any prolonged inability to retain key individuals, or to attract and retain new talent as we grow, could have a material adverse effect upon our growth potential and prospects. Additionally, we have not purchased any "key-man" insurance for our directors, officers or key employees.

The loss of key personnel or our inability to find suitable replacements in a timely manner could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Delay our project timelines and increase costs, potentially impacting our ability to meet production schedules or capitalize on market opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Result in a loss of institutional knowledge and technical expertise, which could negatively affect the efficiency, safety, and environmental performance of our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adversely affect our ability to comply with complex regulatory requirements related to mine planning, environmental stewardship, and health and safety.

If we are unable to successfully attract and retain a sufficient number of qualified employees, it could have a material adverse effect on our business, financial condition, and results of operations.

***We may enter into contracts with government entities, which may expose us to greater risks than contracts with non-government entities.***

We may enter into contracts with government entities. The terms of such contracts are often non-negotiable and may expose us to greater commercial, political and operational risks than we would assume in other contracts, such as, for example, exposure to materially greater environmental liability, personal injury and other claims for damages (including consequential damages), or the risk that the contract may be terminated by the government entity without cause on short-term notice, contractually or by governmental action, under certain conditions that may not provide us

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with an early termination payment. Should we enter into such contracts, we can provide no assurance that the increased risk exposure will not have an adverse impact on our future operations.

**<u>Risks Related to Our Financial Position and Capital Needs</u>**

***As a newly public company with no revenue and operations, we will incur substantial operating losses for the foreseeable future and may never achieve or sustain profitability.***

We may never achieve or sustain profitability. None of our mineral projects have commenced commercial production, and commercial production at our mineral projects will require significant capital and expenditures. To become and remain profitable, we must generate significant revenues at one or more of our mineral projects, which will require us to be successful in a range of challenging activities that are subject to numerous risks, including those set forth in this "Risk Factors" section. In addition, we may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect our revenues, expenses and profitability. Our failure to achieve or sustain profitability would depress our market value, could impair our ability to execute our business plan, raise capital or continue our operations and could cause you to lose all or part of your investment.

***Our ability to fund mineral exploration and development depends on our ability to obtain additional financing, and we may be unable to do so on favorable terms, if at all.***

Mineral exploration and development are capital-intensive activities. Specifically, the exploration and exploitation of reserves, mining and processing costs, the maintenance of machinery and equipment and compliance with applicable laws and regulations require substantial capital expenditures. We will be required to make substantial expenditures for the continued exploration and, if warranted, development of our mineral properties. Mining industry development projects typically require a number of years and significant expenditures before production can begin.

Our current financial resources are limited and will be insufficient to fund all planned exploration, development, and general administrative expenses. To continue operations, we will need to raise substantial additional capital through equity or debt financings in the future. The ability to secure this capital is subject to numerous factors, including the success of our exploration efforts, the general state of the capital markets, and investor sentiment toward the rare earth elements industry. There is no assurance that future financing will be available when needed or that it will be on terms that are not highly dilutive to existing shareholders. Mineral projects could experience unexpected problems and delays during development, construction and start-up. We may not be successful in obtaining the required financing or, if we can obtain such financing, such financing may not be on terms that are favorable to us. Any failure to obtain sufficient equity or debt financing for our operations on favorable terms could have a material adverse effect on our financial condition, results of operations, and prospects.

***We may experience time delays, unforeseen expenses, increased capital costs, and other complications while developing our projects, these could delay the start of revenue-generating activities and increase development costs. If we establish the existence of mineral reserves in our ongoing projects in a commercially exploitable quantity, we will require additional capital in order to develop the properties into producing mines. If we cannot raise this additional capital, we will not be able to exploit any reserves, and our business could fail.***

The production of rare earth elements and mineral exploration and mining by their nature involve significant risks and hazards, including potential for adverse environmental impacts, as well as industrial and mining accidents. These include, for example, occupational hazards, leaks, ruptures, explosions, chemical spills, seismic events, fires, cave-ins and blockages, flooding, discharges of gasses and toxic substances, contamination of water, air or soil resources, unusual and unexpected rock formation affecting mineralization or wall rock characteristics, ground or slope failures, rock bursts, wildfires, radioactivity and other accidents, incidents, or conditions resulting from mining or manufacturing activities, including, among others, blasting and the transport, storage and handling of hazardous materials. These operations can be dangerous and safety incidents in these operations may cause damage to and loss of equipment, injury or death, monetary losses and potential legal liabilities. Any such incidents could have a material adverse effect on our business, operating results and financial condition. Furthermore, there is the risk that relevant regulators may impose fines and work stoppages for non-compliant production or mining operating procedures and activities, which could reduce or halt production or mining until lifted. The occurrence of any of these events could delay or halt production, increase production costs and result in financial and regulatory liability for us, which could have a material adverse effect on our business, results of operations and financial condition. In addition, the relevant

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environmental authorities have issued and may issue administrative directives and compliance notices in the future, to enforce applicable statutes or regulations which may require us to implement, maintain, or complete specific environmental assessment, protection or remediation measures. The authorities may also order the suspension of part, or all, of our operations if there is non-compliance with applicable laws or regulations. Contravention of some of these statutes or rules may also constitute a criminal offense and an offender may be liable for a fine or imprisonment, or both, in addition to administrative penalties. As a result, the occurrence of any of these events may have a material adverse effect on our business, results of operations and financial condition.

***We have no operating history on which to evaluate our business and performance, and accordingly, our prospects must be considered in light of the risks that any new company encounters.***

We were re-incorporated under the laws of the State of Texas, effective as of October 15, 2025. We have never generated any revenue from operations, our mineral properties are in the exploration stage, and we have never produced minerals in commercial quantities from any of our mineral properties. We face many risks common to early-stage enterprises, including under-capitalization, cash shortages and limitations with respect to personnel and other resources. The likelihood that in the future we will generate a level of revenue to achieve and sustain profitable operations must be considered in light of the early stage of our operations.

There is no assurance that any of our mineral properties will ultimately produce minerals in commercially viable quantities or otherwise generate operating earnings. Advancing our mineral properties into the development stage will require significant capital and time, and successful commercial production from any mines on such properties will require us to complete feasibility studies to estimate the anticipated economic returns of a project, obtain adequate financing, obtain various permits, construct processing plants and infrastructure, and complete other activities. We may not succeed in establishing mining operations or profitably producing metals at any of our current or future properties.

***A non-U.S. holder may be treated as having income that is "effectively connected" with a United States trade or business upon the sale or other taxable disposition of our common stock unless (i) our common stock is regularly traded on an established securities market and (ii) such non-U.S. holder did not meet certain ownership thresholds during the applicable testing period.***

A Non-U.S. Holder (as defined below) of our common stock generally will incur U.S. federal income tax on any gain realized upon a sale or other disposition of our common stock to the extent our common stock constitutes a "United States real property interest" ("USRPI") under the Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA"). A USRPI includes stock in a "United States real property holding corporation" within the meaning of Section 897(c)(2) of the Code (a "USRPHC"). To our knowledge, we believe we currently are not a USRPHC. However, since the determination of whether we are or may become a USRPHC depends on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we will not become one in the future.

Under the FIRPTA regime, a Non-U.S. Holder is taxed on any gain realized upon a sale or other disposition of a USRPI as if such gain were "effectively connected" with a United States trade or business of the Non-U.S. Holder. A Non-U.S. Holder thus will be taxed on such a gain at the same graduated rates generally applicable to U.S. persons. In addition, a Non-U.S. Holder will have to file a U.S. federal income tax return reporting that gain.

However, if our common stock is regularly traded on an established securities market (the "Regularly Traded Exception"), then gains realized upon a sale or other disposition of the common stock will not be treated as gains from the sale of a USRPI, as long as the Non-U.S. Holder owned, actually and constructively, 5% or less of our common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder's holding period. It is uncertain whether a trading market for our securities may develop and whether our common stock will be regularly traded for purposes of the Regularly Traded Exception (see also our "*There has been no public market for our common shares prior to this offering, and an active market in which investors can resell their shares may not develop*" risk factor on page 28 of this prospectus). Accordingly, we can provide no assurances that the common stock will meet the Regularly Traded Exception at the time a Non-U.S. Holder purchases such security or sells, exchanges, or otherwise disposes of such security. The foregoing summary is qualified in its entirety

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by the discussion contained herein under the heading "Material U.S. Federal Income Tax Consequences to Non-U.S. Holders".

Non-U.S. Holders should consult their own tax advisors regarding the potential application of the FIRPTA regime to their investment in our common stock.

***We may experience increased costs at our mineral properties which could have a material adverse effect on our business, financial condition, results of operation and prospects.***

The costs of exploring and developing our mineral properties will be subject to variation from time to time due to a variety of factors including

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inflation and general economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the grade and metallurgy of samples from our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•revisions to mine plans, if any, in response to the physical shape and location of any applicable ore body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the cost of labor and third-party consultants due to changes in demand for those services and regional or national wage pressure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in, or stricter enforcement or interpretation of, rules or regulations, including taxation, environmental, permitting requirements.

Costs are also affected by the price of commodities necessary for our operations such as fuel, steel, water, and electricity. Such commodities may be subject to volatile price movements, including increases that could make production at certain operations less profitable. A material increase in costs at any of our four material mineral projects could have a material negative impact on our business, financial condition, results of operation and prospects.

**<u>Risks Related to the Rare Earth Elements Mining Industry</u>**

***The mining industry is highly competitive.***

The mining industry is highly competitive. Much of our competition will come from larger and more established mining companies that have greater resources than us, including more executive management and administrative personnel, more qualified employees, newer and more efficient equipment, lower cost structures, greater liquidity and access to credit and other financial resources, more effective risk management policies and procedures, and greater financial resources allowing for a greater ability to explore and develop mining properties and withstand potential losses. As a result of such advantages, some of our competitors may be able to (i) respond more quickly to new laws, regulations or emerging technologies, (ii) devote greater resources to the operation, expansion or efficiency of their operations, and (iii) expend greater amounts of resources, including capital, in acquiring new and prospective mining properties. In addition, current and potential competitors may make strategic acquisitions or establish cooperative relationships among themselves or with third parties; and the resulting competitors or alliances may gain significant market share to our detriment. We may not be able to compete successfully against current and future competitors, and any such failure to compete successfully could have a material adverse effect on our business, financial condition or results of operations.

***China has historically been the largest producer of rare earth elements, controlling a significant portion of the global output, and as a significant player, China possesses great leverage in dealing with competitors in the industry, by among other things, manipulating pricing, processing speed and other factors.***

China controls a substantial majority of the world's rare earth elements production. China's rare earth elements industry benefits from extensive government support, allowing Chinese companies to offer rare earth elements at subsidized prices, often undercutting other producers. Moreover, Chinese companies have invested heavily in improving their processing capabilities, giving them a technological and cost advantage in the global market. Since December 2023, China has banned the export of such technologies and capabilities. While geopolitical friction and

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U.S. tariff measures have tightened the pressure on China's rare earth supply-chain leading position, weakening or displacing China's preeminence in the sector will demand sustained, coordinated action and significant investment over an extended horizon.

***Mining and mineral exploration is inherently dangerous and subject to conditions or events beyond our control, which could have a material adverse effect on our business and plans.***

Mining and mineral exploration involves various types of risks and hazards, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•environmental damage to our properties or the properties of third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•power outages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•metallurgical and other processing problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unusual or unexpected geological formations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•personal injury, flooding, fire, explosions, cave-ins, landslides and rock-bursts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability to obtain suitable or adequate machinery, equipment, or labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•metals losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fluctuations in exploration, development and production costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•labor disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unanticipated variations in grade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•mechanical equipment failure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•periodic interruptions due to inclement or hazardous weather conditions.

These risks could result in damage to, or destruction of, our projects, production facilities or other properties, personal injury, environmental damage, delays in mining, increased production costs, monetary losses and possible legal liability. We may not be able to obtain insurance to cover these risks at economically feasible premiums. Insurance against certain environmental risks, including potential liability for pollution or other hazards as a result of the disposal of waste products occurring from production, may be prohibitively expensive. We may suffer a material adverse effect on our business if we incur losses related to any significant events that are not covered by our insurance policies.

***Permitting, licensing and approval processes are required for our operations and obtaining and maintaining required permits and licenses is subject to conditions which we may be unable to achieve.***

Both mineral exploration and extraction at our projects require permits from various federal, state, provincial and local governmental authorities and are governed by laws and regulations, including those with respect to prospecting, mine development, mineral production, transport, export, taxation, labor standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters. Please see the sections titled "Properties – Shiloh Project," "Properties – Alpha Project," and "Properties – Constellation Project" for a description of the permits known to be required. Such licenses and permits are subject to changes in regulations and changes in various operating circumstances. Companies such as ours that engage in exploration activities often experience increased costs and delays in production and other schedules because of the need to comply with applicable laws, regulations and permits. Issuance of permits for our activities is subject to the discretion of government authorities, and we may be unable to obtain or maintain such permits. Permits required for future exploration or development may not be obtainable on reasonable terms or on a timely basis. There can be no assurance that we will be able to obtain or maintain any of the permits required for the continued exploration or development of our projects (or any other mineral properties that we may subsequently acquire) or for the construction and operation of a mine on our properties that we may subsequently acquire at economically viable costs. If we cannot accomplish these objectives, our business could face difficulty and/or fail.

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***There may be defects in our rights under the mining claims that comprise our properties, and such defects could impair our ability to explore for mineralized material and to otherwise develop such properties.***

The mining claims we rely on at our mineral properties may be challenged, and we may not have, or may not be able to obtain, the surface rights needed to explore for or develop any resources present at the property related to such claims. Unknown defects with respect to any of such claims could adversely affect our ability to explore and develop the property or process the minerals that we may ultimately mine at the applicable property. Title insurance for mineral properties is generally not available at a reasonable cost, and we may have limited ability to ensure that we have obtained valid rights to individual mineral properties. We rely on public records in Brazil with respect to our mining claims. However, any challenge to our rights in a concession could result in litigation, insurance claims and potential losses, hinder our access to capital, delay the exploration and development of the property and ultimately result in the loss of some or all of our interest in the related mineral project.

***Mineral operations are subject to market forces outside of our control which could negatively impact our operations.***

The marketability of minerals is affected by numerous factors beyond our control including market fluctuations, government regulations relating to prices, taxes, royalties, allowable production, imports, exports and supply and demand. One or more of these risk elements could have an impact on the costs of our operations and if significant enough, reduce the profitability of our operations.

***Volatility in commodity markets may impair our financial results and access to capital.***

Prices for minerals constantly fluctuate, and if the prices of rare earth elements (the primary minerals for which we are exploring) experience sudden or protracted declines, our exploration activities for those minerals may become unattractive and we may discontinue those activities. Prices of minerals are determined by a variety of factors, including market volatility in commodities prices; the exchange rate between the Brazilian Real and the U.S. Dollar; global and regional supply and demand; and changes or volatility in political and economic conditions and production costs in major mineral producing regions of the world.

***Changes in government policies or funding priorities for rare earth elements and critical minerals could reduce or eliminate incentives, grants, or programs we rely on, adversely affecting development of our mineral projects and demand for our products.***

Government policies regarding rare earth elements and critical minerals are subject to frequent changes based on national security priorities, supply chain assessments, and political considerations. Changes to critical minerals lists, or government funding priorities related to commercial facilities for the mining or manufacturing of rare earth elements or critical minerals, could affect our eligibility for government incentives, grants, or preferential treatment in government procurement. The modification of programs such as the Defense Production Act, the Infrastructure Investment and Jobs Act, or the Inflation Reduction Act could impact available funding, tax incentives, or regulatory streamlining that we currently benefit from or expect to benefit from in the future. Additionally, changes in government priorities or budget constraints could further result in the elimination or reduction of programs that support domestic rare earth elements and critical mineral production and processing. Further, cooperating nations' governments may decrease support for rare earth elements and critical minerals, which could also adversely impact demand for our products and/or may pose permitting, financing and other risks for developing our projects.

**<u>Risks Related to Our Operations in Brazil</u>**

***Changes in U.S. trade policy, including the imposition of tariffs on goods from Brazil, could materially and adversely affect our business and financial results.***

Our operations in Brazil, including export of rare earth elements, are or could become subject to changes in U.S. trade policy. The current U.S. administration has imposed new tariffs on a wide range of imports from Brazil, citing various national security, economic, and foreign policy concerns. For example, recent executive orders have imposed an additional 40% tariff on certain Brazilian goods, bringing the cumulative duty to as high as 50% for many products.

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While some products derived from rare earth elements may be temporarily exempted or subject to different tariff rates under existing trade regulations, there is no guarantee that such exemptions or rates will remain in effect. Furthermore, the political and economic justifications for these tariffs are subject to change, and we cannot predict whether new tariffs will be imposed on additional product categories or if existing tariffs will be increased.

The imposition of new or increased tariffs on these products could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Increase the cost of our goods to U.S. customers, potentially reducing demand and affecting our sales volume and market share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Result in decreased profit margins if we are unable to pass on the full cost of the tariffs to our customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prompt retaliatory measures from the Brazilian government, such as increased tariffs on U.S. goods, which could impact our ability to acquire essential U.S.-manufactured equipment and parts for our operations, leading to higher costs and supply chain disruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Create significant uncertainty in our business planning and investment decisions, as trade policies may be volatile and unpredictable.

Any of these factors could have a material adverse effect on our business, financial condition, and results of operations.

***Our ability to respond to market fluctuations may be limited by labor regulations and union agreements in Brazil, which could materially adversely affect our financial performance.***

We will likely have a significant number of employees in Brazil upon reaching construction and production who could be members of labor unions and covered by collective bargaining agreements. Labor relations in Brazil are governed by a complex framework of laws and regulations, in addition to the terms of these agreements. As a result, our ability to implement cost-cutting measures, such as reducing our workforce or adjusting compensation, during periods of weak demand may be limited by labor regulations or existing collective bargaining agreements. Conversely, during periods of high demand, our ability to rapidly increase production capacity may be constrained by these same regulations and agreements. We may also be subject to labor disputes, strikes, work stoppages, or other industrial actions that could disrupt our operations, result in a loss of production, and negatively impact our financial results. Any such events could have a material adverse effect on our business, financial condition, and results of operations.

***Our reliance on a shared services arrangement with third-party individuals in Brazil, rather than directly managing our own employees, may expose us to operational, compliance, and legal risks.***

We have entered into a shared services agreement with certain individuals in Brazil to provide services to our Brazilian entities. Unlike our own employees, over whom we exercise direct management and supervision, we have limited direct control over these individuals. Our ability to ensure their compliance with our policies, procedures, and legal obligations, including those related to anti-corruption, anti-bribery, and data privacy, relies on the terms of our contractual arrangement and their adherence to our instructions. The individuals providing these services are not our employees, and we have a more limited ability to train, monitor, and enforce compliance than we would with a traditional employment relationship.

Any failure by these third-party individuals to perform their services adequately, to adhere to our standards, or to comply with applicable laws could result in operational disruption, financial loss, and damage to our reputation. In particular, we could be held liable for any improper acts committed by these individuals, which could subject us to significant fines, penalties, and other sanctions under a range of legal frameworks, including the U.S. Foreign Corrupt Practices Act and Brazil's "Clean Company Act." While we have contractual provisions intended to mitigate these risks, there can be no assurance that they will be sufficient or that we will be able to enforce them effectively. A failure to properly manage this shared services arrangement could have a material adverse effect on our business, results of operations, and financial condition.

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**<u>Health, Safety, Environmental and Social Risks</u>**

***Our business presents environmental, health, and safety risks and hazards.***

The viability of our business is connected to our ability to protect the well-being of the environment, workers, and communities in which we operate. Inherent in our operations are various physical, chemical, biological, ergonomic, and accident hazards and risks, such as those associated with mobile equipment, vehicles or machinery, and the use or proximity to other industrial equipment. These risks include exposure to hazardous materials, accidents involving heavy machinery, vehicle collisions, falls, fires, explosions, and other incidents that may result in serious injury or death. Such events can occur due to deficiencies in risk identification and assessment or in the implementation of controls associated with risk management. The occurrence of any of the foregoing could result in property damage, loss of production or production delays, harm to employees, contractors, or community members, financial losses, reputational harm, and potential legal or regulatory liability. Additionally, our employees and contractors may also be exposed to infectious diseases or other health hazards that can affect their health and safety.

While we have established corporate standards, policies, controls, and monitoring procedures to mitigate such risks, our operations remain subject to incidents that could adversely impact our business, stakeholders, reputation, or result in violations of environmental laws or human rights. Additionally, our operations involve the use, handling, storage, discharge, and disposal of hazardous substances into the environment, as well as the use of significant natural resources such as water and energy. These activities can result in adverse impacts on people, flora and fauna, and the broader environment, including risks of fire, explosion, toxic gas leaks, spills or leaks of hazardous materials, rockfalls, incidents involving dams, failure of other operational structures. We could become subject to claims for toxic torts, natural resource damages and other damages as well as for the investigation and clean-up of soil, surface water, groundwater, and other media.

Any of the foregoing operational, environmental, health, or safety conditions could result in significant adverse environmental, social, health, or human rights impacts, and could adversely affect our business, financial condition, and results of operations. Additionally, under some circumstances, our liability for claims arising out of such matters may be joint and several, so that we may be held responsible for more than our share of the contamination or other damages.

***Labor disputes in the United States may disrupt our operations from time to time.***

We currently do not have a unionized workforce in the United States. While we believe we will not have a unionized workforce at our United States assets in the future, there is no guarantee that we will not face unionizing activity and ultimately have a unionized workforce in the United States. Strikes or other labor disruptions at any of our operations could adversely affect operational efficiency, delay project completion, and increase project costs. Additionally, our operations could be impacted by labor disputes affecting third-party suppliers that provide us with essential goods or services.

***We are, or may become subject to, stringent environmental rules and regulations that may increase operational costs, affect profitability, and impose compliance requirements, and we may face claims and liability for incidents or breaches, or allegations of breaches, of applicable laws and regulations***

Our current or future operations, including development activities and commencement of production on our properties, require permits from various federal, provincial and local governmental authorities, and such operations are and will be governed by laws and regulations governing prospecting, development, mining, production, exports, taxes, labor standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters. These associated requirements are extensive and require various institutional and procedural controls to prevent negative environmental, health, or safety consequences of our operations, including spills, releases or emissions of various substances produced in association with certain mining industry operations, such as seepage from tailings disposal areas, that could result in environmental contamination. The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of operations. Non-compliance with such legislation may result in the imposition of fines and penalties or lead to inspections, audits, or reviews by governmental authorities. The introduction of new regulations, amendments to existing requirements or stricter enforcement or interpretation of current laws, regulations and permitting requirements governing operations and activities of mining companies, could have a material adverse impact on us and cause increases in capital expenditures or production costs

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or reduction in levels of production at producing properties or require abandonment or delays in development of new mining properties. These risks may become more significant as our operations advance from the exploration phase.

In addition, certain types of operations require the submission and approval of environmental impact assessments. Environmental assessments of proposed projects carry a heightened degree of responsibility for companies and directors, officers and employees.

Mining operations and exploration activities may also require our company to obtain permits from various governmental agencies. There can be no assurance, however, that all permits that we may require for our operations and exploration activities will be obtainable on reasonable terms or on a timely basis or that such laws and regulations will not have an adverse effect on any mining project which we might undertake.

Failure to comply with applicable environmental, health, and safety laws, regulations, standards, or permitting requirements may result in litigation, fines, penalties, permit revocation, or other enforcement actions thereunder. This includes orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or other remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of mining activities and may have civil or criminal fines or penalties imposed for violations of applicable environmental, health, and safety laws or regulations.

***Natural disasters may cause severe damage to our operations and projects in the countries where we operate and may have a negative impact on our sales to countries affected by such disasters.***

Natural disasters may adversely affect our operations, projects and people in the countries where we operate and may cause a contraction in sales to countries adversely affected due to, among other factors, power outages and the destruction of industrial facilities and infrastructure.

Climate change can impact the frequency and intensity of extreme events, both acute and chronic, including our neighboring communities, damage to our assets, operational interruptions, and supply chain disruptions. We assess the exposure to increased incidence and intensity of atmospheric discharges, changes in rainfall patterns, higher temperatures, floods, droughts, water shortages and sea level rise on assets such as ports, railways, mining facilities, and processing plants. Due to the complexity and uncertainties of physical risk evaluation process, there may be additional risks that are not currently known or assessed, and that could negatively affect our operations and projects. In recent years, we have occasionally determined that force majeure events occurred because of severe weather on our mining and logistics activities. Areas with lower ecological integrity (e.g., areas with reduced natural vegetation cover) are more susceptible to these risks due to lower resilience and protection against extreme weather conditions.

***Our financial condition, results of operations, cash flows, and competitive position could be materially adversely impacted by pandemics, epidemics, or disease outbreaks.***

Disruptions caused by pandemics, epidemics or disease outbreaks, could materially adversely impact our financial condition, results of operations, cash flows, and competitive position, particularly as it relates to rising costs and supply chain delays and disruptions. Measures taken by governmental authorities in response to such events may also impact our business, including upon restrictions to our operations, lockdowns, shutdowns, reduced inspections, assessments and authorizations, among other difficulties. We cannot predict when and if any such events will occur and evolve, neither their scope and duration, and therefore cannot estimate the potential impact in our financial condition, results of operations, cash flows and competitive position.

***Our success depends on developing and maintaining relationships with the local communities and stakeholders where we operate.***

Our ongoing and future success depends on developing and maintaining productive relationships with the communities surrounding our projects, including those people who may have rights or may assert rights to certain of our properties and other stakeholders in our operating locations. Local communities and stakeholders may be dissatisfied with our activities or the level of benefits provided, which may result in legal or administrative proceedings, civil unrest, protests, direct action or campaigns against us. Any such occurrence could materially and adversely affect our business, financial condition or results of operations, as well as our ability to commence or continue exploration or mine development activities.

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**<u>Legal, Political, Economic and Regulatory Risks</u>**

***Our failure to comply with applicable anti-corruption, anti-bribery, anti-money laundering and similar laws and regulations could negatively impact our reputation and results of operations.***

The legal and regulatory framework in which we operate is complex, and our governance and compliance policies and processes may not prevent potential breaches of law or accounting or other governance practices. Our operating and ethical codes, among other standards and guidance, may not prevent instances of fraudulent behavior and dishonesty, nor guarantee compliance with legal and regulatory requirements.

We are subject to anti-corruption laws and regulations imposed by governments around the world with jurisdiction over our operations, which includes our business in Brazil. These laws may include, but are not limited to, the U.S. Foreign Corrupt Practices Act (FCPA) and Brazil's "Clean Company Act" (Law No. 12,846/2013). The Brazilian law holds legal entities strictly liable for corrupt acts committed in their interest or benefit, meaning a company can be held responsible even if it did not have prior knowledge of the act.

These and other applicable laws prohibit us and our officers, directors, employees, and business partners acting on our behalf, including agents, from corruptly offering, promising, authorizing, or providing anything of value to "foreign officials" for the purposes of influencing official decisions or obtaining or retaining business or otherwise obtaining favorable treatment. Due to the nature of our operations in Brazil, our personnel and representatives may be brought into contact with "foreign officials" responsible for issuing or renewing permits, licenses, or approvals or for enforcing other governmental regulations.

Our failure to successfully comply with these laws and regulations may expose us to reputational harm, as well as significant sanctions. The Brazilian Clean Company Act, for instance, provides for severe penalties, including fines of up to 20% of a company's gross revenue, the prohibition from receiving public incentives, and even the potential for a company's dissolution. We may also face criminal fines, imprisonment, civil penalties, disgorgement of profits, and debarment from government contracts under the laws of other jurisdictions, such as the FCPA. Investigations of alleged violations can be expensive and disruptive to our business.

We continuously develop and maintain policies and procedures designed to comply with applicable anti-corruption, anti-bribery, anti-money laundering, and similar laws. However, there can be no guarantee that our policies and procedures will effectively prevent violations by our employees or business partners acting on our behalf, for which we may be held responsible, and any such violation could adversely affect our reputation, business, results of operations, and financial condition.

***We are exposed to possible litigation risks, including permit disputes (including in respect of access and/or validity of tenure), environmental claims, occupational health and safety claims and employee claims.*** 

We may become involved in, named as a party to, or be the subject of, various legal proceedings, including regulatory proceedings, tax proceedings and legal actions, relating to personal injuries, property damage, property taxes, land rights, the environment and contract disputes. For certain claims, our liability may be joint and several. Accordingly, we may be held responsible for more than our share of the claimed damages.

The outcome of outstanding, pending or future proceedings cannot be predicted with certainty and may be determined adversely to us and as a result, could have a material adverse effect on our assets, liabilities, business, financial condition or results of operations. Even if we prevail in any such legal proceeding, the proceedings could be costly, time-consuming and may divert the attention of management and key personnel from our business operations, which could adversely affect our financial condition.

***Changes in China's or the United States' political environment and policies, including changes in export/import policy may affect our business in ways we are not able to anticipate or mitigate.***

Because of the current dominance of China in the rare earth elements industry, the possibility of adverse changes in trade or political relations with China, political instability in China, increases in labor or shipping costs, the occurrence of prolonged adverse weather conditions or a natural disaster such as an earthquake or typhoon, or the outbreak of another global pandemic disease like COVID-19 could severely interfere with our industry and would have a material adverse effect on our operations.

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Our sales may be adversely affected by the current and future political environment in China and the policies of the China Central Government. China could oversupply our markets in the United States and elsewhere with either cheaper magnet rare earth elements or rare earth elements or feedstock. China has historically heavily subsidized its domestic rare earth producers with respect to both rare earth feedstock and magnets. The United States government has called for substantial changes to foreign trade policy with China and has from time to time raised (as well as has proposed to further raise in the future), tariffs on several Chinese goods. China has at times retaliated with increased tariffs on United States goods, or the ban of exports of rare earth technologies and feedstock to other countries such as the United States. While some impacts of Chinese trade policy may be beneficial for our business, any changes in United States trade policy could trigger retaliatory actions by affected countries, including China, resulting in trade wars which could likely result in increased volatility in the prices of rare earth and critical minerals, necessary feedstock, and magnet rare earth elements. Furthermore, unless and until these dynamic changes in favor of the increased competitiveness of domestic production, domestic production may not be economically viable in the global market place. As China currently dominates the global supply of rare earth feedstock necessary for the production of magnet rare earth elements, any changes in United States and China relations, including through changes in policies by the Chinese government, could adversely affect our financial condition and results of operations, including: changes in laws, regulations or the interpretation thereof, confiscatory taxation, governmental royalties, restrictions on currency conversion, imports or sources of supplies, or the expropriation or nationalization of private enterprises.

***Political, economic and social conditions in the countries in which we have operations projects, customers or suppliers, could adversely impact our business.***

Our financial performance may be negatively affected by regulatory, political, economic and social conditions in countries in which we have significant operations or projects. In Brazil, we are exposed to various risks such as political instability, political movements for protectionism or for greater vertical integration of value chains, bribery, cyber-attacks, extortion, corruption, robbery, sabotage, kidnapping, civil strife, human rights violation, acts of war, guerilla activities, piracy in international shipping routes and terrorism. These issues may adversely affect the economic and other conditions under which we operate in ways that could have a material negative effect on our business.

In Brazil, where a significant part of our operations is concentrated, the federal government's economic policies may have important effects on Brazilian companies, including our Brazilian subsidiary, AMBPL, and on market conditions and prices of securities of Brazilian companies. Our financial condition and results of operations may be adversely affected, for instance, by the following factors and the Brazilian federal government's response to these factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exchange rate movements and volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inflation and high interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•financing of the current account deficit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•liquidity of domestic capital and lending markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tax policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pension, tax and other reforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•political instability resulting from allegations of corruption involving political parties, elected officials or other public officials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other political, diplomatic, social and economic developments in or affecting Brazil.

Historically, the country's political situation has influenced the performance of the Brazilian economy and political crises have affected the confidence of investors and the general public, which resulted in economic deceleration, and downgrading of credit ratings of the Brazilian government. Political instability may aggravate economic uncertainties in Brazil. Future economic, social and political developments in Brazil may impair our business, financial condition or results of operations, or cause the market value of our securities to decline.

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***Our governance, internal controls and compliance processes may fail to prevent breaches of legal, regulatory accounting, ethical or governance standards.***

We operate in a global environment and our activities extend over multiple jurisdictions and complex regulatory frameworks, with increasing enforcement activities worldwide. We are required to comply with a wide range of laws and regulations in the countries where we operate or do business, including anti-corruption, international sanctions, anti-money laundering, data protection, privacy of personal data, and related laws and regulations. Our governance and compliance processes, which include the review of internal control over financial reporting, may not timely identify or prevent future breaches of legal, regulatory, accounting, governance or ethical standards. We may be subject to breaches of our code of conduct, anti-corruption policies, human rights policies or other internal policies, or breaches of business conduct protocols and to instances of fraudulent behavior, corrupt practices and dishonesty by our employees, contractors or other agents. Our failure to comply with applicable laws and other standards could subject us to investigations by authorities, litigation, fines, loss of operating licenses, disgorgement of profits, involuntary dissolution and reputational harm.

***We could be adversely affected by changes in government policies, rules or regulations or trends such as resource nationalism, including the imposition of new taxes, tariffs, or royalties on mining activities.***

Mining is subject to government regulation, including taxes and royalties, which can have a significant financial impact on our operations. In the countries where we operate, including Brazil, we are exposed to varying probabilities of potential renegotiation, annulment, cancellation, or mandatory modification of existing contracts and licenses, changes in local laws, regulations, and policies, as well as audits and reassessments. We may also face risks relating to expropriation or nationalization of property, foreign exchange controls, and capital ownership requirements related to mining activities. We are also subject to new taxes or increases in existing taxes and royalty rates, reductions in tax exemptions and benefits, renegotiation of tax stabilization agreements or changes in the basis on which taxes are calculated in a manner that is unfavorable to us. Governments that have committed to provide a stable taxation or regulatory environment may alter those commitments or shorten their duration. We also face the risk of having to submit to the jurisdiction of a foreign court or arbitration panel or having to enforce a judgment against a sovereign nation within its own territory.

We are also required to meet domestic beneficiation requirements in certain countries, such as local processing rules, export taxes or restrictions or charges on unprocessed ores. The imposition of or increase in such requirements, taxes or charges can significantly increase the risk profile and costs of operations in those jurisdictions. We and the mining industry are subject to rising trends of resource nationalism in certain countries in which we operate that can result in constraints on our operations, increased taxation or even expropriations and nationalizations.

The imposition of tariffs by the U.S. Government in 2025 and other developments in international trade may also adversely impact our business. The overall impact of these developments are difficult to predict, but could adversely impact our costs, our investments, and the demand and price of rare earth elements and magnet rare earth elements. Global trade is subject to a growing trend of increased trade barriers, which could exacerbate commodities' price volatility and in turn result in instability in the prices of magnet rare earth elements.

***Concessions, authorizations, licenses and permits are subject to expiration, limitation on renewal and various other risks and uncertainties.***

Our operations depend on authorizations, concessions and licenses from governmental regulatory agencies and other authorities in the countries in which we operate. We are subject to laws and regulations in jurisdictions that can change at any time, and changes in laws and regulations may require modifications to our technologies and operations and result in unanticipated capital expenditures. We are also exposed to political risk in our relationship with governmental and regulatory authorities that issue these authorizations, concessions and licenses.

Some of our mining concessions are subject to fixed expiration dates and might only be renewed a limited number of times for a limited period. Apart from mining concessions, we may need to obtain various authorizations, licenses and permits from governmental or other regulatory bodies in connection with the planning, maintenance, operation and closure of mineral properties and related logistics infrastructure, which may be subject to fixed expiration dates or periodic review or renewal. There is no assurance that renewals will be granted as and when sought, and there is no assurance that new conditions will not be imposed in connection with renewal. Fees for mining concessions might

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increase substantially due to the passage of time from the original issuance of each individual exploration license. If so, the costs of holding or renewing our mining concessions may render our business objectives not viable. Accordingly, we need to continually assess the mineral potential of each mining concession, particularly at the time of renewal, to determine if the costs of maintaining the concession are justified by the results of operations to date, and we might elect to let some of our concessions lapse. There can be no assurance that concessions will be obtained on terms favorable to us, or at all, for our future intended mining or exploration targets.

In several jurisdictions where we have exploration projects, we may be required to retrocede to the state a certain portion of the area covered by the exploration license as a condition to renewing the license or obtaining a mining concession. This requirement can lead to a substantial loss of part of the mineral deposit originally identified in our feasibility studies.

We are also subject to laws and regulations and acts by authorities, related to dams, caves, and biodiversity (fauna, flora and ecosystems), that may limit or modify our mineral projects, and impact our costs and resources. For more information on mining concessions and other similar rights, see the sections titled "Properties" and "Business – Mining Rights".

***If we take governmental grants or loans, we could become subject to governmental regulations that could delay timing of our projects and increase costs.***

To date, we have not accepted any governmental grants or loans. The acceptance of governmental grants or loans would make our operations subject to continued compliance with various governmental regulations to which we are not currently subject. The imposition of any additional governmental regulations as a result of accepting any governmental grants or loans could delay timing of the expected completion of our projects and increase our costs. Any such delays or increased costs could harm our business and operations.

**<u>Risks Related to this Offering and Ownership of Our Common Stock</u>**

***There has been no public market for our common shares prior to this offering, and an active market in which investors can resell their shares may not develop.***

Prior to this offering, there was no public market for our common shares. We plan to apply to list our common shares on the NYSE American under the symbol "REA." There is no guarantee that NYSE American or any other exchange or quotation system, will permit our common shares to be listed and traded.

Even if our common shares are approved for listing on the NYSE American, a liquid public market for our common shares may not develop. The initial public offering price for our common shares has been determined by negotiation between us and the underwriters based upon several factors, including prevailing market conditions, our historical performance, estimates of our business potential and earnings prospects, and the market valuations of similar companies. The price at which the common shares are traded after this offering may decline below the initial public offering price, meaning that you may experience a decrease in the value of your common shares regardless of our operating performance or prospects.

***The market price of our common shares may fluctuate, and you could lose all or part of your investment.***

After this offering, the market price for our common shares is likely to be volatile, in part because our shares have not been traded publicly. In addition, the market price of our common shares may fluctuate significantly in response to several factors, most of which we cannot control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual or anticipated variations in our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increases in market interest rates that lead investors of our common shares to demand a higher investment return;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in earnings estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in market valuations of similar companies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actions or announcements by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse market reaction to any increased indebtedness we may incur in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•additions or departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actions by stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•speculation in the media, online forums, or investment community; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our intentions and ability to list our common shares on the NYSE American and our subsequent ability to maintain such listing.

The public offering price of our common shares has been determined by negotiations between us and the underwriters based upon many factors and may not be indicative of prices that will prevail following the closing of this offering. Volatility in the market price of our common shares may prevent investors from being able to sell their common shares at or above the initial public offering price. As a result, you may suffer a loss on your investment.

***We will have broad discretion in the use of net proceeds from this offering and may invest or spend the proceeds in ways with which you do not agree and in ways that may not yield a return.***

We cannot specify with any certainty the particular uses of the net proceeds that we will receive from this offering. Our management will have broad discretion over the use of net proceeds from this offering, including for any of the purposes described in "Use of Proceeds," and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Investors may not agree with our decisions, and our use of the proceeds may not yield any return on your investment. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. We may invest the net proceeds from this offering in a manner that does not produce income. The decisions made by our management may not result in positive returns on your investment and you will not have an opportunity to evaluate the economic, financial, or other information upon which our management bases its decisions. Our failure to apply the net proceeds of this offering effectively could impair our ability to pursue our growth strategy or could require us to raise additional capital and could have a material adverse effect on our business, financial condition, and results of operations.

***You will experience immediate and substantial dilution in the net tangible book value of the shares of common stock you purchase in this offering.***

The initial public offering price of our common stock is substantially higher than the pro forma net tangible book value per share of our common stock immediately after this offering. If you purchase shares of our common stock in this offering, you will suffer immediate dilution of $ per share, representing the difference between the assumed initial public offering price of $ per share, the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and our pro forma net tangible book value per share as of , 2026 after giving effect to the sale of common stock in this offering at the assumed initial public offering price of $ per share. See "Dilution."

***Additional stock issuances (including pursuant to the exercise of option rights in connection with mineral rights purchase and/or lease option agreements which we and/or our subsidiaries are a party to, or in connection with the repayment of the Loan) or the exercise of warrants could result in significant dilution to our shareholders and cause the trading price of our common stock to decline.***

We may issue our capital stock or securities convertible into our capital stock from time to time in connection with financing our business operations or growth, to repay debt, or for acquisitions, investments or otherwise (including pursuant to the exercise of option rights in connection with mineral rights purchase and/or lease option agreements which our subsidiaries are a party to). Additional issuances of our common stock or securities convertible into common stock will result in dilution to existing holders of our common stock. Any such issuances could result in substantial dilution to our existing shareholders and cause the trading price of our common stock to decline.

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Prior to this offering, warrants to purchase our common stock were issued to certain shareholders, of which are in the money and do not terminate until 2029. In addition, up to shares of our common stock (or shares of our common stock if the underwriters exercise their option to purchase additional shares in full) may be issued upon the exercise in full by the underwriters of the Underwriter's Warrants (see "Underwriting—Underwriter's Warrants"). Additional issuances of our common stock upon the exercise of such warrants could result in substantial dilution to our existing shareholders and cause the trading price of our common stock to decline.

In particular, following the issuance of shares of common stock in connection with the exercise of option rights in connection with mineral rights purchase and/or lease option agreements which our subsidiaries are a party to and the issuance of shares upon the exercise of warrants, such shares of common stock will have the same economic rights as other shares of common stock. Further, shares of common stock may be issued in connection with the repayment of the Loan pursuant to the Deed of Novation, which could result in dilution to our existing shareholders and cause the trading price of our common stock to decline.

***Future sales, or the perception of future sales, by us or our existing shareholders in the public market following this offering could cause the market price for our common stock to decline.***

After this offering, the sale of shares of our common stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of shares of our common stock. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.

Upon consummation of the offering, we will have outstanding a total of shares of common stock. Of the outstanding shares, the shares sold in this offering (or shares if the underwriters exercise in full their option to purchase additional shares of common stock) will be freely tradable without restriction or further registration under the Securities Act of 1933, as amended (the "Securities Act"), other than any shares held by our affiliates. Any shares of common stock held by our affiliates will be eligible for resale pursuant to Rule 144 under the Securities Act, subject to the volume, manner of sale, holding period and other limitations of Rule 144.

Our directors and executive officers will enter into lock-up agreements with the underwriters prior to the commencement of this offering pursuant to which each of these persons or entities, subject to certain exceptions, restrict the sale of the shares of our common stock and certain other securities held by them for a period of 180 days after the date of this prospectus. Cantor may, in its sole discretion and at any time, release all or any portion of the shares or securities subject to any such lock-up agreements. See "Underwriting."

In addition, we have reserved shares of common stock for issuance under the 2025 EIP. Any common stock that we issue under the 2025 EIP or other equity incentive plans that we may adopt in the future would dilute the percentage ownership held by the investors who purchase common stock in this offering.

As restrictions on resale end or if these shareholders exercise their registration rights, the market price of our shares of common stock could drop significantly if the holders of these shares sell them or are perceived by the market as intending to sell them. These factors could also make it more difficult for us to raise additional funds through future offerings of our shares of common stock or other securities.

In the future, we may also issue securities in connection with investments, acquisitions, or capital raising activities. In particular, the number of shares of our common stock issued in connection with an investment or acquisition, or to raise additional equity capital, could constitute a material portion of our then-outstanding shares of our common stock. Any such issuance of additional securities in the future may result in additional dilution to you or may adversely impact the price of our common stock.

***Our trading price and trading volume could decline if securities or industry analysts do not publish research about our business, or if they publish unfavorable research.***

Equity research analysts do not currently provide coverage of our common stock, and we cannot assure that any equity research analysts will adequately provide research coverage of our common stock after the listing of our common stock on NYSE American. A lack of adequate research coverage may harm the liquidity and trading price of our common stock. To the extent equity research analysts do provide research coverage of our common stock, we will not have any control over the content and opinions included in their reports. The trading price of our common stock could decline if one or more equity research analysts downgrade our stock or publish other unfavorable commentary or research. If one or more equity research analysts cease coverage of our company, or fail to regularly publish reports

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on us, the demand for our common stock could decrease, which in turn could cause our trading price or trading volume to decline.

***We do not intend to pay dividends for the foreseeable future.***

We have never declared or paid any cash dividends on our capital stock, and we do not intend to pay any cash dividends in the foreseeable future. We expect to retain future earnings, if any, to fund the development and growth of our business. Any future determination to pay dividends on our capital stock will be at the discretion of our board of directors. In addition, our ability to pay dividends on our capital stock may be further restricted by the terms of any future debt or preferred securities. Accordingly, shareholders must rely on sales of their common stock after price appreciation, which may never occur, as the only way to realize any future gains on their investments.

***We are an emerging growth company and a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies or smaller reporting companies, this could make our common stock less attractive to investors and may make it more difficult to compare our performance with other public companies.***

The JOBS Act is intended to reduce the regulatory burden on "emerging growth companies." As defined in the JOBS Act, a public company whose initial public offering of common equity securities occurs after December 8, 2011, and whose annual net revenues are less than $1.235 billion will, in general, qualify as an "emerging growth company" until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the last day of its fiscal year following the fifth anniversary of the date of its initial public offering of common equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the last day of its fiscal year in which it has annual gross revenue of $1.235 billion or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the date on which it has, during the previous three-year period, issued more than $1.0 billion in nonconvertible debt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the date on which it is deemed to be a "large accelerated filer," which will occur at such time as the company (1) has an aggregate worldwide market value of common equity securities held by non-affiliates of $700 million or more as of the last business day of its most recently completed second fiscal quarter, (2) has been subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act") for a period of at least 12 months, and (3) has filed at least one annual report pursuant to the Exchange Act.

Under this definition, we will be an "emerging growth company" upon completion of this offering and could remain an "emerging growth company" until as late as the fifth anniversary of the completion of this offering. For so long as we are an "emerging growth company," we will, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•only be required to have two years of audited financial statements and two years of related management's discussion and analysis of financial condition and results of operations disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not be required to engage an auditor to report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not be required to comply with the requirement of the PCAOB, regarding the communication of critical audit matters in the auditor's report on the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not be required to submit certain executive compensation matters to shareholder advisory votes, such as "say-on-pay," "say-on-frequency" and "say-on-golden parachutes"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not be required to comply with certain disclosure requirements related to executive compensation, such as the requirement to present a comparison of our Chief Executive Officer's compensation to our median employee compensation.

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In addition, Section 107 of the JOBS Act provides that an emerging growth company can use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. This permits an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to use this extended transition period and, as a result, our combined financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to other public companies.

Additionally, we are a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our common stock held by non-affiliates is equal to or exceeds $250 million as of the prior June 30, or (2) our annual revenues equaled or exceeded $100 million during such completed fiscal year and the market value of our common stock held by non-affiliates is equal to or exceeds $700 million as of the prior June 30. To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial statements with other public companies difficult or impossible.

We cannot predict if investors will find our common stock less attractive as a result of our decision to take advantage of some or all of the reduced disclosure requirements above. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.

***Provisions in our corporate charter documents and under Texas law may prevent or frustrate attempts by our shareholders to change our management or hinder efforts to acquire a controlling interest in us, and the market price of our common stock may be lower as a result.***

There are provisions in our certificate of formation and bylaws, as in effect immediately prior to the closing of this offering, that may make it difficult for a third party to acquire, or attempt to acquire, control of our company, even if a change in control was considered favorable by our shareholders.

Such provisions that could have an anti-takeover effect include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•permitting the board of directors to establish the number of directors and fill any vacancies and newly created directorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•providing that our directors may be removed only for cause and only upon the affirmative vote of holders of a majority of the voting power of our then-outstanding shares of capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•requiring super-majority voting to amend some provisions in our certificate of formation and our bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•providing that any action required or permitted to be taken at an annual or special meeting of shareholders may be taken by written consent in lieu of a meeting of shareholders only with the unanimous written consent of our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•providing that the written request of the holders of at least 25% of the voting power of our outstanding capital stock entitled to be voted at a special meeting is required for our shareholders to call a special meeting of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•require that shareholders give advance notice to nominate directors or submit proposals for consideration at shareholder meetings.

Further, as a Texas corporation, we are also subject to provisions of Texas law that may impair a takeover attempt that our shareholders may find beneficial. For additional information, see "Description of Capital Stock – Anti-Takeover Provisions in our Governing Documents and Under Texas Law." Any provision of our certificate of formation, bylaws, or Texas law that has the effect of delaying or preventing a change in control could limit the opportunity for our shareholders to receive a premium for their shares of our capital stock and could also affect the price that some investors are willing to pay for our common stock.

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***Texas law permits, and our corporate charter documents may adopt, provisions which may limit our shareholders' ability to submit a proposal on a matter to be acted upon at a meeting of shareholders.***

Currently, our corporate charter documents permit any shareholder to submit a proposal for consideration at the annual meeting if, and only if, the shareholder (i) is a shareholder of record entitled to vote at the annual meeting on the date the shareholder's notice is given, on the record date for determining shareholders entitled to vote at that meeting, and on the date of the meeting, and (ii) complies with the advance notice procedures set forth in Section 2.14(a) of our bylaws. Our corporate charter documents do not impose any minimum stock ownership requirements to submit a shareholder proposal.

Following this offering, we will be considered a "nationally listed corporation" as defined under Section 21.373 of the TBOC and may adopt such section's standing requirements, which would limit our shareholders' ability to submit proposals. Section 21.373 of the TBOC permits a "nationally listed corporation" to amend its governing documents to impose stock ownership requirements on shareholders seeking to submit a proposal on a matter (other than director nominations and procedural resolutions ancillary to the conduct of a shareholder meeting) to the shareholders of such corporation for approval at a shareholder meeting. If a corporation elects to be governed by Section 21.373 of the TBOC, a shareholder or group of shareholders may submit a proposal on a matter to the shareholders of such corporation for approval at a meeting of shareholders only if such shareholder or group of shareholders (i) holds an amount of shares entitled to vote at such meeting equal to at least $1,000,000 in market value of the Company (determined as of the date of submission of the proposal) or 3% of the total number of shares eligible to vote at such meeting, and (ii) has held such amount for a continuous period of at least six months before the date of the meeting, (iii) holds such amount throughout the meeting and (iv) solicits the holders of shares representing at least 67% of the voting power of shares entitled to vote on the proposal at the shareholder meeting.

***Our certificate of formation provides that the Business Court in the First Business Court Division of the State of Texas (or, if the Business Court determines that it lacks jurisdiction, the federal district court for the Northern District of Texas, Dallas Division) will be the sole and exclusive forum for substantially all disputes between us and our shareholders, which could limit our shareholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or shareholders.***

Our certificate of formation provides that, unless we consent in writing to the selection of an alternative forum, the Business Court in the First Business Court Division of the State of Texas (the "Texas Business Court") will be the exclusive forum for the following types of actions or proceedings under Texas statutory or common law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any derivative claim or cause of action brought on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any claim or cause of action for a breach of fiduciary duty owed by any of our current or former directors, officers or other employees to us or our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any claim or cause of action against us or any of our current or former directors, officers or other employees arising out of or pursuant to any provision of the Texas Business Organizations Code (the "TBOC"), our certificate of formation or our bylaws (as each may be amended from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any claim or cause of action seeking to interpret, apply, enforce or determine the validity of our certificate of formation or our bylaws (as each may be amended from time to time, including any right, obligation or remedy thereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any action asserting an "internal entity claim" as defined in the TBOC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any claim or cause of action against us or any of our current or former directors, officers or other employees governed by the internal-affairs doctrine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any other action within the jurisdiction of the Texas Business Court, including claims within its supplemental jurisdiction.

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In addition, our certificate of formation provides that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause or causes of action arising under the Securities Act or the Exchange Act. For the avoidance of doubt, this provision is intended to benefit, and may be enforced by, us, our officers and directors, the underwriters to any offering giving rise to such complaint, and any other professional entity whose profession gives authority to a statement made by that person or entity and who has prepared or certified any part of the documents underlying the offering. If a court were to find either choice of forum provision contained in our certificate of formation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions. <br>

These choice of forum provisions may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees. While the Texas courts have determined that such choice of forum provisions are facially valid, a shareholder may nevertheless seek to bring a claim in a venue other than those designated in the exclusive forum provisions, and there can be no assurance that such provisions will be enforced by a court in those other jurisdictions. We note that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder.

Additionally, our certificate of formation provides that any person or entity holding, owning or otherwise acquiring any interest in any of our securities shall be deemed to have notice of and consented to these provisions.

***Our certificate of formation includes a waiver of jury trial for "internal entity claims" as defined in the TBOC and, to the fullest extent permitted by applicable law, other claims within the scope of the exclusive forum provision in our certificate of formation, which could discourage or limit our shareholders from bringing lawsuits against us or our directors and officers and cause them to face increased costs or delays.***

Our certificate of formation provides that any person or entity purchasing or otherwise acquiring or holding any interest in shares of stock of the Company shall be deemed to have irrevocably and unconditionally waived any right to a trial by jury in any legal action, proceeding, cause of action or counterclaim asserting an "internal entity claim" (as defined in Section 2.115 of the TBOC), and to the fullest extent permitted by applicable law, any other legal action, proceeding, cause of action or counterclaim within the scope of the exclusive forum provision in our certificate of formation.

Section 2.115(a) of the TBOC defines "internal entity claim" as "a claim of any nature, including a derivative claim in the right of an entity, that is based on, arises from, or relates to the internal affairs of the entity." In turn, Section 1.105 of the TBOC defines "internal affairs" as "(1) the rights, powers, and duties of its governing authority, governing persons, officers, owners, and members; and (2) matters relating to its membership or ownership interests." The jury trial waiver set forth in our certificate of formation also applies, to the fullest extent permitted by applicable law, to any other claim within the scope of the exclusive forum provision in our certificate of formation. The exclusive forum provision includes, but is not limited to, any derivative action or proceeding brought on behalf of the Company, any action asserting a claim for breach of a fiduciary duty by any current or former director, officer, other employee, agent or shareholder of the Company, any other claim arising under the TBOC or within the jurisdiction of the Texas Business Court, and any cause of action arising under the Securities Act or the Exchange Act. As such, the jury trial waiver set forth in our certificate of formation applies to claims under the federal securities laws and claims other than in connection with this offering.

Section 2.116 of the TBOC specifically authorizes a Texas corporation to include a waiver of the right to a jury trial in its governing documents for "any internal entity claim." Section 2.116(c) states that "[i]n a lawsuit asserting an internal entity claim, a waiver of the right to a jury trial contained in the governing documents of a domestic entity is enforceable, regardless of whether the applicable governing document is signed by the members, owners, officers, or governing persons." Section 2.116(d) states that "[a] person asserting an internal entity claim is considered to have been informed of the waiver of the right to a jury trial contained in the governing documents and to have knowingly waived the right in the action if the person: (1) voted for or affirmatively ratified the governing document containing the waiver; or (2) acquired an equity security of the domestic entity or any predecessor to the entity at, or continued to hold an equity security of a domestic entity that has one or more classes of equity securities listed on a national securities exchange after, a time at which the waiver was included in the governing documents."

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As set forth above, the certificate of formation includes a waiver of jury trial to the fullest extent permitted by applicable law and is not limited to "internal entity claims" as defined by the TBOC. To our knowledge, the scope of such a waiver, including its applicability to claims arising under the federal securities laws, has not been finally adjudicated by any applicable federal or state court. At all times, we intend to enforce the waiver to the fullest extent permitted by then-existing applicable law.

Further, the jury trial waiver applies to any person or entity purchasing or otherwise acquiring or holding any interest in shares of stock of the Company. Therefore, purchasers of interests in a secondary transaction would also be subject to the jury trial waiver provision.

We believe the waiver of the right to trial by jury set forth in our certificate of formation benefits us by providing increased consistency in the application of Texas law in the types of lawsuits to which it applies. To the extent that this provision is enforceable, the provision may have the effect of discouraging lawsuits against the Company's directors, officers, employees and shareholders, as a result of, among other things, increased costs to bring such lawsuits or claims. Further, the jury trial waiver provision could limit a shareholder's ability to bring or demand a jury trial in any litigation against the Company involving corporate governance or securities claims, which could result in less favorable outcomes to the plaintiffs of any such action. If a lawsuit is brought against any of the Company's directors, officers, employees and shareholders, it may be heard only by a judge or justice of the applicable court as set forth in the exclusive forum provision of our certificate of formation, which would be conducted according to different procedures and may result in different outcomes than a trial by jury would have.

We believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of Texas, as set forth above. Nevertheless, by agreeing to the jury trial waiver provision set forth in our certificate of formation, investors will not be deemed to have waived the Company's compliance with the substantive provisions of federal securities laws and the rules and regulations thereunder.

Investors in our common stock may wish to consult legal counsel regarding the waiver of this jury trial provision prior to purchasing or otherwise acquiring any interest in our common stock. The waiver of jury trial provision set forth in our certificate of formation may discourage investors from investing in our shares of common stock, as well as discourage or limit investors from bringing lawsuits against us or our directors and officers, even in instances where they might otherwise have a valid claim, due to the perceived disadvantages of a non-jury process or the potential for increased costs. Alternatively, if a court were to find the waiver of jury trial provision set forth in our certificate of formation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions or before a jury, which could harm our business, results of operations, and financial condition.

**<u>General Risks</u>**

***Our financial condition and results of operations are subject to, and may be adversely affected by, a number of economic or political factors, many of which are also largely outside our control and as such our results may fluctuate significantly and may not fully reflect the underlying performance of our business.***

Our results of operations may vary significantly in the future as they have in the past, and period-to-period comparisons of our results of operations may not be meaningful. Accordingly, the results of any one period should not be relied upon as an indication of future performance. Our results of operations may fluctuate as a result of a variety of factors, many of which are outside of our control and, as a result, may not fully reflect the underlying performance of our business. In the future, results of operations may fall below the expectations of securities analysts and investors. In that event, the price of our common stock could be adversely impacted. Factors that may cause fluctuations in our results of operations include, without limitation, those listed elsewhere in this Risk Factors section.

***Changes in statutory, regulatory, accounting, and other legal requirements, including changes in accounting principles generally accepted in the United States, could potentially impact our operating and financial results.***

We are subject to numerous statutory, regulatory and legal requirements. Our operating results could be negatively impacted by developments in these areas due to the costs of compliance in addition to possible government penalties and litigation in the event of deemed noncompliance.

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Generally accepted accounting principles in the United States ("GAAP") are subject to interpretation by the Financial Accounting Standards Board, the American Institute of Certified Public Accountants, the SEC, and various bodies formed to promulgate and interpret appropriate accounting principles. A change in these principles or interpretations could have a significant effect on our reported financial results, and could affect the reporting of transactions completed before the announcement of a change.

In addition, changing laws, regulations, and standards relating to corporate governance and public disclosure, including regulations implemented by the SEC and NYSE American, may increase legal and financial compliance costs and make some activities more time consuming. These laws, regulations and standards are subject to varying interpretations, and as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. We intend to invest resources to comply with evolving laws, regulations, and standards, and this investment may result in increased selling, general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If, notwithstanding our efforts, we fail to comply with new laws, regulations, and standards, regulatory authorities may initiate legal proceedings against us and our business may be harmed.

***We will incur costs and demands upon management as a result of complying with the laws and regulations affecting public companies in the United States, which may harm our business.*** 

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, and the rules and regulations of the applicable listing standards of NYSE American. These rules and regulations could make it more difficult for us to attract and retain qualified persons to serve on our board of directors or our board committees or as executive officers. Our management and other personnel will devote a substantial amount of time to these compliance initiatives. As a result, management's attention may be diverted from other business concerns, which could harm our business and operating results. We will need to hire more employees in the future to comply with these requirements, which will increase our costs and expenses.

Our management team and other personnel devote a substantial amount of time to new compliance initiatives and we may not successfully or efficiently manage our transition to a public company. To comply with the requirements of being a public company, including the Sarbanes-Oxley Act, we will need to undertake various actions, such as implementing new internal controls and procedures and hiring accounting or internal audit staff, which would require us to incur additional expenses and harm our results of operations.

Failure to comply with these rules might also make it more difficult for us to obtain certain types of insurance, including director and officer liability insurance, and we might be forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. The impact of these events would also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, on committees of our board of directors or as members of senior management.

***We may be subject to shareholder litigation, governmental investigations, and other proceedings involving our officers and directors, which could result in significant costs, divert management's attention, and adversely affect our reputation and financial condition.*** 

From time to time, we and certain of our officers and directors may become the subject of claims and investigations, including, but not limited to, securities class actions, derivative suits, and whistleblower and employment claims. In connection with this offering and our transition to a public company, we may face an increased likelihood of such claims or proceedings. For certain claims, our liability may be joint and several. Accordingly, we may be held responsible for more than our share of the claimed damages. The outcome of outstanding, pending or future proceedings cannot be predicted with certainty and may be determined adversely to us and as a result, could have a material adverse effect on our assets, liabilities, business, financial condition or results of operations. Even if we prevail in any such legal proceeding, the proceedings could be costly, time-consuming and may divert the attention of management and key personnel from our business operations, which could adversely affect our reputation and financial condition.

***Our management team has limited experience managing a public company.***

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Most members of our management team have limited experience managing a publicly traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently manage our transition to being a public company that is subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. Furthermore, we are committed to maintaining high standards of corporate governance and public disclosure, and our efforts to establish the corporate infrastructure required of a public company and to comply with evolving laws, regulations and standards are likely to divert management's time and attention away from revenue generating activities to compliance activities, which may prevent us from implementing our business strategy and growing our business. Moreover, we may not be successful in implementing these requirements. If we do not effectively and efficiently manage our transition into a public company and continue to develop and implement the right processes and tools to manage our changing enterprise and maintain our culture, our ability to compete successfully and achieve our business objectives could be impaired, which could negatively impact our business, financial condition and results of operations.

***Our business could be negatively affected by security threats and disruptions, including electronic, cybersecurity or physical security threats and other disruptions.***

We rely on computer systems, hardware, software, technology infrastructure and online sites and networks for both internal and external operations that are critical to our business (collectively, "IT Systems"). We own and manage some of these IT Systems but also rely on third parties for a range of IT Systems and related products and services. Our business faces numerous and evolving security threats, including cybersecurity risks that threaten the confidentiality, integrity and availability of our IT Systems and information that we collect, maintain and process, including personal, confidential and other types of proprietary or sensitive information (collectively, "Confidential Information"); threats to the security of our facilities and infrastructure or third-party facilities and infrastructure, such as processing plants and pipelines; and threats from terrorist acts, civil unrest and similar acts. The potential for such security threats has subjected our operations to increased risks that could have a material adverse effect on our business. In particular, our implementation of various procedures and controls to monitor and mitigate security threats and to increase security for our information, facilities and infrastructure may result in increased capital and operating costs. Moreover, there can be no assurance that such procedures and controls will be sufficient to prevent security threats, incidents or disruptions from occurring. Security incidents could lead to losses of Confidential Information, critical infrastructure or capabilities essential to our operations, or otherwise impact the availability, integrity or confidentiality of our IT Systems and Confidential Information and could have a material adverse effect on our reputation, financial position, results of operations and cash flows.

There can be no assurance that our efforts to secure our IT Systems will be effective in protecting such IT Systems, facilities, infrastructure and Confidential Information, or that future attempted cybersecurity attacks, incidents, or disruptions would not be successful or damaging. Cybersecurity attacks and risks in particular are becoming more varied, and include threats from diverse vectors such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, as a result of malicious software or malicious code embedded in open-source software, misconfigurations, bugs or other vulnerabilities in commercial software that are integrated into our (or our third party's) IT Systems. The threat landscape is constantly evolving as threat actors become increasingly sophisticated in using techniques and tools, including artificial intelligence ("AI") and other emerging technologies, that circumvent security controls, evade detection and remove forensic evidence. As a result, we may be unable to detect, investigate, remediate or recover from future attacks or incidents, or to avoid a material adverse impact to our IT Systems, Confidential Information or business. While to date we have not experienced cyberattacks or other incidents, we cannot guarantee that cyberattacks or other incidents will not occur in the future.

Any adverse impact on the availability, integrity or confidentiality of our IT Systems or Confidential Information, including any attempts to gain unauthorized access to information and systems and other security incidents or breaches, could lead to disruptions in critical systems, unauthorized release of information and corruption of data. They could also damage our reputation, lead to legal claims or proceedings, regulatory investigations and enforcement actions, significant costs from remedial actions, loss of business or potential liability. We cannot guarantee that any costs and liabilities incurred in relation to an attack or incident will be covered by our existing insurance policies or that applicable insurance will be available to us in the future on economically reasonable terms or at all.

***We operate in an intensely competitive business environment. We may not be as successful as our competitors incorporating AI into our business or adapting to a rapidly changing marketplace.***

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Our competitors may be larger, more diversified, better funded, and have access to more advanced technology, including AI. These competitive advantages may enable our competition to innovate better and more quickly, to compete more effectively on quality and price, causing us to lose business and profitability. Burgeoning interest in AI may increase our competition and disrupt our business model. AI may lower barriers to entry in our industry and we may be unable to effectively compete with the products or services offered by new competitors. AI-related changes to the products and services on offer may affect our customers' expectations, requirements, or tastes in ways we cannot adequately anticipate or adapt to, causing our business to lose sales, market share, or the ability to operate profitably and sustainably.

***A failure to establish and maintain an effective system of disclosure controls and internal control over financial reporting, could adversely affect our ability to produce timely and accurate financial statements or comply with applicable regulations.***

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, and the rules and regulations of the applicable listing standards of NYSE American. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we will file with the SEC is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms and that information required to be disclosed in reports under the Exchange Act, is accumulated and communicated to our principal executive and financial officers. We are also continuing to improve our internal controls over financial reporting. For example, as we have prepared to become a public company, we have worked to improve the controls around our key accounting processes and our quarterly close process, and we have hired additional accounting and finance personnel to help us implement these processes and controls. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, we have expended, and anticipate that we will continue to expend, significant resources, including accounting-related costs and investments to strengthen our accounting systems.

Our current controls and any new controls that we develop may become inadequate because of changes in conditions in our business. In addition, changes in reporting requirements or accounting principles or interpretations could also challenge our internal controls and require that we establish new business processes, systems, and controls to accommodate such changes. We have limited experience with implementing the systems and controls that will be necessary to operate as a public company, as well as adopting changes in accounting principles or interpretations mandated by the relevant regulatory bodies. Additionally, if these new systems, controls or standards and the associated process changes do not give rise to the benefits that we expect or do not operate as intended, it could adversely affect our financial reporting systems and processes, our ability to produce timely and accurate financial reports or the effectiveness of internal control over financial reporting. Moreover, our business may be harmed if we experience problems with any new systems and controls that result in delays in their implementation or increased costs to correct any post-implementation issues that may arise.

Further, weaknesses in our disclosure controls and internal control over financial reporting may be discovered in the future. Any failure to develop or maintain effective controls or any difficulties encountered in their implementation or improvement could harm our results of operations or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements for prior periods. Any failure to implement and maintain effective internal control over financial reporting also could adversely affect the results of periodic management evaluations and annual independent registered public accounting firm attestation reports regarding the effectiveness of our internal control over financial reporting that we will eventually be required to include in our periodic reports that will be filed with the SEC. Ineffective disclosure controls and procedures and internal control over financial reporting could also cause investors to lose confidence in our reported financial and other information, which would likely have a negative effect on the trading price of our common stock. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on NYSE American. We are not currently required to comply with the SEC rules that implement Section 404 of the Sarbanes-Oxley Act and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. As a public company, we will be

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required to provide an annual management report on the effectiveness of our internal control over financial reporting commencing with our second annual report on Form 10-K.

Our independent registered public accounting firm is not required to formally attest to the effectiveness of our internal control over financial reporting until after we are no longer an "emerging growth company" as defined in the JOBS Act. At such time, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our internal control over financial reporting is documented, designed or operating. Any failure to maintain effective disclosure controls and internal control over financial reporting could harm our business, results of operations, and financial condition and could cause a decline in the trading price of our common stock. Changes in tax laws or regulations could be enacted or existing tax laws or regulations could be applied to us or our guests in a manner that could increase the costs of our products and harm our business.

***We may engage in merger and acquisition activities or strategic partnerships, which could require significant management attention, disrupt our business, dilute shareholder value, and adversely affect our business, results of operations, and financial condition.***

As part of our business strategy, we have in the past and may in the future make investments in or acquisitions of other companies, products, or technologies, or pursue strategic opportunities, including potential downstream integration or early-stage processing technology partnerships. The identification of suitable acquisition or partnership candidates can be difficult, time-consuming, and costly, and we may not be able to complete acquisitions or partnerships on favorable terms, if at all. These acquisitions or partnerships may not ultimately strengthen our competitive position or achieve the goals of such acquisition, and any acquisitions or partnerships we complete could be viewed negatively by guests or investors. We may encounter difficult or unforeseen expenditures in integrating an acquisition or partnership, particularly if we cannot retain the key personnel of the acquired company. In addition, if we fail to successfully integrate such acquisitions, or the assets, technologies or personnel associated with such acquisitions or partnerships, into our company, the business and results of operations of the combined company would be adversely affected.

These transactions may disrupt our ongoing operations, divert management from their primary responsibilities, subject us to additional liabilities, increase our expenses, subject us to increased regulatory requirements, cause adverse tax consequences or unfavorable accounting treatment, expose us to claims and disputes by shareholders and third parties, and adversely impact our business, financial condition, and results of operations. We may not successfully evaluate or utilize the acquired assets and accurately forecast the financial impact of an acquisition or partnership transaction, including accounting charges. We may have to pay cash for any such acquisition or partnership which would limit other potential uses for our cash. If we incur debt to fund any such acquisition or partnership, such debt may subject us to material restrictions in our ability to conduct our business, result in increased fixed obligations, and subject us to covenants or other restrictions that would decrease our operational flexibility and impede our ability to manage our operations. If we issue a significant amount of equity securities in connection with future acquisitions or partnerships, existing shareholders' ownership would be diluted.

***We may need additional capital, and we cannot be sure that additional financing will be available.***

Historically, we have financed our operations and capital expenditures through private raises. In the future, we may raise additional capital through additional equity or debt financings to support our business growth, to respond to business opportunities, challenges or unforeseen circumstances, or for other reasons. On an ongoing basis, we are evaluating sources of financing and may raise additional capital in the future. Our ability to obtain additional capital will depend on our business plans, the realization of rare earth elements in our mineral properties, investor demand, operating performance, the condition of the capital markets, and other factors. We cannot assure you that additional financing will be available to us on favorable terms when required, or at all. If we raise additional funds through the issuance of equity, equity-linked or debt securities, those securities may have rights, preferences or privileges senior to the rights of existing shareholders, and existing shareholders may experience dilution. Further, if we are unable to obtain additional capital when required, or are unable to obtain additional capital on satisfactory terms, our ability to continue to support our business growth or to respond to business opportunities, challenges, or unforeseen circumstances would be adversely affected.

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements concerning our business, operations and financial performance, as well as our plans, objectives and expectations for our business operations and financial performance and condition. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "design," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "positioned," "potential," "predict," "seek," "should," "target," "will," "would," and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. In addition, statements that "we believe" or similar statements reflect our beliefs and opinions on the relevant subject. These forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our goals and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our planned exploration activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expectations regarding revenue, expenses and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks related to our operating strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•mineral exploration and exploration program cost estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expectations regarding the potential mineralization, geological merit and economic feasibility of our projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•competition for projects in our local markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unfavorable economic conditions and restrictive financing markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•significant risk and hazards associated with mining operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our Brazilian operations are subject to additional political, economic and other uncertainties not generally associated with domestic operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expectations regarding any environmental issues that may affect planned or future exploration programs and the potential impact of complying with existing and proposed environmental laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•receipt and timing of exploration permits and other third-party approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•government regulation of mineral exploration and development operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developments relating to our competitors and our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expectations regarding any social or local community issues that may affected planned or future exploration and development programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to retain key personnel and maintain satisfactory labor relations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other risks and uncertainties, including those described or incorporated by reference under the caption "Risk Factors" in this prospectus.

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We have based these forward-looking statements largely on our current expectations, estimates, forecasts, and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. In light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. Although we believe that we have a reasonable basis for each forward-looking statement contained in this prospectus, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur at all. You should refer to the section titled "Risk factors" and elsewhere in this prospectus for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. Except as required by law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus forms a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this prospectus by these cautionary statements.

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**MARKET AND INDUSTRY DATA**

We use market and industry data, forecasts and projections throughout this prospectus. We have obtained certain market and industry data from publicly available industry publications and from certain sources that may not be publicly available without payment of subscription or similar fees. These sources generally state that the information they provide has been obtained from sources believed to be reliable, but that the accuracy and completeness of the information are not guaranteed. In some cases, the information contains forecasts and projections based on historical market data, and there is no assurance that any of the forecasts or projected amounts will be achieved. While we believe such information is reliable, we have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. The market and industry data used in this prospectus involve risks and uncertainties that are subject to change based on various factors, including those discussed in the section titled "Risk Factors." These and other factors could cause results to differ materially from those expressed in, or implied by, the estimates made by independent parties and by us. Furthermore, we cannot assure you that a third party using different methods to assemble, analyze or compute industry and market data would obtain the same results.

The sources of certain statistical data, estimates and forecasts contained in this prospectus include the following independent industry publications or reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Rare Earth Magnet Market Outlook to 2040*, Adamas Intelligence, Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Rare Earths Forecast Report*, Benchmark Mineral Intelligence, Q4 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Rare Earth Pricing Quarterly Outlook*, Adamas Intelligence, Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Rare Earth Market Overview & Outlook: EVs, Robotics and AAM,* Adamas Intelligence, Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*COP28 Tripling Renewable Capacity Pledge,* International Energy Agency, June 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Mineral Commodity Summaries and Minerals Yearbook,* U.S. Geological Survey, 2014-2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*How are rare earths used,* Lynas Rare Earths.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Humanoids: 1bn Robots and $5tn Revenues by 2050, China is in Pole Position,* Morgan Stanley, April 28, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*The future of four wheels is all electric,* Goldman Sachs, February 16, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Global Automation: Humanoid Robot –The AI accelerant,* Goldman Sachs, January 8, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Transformation: Human robots 101*, Bank of America, April 29, 2025.

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**USE OF PROCEEDS**

We estimate that the net proceeds to us from this offering will be approximately $ million (or approximately $ million if the underwriters exercise in full their option to purchase up to additional shares of common stock), based on an assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, after deducting the underwriting discounts and estimated offering expenses payable by us.

The principal purposes of this offering are to obtain additional capital to support our operations, to create a public market for our common stock and to facilitate our future access to the public equity markets.

We intend to use the net proceeds from this offering together with our existing cash and cash equivalents as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approximately $ million to fund the land acquisition and option payments, drilling, metallurgical test work, permitting and S-K 1300 technical report summary preparation at our Shiloh Project. We plan to prioritize advancement of our Shiloh Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approximately $ million to fund the exploration, evaluation, land consolidation, metallurgy, engineering and permitting studies at our Alpha Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approximately $ million to fund exploration, evaluation, land option payments, metallurgy, engineering and permitting studies at our Constellation Project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the remainder for working capital and other general corporate purposes.

Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, our as-adjusted net tangible book value per share after this offering by $ per share and the dilution per share to new investors participating in this offering by $ per share, assuming that the number of shares of common stock offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and estimated offering expenses payable by us. Similarly, an increase of 1.0 million in of shares of common stock offered by us would increase the as adjusted net tangible book value after this offering by $ per share and decrease the dilution per share to new investors participating in this offering by $ per share, and a decrease of 1.0 million shares of common stock offered by us would decrease the as adjusted net tangible book value by $ per share, and increase the dilution per share to new investors in this offering by $ per share, assuming that the assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and estimated offering expenses payable by us.

Our expected use of net proceeds from this offering represents our current intentions based upon our present plans and business condition. As of the date of this prospectus, we cannot predict with certainty all of the particular uses for the net proceeds to be received upon the closing of this offering, or the amounts that we will actually spend on the uses set forth above. The amounts and timing of our actual use of the net proceeds will vary depending on numerous factors, including the progress of our exploration and development efforts, the status of our permit applications, and overall market conditions. We may find it necessary or advisable to use the net proceeds for other purposes, and our management will have broad discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of the net proceeds from this offering.

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**DIVIDEND POLICY**

We have never paid or declared any cash dividends on our common stock, and we do not anticipate paying any cash dividends on our common stock in the foreseeable future. We intend to retain all available funds and any future earnings to fund the development and expansion of our business. Any future determination to pay dividends will be at the discretion of our board of directors and will depend upon a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions, restrictions imposed by applicable law and other factors our board of directors deems relevant.

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**CAPITALIZATION**

The following table sets forth our cash, cash equivalents, and capitalization as of , 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on a pro forma basis, giving effect to (i) the automatic conversion of all of our outstanding SAFEs in the aggregate amount of $ million into shares of our common stock, in each case immediately prior to the closing of this offering, and (ii) the issuance of shares of our common stock issuable in connection with the exercise of certain options upon the closing of this offering pursuant to certain mineral rights purchase and/or lease option agreements described in the sections titled "Business – Mining Rights" and "Properties"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on an as adjusted pro forma basis, giving effect to the sale of shares of our common stock by us in this offering at an assumed initial public offering price of $ per share (the midpoint of the range set forth on the cover of this prospectus) and our receipt of an estimated $ million of net proceeds from this offering after deducting estimated underwriting discounts and commissions and offering expenses payable by us.

You should read the following table in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and the notes thereto included elsewhere in this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **As of , 2026** | **As of , 2026** | **As of , 2026** |
| **(in thousands, except per share data)** | **Actual** | **Pro-Forma** | **Pro Forma As Adjusted**<sup>(1)</sup> |
| Cash and cash equivalents | $| $| $|
| Total debt |  |  |  |
| Stockholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value, 500,000,000 shares authorized, shares issued and outstanding, actual; shares authorized and shares issued and outstanding, as adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value, 1,000,000 shares authorized, no shares issued and outstanding, actual; shares authorized and shares issued and outstanding, as adjusted |  |  |  |
| Total stockholders' equity |  |  |  |
| Total liabilities and stockholders' equity | $| $| $|

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(1)Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the as-adjusted amount of each of cash, total stockholders' equity, and total capitalization by $ million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and estimated offering expenses payable by us. An increase (decrease) of 1.0 million shares of common stock offered by us, as set forth on the cover page of this prospectus, would increase (decrease) the as adjusted amount of each of cash, total stockholders' deficit, and total capitalization by $ million, assuming no change in the assumed initial public offering price per share and after deducting estimated underwriting discounts and estimated offering expenses payable by us.

The above table gives effect to the transactions described above and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our common stock reserved for future issuance under our 2026 Plan, as well as any future increases in the number of shares of our common stock reserved for future issuance pursuant to the 2026 Plan, which will become effective immediately prior to the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of common stock issuable upon the exercise of warrants outstanding as of , 2026, with a weighted-average exercise price of $ per share;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of common stock issuable upon the vesting and settlement of RSUs outstanding as of , 2026, issued pursuant to the 2025 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our common stock issuable upon the exercise in full by the underwriters of the Underwriter's Warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issuable in connection with repayment of the Loan. <br>

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**DILUTION**

Dilution is the amount by which the offering price paid by purchasers of our common stock sold in this offering will exceed the as-adjusted net tangible book value per share of our common stock after the completion of this offering. The net tangible book value (deficit) of our common stock at , 2026 was $ million, or $ per share. Net tangible book value per share represents our total tangible assets less our total liabilities, divided by the number of outstanding shares of our common stock.

After giving effect to the sale of shares of our common stock by us in this offering at an assumed initial public offering price of $ per share (the midpoint of the range set forth on the cover of this prospectus) and our receipt of an estimated $ million of net proceeds from this offering after deducting the estimated underwriting discounts and offering expenses payable by us, our as adjusted net tangible book value at , 2026, would have been $ million, or $ per share. This represents an immediate increase in net tangible book value of $ per share of our common stock to our existing stockholders and immediate dilution of $ per share to purchasers of our common stock in this offering.

The following table illustrates the per share dilution (in thousands, except per share data):

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| | |
|:---|:---|
| Assumed initial public offering price per share of common stock | $|
| &nbsp;&nbsp;&nbsp;Net tangible book value per share at , 2026 | $— |
| &nbsp;&nbsp;&nbsp;Increase in net tangible book value per share attributable to new investors in<br>&nbsp;&nbsp;&nbsp;&nbsp;this offering | $— |
| As adjusted net tangible book value per common share after this offering | $|
| Dilution in net tangible book value per common share to new investors in this <br> offering | $ |

---

Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, our as-adjusted net tangible book value per share after this offering by $ per share and the dilution per share to new investors participating in this offering by $ per share, assuming that the number of shares of common stock offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and estimated offering expenses payable by us. Similarly, an increase of 1.0 million in of shares of common stock offered by us would increase the as adjusted net tangible book value after this offering by $ per share and decrease the dilution per share to new investors participating in this offering by $ per share, and a decrease of 1.0 million shares of common stock offered by us would decrease the as adjusted net tangible book value by $ per share, and increase the dilution per share to new investors in this offering by $ per share, assuming that the assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and estimated offering expenses payable by us.

If the underwriters exercise in full their option to purchase additional shares of common stock from us, the as-adjusted net tangible book value per share after giving effect to this offering at an assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the underwriting discounts and estimated offering expenses payable by us, would be $ per share, representing an immediate increase to existing stockholders of $ per share, and dilution to new investors participating in this offering of $ per share.

The following table summarizes the as adjusted basis described above, the differences between the number of shares purchased from us, the total consideration paid and the average price per share paid to us by existing stockholders and by investors purchasing shares in this offering at the assumed initial public offering price of $ per share, the

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midpoint of the price range set forth on the cover page of this prospectus, before deducting the underwriting discounts and estimated offering expenses payable by us:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares purchased** | **Shares purchased** | **Total consideration** | **Average price** |
|  | **Number** | **Percent** | **Percent** | **per share** |
| Existing stockholders |  |  | $— | $|
| &nbsp;&nbsp;&nbsp;New investors |  |  | $— | $|
| &nbsp;&nbsp;&nbsp;Total |  | 100% | $100% | $|

---

If the underwriters exercise their option to purchase additional shares in full, our existing stockholders would own % and our new investors would own % of the total number of shares of our common stock outstanding upon the closing of this offering.

The total number of shares of our common stock reflected in the discussion and tables above is based on shares outstanding at , 2026, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our common stock reserved for future issuance under our 2026 Plan, as well as any future increases in the number of shares of our common stock reserved for future issuance pursuant to the 2026 Plan, which will become effective immediately prior to the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of common stock issuable upon the exercise of warrants outstanding as of , 2026, with a weighted-average exercise price of $ per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of common stock issuable upon the vesting and settlement of RSUs outstanding as of , 2026, issued pursuant to the 2025 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our common stock issuable upon the exercise in full by the underwriters of the Underwriter's Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issuable in connection with repayment of the Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issuable upon exercise of options in connection with our mineral rights purchase and/or lease option agreements described in the sections titled "Business – Mining Rights" and "Properties".

To the extent that new RSUs or other equity awards are issued under the 2026 Plan, or we issue additional shares in the future, there may be further dilution to new investors participating in this offering.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of the financial condition and results of operations of REA includes information that REA's management believes is relevant to an assessment and understanding of the Company's historical operations. You should read the following discussion and analysis of our financial condition and results of operations together with our audited financial statements for the years ended December 31, 2024 and 2023 and the respective notes thereto, which have been included elsewhere in this prospectus.* 

*This discussion also contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 related to our current plans, estimates and assumptions, and events and financial trends that may affect our future operating results or financial position. We use terminology such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "design," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "positioned," "potential," "predict," "seek," "should," "target," "will," "would," and other similar expressions to identify forward-looking statements. The forward-looking statements contained herein involve risks and uncertainties that could cause our actual results and the timing of events to differ materially from those expressed in these forward-looking statements due to a number of factors, including those discussed in the sections entitled "Risk Factors" and "Special Note Regarding Forward-Looking Statements" appearing elsewhere in this prospectus.*

*The information for the years ended December 31, 2024 and 2023 is derived from Alpha Minerals Brazil Participacoes Ltda's ("AMBPL" or "Predecessor"), our predecessor, audited combined financial statements and the notes thereto included elsewhere in this prospectus.*

*Any reference in this section to "we", "us", "our", "REA", or the "Company" refers to Rare Earths Americas, Inc. and our consolidated subsidiaries on a forward-looking basis or, as the context requires, to the historical results of AMBPL. Any reference to "AMBPL" refers to AMBPL prior to the consummation of the Acquisitions (as defined below). Refer to the discussion of "Our Corporate and Operating History and the Related Financial Information Reflected in Our Reported Results" for additional details regarding the operations that comprise REA for the reporting periods discussed in this Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A").*

**Overview**

*Our Corporate and Operating History and the Related Financial Information Reflected in Our Reported Results*

In February 2025, we were incorporated as Rare Earths Americas Ltd., under the laws of the Cayman Islands, for the purposes of acquiring AMBPL and Foothills Rare Earths Limited ("FRE Australia") in two transactions that were contingent upon the completion of each other (the "Acquisitions"), as well as to raise the initial capital necessary to support the continued operations of the acquired and combined entities in a private placement transaction (the "Private Placement"). The acquisition of AMBPL, a company organized under the laws of Brazil and with a history of exploration activities primarily conducted at two sites in Brazil, and the acquisition of FRE Australia, an Australian incorporated public unlisted corporation that had performed limited exploration activities in the United States, were both completed on July 22, 2025 (the "Merger Date"). Consideration for the Acquisitions consisted of REA common shares issued to the then shareholders of each entity and, in the case of FRE Australia, the issuance of warrants exercisable for shares of REA's common stock in exchange for FRE Australia's previously outstanding warrants. The Private Placement, which resulted in the raise of $16.0 million after transaction costs, was completed on July 31, 2025. We subsequently completed a re-domestication through the filing of a certificate of conversion, becoming a Texas corporation on October 15, 2025. Following the redomestication, our name changed to Rare Earths Americas, Inc. Refer to "Note 10—Subsequent Events" in our financial statements for the years ended December 31, 2024 and 2023 for additional details regarding the Acquisitions and the Private Placement.

We have determined that our acquisition of AMBPL is required to be accounted for as a transaction between entities under common control under accounting principles generally accepted in the United States ("U.S. GAAP") because the former sole shareholder of AMBPL, Rare Earths Americas Limited ("REA Australia"), retained control of REA upon REA's consummation of the acquisitions of both AMBPL and FRE Australia. Furthermore, as (1) the activities of REA through the Merger Date were limited to administrative tasks supporting the Acquisitions and Private

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Placement and (2) REA succeeded to substantially all of the operations of AMBPL, we determined that AMBPL is the predecessor entity for purposes of the financial statements included in this prospectus. Accordingly, the reported results of the Company for the fiscal years ended December 31, 2024 and 2023, as well as the accompanying discussion and analysis, relates solely to the historical operations of AMBPL. As the acquisition of AMBPL by REA is a transaction between entities under common control, costs incurred by REA will be reported in the Company's financial results commencing with the date that REA was incorporated.

FRE Australia was not determined to be under common control with REA or AMBPL and was not determined to be a predecessor entity to REA. Accordingly, the operating results and cash flows of FRE Australia will begin to be reflected in our reported operating results as of the Merger Date, and our reported working capital and financial condition are not impacted by FRE Australia's assets and liabilities until reporting periods ending subsequent to the Merger Date. FRE Australia was determined to be a variable interest entity and its acquisition was deemed an asset acquisition.

*Our Business and Our Strategy*

We are an exploration-stage company focused on advancing a portfolio of critical mineral projects targeting high-grade heavy rare earth mineral assets. Our portfolio includes three material projects - Alpha, Constellation, and Shiloh, along with certain non-material early-stage exploration projects, most notably our Homer Project in Goiás, Brazil. All of our properties are currently in exploration stage, and we have not yet commenced mining operations or generated any revenue. Our current operations are focused on defining mineralization for our projects and increasing our understanding of the characteristics and economics of each project. Advancing these projects to development will require significant capital.

We intend to grow the value of our assets by: (1) advancing our project portfolio through land acquisition, drilling, exploration, land consolidation, process flowsheet development, resource definition, metallurgical test work, permitting, and engineering studies in accordance with S-K 1300; (2) pursuing strategic partnerships and financing to accelerate project development; and (3) developing a U.S.-aligned platform to strengthen critical mineral supply chains.

We have assembled a team with extensive mining sector-related experience, including exploration, development, permitting, operations and capital markets, to execute our strategy and pursue the market opportunity available to us.

**Summary of Historical Operations and Expected Trends**

*General*

As an exploration-stage company, we have not begun to generate operating revenues, nor can we expect to generate operating revenues in the foreseeable future. Our exploration costs reported for the years ended December 31, 2024 and 2023 primarily reflect the use of contractors, as AMBPL did not hire full-time employees to perform this work. Furthermore, as AMBPL was a subsidiary of REA Australia prior to being acquired by REA, our reported results for the years ended December 31, 2024 and 2023 include allocations of shared costs incurred and recorded by REA Australia, primarily consisting of cash and share-based compensation related to management of REA Australia. Our financial results reported for the fiscal years ended December 31, 2024 and 2023 are not reflective of our expectations for our ongoing operations, as further discussed in the subsequent sections titled "*Factors that Will Impact Our Exploration Costs*" and "*Factors that Will Impact Our General and Administrative and Other Operating Costs*".

*Factors that Will Impact Our Exploration Costs*

The timing of when costs attributable to exploration activities at each of our projects have been, and will be, included in our reported financial results, as well as the amounts of such costs recognized, are a reflection of our corporate history; the timing of our acquisitions of AMBPL and FRE Australia; the accounting and reporting conclusions applicable to our acquisitions of AMBPL and FRE Australia; the stage of our exploration activities at each project; and our plans for, level of exploration activity at, and commitments of resources to each project. For a discussion of our core projects and properties, please refer to the section titled "Properties" in this prospectus. The following is a description of how our corporate history and our acquisitions (1) have impacted the nature, amounts, and properties

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for which exploration costs are included in the historical financial statements and (2) are expected to impact our ongoing operations in subsequent periods:

• <u>Alpha Project and Constellation Project</u>: Our reported financial results for the years ended December 31, 2024 and 2023 include exploration activities related to the Alpha and Constellation projects, as each project was part of the historical operations of AMBPL, which has been deemed our predecessor entity for financial reporting purposes. Given the stage of exploration activities at these projects, as well as the liquidity position of AMBPL immediately prior to being acquired by REA, exploration activities and spend related to these projects was reduced at the end of the year ended December 31, 2024, and has remained at lower levels throughout the Merger Date. Exploration expenditures for the period starting after the Merger Date through the end of the fiscal year ended December 31, 2025 ("Fiscal Year 2025") and in the periods subsequent to Fiscal Year 2025 are expected to continue to be lower and will focus on further drilling, surveying, and metallurgical testing to refine geological models and advance resource classifications.

• <u>Shiloh Project</u>: The Shiloh Project is located in the state of Georgia in the U.S. and was acquired in connection with the acquisition of FRE Australia. No related exploration activity or costs related to this project are reflected in our reported results prior to the Merger Date. Our exploration costs will increase as a result of the inclusion of amounts related to this project subsequent to the Merger Date. Exploration of the Shiloh project will be funded using capital raised in the Company's Private Placement, as well as proceeds from the offering contemplated pursuant to this registration statement.

We have not demonstrated the existence of mineral reserves at any of our current projects. We also hold rights to several additional early-stage exploration projects at which we could incur exploration costs in the future.

Furthermore, some of our mining concessions are subject to fixed expiration dates and might only be renewed a limited number of times for a limited period. Apart from mining concessions, we may need to obtain various authorizations, licenses and permits from governmental or other regulatory bodies in connection with the planning, maintenance, and operation of our mineral properties and related logistics infrastructure, and those authorizations, licenses and permits may be subject to fixed expiration dates or periodic review or renewal. There is no assurance that renewals will be granted as and when sought, and there is no assurance that new conditions will not be imposed in connection with such renewals. Accordingly, the timing and amount of exploration activities and associated costs at each or all of our projects could be impacted by our ability to obtain, maintain, and/or renew related mining concessions, authorizations, licenses, and permits. Further, fees for mining concessions might increase substantially due to the passage of time from the original issuance of each individual exploration license. Accordingly, we will need to continually assess the mineral potential of each mining concession, particularly at the time of renewal, to determine if the costs of maintaining the concession are justified by the results of our exploration activities performed to date. Decisions to renew or allow concessions to lapse could directly impact our exploration costs incurred or expected to be incurred for each project.

*Factors that Will Impact Our General and Administrative and Other Operating Costs*

We expect the following factors to contribute to an increase in our general, administration and other operating costs in future periods:

• incremental personnel costs, reflecting (a) the hiring of a full-time management team during Fiscal Year 2025 and consulting arrangements with several of the new management team members prior to when they became full-time employees and (b) our planned investment in incremental internal resources that will focus on compliance with laws and regulations that impact the industry in which we operate;

• the establishment of our 2026 Equity Incentive Plan, other new equity incentive plan(s), and the issuance of share-based compensation awards under those plans;

• incremental costs attributable to establishing a board of directors consistent with the requirements of a publicly-traded company;

• the renewal and/or the establishment of new leases to support our operations;

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• increased legal and consulting expenses that were incurred in support of the acquisition transactions consummated with AMBPL and FRE Australia and will continue to be incurred in support of this offering;

• incremental costs to implement and integrate operational, financial, and management information systems that will support our larger portfolio of projects and our planned increase in exploration activities; and

• incremental costs attributable to establishing and enhancing internal functions, governance policies and activities, and internal control and compliance activities consistent with those of a publicly-traded company, inclusive of hiring personnel to execute our new governance and compliance activities.

Certain of the incremental costs that we expect to incur may be partially offset by a lower dependency on contracted labor and the elimination of shared costs incurred and recorded by REA Australia and included in our financial statements on an allocated basis. Our reported results for the fiscal years ended December 31, 2024 and 2023 include allocated shared costs incurred and recorded by AMBPL's former parent totaling $0.3 million and $0.2 million, respectively.

**Results of Operations**

*Summary*

We have no operating revenues. We are dependent on equity or other external financings to fund the execution of our business plan and operations, including funding of mineral exploration and evaluation for economic viability; G&A costs; interest expense and other costs. We expect to incur operating losses until such time that an economic mineral resource is identified, developed and put into profitable commercial production.

*Description of Expenses Reported in Our Statements of Operations*

<u>Exploration expenses</u>: Exploration expenses consist of all personnel and contractor costs, warehouse and other lease costs, and other costs directly attributed to our exploration, sampling and testing activities necessary to define the resources located at the properties where our projects are being conducted. Examples of exploration, sampling, and testing activities and related expenses include costs related to mineral property licenses and lease payments, option payments, permitting, survey activities, drilling programs, process flowsheet development, metallurgical test work, engineering studies, and other activities related to validating the economic viability of our projects.

<u>General and administrative expenses</u>: General and administrative expenses primarily consist of (1) management salaries, share-based compensation, personnel and consulting costs, and indirect taxes and fees to support our corporate activities and functions – including, but not limited to legal, finance and accounting, human resources, and other administrative functions – and (2) lease costs related to facilities that support our corporate functions.

<u>Depreciation expense</u>: Depreciation expense relates to our limited amount of plant, property and equipment. No depreciation expense has been allocated to the other expense categories reported on our statement of operations.

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*Comparison of years ended December 31, 2024 and 2023*

The following tables set forth our historical results for the periods indicated, and the variances in amounts reported for the comparable reporting periods:

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| | | | |
|:---|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** | **Change** |
| (in thousands of U.S. Dollars) | **2024** | **2023** | **%** |
| **Statements of Operations Data:** |  |  |  |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenses | $2890 | $3887 | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 1094 | 1377 | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 6 | 12 | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 3990 | 5276 | (24) |
| **Operating loss** | (3990) | (5276) | (24) |
| **Other income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 15 | 85 | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net |  | 206 | (100) |
| Loss before income taxes | (3975) | (4985) | (20) |
| Provision for income taxes |  |  |  |
| **Net loss** | $(3975) | $(4985) | (20) |

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*Operating Costs and Expenses*

*Exploration expenses.* Exploration expense decreased by $1.0 million, or 26%, to $2.9 million in 2024, as compared to $3.9 million in 2023. The decrease was primarily due to a $1.6 million decrease in mineral rights acquisitions, partially offset by a $0.6 million increase in laboratory testing and evaluation costs. Our exploration costs are expected to increase as compared to amounts reported in 2024 for reasons cited in the discussion of "*Factors that Will Impact Our Exploration Costs."*

*General and administrative expenses.* General and administrative expense decreased by $0.3 million, or 21%, to $1.1 million in 2024, as compared to $1.4 million in 2023. The decrease was primarily due to across-the-board cost reduction activities implemented in the second half of 2024 to conserve cash, including reduction in consulting related expenses, legal and professional fees, and facilities costs. General and administrative expenses are expected to increase as compared to amounts reported in 2024 for reasons cited in the discussion of "*Summary of Historical Operations and Expected Trends."*

*Depreciation expense.* Depreciation decreased by $6.0 thousand, or 50%, to $6.0 thousand in 2024 compared to $12.0 thousand in 2023. The decrease was primarily due to certain property, plant and equipment becoming fully depreciated and sold in 2023 and 2024.

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*Other Income*

*Interest income.* Interest income decreased by $70.0 thousand, or 82%, to $15.0 thousand in 2024, as compared to $85.0 thousand in 2023. The decrease was primarily due to lower balances in our money market funds.

*Other income, net.* Other income decreased by $0.2 million, or 100%, to $0.0 in 2024, as compared to $0.2 million in 2023. During the course of 2023, the Company continued to optimize the utilization of its leased equipment through certain sublease arrangements. There were no such arrangements in 2024.

**Liquidity and Capital Resources**

***Liquidity***

*Sources and Uses of Liquidity*

We consider cash equivalents to be highly liquid investments purchased with original maturities of three months or less. As of December 31, 2024 and 2023, we had $6.0 thousand and $0.8 million, respectively, in cash and cash equivalents.

We are an exploration stage company and, since our inception, we have not generated revenues. We incurred net losses of $4.0 million and $5.0 million in 2024 and 2023, respectively, and have reported an accumulated deficit of $9.9 million and $5.9 million as of December 31, 2024 and 2023, respectively. We have relied on equity financing to fund our operating and investing activities – including, development and pursuit of our business plan; our mineral exploration and evaluation activities; our general and administrative costs and our capital expenditures. In addition, in the future we will continue to rely on equity financing to meet obligations as they become due and for future purchases of exploration and evaluation assets.

Our predominant source of cash is from financing activities. In 2024 and 2023, we raised cash through issuances of our common stock for the primary purpose of funding working capital associated with exploration expenses and general and administrative expenses, capital expenditures, and investments supporting our strategy for advancing our portfolio of critical mineral projects targeting high-grade heavy rare earth mineral assets. In 2024, we also incurred payables to related parties that, in 2025, along with additional borrowings, were formalized under a certain loan agreement dated June 2, 2025, between Brazil Royalty Corp Participacoes E Investments Ltda. ("BRC"), as a lender, and AMBPL (as borrower), for a loan of up to R$6,105,000.00 to AMBPL (the "Loan Agreement"). The Loan Agreement was subsequently novated to REA pursuant to a deed of novation (the "Deed of Novation") with AMBPL and BRC, pursuant to which we agreed to assume AMBPL's obligation to pay the loan amount under the Loan Agreement. Payment of the loan amount pursuant to the Deed of Novation may be satisfied, at BRC's election, either in cash in accordance with the terms of the Loan Agreement or by the issuance of our shares. On November 6, 2025, we entered into Amendment No. 1 to the Deed of Novation with BRC and AMBPL, which amended the Deed of Novation to provide that all or part of the loan amount is convertible at BRC's election and in its sole discretion into issued shares of our common stock at a fixed conversion price of $6.55 per share.

In July 2025, we completed the Private Placement, raising $16.0 million after transaction costs.

Our current liabilities exceeded our current assets by $0.2 million as of December 31, 2024, compared to current assets in excess of current liabilities of $0.4 million as of December 31, 2023. The change of $0.6 million was primarily attributable to a decrease in cash of $0.8 million.

The following table is a condensed schedule of cash flows provided as part of the discussion of liquidity and capital resources:

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| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
| (in thousands of U.S. Dollars) | **2024** | **2023** |
| **Other Financial Data:** |  |  |
| Net cash used in operating activities | $(3793) | $(4191) |
| Net cash provided by investing activities | $65 | $70 |
| Net cash provided by financing activities | $3311 | $4730 |

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*Operating Activities*

During the year ended December 31, 2024, our operating activities used $3.8 million of net cash, as compared to $4.2 million during 2023. The $0.4 million decrease in net cash used in operating activities during 2024 compared to 2023 was primarily due to our $1.0 million decrease in net loss due to across-the-board exploration and general and administrative cost reductions initiated in the second half of 2024. We also incurred a $0.3 million increase in due to related parties for transfers received and costs paid on our behalf in order to help us maintain our operations in 2024. This was offset by a $0.9 million reduction in accounts payables and accrued expenses, as we curtailed costs primarily in payments for employee and professional services related expenses.

*Investing Activities*

Our investing activities provided approximately $0.1 million in each year ended December 31, 2024 and 2023. Cash provided by investing activities was primarily due to the sale of certain existing property and equipment to related parties, coupled with our decision not to make additional investments in capital expenditures associated with our property and equipment until we raised further capital in 2025.

*Financing Activities*

During the years ended December 31, 2024, and 2023, our financing activities provided $3.3 million and $4.7 million of cash, respectively, from the direct investment by REA Australia.

*Liquidity Outlook*

As of December 31, 2024, we had available cash balances totaling $6.0 thousand. Currently, we do not maintain a credit facility or have debt from financial institutions. Since inception, we have predominately relied on equity financing to fund our operations, land acquisitions, and capital expenditures.

Our cash forecast for the remainder of Fiscal Year 2025 and the 12 months thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Includes projected net proceeds from equity offerings and/or debt financing;

oTo fund land acquisition, mineral licenses and lease payments, option payments, drilling, metallurgical test work, permitting and S-K 1300 technical report summary preparation at our Shiloh Project. We plan to prioritize advancement of our Shiloh Project;

oTo fund exploration, evaluation, land consolidation, metallurgy, engineering and permitting studies at our Alpha Project;

oTo fund exploration, evaluation, land option payments, metallurgy, engineering and permitting studies at our Constellation Project; and

oThe remainder for working capital and other general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Includes funding of non-discretionary and discretionary expenditures primarily related to exploration and evaluation activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Does not include cash from generating revenues from operations. We do not expect to begin development or production on any of our projects in 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Does not include funding of cash expenditures for: (i) acquisition costs of exploration and evaluation mineral rights not already under contract as of December 31, 2024, (ii) construction costs for a mine; or (iii) additional equity investments in new strategic ventures or to increase our ownership within our current investment.

We believe that funds raised in our Private Placement and the net proceeds from this offering will be sufficient to fund our cash needs for the remainder of Fiscal Year 2025 and the 12 months thereafter. In addition, historically, we have been successful in raising cash through equity financing; however, no assurances can be given that additional financing will be available in amounts sufficient to meet our needs or on terms that are acceptable to us.

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**Off-Balance Sheet Arrangements**

Other than as otherwise described in this prospectus, we do not have any off-balance sheet arrangements that have, or are reasonably likely to have, a material current or future effect on our financial condition, changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures or capital resources.

**Risks and Uncertainties Associated with Future Results of Operations**

We operate in an industry that is subject to intense competition, development risk, and changes in U.S. governmental policies related to green energy, defense spending and dependence on foreign suppliers. Our operations are subject to significant risks and uncertainties including financial and operational risks, as well as the potential risk of business failure.

We have not yet established that our projects contain any commercially exploitable quantities of proven and probable mineral reserves, and we may not be able to do so. Even if we eventually establish commercially exploitable quantities of mineral reserves, we may not be able to extract those minerals economically. Both mineral exploration and development involve a high degree of risk, and few properties that are explored are ultimately developed into producing mines. The commercial viability of an established mineral deposit will depend on several factors including the size, grade, and other attributes of the mineral deposit, as well as proximity of the deposit to infrastructure, government regulation, and market prices, among other things. Most of these factors will be beyond our control, and any of them could increase costs and make extraction of any identified mineral deposit unprofitable.

Our ability to advance projects depends on successfully completing studies to verify resources, reserves, and commercial viability, securing sufficient financing for exploration, permitting, and infrastructure development, and managing potential cost increases in exploration, construction, and operations due to fluctuations in fuel, power, materials, and other supplies.

For additional information see the section entitled "*Risk Factors — Risks Related to Our Business*."

**Critical Accounting Estimates**

See *Note 2. Summary of Significant Accounting Policies* to our audited financial statements as of and for the years ended December 31, 2024 and 2023, included elsewhere in this prospectus for a description of our significant accounting policies. As of and for the years ended December 31, 2024 and 2023, there were no accounting estimates that we considered critical for understanding and evaluating our financial condition and results of our operation.

**Recently Adopted Accounting Standards**

See *Note 2. Summary of Significant Accounting Policies* to our audited financial statements for the years ended December 31, 2024 and 2023.

**Emerging Growth Company Status**

In April 2012, the JOBS Act was enacted. Section 107(b) of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, we will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies which may make comparison of our financials to those of other public companies more difficult.

We expect to retain our emerging growth company status until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The end of the fiscal year in which our annual revenues exceed $1.235 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The end of the fiscal year in which the fifth anniversary of our registration has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The date on which we have issued more than $1.0 billion in non-convertible debt during the previous three-year period; or

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• The date on which we qualify as a large accelerated filer.

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**BUSINESS**

**Overview** 

We are an exploration stage company advancing a portfolio of critical minerals projects focused on high-grade heavy rare earth mineral assets. Our work is aimed toward defining mineralization for our projects and increasing our understanding of its characteristics and economics. Our portfolio includes three material projects, which we believe positions REA as a future potential cornerstone of non-Chinese rare earth supply, aligning with Western industrial and national security priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Shiloh Project (Georgia, United States)**: We believe that the Shiloh Project represents a significant exploration opportunity in the rare earth sector. The exploration activities completed to date, including radiometric surveys, drilling programs, and preliminary metallurgical test work, have indicated the presence of wide-spread and high-grade rare earth elements mineralization, primarily in the form of monazite. The geological setting, favorable land position spanning 1,927 acres, and the increasing market demand for domestic sources provide a foundation for the additional work that is recommended to be conducted in the Shiloh Project area. The Shiloh Project presents a new rare earth district discovery in the U.S., of approximately 400 km² with high rare earth grades of up to 20.01% TREO in early-stage exploration results, including high grades of heavy rare earth elements used in high performance magnets. Located on private land, this project benefits from well-established infrastructure, low-cost power and a streamlined pathway to obtaining necessary permits. Exploration activities are at an earlier stage than at our other material projects, and we have not established mineral resources or mineral reserves at the Shiloh Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Alpha Project (Bahia, Brazil)**: Due to its large land package, the Alpha Project has the potential to become one of the largest IAC resources globally, with district-scale of approximately 496 km of tenements ionic clay rare earth deposit. The resources disclosed are for a deposit area located on nine contiguous concessions (100 km²) with a defined 201.7 Mt inferred mineral resource at 1,520 ppm TREO above a cut-off of 1,000 ppm TREO and a potentially larger estimate at lower cutoff grades that will be further refined with additional study, underscoring its promising potential for scale and expansion. With high-value NdPr, Dy, and Tb comprising over 24% of contained oxides, this project is positioned to service the high-performance permanent magnet market. The deposit is characterized by shallow, laterally extensive IAC mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Constellation Project (Minas Gerais, Brazil)**: Located in the prolific Poços de Caldas alkaline district, the Constellation Project spans approximately 59.5 km² of tenements with the resource limited to 16 km² at this time. The project has a defined 266.2 Mt inferred mineral resource at 2,637 ppm TREO above a cut-off of 1,000 ppm TREO and a potentially larger estimate at lower cutoff grades that will be further refined with additional study, underscoring the project's promising potential for scale and expansion. With high-value NdPr, Dy, and Tb comprising over 22% of contained oxides, this project is positioned to service the high-performance permanent magnet market. The deposit is characterized by shallow, laterally extensive IAC mineralization.

We also hold rights to several additional, currently not material, early-stage exploration projects, most notably our Homer Project located in Goiás, Brazil. The Homer Project hosts multiple large carbonatite clusters with potential for rare earth minerals and niobium considering the region contains some of the world's preeminent niobium mines. We control an additional 1,233 km² of tenements in Brazil.

Our primary focus is on heavy rare earth elements, which are critical to high-performance permanent magnets used in robotics, defense applications, electric vehicles, and wind power systems. We are currently in the exploration stage, with no revenue generated to date. Our objective is to systematically advance our portfolio—comprising the Shiloh Project, Alpha Project, and Constellation Project—from early exploration toward resource definition and, eventually, development.

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Our projects are strategically positioned, with dual-jurisdiction exposure in the United States and Brazil, which aligns with growing initiatives in the U.S. and its cooperating nations to ensure diversified, secure rare earth elements supply chains.

Our headquarters are located at 250 Fillmore Street, Suite 150, Denver, Colorado, 80206 USA. We also maintain field offices in the state of Georgia and in Brazil. Our website address is *rareearthsamericas.com.* Information on or accessible through our website is not a part of this prospectus.

**Market Assessment**

We are an exploration stage company advancing a portfolio of projects with known occurrences of magnetic rare earth oxides ("MREO"), one of the most valuable rare earth minerals due to their relatively high price and increasing market size. MREO is comprised of light rare earth oxides – Nd and Pr – and heavy rare earth oxides – Dy and Tb. Rare earth minerals have emerged as a highly strategic commodity due to geopolitical concerns regarding the supply chain of these minerals and their applications in next-generation technologies with military, industrial and civilian applications which require high-performance permanent magnets. Light rare earth oxides are required in the manufacturing of basic permanent magnets, while heavy rare earth oxides are critical in the enhancement of basic permanent magnets into high-performance permanent magnets. The principal consumers of MREO are North American, European, Chinese, Japanese, and South Korean manufacturers of permanent magnets for the automotive and renewable energy sectors.

We have the potential to fill in the heavy rare earth oxides gap in the U.S. domestic supply chain. Exploration results from the Shiloh Project and mineral resources at the Constellation Project and Alpha Project indicate shallow, high-grade occurrences of heavy rare earth oxides.

Rare earth mineral production is geographically constrained, with about two-thirds of global production occurring in China and another 20% in the U.S. and Australia. Processing capacity is even more limited, as the majority of rare earth element processing takes place in China, with certain elements processed exclusively there. China and Myanmar account for a total of 91% of Dy and Tb production (*Rare Earth Magnet Market Outlook to 2040,* Adamas Intelligence, Q3 2024*)*, and given the U.S.-China ongoing geopolitical and trade tensions, reliance on such production poses significant supply chain risk.

Further, China lacks heavy rare earth rich resources and is highly reliant on Myanmar for heavy rare earth elements, with China's production quota for heavy rare earth elements flat since 2014 (*Mineral Commodity Summaries and Minerals Yearbook*, U.S. Geological Survey, 2014-2025). According to the U.S. Geological Survey, supply growth in heavy rare earth elements (0.7% CAGR since 2014) lags far behind light rare earth elements (11.2% CAGR since 2014). The rising demand for high-performance magnets requires the development of new supply sources for heavy rare earth elements.

China has restricted the export of Dy and Tb since April 2025 in response to U.S. tariffs on Chinese products. Myanmar is not a reliable long-term supplier due to ongoing civil war, human right violations, inadequate environmental regulations, and fragile international trade relations. Brazil is projected to expand its role in the rare earth market with ionic clay deposits, including Serra Verde (operating) and emerging projects (such as Alpha and Constellation), expected to increase Brazil's share of Dy supply.

The risk of losing access to rare earth mineral supplies has prompted the U.S. government to secure its own rare earth supply chain through funding and trade agreements with Australia, Malaysia, Japan, and Thailand. In March 2025, the Trump administration issued an executive order to increase domestic minerals production for national security purposes by invoking the Defense Production Act. The executive order authorizes the U.S. Department of War and the International Development Finance Corporation to issue funding for domestic critical mineral producers. Since July 2025, the U.S. Department of War invested $400 million in the preferred stock of MP Materials Corp. – the only producer of rare earth minerals in the U.S. – and provided $150 million in loan financing to MP Materials Corp. in addition to committing to an offtake agreement with a price floor guarantee for the purchase of Nd and Pr.

In addition to the investment in MP Materials Corp., the U.S. government has taken stakes in Lithium Americas Corp. and Trilogy Metals Inc. On January 26, 2026, USA Rare Earth, Inc. announced its entry into a non-binding letter of

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intent with the U.S. Department of Commerce for $277 million in proposed federal funding and $1.3 billion in a proposed senior secured loan under the CHIPS Act.

In October 2025, the U.S. and Australia signed a critical minerals framework agreement, pursuant to which both countries will invest $1.0 billion in financing over the next six months for critical minerals and rare earth projects within each respective country to accelerate the pipeline of priority projects and deliver a secure supply chain required for defense and other advanced technologies.

According to Adamas Intelligence, Global MREO demand is forecasted to grow at an 8.2% compound annual growth rate (CAGR) and Dy and Tb demand is forecasted to grow at 7% annually through 2040. A high demand growth rate combined with geographically constrained production can lead to volatile prices for rare earth elements, including Dy and Tb.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•NdPr demand is expected to grow from an estimated 110 kt in 2024 to an estimated 350 kt in 2035

![img135096051_2.jpg](img135096051_2.jpg)

Note: Source Adamas Intelligence (2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Dy has a similar outlook, expected to grow from an estimated 3 kt to an estimated 7 kt over the same period

![img135096051_3.jpg](img135096051_3.jpg)

Note: Source Adamas Intelligence (2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tb demand is expected to grow from an estimated 0.6 kt to 1 kt over the same period

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![img135096051_4.jpg](img135096051_4.jpg)

Note: Source Adamas Intelligence (2024)

According to Adamas Intelligence, through 2040, MREO will experience a production shortfall. According to Rare Earths Forecast Report, Benchmark Mineral Intelligence, Q4 2024, the anticipated supply gap in 2040 for Dy and Tb will be equivalent to approximately 116 times the annual production of the Mt. Weld mine in Australia, assuming Dy and Tb production of approximately 50tpa and excluding any expansions. The Mt. Weld mine is one of few major producers of Dy and Tb outside of China. Further, according to Adamas Intelligence, prices for magnetic rare earths are expected to increase by over 100% over the next 15 years.

Separated rare earth oxides are specialty chemicals, not exchange-traded commodities, and are typically priced in U.S. dollars per kilogram. Prices are negotiated through private contracts and reflects product purity, oxide composition, delivery terms, and prevailing demand. While the Shiloh Project is still under evaluation regarding its final products, the Alpha Project and Constellation Project are anticipated to produce a mixed rare earth carbonate—an intermediate material used in the production of refined, separated rare earth oxides.

Payability represents the proportion of contained rare earth elements value (based on spot oxide prices) that is realized upon sale of mixed rare earth carbonate. Payability depends on the concentration of high-value elements, total rare earth oxide grade, impurity levels, and offtake processing costs. We intend to produce a high-quality mixed rare earth carbonate with low impurities and elevated magnet rare earth elements. Our technical analyses assume a payability of 70%.

**Corporate History**

We were incorporated in February 2025 under the laws of the Cayman Islands as "Rare Earths Americas Ltd." Our Redomestication took effect on October 15, 2025. Following the Redomestication, our name changed to "Rare Earths Americas, Inc."

In July 2025, in two transactions, each contingent upon the completion of the other, we acquired our Predecessor, AMBPL, and FRE Australia (the "Acquisition"). Consideration paid to the shareholders of AMBPL and FRE Australia consisted of shares of our common stock and warrants exercisable for shares of our common stock. REA and AMBPL were entities under common control at the acquisition date.

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In June 2025, we established T.E. Liberty, a wholly-owned subsidiary of REA organized under the laws of Texas, and REA Management Company, LLC ("REA Management"), a then-wholly-owned subsidiary of REA organized under the laws of Texas, to serve as our U.S. management and operating platforms. Initially incorporated as Piedmont Rare Earths, LLC in North Carolina, FRE US was organized to serve as the party to the option agreements entered into in Georgia. Effective December 31, 2025, we completed a merger of REA Management into REA, which resulted in all employees of REA Management becoming employees of REA as of January 1, 2026.

![img135096051_5.gif](img135096051_5.gif)

Since our formation, we have focused on assembling and advancing a portfolio of exploration-stage projects: the Shiloh Project in Georgia, USA; Alpha Project in Bahia, Brazil; and Constellation Project in Minas Gerais, Brazil. We have prepared technical report summaries for each of our material properties in accordance with S-K 1300, filed as Exhibits 96.1, 96.2 and 96.3 to the registration statement of which this prospectus forms a part.

We have not generated revenue to date. Our operations have consisted primarily of acquiring exploration rights, conducting geophysical surveys and drilling programs, preparing technical studies, and establishing the organizational and governance framework to support the advancement of our projects.

**Our Business Strategy**

Our objective is to grow the value of our assets and position the Company as a leading U.S. supplier of critical minerals. To achieve this, we intend to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Advance and de-risk our project portfolio** by systematically acquiring and consolidating land, conducting drilling and exploration programs, and progressing resource definition. We will continue to undertake metallurgical test work and process flowsheet development to evaluate economic recoveries, while also advancing permitting, engineering studies, economic studies and other technical programs in accordance with S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Pursue strategic partnerships, joint ventures, and financing arrangements** with industry participants, government entities, and institutional investors to accelerate the development of our projects. We will

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evaluate opportunities to secure non-dilutive funding, long-term offtake agreements, and access to processing or separation capacity to shorten timelines to production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Build a platform aligned with U.S. and cooperating nations' priorities for critical mineral supply chain security** by positioning our assets to contribute directly to domestic and cooperating nations' rare earth supply chains. This includes targeting projects and technologies that can support the diversification of supply away from China, ensuring our operations adhere to high environmental, sustainability and governance standards, and engaging with U.S. and cooperating nations' government programs that incentivize domestic sourcing, processing, and manufacturing of rare earth elements.

Through this integrated strategy, we aim to create a scalable platform capable of delivering secure, sustainable, and strategically important supplies of rare earth elements to the global market, while enhancing long-term value for our shareholders.

We believe the long-term prospects for rare earth elements, more specifically heavy rare earth elements, continue to be strong. In part, this reflects the acknowledgment of the U.S. Government that critical minerals, including rare earth elements, are essential for national security and economic resilience, followed by adoption of policies to facilitate domestic mineral production, including by offering expedited permitting, reconsidering regulatory bottlenecks, and providing capital and technical assistance. We have assembled a team with extensive mining sector-related experience, including exploration, development, permitting, operations and capital markets, to execute our strategy and pursue the market opportunity available to us. Further, our management team has extensive experience with permitting and development of large-scale mining projects.

**Market Opportunity and Growth**

Rare earth elements are fundamental across a number of sectors, such as robotics, defense applications, electric vehicles, wind power systems, renewable energy systems, and consumer electronics. Demand for such sectors is expected to grow. Adamas Intelligence projects demand for robotics to grow at a CAGR of 24% from 2024 to 2040. Robotics is projected to become the largest rare earths demand category by 2040 and is expected to account for over 16% of REO demand by 2040, requiring over 70,000 tonnes p.a. of REO for robots across manufacturing, transport, and logistics (Adamas Intelligence projections are for general robots, originally driven by low-tech consumer robots, and in later years driven more heavily by humanoid robots). The increased demand for humanoid robotics is projected to lead to an unprecedented increase in demand for rare earth elements, with various industry estimates for humanoid robot scale-up. For example, Goldman Sachs projects 1 million in annual production of humanoid robots by mid-2030s, BofA Securities projects 1 million in annual production by 2030 and 3 billion in operation by 2060, Morgan Stanley predicts 134 million in operation by 2040 and 1 billion in operation by 2050, and the Tesla Earnings Call in April 2025 predicts 1 million units of Tesla's Optimus humanoid robot produced annually by 2030.

According to Rare Earths Forecast Report, Benchmark Mineral Intelligence, Q4 2024, 280 of new Mt. Weld sized mines would be required to meet the anticipated demand for Dy and Tb for 100mm of humanoid robot annual production, assuming 4kg of permanent magnets per robot with 4% Dy and Tb content and assuming Dy and Tb production of approximately 50tpa, excluding any expansions.

Demand for electric vehicles is projected to grow at a CAGR of 10% from 2024 to 2040, driven by cheaper batteries, improved charging, and policy support. Electric vehicles today use up to approximately six times more metals than internal combustion engine vehicles, with each electronic vehicle today using approximately 2-3 kg of rare earth magnets (*The future of four wheels is all electric*, Goldman Sachs, February 16, 2024). Demand for advanced air mobility is projected to grow at a CAGR of 17% from 2024 to 2040, led by drones shifting to electric vertical take-off and landing ("eVTOL"), which requires higher power and torque density than electric vehicles. A passenger eVTOL is expected to use approximately 10-20 times more magnets than an electric vehicle (*Rare Earth Market Overview & Outlook: EVs, Robotics and AAM,* Adamas Intelligence, Q1 2025). Demand for clean energy is projected to grow at a CAGR of 8% from 2024 to 2040. A 3MW wind turbine requires approximately 2,000 kg of rare earth magnets (*How are rare earths used*, Lynas Rare Earths). Global renewable energy targets adopted at the UN's COP28 require renewable energy capacity to increase by three times by 2030 (*COP28 Tripling Renewable Capacity Pledge*, International Energy Agency, June 2024). Demand for consumer electronics is expected to grow at a CAGR of 2%

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from 2024 to 2040, driven by global tech and smart device adoption. Rare earth elements are used in phones, laptops, headphones, tablets and smart home devices, and elements such as Y, Eu, and Tb are critical for displays and LEDs.

According to Adamas Intelligence, MREO are projected to grow at a CAGR of 8.3% through 2035, driven by accelerating global clean energy and defense requirements.

China continues to account for around 70% of global rare earth elements mined supply, highlighting the strategic need for Western-aligned suppliers. The U.S. has designated REEs as "critical minerals," with various federal and state-level incentive programs in place to foster supply chain diversification.

Our dual-jurisdiction portfolio positions us to contribute to this emerging U.S.–Brazil corridor. Our growth plan includes: advancing exploration to define compliant resource estimates, conducting scoping and feasibility studies, exploring offtake and partnership opportunities, and evaluating downstream processing potential in collaboration with governmental and industrial stakeholders.

**Government Regulations, Environmental, Health and Safety**

Our mineral interests are subject to an extensive array of laws, regulations, permits, and approvals at the federal, state and local levels in the U.S. and in Brazil, covering areas including mining activities, environmental protection, permitting, health and safety, land use, and reclamation.

*United States*

Our exploration efforts and proposed development in Georgia will be governed primarily by the Georgia Department of Natural Resources ("GDNR") and Environmental Protection Division ("GEPD"); the target areas of the Shiloh Project are on private lands. GDNR and GEPD regulate a broad spectrum of activities—ranging from exploration, mineral claims, land reclamation, water and air emissions to occupational health and safety. Permitting may include requirements such as industrial stormwater coverage, hazardous materials handling, industrial wastewater discharge, and air emission permits. We intend to leverage evolving U.S. policy to accelerate and prioritize permitting for critical minerals projects.

In addition to state oversight, certain aspects of our activities may also be subject to regulation by federal agencies, including the U.S. Environmental Protection Agency, the U.S. Army Corps of Engineers, the Mine Safety and Health Administration, and the Occupational Safety and Health Administration. These agencies may impose additional permitting, environmental, health, and safety requirements on our operations, and in particular as federal policy continues to evolve in response to the strategic importance of critical minerals.

We aim to maintain compliance in all material respects with these regulations throughout our operations, though future legislative or regulatory changes may impose heightened requirements, delay permitting, or necessitate substantially increased capital outlays.

*Brazil*

Our projects in Brazil are subject to Decree-Law 227, 1967 (the "Mining Code") and environmental assessment and licensing procedures enforced by national and state environmental authorities. Key components of the regulatory landscape include obtaining exploration and mining authorizations, undertaking environmental baseline studies, community consultations, and developing environmental management and reclamation plans. Our U.S. relationships will seek to engage with special trade initiatives that support bilateral cooperation between Brazil and the U.S. on critical mineral supply chains.

The Alpha Project is located in the State of Bahia, Brazil, which we believe maintains a generally supportive regulatory environment for mining activities and may offer permitting advantages, including relatively clearer processes and potentially shorter timelines compared to certain other jurisdictions in Brazil. Notwithstanding these perceived advantages, permitting remains subject to the discretion of applicable authorities, project-specific factors, and compliance with federal and state requirements.

*Environmental, Health and Safety ("EHS")*

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We subject our field operations to EHS policies and practices, including safety training, contractor oversight, emergency preparedness, and environmental stewardship. Consistent with industry best practices, we require that our contractors adhere to health and safety standards and hold relevant training and policies. Any incident of non-compliance—such as environmental releases, injury, or regulatory infraction—could result in fines, corrective or other regulatory enforcement actions, or other penalties.

*Naturally Occurring Radioactive Material ("NORM")*

Rare earth element mineralization, particularly monazite-bearing sands, may contain thorium and uranium, which in turn can generate heightened radioactivity in tailings and residues. Management of these materials must comply with applicable radiation safety standards and disposal requirements.

*Legal Risks and Permitting Challenges*

Future operations may be affected by amendments to, or stricter enforcement or interpretation of, existing rules and regulations laws as well as new regulatory initiatives, whether in environmental, health, safety, reclamation, or permitting domains. We may face delays or increases in cost, especially if new regulatory thresholds or licensing requirements are enacted.

*Government Support and Policy Context*

In the U.S., rare earth elements have been designated "critical minerals," leading to enhanced government focus on developing domestic supply chains. For example, incentive mechanisms, certain tax credits, and efforts from agencies such as the Department of Energy and Department of War, serve to advance domestic critical minerals development. Nonetheless, reliance on such incentives is uncertain, and continued shifts in government policy may influence strategic and financial planning.

**Our Mineral Projects**

The following is a summary of our mineral projects. See "Properties" for additional information.

*Shiloh*

The Shiloh Project is located in Harris and Talbot Counties, Georgia, approximately 110 km from Atlanta. The project comprises approximately 1,927 total acres. It is located approximately 110 km south southwest of Atlanta, Georgia, 40 km southeast of LaGrange, Georgia and 40km northeast of Columbus, Georgia. The properties host monazite enriched in Nd, Pr, Dy, and Tb. Initial exploration that occurred in early 2025 included high-resolution geophysical surveys, over 3,500 meters of grid drilling, and diamond drilling programs. Results confirm widespread structurally controlled intrusion-related vein/disseminated rare earth deposit, including structural emplacement of monazite within foliated gneiss and high-grade hard rock rare earth mineralization. The project benefits from robust nearby infrastructure, including rail and public highways access, low-cost electricity, and proximity to eastern U.S. ports. Planned exploration in the remainder of 2025 includes additional geophysical surveys, drilling, and metallurgical testing, aimed at establishing an initial mineral resource estimate. The Shiloh Technical Report Summary is provided as Exhibit 96.1 to the registration statement of which this prospectus forms a part, and presents exploration results; a mineral resource estimate has not been prepared for the Shiloh Project at this time. Further information about our Shiloh Project is set forth in this prospectus under the section titled "Properties — Shiloh Project." Between 2021 and 2025, over 4,105 meters of saprolite core were recovered via direct-push technology ("DPT") and sonic drilling from 494 boreholes (which includes Lazer Creek). In 2025, a 908-meter diamond drill program was completed across 13 holes in January, and a 541.6-meter DPT program was completed in May. Sampling intervals ranged from 0.3 to 5 meters. Notable intercepts include 20.01% TREO over 15 cm and +1.0 m weighted composites intercepts exceeding 10% TREO in several holes at the Newbill target. We believe the current assay approach introduces a conservative estimate of TREO concentrations.

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The following table shows higher grade samples from direct-push drilling in 2025:

![img135096051_6.gif](img135096051_6.gif)

\* Other parameters contributing to the total rare earth oxide (TREO) calculation are not shown.

> The reported result is at the upper detection or calibration limit of the method.

The above table presents a subset of higher grade range assay results from the 2025 DPT drilling at the Newbill property and is intended to provide a concise snapshot of elevated TREO values observed during that campaign. Results have been selected and applied consistently across the dataset. Specifically, the above table includes only samples with TREO% concentrations of at least 10%, showcasing elevated REEs and excludes other results that do not meet those thresholds or would distort a fair presentation if shown in isolation. Samples are organized from highest (green) to lowest TREO% values (blue). As documented in the Shiloh Technical Report Summary, 2021, 2022 and 2025 drilling returned a wide range of TREO values, with 2025 DPT programs yielding numerous short-interval assays at or above 2% TREO (Table 10 of the Shiloh Technical Report Summary).

TREO was calculated including the following oxides: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₂O₃, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃. Where analytical results exceeded the upper method detection limit, the method detection limit value was assigned for calculation purposes. This approach introduces a conservative estimate and may result in underreporting of actual TREO% concentrations. The true values may be higher but cannot be accurately quantified within the validated range of the method. Accordingly, caution is advised when interpreting TREO values derived under these conditions.

The selection of drill hole samples is limited to discrete sample intervals collected and logged by lithological and mineralization contacts, with standard DPT sample lengths generally between approximately 0.3 m and 1.5 m. Isolated "Spike" assays over very short downhole lengths are not presented without accompanying context unless they occur within a broader run of mineralization or are otherwise significant to demonstrate grade tenor at the scale at which DPT samples were collected.

Routine quality assurance and quality control (QA/QC) samples (certified reference material (CRM's), blanks and duplicates) along with low grade or barren intervals, are excluded from the above table because they are not "higher grade" samples and their inclusion would not assist investors in understanding the nature of elevated TREO

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occurrences. Reported lengths are downhole lengths; true width cannot be reliably estimated at this stage given the drilling methods, spacing and early stage geologic models.

Sampling, preparation and analytical procedures are described in the Shiloh Technical Report Summary. 2025 assays were prepared at ALS Mineral Analysis Laboratories (ALS) facility in Reno, Nevada and analyzed at ALS's Vancouver Canada facility for fusion/ inductively coupled plasma mass spectrometry (ICP-MS) method ME-MS81/ME-MS81h. Laboratories are ISO/ International Electrotechnical Commission (IEC) 17025-accredited for the specified methods. Drillhole location and total depth are presented in Table 9 and analytical results in Table 10 of the Shiloh Technical Report Summary, along with QA/QC results. Only parameters that are part of the TREO% calculation are shown in the TRS. These exploration results are not mineral resources or reserves and do not demonstrate economic viability.

The table below presents statistics for analyzed samples above low grade cutoff (TREO≥2%**)** for the 2021, 2022 and 2025 drilling programs.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Dead Tree** | &nbsp;&nbsp;**Newbill** | &nbsp;&nbsp;**Pig Trail** | &nbsp;&nbsp;**Pig Trail** | &nbsp;&nbsp;**Pig Trail** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;**Sample Count** | &nbsp;&nbsp;1 | &nbsp;&nbsp;42 | &nbsp;&nbsp;4 | &nbsp;&nbsp;2 | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;**TREO % (min)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;2.18 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;2.05 |
| &nbsp;&nbsp;**TREO % (max)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;20.01 | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;3.77 | &nbsp;&nbsp;12.78 |
| &nbsp;&nbsp;**TREO % (avg)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;8.73 | &nbsp;&nbsp;2.58 | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;4.84 |
| &nbsp;&nbsp;**Interval Avg (m)** | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;**Depth Min (m)** | &nbsp;&nbsp;6.02 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;0.91 |
| &nbsp;&nbsp;**Depth Max (m)** | &nbsp;&nbsp;6.40 | &nbsp;&nbsp;21.32 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;15.5 |
| &nbsp;&nbsp;**Depth Avg (m)** | &nbsp;&nbsp;6.21 | &nbsp;&nbsp;5.51 | &nbsp;&nbsp;3.94 | &nbsp;&nbsp;6.86 | &nbsp;&nbsp;5.93 |

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Of the 3,056 drilling samples collected between 2021, 2022 and 2025 and reviewed for laboratory analysis, 65 samples exceeded the low-grade zone cutoff (TREO ≥ 2%). These higher-grade samples were distributed across three properties: Dead Tree, one sample at an average depth of 6.2 m bgs; Newbill, forty-two samples averaging 5.5 m bgs; and Pig Trail, twenty-two samples with an average depth of 5.7 m bgs. Among these, Newbill samples show the highest TREO average of approximately 9% and maximum value near 20%.

Preliminary metallurgical testing has been conducted on material from the Shiloh Project to evaluate the processing characteristics and recovery potential of rare earth mineralization. Metallurgical work completed to date includes mineralogical characterization, ammonium sulfate leach testing, monazite concentration testing, magnetic separation, gravity separation, flotation testing, heavy liquid separation, and sieve size–by–size assay analysis. These programs were designed to confirm monazite as the dominant rare earth–bearing mineral and to assess the amenability of both saprolitic and bedrock-hosted material to physical concentration methods. In addition, Quantitative Evaluation of Minerals by Scanning Electron Microscopy ("QEMSCAN") and other mineralogical analyses were performed to evaluate mineral associations, metallurgical variability, and the presence of deleterious elements. The metallurgical testing remains at an early stage and has been conducted at a laboratory scale to inform ongoing exploration, processing concept development, and future metallurgical test programs.

Future work programs and recommendations from the Shiloh Technical Report Summary include, among other things, to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Continue direct push and diamond drilling to delineate mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Expand metallurgical testing to optimize recovery methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Acquire additional land to support long-term development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Refine exploration targets based on geophysical anomalies and structural trends

We expect that development of the Shiloh Project will require a budget of US$13.5 million.

*Alpha*

The Alpha Project is located in Bahia State, Brazil, approximately 120 km from the Port of Ilhéus. The project resources are located within nine granted exploration permits covering approximately 100 km². Mineralization occurs as ionically adsorbed clays within the weathering profile of the Jequié Complex. As of October 31, 2025, the Alpha Project hosts an inferred mineral resource of 201.7 million tonnes grading 1,520 ppm TREO (using a 1,000 ppm cutoff), containing approximately 322 tonnes of NdPr and 38.5 tonnes of DyTb. The project is wholly owned by the Company. Nearby infrastructure includes federal highways, municipal roads, and proximity to petrochemical reagents and port facilities. Ongoing work includes further drilling, surveying, and metallurgical testing to refine geological models and advance resource classifications. The Alpha Technical Report Summary is provided as Exhibit 96.3 to the registration statement of which this prospectus forms a part. Further information about our Alpha Project is set forth in this prospectus under the section titled "Properties — Alpha Project."

Preliminary metallurgical test work at the Alpha Project evaluated the leaching behavior and recovery potential of ionic clay-hosted rare earth mineralization using bench-scale ammonium sulphate leachability testing on systematically collected drill samples at 1 m intervals across the regolith, ensuring representative vertical coverage. A total of 1,078 leach tests were completed by SGS Geosol between 2022 and 2024, and 1,154 by ALS Geochemistry between 2023 and 2024, for 2,232 tests overall. Results were comparable to those from adjacent ionic adsorption clay projects and infer amenability to ion-exchange leaching under atmospheric conditions. Optimization test work is planned to advance flowsheet development.

The Alpha Project hosts rare earth element mineral resources that warrant further exploration and evaluation. A two-phase work program is recommended. Phase A will focus on generating additional exploration data and materials, while Phase B will address targeted test work and technical analysis.

Phase A aims to improve understanding of the controls on mineralisation and to delineate additional prospective zones. Infill drilling and technical studies will be undertaken to potentially upgrade mineral resources from the inferred to higher-confidence mineral resource classifications. Phase A is estimated to require a budget of US$2.58 million to complete.

Results from Phase A exploration will provide representative drill samples for metallurgical testing and will provide a basis for an updated appraisal of the deposits If results are positive, the Alpha Project will advance to Phase B, which will involve the analysis of key modifying factors, including mining and processing considerations, to update the Initial Assessment and mineral resource estimates. Phase B is estimated to require a budget of US$1.15 million.

We expect that Phase A and Phase B, collectively, will require a budget of US$3.73 million.

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Additional details on Phase A and Phase B activities and their respective estimated costs can be seen in the figures below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Budget for Phase A Work Program** | &nbsp;&nbsp;**Budget for Phase A Work Program** |
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Total Cost (US$)** |
| &nbsp;&nbsp;Surface exploration and ground geophysics<sup>1</sup> | &nbsp;&nbsp;$250000 |
| &nbsp;&nbsp;Auger drilling - 2,250 m<sup>1</sup> | &nbsp;&nbsp;$1000000  |
| &nbsp;&nbsp;Core drilling - 8,000 m<sup>1</sup> | &nbsp;&nbsp;$1250000 |
| &nbsp;&nbsp;High resolution satellite DEM  | &nbsp;&nbsp;$10000 |
| &nbsp;&nbsp;Minerology testwork | &nbsp;&nbsp;$70000 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$2580000** |
| &nbsp;&nbsp;**Budget for Phase B Work Program** | &nbsp;&nbsp;**Budget for Phase B Work Program** |
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Total Cost (US$)** |
| &nbsp;&nbsp;Metallurgical testwork  | &nbsp;&nbsp;$250000 |
| &nbsp;&nbsp;Mineral Resource estimation  | &nbsp;&nbsp;$100000 |
| &nbsp;&nbsp;Mining studies | &nbsp;&nbsp;$300000  |
| &nbsp;&nbsp;Infrastructure assessment | &nbsp;&nbsp;$100000 |
| &nbsp;&nbsp;Environmental, social and permitting assessment  | &nbsp;&nbsp;$400000 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$1150000** |

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1. Program budgets are inclusive of assay, personnel, equipment, consumables and transport costs.

*Constellation*

The Constellation Project is located near Poços de Caldas in Minas Gerais, Brazil, a district with a long mining history. The project consists of 37 granted permits covering approximately 59.5 km², including six mining concessions and 31 exploration permits. Mineralization occurs as high-grade ionic clays derived from the Poços de Caldas alkaline complex, hosting NdPr and DyTb. As of October 31, 2025, the project contains an inferred mineral resource of 266.2 million tonnes grading 2,637 ppm TREO, with contained NdPr of approximately 564 tonnes and DyTb of 26.9 tonnes. Infrastructure access is strong, with proximity to highways, power lines, gas pipelines, and the Port of Santos. Planned programs include additional drilling, infill surveys, and expanded metallurgical testing. The Constellation Technical Report Summary is provided as Exhibit 96.2 to the registration statement of which this prospectus forms a part. Further information about our Constellation Project is set forth in this prospectus under the section titled "Properties — Constellation Project."

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Preliminary metallurgical test work at the Constellation Project evaluated the leaching behavior and recovery potential of ionic clay–hosted rare earth mineralization using bench-scale ammonium sulphate leachability testing on systematically collected drill samples. ALS Lima completed 3,374 ammonium sulphate leach tests in 2024 on drill samples representing. Cerium was excluded from the threshold because it does not readily leach under the mild acid conditions characteristic of ionic clay processing and therefore does not contribute to leach solution grades or influence cut-off determinations. The sample distribution adequately represented the saprolite domain used in the resource model, ensuring the metallurgical dataset was appropriate for supporting estimation work. An optimization test program is planned to advance process development.

The Constellation Project hosts rare earth element mineral resources that warrant further exploration and evaluation. A two-phase work program is recommended. Phase A will focus on generating additional exploration data and materials, while Phase B will address targeted test work and technical analysis.

Phase A will aim to improve understanding of the controls on mineralization and to delineate additional prospective zones in regional exploration concessions. Infill drilling and technical studies will be undertaken to potentially upgrade mineral resources from the inferred to higher-confidence mineral resource classifications. Phase A is estimated to require a budget of US$3.34 million to complete.

Results from Phase A exploration will provide representative drill samples for metallurgical testing and will provide a basis for an updated appraisal of the deposits. If results are positive the project will advance to Phase B, which will involve the analysis of key modifying factors, including mining and processing considerations, to update the Initial Assessment and mineral resource estimates. Phase B is estimated to require a budget of US$1.15 million.

We expect that Phase A and Phase B, collectively, will require a budget of US$4.49 million.

Additional details on Phase A and Phase B activities and their respective estimated costs can be seen in the figures below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Budget for Phase A Work Program** | &nbsp;&nbsp;**Budget for Phase A Work Program** |
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Total Cost <br>(US$)** |
| &nbsp;&nbsp;Surface exploration and ground geophysics<sup>1</sup> | &nbsp;&nbsp;250000 |
| &nbsp;&nbsp;Core drilling – 5,000 m<sup>1</sup> | &nbsp;&nbsp;1500000 |
| &nbsp;&nbsp;Auger drilling - 9,000 m<sup>1</sup> | &nbsp;&nbsp;1500000 |
| &nbsp;&nbsp;High resolution satellite DEM  | &nbsp;&nbsp;20000 |
| &nbsp;&nbsp;Minerology testwork | &nbsp;&nbsp;70000 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3340000** |
| &nbsp;&nbsp;**Budget for Phase B Work Program** | &nbsp;&nbsp;**Budget for Phase B Work Program** |
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Total Cost <br>(US$)** |

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| | |
|:---|:---|
| &nbsp;&nbsp;Metallurgical testwork  | &nbsp;&nbsp;$250000 |
| &nbsp;&nbsp;Mineral resource estimation  | &nbsp;&nbsp;$100000 |
| &nbsp;&nbsp;Mining studies | &nbsp;&nbsp;$300000  |
| &nbsp;&nbsp;Infrastructure assessment | &nbsp;&nbsp;$100000 |
| &nbsp;&nbsp;Environmental, social and permitting assessment  | &nbsp;&nbsp;$400000 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1150000** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Program budgets are inclusive of assay, personnel, equipment, consumables and transport costs.

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*Other Mining Properties*

Additionally, we hold rights to several additional, non-material, early-stage exploration projects, most notably our Homer Project (Goiás, Brazil), which hosts multiple, large carbonatite clusters with potential for rare earth and niobium – located in a region containing the world's preeminent niobium mines. The State of Goiás has a wide range of significant mining projects. Niobium is a critical material, primarily used in small quantities to enhance the strength, durability, and corrosion resistance of steel without adding weight. There are 527 carbonatite intrusions known globally, yet only approximately 60 are known to host Nb and REEs, and fewer than 10 are in production; however, carbonatites account for approximately 95% of global niobium production (Emma R. Humphreys-Williams, Sabin Zahirovic; *Carbonatites and Global Tectonics*. Elements 2021; 17 (5): 339–344; *Niobium Market: Market Share by Occurrence*, Mordor Intelligence, 2024). Brazil is home to numerous high-grade carbonatite complexes and accounts for approximately 90% of global niobium mine production (*Mineral Commodity Summaries*, USGS Geological Survey, January 2024).

The Homer Project is at an early exploration stage, and is a non-material project with no mineral resources defined to date. We hold 63 exploration licenses in connection with the Homer Project, covering over 123,301 ha. The Homer Project is located 180km from Goiânia and 975km from Santos Port, close to a paved highway. We are in the preliminary phase of planning exploration activities, including identifying key target areas for drilling and sampling.

A location map for the Homer Project is shown below:

![img135096051_7.jpg](img135096051_7.jpg)

*Exploration Stage Company*

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None of our mineral projects have an operating mine or have ever produced any minerals in commercial quantities. We have not demonstrated the existence of mineral reserves at any of our projects, and therefore each of our projects is in the exploration stage and we are considered an exploration stage company. We are conducting on-site exploration activities at the Shiloh Project, Alpha Project and Constellation Project, and we plan to conduct additional exploration activities at each of these projects. See "Properties — Shiloh Project — Planned Exploration and Related Programs", "Properties — Alpha Project — Planned Exploration and Related Programs," and "Properties — Constellation Project — Planned Exploration and Related Programs." We expect to remain an exploration stage company for the foreseeable future. To exit the exploration stage and become a development stage company and, ultimately, commence mining at any of our projects, it will be necessary for us to demonstrate the existence of proven or probable mineral reserves at one or more of our projects, and complete one or more feasibility studies that would enable us to obtain financing on reasonable terms and in amounts sufficient to establish and operate the applicable mining operations.

The following chart shows the positions of the Shiloh Project, Alpha Project and Constellation Project on the Lassonde Curve:

![img135096051_8.jpg](img135096051_8.jpg)

*Summary of Mineral Resource Estimates*

The following table summarizes our mineral resource estimates as shown in the Alpha Technical Report Summary and Constellation Technical Report Summary.

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| | | | |
|:---|:---|:---|:---|
| **Measured mineral resources** | **Indicated mineral resources** | **Measured + indicated mineral** <br>**resources** | **Inferred mineral <br>resources** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** |
|  | **Grades/<br>qualities** | **Grades/<br>qualities** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** |
| (amounts are in millions<br>&nbsp;&nbsp;&nbsp;&nbsp;of metric tons): | -% | -% | -% | 201.7 Mt | 1,520 ppm<br> TREO |

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Notes to the mineral resource table with respect to the Alpha Project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Mineral resources are reported in situ, using the definitions in S-K 1300, and are current as at October 31, 2025. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The third-party firm responsible for the estimates is McGarry Geoconsulting Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Tonnes are dry metric tonnes, and contained metal figures are derived arithmetically from in situ tonnage and grade (i.e., not adjusted for mining dilution or losses).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Mineral resources are constrained within an optimized Whittle pit shell generated using a mining cost of US$1.98/ t, a processing cost of US$7.65/ t, a general and administration cost of US$1.74/ t and mining and process recovery factors of 95% and 27%, respectively. A maximum pit slope of 35 degrees is used and the extent of the shell is limited to within the boundary of each tenement. Block values were calculated from Adamas Intelligence forecast rare earth oxide prices for 2030–2040 with an assumed 70% payability, corresponding to a basket value of US$57.2/kg of recovered rare earth oxide. Below is a table that includes the detailed breakdown on contribution of each oxide to the basket price:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**REE Oxide**<sup>1</sup> | &nbsp;&nbsp;**Avg. Proportion of Recovered TREO (%)** | &nbsp;&nbsp;**Forecast Price<br>($/kg)** | &nbsp;&nbsp;**Value at 70% Payability ($/kg)** | &nbsp;&nbsp;**Contribution to Avg. Basket Value ($/kg)**<sup>3</sup> | &nbsp;&nbsp;**Proportion of Avg. Basket Value(%)** |
| &nbsp;&nbsp;La2O3 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;CeO2 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Pr6O11 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;158.6 | &nbsp;&nbsp;111.0 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;12.2 |
| &nbsp;&nbsp;Nd2O3 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;154.8 | &nbsp;&nbsp;108.3 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;46.0 |
| &nbsp;&nbsp;Sm2O3 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Eu2O3 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;34.7 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Gd2O3 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;80.5 | &nbsp;&nbsp;56.3 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Tb4O7 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;1550.8 | &nbsp;&nbsp;1085.5 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;10.1 |
| &nbsp;&nbsp;Dy2O3 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;503.5 | &nbsp;&nbsp;352.5 | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;19.8 |
| &nbsp;&nbsp;Ho2O3 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;171.2 | &nbsp;&nbsp;119.8 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Er2O3 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;40.6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Yb2O3 | &nbsp;&nbsp;21.9 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Lu2O3 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Y2O3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;910.8 | &nbsp;&nbsp;637.6 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***57.2*** | &nbsp;&nbsp;***100.0*** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Mineral resources are reported above a marginal cut-off of 1,000 ppm TREO, which is based on the parameters used for pit optimization in note 3. Costs related to waste mining, transportation, and capital expenditures are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Average recovery represents the weighted mean of block model REE leach extraction estimates, excluding cerium, based on test results on representative exploration samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Total rare earth oxides (TREO ppm) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3; NdPr = Nd2O3 + Pr6O11; DyTb = Tb4O7 + Dy2O3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Total rare earth oxides (TREO ppm) are inclusive of, not separate to, NdPr ppm and DyTb ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Numbers have been rounded. Totals may not sum due to rounding.

**CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Amount** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** |
| (amounts are in millions<br>&nbsp;&nbsp;&nbsp;&nbsp;of metric tons): | - | -% | - | -% | - | -% | 266.2 Mt | 2,637 ppm <br>TREO |

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Notes to the mineral resource table with respect to the Constellation Project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Mineral resources are reported in situ, using the definitions in S-K 1300, and are current as at October 31, 2025. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The third-party firm responsible for the estimates is McGarry Geoconsulting Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Tonnes are dry metric tonnes, and contained metal figures are derived arithmetically from in situ tonnage and grade (i.e., not adjusted for mining dilution or losses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Mineral resources are constrained within an optimized Whittle pit shell generated using a mining cost of US$1.98/t, a processing cost of US$7.65/ t, a general and administration cost of US$1.74/ t and mining and process recovery factors of 95% and 38%, respectively. A maximum pit slope of 35 degrees is used and the extent of the shell is limited to within the boundary of each tenement. Block values were calculated from Adamas Intelligence forecast rare earth oxide prices for 2030–2040 with an assumed 70% payability, corresponding to a basket value of US$44.4/kg of recovered rare earth oxide. Below is a table that includes the detailed breakdown on contribution of each oxide to the basket price:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**REE Oxide**<sup>1</sup> | &nbsp;&nbsp;**Avg. Proportion of Recovered TREO (%)** | &nbsp;&nbsp;**Forecast Price<br>($/kg)** | &nbsp;&nbsp;**Value at 70% Payability ($/kg)** | &nbsp;&nbsp;**Contribution to Avg. Basket Value ($/kg)**<sup>3</sup> | &nbsp;&nbsp;**Proportion of Avg. Basket Value (%)** |
| &nbsp;&nbsp;La2O3 | &nbsp;&nbsp;52.6 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;CeO2 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Pr6O11 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;154.4 | &nbsp;&nbsp;108.0 | &nbsp;&nbsp;9.2 | &nbsp;&nbsp;21.1 |
| &nbsp;&nbsp;Nd2O3 | &nbsp;&nbsp;23.9 | &nbsp;&nbsp;150.7 | &nbsp;&nbsp;105.5 | &nbsp;&nbsp;25.2 | &nbsp;&nbsp;58.0 |
| &nbsp;&nbsp;Sm2O3 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Eu2O3 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;34.7 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Gd2O3 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;80.5 | &nbsp;&nbsp;56.3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Tb4O7 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1550.8 | &nbsp;&nbsp;1085.5 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;Dy2O3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;503.5 | &nbsp;&nbsp;352.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;Ho2O3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;171.2 | &nbsp;&nbsp;119.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Er2O3 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;40.6 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Y2O3 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;Yb2O3 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Lu2O3 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;910.8 | &nbsp;&nbsp;637.6 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;**43.5** | &nbsp;&nbsp;**100.0** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Mineral resources are reported above a marginal cut-off of 1,000 ppm TREO, which is based on the parameters used for pit optimization in note 3. Costs related to waste mining, transportation, and capital expenditures are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Average recovery represents the weighted mean of block model REE leach extraction estimates, excluding cerium, based on test results on representative exploration samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Roseira, Varginha and Clube da Uva deposits are subject to a private royalty equal to 5% of net revenue from concession production in favor of Mineração Andradense Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Total rare earth oxides (TREO ppm) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3; NdPr = Nd2O3 + Pr6O11; DyTb = Tb4O7 + Dy2O3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Total rare earth oxides (TREO ppm) are inclusive of, not separate to, NdPr ppm and DyTb ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Numbers have been rounded. Totals may not sum due to rounding.

**Mining Rights**

We, or our subsidiaries, are a party to various leases, options and other mining rights agreements with third parties, such as landowners, pursuant to which we hold mining rights in our material projects.

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*Shiloh Project*

The project area in Georgia is secured through a combination of option agreements that collectively define a significant land position in Harris and Talbot Counties. We have secured a strategically-located total project area of approximately 1,927 acres. A location map for the Shiloh Project is shown below:

![img135096051_9.jpg](img135096051_9.jpg)

On February 25, 2021, FRE US, formerly known as Piedmont Rare Earths, LLC prior to its name change in March 2021, entered into an option agreement with a local landowner in Georgia (the "Optionor") to purchase land parcels in Talbot County, Georgia (the "Newbill Option"). The Newbill Option covers a total of approximately 263.66 acres in Talbot County, Georgia, with a term ending on February 28, 2027, during which time commercial mining is not permitted. The Newbill Option does not provide for automatic extension, and any extension would require a mutually agreed written amendment between the parties. The Newbill Option grants FRE US the exclusive right to conduct exploration, drilling, surveys, technical studies and permitting at the property, and an option to purchase the property, with commercial mining of the property prohibited during the option period.

The Newbill Option required an initial payment within 30 days of signing of the option agreement, followed by annual payments until February 28, 2026. Remaining option payments are due by February 28, 2026, at $125 per acre (totaling $32,958). Additionally, a drilling bonus of $1 per foot (core, reverse circulation, sonic, or similar exploration) is payable annually by February 28, 2026 for footage drilled by FRE US within the property in the previous calendar year. If, during the option period, FRE US deems that minerals occur on or within the property in sufficient qualities and/or quantities, and elects to exercise the purchase option, the parties will enter into a purchase agreement consistent with the terms in the option agreement, for a purchase price of 125% of the fair market value of the property, as determined either by mutual agreement of the parties or by an appraisal conducted by a Member of the Appraisal Institute. The value added to the property by the exploration for minerals or the discovery of minerals shall not be included in the fair market value determination. Pursuant to such purchase agreement, the Optionor will retain a production royalty and a 12-month right to remove timber after closing. The retained production royalty will be perpetual and three percent (3%) of net smelter returns on concentrates or products produced from any part of the property, payable annually on the same February 28 cadence and covering the prior calendar year's production. Additionally, under such purchase agreement, the Optionor will grant FRE US a right of first offer and refusal on the sale of royalty.

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The following table provides a summary of royalties, encumbrances, payees, triggers, and related terms in the Newbill Option.

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| | |
|:---|:---|
| **Item** | **Description** |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;Exclusive Option: Piedmont RE receives exclusive and irrevocable right to purchase, explore, and evaluate the property in Talbot County, GA. |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;Option Period:From execution until February 28, 2027,unless extended or terminated earlier. |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;Option Payments: Annual escalating payments to maintain the option: |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;2021– $100/acre ($26,366 total) |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;2022– $105/acre ($27,684 total) |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;2023– $110/acre ($29,003 total) |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;2024– $115/acre ($30,321 total) |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;2025– $120/acre ($31,640 total) |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;2026 – $125/acre ($32,958 total) |

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Additionally, FRE US and FRE Australia, each an indirect and direct wholly owned subsidiary of us and FRE US a wholly owned subsidiary of FRE Australia, are parties to an option and project evaluation agreement with Southeast Metals, LLC ("SEM") and the four members of SEM (the "Members") ("the "SEM Option"). The SEM Option covers land and mineral interests in Harris and Talbot Counties, Georgia, spanning approximately 1662.828 acres, as well as certain rights of access to the lease area, as set forth in the Mining Lease Agreement between SEM and Weyerhaeuser Company (the "SEM Lease"). The SEM Option (i) grants FRE US the exclusive option to purchase 100% of the membership interest of SEM, (ii) authorizes FRE US to perform geological survey and exploration work on the covered property (as defined therein) during the option period to determine suitability for commercial mining and exploitation, (iii) provides FRE US with access to all historical data and due diligence material related to the exploration mining business previously developed by SEM or in SEM's possession or control, and (iv) grants FRE US certain rights with the respect to the covered property. The SEM Lease requires royalty payments on production of Rare Earth Element Products and Byproducts (each as defined therein) by SEM and its successor and assigns, including the grant of a non-participating overriding royalty interest to Weyerhaeuser Company on such production occurring from within a defined area of interest outside the lease area that will survive termination or expiration of the lease.

Annual rental payments due under the SEM lease are $0 for each of the first three years of the lease, and $75,000 beginning in year four of the lease, with the amount subject to annual adjustment based on the Consumer Price Index ("CPI"). The CPI was assigned to the starting month of October 2022 and is rounded up to the nearest $100 and shall be adjusted upwards only annually. These rental payments are creditable against royalties due in the same lease year. The SEM Lease provides for a 5% royalty on net smelter return–style value of products and byproducts produced and sold from the leased premises. Foothills/SEM must also make annual rental payments of $75,000 (CPI adjusted), which are creditable against royalties due in the same lease year. In addition, Weyerhaeuser retains a 1% overriding royalty on production from properties acquired within the defined Area of Interest (AOI) counties. Should Foothills exercise the SEM Option, Foothills will assume the obligations of SEM in regards to the Weyerhaeuser Lease discussed herein.

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The following table provides a summary of royalties, encumbrances, payees, triggers, and related terms in the SEM Option:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Category** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Party Owed** | **Rate / Trigger** |
| &nbsp;&nbsp;**Production Royalty** | &nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;5% of the weighted average quarterly Fair Market Value *(*FMV)per short ton (2,000 Ibs) on Products (REE-bearing material) from Lease Area |
| &nbsp;&nbsp;**Byproduct Royalty** | &nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;5% of FMV per applicable weight or volume of Byproducts (non-REE minerals produced as secondary products).<br>Same valuation method as above,using London Metal Exchange pricing where applicable.<br>FMV Determination:<br>The higher of (a) the average quarterly published price (e.g., mineralprices.com) or (b) Gross Sales Price (actual sale price).<br>If not an arm's-length sale,FMV reverts to<br>comparable arm's-length pricing.<br>No deductions for transport, taxes, or selling costs. Hedging gains/losses are excluded. |
| &nbsp;&nbsp;**Area of Interest (AOI) Royalty** | &nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;Coverage: Applies to any Outside Lease Area Interest in 10 counties of GA (Harris, Talbot, Muscogee, Meriweather, Pike, Upson, Lamar, Monroe, Jones, and Jasper) + Lee County,AL (.<br>Royalty Rate: 1% of FMV of Products and Byproducts from any such AOI property. Duration: Survives lease termination; continues as long as SEM or successors hold interest.<br>Instrument: Granted by separate recorded Area of Interest Royalty Grant and Agreement. |
| &nbsp;&nbsp;**Put Option Royalty (Processing Facilities Area)** | &nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;If Weyerhaeuser requires SEM to purchase any portion of the Lease Area used for processing or tailings:<br>Purchase price = 125% of fair market value of unimproved land.<br>Weyerhaeuser may elect to retain a Put Option Royalty of 5% on production from that sold area (same terms as lease royalties).<br>Formalized by Royalty Grant Agreement and survives lease termination. |
| &nbsp;&nbsp;**REA Share Consideration** | &nbsp;&nbsp;Rare Earths Americas Ltd. equity component | &nbsp;&nbsp;Equity substitution for prior U.S. Elements shares |

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Pursuant to the SEM Option, FRE US agrees to provide SEM with a bi-monthly written report outlining all material activities conducted on the covered property in connection with mineral exploration. The option period for the SEM Option ends on the earliest of (i) August 1, 2026, (ii) the date five days after the satisfaction or waiver of conditions precedent set forth in the option agreement, but in no event more than 120 days following the exercise date of the option, or (iii) termination of the agreement. The SEM Option does not provide for automatic extension. However, the option period may be extended by mutual written agreement of the parties through an amendment to the option agreement. Pursuant to the SEM Option, each Member grants to FRE US the option to purchase 100% of the ownership

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interests in SEM. If FRE US exercises the purchase option, FRE US and FRE Australia, as applicable, are required to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each Member its pro rata share of $600,000 less the total amount of option payments actually paid by FRE US to SEM on or before the exercise date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To each Member, its pro rata share of $2,000,000 in cash or, at the election of FRE US or FRE Australia, in their sole and absolute discretion, in REA Shares (as defined below) or shares of another entity ("Alternative Entity") that is listed on, or has been conditionally admitted to the official list of, an Exchange (as defined below).

If we are not listed on or have not been conditionally admitted to the official list of an Exchange within three months of the exercise date or FRE Australia does not own 100% of FRE US, FRE US and FRE Australia may pay in REA Shares in lieu of cash payment of $2,000,000. If FRE US or FRE Australia choose to pay in REA Shares, the number of REA Shares will be determined by the volume weighted average of shares for the 15 trading days immediately prior to the closing date, if listed and traded on an Exchange, by the proposed initial public offering price of us or an Alternate Entity, if conditionally admitted to an exchange, or upon agreement of the parties if not conditionally admitted or if we do not own 100% of FRE US.

For purposes of the SEM Option only, "REA Share" means an ordinary fully paid share in our capital, and "Exchange" means the ASX, a recognized US stock exchange (NYSE, Nasdaq or AMEX), the TSX or TSX Venture Exchange or the London Stock Exchange.

*Brazil*

Under Brazilian laws, the Brazilian Federal Government owns all mineral resources. Under Article 176 of the Brazilian Constitution, all mineral deposits (jazidas) belong to the Brazilian Federal Government, regardless of whether or not the deposits are in active production.

Mining is regulated by the Mining Code, which contains the mining regulations that came into force in December 2017, and other regulations issued by the National Mining Agency ("ANM"), formerly known as National Department of Mining Production.

Brazil also has legislation and legal guarantees related to the exploitation and use of water rights.

*Alpha Project*

The Alpha Project comprises nine granted exploration permits registered with Brazil's NMA that have a total area of approximately 99.76 km². These concessions are listed in Table 3-1 and shown on Figure 3-1 of the Alpha Technical Report Summary. Eight of the concessions host mineral resource estimates.

The Alpha Project includes four deposit areas within the following concessions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•872003/2021 and 872458/2016 host a portion of the Rio Preto deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•872073/2016 hosts the Sapacaia deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•870377/2012 hosts a portion of the Nova Canaã deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•874490/2011 and 870340/2013 host a portion of each of the Rio das Pombas and Nova Canaã deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•872585/2015 and 871.567/2015 hosts a portion of the Rio das Pombas deposit.

The concessions listed in Table 3-1 of the Alpha Technical Report Summary are granted for a range of commodities as defined under the Mining Code. The ANM process permits the holder to adjust the commodity title prior to the granting of a mining concession, provided the holder demonstrates technical justification through exploration results.

In addition to the titles listed in Table 3-1, we hold title to 27 concessions in non-contiguous blocks distributed across the broader region. Collectively, these concessions cover 386 km² and to date have not been the subject of significant

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mineral exploration work. No formal assessment of their exploration potential has been made, and they are not included in the Alpha Project area that is the subject of the Alpha Technical Report Summary.

A location map for the Alpha Project is shown below:

![img135096051_10.jpg](img135096051_10.jpg)

*Constellation Project*

Our interests in the Constellation Project are held pursuant to mining rights lease agreements (the "Constellation Leases") and mining rights purchase option agreements (the "Constellation Options") between our subsidiary, AMBPL, and various lessors and grantors, as applicable. The Constellation Project is comprised of 21 concession areas totalling 5,948 hectares (see also Chapter 3.4 of the Constellation Technical Report Summary) of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•8 concession areas totaling 1,423 hectares that are claims on mineral title through option with existing title holder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•13 concession areas containing 4,525 hectares that we own through our subsidiaries and affiliates.

Private option agreements between our wholly-owned subsidiary AMBPL and the respective landowners grant us the exclusive right to access, enter and occupy each property for the purpose of mineral exploration and, upon exercise of the option, to obtain mineral rights for each property. A summary of the option agreements is given in the following sub-sections. In addition to the titles listed in Table 3-1 of the Constellation Technical Report Summary, we hold title

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to 19 concessions in non-contiguous blocks distributed across the broader region. Collectively, these concessions cover 18.9 km² and to date have not been the subject of significant mineral exploration work. No formal assessment of their exploration potential has been made and they are not included in the Constellation Project area that is the subject of the Constellation Technical Report Summary.

The Constellation Leases comprise a series of agreements with Mineracao Andradense Ltda. and Mineracao Alto da Serra de Andradas Ltda., each dated August 17, 2023, in the form of 10-year leases on the underlying mining rights, including mining concessions for the exploration of minerals in 800.572/1969, 804.059/1971 and 808.966/1968. The agreements grant AMBPL the right to explore and evaluate the applicable properties. The agreements each require AMBPL to pay a non-refundable down payment of R$50,000.00. Further, effectiveness of the lease agreements is subject to certain conditions, including, among other things, AMBPL conducting research regarding the possibility of mining rare earth elements and associated minerals, to be reflected in a report in accordance with applicable Brazilian mining regulations; communication by the lessors with the ANM regarding the existence of mineral substances in the area covered by the mining rights not included in the original mining concession ordinance; preparation of an economic utilization plan by the parties indicating the changes to the initial mining plan that resulted in the mining concession ordinance and all other documents required to claim the amendment to the mining concession ordinance, including the possibility of exploring new mineral, through the ANM; and the signing and registration of a lease agreement that meets certain specified regulatory conditions. Once the required conditions have been met, or waived in writing by AMBPL, as applicable, such date referred to as the Closing Date, a fixed payment of US$1,000,000 in Brazilian reais is required. In consideration for each of the leases, AMBPL must also pay variable monthly installments of five percent of the monthly net revenue resulting from the exploration of the applicable mining right beginning after the start of mining operations in the applicable mining right area. Pursuant to the Constellation Leases, AMBPL may occupy the area covered by the mining right and carry out mining, processing, classification, storage and other operations inherent to exploitation of the minerals, as of the Closing Date.

The Constellation Options comprise two mining rights purchase option agreements, with JJBF Ltda. ("JJBF") as grantor of one of such options (as amended, the "JJBF Option"), and Green Mining Company Ltda. ("GMC," which assumed Terra Goyana Mineradora Ltda. and Bautek Minerais Industriais Ltda.'s rights and obligations under the option agreement), EDEM Empresa de Dezenvolvimento Em Mineracao e Participacoes and Sintertec Minerais Industriais Ltda. (collectively, the "GMC Grantors") as grantors of the other option (as amended, the "GMC Option"). The option to exercise each of the Constellation Options lies entirely with AMBPL.

The JJBF Option required payment of a non-refundable premium of R$200,000.00 for the right to exercise the option, and requires payment of an exercise price to acquire mining rights with respect to the mining concessions for 813.944/1971 held by JJBF. If AMBPL chooses to exercise the JJBF Option, it must pay the equivalent of an aggregate of US$15 million, in three installments, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•First Installment: Payment of US$1,000,000 in Brazilian reais within 15 days of the exercise notice. Additionally, issuance to JJBF or its designated beneficiary of the number of REA US Shares (as defined below) equal to US$4,000,000, valued at the closing price on the date of the Liquidity Event (as defined below) (collectively, the "First Installment").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Second Installment: Within 12 months after the due date of the First Installment, issuance to JJBF or its designated beneficiary of the number of REA US Shares equal to US$5,000,000, valued at the average closing prices traded on the Exchange (as defined below) measured over 10 consecutive trading days prior to the transfer date (the "Second Installment").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Third Installment: Within 12 months of the due date of the Second Installment, issuance to JJBF or its designated beneficiary of the number of REA US Shares equal to US$5,000,000, valued at the average closing prices traded on the Exchange measured over 10 consecutive trading days prior to the transfer date (the "Third Installment").

The JJBF Option also requires a share of mining profits to be paid to JJBF.

For purposes of the Constellation Options and the Greenfield Agreement (as defined below) only, "REA US Shares" means shares of common stock of REA that are publicly traded on a recognized United States stock exchange (e.g., NYSE American, NYSE, or NASDAQ) (the "Exchange"), which may have resulted from any of the following types

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of liquidity events: (i) an initial public offering resulting in REA US Shares being publicly traded on an Exchange; (ii) the merger of REA into a company whose shares are publicly traded on an Exchange, or the merger of REA by a public company whose shares are publicly traded on an Exchange; or (iii) the sale or transfer of a controlling interest in REA to a public company whose shares are publicly traded on the Exchange (each referred to as a "Liquidity Event"). Pursuant to the JJBF Option, REA US Shares issued to JJBF, if any, will not be registered under the Securities Act and will be subject to standard restrictions applicable to shares not registered under the Securities Act.

The initial term of the JJBF Option terminated on December 31, 2025. As a Liquidity Event related to the REA US Shares had not occurred by the end of the initial term, AMBPL elected to extend the term until December 31, 2026 for an additional premium of US$100,000. Pursuant to the JJBF Option, if a Liquidity Event does not occur fifteen days prior to the additional term, AMBPL may, in its sole discretion, exercise the option by paying the exercise price installments in Brazilian reais; however, if a Liquidity Event occurs after the exercise and prior to the payment of all installments, then any remaining installments must be paid in REA US Shares, unless JJBF expressly agrees to payment in Brazilian reais.

Under the GMC Option, AMBPL is required to pay an exercise price to acquire certain mining rights held by the GMC Grantors, including mining concessions for 818.865/1971 and 830.914/2013, an exploration permit and mining application for 806.199/1973, and exploration permits for 832.149/2022 and 832.150/2022. The mining rights covered by the GMC Option also include assignment of an exploration application registered with the ANM for 832.221/2021 (the "Exploration Application") once exploration authorization is approved. If AMBPL chooses to exercise the GMC Option, it must pay the GMC Grantors the equivalent of an aggregate of US$5.16M through the issuance of REA Shares, valued at the closing price on the date of the Liquidity Event.

For purposes of the GMC Option only, "REA Shares" means shares issued by Rare Earths Americas Pty Ltd., or by a company that succeeds or is its parent company, that are publicly traded on the Australian Stock Exchange or another exchange that may replace it ("ASX"), which may have resulted from any of the following types of liquidity events: (i) an initial public offering for public trading on the ASX of the shares of REA, a company that succeeds it or is its parent company; (ii) a merger of REA by a company whose shares are admitted to trading on the ASX, or a merger, by REA of a public company whose shares are admitted to trading on the ASX; or (iii) a sale or transfer of control of REA to a public company whose shares are admitted to trading on the ASX (a "Liquidity Event").

The term of the GMC Option terminates on June 30, 2026. If a Liquidity Event has not materialized by June 30, 2026, AMBPL may extend the term for up to two additional periods of 135 days each, upon prior payment of an additional premium of US$300,000 in Brazilian reais per extension. If a Liquidity Event does not occur by the end of the term or the additional term, AMBPL may, in its sole discretion, exercise the option by paying the exercise price in Brazilian reais.

If the GMC Grantors have not yet received the notice of approval of exploration authorization for the Exploration Application on the exercise date, AMBPL may partially exercises the purchase option at a reduced exercise price of US$4,375,315.18, in which event AMBPL will retain the right for the option with respect to the Exploration Application for an additional 12 months after the exercise notice date for an exercise price of US$784,684.82. Further, if the area of the Exploration Application is reduced for any reason, the exercise price or partial exercise price will be reduced in proportion to the total number of hectares of the mining rights.

*Homer Project*

On December 26, 2025 (the "Greenfield Effective Date"), AMBPL entered into a Mineral Rights Assignment and Covenants Agreement (the "Greenfield Agreement") with Greenfield Exploration Ltda. ("Greenfield"), which provides for the full assignment by Greenfield to AMBPL of a mining right registered with the ANM, covering approximately 1,999.46 hectares in Paraúna, Goiás. The assignment is subject to approval by the ANM.

Pursuant to the Greenfield Agreement, AMBPL shall pay Greenfield as consideration: (a) the Brazilian reais equivalent of AUD 250,000 within three business days of the Greenfield Effective Date, subject to the filing of an assignment request with the ANM; (b) REA Restricted Shares (as defined below) valued to total AUD 500,000 within

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three business days after the financial settlement of a Liquidity Event (or, if no Liquidity Event occurs within six months of the Greenfield Effective Date, AMBPL may make such payment in local currency or terminate the Greenfield Agreement as provided therein); (c) AUD 750,000 within five days after filing the Final Exploration Report (as defined in the Greenfield Agreement) with ANM (which must be filed no later than April 22, 2027), payable, in AMBPL's sole discretion, in Brazilian reais or, if applicable following an initial public offering, in REA US Shares or REA Restricted Shares; and (d) AUD 500,000 within 24 months of the Greenfield Effective Date, subject to extension for certain specified delays, payable, in AMBPL's sole discretion, in Brazilian reais or, if applicable following a Liquidity Event, in REA US Shares or REA Restricted Shares. All amounts payable under the foregoing are to be allocated 80% to Greenfield and 20% to Focus Capital Partners Pty Ltd ("Focus").

For purposes of the Greenfield Agreement only, "REA Restricted Shares" means REA US Shares subject to a lockup for a period of six months from the Liquidity Event date.

If the ANM ultimately denies the assignment of the mining right, the Greenfield Mining Rights Agreement provides that parties will negotiate alternatives on the same commercial terms for 30 days, with the agreement terminating if the parties fail to reach agreement.

Pursuant to the Greenfield Agreement, REA US Shares or REA Restricted Shares issued to Greenfield and Focus, if any, will not be registered under the Securities Act and will be subject to standard restrictions applicable to shares not registered under the Securities Act.

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A location map for the Constellation Project is shown below:

![img135096051_11.jpg](img135096051_11.jpg)

**Competition**

The mining industry in general is extremely competitive in all of its phases, and we compete with many companies possessing greater financial and technical resources. Competition in the metals mining industry is primarily for: mineral rich properties that can be developed and produced economically; technical expertise to find, develop, and operate such properties; labor to operate the properties; and capital for the purpose of funding such properties. Many competitors not only explore for and mine rare earth metals but also conduct refining and marketing operations on a global basis. Such factors may result in us being unable to acquire desired properties, to recruit or retain qualified employees or to acquire the capital necessary to fund our operations and develop mining properties. Existing or future competition in the mining industry could materially adversely affect our prospects for mineral exploration and success in the future. See "Risk Factors — Risks Related to Our Business — *An increase in the global supply of magnet rare earth elements or, dumping, predatory pricing and other tactics by our competitors or state actors may adversely affect our profitability*.", "Risk Factors — Risks Related to Our Business — *We depend on key personnel for the success of our business. We may be unable to attract and retain qualified mining and technical personnel, which could materially and adversely affect our business and the execution of our strategic plans.*", "Risk Factors — Risks Related to the Rare Earth Elements Mining Industry — *The mining industry is highly competitive*.", and "Risk Factors — General Risks — *We operate in an intensely competitive business environment. We may not be as successful as our competitors incorporating AI into our business or adapting to a rapidly changing marketplace.*"

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**Facilities and Equipment**

We lease and maintain our executive office at 250 Fillmore Street, Suite 150, Denver, Colorado 80206. In support of our exploration activities, we also maintain field offices in the state of Georgia and in Brazil. We do not currently own any real property. We believe these facilities adequately support our current operations, and additional space can be secured if needed under commercially reasonable terms.

**Human Capital**

As of October 1, 2025, we have engaged six (6) employees and eight (8) consultants. All employees are full-time. Four (4) consultants serve us full-time and four (4) consultants serve us part-time. These employees and consultants provide management, technical, administrative, accounting and legal services to us.

**Legal Proceedings**

From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not currently a party to any material proceedings. Regardless of outcome, such proceedings or claims could have an adverse impact on us because of defense and settlement costs, diversion of resources and other factors, and the possibility of unfavorable outcomes.

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**PROPERTIES**

*The information regarding the Shiloh Project that is set forth in this prospectus, including in this "Properties" section: (i) is derived from the technical report summary titled "Technical Report Summary Shiloh Project, Georgia" dated November 7, 2025 (the "Shiloh Technical Report Summary"), a copy of which is filed as Exhibit 96.1 to the registration statement of which this prospectus forms a part; and (ii) does not purport to be a complete summary of, is subject to all the assumptions, qualifications and procedures set out in, and is qualified in its entirety with reference to the full text of, the Shiloh Technical Report Summary. The Shiloh Technical Report Summary was prepared in accordance with S-K 1300 and is dated and signed by Geosyntec Consultants, Inc. ("Geosyntec"). Geosyntec is a third-party firm that employs a professional geologist whose education and experience satisfy the requirements of a "qualified person" under S-K 1300 and who prepared the Shiloh Technical Report Summary. Neither Geosyntec nor such qualified person is affiliated with us or has any interest in us. Geosyntec has approved the summary of the Shiloh Technical Report Summary set forth in this "Properties" section.*

*The information regarding the Alpha Project that is set forth in this prospectus, including in this "Properties" section: (i) is derived from the technical report summary titled "Alpha Project Bahia, Brazil Technical Report Summary" dated October 31, 2025 (the "Alpha Technical Report Summary"), a copy of which is filed as Exhibit 96.3 to the registration statement of which this prospectus forms a part; and (ii) does not purport to be a complete summary of, is subject to all the assumptions, qualifications and procedures set out in, and is qualified in its entirety with reference to the full text of, the Alpha Technical Report Summary. The Alpha Technical Report Summary was prepared in accordance with S-K 1300 and is dated and signed by McGarry Geoconsulting Corp. ("McGarry Geoconsulting"), and Karst Geo Solutions LLC ("Karst Geo Solutions"). McGarry Geoconsulting and Karst Geo Solutions are third-party firms that employ professional geologists whose education and experience satisfy the requirements of a "qualified person" under S-K 1300 and who prepared the Alpha Technical Report Summary. Neither McGarry Geoconsulting, Karst Geo Solutions, nor such qualified persons is affiliated with us or have any interest in us. McGarry Geoconsulting and Karst Geo Solutions have each approved the summary of the Alpha Technical Report Summary set forth in this "Properties" section.*

*The information regarding the Constellation Project that is set forth in this prospectus, including in this "Properties" section: (i) is derived from the technical report summary titled "Constellation Project Minas Gerais, Brazil Technical Report Summary" dated October 31, 2025 (the "Constellation Technical Report Summary"), a copy of which is filed as Exhibit 96.2 to the registration statement of which this prospectus forms a part; and (ii) does not purport to be a complete summary of, is subject to all the assumptions, qualifications and procedures set out in, and is qualified in its entirety with reference to the full text of, the Constellation Technical Report Summary. The Constellation Technical Report Summary was prepared in accordance with S-K 1300 and is dated and signed by McGarry Geoconsulting, and Karst Geo Solutions. McGarry Geoconsulting and Karst Geo Solutions are third-party firms that employ professional geologists whose education and experience satisfy the requirements of a "qualified person" under S-K 1300 and who prepared the Constellation Technical Report Summary. Neither McGarry Geoconsulting, Karst Geo Solutions, nor such qualified persons is affiliated with us or have any interest in us. McGarry Geoconsulting and Karst Geo Solutions have each approved the summary of the Constellation Technical Report Summary set forth in this "Properties" section.*

*For a description of the key assumptions, parameters and methods used to estimate mineral resources disclosed in this prospectus, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Shiloh Technical Report Summary, Alpha Technical Report Summary, and Constellation Technical Report Summary, as applicable, each of which is incorporated by reference in this prospectus.*

**Summary Disclosure of Mineral Properties**

The following table presents an overview of each of our mineral projects. There have been no previous resource estimates for each of our mineral projects. The estimates contained within the Alpha Technical Report Summary and the Constellation Technical Report Summary are the initial estimates for those properties. No mineral resources have been estimated for the Shiloh Project. For additional information about the projects, see "Business — Our Mineral Projects." Each of the Shiloh Project, Alpha Project, and Constellation Project are material to our business or financial condition. Technical report summaries pursuant to S-K 1300 with respect to each of the Shiloh Project, Alpha Project, and Constellation Project are filed as Exhibits 96.1, 96.3, and 96.2, respectively, to the registration statement, of which

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this prospectus forms a part. Summaries of each of those technical report summaries are set forth below under the captions "Properties — Shiloh Project," "Properties — Alpha Project," and "Properties — Constellation Project."

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Project*** | ***Location*** | ***Ownership interests***  | ***Operator*** | ***Primary Commodities*** | ***Royalties and other encumbrances*** | ***Key permit conditions*** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Shiloh Project** | Shiloh, Georgia, USA, spanning Harris and Talbot counties. | REA owns mineral and surface rights through lease, option, and acquisition agreements. | FRE US<br> Two options, consisting of (i) an option and project evaluation agreement<sup>(1)</sup> that grants an option to purchase all membership interests in SEM, which holds rights to explore and develop certain land parcels covering approximately 1,662.8 acres in Harris and Talbot Counties, Georgia, under a mining lease, and (ii) an option agreement<sup>(2)</sup> that grants the exclusive right to access, enter, occupy, and use for exploration, surveys, technical studies, and the option to purchase certain land parcels covering approximately 263.7 acres in Talbot County, Georgia. | NdPr and DyTb. | Royalty payments on production of rare earth element products and byproducts required under the mining lease, including non-participating overriding royalty interest to the lessor on production occurring from within a defined area outside the lease area.  | Exploration activities on private lands are not subject to permit approval. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Alpha Project** | Bahia State, Brazil. | Wholly owned by us pursuant to exploration permits. | REA<br> 9 granted exploration permits that cover a total area of approximately 99.76 km<sup>2</sup>, with 4 deposit areas containing mineral resources. We also hold title to 27 tenements covering 386 km².<sup>(3)</sup>  | High-grade ionic clay rich in DyTb and NdPr. | Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. No private royalties or title encumbrances are known.<br>| Final Exploration Reports ("RFPs") for six Alpha tenements were submitted in 2023 and are under ongoing ANM review. We do not anticipate impediments to approval, after which we will be eligible to apply for mining concessions. One tenement has an RFP due in January 2026, and RFPs for the remaining tenements are due in 2028. Permits are subject to ANM filing regulations and environmental compliance monitoring by INEMA. Land access by surface owner agreement or as provided under the Mining Code. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Constellation Project** | Near Poços de Caldas, Brazil. | Wholly owned by us pursuant to exploration permits and concessions. | AMBPL<br> 21 granted permits covering approximately 59.5 km², with concessions located over a large area, 20 km in north–south extent, from Poços de Caldas to the north and Andradas to the south. There are six mining concessions and 15 exploration permits. 13 concessions are directly owned by us or our subsidiaries or affiliates, and 8 concessions are subject to option agreements<sup>(4)</sup> with Brazilian companies, granting us the exclusive right to access, enter and occupy each property for the purpose of mineral exploration and, upon exercise of the option, to obtain mineral rights for each property.<br>In the surrounding region, we also hold title to 19 tenements covering 183 km². There are 17 exploration permits. directly owned by us or our subsidiaries or affiliates, and one mining permit application and one exploration permit application that are subject to option agreements with Brazilian companies. | High-grade ionic clay rich in DyTb and NdPr. | The Roseria, Varginha and Clube da Uva deposits are subject to a private royalty equal to 5% of net revenue from concession production in favor of Mineração Andradense Ltda. Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. No private royalties or title encumbrances are known. | Permits are subject to ANM filing regulations and environmental compliance monitoring by SEMAD. Land access by surface owner agreement or as provided under the Mining Code. |

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|:---|:---|:---|:---|:---|:---|:---|
| **Homer Project**  | Goiás State, Brazil | Wholly owned by us pursuant to exploration permits. | REA | Carbonatite prospective for P, V, Ti DyTb and NdPr.  | Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. No private royalties or title encumbrances are known.<br>| Permits are subject to ANM filing regulations and environmental compliance monitoring by Secretaria de Estado de Meio Ambiente e Desenvolvimento Sustentável de Goiás. <br>RFPs for permits are due in 2026. Land access by surface owner agreement or as provided under the Mining Code. |
| **Pernambuco Project** | Near Recife, Brazil | Wholly owned by us pursuant to exploration permits. | REA<br> 33 granted exploration permits that cover a total area of 443km<sup>2</sup> and six exploration permit applications that cover a total area of 73km<sup>2(5)</sup> | Prospective for DyTb and NdPr.  | Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. No private royalties or title encumbrances are known.<br>| Permits are subject to ANM filing regulations and environmental compliance monitoring by respective State Environmental Secretariats. RFPs for permits are due in 2027. Land access by surface owner agreement or as provided under the Mining Code. |
| **Espinosa Project**  | States of Minas Gerais and Bahia, <br>Brazil | Wholly owned by us exploration permits. | REA<br> 23 granted exploration permits that cover a total area of 297km<sup>2</sup> | Prospective for DyTb and NdPr.  | Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. No private royalties or title encumbrances are known.<br>| Permits are subject to ANM filing regulations and environmental compliance monitoring by respective State Environmental Secretariats. RFPs for permits are due in 2027. Land access by surface owner agreement or as provided under the Mining Code. |
| **Tocantins Project** | State of Tocantins | Wholly owned by us pursuant to exploration permits. | REA<br> One granted exploration permit that covers a total area of 20km<sup>2</sup> | Prospective for DyTb and NdPr. | Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. No private royalties or title encumbrances are known. | Permits are subject to ANM filing regulations and environmental compliance monitoring by respective State Environmental Secretariats. RFPs for permits are due in 2027. Land access by surface owner agreement or as provided under the Mining Code. |
| **Ceara Project** | State of Ceatra | Wholly owned by us pursuant to an exploration permit. | REA<br> One granted exploration permit that cover a total area of 0.3km<sup>2</sup> | Prospective for Lithium, DyTb and NdPr. | Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. No private royalties or title encumbrances are known. | Permits are subject to ANM filing regulations and environmental compliance monitoring by respective State Environmental Secretariats. RFPs for permits are due in 2027. Land access by surface owner agreement or as provided under the Mining Code. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The option period for the SEM Option ends on the earliest of (i) August 1, 2026, (ii) the date five days after the satisfaction or waiver of conditions precedent set forth in the option agreement, but in no event more than 120 days following the exercise date of the option, or (iii) termination of the agreement. We have not yet exercised this option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The term of the Newbill Option ends on February 28, 2027. We have not yet exercised this option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)RFPs for six Alpha Project tenements (870340/2013, 874490/2011, 870377/2012, 872458/2016, 871567/2015, and 872585/2015) were due and submitted in 2023. ANM reviews are ongoing and typically extend beyond the statutory

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six-month period. We do not anticipate impediments to approval, after which we will be eligible to apply for mining concessions. One tenement (872073/2016) has a RFP due in January 2026, and RFPs are due for the remaining tenements in 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The term of the JJBF Option terminates on December 31, 2025; however, if a liquidity event as specified therein has not occurred by the end of the term, the term may be extended until December 31, 2026 for an additional premium of US$100,000. The term of the GMC Option terminates on June 30, 2026; however, if a liquidity event as specified therein has not occurred by June 30, 2026, the term may be extended for up to two additional periods of 135 days each for an additional premium of US$300,000 per extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Exploration permit applications have been filed in compliance with ANM requirements and are currently under agency review. Given their conformity with applicable regulations, no impediments to the granting of the permits are anticipated. Upon the granting of an exploration permit, the holder must formally notify the ANM of the commencement of exploration activities within 60 days.

The following map shows the locations of our mineral projects.

![img135096051_12.gif](img135096051_12.gif)

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<u>Exploration Stage Company</u>. None of our mineral projects have an operating mine or have ever produced any minerals in commercial quantities. We have not demonstrated the existence of mineral reserves at any of our projects, and therefore each of our projects is in the exploration stage and we are considered an exploration stage company. We are conducting on-site exploration activities at the Shiloh Project, Alpha Project and Constellation Project, and have plans to conduct additional exploration activities, including drilling, at each of these projects, as well as at the Homer Project, which project is in early exploration stage and we do not consider to be a material project. See "Properties — Shiloh Project — Planned Exploration and Related Programs", "Properties — Alpha Project — Planned Exploration and Related Programs," and "Properties — Constellation Project — Planned Exploration and Related Programs." We expect to remain an exploration stage company for the foreseeable future. To exit the exploration stage, become a development stage issuer and, ultimately, commence mining at any of our projects, it will be necessary for us to demonstrate the existence of proven or probable mineral reserves at one or more of our projects, and complete one or more feasibility studies that would enable us to obtain financing on reasonable terms and in amounts sufficient to establish and operate the applicable mining operations. The Shiloh Project is an early-stage exploration project, and a mineral resource estimate has not been estimated.

<u>Summary of Mineral Resource Estimates.</u> There have been no previous resource estimates for each of our material mineral projects. The following table summarizes our initial mineral resource estimates as shown in the Alpha Technical Report Summary and Constellation Technical Report Summary. The Shiloh Technical Report Summary presents exploration results only and does not include mineral resource estimates.

Our internal controls include a comprehensive Quality Assurance/Quality Control program for all exploration and production drilling. This includes the insertion of certified reference materials (standards), blanks, and duplicate samples into the sample stream. All assaying is performed by independent, ISO-certified laboratories. We perform periodic 'blind' re-assays and inter-laboratory checks to ensure analytical consistency. The estimation of mineral resources is performed by, or under the supervision of, a 'Qualified Person' as defined by S-K 1300. Internal controls over the determination of 'reasonable prospects for economic extraction' include the use of commodity price assumptions provided by industry experts. Metallurgical recovery factors are based on representative lab testing and are verified.

Development of our mineral resources estimates conform to industry best practices and are regularly reviewed by internal and external parties to audit processes for resource estimation. Mineral resources are estimates that contain inherent risk and depend upon geologic interpretation and statistical inferences from drilling and sampling, which may prove to be unreliable. See "Risk Factors" for additional information.

For both the Alpha Project and Constellation Project, mineral resources reported are estimated, based on initial assessments, using a cut-off of 1,000 ppm total rare earth oxides ("TREO"), which was determined based on $57/kg TREO for the Alpha Project and $44/kg TREO for the Constellation Project; these values are an average recovered value using a ten-year forecast of rare earth oxide prices to 2040, as published by Adamas Intelligence in the Q1 2025 *Rare Earth Pricing Quarterly Outlook.* The cut-off includes mining, processing, and general and administrative costs. Costs related to waste mining, transportation, and capital expenditures are excluded.

**Summary of Mineral Resources**

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| | | | |
|:---|:---|:---|:---|
| **Measured mineral resources** | **Indicated mineral resources** | **Measured + indicated mineral** <br>**resources** | **Inferred mineral <br>resources** |
| **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Amount** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** |
| (amounts are in millions<br>&nbsp;&nbsp;&nbsp;&nbsp;of metric tons): | - | -% | - | -% | - | -% | 201.7 Mt | 1,520 ppm<br>TREO |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** |
|  | **Grades/<br>qualities** | **Grades/<br>qualities** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** |
| (amounts are in millions<br>&nbsp;&nbsp;&nbsp;&nbsp;of metric tons): | -% | -% | -% | 266.2 Mt | 2,637 ppm<br>TREO |

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<u>Internal Controls</u>. Our internal controls relating to QA/QC to date have consisted primarily of reviewing records maintained by prior owners of the Shiloh claims, Alpha claim and Constellation claims as to the chain of custody of samples, including samples used for laboratory analyses, and satisfying ourselves that the procedures followed with respect to such custody was consistent with industry standards. As noted below, we plan to conduct additional exploration activities that involve sampling, including drilling, at each of our projects. Before commencing those activities, and conducting assays of such sampling and the reporting of results from those assays, we intend to establish sampling and analytical QA/QC protocols that are consistent with industry standards including, without limitation, the following: (i) for each project's data, establishing an accurate, reliable and defensible database that can be used to produce updated estimates of mineralization and feasibility studies; (ii) sampling to verify known mineralization; (iii) confirming that samples (from both surface collection or drilling) are of the highest possible quality; (iv) establishing procedures to ensure the security and integrity of samples from point of origin to analytical laboratory; and (v) implementing industry-standard QA/QC procedures to confirm the accuracy and reliability of the laboratory analyses, including the use of duplicate samples (*i.e.,* two or more samples from the same sample submitted to the laboratory for analysis as if they were separate samples), blanks (*i.e.,* samples containing no detectable mineralization) and standards (*i.e.,* samples with known assay values), and confirming assay values from the original assay laboratory by submitting the same sample to a second laboratory.

**Shiloh Project**

<u>Description and Location</u>. The Shiloh Project is located in Shiloh, Georgia, USA spanning Harris and Talbot counties. The properties are approximately 110 km south-west from Atlanta, the state capital of Georgia. The project center is located at approximate geographic centered coordinates of latitude 32.8045°N and longitude -84.6792°W. The current book value of the Shiloh Project property and its associated plant and equipment is US$53,592.

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The Shiloh Project is focused on monazite mineralization, rich in the rare earth elements NdPr and DyTb. The following maps show the location of the Shiloh Project.

![img135096051_13.gif](img135096051_13.gif)

The following map shows the layout of the Shiloh claims.

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Shiloh Project Mineral Claims

![img135096051_14.gif](img135096051_14.gif)

The Shiloh Project is an "exploration stage property." No mining operations have ever been conducted at the Shiloh Project by us or any previous owner. We anticipate completing further exploration activities at the Shiloh Project, as described below in this prospectus under the sub-caption "Properties — Shiloh Project — Planned Exploration and Related Programs." Through such further exploration activities, we expect to develop additional information to more precisely identify and delineate mineralization at the Shiloh Project and to determine the potential locations for extracting such deposits. The additional information may allow us, in conjunction with a qualified person, to estimate mineral resources.

<u>Physiography and Climate</u>. The topography of the Shiloh Project area is generally characterized by gently rolling hills, bounded to the north and south by two prominent east–west trending ridges. Southern Georgia has a humid subtropical climate with short, mild winters and hot summers. The area around the project area experiences summer temperatures ranging from approximately 29°C to 34°C. Winter temperatures are more variable with an average high of 13°C and average low of 2°C. Average annual precipitation ranges from 120 centimeters ("cm") to 140 cm. Snowfall or freezing precipitation in the area is rare. The region's relatively mild climate enables year-round exploration minimal disruption from weather-related conditions. Seasonal variations and weather events would be expected to have a small effect on the efficiency of exploration, any future surface mining, and concentrator plant operations. Negative impacts would be on a limited basis and last less than a few days. Any future mining activities could be conducted year-round.

<u>Geology and Mineralization</u>. The Shiloh Project is underlain by felsic gneisses and saprolitic material that host rare earth element mineralization, primarily in the form of monazite. Exploration from 2020 to 2025 included radiometric surveys, prospecting, and multiple drilling campaigns, culminating in a 908 meter diamond drill program across 13 holes.

Mineralization ranges from widespread low-grade zones (0.5-2% TREO) to localized higher-grade pockets exceeding 10% TREO. These high-grade zones are typically 1-2 meters thick and correlate with iron and manganese staining within or along contacts of the felsic gneiss. Recent drilling confirmed the down-plunge extension of high-grade-range material first identified in Trench 6, as described in the Shiloh Technical Report Summary, trending south-southeast, with notable intercepts from the Newbill direct-push drilling program, as described in the Shiloh Technical Report Summary.

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<u>Ownership</u>. FRE US holds rights to approximately 1,927 acres in Harris and Talbot Counties, Georgia, through a combination of option and acquisition agreements. These include the Newbill Option, which grants FRE US the exclusive right to access, enter, occupy, and use for exploration, surveys, technical studies, and the option to purchase approximately 263.7 acres in Talbot County, and the SEM Option, which grants FRE US an option to purchase all membership interests in SEM, which holds rights to explore and develop certain land parcels covering approximately 1,662.8 acres in Harris and Talbot Counties under a mining lease. These agreements allow FRE US access to both surface and mineral estates, enabling uninterrupted exploration, development, and mining activities. The ownership reflects a framework for long-term project advancement. See "Business—Mining Rights—Shiloh Project" for additional information.

<u>Surface Access</u>. FRE US holds mineral and surface rights through a combination of lease, option, and acquisition agreements, including the Newbill Option and the SEM Option.

<u>Infrastructure</u>. The Shiloh Project has access to robust rail and road infrastructure, as well as low-cost electricity sources. The location of the Shiloh Project also provides direct rail access to multiple major ports across the eastern U.S. We access the property via a well-developed network of primary and secondary paved roads. Larger, private properties include gravel access roads used for agricultural and logging operations within the project boundaries. Interstate Highway I-85, located approximately 10 km east of the Shiloh Project area, provides direct access to Atlanta and Hartsfield Jackson International Airport. Additionally, an active CSX rail line runs through Manchester, Georgia, roughly 8 km to the east northeast of the Shiloh Project area. The city of Shiloh operates its own municipal water system, which provides reliable access to water for the Shiloh Project. The primary source of water is the Crystalline-Rock Aquifer. A potential workforce for the Shiloh Project is available in the towns surrounding the project area, including the nearby Atlanta metropolitan region.

<u>Environmental Matters and Permitting</u>. The Shiloh Project is currently in the exploration phase and is not subject to environmental and permitting requirements applicable to surface mining operations in Georgia. The project is governed by environmental and permitting requirements applicable to exploration-level activities in Georgia. In accordance with Section 12-7 of the Official Code of Georgia Annotated and the Georgia Construction Stormwater General Permits (GAR100001, GAR100002, or GAR100003), land disturbance activities under one acre are exempt from general construction stormwater permitting. The current permitting framework outlines timelines and conditions for land disturbance, and no violations or fines have been reported to date. Social considerations remain focused on maintaining transparent communication with local stakeholders and minimizing environmental impact through best management practices, such as low-impact drilling, use of existing trails, and erosion control.

<u>Exploration History</u>. Prior to our operations in the Shiloh Project area, the Shiloh Project was operated by Southeast Metals, LLC (SEM) along with Dr. Robert Cook, Professor of Geology at Auburn University. Initial exploration of the Shiloh Project area was conducted through a magnetic survey and geophysics. Such exploration efforts identified strong anomalies (eTh) that correspond to monazite sources. Following such exploration, Geotech Ltd, a leading airborne geophysical survey mapping firm, conducted a high-resolution survey of the area and identified targets for prospecting and land acquisition. To date, more than 4,105 meters of grid drilling has been conducted in the initial project area of the Shiloh Project. Such drilling has led to the discovery of ultra-high-grade boulders and confirmation of widespread monazite sands from shallow depths, rich in NdPr and DyTb. Diamond drilling conducted in January and February 2025 confirmed high grade hard rock rare earth mineralization drill intercepts, with assays completed in April 2025. Exploration efforts have led to the discovery of rare earth elements with some of the highest TREO concentrations reported globally, observing assays of up to 20.01% TREO and demonstrating potential for equally high-grade rare earth source rock at depth. Initial ground prospecting led to the discovery of monazite sands located to the north-east of the initial project area.

<u>Exploration and Related Programs</u>. Exploration activities at the Shiloh Project have included an airborne survey and analysis of U.S. Department of Energy flight lines, systematic program of surface sampling, helicopter-borne and ground-based geophysical surveys, geological mapping, and drilling campaigns conducted between 2020 and 2025. Initial prospecting identified areas of interest, prompting high-resolution geophysical surveys conducted in 2021, which acquired 1,984 line-km of magnetic and radiometric data using advanced instrumentation and standard industry practices. Subsequent ground surveys and detailed mapping refined target zones, while drilling in 2021, 2022, and 2025 provided subsurface data supporting mineralization interpretations. These integrated exploration efforts have delineated anomalous zones with elevated rare earth element concentrations and established a data set underpinning ongoing evaluation and exploration at the Shiloh Project.

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The following map shows drill hole locations at the Shiloh Project.

![img135096051_15.jpg](img135096051_15.jpg)

The following table shows higher grade samples from direct-push drilling in 2025:

![img135096051_6.gif](img135096051_6.gif)

\* Other parameters contributing to the total rare earth oxide (TREO) calculation are not shown.

> The reported result is at the upper detection or calibration limit of the method.

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The above table presents a subset of higher grade range assay results from the 2025 DPT drilling at the Newbill property and is intended to provide a concise snapshot of elevated TREO values observed during that campaign. Results have been selected and applied consistently across the dataset. Specifically, the above table includes only samples with TREO% concentrations of at least 10%, showcasing elevated REEs and excludes other results that do not meet those thresholds or would distort a fair presentation if shown in isolation. Samples are organized from highest (green) to lowest TREO% values (blue). As documented in the Shiloh Technical Report Summary, 2021, 2022 and 2025 drilling returned a wide range of TREO values, with 2025 DPT programs yielding numerous short-interval assays at or above 2% TREO (Table 10 of the Shiloh Technical Report Summary).

TREO was calculated including the following oxides: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₂O₃, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃. Where analytical results exceeded the upper method detection limit, the method detection limit value was assigned for calculation purposes. This approach introduces a conservative estimate and may result in underreporting of actual TREO% concentrations. The true values may be higher but cannot be accurately quantified within the validated range of the method. Accordingly, caution is advised when interpreting TREO values derived under these conditions.

The selection of drill hole samples is limited to discrete sample intervals collected and logged by lithological and mineralization contacts, with standard DPT sample lengths generally between approximately 0.3 m and 1.5 m. Isolated "Spike" assays over very short downhole lengths are not presented without accompanying context unless they occur within a broader run of mineralization or are otherwise significant to demonstrate grade tenor at the scale at which DPT samples were collected.

Routine QA/QC samples (CRM's, blanks and duplicates) along with low grade or barren intervals, are excluded from the above table because they are not "higher grade" samples and their inclusion would not assist investors in understanding the nature of elevated TREO occurrences. Reported lengths are downhole lengths; true width cannot be reliably estimated at this stage given the drilling methods, spacing and early stage geologic models.

Sampling, preparation and analytical procedures are described in the Shiloh Technical Report Summary. 2025 assays were prepared at ALS facility in Reno, Nevada and analyzed at ALS's Vancouver Canada facility for fusion/ inductively coupled plasma mass spectrometry (ICP-MS) method ME-MS81/ME-MS81h. Laboratories are ISO/ International Electrotechnical Commission (IEC) 17025-accredited for the specified methods. Drillhole location and total depth are presented in Table 9 and analytical results in Table 10 of the Shiloh Technical Report Summary, along with QA/QC results. Only parameters that are part of the TREO% calculation are shown in the TRS. These exploration results are not mineral resources or reserves and do not demonstrate economic viability.

The table below presents statistics for analyzed samples above low grade cutoff (TREO≥2%**)** for the 2021, 2022 and 2025 drilling programs.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Dead Tree** | &nbsp;&nbsp;**Newbill** | &nbsp;&nbsp;**Pig Trail** | &nbsp;&nbsp;**Pig Trail** | &nbsp;&nbsp;**Pig Trail** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;**Sample Count** | &nbsp;&nbsp;1 | &nbsp;&nbsp;42 | &nbsp;&nbsp;4 | &nbsp;&nbsp;2 | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;**TREO % (min)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;2.18 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;2.05 |
| &nbsp;&nbsp;**TREO % (max)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;20.01 | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;3.77 | &nbsp;&nbsp;12.78 |
| &nbsp;&nbsp;**TREO % (avg)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;8.73 | &nbsp;&nbsp;2.58 | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;4.84 |
| &nbsp;&nbsp;**Interval Avg (m)** | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.49 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Depth Min (m)** | &nbsp;&nbsp;6.02 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;0.91 |
| &nbsp;&nbsp;**Depth Max (m)** | &nbsp;&nbsp;6.40 | &nbsp;&nbsp;21.32 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;15.5 |
| &nbsp;&nbsp;**Depth Avg (m)** | &nbsp;&nbsp;6.21 | &nbsp;&nbsp;5.51 | &nbsp;&nbsp;3.94 | &nbsp;&nbsp;6.86 | &nbsp;&nbsp;5.93 |

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<u>About Geosyntec</u>. Geosyntec performed a detailed review of the Shiloh drill and geological data to confirm the accuracy and reliability of the data used in the Shiloh Technical Report Summary. No limitations were placed on Geosyntec to conduct data verification. The sampling methods, security, and analytical procedures used by prior owners of the project in their drilling campaigns were deemed by Geosyntec as adequate for an exploration stage project.

No mineral resources have been estimated for the Shiloh Project.

<u>Assumptions</u>. Of the 3,056 drilling samples collected between 2021, 2022 and 2025 and reviewed for laboratory analysis, 65 samples exceeded the low-grade zone cutoff (TREO ≥ 2%). These higher-grade samples were distributed across three properties: Dead Tree, one sample at an average depth of 6.2 m bgs; Newbill, forty-two samples averaging 5.5 m bgs; and Pig Trail, twenty-two samples with an average depth of 5.7 m bgs. Among these, Newbill samples show the highest TREO average of approximately 9% and maximum value near 20%.

<u>Sample and sampling method disclosure</u>. Between 2021 and 2025, FRE Australia submitted approximately 3,056 samples collected from the Shiloh Project for analysis. To ensure data quality and reliability, we implemented a comprehensive QA/QC program that included CRMs, blanks, and field duplicates. The CRMs were sourced from OREAS using material from the Mount Weld Project in Australia, with three different standards representing low-grade (0.53% TREO), medium-grade (2.08% TREO), and high-grade (9.88% TREO) mineralization that aligned with expected grades at Shiloh.

The QA/QC program also incorporated blanks consisting of commercially available white marble chips to detect any contamination during sample processing, and field duplicates to assess sampling precision. Duplicate samples were collected differently based on the drilling method: half-core splits for direct push sampling, half to quarter splits for sonic core, and quarter-splits for diamond drilling. This systematic approach to quality control helps validate the accuracy and precision of the analytical results that form the basis for resource estimation.

<u>Exploration Results Summary</u>. Based on the exploration activities conducted between 2020 and 2025, the Shiloh Project demonstrates compelling geological, mineralogical, and structural characteristics consistent with a structurally controlled metamorphic-hydrothermal rare earth element vein/disseminated deposit. The mineralization is hosted within foliated felsic gneiss and saprolitic material derived from Grenville-age metamorphic rocks, both mineralized with rare earth elements predominantly occurring as monazite.

The mineralized zones exhibit strong structural control, with rare earth element enrichment localized along foliation planes, shear zones, and brecciated contacts. Iron and manganese staining, quartz veining, and breccia textures further support a hydrothermal origin for the mineralizing fluids. These features are consistent across multiple trenches and drillholes, particularly at the Newbill and Pig Trail targets, where high-grade range intercepts well exceeding 10% TREO have been confirmed through direct-push, sonic and diamond drilling.

Mineralization is interpreted to have formed through structurally focused hydrothermal processes, possibly during or following regional metamorphism, with rare earth element-bearing fluids precipitating monazite within zones of enhanced permeability and deformation.

Data verification protocols, including QA/QC checks, certified reference materials, and cross-validation of assay results, confirm the reliability of the 2021, 2022, and 2025 datasets. Core recovery metrics and mineralogical analyses further support the integrity of the geological model.

In conclusion, the Shiloh Project presents a viable exploration-stage rare earth element asset with demonstrated mineralization, favorable structural controls, and a path toward more detailed exploration. Continued drilling, metallurgical testing, and geologic modeling are recommended to advance the project.

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**Alpha Project**

<u>Description and Location</u>. The Alpha Project is located at 40°9'40.51″W and 14°44'27.53″S, approximately 270 km southwest of Salvador, the capital of Bahia State in northeastern Brazil. The project tenements lie within the municipal boundaries of Iguaí and Nova Canaã, provincial towns situated immediately east of the Alpha Project area. The current book value of the Alpha Project property and its associated plant and equipment is US$ . The following map shows the location of the Alpha Project.

![img135096051_16.jpg](img135096051_16.jpg)

The following map shows the layout of the Alpha Project tenements.

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Alpha Project Tenements

![img135096051_17.gif](img135096051_17.gif)

The Alpha Project is an exploration stage project. No mining activities have ever been conducted at the Alpha Project by us or any previous owner.

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<u>Physiography and Climate</u>. The Alpha Project is located in a topographic region that encompasses a wide strip of land characterized by crystalline bedrock, forming a north-south running plateau approximately 100 km inland from the coast.

The climate in the Alpha Project area is tropical savanna, classified as 'Aw' under the Köppen climate classification system. The average annual temperature is about 22.3°C. The highest average temperatures are observed in March, reaching around 23.9°C. July is the coldest month, with temperatures averaging 20.2°C. The annual precipitation in the area averages 633 mm. Rainfall is irregularly distributed, with most of the rain occurring from October-April, enabling any future mining at the Alpha Project to occur year-round.

<u>Geology and Mineralization</u>. The Alpha Project is situated within the Jequié Complex, an Archean-age tectono-structural block comprising rare earth element enriched granulites, supracrustal sequences, and batholithic intrusions of the Volta do Rio and Poço Preto metaplutonic suites. At the Alpha Project, weathering of the crystalline basement has liberated rare earth elements, which occur in the form of ionically adsorbed mineralization within a well-developed weathering profile, consistent with the IAC deposit style.

The regolith profile, including mottled zones and mineralized saprolite, is laterally continuous across large parts of the deposit area. Drilling has confirmed sufficient geological continuity of mineralized horizons to support the estimation of inferred mineral resources.

Due to the presence of residual cover and the regolith-dominated profile, the underlying bedrock geology and its control on rare earth element distribution is not yet well understood. Additionally, the current drill spacing is too wide to resolve local variations in regolith thickness or the vertical position of mineralized zones with the confidence required for higher confidence resource classifications.

Further geological work and infill drilling, with appropriate studies, will be necessary to improve confidence in the geological model and to support the estimation of indicated or measured resources.

<u>Ownership</u>. The Alpha Project is wholly owned by REA.

<u>Surface Access</u>. To date REA has secured verbal agreements and signed consent declarations from landowners permitting exploration and drilling activities at the Alpha Project. However, REA does not currently hold formal surface access agreements for activities beyond exploration and drilling. Negotiations for such agreements have not yet commenced. REA intends to initiate formal discussions regarding broader surface rights as the project progresses.

All tenements have sufficient area to accommodate mining activities. In addition, there is sufficient space within the existing tenements, outside the defined mineral resource area, to host the infrastructure required for a potential processing operation at the Alpha Project.

At this stage, any additional land required outside the current tenement package is expected to be limited in extent and could be purchased or leased within the local district. The area surrounding the Alpha Project is largely rural, comprising privately held pastoral and agricultural land, and land availability is not currently considered a constraint.

<u>Infrastructure</u>. All Alpha Project tenements are within approximately 35 km of Brazil's major federal highway BR-116 to the west and 80 km of BR-101 to the east. These highways provide direct access to the country's key infrastructure and industrial centers. The tenements can be easily reached from either highway, first by paved highway BA-262 which passes through the Sapacaia, Nova Canaã and Rio das Pombas deposits; and then by a network of partially paved and unpaved roads. All deposit areas are within 1-2 km of municipal road networks. Exploration sites within the tenement areas can be accessed using off-road vehicles via existing agricultural tracks or tracks established by REA through open pasture, plantations, or forests.

The Alpha Project area is located approximately 270 km southwest of Salvador, the capital of Bahia State in Northeast Brazil. The approximate center of the property is 40°9'40.5"W and 14°44'27.5"S (375,000E, 8,370,000N SIRGAS 2000 UTM Zone 24S).

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The Alpha Project is surrounded by small population centers that are classified as cities and towns. The closest municipality to the project center, Iguaí, has a population of approximately 27,000 people and offers various amenities to support mineral exploration, including: food, accommodation, fuel, automotive services, and medical facilities. Within the Alpha Project area, there are several small settlements. The region's land use comprises primarily cattle grazing, subsistence farming, plantations (coffee, cocoa, cereals, and cassava), and tourism.

The Alpha Project concessions are crossed by three perennial rivers: Rio Preto, Rio do Vigário and the Rio das Pombas. The Project is situated on a hard-rock aquifer with low productivity that is not considered to be sensitive to mining extraction. Piped water supplied by the state utility company can be accessed in the municipalities of Iguaí and Nova Canaã along highway BA-262, which passes through the permit area.

The Alpha Project is less than 500 km by road from the Camaçari petrochemical complex that produces ammonium sulphate and sulfuric acid at a low cost, which are key reagents for the processing IAC mineralization.

The Port of Ilhéus, located within 120 km of the property, can be accessed via highway BR-415 and can facilitate the transportation of freight, heavy machinery, consumables, and mineral products associated with mining.

All of the current manual labor requirements for the Alpha Project, which consist of exploration activities, are met by personnel from nearby communities. Recruitment from outside the area may be required to secure experienced and competent senior personnel for mining operations.

<u>Environmental Matters and Permitting</u>. Current activities at the Alpha Project are limited to mineral exploration. In the state of Bahia, the Instituto do Meio Ambiente e Recursos Hídricos ("INEMA") is the designated authority responsible for monitoring environmental compliance, including the rehabilitation of drill pads and other surface disturbances resulting from exploration activities.

All exploration work undertaken to date, including auger drill pad construction and access road development, has been conducted in accordance with applicable state and local environmental regulations.

REA acknowledges that any future advancement beyond the exploration stage will be subject to additional environmental permitting at both the state and federal levels. This will include requirements for environmental impact assessments, stakeholder engagement, and site rehabilitation plans.

Project tenements 870701/2021, 872458/2016, and 872003/2021, which host the Rio Preto deposit, lie within the Serra do Ouro Environmental Protection Area ("APA"). Tenements 872073/2016 and 872585/2015, which include the Sapacaia and Rio das Pombas deposits, are partially covered by the same conservation unit.

According to Federal Law 9.985/2000, an APA is classified as a form of conservation unit for sustainable use (Article 14, Item I), with the objective of making nature conservation compatible with the sustainable use of part of its natural resources (Article 7, Paragraph 2). In general, the law does not impose prohibitions on the development of potentially or effectively polluting activities, such as mining. However, it is required that any rules imposed in the Management Plan of the conservation unit be observed and that, within the scope of environmental licensing, there is coordination with the management body of the conservation unit.

In the Brazilian legal framework, mining activities within sustainable use areas are not explicitly prohibited at the federal, state, or municipal levels. Activities in these areas must reconcile economic development with environmental preservation. Mining operations impacting these areas require licensing approval from the respective zone's management authority. This authorization is contingent upon conducting thorough environmental impact assessment studies.

To the extent known to the qualified persons, there are no significant environmental liabilities on the Alpha Project as of the date of the Alpha Technical Report Summary.

All exploration activities at the Alpha Project to date have been conducted in accordance with applicable federal and state regulations. The Alpha Project is located in the state of Bahia, Brazil, and is subject to oversight by both the ANM and INEMA, which are responsible for environmental permitting at the state level.

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*Next permitting milestones:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For 3 tenements with granted exploration permits, REA must conduct exploration and submit a RFP to ANM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For 6 tenements (870340/2013, 874490/2011, 870377/2012, 872458/2016, 871567/2015, 872585/2015), REA already submitted RFPs to ANM in 2023. As of the date of the Alpha Technical Report Summary, the RFPs remain under review by ANM. ANM reviews typically extend beyond the statutory six-month period. REA does not anticipate impediments to approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Acceptance of the RFPs by ANM marks the formal conclusion of the exploration phase. Once accepted, ANM may authorize the initiation of the mining concession application process. Authorization remains pending for all tenements.

*Future permitting milestones:*

Following acceptance of the RFPs by ANM, REA will prepare and submit an Economic Development Plan ("EDP") to ANM. The EDP, which will be supported by a Scoping Study, must demonstrate the technical and economic viability of the proposed mining operation. Approval of the EDP by ANM is required prior to the issuance of the mining concession.

In parallel with the ANM process, REA will initiate the environmental licensing process with the Secretaria de Estado de Meio Ambiente e Desenvolvimento Sustentável (SEMAD). This process typically consists of three stages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A Preliminary License (*Licença Prévia*), which assesses the environmental feasibility of a project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An Installation License (*Licença de Instalação*), which authorizes the commencement of construction of a project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An Operation License (*Licença de Operação*), which allows for the commencement of mining operations of a project.

Each license is granted following the submission and review of the required environmental impact assessments and supporting documentation.

• <u>Exploration History</u>. There is no known previous exploration for rare earth elements in the Alpha Project area prior to our interest in the project.

• A regional-scale airborne geophysical survey was commissioned in 2006 by the Companhia Baiana de Pesquisa Mineral ("CBPM"), a state mineral research agency. The 18,000 km<sup>2</sup> high-resolution airborne magnetic and radiometric survey was completed at 500 meter line spacings and covers the east and south of the Jequié Block. The survey identified a provincial-scale corridor of radiometric anomalies related to the Volta do Rio Plutonic Suite. This historical dataset has been acquired by REA.

The initial Alpha Project exploration licenses were staked for the purpose of iron ore exploration during the period 2015 to 2017, and for granite quarrying in 2015. REA is not aware of any historical exploration data collected by the previous exploration license holders.

In 2021, AMBPL conducted a review of the CBPM regional-scale airborne geophysical surveys. Based on the presence of prospective anomalies associated with the Volta do Rio Plutonic Suite, exploration licenses were acquired by AMBPL, between 2021 and 2023.

<u>Exploration and Related Programs</u>. Exploration and drilling completed to date are appropriate for the regolith-hosted ionic clay rare earth mineralization at the Alpha Project. Drill collars were surveyed using a handheld global positioning system ("GPS") instrument referenced to SIRGAS 2000 UTM 24S and projected to a 30 meter digital terrain model ("DTM"); future programs should use differential GPS and higher-resolution topography to improve accuracy for resource modelling and future engineering studies.

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Sufficient drilling and sampling data have been collected to support the geological interpretation and mineral resource estimates. Hole spacing ranges from 320 meters (with infill drilling on a diamond pattern) to 225 meters and 160 meters in the most densely drilled places. The geology and mineralization controls are well understood, and the exploration techniques and QA/QC protocols employed are appropriate for this deposit style. The rare earth assay and leach recovery datasets are of adequate quality and quantity for mineral resource estimation.

REA's drilling, sampling, assaying, and QA/QC have been completed in line with good industry practice.

In the opinion of the qualified persons, the current dataset is sufficient to support the mineral resource estimates disclosed. Additional drilling, improved surveying, and further metallurgical testing are recommended to refine the model and advance resources to higher confidence categories.

<u>Mineral Resource Estimates</u>. The depth, geometry, and grade of rare earth bearing saprolite on the properties make them amenable to exploitation by open cut mining methods. At the Alpha Project, reasonable prospects for economic extraction are specified for 33% of the resource model (201.7 Mt) that falls within a resource constraining conceptual pit shell. McGarry Geoconsulting and Karst Geo Solutions visited the project site, verified the historical drillhole database, and gained an understanding of historical QA/QC procedures implemented with respect to the drill samples. The historical exploration data used in the Alpha Project mineral resource estimates was obtained through documented procedures and involved verification and validation of exploration and production data, prior to consideration of geological modelling or mineral resource estimation. No limitations were placed on the qualified person to conduct data verification. In the opinion of McGarry Geoconsulting and Karst Geo Solutions, the data was suitable and adequate for the estimation of mineral resources at the Alpha Project.

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The resource estimates are based on the Rio Preto, Sapacaia, Rio das Pombas, and Nova Canaã prospects, the locations of which are highlighted on the following map.

![img135096051_18.gif](img135096051_18.gif)

The Alpha Project mineral resource estimates presented in the table below are reported using the mineral resource definitions set out in S-K 1300.

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<u>Alpha Project Inferred Mineral Resource Estimates</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Deposit** | **Tonnes**  | **TREO**  | **Nd2O3 + Pr6O11**  | **Dy2O3 + Tb4O7**  | **Cut-Off Grade** | **Recovery** |
|  |  | **(Mt)**  | **(ppm)** | **(ppm)** | **(ppm)** | **(ppm TREO)** | **%** |
| Inferred | Rio Preto | 80.8 | 1478 | 327 | 41.1 | 1000 | 27 |
| Inferred | Sapacaia | 50.6 | 1846 | 356 | 33.9 | 1000 | 22 |
| Inferred | Rio das Pombas | 56.5 | 1370 | 298 | 40.0 | 1000 | 30 |
| Inferred | Nova Canaã | 13.8 | 1184 | 260 | 34.4 | 1000 | 35 |
| Inferred | **Total** | **201.7** | **1520** | **322** | **38.5** | 1000 | **27** |

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Notes to accompany mineral resource table:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Mineral resources are reported in situ, using the definitions in S-K 1300, and are current as at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The third-party firm responsible for the estimates is McGarry Geoconsulting Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Tonnes are dry metric tonnes, and contained metal figures are derived arithmetically from in situ tonnage and grade (i.e., not adjusted for mining dilution or losses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Mineral resources are constrained within an optimized Whittle pit shell generated using a mining cost of US$1.98/ t, a processing cost of US$7.65/ t, a general and administration cost of US$1.74/ t and mining and process recovery factors of 95% and 27%, respectively. A maximum pit slope of 35° is used and the extent of the shell is limited to within the boundary of each tenement. Block values were calculated from Adamas Intelligence forecast rare earth oxide prices for 2030–2040 with an assumed 70% payability, corresponding to a basket value of US$57.2/kg of recovered rare earth oxide. The table below includes the detailed breakdown on contribution of each oxide to the basket price:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**REE Oxide**<sup>1</sup> | &nbsp;&nbsp;**Avg. Proportion of Recovered TREO (%)** | &nbsp;&nbsp;**Forecast Price<br>($/kg)** | &nbsp;&nbsp;**Value at 70% Payability ($/kg)** | &nbsp;&nbsp;**Contribution to Avg. Basket Value ($/kg)**<sup>3</sup> | &nbsp;&nbsp;**Proportion of Avg. Basket Value(%)** |
| &nbsp;&nbsp;La2O3 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;CeO2 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Pr6O11 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;158.6 | &nbsp;&nbsp;111.0 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;12.2 |
| &nbsp;&nbsp;Nd2O3 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;154.8 | &nbsp;&nbsp;108.3 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;46.0 |
| &nbsp;&nbsp;Sm2O3 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Eu2O3 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;34.7 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Gd2O3 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;80.5 | &nbsp;&nbsp;56.3 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Tb4O7 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;1550.8 | &nbsp;&nbsp;1085.5 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;10.1 |
| &nbsp;&nbsp;Dy2O3 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;503.5 | &nbsp;&nbsp;352.5 | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;19.8 |
| &nbsp;&nbsp;Ho2O3 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;171.2 | &nbsp;&nbsp;119.8 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Er2O3 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;40.6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.3 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Yb2O3 | &nbsp;&nbsp;21.9 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Lu2O3 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Y2O3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;910.8 | &nbsp;&nbsp;637.6 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***57.2*** | &nbsp;&nbsp;***100.0*** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Mineral resources are reported above a marginal cut-off of 1,000 ppm TREO, which is based on the parameters used for pit optimization in note 3. Costs related to waste mining, transportation, and capital expenditures are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Average recovery represents the weighted mean of block model REE leach extraction estimates, excluding cerium, based on test results on representative exploration samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Total rare earth oxides (TREO ppm) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3; NdPr = Nd2O3 + Pr6O11; DyTb = Tb4O7 + Dy2O3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Total rare earth oxides (TREO ppm) are inclusive of, not separate to, NdPr ppm and DyTb ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Numbers have been rounded. Totals may not sum due to rounding.

The estimates contained within the Alpha Technical Report Summary are the initial estimates for those properties.

The following input assumptions, as discussed in Section 11.11 of the Alpha Technical Report Summary, were applied to determine reasonable prospects for economic extraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Near-surface rare earth mineralization occurs within shallow, laterally extensive saprolite horizons amenable to conventional free-dig open-pit mining;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A TREO cut-off grade was established using block value and leach recovery calculations, as well as mining recovery, and costs to identify material with reasonable prospects of eventual economic extraction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue basis assumes production of a mixed rare earth carbonate with payability linked to forecast oxide prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Price assumptions are derived from a long-term independent market forecast expressed in constant real terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There is sufficient time in the 10-year timeframe considered for the commodity price forecast for us to address any issues that may arise, or perform appropriate additional drilling, testwork and engineering studies to mitigate identified issues with the estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A conceptual open-pit shell was used to constrain the estimate. The shell was defined using calculated block value, assumed mining, processing and administrative costs, leching recoveries, and slope constraints.

As discussed in Sections 7 and 8 of the Alpha Technical Report Summary, drilling consists of 30 diamond core holes (1,013 m), 15 sonic drill holes (398 m) and 936 auger holes (15,422 m). The mineral resource estimate was based on all drilling data completed to July 16, 2024. The database close-out date reflects the date of the last assay information and is August 13, 2024.

Drill companies and methods included Alpha Minerals Brazil Participações Ltda., a wholly owned subsidiary of the Company, who used a hand-held petrol-powered auger, Brazil Royalty Corp. Participações e Investimentos Ltda, who used an Eijkelkamp Compact RotoSonic V rig for sonic and diamond core drilling. Holes were collared using HQ drill, producing 63.5 mm diameter core, and advanced with NQ rods, producing 47.6 mm diameter core, once fresh, and unoxidized bedrock was encountered.

Auger holes were geologically logged in the field, and a representative fraction was retained in a chip tray for reference. Auger samples were photographed. Sonic and diamond core holes were transported from the drill site to logging facilities in covered boxes. The sonic and diamond core drill core was measured to assess recovery, then geologically logged and photographed wet in core boxes immediately before sampling.

For both auger, sonic and diamond core drill holes, logging included qualitative determinations of primary and secondary lithology units, weathering profile units (mottled zone, lateritic zone, saprock, saprolite, etc.), as well as the color and textural characteristics of the rock.

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Recovered auger sample material, and sonic and diamond drill core, was measured, and recovery expressed as a percentage recorded in the database. Recovery rates for auger drilling in regolith is 99%. The average recovery for sonic core drilling in regolith is 95%. The average recovery for diamond core drilling is 78% in regolith and 95% in rock. For core drilling methods, poor recoveries less than 85% typically occur 5–10 m below surface in areas of unconsolidated cover. There was no observed relationship between sample recovery and grade or sample bias due to preferential loss or gain of fine or coarse material.

Drill collars were located using a handheld GPS instrument. The accuracy of the locations is sufficient to support the inferred mineral resource confidence classification. No down hole surveys were completed on any of the drill holes due to their shallow depths.

The mineralization is interpreted to be flat in the weathered profile, so the drilling is vertically perpendicular to mineralization and drilled mineralization thickness is interpreted to correspond to true thickness. Any variations to rare earth element distribution within the horizontal layering were not defined.

Based on the available data, drilling and logging are adequate to support mineral resource estimation.

Auger, sonic and drill core sub-samples submitted for assaying had an average weight of 1 kg. Grab samples had an average weight of 1 kg. For all sample types, field duplicates were completed at a frequency of 1:20 samples. Collected auger sample interval lengths were 1 m, with some variation depending on sample recovery and geological unit boundaries. Core and sonic drill samples were split to obtain quarter core sub-samples for assaying. Core sample intervals were typically 1 m in length, with a minimum of 0.55 m and a maximum of 2.0 m, taking into account lithological boundaries.

Sample collection, preparation, and transportation was managed by Rare Earths Americas. Chain-of-custody procedures consist of sample submittal forms sent to the laboratory with sample shipments to make certain that all samples are received by the laboratory.

Density measurements were completed on 163 fragments of sonic drill core, typically about 10 cm in length and 300 cm3 in volume, collected from across deposit. The water displacement method was used for density measurement. Simple averages generated for each material type were assigned to mineral resource models for each deposit.

SGS Geosol in Vespasiano, Minas Gerais, Brazil (SGS Geosol) has been the primary assay laboratory for the Project since mineral exploration sampling commenced in March 2022. SGS Geosol is independent of the Company and holds ISO 9001 certification and 17025 accreditations. Approximately 74% of the assays (3,642 samples) in the database were generated by SGS Geosol. In early 2024, Rare Earths Americas began periodically sending drill samples for preparation to ALS Belo Horizonte, Brazil (ALS Belo Horizonte) and with assaying completed at the ALS Lima facility in Peru (ALS Lima). ALS Belo Horizonte and ALS Lima are independent of the Company, and both hold ISO 17025 accreditations and ISO 9001 certification. Approximately 26% of the assays (1,293 samples) in the database were generated by ALS Lima.

Sample preparation methods included drying, crushing to 75% passing 3 mm, and pulverizing to 95% passing 75 µm (SGS Geosol) or 85% passing 75 µm (ALS Belo Horizonte). SGS Geosol used a lithium borate fusion followed by inductively-coupled plasma mass spectrometry (ICP-MS) determination for a multi-element suite. ALS Lima used lithium borate fusion followed by an ICP-MS determination (ALS code ME-MS81), to generate a multi-element suite. Botn methods provide a total rare earth element analysis, and values for the potentially deleterious elements uranium and thorium. At both laboratories, the assay technique used for major oxides and components was lithium borate fusion followed by ICP optical emission spectroscopy (OES) analysis.

All exploration conducted was accompanied by a QA/QC program, which included the systematic insertion of CRMs, blank material, and the collection of field duplicate samples along with the exploration samples. QA/QC sample results were monitored by the exploration team independently from the analytical laboratories and were periodically reviewed by McGarry Geoconsulting. The results of the QA/QC samples summitted by Rare Earth Americas during exploration do not indicate significant issues with the analytical data. The performance of CRM, blanks and field duplicates indicate satisfactory performance of field sampling protocols and assay laboratories in providing acceptable levels of precision and accuracy.

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**Constellation Project**

<u>Description and Location</u>. The Constellation Project is located in a renowned IAC rare earth province, approximately 190 km north of São Paulo and 450 km from Belo Horizonte, near the city of Poços de Caldas. The Poços de Caldas alkaline complex has a long history of mining, including uranium, bauxite and clay. The Constellation Project consists of non-contiguous tenement blocks situated in the southern part of Minas Gerais State and in neighboring São Paulo State. The mineral resource estimates are limited to the following seven nearby but non-contiguous tenements in Minas Gerais which have a combined area of approximately 14.4 km<sup>2</sup>: Pio Cipó, Pedra Preta, Varginha, Roseira, Mato Queimado, Clube da Uva and Andradas. These tenements are distributed across an area 20 km east-west by 20 km north-south. The centroid of this area is located at approximately 46°32'21.29 W and 21°55'46.41 S. The current book value of the Constellation Project property and its associated plant and equipment is US$ .

The Constellation Project is an IAC rare earth project. The following map shows the location of the Constellation Project.

![img135096051_19.jpg](img135096051_19.jpg)

The following map shows the layout of the properties within the Constellation Project.

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Constellation Project Mineral Properties

![img135096051_20.jpg](img135096051_20.jpg)

The Constellation Project is an exploration stage property. No mining activities have ever been conducted at the Constellation Project by us or any previous owner.

<u>Physiography and Climate</u>. The Poços de Caldas plateau lies in a transition zone between the seasonal semi-deciduous forests of the Atlantic Forest biome and the high-altitude grassland savanna formations of the Cerrado biome. Most of the tenement areas have been altered by agricultural activities. The Poços de Caldas Basin supports a diverse range of farming activities, including temporary crops such as beans, onions, potatoes, soybeans, corn, and various horticultural products, as well as permanent crops such as olive trees. The region also contains planted forest areas, primarily composed of eucalyptus plantations. Overall, the vegetation cover across the project areas has been extensively modified by agricultural and plantation use. Protected native forest biomes are limited in extent, and the current land use is compatible with the current stage of mineral project development.

The climate in the Constellation Project area is tropical savanna, classified as 'Aw' under the Köppen climate classification system. The average annual temperature is about 22.3°C. The highest average temperatures are observed in March, reaching around 23.9°C. July is the coldest month, with temperatures averaging 20.2°C. The annual precipitation in the area averages 633 mm. Rainfall is irregularly distributed, with most of the rain occurring from October-April. Any future mining operations would occur year-round.

<u>Geology and Mineralization</u>. The Constellation Project hosts rare earth element mineralization in the form of ionically adsorbed rare earth elements bound to clay minerals within the regolith developed over the regional Poços de Caldas alkaline complex. Although IAC deposits are not currently classified within the USGS Mineral Deposit Model series, the deposit type is well defined in the geological literature.

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The Poços de Caldas region is characterized by an elevated plateau with steep escarpments and a roughly circular morphology approximately 35 km in diameter. This elevated structure is the surface expression of the Poços de Caldas alkaline complex, one of the world's largest alkaline intrusions. The plateau reaches elevations of 1,300 meters above sea level ("masl") to 1,600 masl, contrasting sharply with the surrounding lower relief terrain (around 800-1,000 masl). The permits that host mineral resources range in elevation from 1,250 masl to 1,350 masl. The highest elevations occur on the Pedra Preta tenement at the center of the Poços de Caldas complex where they reach 1,450 masl. The lowest elevation of 950 masl occurs on the Andradas tenement where a valley intersects the southern rim of the Poços de Caldas complex.

On the Pio Cipó, Roseira, and Varginha tenements, topography is gently undulating with hills bisected by subdued radial and dendric drainage, with changes in elevation limited to 100 meters or less. The Pedra Preta tenement at the center of the Poços de Caldas complex occurs on a broad, elevated crest extending to a maximum elevation 1,450 masl, which is 100 meters higher than the surrounding north-northwest orientated drainage channels. The Andradas tenement on the southern rim of the Poços de Caldas alkaline complex is characterized by roughly east-west ridgeline intersected by radial drainage depression resulting in a steep elevation difference of approximately 400 meters across the tenement area.

<u>Ownership</u>. The Constellation Project is held through a combination of direct ownership and option agreements. REA holds 21 concessions, including 6 mining concessions and 15 exploration permits. Of these, 13 concessions are directly owned by us or our subsidiaries or affiliates, and 8 concessions are subject to option agreements with Brazilian companies including Mineração Andradense Ltda, JJBF and Green Mining Company Ltda. (which assumed Terra Goyana Mineração Ltda. and Bautek Minerais Industriais Ltda.'s rights and obligations under such option agreement). Private option agreements between AMBPL and the respective landowners grant us the exclusive right to access, enter and occupy each property for the purpose of mineral exploration and, upon exercise of the option, to obtain mineral rights for each property. The Constellation Project is wholly-owned by us. We hold 37 granted permits registered with ANM that cover a total area of approximately 59.5 km². The concessions are located over a large area, 20 km in north–south extent, from Poços de Caldas to the north and Andradas to the south. The mining concessions and exploration concessions are shown in the following map.

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![img135096051_21.jpg](img135096051_21.jpg)

The Constellation Project includes seven mineral resource deposit areas within the following concessions: 818865/1971 - Pio Cipó, 813944/1971 - Pedra Preta, 808966/1968 - Varginha, 800572/1969 – Roseria, 830914/2013 - Mato Queimado, 804059/1971 - Clube da Uva, and 833020/2022 - Andradas. See "Business—Mining Rights—Constellation Project" for additional information.

<u>Surface Access</u>. REA does not currently hold any formal agreements with landowners for surface access rights at the Constellation Project and has not yet started negotiating any such agreements. Exploration activities to date have been conducted under informal access arrangements with landowner consent. REA anticipates initiating formal surface rights discussions as the Constellation Project advances. All tenements have sufficient area to accommodate mining activities. In addition, there is sufficient space within the existing Pio Cipó concession, outside the defined mineral resource area, to host the infrastructure required for a potential processing operation at the Constellation Project. At this stage, any additional land required outside the current tenement package is expected to be limited in extent and could be purchased or leased within the local district. The area surrounding the Constellation Project is largely rural and industrial, comprising privately held pastoral and agricultural land, and land availability is not currently considered a constraint.

<u>Infrastructure</u>. The Constellation Project is surrounded by small cities and towns. Poços de Caldas, the nearest municipality, has a population of approximately 168,640 people as of the date of the Constellation Technical Report Summary, and offers amenities to support mineral exploration, including: food, accommodation, fuel, automotive services, and medical facilities. The Constellation Project is within general proximity of the Port of Santos, situated 365 km from the Constellation Project area, which could be used to support the transport of freight, heavy machinery, and mineral products to and from the Constellation Project area for any future mining operation. The Cubatão Petrochemical Complex is 338 km from the Constellation Project site, and is a source of ammonium sulphate and sulfuric acid supply.

Further, all of the mineral concessions of the Constellation Project are situated within 50 km of federal highway BR-381, which links the industrial hubs of São Paulo (270 km by road) and Belo Horizonte (460 km by road), providing

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access to regional infrastructure. The various concessions can be reached from BR-381 via federal highway BR-459, which is located 10-15 km to the east of the Constellation Project center, or from BR-146, situated 5 km to the west of the Constellation Project center. From these highways, access within the concessions is facilitated by local all-weather roads. The Constellation Project is in close proximity to transcontinental road and rail networks, as well as international maritime links. The closest major airport is the Guarulhos–Governador André Franco Montoro International Airport in São Paulo.

We have not obtained any permits or agreements to extract water for exploration at the Constellation Project. Exploration to date has not required water use. Water for future operations could be sourced from several nearby storage facilities. The tenements are generally located within 5 to 10 km of major reservoirs, including Represa do Cipó, with a storage capacity of approximately 32 million cubic meters, and Represa Bortolan, with approximately 7 million cubic meters, as well as numerous smaller reservoirs and waterways distributed across the district. Tenements such as Pio Cipó and Varginha, which provide suitable space for locating processing facilities, are adjacent to these reservoirs and can be supplied via short pipeline connections.

The Poços de Caldas district is well served by numerous high-capacity power lines and natural gas pipelines, providing potential energy sources for future mining operations. All tenements hosting mineral resources are either crossed by, or located within approximately 4 km of, a 138 kV electrical transmission line, enabling straightforward connection to regional power infrastructure. A major natural gas pipeline runs approximately 60 km east of the district, offering an additional energy source for potential processing facilities.

All of the current manual labor requirements for the Constellation Project, which consist of exploration activities, are met by personnel from nearby communities. Recruitment from outside the area may be required to secure experienced and competent senior personnel for mining operations.

<u>Environmental Matters and Permitting</u>. Current activities at the Constellation Project are limited to mineral exploration. In the state of Minas Gerais, Brazil, SEMAD is the designated authority responsible for monitoring environmental compliance, including the rehabilitation of drill pads and other surface disturbances resulting from exploration activities, and environmental permitting at the state level, while in the state of São Paulo, the corresponding authority is the Secretaria de Meio Ambiente, Infraestrutura e Logística.

All exploration work undertaken to date, including auger drill pad construction and access road development, has been conducted in accordance with applicable state and local environmental regulations. Any future advancement beyond the exploration stage will be subject to additional environmental permitting at both the state and federal levels. This will include requirements for environmental impact assessments, stakeholder engagement, and site rehabilitation plans.

No formal environmental baseline studies have been conducted on the Constellation Project as of the date of the Constellation Technical Report Summary. To the extent known to the qualified persons, there are no environmental liabilities on the Constellation Project as of the date of the Constellation Technical Report Summary.

The Constellation Project is also subject to oversight by the ANM.

*Next permitting milestones:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In Brazil, mineral rights are granted on a per-substance basis. For the 6 tenements with mining concessions originally issued for other minerals, Brazilian law requires that any newly identified substances be formally reported to the ANM.

oUnder Law No. 13,575/2017 and Decree No. 9,406/2018, concession holders may continue research within granted areas to expand mineral reserves or identify new economic substances without requesting a new exploration permit.

oTo develop rare earth deposits on existing mining concessions, REA must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Communicate the discovery of the new substance as soon as technical work demonstrates its occurrence and indicates potential economic interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪For the 15 exploration reports, REA must submit a RFP;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Present a specific Economic Utilization Plan for rare earth elements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If approved, ANM will recognize the new reserves and extend the existing concessions to include the additional substances as economically exploitable within the same tenements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For 15 tenements with granted exploration permits, REA must submit a RFP to ANM. Acceptance of the RFP would formally conclude the exploration phase and authorize the commencement of the process to obtain a mining concession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For 1 tenement with an exploration permit application submitted, REA must be granted Research Authorization by ANM. Approval of the Research Authorization formally initiates the exploration phase and establishes the timeframe for submission of a RFP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For 1 tenement with a bauxite mining concession application submitted, REA must obtain the required environmental licenses and await ANM's technical review.

*Future permitting milestone:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Following acceptance of the RFP, REA will prepare and submit an EDP. The EDP, which will be supported by a Scoping Study, must demonstrate the technical and economic viability of the proposed mining operation. Approval of the EDP by ANM is required prior to the issuance of the mining concession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In parallel with the ANM process, REA will initiate the environmental licensing process with SEMAD. This process typically consists of three stages:

oA Preliminary License (*Licença Prévia*), which assesses the environmental feasibility of the project;

oAn Installation License (*Licença de Instalação*), which authorizes the commencement of construction; and

oAn Operation License (*Licença de Operação*), which allows for the commencement of mining operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each license is granted following the submission and review of the required environmental impact assessments and supporting documentation.

<u>Exploration History</u>. There is no known previous exploration for rare earth elements in the Constellation Project area prior to our interest in the project. In 2023, AMBPL undertook a countrywide mineral prospectivity review targeting rare earth elements. The review identified the Poços de Caldas alkaline intrusion as a highly prospective geological setting, with favorable bedrock mineralization and documented occurrences of ionic adsorption clay mineralization developed in the overlying regolith. Based on these results, AMBPL initiated a strategic program to secure mineral rights in the region.

Auger drilling has served as the primary form of exploration within the tenements comprising the Constellation Project. The initial exploration licenses were acquired by us in August 2023 and auger drilling commenced that month. In the first quarter of 2024, we dispatched a sonic drill rig to the Constellation Project site. By the second quarter of 2024, a total of 280 drill holes (3,817 meters) were completed, with each drill hole averaging a depth of about 14 meters. During the second half of 2024, we conducted a 133 hole auger exploration drilling campaign for 1,430 meters drilled, with an average depth of 10.7 meters per drill hole.

<u>Exploration and Related Programs</u>. Exploration and drilling completed to date are appropriate for the regolith-hosted ionic clay rare earth mineralization at the Constellation Project. Drill collars were surveyed using handheld GPS referenced to SIRGAS 2000 UTM 24S and projected to a 30 meter DTM; future programs should use differential GPS and higher-resolution topography to improve accuracy for resource modelling and engineering studies.

Sufficient drilling and sampling data have been collected to support the geological interpretation and mineral resource estimates. The geology and mineralization controls are well understood, and the exploration techniques and QA/QC protocols employed are appropriate for this deposit style. The rare earth assay and leach recovery datasets are of adequate quality and quantity for resource estimation.

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Our drilling, sampling, assaying, and QA/QC have been completed in line with good industry practice. Remaining exploration potential exists in lateral saprolite extensions, transitional saprock zones, and peripheral tenements with anomalous rare earth element geochemistry.

In the opinion of the qualified persons, the current dataset is sufficient to support the mineral resource estimates disclosed. Additional drilling, improved surveying, and further metallurgical testing are recommended to refine the model and support higher confidence mineral resource categories.

<u>Mineral Resource Estimates</u>. The depth, geometry, and grade of rare earth bearing saprolite on the properties make them amenable to exploitation by open cut mining methods. At the Constellation Project, reasonable prospects for economic extraction are specified for 64% of the resource model (266 Mt) that falls within a resource constraining conceptual pit shell.

For the Constellation Project, the estimate resulted in (at a 1,000 ppm TREO reporting cut-off) a global inferred mineral resource of 266.2 Mt at an average grade of 2,637 ppm TREO, containing approximately 116,479 tonnes of Nd₂O₃+Pr₆O₁₁(NdPr) and 7,151 tonnes of Dy₂O₃+Tb₄O₇(DyTb). This effective date estimate is current as of October 31, 2025

Drilling, collar surveying and geological, logging at the Constellation Project were conducted in accordance with industry-standard practices for IAC projects.

No downhole surveys were conducted due to the shallow nature of the drilling, with most auger and sonic holes drilled to depths of less than 50 meters. The vertical orientation of holes and their short lengths are expected to result in minimal deviation, and thus positional uncertainty along the drill trace is considered low.

The drilling and logging data are adequate to support mineral resource estimation.

To provide a metallurgical basis for reporting rare earth elements in the mineral resource estimate, we conducted an extensive program of bench-scale leachability testing on exploration drill samples across all deposit areas. Samples were collected at one-meter intervals through the entire regolith profile in a subset of drillholes, providing high vertical resolution and systematic coverage across the mineralized zones. Testing was conducted using ammonium sulfate ion-exchange leaching under controlled conditions selected to closely replicate the anticipated processing route. Leach recoveries for each rare earth element were estimated into the block model from sample results allowing estimation of in-situ rare earth grades and recoveries which are used to calculate a recovered block value, which forms the basis for cut-off grade determinations. The aggregate average leach recoveries from the bench-scale program are considered representative of the deposit at a bulk scale due to the systematic sampling strategy and the close match between laboratory test conditions and the planned plant process.

McGarry Geoconsulting and Karst Geo Solutions reviewed current drilling and sampling procedures, verified the location of selected drill collars, inspected site geological data collection systems, reviewed site geology, reviewed sample storage facilities and discussed QA procedures with geological personnel. McGarry Geoconsulting and Karst Geo Solutions also visited the project area and determined the majority of data, drilling, and geological records were well maintained by site personnel. The historical exploration data used in the Constellation Project resource estimates was obtained through documented procedures and involved verification and validation of exploration and production data, prior to consideration of geological modelling or mineral resource estimation. No limitations were placed on the qualified person to conduct data verification. In the opinion of McGarry Geoconsulting and Karst Geo Solutions, the data was suitable and adequate for the estimation of mineral resources at the Constellation Project.

The resource estimates presented in the table below are based on the estimation domain groups, within the individual concession, the locations of which are shown on the following map.

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![img135096051_22.jpg](img135096051_22.jpg)

The total area of the seven deposit models is 16 km<sup>2</sup>. The total modelled volume is approximately 269 Mm<sup>3</sup>. The modelled north–south extent of individual deposits ranges up to about 3 km. The east–west extents range up to 3 km. The modelled thicknesses range up to 47 meters, and the median thicknesses range from 10-25 meters. Domain extents are provided in Table 11-1 of the Constellation Technical Report Summary.

The depth, geometry, and grade of rare earth bearing saprolite on the properties make them amenable to exploitation by open cut mining methods. At the Constellation Project, reasonable prospects for economic extraction are specified for 64% of the resource model (266 Mt) that falls within a resource constraining conceptual pit shell.

The Constellation Project mineral resource estimates presented in the table below are reported using the mineral resource definitions set out in S-K 1300.

<u>Constellation Project Inferred Mineral Resource Estimates</u> 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Deposit** | **Tonnes**  | **TREO**  | **Nd2O3 + Pr6O11**  | **Dy2O3 + Tb4O7**  | **Cut-Off Grade** | **Recovery** |
|  |  | **(Mt)**  | **(ppm)** | **(ppm)** | **(ppm)** | **(ppm TREO)** | **%** |
| Inferred | Pio Cipó | 70.2 | 2976 | 722 | 35.6 | 1000 | 37 |
| Inferred | Pedra Preta | 60.7 | 3101 | 664 | 32.8 | 1000 | 29 |
| Inferred | Varginha | 53.0 | 2157 | 350 | 16.9 | 1000 | 49 |
| Inferred | Roseira | 42.3 | 2508 | 518 | 18.6 | 1000 | 36 |
| Inferred | Mato Queimado  | 17.7 | 2027 | 483 | 26.0 | 1000 | 47 |
| Inferred | Clube da Uva | 9.6 | 2508 | 375 | 17.0 | 1000 | 35 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Andradas | 12.6 | 1,928 | 513 | 28.1 | 31 |
| **TOTAL** | **266.2** | **2,637** | **564** | **26.9** | **38** |

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Notes to accompany mineral resource table:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Mineral resources are reported in situ, using the definitions in S-K 1300, and are current as at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The third-party firm responsible for the estimates is McGarry Geoconsulting Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Tonnes are dry metric tonnes, and contained metal figures are derived arithmetically from in situ tonnage and grade (i.e., not adjusted for mining dilution or losses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Mineral resources are constrained within an optimized Whittle pit shell generated using a mining cost of US$1.98/t, a processing cost of US$7.65/ t, a general and administration cost of US$1.74/ t and mining and process recovery factors of 95% and 38%, respectively. A maximum pit slope of 35° is used and the extent of the shell is limited to within the boundary of each tenement. Block values were calculated from Adamas Intelligence forecast rare earth oxide prices for 2030–2040 with an assumed 70% payability, corresponding to a basket value of US$43.5/kg of recovered rare earth oxide. The table below includes the detailed breakdown on contribution of each oxide to the basket price:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**REE Oxide**<sup>1</sup> | &nbsp;&nbsp;**Avg. Proportion of Recovered TREO (%)** | &nbsp;&nbsp;**Forecast Price<br>($/kg)** | &nbsp;&nbsp;**Value at 70% Payability ($/kg)** | &nbsp;&nbsp;**Contribution to Avg. Basket Value ($/kg)**<sup>3</sup> | &nbsp;&nbsp;**Proportion of Avg. Basket Value (%)** |
| &nbsp;&nbsp;La2O3 | &nbsp;&nbsp;52.6 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;CeO2 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Pr6O11 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;154.4 | &nbsp;&nbsp;108.0 | &nbsp;&nbsp;9.2 | &nbsp;&nbsp;21.1 |
| &nbsp;&nbsp;Nd2O3 | &nbsp;&nbsp;23.9 | &nbsp;&nbsp;150.7 | &nbsp;&nbsp;105.5 | &nbsp;&nbsp;25.2 | &nbsp;&nbsp;58.0 |
| &nbsp;&nbsp;Sm2O3 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Eu2O3 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;34.7 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Gd2O3 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;80.5 | &nbsp;&nbsp;56.3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Tb4O7 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1550.8 | &nbsp;&nbsp;1085.5 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;Dy2O3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;503.5 | &nbsp;&nbsp;352.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;Ho2O3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;171.2 | &nbsp;&nbsp;119.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Er2O3 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;40.6 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Y2O3 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;Yb2O3 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Lu2O3 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;910.8 | &nbsp;&nbsp;637.6 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;**43.5** | &nbsp;&nbsp;**100.0** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Mineral resources are reported above a marginal cut-off of 1,000 ppm TREO, which is based on the parameters used for pit optimization in note 4. Costs related to waste mining, transportation, and capital expenditures are excluded.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Average recovery represents the weighted mean of block model REE leach extraction estimates, excluding cerium, based on test results on representative exploration samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Roseira, Varginha and Clube da Uva deposits are subject to a private royalty equal to 5% of net revenue from concession production in favor of Mineração Andradense Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Total rare earth oxides (TREO ppm) = La2O3+ CeO2 + Pr6O11 + Nd2O3+ Sm2O3 + Eu2O3 + Gd2O3+ Tb4O7 + Dy2O3 + Ho2O3+ Er2O3 + Tm2O3 + Yb2O3+ Y2O3 + Lu2O3; NdPr = Nd2O3+ Pr6O11; DyTb = Tb4O7 + Dy2O3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Total rare earth oxides (TREO ppm) are inclusive of, not separate to, NdPr ppm and DyTb ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Numbers have been rounded. Totals may not sum due to rounding.

The estimates contained within the Constellation Technical Report Summary are the initial estimates for those properties.

The following input assumptions, as outlined in Section 11.14 of the Technical Report Summary, were applied to determine reasonable prospects for economic extraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Near-surface rare earth mineralization occurs within shallow, laterally extensive saprolite horizons amenable to conventional free-dig open-pit mining;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A TREO cut-off grade was established using block value and leach recovery calculations, as well as mining recovery, and costs to identify material with reasonable prospects of eventual economic extraction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue basis assumes production of a mixed rare earth carbonate with payability linked to forecast oxide prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Price assumptions are derived from a long-term independent market forecast expressed in constant real terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There is sufficient time in the 10-year timeframe considered for the commodity price forecast for us to address any issues that may arise, or perform appropriate additional drilling, testwork and engineering studies to mitigate identified issues with the estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A conceptual open-pit shell was used to constrain the mineral resource estimate. The shell was defined using calculated block value, assumed mining, processing and administrative costs, leching recoveries, and slope constraints.

As discussed in Sections 7 and 8 of the Constellation Project Technical Report Summary, drilling consists of 37 sonic drill holes (1,103 m) and 277 auger holes (3,225 m). The mineral resource estimate was based on all drilling data completed to July 26, 2024. The database close-out date reflects the date of the last assay information and is July 26, 2024.

Drill companies and methods included Alpha Minerals Brazil Participações Ltd., a wholly-owned subsidiary of Rare Earth Americas, who used a hand-held petrol-powered auger, and Brazil Royalty Corp. Participações e Investimentos Ltda (an affiliate company of Rare Earth Americas with overlapping ownership to Alpha Minerals), who used an Eijkelkamp Compact RotoSonic V rig for sonic drilling.

Auger holes were geologically logged in the field, and a representative fraction was retained in a chip tray for reference. Auger samples were photographed. Sonic core holes were transported from the drill site to logging facilities in covered boxes. The sonic drill core was measured to assess recovery, then geologically logged and photographed wet in core boxes immediately before sampling.

For both auger and sonic holes, logging included qualitative determinations of primary and secondary lithology units, weathering profile units (mottled zone, lateritic zone, saprock, saprolite, etc.), as well as the color and textural characteristics of the rock.

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Recovered auger sample material and sonic drill core, was measured, and recovery expressed as a percentage recorded in the database. The average recovery for auger drilling and sonic core drilling in regolith is 95%. Areas of poor recovery (<85%) were limited to shallow unconsolidated cover. No systematic relationship between recovery and grade was observed, and no evidence of bias due to preferential loss of coarse or fine material was detected.

Drill collars were located using a handheld GPS instrument. The accuracy of the locations is sufficient to support the inferred mineral resource confidence classification. No down hole surveys were completed on any of the drill holes due to their shallow depths.

The mineralization is interpreted to be flat in the weathered profile, so the drilling is vertically perpendicular to mineralization and drilled mineralization thickness is interpreted to correspond to true thickness. Any variations to rare earth element distribution within the horizontal layering were not defined.

Drilling was conducted on a grid pattern at spacings of approximately 240 m. The distribution is sufficient to establish the degree of geological and grade continuity appropriate for an inferred mineral resource confidence classification.

Based on the available data, drilling and logging are adequate to support mineral resource estimation.

Auger, sonic and drill core sub-samples submitted for assaying had an average weight of 1 kg. Grab samples had an average weight of 1 kg. For all sample types, field duplicates were completed at a frequency of 1:20 samples. Collected auger sample interval lengths were 1 m, with some variation depending on sample recovery and geological unit boundaries. Sonic drill core samples were split to obtain quarter core sub-samples for assaying. Core sample intervals were typically 1 m in length, with a minimum of 0.55 m and a maximum of 2.0 m, taking into account lithological boundaries.

Sample collection, preparation, and transportation was managed by Rare Earths Americas. Chain-of-custody procedures consist of sample submittal forms sent to the laboratory with sample shipments to make certain that all samples are received by the laboratory.

Density measurements were completed on 225 fragments of sonic drill core, typically about 10 cm in length and 300 cm3 in volume, collected from across deposit. The water displacement method was used for density measurement. Simple averages generated for each material type were assigned to mineral resource models for each deposit.

SGS Geosol in Vespasiano, Minas Gerais, Brazil (SGS Geosol) has been the primary assay laboratory for the Project since mineral exploration sampling commenced in June 2023. SGS Geosol is independent of Rare Earths Americas and holds ISO 9001 certification and 17025 accreditations for selected analytical techniques. Approximately 74% of the exploration drilling assays (3,009 samples) in the database were generated by SGS Geosol. In early 2024, Rare Earths Americas began periodically sending drill samples for preparation to ALS Belo Horizonte, Brazil (ALS Belo Horizonte) and with assaying completed at the ALS Lima facility in Peru (ALS Lima). ALS Belo Horizonte and ALS Lima are independent of Rare Earths Americas, and both hold ISO 17025 accreditations for selected analytical techniques, and ISO 9001 certification. Approximately 26% of the assays (1,049 samples) in the database were generated by ALS Lima.

Sample preparation methods included drying, crushing to 75% passing 3 mm, and pulverizing to 95% passing 75 µm (SGS Geosol) or 85% passing 75 µm (ALS Belo Horizonte). SGS Geosol used a lithium borate fusion followed by ICP-MS determination for a multi-element suite. ALS Lima used lithium borate fusion followed by an ICP-MS determination (ALS code ME-MS81), to generate a multi-element suite. Both methods provide a total rare earth element analysis, and values for the potentially deleterious elements uranium and thorium. At both laboratories, the assay technique used for major oxides and components was lithium borate fusion followed by ICP OES analysis.

All exploration conducted was accompanied by a QA/QC program, which included the systematic insertion of CRMs, blank material, and the collection of field duplicate samples along with the exploration samples. QA/QC sample results were monitored by the exploration team independently from the analytical laboratories and were periodically reviewed by McGarry Geoconsulting. The results of the QA/QC samples summitted by Rare Earth Americas during exploration do not indicate significant issues with the analytical data. The performance of CRM, blanks and field duplicates indicate satisfactory performance of field sampling protocols and assay laboratories in providing acceptable levels of precision and accuracy.

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**MANAGEMENT**

The following table sets forth certain biographical and other information regarding our executive officers and directors:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| ***Executive Officers*** |  |  |
| Donald Swartz | 46 | Chief Executive Officer, President and Director |
| Jen Grafton | 49 | Chief Operating Officer, General Counsel and Secretary |
| Cheryl Kerr  | 60 | Chief Accounting Officer and Treasurer |
| &nbsp;&nbsp;&nbsp;***Non-Employee Directors*** |  |  |
| Dan Shribman | 41 | Chairman |
| Ivy Estabrooke | 49 | Director |
| Reta Jo Lewis | 72 | Director |
| Keith Phillips | 65 | Director |
| Hugo Schumann | 42 | Director |

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The following are brief biographies describing the backgrounds of our executive officers and directors.

**Executive Officers**

***Donald Swartz*** *— Chief Executive Officer, President and Director*

Mr. Swartz has served as our Chief Executive Officer and President since August 1, 2025 and as a member of our board of directors since April 18, 2025. Prior to being appointed as our Chief Executive Officer and President, Mr. Swartz served as Interim Chief Executive Officer of FRE Australia, from January to August 2025, and as a consultant to FRE US from January 2025 to August 2025. Prior to this, Mr. Swartz served as Chief Executive Officer of American Rare Earths Limited, a company that explores and develops mineral resources in the U.S. (ASX: ARR; OTCQX: ARRNF), from July 2023 to August 2024. From August 2024 until February 2025, Mr. Swartz was self-employed as a consultant in the mining industry. From June 2019 to July 2022, Mr. Swartz served as Senior Vice President of Vista Energy Holdings, a private mining and energy development company. Prior to his tenure at Vista Energy Holdings, Mr. Swartz held several senior executive positions at Westmoreland Coal Company ("Westmoreland"), a former U.S.-based energy company, which was previously listed on Nasdaq. At Westmoreland, he served successively as Chief Commercial Officer, Senior Vice President of Commercial, Sales and Marketing, Vice President of Sales and Marketing, and Vice President of Business Development from December 2017 to June 2019. Mr. Swartz holds a Master of Business Administration from the University of Denver and a Bachelor of Science degree in Mining Engineering from West Virginia University. Mr. Swartz served as an executive officer of Westmoreland at the time that Westmoreland filed for Chapter 11 reorganization in 2018; Westmoreland emerged from Chapter 11 bankruptcy in 2019.

We believe that Mr. Swartz is qualified to serve on our board of directors due to his extensive experience in the mining industry.

***Jen Grafton*** *— Chief Operating Officer, General Counsel and Secretary*

Ms. Grafton has served as our Chief Operating Officer, General Counsel and Secretary since August 1, 2025. Prior to being appointed as our Chief Operating Officer, General Counsel and Secretary, Ms. Grafton served as a consultant to FRE US from February 2025 to August 2025. Prior to this, Ms. Grafton served as Executive Vice President and General Counsel of E2open Parent Holdings, Inc. (NYSE: ETWO), a cloud-based, end-to-end supply chain management software company from 2021 to 2024. Previous to E2open, Ms. Grafton worked at Westmoreland from December 2008 to July 2019, most recently serving as Chief Legal Officer, Chief Administrative Officer and Secretary. Prior to Westmoreland, Ms. Grafton worked in the corporate group of various Denver-based and national law firms focusing her practice on securities and corporate governance. She also serves as a director of Dakota Gold

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Corp. (NYSE American: DC), a publicly traded gold exploration and development company, and serves as Lead Independent Director of Farmland Partners Inc. (NYSE: FPI), a public internally managed real estate company focused on high-quality farmland. Ms. Grafton holds a Master of Business Administration from the University of Michigan, Juris Doctorate from the University of Denver and a Bachelor of Arts in politics and government from the University of Puget Sound. Ms. Grafton served as an executive officer of Westmoreland at the time that Westmoreland filed for Chapter 11 reorganization in 2018; Westmoreland emerged from Chapter 11 bankruptcy in 2019.

***Cheryl Kerr –*** *Chief Accounting Officer and Treasurer*

Ms. Kerr has served as our Chief Accounting Officer and Treasurer since February 1, 2026. Prior to being appointed our Chief Accounting Officer and Treasurer, Ms. Kerr served as a consultant to the Company from December 2025 to February 2026. Prior to this, Ms. Kerr served as Senior Director of Accounting at Lumen Technologies, Inc. (NYSE: LUMN), a global networking company from August 2021 to October 2025, where she held various roles including the Senior Director of SEC Reporting and Senior Director of Finance Separation Management and International Accounting. Before Lumen Technologies, between 2019 and 2021, Mr. Kerr worked as an accounting consultant for various companies, including Lumen Technologies. Ms. Kerr holds both a Bachelor and Master of Business Administration from the University of Oklahoma Price College of Business and is a Certified Public Accountant.

**Non-Employee Directors**

***Dan Shribman*** *— Chairman*

Mr. Shribman has served as a director of the Company since the Company's formation in February 2025. Mr. Shribman has served as Chief Executive Officer of Great American Holdings, a financial services company providing valuation, appraisal, asset disposition, and real estate solutions, since July 2025. In addition, he has served as the Chief Executive Officer of Clamantis Holdings, an investment and advisory firm he founded which focused on small public companies and pre-IPO private companies, since January 2025. From October 2018 to December 2024, Mr. Shribman was Chief Investment Officer of B. Riley Financial, Inc., a public holding company (Nasdaq: RILY). Prior to that, from July 2010 to July 2018, he was a Portfolio Manager at Anchorage Capital Group, a special situation asset manager. Mr. Shribman currently serves on the board of Alta Equipment Group (NYSE: ALTG), a public construction and material handling equipment dealer, and has been on the board of AltEnergy Acquisition Corp. (Nasdaq: AEAE), a public blank check company, since October 2021, where he serves as Audit Committee Chair. He previously served on the boards of The Arena Group Holdings, Inc. (NYSE: AREN) from June 2021 to November 2023, Faze Holdings (Nasdaq: FAZE) from July 2022 to August 2023, NextPoint Financial Inc. (OTCMKTS: NACQF) from August 2021 to April 2023, and Eos Energy (Nasdaq: EOSE) from November 2020 to September 2022. Mr. Shribman holds an A.B. in Economics and History from Dartmouth.

We believe that Mr. Shribman is qualified to serve on our board of directors due to his extensive experience as a director, his experience in portfolio and investment management, and his knowledge of corporate finance.

***Ivy Estabrooke***

Dr. Ivy Estabrooke has served as a director of the Company since October 2025. She currently serves as Strategic Account Executive for Defense at RTI International, an independent, nonprofit scientific research institute, where she has held senior roles in innovation strategy and policy since November 2022. From February 2020 to September 2022, Dr. Estabrooke was Vice President of Operations and Corporate Affairs at IDbyDNA, Inc., a commercial-stage biotechnology company acquired by Illumina, Inc. (Nasdaq: ILMN). She previously served as Vice President of Government Affairs at PolarityTE, Inc. (Nasdaq: PTE), a clinical-stage biotechnology company developing regenerative tissue products and biomaterials, from July 2018 to January 2020. Earlier in her career, Dr. Estabrooke was Executive Director of the Utah Science, Technology and Research (USTAR) Initiative, and was a Technical Program Manager with the U.S. Department of the Navy from 2008 to 2014. Dr. Estabrooke served on the board of directors of Energy Fuels Inc. (NYSE: UUUU) from 2022 to 2025. Dr. Estabrooke holds a Ph.D. in Neuroscience from Georgetown University, an M.S. in National Resource Strategy from the Eisenhower School for National Security and Resource Management at the National Defense University, and a B.A. in Biological Sciences from Smith College.

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We believe Dr. Estabrooke is qualified to serve on our board of directors due to her expertise in advancing the development and commercialization of emerging technologies at the intersection of national and economic security, as well as her extensive government affairs experience.

***Reta Jo Lewis***

Ms. Lewis has served as a director of the Company since October 2025. Ms. Lewis served as the 27th Chairman, President, and Chief Executive Officer of the Export-Import Bank of the United States (EXIM) from February 2022 to January 2025. Prior to EXIM, she served as Senior Fellow and the Director of Congressional Affairs for the German Marshall Fund of the United States from March 2016 to February 2022. Previously, Ms. Lewis served as the U.S. Department of State's first Special Representative for Global Intergovernmental Affairs from January 2010 to May 2013. Ms. Lewis practiced law as a Shareholder at Greenberg Traurig LLP from 1997 to 2000. Ms. Lewis holds a J.D. from Emory University School of Law, an M.S.A.J. from American University, and a B.A. from the University of Georgia.

We believe Ms. Lewis is qualified to serve on our board of directors due to her extensive leadership in international trade, export finance, and government affairs, as well as her deep expertise in critical-mineral supply-chain policy and global partnership development.

***Keith Phillips***

Mr. Keith Phillips has served on our board of directors since October 2025. Mr. Phillips served as Chief Executive of Piedmont Lithium (formerly listed on Nasdaq) from its inception in July 2017 to its merger with Sayona Mining in October 2025. Prior to joining Piedmont, Mr. Phillips had a 30-year career on Wall Street. Among other positions, Mr. Phillips led the mining investment banking teams for Merrill Lynch, J.P. Morgan, and Dahlman Rose, having previously served as head of Canadian Investment Banking Services for Goldman Sachs. Mr. Phillips serves as a director of Q2 Metals (TSX.V: QTWO.V), a public company focused on mineral exploration in Canada. Mr. Phillips earned his Master of Business Administration in Finance from The University of Chicago and Bachelor of Commerce from Laurentian University in Canada.

We believe that Mr. Phillips is qualified to serve on our board of directors because of his extensive experience with mining companies, including many established global leaders, and his expertise in advising exploration and development-stage companies in achieving their strategic objectives, with a particular focus on obtaining relevance in the U.S. capital markets.

***Hugo Schumann***

Mr. Schumann has served as a director of the Company since October 2025. He has served as Chief Executive Officer of EverMetal Buyer Inc., a private equity–backed critical-metals recycling platform, since August 2025; as Chief Executive Officer, USA, for Elemental Group since April 2025, a company dedicated to metals recycling and urban mining; and as Strategic Advisor at Colt Recycling LLC, a company dedicated to electronics recycling, since June 2025. He previously served as Chief Executive Officer–Silver at the Indian integrated mining and resources producer of zinc, lead, silver and cadmium Hindustan Zinc Limited (NSE: HINDZINC; BSE: 500188) from February 2024 to October 2024, and as Chief Financial Officer of Jetti Resources, a copper-processing technology company, from October 2019 to January 2024. Mr. Schumann holds an M.B.A. from INSEAD and a Bachelor of Business Science from the University of Cape Town. He currently serves as a non-executive director of Global Uranium & Enrichment Ltd (ASX: GUE) and IonDrive Ltd (ASX: ION).

We believe Mr. Schumann is qualified to serve on our board of directors due to his extensive experience in critical-minerals project finance, metals-recycling operations, and executive leadership across the global mining industry.

**Family Relationships**

There are no family relationships among our directors and executive officers.

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**Board Composition**

Our certificate of formation provides that our board of directors shall initially consist of three directors, and thereafter shall be fixed from time to time by resolution of our board of directors. Currently our board of directors consists of six members: Dan Shribman, Donald Swartz, Ivy Estabrooke, Reta Jo Lewis, Keith Phillips and Hugo Schumann.

Each director shall hold office until the next annual meeting and until the election and qualification of his or her successor, or his or her earlier death, resignation or removal. Our bylaws authorize our board of directors to fill vacancies on our board of directors.

**Director Independence**

Under the listing standards, requirements and rules of the NYSE American (the "NYSE American Listing Rules"), independent directors must comprise a majority of our board of directors as a listed company within one year of the listing date.

Pursuant to the corporate governance standards of the NYSE American, a director will qualify as "independent" only if our board of directors affirmatively determines that he or she has no material relationship with us, either directly or as a partner, stockholder or officer of an organization that has a relationship with us. The fact that a director may own our capital stock is not, by itself, considered a material relationship. Our board of directors has undertaken a review of the independence of each director. Based on information provided by each director concerning her or his background, employment, and affiliations, including family relationships, our board of directors has determined that Mr. Shribman, Ms. Estabrooke, Ms. Lewis, Mr. Phillips and Mr. Schumann are "independent" as that term is defined under the NYSE American Listing Rules. Our board of directors has determined that Mr. Swartz, by virtue of his employment relationships with us is not independent under applicable rules and regulations of the SEC and the NYSE American. In making these determinations, our board of directors considered the current and prior relationships that each non-employee director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including the beneficial ownership of our shares by each non-employee director and the transactions described in the section titled "Certain Relationships and Related Person Transactions."

**Board Leadership Structures**

Our board of directors recognizes that one of its key responsibilities is to evaluate and determine its optimal leadership structure so as to provide effective oversight of management. Our bylaws and corporate governance guidelines will provide our board of directors with flexibility to combine or separate the positions of Chairman of our board of directors and Chief Executive Officer. Our board of directors currently believes that our existing leadership structure, under which Mr. Swartz serves as our Chief Executive Officer and President and Mr. Shribman serves as Chairman of our board of directors, is effective, provides the appropriate balance of authority between independent and non-independent directors, and achieves the optimal governance model for us and for our stockholders. Our board of directors will continue to periodically review our leadership structure and may make such changes in the future as it deems appropriate.

**Role of Board in Risk Oversight**

Although management is responsible for the day-to-day management of the risks our company faces, our board of directors and its committees take an active role in overseeing management of our risks and have ultimate responsibility for the oversight of risk management. Our board of directors regularly reviews information regarding our operational, financial, legal and strategic risks. Specifically, senior management attends quarterly meetings of the board of directors, provides presentations on operations including significant risks, and is available to address any questions or concerns raised by our board of directors.

In addition, we expect that the three committees of our board of directors which we plan to establish will assist the board of directors in fulfilling its oversight responsibilities regarding risk. The audit committee will coordinate the board of director's oversight of our internal control over financial reporting, disclosure controls and procedures, related party transactions and code of conduct and corporate governance guidelines, and management will regularly report to the audit committee on these areas. The compensation committee will assist the board of directors in fulfilling its oversight responsibilities with respect to the management of risks arising from our compensation policies and programs as well as succession planning as it relates to our Chief Executive Officer. The nominating and corporate

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governance committee will assist the board of directors in fulfilling its oversight responsibilities with respect to the management of risks associated with board organization, membership and structure, succession planning for our directors and corporate governance. When any of the committees receives a report related to material risk oversight, the chairman of the relevant committee will report on the discussion to the full board of directors.

**Board Committees**

Our board of directors has established an audit committee, a compensation committee, and a nominating and corporate governance committee. The composition and responsibilities of each of the committees of our board of directors are described below. Members serve on these committees until their resignation or until otherwise determined by our board of directors. Each committee has adopted a written charter that satisfies the applicable rules and regulations of the SEC and the NYSE American. Upon the completion of this offering, each committee's charter will be available on our website at *rareearthsamericas.com*. Our board of directors may establish other committees as it deems necessary or appropriate from time to time.

The NYSE American permits a phase-in period of up to one year for an issuer registering securities in an initial public offering to meet the audit committee, compensation committee and nominating and corporate governance committee independence requirements. Under the initial public offering phase-in period, only one member of each committee is required to satisfy the heightened independence requirements at the time our registration statement becomes effective, a majority of the members of each committee must satisfy the heightened independence requirements within 90 days following the effectiveness of our registration statement, and all members of each committee must satisfy the heightened independence requirements within one year from the effectiveness of our registration statement.

***Audit Committee***

Our audit committee consists of Ivy Estabrooke and Dan Shribman, with Hugo Schumann serving as chair. Our board of directors has determined that each member of the audit committee is independent under the NYSE American Listing Rules and Rule 10A-3(b)(1) of the Exchange Act , and can read and understand fundamental financial statements in accordance with applicable requirements. Our board of directors has also determined that is an "audit committee financial expert," as defined under the applicable rules of the SEC. In arriving at these determinations, our board of directors has examined each audit committee member's scope of experience and the nature of their employment in the corporate finance sector.

The audit committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•appointing, approving the compensation of and assessing the independence of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•recommending based upon the audit committee's review and discussions with management and our independent registered public accounting firm whether our audited financial statements shall be included in our Annual Report on Form 10-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preparing the audit committee report required by SEC rules to be included in our annual proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing quarterly earnings releases.

Our audit committee will operate under a written charter, which will be effective upon the effectiveness of the registration statement of which this prospectus forms a part, that satisfies the applicable standards of the SEC and the NYSE American Listing Rules.

***Compensation Committee***

Our compensation committee consists of Reta Jo Lewis and Dan Shribman, with Keith Phillips serving as chair. Our board of directors has determined that each member of the compensation committee is independent under the NYSE American Listing Rules and is a "non-employee director" as defined in Rule 16b-3 under the Exchange Act.

The compensation committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and approving our philosophy, policies and plans with respect to the compensation of our chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•making recommendations to our board of directors with respect to the compensation of our chief executive officer and our other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and assessing the independence of compensation advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•overseeing and administering our equity incentive plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and making recommendations to our board of directors with respect to director compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preparing the compensation committee reports required by the SEC, including our "Compensation Discussion and Analysis" disclosure.

Our compensation committee will operate under a written charter, which will be effective upon the effectiveness of the registration statement of which this prospectus forms a part, that satisfies the applicable standards of the SEC and the NYSE American Listing Rules.

***Nominating and Corporate Governance Committee***

Our nominating and corporate governance committee consists of Ivy Estabrooke and Keith Phillips, with Reta Jo Lewis serving as chair. Our board of directors has determined that each member of the nominating and corporate governance committee is independent under the NYSE American Listing Rules, a non-employee director, and free from any relationship that would interfere with the exercise of his or her independent judgment.

The nominating and corporate governance committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing and recommending to the board of directors criteria for board and committee membership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establishing procedures for identifying and evaluating board of director candidates, including nominees recommended by stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing the composition of the board of directors to ensure that it is composed of members containing the appropriate skills and expertise to advise us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifying and screening individuals qualified to become members of the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•recommending to the board of directors the persons to be nominated for election as directors and to each of the board's committees;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing and recommending to the board of directors a code of business conduct and ethics and a set of corporate governance guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•overseeing the evaluation of our board of directors and management.

Our nominating and corporate governance committee will operate under a written charter, which will be effective upon the effectiveness of the registration statement of which this prospectus forms a part, that satisfies the applicable standards of the SEC and the NYSE American Listing Rules.

**Compensation Committee Interlocks and Insider Participation**

None of the members of our compensation committee has during the prior fiscal year been one of our officers or employees or had a relationship requiring disclosure under "Certain Relationships and Related Party Transactions." None of our executive officers currently serves, or in the past fiscal year has served, as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving on our board of directors or compensation committee.

**Code of Business Conduct and Ethics**

We have adopted a written code of business conduct that applies to our directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. Upon the closing of this offering, a current copy of the code will be posted on the Investor Relations section of our website at *rareearthsamericas.com*. The information contained on our website is not part of this prospectus. If we make any substantive amendments to, or grant any waivers from, the code of business conduct and ethics for any officer or director, we will disclose the nature of such amendment or waiver on our website or in a current report on Form 8-K within four business days of such amendment or waiver.

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**EXECUTIVE COMPENSATION**

*The following disclosure of compensation arrangements should be read together with the compensation tables and related disclosures that follow. This discussion contains forward-looking statements that are based on our current plans and expectations regarding future compensation programs. Actual compensation programs that we adopt may differ materially from the programs summarized in this discussion. The following discussion may also contain statements regarding corporate performance targets and goals. These targets and goals are disclosed in the limited context of our compensation programs and should not be understood to be statements of management's expectations or estimates of future results or other guidance. We specifically caution investors not to apply these statements to other contexts.*

As an "emerging growth company," within the meaning of the Securities Act, and as a "smaller reporting company" for purposes of the SEC's executive compensation disclosure rules, we have opted to comply with the executive compensation disclosure rules applicable to "smaller reporting companies." In accordance with such rules, we are required to provide a Summary Compensation Table and an Outstanding Equity Awards at Fiscal Year-End Table, as well as specified narrative disclosures regarding executive compensation for our last completed fiscal year. This section discusses the material components of the executive compensation program for our Chief Executive Officer and our two other most highly compensated officers for the fiscal year ending December 31, 2025, who we collectively refer to as our "named executive officers." For 2025, our named executive officers and their positions were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Donald S. Swartz, II, Chief Executive Officer and President;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Jen Grafton, Chief Operating Officer, General Counsel and Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Joseph Dwyer, Chief Financial Officer.

We were formed in February 2025; thus, all information disclosed in this Execution Compensation section relating to fiscal year 2024 relates to our Predecessor. Our Predecessor is a limited liability company (*sociedade limitada)* organized under the laws of Brazil. As a Brazilian limited liability company, our Predecessor is not required to have a board of directors or fiscal council, which is an independent committee within a company responsible for supervising management's actions and auditing the company's financial statements. Our Predecessor is otherwise required to have statutory designated managers to represent, as necessary, the Predecessor entity before local authorities, as well as to sign various operating agreements related to the exploration of our Predecessor's different mining projects. For fiscal year 2024, the two statutory managers designated by the Predecessor's parent company, Rare Earths Americas Limited ("REA Australia"), were Renato Aureo de Paula Gonzaga and João Paulo Agapito da Veiga. Messrs. Gonzaga and Veiga were Predecessor's named executive officers for fiscal year 2024.

**Summary Compensation Table**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary**<br>**($)**  | <br>**Bonus**<br>**($)(1)** | <br>**Stock Awards** <br>**($)(2)** | **All Other**<br>**Compensation**<br>**($)** | **Total**<br>**($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Donald S Swartz, II | 2025 | 145833 | 525000 | 2925981(3) | 120000(4) | &nbsp;&nbsp;&nbsp;&nbsp;3947171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chief Executive Officer*  | 2024 | - | - |  | - | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Jen Grafton | 2025 | 125000 | 225000 | 919490(5) | 90000(6) | &nbsp;&nbsp;&nbsp;&nbsp;1436278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chief Operating Officer* | 2024 | - | - |  | - | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Joseph Dwyer(7) | 2025 | 97917 | - | 203066(8) | 18000(9) | &nbsp;&nbsp;&nbsp;&nbsp;318983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chief Financial Officer* | 2024 | - | - |  | - | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Renato Aureo de Paula Gonzaga  | 2025 | - | -  |  | - | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Statutory Manager* (10) | 2024 | - | -  |  | 36109(11)  | &nbsp;&nbsp;&nbsp;&nbsp;36109 |
| &nbsp;&nbsp;&nbsp;&nbsp;João Paulo Agapito da Veiga  | 2025 | - | -  |  | - | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Statutory Manager* (10) | 2024 | - | -  |  | 14563(12)  | &nbsp;&nbsp;&nbsp;&nbsp;14563 |

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(1)On January 23, 2026, the Board, at the recommendation of the Compensation Committee and in accordance with the terms of Mr. Swartz's and Ms. Grafton's respective employment agreements described under "Narrative to Summary Compensation Table," approved the payment of bonuses to Mr. Swartz and Ms. Grafton for services provided during the year ended December 31, 2025. Such bonuses are expected to be paid during fiscal year 2026.

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(2)Represents the aggregate grant date fair value of restricted stock units ("RSUs") issued to the person listed in the year indicated, calculated in accordance with ASC Topic 718.

(3)Consists of 135,000 RSUs and 284,226 RSUs granted to Mr. Swartz on August 22, 2025, and August 25, 2025, respectively, and 46,610 warrants received as part of the Merger, as described below under "Narrative to Summary Compensation Table."

(4)Relates to compensation received from FRE US pursuant to the Swartz Consulting Agreement, as described below under "Narrative to Summary Compensation Table."

(5)Consists of 30,000 RSUs and 101,058 RSUs granted to Ms. Grafton on August 22, 2025, and August 25, 2025, respectively, and 15,537 warrants received as part of the Merger, as described below under "Narrative to Summary Compensation Table."

(6)Relates to compensation received from FRE US pursuant to the Grafton Consulting Agreement, as described below under "Narrative to Summary Compensation Table."

(7)Joseph Dwyer resigned as our Chief Financial Officer and Treasurer, effective as of February 1, 2026.

(8)Consists of 31,581 RSUs granted to Mr. Dwyer on August 25, 2025. In connection with Mr. Dwyer's resignation, 21,581 of such RSUs were forfeited.

(9)Relates to compensation received from FRE US pursuant to the Dwyer Consulting Agreement, as described below under "Narrative to Summary Compensation Table."

(10)The compensation reflected for Messrs. Gonzaga and Agapito Veiga in the Summary Compensation Table has been converted to U.S. dollars using a Brazilian Real to US dollar exchange rate as of December 31, 2024, of 6.18 to 1.00.

(11)Based on compensation received by Mr. Gonzaga of 223,150.90 Brazilian Reals for rendered services to the Predecessor.

(12)Based on compensation received by Mr. Agapito Veiga of 90,000.00 Brazilian Reals for rendered services to the Predecessor.

**Narrative to Summary Compensation Table** 

As described under the heading "Executive Officers," Mr. Swartz and Ms. Grafton provided consulting services to our affiliated entity, FRE US, beginning in January 2025 and February 2025, respectively. Following our formation in February 2025 and the completion of the Acquisition in July 2025, effective August 1, 2025, Mr. Swartz was appointed as the Company's Chief Executive Officer and President; Ms. Grafton as the Company's Chief Operating Officer, General Counsel and Corporate Secretary; and Mr. Dwyer as the Company's Chief Financial Officer. See "Management — Executive Officers." Mr. Dwyer resigned from his role as our Chief Financial Officer and Treasurer, effective as of February 1, 2026.

In 2025, each of the Messrs. Swartz and Dwyer and Ms. Grafton entered into an employment agreement with REA Management, our then-wholly-owned U.S.-based operating subsidiary. Effective December 31, 2025, we completed a merger of REA Management into REA, which resulted in all employees of REA Management becoming employees of REA as of January 1, 2026. The employment agreements generally provide for each executive's base salary, target bonus opportunity, reimbursement of reasonable business expenses and eligibility to participate in our equity and benefit plans. The material terms of the employment agreements are summarized below. These summaries are qualified by reference to the actual text of the agreements, which are filed as exhibits to the registration statement of which this prospectus forms a part. In addition to the key terms summarized below, each of our executives is a participant in the Rare Earths Americas, Inc. Executive Severance Plan (the "Severance Plan"), which provides for certain severance benefits upon a termination by us or our subsidiaries without "Cause." See *"*Executive Compensation*—*Potential Payments Upon Termination or Change in Control*"* below for more details regarding the severance benefits provided to our executive officers under the employment agreements, and Exhibit 10.8 for a copy of our Severance Plan described therein. See "Executive Compensation—Equity Incentive Plans" below for more details regarding the equity incentives provided to Executive Officers.

***Donald S Swartz, II***

*Consulting Agreement* 

On January 2, 2025, FRE US entered into a consulting agreement with Griffin and Fleming LLC, an entity affiliated with Mr. Swartz, to provide certain advisory services (the "Swartz Consulting Agreement") effective until December 31, 2025. The Swartz Consulting Agreement provided that Mr. Swartz would serve as a consultant to both FRE US and FRE Australia.

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Under the Swartz Consulting Agreement, Mr. Swartz received compensation of $24,000 per month, as well as a sign-on bonus in the form of 2,500,000 unquoted options to purchase shares of FRE Australia stock, which were exercisable at AUS$0.125 per share and had an expiration date of September 30, 2029. The options were to vest upon the earlier of: (a) the completion of a successful IPO by FRE Australia or any successor entity, including any corporation that acquires its shares or assets; or (b) Mr. Swartz's continuous service through December 31, 2025. Under the Swartz Consulting Agreement, if FRE US terminated the agreement without cause, all unvested options would immediately vest and become exercisable. At the time of the Merger, the options to purchase shares of FRE Australia stock were converted into warrants in the Company at a fair market value of A$7.55, or $4.94, as determined by our Board, and calculated using an AUS to US dollar exchange rate of 0.6546 to 1.00. The warrants (the "Replacement Warrants") have an exercise price of A$13.41 per share and are exercisable at any time until their expiration date of December 31, 2025. Mr. Swartz received 46,610 Replacement Warrants in exchange for his options.

On August 14, 2025, the Swartz Consulting Agreement was superseded by the Swartz Employment Agreement (as defined below) and terminated in connection with the completion of the Acquisition. <br>

*Employment Agreement*

On August 14, 2025, REA Management, which was subsequently merged with and into REA, entered into an employment agreement with Mr. Swartz (the "Swartz Employment Agreement") to serve as our Chief Executive Officer and President, effective retroactively as of August 1, 2025. The Swartz Employment Agreement provides for an annual base salary of $350,000, eligibility for Mr. Swartz to earn an annual incentive cash bonus based on a target bonus opportunity equal to 75% of his base salary, a special, one-time bonus of 100% of his base salary following REA Management's completion of an initial public offering or the closing of the corporate transaction defined as any transaction pursuant to which any third party acquires an ownership interest of more than 50% in our outstanding common stock, eligibility to receive annual long-term incentive compensation, and participation in standard benefit plans. The Swartz Employment Agreement also provides for Mr. Swartz's eligibility to participate in any future severance plan, which Severance Plan was adopted by our Board of Directors (the "Board") on August 25, 2025. See *"*Executive Compensation*—*Potential Payments Upon Termination or Change in Control*"* below for more details regarding the severance benefits provided to Mr. Swartz.

On August 22, 2025, Mr. Swartz was granted 135,000 RSUs that vest following both (i) a liquidity event, defined as either the closing of a firm commitment underwritten public offering of our shares pursuant to an effective registration statement under the Securities Act, or the closing of a merger, consolidation, or sale of substantially all of our assets, as a result of which our shareholders immediately prior to such transaction hold less than 51% of the outstanding voting power of the surviving or acquiring entity immediately following the transaction (a "Liquidity Event"); and (ii) the one-year anniversary of the grant date. On August 25, 2025, Mr. Swartz was granted 284,226 RSUs that vest following a Liquidity Event.

***Jen Grafton***

*Consulting Agreement* 

On February 1, 2025, FRE US entered into a consulting agreement with Ms. Grafton to provide certain consulting services (the "Grafton Consulting Agreement"), which was effective until December 31, 2025. The Grafton Consulting Agreement provided that Ms. Grafton would serve as a consultant to both FRE US and FRE Australia.

Under the Grafton Consulting Agreement, Ms. Grafton received compensation of $18,000 per month, as well as a sign-on bonus in the form of 833,333 unquoted options to purchase shares of FRE Australia stock, which were exercisable at AUS$0.125 per share and had an expiration date of September 30, 2029. The options were to vest upon the earlier of: (a) the completion of a successful IPO by FRE Australia or any successor entity, including any corporation that acquires its shares or assets; or (b) Ms. Grafton's continuous service through December 31, 2025. Under the Grafton Consulting Agreement, if FRE US terminated the agreement without cause, all unvested options would immediately vest and become exercisable. At the time of the Merger, these options were converted into 15,537 Replacement Warrants.

On July 31, 2025, the Grafton Consulting Agreement was superseded by the Grafton Employment Agreement (as defined below) and terminated in connection with the completion of the Acquisition. <br>

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*Employment Agreement*

On July 31, 2025, REA Management, which was subsequently merged with and into REA, entered into an employment agreement with Ms. Grafton (the "Grafton Employment Agreement") to serve as our Chief Operating Officer, General Counsel and Secretary, effective as of August 1, 2025. The Grafton Employment Agreement provides for an annual base salary of $300,000, eligibility for Ms. Grafton to earn an annual cash incentive bonus based on a target bonus opportunity equal to 50% of her base salary, eligibility to receive annual long-term incentive compensation, and participation in standard benefit plans. The Grafton Employment Agreement also provides for Ms. Grafton's eligibility to participate in the Severance Plan. See *"*Executive Compensation*—*Potential Payments Upon Termination or Change in Control*"* below for more details regarding the severance benefits provided to Ms. Grafton. On August 22, 2025, Ms. Grafton was granted 30,000 RSUs that vest following both (i) a Liquidity Event, and (ii) the one-year anniversary of the grant date. On August 25, 2025, Ms. Grafton received RSUs for 101,058 shares of the Company's common stock that vest following a Liquidity Event. <br>

***Joseph Dwyer***

*Consulting Agreement* 

On July 1, 2025, FRE US entered into a consulting agreement with Mr. Dwyer to provide certain consulting services (the "Dwyer Consulting Agreement"), which was effective until December 31, 2025. The Dwyer Consulting Agreement provided that Mr. Dwyer would serve as a consultant to both FRE US and FRE Australia. Under the Dwyer Consulting Agreement, Mr. Dwyer received compensation of $18,000.00 per month.

On August 5, 2025, the Dwyer Consulting Agreement was superseded by the Dwyer Employment Agreement (as defined below) and terminated in connection with the completion of the Acquisition. <br>

*Employment Agreement*

On August 5, 2025, REA Management, which was subsequently merged with and into REA, entered into an employment agreement with Mr. Dwyer (the "Dwyer Employment Agreement") to serve as our Chief Financial Officer and Treasurer, effective retroactively as of August 1, 2025. The Dwyer Employment Agreement provides for an annual base salary of $235,000, eligibility for Mr. Dwyer to earn an annual cash incentive bonus based on a target bonus opportunity equal to 40% of his base salary, eligibility to receive annual long-term incentive compensation, and participation in standard benefit plans. The Dwyer Employment Agreement also provides for Mr. Dwyer's eligibility to participate in the Severance Plan. See *"*Executive Compensation*—*Potential Payments Upon Termination or Change in Control*"* below for more details regarding the severance benefits provided to Mr. Dwyer. On August 25, 2025, Mr. Dwyer received RSUs for 31,581 shares of the Company's common stock that vest following a Liquidity Event, 21,581 of which were forfeited in connection with his resignation.

Mr. Dwyer resigned from his role as our Chief Financial Officer and Treasurer, effective as of February 1, 2026.

***2024 Named Executive Officers' Compensation*** <br>

The two individuals who served in the capacity of named executive officers of our Predecessor during fiscal year 2024, provided their services in a non-employee capacity pursuant to consultancy arrangements. During fiscal year 2024, Messrs. Gonzaga and Veiga received cash payments for services rendered at the Predecessor's request in connection with our Predecessor's projects, including administrative, finance, tax and accounting services. The named executive officers received no other compensation in 2024. From June 30, 2024, until the closing of the Acquisition, no consulting services were performed by either statutory manager.

On June 1, 2023, our Predecessor entered into a service agreement with RGX Partners, an entity affiliated with Mr. Gonzaga, pursuant to which Mr. Gonzaga provided financial and mining-related consulting services to our Predecessor (the "Gonzaga Consulting Agreement"). The Gonzaga Consulting Agreement had an initial term of twelve months ending on June 1, 2024, subject to extension by the parties. The Gonzaga Consulting Agreement provided that Mr. Gonzaga would serve as a consultant in connection with our Predecessor's different mining projects. Under the Gonzaga Consulting Agreement, Mr. Gonzaga received compensation of R$27,750.00 per month. On March 1, 2025, the Company entered into a consulting agreement with Mr. Gonzaga to provide certain advisory services in his capacity as a consultant to REA. Mr. Gonzaga separately provides services to AMBPL under a shared services

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agreement, entered into on August 1, 2025 (the "Shared Services Agreement"). The Shared Services Agreement does not have a term and it can be terminated (i) for convenience, by either party upon providing 60 days prior written notice, or (ii) for material breach, by providing 30 days prior written notice to the other party (with the breaching party having 30 days to cure any alleged breach after written notice). <br>

On January 1, 2024, our Predecessor entered into a service agreement with Mr. Veiga, pursuant to which Mr. Veiga provided mining-related consulting services to our Predecessor (the "Veiga Consulting Agreement"). The Veiga Consulting Agreement had an initial term of twelve months ending on December 1, 2024, subject to extension by the parties. The Veiga Consulting Agreement was terminated in June 2024. Under the Veiga Consulting Agreement, Mr. Veiga received compensation of R$11,250.00 per month.

**Outstanding Equity Awards at 2025 Fiscal-Year End** 

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| | | |
|:---|:---|:---|
|  | **Stock Awards** | **Stock Awards** |
| **Name**  | **Number of shares or units of stock that have not vested<br>(#)** | **Market value of shares or units of stock that have not vested<br>($) (1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Donald S Swartz, II | 465836(2) | 2925981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jen Grafton | 146595(3) | 919490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Joseph Dwyer | 31581(4) | 203066 |

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(1)Market value based the fair market value of our common stock as of December 31, 2025, as determined by our of directors.

(2)Consists of 135,000 RSUs granted to Mr. Swartz on August 22, 2025, that vest upon the occurrence of (i) a Liquidity Event and (ii) the one-year anniversary of the grant date; 284,226 RSUs granted to Mr. Swartz on August 25, 2025, that vest upon the occurrence of a Liquidity Event; and 46,610 Replacement Warrants.

(3)Consists of 30,000 RSUs granted to Ms. Grafton on August 22, 2025, that vest upon the occurrence of (i) a Liquidity Event and (ii) the one-year anniversary of the grant date; 101,058 RSUs granted to Ms. Grafton on August 25, 2025, that vest upon the occurrence of a Liquidity Event; and 15,537 Replacement Warrants.

(4)Consists of 31,581 RSUs granted to Mr. Dwyer on August 25, 2025, that vest following a Liquidity Event. In connection with Mr. Dwyer's resignation, 21,581 of such RSUs were forfeited. <br>

**Director Compensation** 

In December 2025, our Board of Directors adopted a director compensation program in which our non-employee directors participate. Employee directors do not receive additional compensation for their service on the Board. The director compensation program provides for an annual cash retainer and annual stock grant, as well as additional cash retainers for the chairs of our Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. The annual stock grant will be made following each year's annual meeting of shareholders and will vest on the earlier of the date that is one date from the date of grant or the business day immediately preceding the next annual meeting. The annual cash compensation, which is paid quarterly in arrears, is, as follows: all directors - $50,000; Chairman of the Board - $75,000; Chair of Audit Committee - $20,000; and Chairs of Compensation and Nominating and Corporate Governance Committees - $10,000.

In connection with the adoption of the director compensation program, the Board determined that the effective date for all directors serving on the Board as of the date of such adoption would be October 15, 2025.

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The following table provides summary information concerning compensation paid or accrued by us to or on behalf of our directors for services rendered to us during the last fiscal year, other than Mr. Swartz, our Chief Executive Officer and President, whose compensation is presented in the Summary Compensation Table above.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Fees earned or paid in cash ($)(1)** | **Stock awards<br>($)** | **All Other**<br>**Compensation**<br>**($)** | **Total**<br>**($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dan Shribman | 15693  | 1279281(2) | - | &nbsp;&nbsp;&nbsp;&nbsp;1294974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hugo Schumann | 14647  | - | - | &nbsp;&nbsp;&nbsp;&nbsp;14647  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reta Jo Lewis | 12554  | - | - | &nbsp;&nbsp;&nbsp;&nbsp;12554  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ivy Estabrooke | 10462  | - | - | &nbsp;&nbsp;&nbsp;&nbsp;10462  |
| &nbsp;&nbsp;&nbsp;&nbsp;Keith Phillips | 12554 | - | - | &nbsp;&nbsp;&nbsp;&nbsp;12554 |

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(1)Represents the annual retainers paid pursuant to the director compensation program, pro-rated for the actual period of service between October 15, 2025 and December 31, 2025.

(2)Consists of 60,000 shares of restricted stock granted to Mr. Shribman on August 22, 2025, which are fully vested, but subject to transfer restrictions and the Company's right to repurchase shares proposed to be transferred by Mr. Shribman. The transfer restrictions and Company's right of first refusal will terminate when there is a public market for our shares, and the right of first refusal will also terminate in the event of a change of control of the Company. Also consists of 138,955 RSUs granted on August 25, 2025, that vest following a Liquidity Event.

***Retirement Plans***

We currently provide broad-based health and welfare benefits that are available to our full-time employees, including our executive officers, including health, life, vision, and dental insurance. In addition, we currently make available a retirement plan intended to provide benefits under Section 401(k) of the Internal Revenue Code, pursuant to which employees (including our executive officers) may elect to defer a portion of their compensation on a pre-tax basis and have it contributed to the plan. Pre-tax contributions are allocated to each participant's individual account and are then invested in selected investment alternatives according to the participants' directions. We match retirement contributions dollar-for-dollar on the first 1% of pay. After that, we will match 50 cents on the dollar for the next 5% of pay. Matching contributions to our 401(k) plan are 100% vested. All contributions under our 401(k) plan are subject to certain annual dollar limitations in accordance with applicable laws, which are periodically adjusted for changes in the cost of living. Other than the 401(k) plan, we do not provide any qualified or non-qualified retirement or deferred compensation benefits to our employees, including our executive officers.

***Potential Payments Upon Termination or Change in Control***

Each of our Executive Officers is entitled to certain severance payments and benefits pursuant to their participation in the Severance Plan in the event we terminate the Executive Officer without Cause (as defined below), based upon whether the termination happened within the Change in Control Period or outside of a Change in Control Period (as defined below). Executives Officers are not entitled to severance benefits under the Severance Plan if the Executive Officer's active employment was terminated due to: resignation (even if the executive felt compelled to resign); retirement; death; discharge "For Cause;" or disability. In addition, should we terminate the Executive Officer's employment during a Change in Control Period, they are ineligible for payments under the Severance Plan should the executive be offered a comparable job with us or any successor employer, whether the executive accepts that job or not.

If the Executive Officer's termination of employment is within 12 months following a Change in Control (the "Change in Control Period"), each Executive Officer is entitled to receive a lump sum within 60 days of termination equal to one (1) times the sum of (x) the Executive Officer's annual base salary, plus (y) the executive's target annual bonus for the year in which the termination occurs should the Change in Control occur within the first twelve months of the Executive Officer's start date as an executive. Should the Change in Control occur after the first year of the Executive Officer's start date as an executive, the Executive Officer is entitled to receive a lump sum within 60 days of termination equal to one and a half (1.5) times the sum of (x) the Executive Officer's base salary, plus (y) the Executive Officer's target annual bonus for the year in which the termination occurs. In addition, the Executive Officer shall receive a prorated bonus for the year of termination, as long as the Executive Officer worked at least three months of that year plus full vesting of any unvested RSUs or performance shares, with performance share units that have not yet been settled in accordance with performance deemed to be earned at target performance.

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If a termination happens outside of a Change in Control Period, each Executive Officer is entitled to: eighteen (18) months of annual base salary paid out monthly through our regular payroll; a prorated bonus for the year of termination, as long as the Executive Officer worked at least three months of that year; and full vesting of any unvested RSUs or performance shares, with performance share units that have not yet been settled in accordance with performance deemed to be earned at target performance.

"Cause" means that we have determined in good faith that the executive was terminated for any of the following reasons: (i) indictment, conviction or admission of any crimes involving theft, fraud, or moral turpitude; (ii) the engaging by executive in conduct which is demonstrably and materially injurious to us, monetarily or otherwise (including the Board's determination of conduct that constitutes a violation of any securities laws in the United States or Canada, whether federal, state or provincial); (iii) engaging in gross neglect of duties including, but not limited to, willfully failing or refusing to implement or follow our direction; or (iv) breach of our policies and procedures, including, but not limited to, the Code of Ethics, Insider Trading Policy, or any other Company policy or agreement between us and the executive, provided that where applicable, we shall provide reasonable notice of any such breach and opportunity to remediate. If an executive is terminated for any reason other than Cause, but at a time when we had Cause to terminate the executive (or would have had Cause if it knew all relevant facts), the termination shall be treated as having been for Cause.

"Change in Control" means the occurrence of any one of the following events:

• <u>Merger or Consolidation</u>: The closing of a merger or consolidation of the Company with or into another entity, if persons who were not stockholders of the Company immediately prior to such transaction own more than 50% of the combined voting power of the resulting entity's voting securities immediately after the transaction.

• <u>Sale of Assets</u>: A sale, lease, exchange, or other disposition of all or substantially all of our assets.

• <u>Change in Board Composition</u>: During any 12-month period, individuals who, as of the beginning of such period, constitute our Board (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the start of such period whose election or nomination was approved by a vote of at least a majority of the Incumbent Board shall be considered a member of the Incumbent Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Acquisition of Voting Securities</u>: Any person or group (as defined under Section 13(d) or 14(d) of the Securities Exchange Act of 1934), other than us or any of our affiliates, becomes the beneficial owner, directly or indirectly, of more than 50% of the combined voting power of our then outstanding voting securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Liquidation or Dissolution</u>: Our complete liquidation or dissolution.

For more details regarding the severance benefits provided to our executives, please refer to the copy of the Severance Plan filed as Exhibit 10.8 to the registration statement of which this prospectus forms a part. <br>

**Equity Incentive Plans** 

*2025 Equity Incentive Plan*

The Board adopted, and our shareholders approved, the 2025 Plan in August 2025 to attract, retain and reward employees and consultants performing services for us and our subsidiaries prior to our initial public offering. As of August 22, 2025, we have reserved 1,500,000 shares of our common stock for issuance under our 2025 Plan. Our 2025 Plan will be terminated in connection with the adoption of our 2026 Plan; however, awards outstanding under our 2025 Plan continue in full effect in accordance with their existing terms. <br>

Our 2025 Plan provides for the award of incentive stock options and nonstatutory stock options to purchase shares of our common stock, restricted stock awards, restricted stock units and other stock-based awards to employees, members of the Board and consultants. Incentive stock options may be granted only to employees. Only restricted stock awards and restricted stock units have been granted under the 2025 Plan.

In the event of any change in the common stock effected without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock

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split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares or similar change in our capital structure, and certain other transactions, the Board will appropriately and proportionately adjust the number and class of shares of stock that may be delivered under the 2025 Plan, the number, class, and price of shares of stock covered by each outstanding award and/or other limits under the 2025 Plan.

In the event of a change in control as described in the 2025 Plan, outstanding awards will be subject to the definitive agreement entered into by the Company in connection with the change in control or as otherwise determined by the Board. The plan administrator may, except as provided in an award agreement, in its discretion take one or more of the following actions with respect to awards: provide for the acceleration of vesting, provide that the acquiring or successor entity may assume or continue all or any awards outstanding or substitute substantially equivalent awards, assign any reacquisition or repurchase rights, cancel or arrange for the cancellation of any awards to the extent not vested or exercised in exchange for no consideration or such consideration as determined by the plan administrator or cancel each or any outstanding award denominated in shares in exchange for a payment to the participant with respect to each share subject to the cancelled award of an amount equal to the excess of the consideration to be paid per share of common stock in the change in control transaction over the exercise price per share, if any, under the award. Any awards which are not assumed or continued in connection with a change in control or are not exercised or settled prior to the change in control will terminate effective as of the time of the change in control.

*2026 Equity Incentive Plan*

In 2026, the Board adopted, and our stockholders approved, the 2026 Plan, which will become effective upon the effectiveness of the registration statement of which this prospectus forms a part. We intend to use the 2026 Plan following the closing of this offering to provide incentives that will assist us in attracting, retaining, and motivating employees, including officers, consultants, and directors. We may provide these incentives through the grant of stock options, stock appreciation rights, restricted stock, RSUs, performance shares, and units and other cash-based or share-based awards.

Below is a summary of the principal provisions of the 2026 Plan, which summary is qualified in its entirety by reference to the full text of the 2026 Plan, a copy of which is filed as an exhibit to the registration statement of which this prospectus forms a part.

A total of shares of our common stock will initially be authorized and reserved for future issuance under the 2026 Plan. This reserve will automatically increase on January 1, 2027 and each subsequent anniversary through 2036, by an amount equal to the smaller of: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• % of the number of shares of common stock issued and outstanding on the immediately preceding December 31; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an amount determined by the Board or compensation committee.

Appropriate adjustments will be made in the number of authorized shares and other numerical limits in the 2026 Plan and in outstanding awards to prevent dilution or enlargement of participants' rights in the event of a stock split or other change in our capital structure. Shares subject to awards which expire, are cancelled, forfeited, terminated unearned, settled in cash, or withheld or surrendered in payment of an exercise price or taxes under the 2026 Plan or the 2025 Plan will again become available for issuance under the 2026 Plan.

Subject to adjustment as provided in the provision of the 2026 Plan pertaining to the occurrence of certain corporate transactions, the maximum number of shares of common stock that may be issued pursuant to stock options granted under the 2026 Plan that are intended to qualify as incentive stock options is . <br>

The compensation committee may establish compensation for directors who are not our employees, provided that the sum of any cash compensation and the grant date fair value of awards granted under the 2026 Plan to a non-employee director as compensation for services as a non-employee director during any calendar year may not exceed $750,000 for an annual grant, or $1 million in the first year of service. The compensation committee, in its discretion, may make exceptions to this limit for individual non-employee directors in extraordinary circumstances.

The 2026 Plan will be administered by the compensation committee. The compensation committee has the authority, in its sole and absolute discretion, to grant awards under the 2026 Plan to eligible individuals, and to take all other

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actions necessary or desirable to carry out the purpose and intent of the 2026 Plan. Further, the compensation committee has the authority, in its sole and absolute discretion, subject to the terms and conditions of the 2026 Plan, to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determine the eligible individuals to whom, and the time or times at which, awards shall be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determine the type of awards to be granted to any eligible individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determine the number of shares of common stock to be covered by or used for reference purposes for each award or the value to be transferred pursuant to any award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determine the terms, conditions and restrictions applicable to each award and any shares of common stock acquired pursuant thereto, including, without limitation, (i) the purchase price of any shares of common stock, (ii) the method of payment for shares of common stock purchased pursuant to any award, (iii) the method for satisfying any tax withholding obligation arising in connection with any award, including by the withholding or delivery of shares of common stock, (iv) the timing, terms and conditions of the exercisability, vesting or payout of any award or any shares of common stock acquired pursuant thereto, (v) the performance goals applicable to any award and the extent to which such performance goals have been attained, (vi) the time of the expiration of an award, (vii) the effect of a participant's termination of service on any of the foregoing and (viii) all other terms, conditions and restrictions applicable to any award or shares of common stock acquired pursuant thereto as the administrator considers to be appropriate and not inconsistent with the terms of the 2026 Plan. <br>

The 2026 Plan authorizes the compensation committee, without further stockholder approval, to provide for the cancellation of stock options or stock appreciation rights with exercise prices in excess of the fair market value of the underlying shares of common stock on the date of grant in exchange for new options or other equity awards with exercise prices equal to the fair market value of the underlying common stock on the date of grant or a cash payment.

Awards may be granted under the 2026 Plan to our employees, including officers, directors, or consultants or those of any present or future parent or subsidiary corporation or other affiliated entity. All awards will be evidenced by a written agreement between us and the holder of the award and may include any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stock options. We may grant non-statutory stock options or incentive stock options (as described in Section 422 of the Code), each of which gives its holder the right, during a specified term (not exceeding ten years) and subject to any specified vesting or other conditions, to purchase a number of shares of our common stock at an exercise price per share determined by the administrator, which may not be less than the fair market value of a share of our common stock on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stock appreciation rights. A stock appreciation right, or SAR, gives its holder the right, during a specified term (not exceeding ten years) and subject to any specified vesting or other conditions, to receive the appreciation in the fair market value of our common stock between the date of grant of the award and the date of its exercise. We may pay the appreciation in shares of our common stock or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Restricted stock. The administrator may grant restricted stock awards either as a bonus or as a purchase right at a price determined by the administrator. Shares of restricted stock remain subject to forfeiture until vested, based on such terms and conditions as the administrator specifies. Holders of restricted stock will have the right to vote the shares and to receive any dividends paid, except that the dividends may be subject to the same vesting conditions as the related shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Restricted stock units. Restricted stock units, or RSUs, represent rights to receive shares of our common stock (or their value in cash) at a future date without payment of a purchase price, subject to vesting or other conditions specified by the administrator. Holders of RSUs have no voting rights or rights to receive cash dividends unless and until shares of common stock are issued in settlement of such awards. However, the administrator may grant RSUs that entitle their holders to dividend equivalent rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Performance awards. Performance awards, consisting of either performance shares or performance units, are awards that will result in a payment to their holder only if specified performance goals are achieved during a specified performance period. The administrator establishes the applicable performance goals based on one or more measures of business performance, such as, for example, revenue, gross margin, net income or total

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stockholder return. To the extent earned, performance awards may be settled in cash, in shares of our common stock or a combination of both in the discretion of the administrator. Holders of performance shares or performance units have no voting rights or rights to receive cash dividends unless and until shares of common stock are issued in settlement of such awards. However, the administrator may grant performance shares that entitle their holders to dividend equivalent rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash-based awards and other share-based awards. The administrator may grant cash-based awards that specify a monetary payment or range of payments or other share-based awards that specify a number or range of shares or units that, in either case, are subject to vesting or other conditions specified by the administrator. Settlement of these awards may be in cash or shares of our common stock, as determined by the administrator. Their holders will have no voting rights or right to receive cash dividends unless and until shares of our common stock are issued pursuant to the awards. The administrator may grant dividend equivalent rights with respect to other share-based awards.

Awards are generally nontransferable except on death or in limited cases subject to approval by the administrator.

In the event of a change in control, as defined in the 2026 Plan, outstanding awards will terminate upon the effective time of the change in control unless provision is made for the continuation, assumption or substitution of awards by the surviving or successor entity or its parent. Unless an award agreement says otherwise, the following will occur with respect to awards that terminate in connection with a change in control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•stock options and stock appreciation rights will become fully exercisable and holders of these awards will be permitted immediately before the change in control to exercise them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•restricted stock and stock units with time-based vesting (i.e., not subject to achievement of performance goals) will become fully vested immediately before the change in control, and stock units will be settled as promptly as is practicable in accordance with applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•performance shares and units that vest based on the achievement of performance goals will vest as if the performance goal for the unexpired performance period had been achieved at the target level (unless the award agreement provides for vesting at a greater amount) and the performance units will be settled as promptly as is practicable in accordance with applicable law.

The 2026 Plan will remain in effect, subject to the right of our board of directors or compensation committee to amend or terminate the 2026 Plan at any time, until the earlier of (a) the earliest date as of which all awards granted under the 2026 Plan have been satisfied in full or terminated and no shares of common stock approved for issuance under the 2026 Plan remain available to be granted under new awards, or (b) , 2036. Subject to other applicable provisions of the 2026 Plan, all awards made under the 2026 Plan on or before , 2036, or such earlier termination of the 2026 Plan, will remain in effect until such awards have been satisfied or terminated in accordance with the 2026 Plan and the terms of such awards.

The compensation committee may amend, suspend or terminate the 2026 Plan at any time, provided that without stockholder approval, the plan cannot be amended to increase the number of shares authorized, change the class of persons eligible to receive incentive stock options, or effect any other change that would require stockholder approval under any applicable law or listing rule.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

The following includes a summary of transactions since January 1, 2022 and any currently proposed transactions to which we were or are expected to be a participant in which (1) the amount involved exceeded or will exceed the lesser of $120,000 or one percent of our average total assets at year end for the last two completed fiscal years, and (2) any of our directors, executive officers, or holders of more than 5% of our capital stock, or any affiliate or member of the immediate family of the foregoing persons, had or will have a direct or indirect material interest, other than compensation and other arrangements that are described under the section titled "Executive Compensation" in this prospectus.

*Consulting Agreements with Predecessor's NEOs*

Please refer to the section titled "Executive Compensation" for a description of the consulting arrangements and shared services agreement entered into between our Predecessor and Mr. Gonzaga, one of our Predecessor's NEOs.

*Loan and Deed of Novation*

On June 2, 2025, Brazil Royalty Corp Participacoes E Investimentos Ltda. ("BRC" or "Lender") and AMBPL, as the borrower, entered into a loan agreement (the "Loan Agreement"), which provides for a loan of R$6,105,000.00 from the Lender to AMBPL (the "Loan"). Pursuant to the Loan Agreement, AMBPL's obligation to pay the loan amount may be assumed by REA. On July 15, 2025, we entered into a deed of novation (the "Deed of Novation") with AMBPL and BRC, pursuant to which we agreed to assume AMBPL's obligation to pay the loan amount under the Loan Agreement. Under the Deed of Novation, we are only required to repay the loan amount and remuneration (as calculated in accordance with the Loan Agreement) if we (i) complete an initial public offering of our shares or (ii) enter into any other transaction involving our shares that results in the raising of funds exceeding AUD$20,000,000 (or the equivalent in other currencies) (the "Condition"). Payment of the loan amount pursuant to the Deed of Novation may be satisfied, at BRC's election, either in cash in accordance with the terms of the Loan Agreement or by the issuance of our shares. If the Condition is not satisfied or waived in writing by us by December 31, 2026, AMBPL must pay the loan amount directly to BRC, as set forth in the Loan Agreement. On November 6, 2025, we entered into Amendment No. 1 to Deed of Novation with BRC and AMBPL, which amended the Deed of Novation to provide that all or part of the loan amount is convertible at BRC's election and in its sole discretion into issued shares of our common stock at a fixed conversion price of $6.55 per share. Hugo Schumann, one of our directors, is a shareholder of the Lender's parent company.

**Indemnification Agreements**

We intend to enter into indemnification agreements with each of our directors and officers. These indemnification agreements may require us, among other things, to indemnify our directors and officers for some expenses, including attorneys' fees, judgments, fines, and settlement amounts incurred by a director or officer in any action or proceeding arising out of his or her service as one of our directors or officers, or any of our subsidiaries or any other company or enterprise to which the person provides services at our request.

**Policies and Procedures for Related Party Transactions**

Our board of directors will adopt a written related party transaction policy, which will become effective upon the closing of this offering, setting forth the policies and procedures for the review and approval or ratification of related-party transactions. This policy will cover any transaction, arrangement or relationship or any series of similar transactions, arrangements or relationships, in which we were or are to be a participant and a related party had or will have a direct or indirect material interest, as determined by the audit committee of our board of directors, including, without limitation, purchases of goods or services by or from the related party or entities in which the related party has a material interest, and indebtedness, guarantees of indebtedness or employment by us of a related party.

All related party transactions described in this section occurred prior to adoption of this policy and as such, these transactions were not subject to the approval and review procedures set forth in the policy. However, these transactions were reviewed and approved by our board of directors.

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**PRINCIPAL STOCKHOLDERS**

The following table sets forth, as of January 31, 2026, information regarding beneficial ownership of our capital stock by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each person, or group of affiliated persons, known by us to beneficially own more than 5% of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each of our NEOs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each of our directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all of our current directors and executive officers as a group.

The percentage ownership information under the column titled "Beneficial ownership prior to this offering" is based on 14,965,987 shares of common stock outstanding as of January 31, 2026. The percentage ownership information under the column titled "Beneficial ownership after this offering" is based on the sale of shares of common stock in this offering (assuming an initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus). The percentage ownership information assumes no exercise of the underwriters' option to purchase additional shares.

Beneficial ownership is determined according to the rules of the SEC and generally means that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power over that security. In addition, shares of common stock issuable upon the exercise of stock options or warrants and the conversion of convertible securities that are exercisable or convertible within 60 days of January 31, 2026, are included in the following table. These shares are deemed to be outstanding and beneficially owned by the person holding those options or warrants for the purpose of computing the percentage ownership of that person, but they are not treated as outstanding for the purpose of computing the percentage ownership of any other person. The information contained in the following table does not necessarily indicate beneficial ownership for any other purpose. Unless otherwise indicated, the persons or entities identified in this table have sole voting and investment power with respect to all shares shown as beneficially owned by them, subject to applicable community property laws.

Unless otherwise noted below, the address for each beneficial owner listed in the table below is c/o Rare Earths Americas, Inc., 250 Fillmore Street, Suite 150, Denver, Colorado 80208.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beneficial ownership<br>prior to this offering** | **Beneficial ownership<br>prior to this offering** | **Beneficial ownership<br>after this offering** | **Beneficial ownership<br>after this offering** |
| **Name of Beneficial Owner** | **Number <br>of shares <br>beneficially <br>owned** | **Percentage <br>of beneficial <br>ownership** | **Number <br>of shares <br>beneficially <br>owned** | **Percentage <br>of beneficial <br>ownership** |
| **5% and Greater Stockholders:** |  |  |  |  |
| Todd Hannigan and related entities<sup>(1)</sup> | 2024311 | 13.37% |  |  |
| Dominic Paul Allen and related entities<sup>(2)</sup>  | 1296187 | 8.63% |  |  |
| Bernardo Da Veiga<sup>(3)</sup>  | 1260897 | 8.41% |  |  |
| Anastasios Arima<sup>(4)</sup> | 1217601 | 8.12% |  |  |
| Kitabella Pty Ltd<sup>(5)</sup>  | 1100393 | 7.33% |  |  |
| Hanrine Investments Pty Ltd<sup>(6)</sup>  | 988204 | 6.60% |  |  |
| ACN 664400382 PTY LTD<sup>(7)</sup>  | 747582 | 5.00% |  |  |
| **Named Executive Officers and Directors:** |  |  |  |  |
| Donald Swartz<sup>(8)</sup> | 46610 | \* |  |  |
| Jen Grafton<sup>(9)</sup> | 15537 | \* |  |  |
| Joe Dwyer<sup>(10)</sup> | - | \* |  |  |
| Dan Shribman<sup>(11)</sup> | 231051 | 1.54% |  |  |
| Hugo Schumann | 6992 | \* |  |  |
| Ivy Estabrooke | - | \* |  |  |
| Keith Phillips<sup>(12)</sup> | 16780 | \* |  |  |
| Reta Jo Lewis | - | \* |  |  |
| All current directors and executive officers as a group <br>&nbsp;&nbsp;&nbsp;&nbsp;(8 persons) | 316970 | 2.10% |  |  |

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\* Less than 1%

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of 60,000 outstanding shares of common stock held directly by Todd Hannigan, and 1,784,723 outstanding shares of common stock and 179,588 shares underlying warrants to purchase common stock held directly by DITM Holdings Pty Ltd ("DITM"). DITM is an Australian corporation controlled by Mr. Hannigan who has sole voting and investment power over the shares held by DITM. As a result, Mr. Hannigan may be deemed to be the beneficial owner of such shares. The address for DITM is 15 Lennox Street, Mosman, NSW 2088, Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Consists of 1,244,176 outstanding shares of common stock and 52,011 shares underlying warrants to purchase common stock. The shares are held directly by Dominic Paul Allen as trustee for The Westoz Services A/C ("Westoz"), an Australian trust controlled by Mr. Allen who has sole voting and investment power over the shares held by the trust. As a result, Mr. Allen may be deemed to be the beneficial owner of the shares. The address for Westoz is 7 Scott Street, Dulwich SA 5067, Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Consists of 1,232,931 outstanding shares of common stock and 27,966 shares underlying warrants to purchase common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Consists of 1,190,631 outstanding shares of common stock and 26,970 shares underlying warrants to purchase common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Consists of 1,063,105 outstanding shares of common stock and 37,288 shares underlying warrants to purchase common stock. The shares are held directly by Kitabella Pty Ltd. ("Kitabella"), an Australian trust controlled by Mr. Kileff who has sole voting and investment power over the shares. As a result, Mr. Kileff may be deemed to be the beneficial owner of the shares held by Kitabella Pty Ltd. The address for Kitabella is 3 7 Kardinia Road, Mosman NSW 2088, Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)The shares are held directly by Hanrine Investments Pty Ltd ("Hanrine"), which is a wholly owned subsidiary of Hancock Prospecting Pty Ltd. ("Hancock"). Hancock is controlled by Georgina Hope Rinehart, who is the principal shareholder and a director, with approximately 76.55% ownership. As a result, each of Hanrine, Hancock and Ms. Rinehart may be deemed to have or share beneficial ownership of securities held directly by Hanrine. The address for Hanrine is Suite 28 / 42 Vetnor Avenue, West Perth WA 6005, Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)The address for ACN 664400382 PTY LTD is Level 28, 259 George Street, Sydney, NSW 2000, Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Consists of 46,610 shares underlying warrants to purchase common stock issued as a result of the Acquisition and held by Griffin & Fleming LLC, a member-managed LLC controlled by Mr. Swartz. The address for Griffin & Fleming LLC is 13095 W. 81<sup>st</sup> Avenue, Arvada, CO 80005. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)Consists of 15,537 shares underlying warrants to purchase common stock issued as a result of the Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)Joseph Dwyer resigned as our Chief Financial Officer and Treasurer, effective as of February 1, 2026. Following his resignation, Mr. Dwyer holds 10,000 unvested RSUs that vest upon a liquidity event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)Consists of 172,395 outstanding shares of common stock and 58,656 shares underlying warrants to purchase common stock issued as a result of the Acquisition. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)Consists of 13,051 outstanding shares of common stock and 3,729 shares underlying warrants to purchase common stock issued as a result of the Acquisition.

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**DESCRIPTION OF CAPITAL STOCK**

*The following descriptions are summaries of the material terms of our certificate of formation and bylaws, and of the Texas Business Organization Code (the "TBOC"). Because the following is only a summary, it does not contain all of the information that may be important to you. For a complete description, you should refer to our certificate of formation and bylaws, copies of which have been filed as exhibits to the registration statement, of which this prospectus forms a part.*

**General**

Our authorized capital stock consists of 501,000,000 shares, of which 500,000,000 shares are common stock, par value $0.0001 per share, and 1,000,000 shares are preferred stock, par value $0.0001 per share. All of our outstanding shares of common stock are, and the shares of common stock to be issued in this offering will be, fully paid and nonassessable.

The following summary describes the material provisions of our capital stock and certain provisions of our certificate of formation and our bylaws and of the TBOC, and is qualified by reference to the certificate of formation, the bylaws and the TBOC. We urge you to read our certificate of formation and our bylaws, which are included as exhibits to the registration statement, of which this prospectus forms a part.

**Common Stock**

*Outstanding Shares*

As of January 31, 2026, there were 14,965,987 shares of common stock outstanding, held by 256 stockholders of record.

As of January 31, 2026, there were 1,952,363 shares of our common stock subject to outstanding warrants and shares of our common stock underlying RSUs outstanding under the 2025 Plan.

Additionally, up to an aggregate of shares of our common stock (or shares of our common stock if the underwriters exercise their option to purchase additional shares in full) are issuable upon the exercise of the Underwriter's Warrants, which are exercisable at an exercise price equal to 125% of the initial public offering price of the shares of common stock sold in this offering.

*Voting Rights*

Each holder of our common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. Our stockholders do not have cumulative voting rights in the election of directors. Accordingly, holders of a majority of the voting shares are able to elect all of the directors.

*Dividends*

As a Texas corporation, we are subject to certain restrictions on dividends under the TBOC. Generally, a Texas corporation may pay dividends to its shareholders out of its surplus (the excess of its assets over its stated capital) unless the dividend would render the corporation insolvent.

Declaration and payment of any dividend will be subject to the discretion of our board of directors. The time and amount of dividends will be dependent upon our business prospects, results of operations, financial condition, cash requirements and availability, debt repayment obligations, capital expenditure needs, contractual restrictions, covenants in the agreements governing our future indebtedness, industry trends, the provisions of Texas law affecting the payment of dividends and distributions to shareholders and any other factors the board of directors may consider relevant. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business, and therefore, do not anticipate declaring or paying any cash dividends on our Class A common stock in the foreseeable future. See "Dividend Policy".

*Liquidation*

In the event of our liquidation, dissolution or winding up, holders of our common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all of our debts and other

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liabilities and the satisfaction of any liquidation preference granted to the holders of any then outstanding shares of preferred stock.

*Rights and Preferences*

Holders of our common stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of our preferred stock that we may designate in the future.

**Preferred Stock**

Under the terms of our certificate of formation, our board of directors is authorized to direct us to issue up to 1,000,000 shares of preferred stock in one or more series without stockholder approval. Our board of directors has the discretion, subject to limitations prescribed by law, to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

The purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third-party to acquire, or could discourage a third-party from seeking to acquire, a majority of our outstanding voting stock. Upon the closing of this offering, there will be no shares of preferred stock outstanding, and we have no present plans to issue any shares of preferred stock.

**Waiver of Jury Trial**

Our certificate of formation provides that any person or entity purchasing or otherwise acquiring or holding any interest in shares of stock of the Company shall be deemed to have irrevocably and unconditionally waived any right to a trial by jury in any legal action, proceeding, cause of action or counterclaim asserting an "internal entity claim" (as defined in Section 2.115 of the TBOC) and to the fullest extent permitted by applicable law, any other legal action, proceeding, cause of action or counterclaim within the scope of the exclusive forum provision.

**Anti-Takeover Provisions in our Governing Documents and Under Texas Law**

Our certificate of formation, bylaws, and the TBOC contain provisions which are summarized in the following paragraphs, that are intended to enhance the likelihood of continuity and stability in the composition of our board of directors. These provisions are intended to avoid costly takeover battles, reduce our vulnerability to a hostile change of control, and enhance the ability of our board of directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these provisions may have an anti-takeover effect and may delay, deter, or prevent a merger or acquisition of us by means of a tender offer, a proxy contest, or other takeover attempt that a shareholder might consider in its best interest, including those attempts that might result in a premium over the prevailing market price for the shares of common stock held by shareholders.

*Authorized but Unissued Shares*

Texas law does not require shareholder approval for any issuance of authorized shares. Accordingly, the authorized but unissued shares of our common stock and our preferred stock are available for future issuance without shareholder approval, subject to any limitations imposed by NYSE American rules. The existence of authorized but unissued and unreserved common stock and preferred stock could make more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger, or otherwise.

*Business Combinations* 

We are subject to the affiliated business combinations provisions of Title 2, Chapter 21, Subchapter M of the TBOC (Sections 21.601 through 21.610), which provides that a Texas "issuing public corporation", which applies to any Texas corporation that, among other things, has more than 100 shareholders, may not engage in specified types of business combinations, including mergers, consolidations, and asset sales, with a person, or an affiliate or associate of that person, who is an "affiliated shareholder." For purposes of this law, an "affiliated shareholder" is generally

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defined as the holder of 20% or more of the corporation's voting shares, for a period of three years from the date that person became an affiliated shareholder. The law's prohibitions do not apply if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the business combination or the acquisition of shares by the affiliated shareholder was approved by the board of directors of the corporation before the affiliated shareholder became an affiliated shareholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the business combination was approved by the affirmative vote of the holders of at least two-thirds of the outstanding voting shares of the corporation not beneficially owned by the affiliated shareholder, at a meeting of shareholders called for that purpose, and not by written consent, not less than six months after the affiliated shareholder became an affiliated shareholder.

Because we will have more than 100 shareholders, we will be considered to be an "issuing public corporation" for purposes of this law. The affiliated business combinations provisions of the TBOC do not apply to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the business combination of an issuing public corporation where: (a) the corporation's original certificate of formation or bylaws contain a provision expressly electing not to be governed by the affiliated business combinations provisions of the TBOC or (b) the corporation adopts an amendment to its certificate of formation or bylaws, by the affirmative vote of the holders, other than affiliated shareholders, of at least two-thirds of the outstanding voting shares of the corporation, expressly electing not to be governed by the affiliated business combinations provisions of the TBOC, so long as the amendment does not take effect for 18 months following the date of the vote and does not apply to a business combination with an affiliated shareholder who became affiliated on or before the effective date of the amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a business combination of an issuing public corporation with an affiliated shareholder that became an affiliated shareholder inadvertently, if the affiliated shareholder: (a) divests itself, as soon as practicable, of enough shares to no longer be a beneficial owner of 20% or more of the outstanding voting shares of the issuing public corporation and (b) would not at any time within the three-year period preceding the announcement of the business combination have been an affiliated shareholder but for the inadvertent acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a business combination with an affiliated shareholder who became an affiliated shareholder through a transfer of shares by will or intestacy and continuously was an affiliated shareholder until the announcement date of the business combination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a business combination of a corporation with its wholly owned Texas subsidiary if the subsidiary is not an affiliate or associate of the affiliated shareholder other than by reason of the affiliated shareholder's beneficial ownership of voting shares of the corporation.

Neither our certificate of formation nor our bylaws contain any provision expressly providing that we will not be subject to the affiliated business combinations provisions of the TBOC. The affiliated business combinations provisions of the TBOC may have the effect of inhibiting a non-negotiated merger or other business combination involving us, even if that event would be beneficial to our shareholders.

*Vacancies*

*No Cumulative Voting*

Under Texas law, the right to vote cumulatively does not exist unless the certificate of formation specifically authorizes cumulative voting. Our certificate of formation does not authorize cumulative voting. Therefore,

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shareholders holding a majority in voting power of the shares of our capital stock entitled to vote generally in the election of directors will be able to elect all of our directors.

*Exclusive Forum*

Our certificate of formation provides that the Business Court in the First Business Court Division of the State of Texas shall, to the fullest extent permitted by the TBOC, be the sole and exclusive forum for certain shareholder litigation matters, unless we consent in writing to the selection of an alternative forum or if the Business Court in the First Business Court Division of the State of Texas determines that it lacks jurisdiction, the exclusive forum will be the federal district court for the Northern District of Texas, Dallas Division; provided, however, that the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act or the Exchange Act. Although we believe this provision benefits us by providing increased consistency in the application of Texas law in the types of lawsuits to which it applies and in limiting our litigation costs, the provision may have the effect of discouraging lawsuits against our directors and officers, may result in increased costs for our shareholders to bring claims, and may limit our shareholders' ability to obtain a favorable judicial forum for disputes with us. However, it is possible that a court could rule that this provision is unenforceable or inapplicable to a particular dispute.

*Limitations on Liability and Indemnification of Officers and Directors*

The TBOC authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their shareholders for monetary damages for breaches of directors' and officers' fiduciary duties, except for liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any breach of the director's duty of loyalty to us or our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any act or omission not in good faith that constitutes a breach of duty of the person to us or which involved intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any transaction from which the director derived an improper personal benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any act or omission for which the liability of a director is expressly provided by an applicable statute.

Our certificate of formation includes a provision that eliminates the personal liability of directors and officers for monetary damages for any act or omission as a director or officer, except to the extent such exemption from liability or limitation thereof is not permitted under the TBOC. The effect of these provisions will be to eliminate, other than limited exceptions, the rights of us and our shareholders, through shareholders' derivative suits on our behalf, to recover monetary damages from a director for any act or omission as a director or officer, including breaches resulting from grossly negligent behavior. However, exculpation will not apply to any director or officer if such person has acted in bad faith, engaged in intentional misconduct, knowingly violated the law, authorized illegal dividends or redemptions, derived an improper benefit from his or her actions as a director or officer, or engaged in an act or omission for which the liability of the director or officer is expressly provided by an applicable statute.

Our bylaws provide generally that we must indemnify and advance expenses to our directors and officers to the fullest extent authorized by the TBOC. We plan to enter into separate indemnification agreements with each of our directors and executive officers and are expressly authorized to maintain insurance to protect our directors, officers, employees or agents against any expense, liability or loss, whether or not we would have the power to indemnify such person against such expense, liability or loss under the TBOC. We believe that these indemnification and advancement provisions and insurance will be useful to attract and retain qualified directors and officers.

These limitations of liability, indemnification, and advancement provisions may discourage shareholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our shareholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

There is currently no pending material litigation or proceeding involving any of our directors, officers, or employees for which indemnification is sought.

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*Dissenters' Rights of Appraisal and Payment* 

Under the TBOC, with certain exceptions, our shareholders will have appraisal rights in connection with a merger, a sale of all or substantially all of our assets, an interest exchange, or a conversion. Pursuant to the TBOC, shareholders who properly request and perfect appraisal rights in connection with such merger, sale of all or substantially all of our assets, interest exchange, or conversion will have the right to receive payment of the fair value of their shares as agreed to between the shareholder and us or, if unable to reach agreement, as determined by the State District Court in Dallas County, Texas.

*Shareholders' Derivative Actions* 

Under the TBOC, any of our shareholders may bring a civil action in our name to procure a judgment in our favor, also known as a derivative proceeding, provided that the shareholder bringing the action (i) is a holder of our shares at the time of the transaction to which the action relates or such shareholder became a shareholder by operation of law from a person that was a shareholder at the time of the transaction to which the action relates and (ii) fairly and adequately represents the interests of the Company in enforcing the right of the Company.

**Transfer Agent and Registrar**

The transfer agent and registrar for our common stock is Continental Stock Transfer & Trust Company.

**Listing**

We intend to apply to list our common stock on the NYSE American under the trading symbol "REA".

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**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to this offering, there has been no public market for our common stock, and we cannot predict what effect, if any, market sales of shares of our common stock or the availability of shares of our common stock for sale will have on the market price of our common stock prevailing from time to time. Nevertheless, sales of substantial amounts of our common stock in the public market, or the perception that such sales could occur, could materially and adversely affect the market price of our common stock and could impair our future ability to raise capital through the sale of our equity or equity-related securities at a time and price that we deem appropriate. See "Risk Factors — Risks Related to this Offering and Ownership of Our Common Stock."

**Sale of Restricted Shares**

Based on the number of shares of common stock outstanding as of , 2025, upon the closing of this offering, and assuming no exercise of the underwriters' option to purchase additional shares of common stock, we will have outstanding an aggregate of approximately shares of our common stock.

All of the shares of common stock sold in this offering will be freely tradable unless purchased by our "affiliates" as such term is defined in Rule 144 under the Securities Act or purchased by existing stockholders and their affiliated entities that are subject to lock-up agreements.

All other shares of common stock, upon the completion of this offering, will be "restricted" securities under the meaning of Rule 144 and may not be sold in the absence of registration under the Securities Act, unless an exemption from registration is available, including the exemptions pursuant to Rule 144 and Rule 701 under the Securities Act, or Rule 701.

In addition, an aggregate of shares of our common stock will be authorized and reserved for issuance in relation to potential future awards under the 2026 Plan to be adopted in connection with this offering.

The restricted shares of our common stock held by our affiliates will be available for sale in the public market as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•shares will be eligible for sale at various times after the date hereof pursuant to Rule 144; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•shares subject to the lock-up agreements described below will be eligible for sale at various times beginning 180 days after the date hereof pursuant to Rule 144.

**Rule 144**

In general, under Rule 144 as currently in effect, persons who became the beneficial owner of shares of our common stock prior to the completion of this offering may sell their shares upon the earlier of (i) the expiration of a six-month holding period, if we have been subject to the reporting requirements of the Exchange Act for at least 90 days prior to the date of the sale and have filed all reports required thereunder or (ii) the expiration of a one-year holding period.

At the expiration of the six-month holding period (assuming we have been subject to the reporting requirements of the Exchange Act for at least 90 days and have filed all reports required thereunder), a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of shares of our common stock, and a person who was one of our affiliates at any time during the three months preceding a sale would be entitled to sell, within any three-month period, a number of shares of our common stock that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•1% of the number of shares of our common stock then outstanding, which will equal approximately shares immediately after the completion of this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the average weekly trading volume of our common stock on NYSE American during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

At the expiration of the one-year holding period, a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of shares of our common stock without

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restriction. A person who was one of our affiliates at any time during the three months preceding a sale would remain subject to the volume restrictions described above.

Sales under Rule 144 by our affiliates are also subject to manner of sale provisions and notice requirements and to the availability of current public information about us.

**Rule 701**

In general, under Rule 701, any of our employees, directors, officers, consultants or advisors who purchased shares of our common stock from us in connection with a compensatory stock or option plan or other written agreement before the completion of this offering, or who purchased shares of our common stock from us after the completion of this offering upon the exercise of options granted before the completion of this offering, are eligible to resell such shares in reliance upon Rule 144 beginning 90 days after the date hereof. If such person is not an affiliate, the sale may be made subject only to the manner of sale restrictions of Rule 144. If such a person is one of our affiliates, the sale may be made under Rule 144 without compliance with its one-year minimum holding period, but subject to the other Rule 144 restrictions.

**Registration Statement on Form S-8**

We intend to file one or more registration statements on Form S-8 under the Securities Act to register shares of our common stock that are reserved for issuance under the 2026 Plan. The first such registration statement is expected to be filed soon after the consummation of this offering and will automatically become effective upon filing with the SEC. Accordingly, shares registered under such registration statement will be available for sale in the open market following the effective date, unless such shares are subject to vesting restrictions with us, Rule 144 restrictions applicable to our affiliates or the lock-up restrictions described below.

**Lock-Up Agreements**

We have agreed, subject to certain exceptions and without the approval of the representative of the underwriters, not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any of our securities for a period of 180 days following the closing of this offering. Our directors, executive officers, and a significant portion of all other holders of our common stock have agreed with the underwriters not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our common stock or securities convertible into common stock for a period of 180 days after the closing of this offering. See "Underwriting" for additional information.

**Underwriter's Warrants**

We have agreed to issue to Cantor, upon the closing of this offering, warrants exercisable for the number of shares of our common stock equal to 2.5% of the total number of shares of our common stock sold in this offering (which we refer to as the "Underwriter's Warrants"). The Underwriter's Warrants will be exercisable at an exercise price equal to 125% of the initial public offering price of our common stock sold in this offering, will be exercisable, in whole or in part, from time to time after six months following the date of this prospectus, and will expire on the date that is five years following the date of this prospectus. The Underwriter's Warrants and the shares of common stock issuable upon exercise of the Underwriter's Warrants are also being registered under the registration statement of which this prospectus forms a part. See "Underwriting—Underwriter's Warrants."

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**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS**

The following discussion is a summary of the material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the purchase, ownership, and disposition of our common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service, or the IRS, in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder of our common stock. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the purchase, ownership, and disposition of our common stock.

This discussion is limited to Non-U.S. Holders that hold our common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income or the alternative minimum tax. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons holding our common stock as part of a hedge, straddle or other risk reduction strategy or as part of a conversion transaction, or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons that own, have owned, or will own, actually or constructively, more than 5% (by vote or value) of our stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•banks, insurance companies, and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brokers, dealers, or traders in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•partnerships, other entities, or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons deemed to sell our common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons who hold or receive our common stock pursuant to the exercise of any employee stock option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tax-qualified retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•qualified foreign pension funds" and entities, all of the interests of which are held by qualified foreign pension funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons subject to special tax accounting rules as a result of any item of gross income with respect to our common stock being taken into account in an applicable financial statement.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly, partnerships (and entities or arrangements treated as partnerships for U.S. federal income tax purposes) holding our common stock and the partners in such partnerships should consult their own tax advisors regarding the U.S. federal income tax consequences to them.

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**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.**

**Definition of a Non-U.S. Holder**

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our common stock that is neither a "U.S. person" nor an entity treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a corporation that is created or organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a trust that (i) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (ii) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

**Distributions**

As described in the section titled "Dividend Policy," we do not currently intend to pay any cash dividends on our capital stock in the foreseeable future. However, if we make distributions of cash or property on our common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and first be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below under "— Sale or Other Taxable Disposition."

Subject to the discussions below on effectively connected income, backup withholding and the Foreign Account Tax Compliance Act, or FATCA, dividends paid to a Non-U.S. Holder of our common stock will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund or credit of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty. As discussed below under "— Sale or Other Taxable Disposition", to our knowledge we believe we currently are not a USRPHC (as defined below). However, it is uncertain whether we will become a USRPHC in the future. If we are or become a USRPHC and our common stock does not satisfy the requirements of the "regularly traded" exception described below, distributions which constitute a return of capital or gain will be subject to withholding tax at a rate of 15% unless an application for a withholding certificate is filed to reduce or eliminate such withholding.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States.

Any such effectively connected dividends generally will be subject to U.S. federal income tax on a net income basis at the regular rates. A Non-U.S. Holder that is a corporation also generally will be subject to a branch profits tax at a

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rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits attributable to such dividends, as adjusted for certain items. Non-U.S. Holders should consult their own tax advisors regarding any applicable tax treaties that may provide for different rules.

**Sale or Other Taxable Disposition**

Subject to the discussions below regarding backup withholding and FATCA, a Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our common stock constitutes a U.S. real property interest, or USRPI, by reason of our status as a U.S. real property holding corporation, or USRPHC, for U.S. federal income tax purposes.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income rates applicable to U.S. persons. A Non-U.S. Holder that is a corporation also generally will be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits attributable to such gain, as adjusted for certain items.

Gain described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, to our knowledge we believe we currently are not a USRPHC. However, since the determination of whether we are a USRPHC depends on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we will not become a USRPHC in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our common stock will not be subject to U.S. federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market, and such Non-U.S. Holder owned, actually and constructively, 5% or less of our common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder's holding period. If we are a USRPHC and either our common stock is not regularly traded on an established securities market or a Non-U.S. Holder holds more than 5% of our common stock, actually or constructively, during the applicable testing period, such Non-U.S. Holder will generally be taxed on any gain in the same manner as gain that is effectively connected with the conduct of a U.S. trade or business, except that the branch profits tax generally will not apply. It is uncertain whether a trading market for our securities may develop and whether our common stock will be regularly traded for purposes of the Regularly Traded Exception (see also our "*There has been no public market for our common shares prior to this offering, and an active market in which investors can resell their shares may not develop*" risk factor on page 28 of this prospectus).

Non-U.S. Holders should consult their own tax advisors regarding any applicable income tax treaties that may provide for different rules.

**Information Reporting and Backup Withholding**

Payments of dividends on our common stock will not be subject to backup withholding, provided the holder either certifies its non-U.S. status by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any dividends on our common stock paid to the Non-U.S. Holder, regardless of whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our common stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting, if the applicable withholding agent receives the certification described above or the holder otherwise establishes an

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exemption. Proceeds of a disposition of our common stock conducted through a non-U.S. office of a non-U.S. broker that does not have certain enumerated relationships with the United States generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS also may be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**Additional Withholding Tax on Payments Made to Foreign Accounts**

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (commonly referred to as FATCA) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on our common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (i) the foreign financial institution undertakes certain diligence and reporting obligations, (ii) the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (iii) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in clause (i) above, it must enter into an agreement with the United States Department of Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Non-U.S. Holders typically will be required to furnish certifications (generally on the applicable IRS Form W-8) or other documentation to provide the information required by FATCA or to establish compliance with or an exemption from withholding under FATCA. FATCA withholding may apply where payments are made through a non-U.S. intermediary that is not FATCA compliant, even where the Non-U.S. Holder satisfies the holder's own FATCA obligations.

Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies currently to payments of dividends on our common stock. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of our common stock, proposed Treasury Regulations would eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. There can be no assurance that the proposed Treasury Regulations will be finalized in their present form.

The United States and a number of other jurisdictions have entered into intergovernmental agreements to facilitate the implementation of FATCA. Any applicable intergovernmental agreement may alter one or more of the FATCA information reporting and withholding requirements. Prospective investors should consult their own tax advisors regarding the potential application of withholding under FATCA to an investment in our common stock, including the applicability of any intergovernmental agreements.

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock.

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**UNDERWRITING**

Subject to the terms and conditions set forth in the underwriting agreement, dated , 2025 between us and Cantor, as representative of the underwriters named below (the "Representative"), we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the shares of our common stock shown opposite its name below:

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| | |
|:---|:---|
| **Underwriter** | **Number of Shares** |
| Cantor Fitzgerald & Co. |  |
| Total |  |

---

The underwriting agreement provides that the obligations of the several underwriters are subject to certain conditions precedent such as the receipt by the underwriters of officers' certificates and legal opinions and approval of certain legal matters by their counsel. The underwriting agreement provides that the underwriters will purchase all of the shares of our common stock if any of them are purchased. We have agreed to indemnify the underwriters and certain of their controlling persons against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the shares of our common stock subject to their acceptance of the shares of our common stock from us and subject to prior sale. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part. In addition, the underwriters have advised us that they do not intend to confirm sales to any account over which they exercise discretionary authority.

**Option to Purchase Additional Shares**

We have granted to the underwriters an option, exercisable 30 days from the date of this prospectus, to purchase, from time to time, in whole or in part, up to an aggregate of shares from us at the public offering price set forth on the cover page of this prospectus, less underwriting discounts and commissions. If the underwriters exercise this option, each underwriter will be obligated, subject to certain conditions, to purchase a number of additional shares approximately proportionate to that underwriter's initial purchase commitment as indicated in the table above.

**Commission and Expenses**

The underwriters have advised us that they propose to offer the shares of our common stock to the public at the public offering price set forth on the cover page of this prospectus and to certain dealers, which may include the underwriters, at that price less a concession not in excess of $ per share of our common stock. The underwriters may allow, and certain dealers may reallow, a discount from the concession not in excess of $ per share of our common stock to certain brokers and dealers. After the initial offering, the Representative may change the offering price and other selling terms.

The following table shows the public offering price, the underwriting discounts and commissions that we are to pay the underwriters and the proceeds, before expenses, to us in connection with this offering. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Share** | **Per Share** | **Total** | **Total** |
|  | **Without<br>Option to**<br>**Purchase**<br>**Additional Shares** | **With<br>Option to**<br>**Purchase**<br>**Additional Shares** | **Without<br>Option to**<br>**Purchase**<br>**Additional Shares** | **With<br>Option to**<br>**Purchase**<br>**Additional Shares** |
| Public offering price | $| $| $| $|
| Underwriting discounts and<br>&nbsp;&nbsp;&nbsp;&nbsp;commissions<sup>(1)</sup> | $| $| $| $|
| Proceeds to us, before expenses | $| $| $| $|

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(1)The underwriting discounts and commissions reflected in this table do not include (i) the issuance by us of the Underwriter's Warrants to certain of the underwriters (see "—Underwriter's Warrants" below) or (ii) the reimbursement by us of certain expenses as described below.

We estimate expenses payable by us in connection with this offering, other than the underwriting discounts and commissions referred to above, will be approximately $. We have also agreed to reimburse the underwriters for certain of their expenses up to $.

**Determination of Offering Price**

Prior to this offering, there has not been a public market for our common stock. Consequently, the initial public offering price for our common stock will be determined by negotiations between us and the Representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant.

We offer no assurances that the initial public offering price will correspond to the price at which the common stock will trade in the public market subsequent to the offering or that an active trading market for the common stock will develop and continue after the offering.

**Cantor's Right of First Refusal**

We have agreed to grant Cantor the right to act as a managing underwriter, initial purchaser or placement agent in connection with certain future public offerings, private placements or other financings, subject to certain conditions. Pursuant to FINRA Rule 5110(g)(6)(A), this right of first refusal shall not have a duration of more than three (3) years from the commencement of sales of this offering or the termination of the agreement between us and Cantor. Pursuant to FINRA Rule 5110, such right is deemed to be underwriting compensation for this offering, the value of which will be 1% of the proceeds from this offering.

**Underwriter's Warrants** 

We have agreed to issue to Cantor, upon the closing of this offering, Underwriter's Warrants exercisable for the number of shares of our common stock equal to 2.5% of the total number of shares of common stock sold in this offering. The Underwriter's Warrants will be exercisable at an exercise price equal to 125% of the initial public offering price of the shares of common stock sold in this offering. Subject to FINRA Rule 5110(e)(1), the Underwriter's Warrants will be exercisable, in whole or in part, from time to time after six months following the date of this prospectus, until the expiration of the Underwriter's Warrants on the date that is five (5) years following the commencement of this offering, in compliance with FINRA Rule 5110(g)(8)(A). The Underwriter's Warrants and the shares of common stock issuable upon exercise of the Underwriter's Warrants are also being registered under the registration statement of which this prospectus forms a part, and this prospectus also relates to the shares of common stock issuable upon exercise of the Underwriter's Warrants.

In addition, pursuant to FINRA Rule 5110, the Underwriter's Warrants and the shares of common stock underlying the Underwriter's Warrants are deemed by FINRA to be underwriting compensation for this offering, and, as such, they will be subject to lock-up restrictions, as required by FINRA Rule 5110(e)(1), and may not be sold during this offering, or sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of such securities by any person, for a period of 180 days immediately following the date of effectiveness of the registration statement of which this prospectus forms a part or the commencement of sales under this offering, except as provided in FINRA Rule 5110(e)(2).

The exercise price and the number of shares of common stock issuable upon exercise of the Underwriter's Warrants may be adjusted in certain circumstances, including in the event of a stock dividend, extraordinary cash dividend, or recapitalization, reorganization, merger or consolidation. You should review a copy of the form of the Underwriter's Warrants, which is included as Exhibit 4.1 to the registration statement of which this prospectus forms a part, for a complete description of the terms and conditions applicable to the Underwriter's Warrants.

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**Listing**

We have applied to list our common stock on NYSE American under the trading symbol "REA." The approval of our common stock for listing on NYSE American is a condition to the closing of this offering.

**No Sales of Similar Securities**

We, our officers, our directors and a significant portion of all other holders of our common stock have agreed, subject to certain specified exceptions, not to directly or indirectly, for a period of 180 days after the date of the underwriting agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sell, offer, contract or grant any option to sell (including any short sale), pledge, transfer, establish an open "put equivalent position" within the meaning of Rule 16a-l(h) under the Securities Exchange Act of 1934, as amended, or otherwise dispose of, any shares of common stock, options or warrants to acquire shares of common stock, or securities exchangeable or exercisable for or convertible into shares of common stock currently or hereafter owned either of record or beneficially,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enter into any swap, hedge or other agreement or transaction that transfers, in whole or in part, the economic consequence of ownership of common stock, or securities exchangeable or exercisable for or convertible into shares of common stock, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•publicly announce an intention to do any of the foregoing for a period of 180 days after the date of this prospectus without the prior written consent of the Representative.

In addition, we and each such person agrees that, without the prior written consent of the Representative, we or such other person will not, during the restricted period, make any demand for, or exercise any right with respect to, the registration of any shares of our common stock or any security convertible into or exercisable or exchangeable for common stock.

The restrictions in the immediately preceding paragraph do not apply to, among other things, and subject in certain cases to various conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)transfers in certain circumstances, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)as a bona fide gift or gifts, or charitable contribution, or for bona fide estate planning purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)by will or intestacy or any other testamentary document,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to any member of the immediate family or to any trust for the direct or indirect benefit of the holder or the immediate family of the holder, or if the holder is a trust, to a trustor, trustee or beneficiary of the trust or to the estate of a trustor, trustee, or beneficiary of such trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to a corporation, partnership, limited liability company, investment fund or other entity (A) of which the holder and the immediate family of the holder are the legal and beneficial owner of all of the outstanding equity securities or similar interests or (B) controlled by, or under common control with, the holder or the immediate family of the holder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iv) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)if the holder is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated under the U.S. Securities Act) of the holder, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control or common investment management with the holder or affiliates of the holder (including, for the avoidance of doubt,

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where the holder is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (B) as part of a distribution to current or former general or limited partners, managers or members, shareholders, equityholders or affiliates of the holder, or to the estates of any of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement or any other order of a court or regulatory agency with jurisdiction over the holder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)to us upon death, disability, or if the holder is our employee, termination of employment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)as part of a sale of common stock acquired (A) from the underwriters in this offering or (B) in open market transactions after the closing date of this offering,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)to us in connection with the vesting, settlement, or exercise of restricted stock units, options, warrants or other rights to purchase shares of common stock (including, in each case, by way of "net" or "cashless" exercise), including for the payment of exercise price and tax and remittance payments due as a result of the vesting, settlement, or exercise of such restricted stock units, options, warrants or rights, held pursuant to an agreement or equity awards granted under a stock incentive plan or other equity award plan described in this prospectus, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction, in one transaction or a series of related transactions, that is approved by our board of directors and made to all holders of our capital stock involving a Change of Control (as defined below) of us (for purposes hereof, "Change of Control" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting securities of us (or the surviving entity)),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the exercise of outstanding options, settle restricted stock units or other equity awards or the exercise of warrants pursuant to plans described in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the conversion of outstanding loan, preferred stock, warrants to acquire preferred stock or convertible securities into shares of common stock or warrants to acquire shares of common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the establishment or amendment of trading plans pursuant to Rule 10b5-1 under the Exchange Act; provided that (1) no transfers occur under such plan during such lock-up period and (2) no filing by any party under the Exchange Act or other public announcement shall be made voluntarily in connection with the establishment or amendment of such trading plans pursuant to Rule 10b5-1, provided that if a filing under the Exchange Act or other public announcement is required, such announcement or filing shall include a statement that a transfer, sale or other disposition is not permitted under such trading plan during the lock-up period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the transfer or disposition of shares of common stock pursuant to "sell-to-cover" transactions in connection with the issuance of shares pursuant to a benefit pool or as deferred compensation described in this prospectus, provided that, any filing under Section 16(a) of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of shares of common stock in connection with such sell-to-cover transaction that is legally required during the lock-up period shall clearly indicate in the footnotes thereto the nature and conditions of such transaction.

The Representative may, in its sole discretion and at any time or from time to time before the termination of the 180-day period release all or any portion of the securities subject to lock-up agreements.

**Market Making, Stabilization and Other Transactions**

The underwriters may make a market in the common stock as permitted by applicable laws and regulations. However, the underwriters are not obligated to do so, and the underwriters may discontinue any market-making activities at any

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time without notice in their sole discretion. Accordingly, no assurance can be given as to the liquidity of the trading market for the common stock, that you will be able to sell any of the common stock held by you at a particular time or that the prices that you receive when you sell will be favorable.

The underwriters have advised us that they, pursuant to Regulation M under the Securities Exchange Act of 1934, as amended, and certain persons participating in the offering, may engage in short sale transactions, stabilizing transactions, syndicate covering transactions or the imposition of penalty bids in connection with this offering. These activities may have the effect of stabilizing or maintaining the market price of the common stock at a level above that which might otherwise prevail in the open market. Establishing short sales positions may involve either "covered" short sales or "naked" short sales.

"Covered" short sales are sales made in an amount not greater than the underwriters' option to purchase additional shares of our common stock in this offering. The underwriters may close out any covered short position by either exercising their option to purchase additional shares of our common stock or purchasing shares of our common stock in the open market. In determining the source of shares to close out the covered short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the option to purchase additional shares.

"Naked" short sales are sales in excess of the option to purchase additional shares of our common stock. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the shares of our common stock in the open market after pricing that could adversely affect investors who purchase in this offering.

A stabilizing bid is a bid for the purchase of shares of our common stock on behalf of the underwriters for the purpose of fixing or maintaining the price of the common stock. A syndicate covering transaction is the bid for or the purchase of shares of our common stock on behalf of the underwriters to reduce a short position incurred by the underwriters in connection with the offering. Similar to other purchase transactions, the underwriters' purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our common stock or preventing or retarding a decline in the market price of our common stock. As a result, the price of our common stock may be higher than the price that might otherwise exist in the open market. A penalty bid is an arrangement permitting the underwriters to reclaim the selling concession otherwise accruing to a syndicate member in connection with the offering if the common stock originally sold by such syndicate member are purchased in a syndicate covering transaction and therefore have not been effectively placed by such syndicate member.

Neither we, nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our common stock. The underwriters are not obligated to engage in these activities and, if commenced, may end any of these activities at any time.

**Passive Market Making**

The underwriters may also engage in passive market making transactions in our common stock on NYSE American in accordance with Rule 103 of Regulation M during a period before the commencement of offers or sales of shares of our common stock in this offering and extending through the completion of distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, that bid must then be lowered when specified purchase limits are exceeded. Passive market making may cause the price of our common stock to be higher than the price that otherwise would exist in the open market in the absence of those transactions. The underwriters are not required to engage in passive market making and, if commenced, may end passive market making activities at any time.

**Electronic Distribution**

A prospectus in electronic format may be made available by e-mail or on the web sites or through online services maintained by one or more of the underwriters, selling group members (if any) or their affiliates. The underwriters may agree with us to allocate a specific number of shares of our common stock for sale to online brokerage account holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other than the prospectus in electronic format, the information on the underwriters' websites and any

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information contained in any other web site maintained by any of the underwriters is not part of this prospectus, has not been approved and/or endorsed by us or the underwriters and should not be relied upon by investors.

**Other Activities and Relationships**

The underwriters and certain of their respective affiliates are full service financial institutions engaged in a wide range of activities for their own accounts and the accounts of customers, which may include, among other things, corporate finance, mergers and acquisitions, merchant banking, equity and fixed income sales, trading and research, derivatives, foreign exchange, futures, asset management, custody, clearance and securities lending. The underwriters and certain of their affiliates have, from time to time, performed, and may in the future perform, various investment banking and financial advisory services for us and our affiliates, for which they received or will receive customary fees and expenses.

In addition, in the ordinary course of its business, the underwriters and their respective affiliates may, directly or indirectly, hold long or short positions, trade and otherwise conduct such activities in or with respect to debt or equity securities and/or bank debt of, and/or derivative products. Such investment and securities activities may involve our securities and instruments. The underwriters and their respective affiliates may also make investment recommendations or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long or short positions in such securities and instruments.

**Stamp Taxes**

If you purchase shares of our common stock offered in this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering price listed on the cover page of this prospectus.

**Selling Restrictions**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the securities, or the possession, circulation or distribution of this prospectus or any other material relating to us or the securities in any jurisdiction where action for that purpose is required. Accordingly, the securities may not be offered or sold, directly or indirectly, and neither this prospectus nor any other material or advertisements in connection with the securities may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable laws, rules and regulations of any such country or jurisdiction.

***Canada***

This prospectus constitutes an "exempt offering document" as defined in and for the purposes of applicable Canadian securities laws. No prospectus has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the securities. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this prospectus or on the merits of the securities and any representation to the contrary is an offence.

**Canadian investors are advised that this prospectus has been prepared in reliance on section 3A.3 of National Instrument 33-105 Underwriting Conflicts ("NI 33-105"). Pursuant to section 3A.3 of NI 33-105, this prospectus is exempt from the requirement that the issuer and the underwriters provide investors with certain conflicts of interest disclosure pertaining to "connected issuer" and/or "related issuer" relationships that may exist between the issuer and the underwriters as would otherwise be required pursuant to subsection 2.1(1) of NI 33-105.**

*Resale restrictions*

The offer and sale of the securities in Canada is being made on a private placement basis only and is exempt from the requirement that the issuer prepares and files a prospectus under applicable Canadian securities laws. Any resale of the securities acquired by a Canadian investor in this offering must be made in accordance with applicable Canadian securities laws, which may vary depending on the relevant jurisdiction, and which may require resales to be made in accordance with Canadian prospectus requirements, pursuant to a statutory exemption from the prospectus

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requirements, in a transaction exempt from the prospectus requirements or otherwise under a discretionary exemption from the prospectus requirements granted by the applicable local Canadian securities regulatory authority. These resale restrictions may under certain circumstances apply to resales of the securities outside of Canada.

*Representations of purchasers*

Each Canadian investor who purchases the securities will be deemed to have represented to the issuer and the underwriters that the investor (i) is purchasing the securities as principal, or is deemed to be purchasing as principal in accordance with applicable Canadian securities laws, for investment only and not with a view to resale or redistribution; (ii) is an "accredited investor" as such term is defined in section 1.1 of National Instrument 45-106 *Prospectus Exemptions* ("NI 45-106") or, in Ontario, as such term is defined in section 73.3(1) of the *Securities Act* (Ontario); and (iii) is a "permitted client" as such term is defined in section 1.1 of National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*.

*Taxation and eligibility for investment*

Any discussion of taxation and related matters contained in this prospectus does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a Canadian investor when deciding to purchase the securities and, in particular, does not address any Canadian tax considerations. No representation or warranty is hereby made as to the tax consequences to a resident, or deemed resident, of Canada of an investment in the securities or with respect to the eligibility of the securities for investment by such investor under relevant Canadian federal and provincial legislation and regulations.

*Rights of action for damages or rescission*

Securities legislation in certain of the Canadian jurisdictions provides certain purchasers of securities pursuant to an offering memorandum (such as this prospectus), including where the distribution involves an "eligible foreign security" as such term is defined in Ontario Securities Commission Rule 45-501 *Ontario Prospectus and Registration Exemptions* and in Multilateral Instrument 45-107 *Listing Representation and Statutory Rights of Action Disclosure Exemptions*, as applicable, with a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where the offering memorandum, or other offering document that constitutes an offering memorandum, and any amendment thereto, contains a "misrepresentation" as defined under applicable Canadian securities laws. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed under, and are subject to limitations and defenses under, applicable Canadian securities legislation. In addition, these remedies are in addition to and without derogation from any other right or remedy available at law to the investor.

*Language of documents*

Upon receipt of this document, each Canadian investor hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the securities described herein (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. *Par la réception de ce document, chaque investisseur Canadien confirme par les présentes qu'il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d'achat ou tout avis) soient rédigés en anglais seulement.*

***Australia***

This document does not constitute a prospectus, product disclosure statement or other disclosure document under the Australia's Corporations Act 2001 (Cth) (the "Corporations Act") of Australia. This document has not been lodged with the Australian Securities & Investments Commission and is only directed to the categories of exempt persons set out below. Accordingly, if you receive this document in Australia:

You confirm and warrant that you are either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant's certificate to the company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related regulations before the offer has been made; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations Act.

To the extent that you are unable to confirm or warrant that you are an exempt sophisticated investor or professional investor under the Corporations Act any offer made to you under this document is void and incapable of acceptance.

You warrant and agree that you will not offer any of the securities issued to you pursuant to this document for resale in Australia within 12 months of those securities being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act.

***European Economic Area***

In relation to each member state of the European Economic Area (each a "Member State"), no securities have been offered or will be offered pursuant to the offer described herein in that Member State prior to the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Member State or, where appropriate, approved in another Member State and notified to the competent authority in that Member State, all in accordance with the Prospectus Regulation, except that the securities may be offered to the public in that Member State at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

*provided* that no such offer of securities shall require the issuer or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

Each person in a Member State who acquires any securities in the offer or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that it is a qualified investor within the meaning of the Prospectus Regulation.

In the case of any securities being offered to a financial intermediary as that term is used in Article 5(1) of the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that the securities acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in a Member State to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale. Neither the issuer nor the underwriters have authorised, nor do they authorise, the making of any offer of securities through any financial intermediary, other than offers made by the underwriters which constitute the final placement of securities contemplated in this document.

The issuer and the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.

For the purposes of this provision, the expression an "offer to the public" in relation to any securities in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase, or subscribe for, any securities and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

In Member States, this document is being distributed only to, and is directed only at, persons who are "qualified investors" within the meaning of Article 2(e) of the Prospectus Regulation ("Qualified Investors"). This document must not be acted on or relied on in any Member State by persons who are not Qualified Investors. Any investment or investment activity to which this document relates is available in any Member State only to Qualified Investors and will be engaged in only with such persons.

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***France***

The securities are being issued and sold outside the Republic of France and that, in connection with their initial distribution, the underwriters have not offered or sold and will not offer or sell, directly or indirectly, any securities to the public in the Republic of France, and that they has not distributed and will not distribute or cause to be distributed to the public in the Republic of France this prospectus or any other offering material relating to the securities, and that such offers, sales and distributions have been and will be made in the Republic of France only to qualified investors (investisseurs qualifiés) in accordance with Article L.411-2 of the Monetary and Financial Code and decrét no. 98-880 dated October 1, 1998.

***Germany***

Each person who is in possession of this prospectus is aware that no German sales prospectus (Verkaufsprospekt) within the meaning of the Securities Sales Prospectus Act (Wertpapier-Verkaufsprospektgesetz, the "Act") of the Federal Republic of Germany has been or will be published with respect to the securities. In particular, the underwriters have represented that they have not engaged and have agreed that they will not engage in a public offering (offentliches Angebot) within the meaning of the Act with respect to any of the securities otherwise then in accordance with the Act and all other applicable legal and regulatory requirements.

***Hong Kong***

WARNING - The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

No securities have been, may be or will be offered or sold in Hong Kong, by means of any document, other than to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the "SFO") and any rules made thereunder; or in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the "C(WUMP)O"), or which do not constitute an offer to the public within the meaning of the C(WUMP)O. No document, invitation or advertisement relating to the securities has been issued or may be issued or will be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made thereunder.

This document has not been and will not be registered with the Registrar of Companies in Hong Kong. Accordingly, this document may not be issued, circulated or distributed in Hong Kong, and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities will be required, and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers of the securities described in this document and the relevant offering documents and that he is not acquiring, and has not been offered any securities in circumstances that contravene any such restrictions.

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***United Kingdom***

In relation to the United Kingdom, no securities have been offered or will be offered pursuant to the offer described herein to the public in the United Kingdom prior to the publication of a prospectus in relation to the securities which has been approved by the UK Financial Conduct Authority, except that the securities may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)in any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000 (as amended) (the "FSMA"),

*provided* that no such offer of the securities shall require the issuer or any underwriter to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

Each person in the United Kingdom who acquires any securities in the offer or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that it is a qualified investor within the meaning of the UK Prospectus Regulation.

In the case of any securities being offered to a financial intermediary as that term is used in Article 5(1) of the UK Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that the securities acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in the United Kingdom to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale. Neither the issuer nor the underwriters have authorised, nor do they authorise, the making of any offer of securities through any financial intermediary, other than offers made by the underwriters which constitute the final placement of securities contemplated in this document.

The issuer and the underwriters and their respective affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.

For the purposes of this provision, the expression an "offer to the public" in relation to the securities in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase or subscribe for any securities and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018.

In the United Kingdom, this document is being distributed only to, and is directed only at, persons who are "qualified investors" within the meaning of Article 2(e) of the UK Prospectus Regulation who are also: (i) persons who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"); (ii) persons falling within Article 49(2) of the Order; or (iii) persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This document must not be acted on or relied on in the United Kingdom by persons who are not relevant persons. Any investment or investment activity to which this document relates is available in the United Kingdom only to relevant persons and will be engaged in only with such persons.

Any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) may only be communicated or caused to be communicated in connection with the issue or sale of the securities in circumstances in which Section 21(1) of the FSMA does not apply. All applicable provisions of the FSMA and the Order must be complied with in respect of anything done by any person in relation to the securities in, from or otherwise involving the United Kingdom.

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***Cayman Islands***

No offer or invitation, whether directly or indirectly, to subscribe for securities may be made to the public in the Cayman Islands.

***British Virgin Islands***

The securities are not being, and may not be offered to the public or to any person in the British Virgin Islands for purchase or subscription by or on behalf of us. The securities may be offered to companies incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands) (BVI Companies), but only where the offer will be made to, and received by, the relevant BVI Company entirely outside of the British Virgin Islands.

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**LEGAL MATTERS**

The validity of the issuance of the common stock offered by this prospectus will be passed upon for us by DLA Piper LLP (US), Washington, D.C. Certain legal matters in connection with this offering will be passed upon for the underwriters by Dorsey & Whitney LLP, Toronto, Ontario.

**EXPERTS**

The financial statements of Alpha Minerals Brazil Participações Ltd. (the predecessor of Rare Earths Americas, Inc.) as of and for the fiscal years ended December 31, 2024 and 2023 have been included herein and in the registration statement in reliance upon the report of PGBR Auditores e Consultores, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of such firm as experts in accounting and auditing.

The technical information appearing in this prospectus concerning the Shiloh Project was derived from the Technical Report Summary Shiloh Project, Georgia, dated November 7, 2025, prepared by Geosyntec Consultants, Inc., independent mining consultants.

The technical information appearing in this prospectus concerning the Alpha Project was derived from the Alpha Project Bahia, Brazil Technical Report Summary dated October 31, 2025, prepared by McGarry Geoconsulting Corp. and Karst Geo Solutions, independent mining consultants.

The technical information appearing in this prospectus concerning the Constellation Project was derived from the Constellation Project Minas Gerais, Brazil Technical Report Summary dated October 31, 2025, prepared by McGarry Geoconsulting Corp. and Karst Geo Solutions, independent mining consultants.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form S-1, including exhibits and schedules, under the Securities Act, with respect to the shares of common stock being offered by this prospectus. This prospectus, which constitutes part of the registration statement, does not contain all of the information in the registration statement and its exhibits. For further information with respect to us and the common stock offered by this prospectus, we refer you to the registration statement and its exhibits. Statements contained in this prospectus as to the contents of any contract or any other document referred to are not necessarily complete, and in each instance, we refer you to the copy of the contract or other document filed as an exhibit to the registration statement. Each of these statements is qualified in all respects by this reference.

You may read our SEC filings, including this registration statement, over the Internet at the SEC's website at *www.sec.gov*. Upon the closing of this offering, we will be subject to the information reporting requirements of the Exchange Act and we will file reports, proxy statements, and other information with the SEC. These reports, proxy statements and other information will be available for review at the SEC's website referred to above. We also maintain a website at *rareearthsamericas.com*, at which, following the closing of this offering, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on or accessible through our website is not a part of this prospectus or the registration statement of which it forms a part, and the inclusion of our website address in this prospectus is an inactive textual reference only. You should not consider the contents of our website in making an investment decision with respect to our common stock.

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**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

**INDEX TO FINANCIAL STATEMENTS**

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| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;[<u>Report of Independent Registered Public Accounting Firm</u>](#audit_report) (PCAOB ID: 6754) | F-1 |
| &nbsp;&nbsp;&nbsp;[<u>Balance Sheets</u>](#balance_sheets) | F-3 |
| &nbsp;&nbsp;&nbsp;[<u>Statements of Operations</u>](#statements_of_operations) | F-4 |
| &nbsp;&nbsp;&nbsp;[<u>Statements of Comprehensive Loss</u>](#statements_of_comprehensive_loss) | F-5 |
| &nbsp;&nbsp;&nbsp;[<u>Statements of Changes in Stockholders' Equity (Deficit)</u>](#stmt_of_changes_in_stockholders_equity) | F-6 |
| &nbsp;&nbsp;&nbsp;[<u>Statements of Cash Flows</u>](#statements_of_cash_flows) | F-7 |
| &nbsp;&nbsp;&nbsp;[<u>Notes to Financial Statements</u>](#notes_to_the_financial_statements) | F-8 |

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**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of

Alpha Minerals Brazil Participações Ltda

**Opinion on the Financial Statements**

We have audited the accompanying balance sheets of Alpha Minerals Brazil Participações Ltda. (the Company) as of December 31, 2024 and 2023, the related statements of operations and comprehensive income (loss), changes in stockholders' equity and cash flows for the each of the two years in the period ended December 31, 2024, and including the related notes and any schedules, identified and collectively referred to in the report as the financial statements.

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis

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for our opinion.

PGBR RODYOS AUDITORES INDEPENDENTES S.S

We have served as the Company's auditor since 2025.

São Paulo, São Paulo

January 29, 2026

The foregoing report is in the form that will be signed upon the inclusion in the financial statements of the common control transaction between REA Australia and REA Cayman, as described in Notes 2 (Net Loss per Common Share), 5 (Issued Capital), and 10 (Subsequent Events). Our audit procedures considered subsequent events through January 29, 2026.

/s/ PGBR RODYOS AUDITORES INDEPENDENTES S.S

São Paulo, São Paulo

January 29, 2026

PCAOB ID#6754

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***ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.***

**BALANCE SHEETS**

**(in thousands of U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $6 | $800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 61 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 67 | 872 |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 34 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 34 | 49 |
| **Total assets** | $101 | $921 |
| **LIABILITIES** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $8 | $494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | 236 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 22 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 266 | 502 |
| **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent liabilities | 95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 95 |  |
| **Total liabilities** | 361 | 502 |
| Commitments and contingencies (Note 9) |  |  |
| **STOCKHOLDERS' (DEFICIT) EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Members' equity | 9982 | 6387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (334) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (9908) | (5933) |
| **Total stockholders' (deficit) equity** | (260) | 419 |
| **Total liabilities and stockholders' equity** | $101 | $921 |

---

*See accompanying notes to the financial statements.*

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***ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.***

**STATEMENTS OF OPERATIONS**

**(in thousands of U.S. Dollars, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
|  | **2024** | **2023** |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenses | $2890 | $3887 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 1094 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 6 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 3990 | 5276 |
| **Operating loss** | (3990) | (5276) |
| **Other income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 15 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net |  | 206 |
| Loss before income taxes | (3975) | (4985) |
| Provision for income taxes |  |  |
| **Net loss** | $(3975) | $(4985) |

---

---

| | | |
|:---|:---|:---|
| **Net loss per common share, basic and diluted** | $(0.46 | $(1.16 |
| **Weighted average common shares outstanding, basic and diluted** | 8674507 | 4280589 |

---

*See accompanying notes to the financial statements.*

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***ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.***

**STATEMENTS OF COMPREHENSIVE LOSS**

**(in thousands of U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
|  | **2024** | **2023** |
| **Net loss** | $(3975) | $(4985) |
| **Other comprehensive loss:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (299) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive loss | (299) | (27) |
| **Comprehensive loss** | $(4274) | $(5012) |

---

*See accompanying notes to the financial statements.*

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***ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.***

**STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)**

**(in thousands of U.S. Dollars)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Members'<br>Equity** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Accumulated<br>Deficit** | **Total<br>Stockholders'<br>Equity<br>(Deficit)** |
| **Balance as of December 31, 2022** | $**1465** | $**(8)** | $**(948)** | $**509** |
| Equity contributions from parent | 4922 |  |  | 4922 |
| Other comprehensive loss |  | (27) |  | (27) |
| Net loss |  |  | (4985) | (4985) |
| **Balance as of December 31, 2023** | **6387** | **(35)** | **(5933)** | **419** |
| Equity contributions from parent | 3595 |  |  | 3595 |
| Other comprehensive loss |  | (299) |  | (299) |
| Net loss |  |  | (3975) | (3975) |
| **Balance as of December 31, 2024** | $**9982** | $**(334)** | $**(9908)** | $**(260)** |

---

*See accompanying notes to the financial statements.*

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***ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.***

**STATEMENTS OF CASH FLOWS**

**(in thousands of U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
|  | **2024** | **2023** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(3975) | $(4985) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 6 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of property and equipment to related parties | (68) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for labor contingency | 109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocated expenses from parent | 284 | 192 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes recoverable | (40) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 36 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (434) | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | 268 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 21 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (3793) | (4191) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (10) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of property and equipment to related parties | 75 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 65 | 70 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity contributions from parent | 3311 | 4730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 3311 | 4730 |
| Effect of exchange rates on cash and cash equivalents | (377) | (3) |
| Net (decrease) increase in cash and cash equivalents | (794) | 606 |
| Cash and cash equivalents at beginning of period | 800 | 194 |
| Cash and cash equivalents at end of period | $6 | $800 |
| Supplemental non-cash information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash equity contribution from parent | $284 | $192 |

---

*See accompanying notes to the financial statements.*

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***ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.***

**Notes to the financial statements**

**1.** **Organization and Business Operations**

On August 12, 2021, Alpha Minerals Brazil Participações Ltda. ("Alpha" or the "Company") was incorporated under the laws of Brazil. In February 2023, Rare Earths Americas Limited ("REA Australia") acquired a 100% ownership interest in Alpha in a transaction that did not result in a change in the carrying basis of Alpha's assets and liabilities because the transaction was consummated between entities under common control.

The company is currently developing two projects: the Alpha IAC Project in Bahia, Brazil, and the Constellation IAC Project in Minas Gerais, Brazil. The Alpha IAC Project covers approximately 314 square kilometers of exploration licenses in northeastern Brazil and represents a province-scale deposit of ion-adsorption clay ("IAC") and rare earth elements. The Constellation IAC Project is located in the emerging high-grade IAC rare earth region of Poços de Caldas, Minas Gerais. This region is home to one of the world's largest alkaline intrusions, which has produced rare earth IAC deposits through supergene lateritic weathering processes.

The Company's principal activity during the years ended December 31, 2024 and 2023 was exploring for rare earth elements and other critical minerals in Brazil.

**2.** **Significant Accounting Policies**

***Basis of Presentation***

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and have been presented in United States dollars. All dollar amounts presented in the accompanying footnotes are presented in thousands, with the exception of per share information.

The accompanying financial statements have been prepared on a carve-out basis and present the financial position, results of operations, and cash flows of Alpha as historically managed within REA Australia. Certain shared costs incurred by REA Australia have been allocated to the Company and included as expenses in the statements of operations and equity contributions in the statements of changes in stockholders' equity (deficit). These shared costs consisted primarily of executive remuneration and share based compensation, and to a lesser extent exploration costs. Executive remuneration and share based compensation costs were allocated to the Company based on estimates of the portion of employees' and consultants' time dedicated to the Company. Exploration costs were allocated to the Company on the basis of specific identification. We consider the allocation methodologies used to be a reasonable and appropriate reflection of REA Australia expenses attributable to the Company for purposes of the standalone financial statements. The expenses reflected in the financial statements may not be indicative of expenses that will be incurred by the Company in the future. Accordingly, these financial statements are not necessarily indicative of the financial results that would have been achieved if Alpha had operated as a separate, stand-alone entity during the periods presented.

***Emerging Growth Company Status*** 

The Company is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"), and it is eligible to take advantage of certain exemptions from various reporting and financial disclosure requirements that are applicable to other public companies that are not emerging growth companies, including, but not limited to, (1) presenting only two years of audited financial statements and only two years of related management's discussion and analysis of financial condition and results of operations in this prospectus, (2) not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, and (3) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. The Company has elected to take advantage of these exemptions.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act"), for complying with new or revised accounting standards. As a result, an emerging growth

------

company can delay the adoption of certain accounting standards until those standards would apply to private companies. The Company has elected to take advantage of the extended transition period to comply with new or revised accounting standards.

The Company can remain an emerging growth company for up to five years, or until the earliest of (1) the last day of the first fiscal year in which our annual gross revenues exceed $1.235 billion; (2) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our common stock that are held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter and we have been publicly reporting for at least 12 months; or (3) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.

***Use of Estimates***

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect (1) the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the balance sheet dates and (2) the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates.

***Foreign Currency Translation and Transactions***

The Company's reporting currency is the U.S. dollar ("USD"). However, the functional currency of the Company's operations in Brazil is the local currency, reflecting the currency of the primary economic environment in which the operations are conducted. In connection with preparing the financial statements, the Company must translate balance sheet amounts and the financial results related to its operations in Brazil from the functional currency to the Company's reporting currency. Asset and liability balances are translated to USD using the exchange rate in effect as of the balance sheet date, and equity balances are translated to USD at historical rates. Income and expense items are translated to USD using average exchange rates. The effects of translating financial statements denominated in a foreign currency are recorded as currency translation adjustments and reported as a component of accumulated other comprehensive loss in stockholders' (deficit) equity.

Foreign currency transactions are transactions for which the terms are denominated in a currency other than an entity's functional currency. Upon initial recognition of a foreign currency transaction, any asset, liability, revenue, expense, gain or loss arising from the transaction is measured into the functional currency of the recording entity using the exchange rate in effect on the transaction date. Foreign currency transactions that remain unsettled as of the end of a reporting period must be remeasured. Foreign currency denominated monetary balance sheet items are remeasured into the functional currency at the prevailing exchange rates in effect at the end of the reporting period, resulting in the recognition of a foreign exchange gain or loss when a change in exchange rate has occurred subsequent to the date on which a transaction was originally recognized or was most recently remeasured. Foreign currency denominated non-monetary balance sheet items are remeasured using historical exchange rates and do not result in the recognition foreign exchange gains or losses. The Company recognizes foreign currency transaction gains and losses when they occur. No foreign currency transaction gains or losses were reported for the years ended December 31, 2024 and 2023.

***Exploration Stage Issuer***

The Company is considered an exploration stage issuer under Subpart 1300 of Regulation S-K ("S-K 1300"), and it devotes substantially all of its efforts to acquiring and exploring mining interests. As an exploration stage issuer, the Company expects to continue to seek additional funding to support its exploration and subsequent future development activities. The Company's activities are subject to significant risks and uncertainties, including its ability to (1) secure sufficient funding to continue operations, (2) obtain proven and probable reserves, and (3) comply with industry regulations.

***Segment Reporting***

Accounting Standards Codification ("ASC") Topic 280, "Segment Reporting," establishes standards addressing information required to be disclosed about both (1) an entity's operating segments, which shall be determined on a basis consistent with an entity's internal organizational structure for purposes of making operating decisions

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and assessing performance, and (2) an entity's products and services, the geographical areas in which the entity operates and the entity's major customers. Operating segments are defined as components of an entity engaged in business activities from which they may recognize revenues and incur expenses, and about which discrete financial information is available and evaluated regularly by the entity's chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance.

The Company's CODM has been identified as the Managing Director, who evaluates the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. When evaluating the Company's performance and making strategic decisions regarding resource allocation, the CODM reviews the Company's quarterly board report which presents aggregate financial results. Accordingly, management has determined that the Company has only one operating segment and, therefore, one reportable segment. The CODM uses net loss as the measure of operating performance of the Company's one operating segment. All of the Company's long-lived assets are located in Brazil, where its operations are based.

***Cash and Cash Equivalents***

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents include funds held in Brazilian banks, which are insured up to 250 thousand Brazilian Real (approximately $40 based on the December 31, 2024 exchange rate). The Company had $6 and $800 in cash and cash equivalents as of December 31, 2024 and 2023, respectively.

***Exploration Costs and Mineral Properties***

Mineral property acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Costs attributable to mineral property licenses and lease payments are expensed as incurred until it is economically viable to develop. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves under S-K 1300, development costs related to such reserves will be considered for capitalization. The establishment of proven and probable reserves is based on results of feasibility studies, which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure.

***Property & Equipment***

Property and equipment are recorded at historical cost. Maintenance and repair expenditures are charged to expense as incurred. Depreciation is calculated using the straight-line method over the assets' estimated useful lives as follows:

Computer and office equipment 3 to 5 years <br> Machinery equipment 5 to 10 years

Property and equipment to be disposed of is reported at the lower of its carrying amount or its fair value less costs to sell. If the carrying value is reduced to fair value less cost to sell, the resulting charge is recognized within operating income or loss in the statements of operations. Upon disposal or retirement of property and equipment, both the asset's cost and its accumulated depreciation are removed from the books, and any resulting gain or loss is also recognized within operating income or loss in the statements of operations.

***Impairment of Long-Lived Assets***

For long-lived assets, such as property and equipment, the Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of long-lived assets (or an asset group) may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets (or an asset group) by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows attributable to the long-lived assets assessed for recoverability is less than the carrying amount of the assets, the Company recognizes an impairment loss measured based upon the amount by which the carrying amount of the long-lived

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assets exceeds their fair value. No impairment charges were recorded for the years ended December 31, 2024 and 2023.

***Leases***

The Company primarily enters into leases for real estate, equipment, and vehicles. Under Accounting Standards Codification ("ASC") 842, *Leases*, we determine if a contractual arrangement is, or contains, a lease at the inception date. At the lease inception date, we also assess the term of a lease, which may be impacted by options to terminate the lease or extend the lease for one or more years. Lease options are factored into our determination of the term of a lease when it is reasonably certain that an option will be exercised. At the current stage of the Company's operations, the Company typically enters into short-term leases with a lease term of one year or less at their inception date. While certain of our leases include options to renew or extend, due to the current stage of the Company's operations and for other business reasons, these options typically are not considered reasonably certain to be exercised at lease inception.

*Short-Term Leases*

We have elected not to recognize right-of-use ("ROU") assets and lease liabilities on our balance sheets for short-term leases with a lease term of one year or less at their inception date. Lease payments attributable to short-term leases are recognized on a straight-line basis over the lease term. For the years ended December 31, 2024 and 2023, lease expense recognized for short-term leases totaled $996 and $662, respectively, and was reported in our statements of operations as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** |
| Exploration expenses | $914 | $599 |
| General and administrative expenses | 82 | 63 |
|  | $996 | $662 |

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For the years ended December 31, 2024 and 2023, cash paid for amounts due under short-term leases has been recorded in operating activities in our statements of cash flows for each period and approximated the lease expense recorded in those periods. As of December 31, 2024, our remaining lease payment commitments for short-term leases totaled $14.

*Long-Term Leases*

If, at inception, a lease is determined to have a lease term of greater than one year, the Company evaluates whether the lease shall be classified as an operating lease or financing lease. For both operating and finance leases, ROU assets and lease liabilities are recognized on the balance sheet at the lease commencement date based on the present value of future lease payments over the lease term. As the rate implicit in a lease generally cannot be readily determined, we utilize our incremental borrowing rate to determine the present value of future lease payments upon initial recognition or modification of a lease. The incremental borrowing rate is derived from information available at the lease commencement date and represents our estimate of the rate of interest that we would have to pay to borrow an amount equal to the lease payments, on a collateralized basis, over a similar term and in a similar economic environment.

For operating leases, we are required to recognize lease expense, which includes amounts attributable to amortization of the ROU asset balance and interest on the ROU liability, on a straight-line basis. As all leases in effect during the fiscal years ended December 31, 2024 and 2023 were determined to be short-term in nature, there was no lease expense attributable to long-term operating leases for the fiscal years ended December 31, 2024 and 2023, and ROU asset and lease liability balances related to operating leases were $0 as of each of the respective balance sheet dates.

For finance leases, ROU asset balances will be reported within fixed assets. As there were no finance leases in effect during the years ended December 31, 2024 and 2023, there was no associated lease expense for the fiscal years ended December 31, 2024 and 2023, and ROU asset and lease liability balances related to finance leases were $0 as of each of the respective balance sheet dates.

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When applicable, changes in lease liability balances for both operating and finance leases reflect the net impact of the accretion of interest expense at interest rates determined at inception or modification of a lease and lease payments recorded during the period.

***Concentration of Credit Risk***

The financial instrument which potentially subjects the Company to credit risk is cash and cash equivalents, which includes investments in money market accounts. The Company maintains available cash primarily in a commercial bank in Brazil, which at times may exceed insurance limits. As part of its cash management process, the Company regularly monitors the credit standing of institutions in which it maintains cash and cash equivalents.

***Share Based Compensation***

The Company has not granted share-based compensation. REA Australia, the Company's parent, operates equity-settled share-based compensation plans for its employees and consultants, some of whom provide services to the Company as a subsidiary of REA Australia. None of REA Australia's plans are cash-settled.

REA Australia has historically determined amounts to be recognized as share-based compensation based upon the fair value of awards at their grant date. Share-based compensation has then been recognized over the period in which the service and performance conditions are fulfilled (the vesting period), ratably for each tranche. A portion of REA Australia's share-based compensation expense has been allocated to the Company based on estimates of the portion of employees' and consultants' time dedicated to the Company.

For the years ended December 31, 2024 and 2023, share-based compensation expense was included in general and administrative expenses in the amounts of $146 and $73, respectively. Assuming similar allocation rates, the unrecognized compensation expense that would be allocated to the Company was $339 as of December 31, 2024.

***Income Taxes***

The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, "Income Taxes" ("ASC 740"). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

***Net Loss per Common Share***

Basic and diluted net loss per share is calculated using the weighted-average number of common shares outstanding during each period. For the years ended December 31, 2024 and 2023, the calculations of basic and diluted net loss per share have been adjusted to reflect the retroactive impact of changes to our capital structure resulting from the common control transaction consummated with Rare Earths Americas, Ltd. ("REA Cayman") that closed on July 22, 2025, at an exchange ratio of approximately 1-for-5.22. REA Cayman subsequently changed its domicile to Texas and became Rare Earths Americas, Inc. in October 2025. Refer to FN 10 - Subsequent Events for further details regarding the common control transaction and subsequent redomestication.

When applicable, diluted earnings per share would be calculated based upon the inclusion of additional dilutive and potentially dilutive shares that are determined not to be anti-dilutive. For the years ended December 31, 2024 and 2023, there were no dilutive or potentially dilutive shares outstanding.

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***Recently Adopted Accounting Pronouncements*** 

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 expanded public entities' segment disclosures by requiring the disclosure of (1) the title and position of the individual or the name of the group or committee identified as the chief operating decision makers, (2) significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, and (3) an amount and description of the composition for other segment items. ASU 2023-07 also conformed interim period segment disclosure requirements with annual period segment disclosure requirements. The Company adopted ASU 2023-07 as of December 31, 2024 on a retrospective basis. The Company made the aforementioned disclosures as an effect of the adoption of ASU 2023-07. All required segment disclosures have been included in our segment accounting policy included in this Note 2 - Significant Accounting Policies.

***Recently Issued Accounting Pronouncements Not Yet Adopted***

Other than the ASUs listed below, there have been no accounting pronouncements issued, which the Company has not yet adopted, that either are expected to have or will potentially have a material impact on the Company's financial statements and accompanying notes.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures" ("ASU 2024-03"). ASU 2024-03 amends ASC Topic 220, "Comprehensive Income," to enhance the disclosure of expense information in the notes to the financial statements. ASU 2024-03 requires public business entities to disaggregate specified income statement expenses, such as purchases of inventory, employee compensation, depreciation, amortization, and depletion into detailed categories presented in a tabular format. Additionally, ASU 2024-03 mandates (1) qualitative descriptions for expenses not separately disaggregated and (2) disclosure of the total amount of selling expenses including, in annual periods, disclosure of an entity's definition of selling expenses. ASU 2024-03 is effective for the Company's fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, and may be applied prospectively or retrospectively. Early adoption is also permitted. The Company is currently evaluating the effect of adopting ASU 2024-03 on its disclosures.

In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09"), which enhances public entities' existing income tax disclosures to provide information to better assess how an entity's operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 requires public entities to annually disclose specific categories in the rate reconciliation table of the income tax note and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for the Company's annual periods beginning after December 15, 2025. Early adoption and retrospective application of the amendments are permitted. The Company is currently evaluating the effect of adopting ASU 2024-03 on its disclosures.

**3.** **Fair Value Measurements**

At times, the Company may hold (1) assets and liabilities that qualify as financial instruments under ASC 820, Fair Value Measurement, and are required to be re-measured and reported at fair value at each reporting period and (2) non-financial assets and liabilities that are required to be re-measured and reported at fair value on a non-recurring basis. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The guidance in ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of Alpha. Unobservable inputs are inputs that reflect Alpha's assumptions about the factors market participants would use in valuing the asset or liability.

The Company applies a three-level hierarchy to prioritize the inputs used in measuring fair value:

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| | |
|:---|:---|
| **• Level 1:**  | Quoted prices in active markets for identical assets or liabilities. |
| **• Level 2:**  | Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets in active markets or inputs that are observable for the asset or liability. |
| **• Level 3:** | Unobservable inputs that reflect the Company's own assumptions about the assumptions market participants would use. |

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As of December 31, 2024, the Company did not have any assets or liabilities that were measured at fair value on a recurring basis. As of December 31, 2024, the Company's financial instruments consisted of cash and cash equivalents. The carrying amount of these financial instruments approximated fair value due to their short-term nature. As of December 31, 2023, the Company held cash equivalents in the form of money market funds totaling $785, which were measured at fair value and classified within Level 1 of the fair value hierarchy. The carrying value of these money market funds approximated fair value due to their short-term nature. The Company did not have any Level 2 or Level 3 assets or liabilities as of December 31, 2023.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| **Description** | **Balance Sheet Classification** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |  |
| Money Market Funds | Cash and cash equivalents | $785 | $- | $- | $785 |

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**4.** **Property and Equipment, net**

Property and equipment, net consisted of the following:

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| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Computer and office equipment | $14 | $18 |
| Machinery equipment | 26 | 33 |
| Total property and equipment | 40 | 51 |
| Less: accumulated depreciation | (6) | (2) |
| &nbsp;&nbsp;Property and equipment, net | $34 | $49 |

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Depreciation expense was $6 and $12 for the years ended December 31, 2024 and 2023, respectively.

**5.** **Issued Capital**

On July 22, 2025, the Company underwent a transaction under common control whereby REA Australia exchanged all of the 48,976,822 outstanding quotas (member units) of the Company for 9,375,000 common shares in REA Cayman. All disclosures of member units and per member unit data in these financial statements and related notes have been adjusted to reflect this transaction at an exchange ratio of approximately 1-for-5.22 for all periods presented.

In the years ended December 31, 2024 and 2023, the Company made distributions of mineral exploration rights to REA Australia to redeem member units. Those mineral exploration rights had been expensed as exploration costs at purchase and, therefore, had no carrying value on the Company's balance sheets.

The following table shows the Company's member units activity:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** |
| Opening balance | 7574185 | 1914170 |
| &nbsp;&nbsp;Member units issued | 1914171 | 6814448 |
| &nbsp;&nbsp;Member units redeemed in exchange for mineral rights | (113356) | (1154433) |
| Closing balance | 9375000 | 7574185 |

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**6.** **Related Party Transactions**

*Borborema Recursos Minerais Ltda. ("Borborema")*

Various members of the Company's management team during the years ended December 31, 2024 and 2023 were also members of the management team of Brazilian Rare Earths Limited, the parent company of Borborema.

During the year ended December 31, 2024, the Company sold property and equipment, including various items of drilling consumables and office equipment to Borborema in exchange for $75. The Company recognized a gain of $68 on the sale.

During the year ended December 31, 2023 the Company received $210 from Borborema for property and equipment sub-leases that ended during fiscal year 2023.

Borborema pays certain expenses on behalf of the Company. In relation to such expenses, the Company had payables of $27 and $15 at December 31, 2024 and 2023, respectively, included within due to related parties on the balance sheets.

*Brazil Royalty Corp Participações e Investimentos Ltda. ("BRC")*

During the year ended December 31, 2023, the Company sold property and equipment, including vehicles, to BRC in exchange for $118. The Company recognized a gain of $5 on the sale.

During the years ended December 31, 2024 and 2023, the Company paid $390 and $283 to lease equipment from BRC.

During the year ended December 31, 2024, the Company received $211 from BRC that did not contain any repayment terms and did not bear any interest. As of December 31, 2024, $268 is included in due to related parties on the balance sheets. In June 2025, the Company entered into a loan agreement to formalize the repayment terms. Refer to FN 10 - Subsequent Events for further details regarding the terms of the loan agreement.

*DTQ Consultoria Empresarial Ltda. ("DTQ")*

A member of the Company's management also served on the management team of DTQ during the year ended December 31, 2023. The Company paid $16 to DTQ in exchange for consulting services during the year ended December 31, 2023. The Company did not have any receivables or payables related to DTQ on its balance sheets as of December 31, 2024 or 2023.

**7.** **Financial Statement Details**

Other current assets consisted of the following:

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| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Recoverable taxes | $50 | $20 |
| Security deposits | 5 | 12 |
| Other | 6 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other current assets | $61 | $72 |

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Other current liabilities consisted of the following:

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| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Taxes payable | $22 | $3 |
| Other |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other current liabilities | $22 | $5 |

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**8.** **Income Taxes**

The Company is subject to income taxes at the Brazilian statutory rate of 34%. Provision for income taxes for each of the years ended December 31, 2024 and 2023 was $0, as current taxes were $0 due to our reported losses, and a valuation reserve was recorded related to all deferred taxes that would have otherwise been recognized for each reporting period. No cash was paid for income taxes in the years ended December 31, 2024 and 2023.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the impacts of net operating loss and tax credit carryforwards. The significant components of deferred taxes are as follows:

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| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Accruals and provisions | $91010 | $— |
| Tax losses available for offset against future taxable income | 1599518 | 1198945 |
| Valuation allowance | (1690528) | (1198945) |
| &nbsp;&nbsp;Net deferred tax assets | $— | $— |

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Tax losses carried forward were $4,704 and $3,526 as of December 31, 2024 and 2023, respectively. Tax losses do not expire under Brazil tax law. The benefit of the tax losses will only be available if the Company has complied and continues to comply with conditions for deductibility imposed by current tax legislation, which include a limit on the amount of tax losses that can be applied to taxable income in a given period, and there are no adverse changes to such legislation.

**9.** **Commitments and Contingencies**

*Exploration commitments*

The Company does not have minimum expenditure requirements in relation to its exploration permits other than annual fees charged by local mining authorities. Future minimum payments under such permits with a remaining term in excess of one year as of December 31, 2024 are presented in the table below:

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| | |
|:---|:---|
| **Year ended December 31,** | **Amount** |
| 2025 | $83 |
| 2026 | 80 |
| 2027 | 18 |
| Thereafter |  |
|  | $181 |

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*Mining rights option agreements*

The Company has agreements which provide the Company the option to purchase, or lease, mining rights at its various project locations. The options may be exercised by the Company any time prior to their expirations, which are between June 2025 and July 2026. Certain options allow the expiration date to be extended for a fee. The Company subsequently extended the expiration date of certain of it options from June 2025 to June 2026 (refer

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to FN 10 - Subsequent Events for further details). After the extension, the expiration dates of all options are between December 2025 and July 2026.

The total amount that may be paid by the Company upon, or after, exercising the options is $23,160, with up to $14,000 of the total amount payable in shares of the Company. In April 2025, the Company amended one of the option agreements to allow for an additional $5,160 to be payable in shares of the Company. Certain options have installments which do not require the full amount to be paid upon exercise and allow for the total exercise price to be paid in installments within 12 or 24 months. As of December 31, 2024, the Company has not committed to exercising any of the options.

*Unasserted legal claim*

The Company is evaluating a potential employment-related matter that may result in a legal claim being asserted. As of the reporting date, no formal claim has been filed. However, based on the facts and circumstances, the Company has determined that it is probable that a claim will be asserted and that the outcome will be unfavorable to the Company.

The Company has assessed the potential exposure and determined that a loss is probable and reasonably estimable. Accordingly, the Company has accrued a loss contingency of $95 in connection with this matter, which is included in contingent liabilities on the balance sheets as of December 31, 2024, and within exploration expenses on the statements of operations for the year ended December 31, 2024.

The Company continues to monitor the situation and will adjust its estimates as necessary based on new developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Subsequent Events**

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through November 12, 2025, the date that the financial statements were issued. Other than the matters noted below, there have been no subsequent events that required adjustment to or disclosure in the financial statements for the years ended December 31, 2024 and 2023:

In April and July 2025, the Company obtained amendments to an option agreement to acquire six exploration licenses. The amendments extended the term of the option through June 2026, with the possibility of additional 135-day extensions in exchange for a fee of $300 for each extension. In August 2025, the Company paid a fee of $1,000 in conjunction with the amendments.

In June 2025, the Company entered into a Loan Agreement with BRC, whereby amounts previously paid by BRC on the Company's behalf were formalized into a loan payable to BRC. Under the agreement, the Company may borrow up to 6,105 thousand Brazilian Real ($1,070). As of the date of the Loan Agreement, the outstanding balance was $575. Interest under the loan is payable on amounts borrowed at the Brazil Interbank Deposit Certificate rate. The loan amount shall be repaid in full on the earliest of the following dates to occur (the "BRC Loan Maturity Date"): (i) December 31, 2026 or (ii) 5 business days after the sale or transfer of a controlling interest in the Company or a controlling interest in the controlling company of the Company.

In June 2025, the Company's parent REA Australia entered into an agreement to sell all of the 48,976,822 outstanding member units of the Company to REA Cayman, an entity that was formed in February 2025 in anticipation of this transaction and that had no substantive operations prior to the close of the transaction. As consideration for all member units of the Company, REA Australia received a controlling interest in REA Cayman consisting of 9,375,000 common shares with a par value of $0.0001 per share. All disclosures of member units and per member unit data in these financial statements and related notes have been adjusted to reflect this transaction at an exchange ratio of approximately 1-for-5.22 for all periods presented. The transaction closed on July 22, 2025. This transaction did not result in a change in the carrying basis of the Company's assets and

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liabilities because the transaction was consummated between entities under common control. The Company is the predecessor of REA Cayman for financial reporting purposes.

In July 2025, REA Cayman completed the acquisition of all outstanding ownership interests in Foothills Rare Earths Limited ("FRE Australia") in exchange for 2,805,267 ordinary shares and warrants to purchase an additional 1,004,025 common shares of REA Cayman. This transaction is considered an asset acquisition for accounting purposes.

In July 2025, the Company entered into a Deed of Novation with BRC and REA Cayman, whereby the repayment obligation under the Loan Agreement was transferred from the Company to REA Cayman. The Deed of Novation also amended the repayment terms to allow for repayment in cash, or in shares of REA Cayman. The amended repayment terms require BRC to give notice to REA Cayman, specifying which repayment option it elects ("Notice of Election"), and the repayment date was amended to be the later of the following dates: (i) the BRC Loan Maturity Date or (ii) 5 business days after the Notice of Election. In November 2025, an amendment was made to the Deed of Novation to specify a fixed conversion price of $6.55 per share for the share repayment option.

In July 2025, REA Cayman issued 2,500,000 common shares in exchange for cash of $16,197 to new and existing shareholders. REA Cayman incurred $207 of issuance costs in conjunction with this offering.

In August 2025, REA Cayman established the 2025 Equity Incentive Plan (the "Plan"). In August and September 2025, REA Cayman granted 1,187,598 of restricted stock and restricted stock units under the Plan to employees, directors, and contractors.

In October 2025, REA Cayman changed its domicile to Texas and became Rare Earths Americas, Inc. The shareholders of REA Cayman retained corresponding common stock in Rare Earths Americas, Inc.

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**Shares<br>Common Stock**

![img135096051_23.gif](img135096051_23.gif)

**__________________________________**

**PRELIMINARY PROSPECTUS**

**__________________________________**

**Cantor**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026

Through and including , 2026 (the 25<sup>th</sup> day after the commencement of this offering), all dealers that buy, sell or trade shares of our common stock, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

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**Part II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 13. Other Expenses of Issuance and Distribution.**

The following table sets forth the costs and expenses, other than the underwriting discounts and commissions, payable by Rare Earths Americas, Inc. (the "Registrant") in connection with the sale of our common stock being registered. All amounts are estimates except for the SEC, registration fee, FINRA filing fee, and NYSE American initial listing fee.

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| | |
|:---|:---|
| **Item** | **Amount** |
| &nbsp;&nbsp;&nbsp;SEC registration fee | $\* |
| &nbsp;&nbsp;&nbsp;FINRA filing fee | $\* |
| &nbsp;&nbsp;&nbsp;NYSE American initial listing fee | $\* |
| &nbsp;&nbsp;&nbsp;Printing expenses | $\* |
| &nbsp;&nbsp;&nbsp;Legal fees and expenses | $\* |
| &nbsp;&nbsp;&nbsp;Accounting fees and expenses | $\* |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | $\* |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | $\* |
| &nbsp;&nbsp;&nbsp;**Total** | $**\*** |

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____________

\* To be provided by amendment.

**Item 14. Indemnification of Directors and Officers.**

The TBOC permits a corporation to indemnify a director who was, is or is threatened to be a named defendant or respondent in a proceeding as a result of the performance of his or her duties if such person acted in good faith and, in the case of conduct in the person's official capacity as a director, in a manner he or she reasonably believed to be in the best interests of the corporation and, in all other cases, that the person reasonably believed his or her conduct was not opposed to the best interests of the corporation and with respect to any criminal action or proceeding, that such person had no reasonable cause to believe his or her conduct was unlawful. Subject to certain exceptions, the TBOC further permits a corporation to eliminate in its charter all monetary liability of the corporation's directors to the corporation or its shareholders for conduct in performance of such director's duties, but not for a breach of the director's duty of loyalty or receipt of an improper benefit. Our certificate of formation provides that a director of the corporation will not be liable to the corporation or its shareholders for monetary damages for any act or omission by the director in the performance of his or her duties, except that there will be no limitation of liability to the extent the director has been found liable under applicable law for: (i) breach of the director's duty of loyalty owed to the corporation or its shareholders; (ii) an act or omission not in good faith that constitutes a breach of duty of the director to the corporation or that involves intentional misconduct or a knowing violation of the law; (iii) a transaction from which the director received an improper benefit, regardless of whether the benefit resulted from an action taken within the scope of the director's duties; or (iv) an act or omission for which the liability of the director is expressly provided for by an applicable statute.

Sections 8.101 and 8.103 of the TBOC provide that a corporation may indemnify a person who was, is or is threatened to be a named defendant or respondent in a proceeding because the person is or was a director only if a determination is made that such indemnification is permissible under the TBOC: (i) by a majority vote of the directors who at the time of the vote are disinterested and independent, regardless of whether such directors constitute a quorum; (ii) by a majority vote of a board committee designated by a majority of disinterested and independent directors and consisting solely of disinterested and independent directors; (iii) by special legal counsel selected by the board of directors or a committee of the board of directors as set forth in (i) or (ii); (iv) by the shareholders in a vote that excludes the shares held by directors who are not disinterested and independent; or (v) by a unanimous vote of the shareholders.

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Section 8.104 of the TBOC provides that the corporation may pay or reimburse, in advance of the final disposition of the proceeding, reasonable expenses incurred by a present director who was, is or is threatened to be made a named defendant or respondent in a proceeding after the corporation receives a written affirmation by the director of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification under Section 8.101 and a written undertaking by or on behalf of the director to repay the amount paid or reimbursed if it is ultimately determined that he or she has not met that standard or if it is ultimately determined that indemnification of the director is not otherwise permitted under the TBOC. Section 8.105 also provides that reasonable expenses incurred by a former director, or a present or former employee, agent, or officer of the corporation, who was, is or is threatened to be made a named defendant or respondent in a proceeding may be paid or reimbursed by the corporation, in advance of the final disposition of the action, as the corporation considers appropriate.

Section 8.105 of the TBOC provides that, subject to restrictions in its certificate of formation and to the extent consistent with other law, a corporation may indemnify and advance expenses to a person who is not a director, including an officer, employee, or agent of the corporation as provided by: (i) the corporation's governing documents; (ii) an action by the corporation's governing authority; (iii) resolution by the shareholders; (iv) contract; or (v) common law. As consistent with Section 8.105, persons who are not directors may seek indemnification and advancement of expenses from a corporation to the same extent that directors may seek indemnification and advancement of expenses from a corporation.

Further, our certificate of formation and bylaws provide that we must indemnify our directors and officers to the fullest extent authorized by law. We are also expressly required to advance certain expenses to our directors and officers, except for claims brought by us, and carry directors' and officers' insurance providing indemnification for our directors and officers for some liabilities. We believe that these indemnification provisions and the directors' and officers' insurance are useful to attract and retain qualified directors and executive officers.

We have also entered into, or will enter into prior to the completion of this offering, indemnification agreements with each of our directors and executive officers. The indemnification agreements provide, or will provide, among other things, for indemnification to the fullest extent permitted by the TBOC and our certificate of formation and bylaws against (i) any and all direct and indirect liabilities and reasonable expenses, including judgments, fines, penalties, interest and amounts paid in settlement of any claim with our approval and reasonable counsel fees and disbursements and (ii) any liabilities incurred as a result of serving as a director, officer, employee, or agent (including as a trustee, fiduciary, partner, or manager or in a similar capacity) of another enterprise or an employee benefit plan at our request. The indemnification agreements also provide for, or will provide for, the advancement or payment of expenses to the indemnitee and for reimbursement to us if it is found that such indemnitee is not entitled to such indemnification under applicable law and our certificate of formation and bylaws or the terms of the indemnification agreements.

We expect to maintain standard policies of insurance that provide coverage (i) to our directors and officers against loss rising from claims made by reason of breach of duty or other wrongful act and (ii) to us with respect to indemnification payments that we may make to such directors and officers. The underwriting agreement provides for indemnification by the underwriters of us and our officers and directors, and by us of the underwriters, for certain liabilities arising under the Securities Act or otherwise in connection with this offering.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, or persons controlling us under any of the foregoing provisions, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 15. Recent Sales of Unregistered Securities.**

Set forth below is information regarding all unregistered securities sold by us since our inception on February 28, 2025. Also included is the consideration received by us for such securities and information relating to the section of the Securities Act, or rule of the SEC, under which exemption from registration was claimed.

***The Merger*** 

Prior to the Redomestication, we were formed as Rare Earths Americas Ltd., a Cayman Islands exempted company ("REA Cayman") to facilitate the merger of AMBPL and FRE Australia (the "Merger"), such that, following the Merger, we would be the sole shareholder of both AMBPL and FRE Australia. On July 22, 2025, we entered into a

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Quota Sale and Share Subscription Agreement (the "Subscription Agreement") with REA Australia. Pursuant to the Subscription Agreement, REA Australia transferred to us all issued and outstanding quotas of AMBPL. In exchange, we issued 9,375,000 ordinary shares, $0.0001 par value per share (the "Ordinary Shares"), to REA Australia. REA Australia distributed all of the Ordinary Shares to its equity holders on January 1, 2026.

Additionally, on July 22, 2025, we entered into a Share Sale Deed (the "Share Sale Deed") with the shareholders of FRE Australia (the "FRE Australia Shareholders"). Under the Share Sale Deed, the FRE Australia Shareholders transferred to us all issued and outstanding shares of FRE Australia. As consideration, we issued 2,805,267 Ordinary Shares to the FRE Australia Shareholders. Further, pursuant to the Share Sale Deed, certain warrants previously granted to specific FRE Australia Shareholders to subscribe for shares in FRE Australia were cancelled and replaced with new warrants entitling the holders to subscribe for up to 1,004,025 Ordinary Shares of the Company.

***The Private Placement***

From June 28, 2025 to July 30, 2025, we conducted an Offer to Subscribe for Shares in Rare Earths Americas Ltd. (the "Offer to Subscribe"). The Offer to Subscribe was made available to certain foreign and U.S. investors. Through the Offer to Subscribe, we offered 2,500,000 Ordinary Shares and raised an aggregate of AUD$25 million.

***The Redomestication***

On October 15, 2025, in connection with the Redomestication, each outstanding common share and other securities of REA Cayman was automatically converted into shares of our common stock or other securities, as applicable, on a one-to-one basis.

***SAFEs***

In December 2025, the Company entered into simple agreements for future equity ("SAFEs") for proceeds of $15,079,969 with various accredited investors. Upon the consummation of an equity financing of at least $7,000,000 in gross proceeds to the Company, the SAFEs will automatically convert into an amount of shares at a conversion price equal to the lesser of: (i) a discount of 20% on the price per share paid by the new investors in the equity financing; or (ii) the price per share determined by a valuation cap of $250,000,000.

The unregistered securities described above were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act and the rules and regulations promulgated thereunder, and Regulation S promulgated under the Securities Act.

None of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering.

------

**Item 16. Exhibits and Financial Statement Schedules.**

***(a)*** ***Exhibits.***

The exhibits listed below are filed as part of this registration statement.

---

| | |
|:---|:---|
| **Exhibit <br>Number** | **Exhibit description** |
| 1.1\* | Form of Underwriting Agreement. |
| 2.1 | Share Sale Deed, dated July 22, 2025, by and among, Rare Earths Americas Ltd., Foothills Rare Earths Limited, the Sellers listed in Part A and Part B of Schedule 1 thereto, Perpetual Nominees Limited, and the Optionholders listed in Schedule 2 thereto. |
| 2.2 | Quota Sale and Share Subscription Agreement, dated July 22, 2025, by and between Rare Earths Americas Ltd. and Rare Earths Americas Limited. |
| 3.1# | Certificate of Formation of Rare Earths Americas, Inc. |
| 3.2# | Bylaws of Rare Earths Americas, Inc. |
| 3.3# | Certificate of Conversion of Rare Earths Americas Ltd. converting into Rare Earths Americas, Inc., effective October 15, 2025. |
| 4.1\* | Form of Underwriter's Warrant |
| 4.2 | Form of Simple Agreement for Future Equity (SAFE).  |
| 5.1\* | Opinion of DLA Piper LLP (US). |
| 10.1† | Rare Earths Americas Ltd. 2025 Equity Incentive Plan. |
| 10.2† | Form of Rare Earths Americas Ltd. Restricted Stock Units Agreement (for international participants). |
| 10.3† | Form of Rare Earths Americas Ltd. Restricted Stock Units Agreement (for U.S. participants). |
| 10.4†  | Form of Rare Earths Americas Ltd. Notice of Grant of Restricted Stock Units. |
| 10.5† | Form of Rare Earths Americas Ltd. Restricted Stock Agreement. |
| 10.6† | Form of Rare Earths Americas Ltd. Notice of Grant of Restricted Stock. |
| 10.7†\* | Rare Earths Americas, Inc. 2026 Equity Incentive Plan. |
| 10.8† | Rare Earths Americas Ltd. Executive Severance Plan. |
| 10.9.1 | English Translation of Call Option Agreement for Mineral Rights and Other Covenants, dated September 22, 2023, by and between JJBF Ltda. and Alpha Minerals Brazil Participações Ltda. |
| 10.9.2 | English Translation of First Amendment, dated December 27, 2024, to the Call Option Agreement for Mineral Rights and Other Covenants by and between JJBF Ltda. and Alpha Minerals Brazil Participacoes Ltda. |
| 10.9.3 | Second Amendment to the Call Option Agreement for Mineral Rights and Other Covenants by and between JJBF Ltda. and Alpha Minerals Brazil Participacoes Ltda., dated November 20, 2025. |
| 10.10.1 | English Translation of Call Option Agreement for Mineral Rights and Other Covenants, dated February 20, 2024, by and among Terra Goyana Mineradora Ltda., Bautek Minerais Industriais Ltda., Edem Empresa de Desenvolvimento Em Mineracao E Participacoes Ltda., Sintertec Minerais Industriais Ltda. and Alpha Minerals Brazil Participações Ltda. |
| 10.10.2 | English Translation of First Amendment, dated April 1, 2025, to the Call Option Agreement for Mineral Rights and Other Covenants by and among Terra Goyana Mineradora Ltda., Bautek Minerais Industriais Ltda., Edem Empresa de Desenvolvimento Em Mineracao E Participacoes Ltda., Sintertec Minerais Industriais Ltda. and Alpha Minerals Brazil Participações Ltda. |
| 10.10.3 | English Translation of Second Amendment, dated July 24, 2025, to the Call Option Agreement for Mineral Rights and Other Covenants by and among Terra Goyana Mineradora Ltda., Bautek Minerais Industriais Ltda., Edem Empresa de Desenvolvimento Em Mineracao E Participacoes Ltda., Sintertec Minerais Industriais Ltda., Alpha Minerals Brazil Participações Ltda. and Green Mining Company Ltda. |
| 10.11 | English Translation of Full Mining Rights Lease Agreement Under Condition Precedent, dated August 17, 2023, by and between Mineracao Andradense Ltda. and Alpha Minerals Brazil Participações Ltda. |

---

------

---

| | |
|:---|:---|
| 10.12 | English Translation of Full Mining Rights Lease Agreement Under Condition Precedent, dated August 17, 2023, by and between Mineracao Alto Da Serra De Andradas Ltda. and Alpha Minerals Brazil Participações Ltda. |
| 10.13 | English Translation of Full Mining Rights Lease Agreement Under Condition Precedent, dated August 17, 2023, by and between Mineracao Andradense Ltda. and Alpha Minerals Brazil Participações Ltda. |
| 10.14 | Option Agreement, dated February 25, 2021, between Joseph W. Newbill, Trustee of the Newbill Family Trust dated September 16, 2018, and Piedmont Rare Earths, LLC. |
| 10.15.1 | Option and Project Evaluation Agreement, dated December 11, 2020, by and among Piedmont Rare Earths, LLC, U.S. Elements Pty Ltd., Southeast Metals LLC, Robert B. Cook, James E. Bond, Richard B. Gilliam and H. Ross Arnold. |
| 10.15.2 | First Amendment, dated December 11, 2023, to the Option and Project Evaluation Agreement by and among Foothills Rare Earths, LLC, f/k/a Piedmont Rare Earths, LLC, Foothills Rare Earths Limited, f/k/a U.S. Elements Pty Ltd., Southeast Metals LLC, Robert B. Cook, James E. Bond, Richard B. Gilliam and H. Ross Arnold. |
| 10.15.3 | Second Amendment, dated July 17, 2025, to the Option and Project Evaluation Agreement by and among Foothills Rare Earths, LLC, Foothills Rare Earths Limited, Southeast Metals LLC, Robert B. Cook, James E. Bond, Richard B. Gilliam and H. Ross Arnold. |
| 10.16 | Mining Lease Agreement, dated October 1, 2020, between Weyerhaeuser Company and Southeast Metals, LLC. |
| 10.17† | Employment Agreement, dated as of August 14, 2025, between REA Management Company, LLC and Donald Swartz. |
| 10.18† | Employment Agreement, dated as of August 5, 2025, between REA Management Company, LLC and Joseph Dwyer. |
| 10.19† | Employment Agreement, dated as of July 31, 2025, between REA Management Company, LLC and Jen Grafton. |
| 10.20† | English Translation of Contract for Services, dated as of June 1, 2023, between Alpha Minerals Brazil Participações Ltda and Renato Aureo de Paula Gonzaga. |
| 10.21† | English Translation of Contract for Services, dated as of December 1, 2023, between Alpha Minerals Brazil Participações Ltda and João Paulo Agapito da Veiga. |
| 10.22† | Form of Indemnification Agreement. |
| 10.23 | Loan Agreement between Brazil Royalty Corp Participações e Investimentos Ltda. and Alpha Minerals Brazil Participações Ltda., dated June 2, 2025. |
| 10.24.1 | Deed of Novation, dated July 15, 2025, among Brazil Royalty Corp Participacoes E Investimentos Ltda., Alpha Minerals Brazil Participações Ltda. and Rare Earths Americas Ltd. |
| 10.24.2<br>| Amendment No. 1 to Deed of Novation, dated November 6, 2025, among Brazil Royalty Corp Participacoes E Investimentos Ltda., Alpha Minerals Brazil Participações Ltda. and Rare Earths Americas, Inc. |
| 10.25† | Employment Agreement, dated as of January 26, 2026, between Rare Earths Americas, Inc. and Cheryl Kerr. |
| 10.26† | Assignment and Assumption Agreement, dated January 1, 2026, by and among Rare Earths Americas, Inc. and Donald Swartz. |
| 10.27† | Assignment and Assumption Agreement, dated January 1, 2026, by and among Rare Earths Americas, Inc. and Jennifer Grafton. |
| 21.1# | List of Subsidiaries of the Registrant. |
| 23.1\* | Consent of PGBR Auditores e Consultores, Independent Registered Public Accounting Firm. |
| 23.2\* | Consent of DLA Piper LLP (US) (included in Exhibit 5.1). |
| 23.3# | Consent of Geosyntec Consultants, Inc. with respect to the Shiloh Project Technical Report Summary. |

---

------

---

| | |
|:---|:---|
| 23.4# | Consent of McGarry Geoconsulting Corp. with respect to the Constellation Project Technical Report Summary. |
| 23.5# | Consent of Karst Geo Solutions LLC with respect to the Constellation Project Technical Report Summary. |
| 23.6# | Consent of McGarry Geoconsulting Corp. with respect to the Alpha Project Technical Report Summary. |
| 23.7# | Consent of Karst Geo Solutions LLC with respect to the Alpha Project Technical Report Summary. |
| 24.1 | Power of Attorney (included on signature page of this registration statement). |
| [99.1]# | Technical Report Summary Shiloh Project, Georgia, dated November 7, 2025. |
| [99.2]# | Constellation Project Minas Gerais, Brazil Technical Report Summary, dated October 31, 2025. |
| [99.3]# | Alpha Project Bahia, Brazil Technical Report Summary, dated October 31, 2025. |
| 107\* | Filing Fee Table. |

---

\* To be filed by amendment.

# Previously filed.

† Indicates management contract or compensatory plan or arrangement.

***(b)*** ***Financial Statement Schedules.***

Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes thereto.

**Item 17. Undertakings.**

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned Registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement on Form S-1 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Denver, State of Colorado, on February 3, 2026.

---

| | |
|:---|:---|
| **RARE EARTHS AMERICAS, INC.** | **RARE EARTHS AMERICAS, INC.** |
| By: |  |
| Name: | Donald Swartz |
| Title: | Chief Executive Officer and President |

---

**Power of Attorney**

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Donald Swartz as his or her true and lawful attorney-in-fact and agent, with the full power of substitution, for him or her and in his or her name, place or stead, in any and all capacities, to sign any and all amendments to this registration statement (including post-effective amendments), and to sign any registration statement for the same offering covered by this registration statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act, and all post-effective amendments thereto, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement on Form S-1 has been signed by the following persons in the capacities and on the dates indicated below.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
|  | Chief Executive Officer, President and Director | February 3, 2026 |
| Donald Swartz | (*Principal Executive Officer)* |  |
|  | Chief Accounting Officer Officer | February 3, 2026 |
| Cheryl Kerr | (*Principal Financial Officer and Principal Accounting Officer)* |  |
|  | Chairman | February 3, 2026 |
| Dan Shribman |  |  |
|  | Director | February 3, 2026 |
| Ivy Estabrooke<br>|  |  |
|  | Director | February 3, 2026 |
| Reta Jo Lewis<br>|  |  |
|  | Director | February 3, 2026 |
| Keith Phillips |  |  |
|  | Director | February 3, 2026 |
| Hugo Schumann  |  |  |

---

------

## Exhibit 2.1

**Exhibit 2.1**

**Share Sale Deed**

**Foothills Rare Earths Limited**

between

**The parties listed in Part A and Part B of Schedule 1**

(each a **Seller** and collectively **Sellers**)

**and**

**Perpetual Nominees Limited**

(ACN 000 733 700)

(**Trustee**)

**and**

**The parties listed in Schedule 2** 

(each an **Optionholder** and collectively **Optionholders**)

and

**Rare Earths Americas Ltd.**

(Registration number 419111)

(**Buyer**)

**and**

**Foothills Rare Earths Limited** 

(ACN 645 424 979)

(**Company**)

------

**Table of contents**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1** | **Definitions and interpretation** | **Definitions and interpretation** | **1** |
|  | 1.1 | Definitions | 1 |
|  | 1.2 | Interpretation | 6 |
|  | 1.3 | Trustee | 7 |
|  | 1.4 | Liability of the Participating Sellers | 7 |
|  | 1.5 | Liability of the Participating Optionholders | 8 |
|  | 1.6 | Participating Sellers' knowledge and awareness | 8 |
|  | 1.7 | Sellers' Representative | 8 |
|  | 1.8 | Binding agreement | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2** | **Sale and purchase of Completion Sale Shares** | **Sale and purchase of Completion Sale Shares** | **9** |
|  | 2.1 | Sale and purchase | 9 |
|  | 2.2 | Waiver of pre-emptive rights | 9 |
|  | 2.3 | Buyer obligations interdependent | 10 |
|  | 2.4 | Title, property and risk | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3** | **Consideration** | **Consideration** | **10** |
|  | 3.1 | Consideration | 10 |
|  | 3.2 | Application for Consideration Shares | 10 |
|  | 3.3 | Rights attaching to Consideration Shares | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4** | **Condition Precedent** | **Condition Precedent** | **10** |
|  | 4.1 | Condition Precedent to Completion | 10 |
|  | 4.2 | Waiver | 10 |
|  | 4.3 | Failure to satisfy Condition Precedent | 10 |
|  | 4.4 | Effect of termination | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5** | **Completion** | **Completion** | **11** |
|  | 5.1 | Time and place for Completion | 11 |
|  | 5.2 | Completion | 11 |
|  | 5.3 | Notice to complete | 11 |
|  | 5.4 | Simultaneous actions on Completion | 11 |
|  | 5.5 | Conditions of Completion | 11 |
|  | 5.6 | Interdependency with Interdependent Transaction | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6** | **Post Completion** | **Post Completion** | **12** |
|  | 6.1 | Title, property and risk | 12 |
|  | 6.2 | Exercise of rights of registered shareholder | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7** | **Options** | **Options** | **12** |
|  | 7.1 | Restrictions on Dealing | 12 |
|  | 7.2 | Cancellation of Options | 12 |
|  | 7.3 | Consideration | 13 |
|  | 7.4 | Release | 13 |
|  | 7.5 | Representations and Warranties | 13 |
|  | 7.6 | Option Exercise Adjustment | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8** | **Warranties** | **Warranties** | **15** |
|  | 8.1 | Warranties | 15 |
|  | 8.2 | Qualifications | 15 |
|  | 8.3 | Reliance and survival | 15 |
|  | 8.4 | Buyer's acknowledgment | 15 |
|  | 8.5 | Indemnities | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9** | **Limitation on Claims** | **Limitation on Claims** | **16** |
|  | 9.1 | Time limit on Claims | 16 |
|  | 9.2 | General limitations | 16 |
|  | 9.3 | Threshold for Relevant Claims | 16 |
|  | 9.4 | Maximum aggregate liability for Relevant Claims | 16 |

---

106925934v8

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Page ii

---

| | | | |
|:---|:---|:---|:---|
|  | 9.5 | Exclusions | 17 |
|  | 9.6 | No liability where breach | 17 |
|  | 9.7 | No limitations | 17 |
|  | 9.8 | No double recovery | 17 |
|  | 9.9 | Independence | 17 |
|  | 9.10 | Survival | 17 |
|  | 9.11 | Mitigation | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10** | **Confidentiality and announcements** | **Confidentiality and announcements** | **17** |
|  | 10.1 | Confidentiality obligation | 17 |
|  | 10.2 | Disclosure of confidential information | 18 |
|  | 10.3 | Excluded Information | 18 |
|  | 10.4 | Business Confidential Information | 18 |
|  | 10.5 | No disclosure of Business Confidential Information | 18 |
|  | 10.6 | Business Confidential Information is not Excluded Information | 18 |
|  | 10.7 | Announcements | 18 |
|  | 10.8 | Survival | 19 |
| **11** | **GST** | **GST** | **19** |
|  | 11.1 | Definitions | 19 |
|  | 11.2 | GST | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12** | **Notices** | **Notices** | **19** |
|  | 12.1 | Form of Notice | 19 |
|  | 12.2 | Address for service | 20 |
| **13** | **General** | **General** | **20** |
|  | 13.1 | Further assurances | 20 |
|  | 13.2 | Severability | 20 |
|  | 13.3 | Non-merger of provisions | 21 |
|  | 13.4 | Waiver | 21 |
|  | 13.5 | Prohibition or enforceability | 21 |
|  | 13.6 | Entire Agreement | 21 |
|  | 13.7 | No amendments without agreement | 21 |
|  | 13.8 | Assignment | 21 |
|  | 13.9 | Costs, expenses and stamp duty | 21 |
|  | 13.10 | Counterparts | 21 |
|  | 13.11 | Electronic execution | 22 |
|  | 13.12 | Language | 22 |
|  | 13.13 | Governing law and jurisdiction | 22 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 1** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sellers | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 2** | **36** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 3** | **41** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion obligations | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 4** | **42** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sellers Warranties | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 5** | **45** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer Warranties | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 6** | **47** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Replacement Warrants | 47 |

---

106925934v8

------

**This deed** is made on [insert date] 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;between | &nbsp;&nbsp;The parties listed in Part A and Part B of Schedule 1 (each a **Seller** and collectively **Sellers**)<br>|
| &nbsp;&nbsp;and | &nbsp;&nbsp;**Perpetual Nominees Limited** ACN 000 733 700 of Level 18, 123 Pitt Street, Sydney New South Wales, Australia 2000 (**Trustee**)<br>|
| &nbsp;&nbsp;and | &nbsp;&nbsp;The parties listed in Schedule 2 (each an **Optionholder** and collectively **Optionholders**) |
| &nbsp;&nbsp;and | &nbsp;&nbsp;**Rare Earths Americas Ltd** c/o Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, George Town, Grand Cayman, Cayman Islands, KY1-1106 (**Buyer**) |
| &nbsp;&nbsp;and | &nbsp;&nbsp;**Foothills Rare Earths Limited** ACN 645 424 979 of Level 9, 28 The Esplanade, Perth Western Australia, Australia 6000 (**Company**) |

---

**Recitals**

A.The Sellers (other than the Beneficial Holders) and the Trustee are the registered holders of the Sale Shares.

B.Legal title to the Trustee Sale Shares is held by the Trustee as bare trustee in accordance with the terms of the Nominee Services Agreements and Bare Trust Deed Polls.

C.The Optionholders are the registered holders of the Options.

D.The Participating Sellers have each agreed to sell, and the Buyer has agreed to buy, the Completion Sale Shares on the terms and conditions of this deed.

E.The Trustee has been directed by each Beneficial Holder (that is also a Participating Seller) to transfer their respective Trustee Sale Shares to the Buyer on the terms and conditions of this deed.

F.Each Participating Optionholder irrevocably agrees to the cancellation of their Options on and subject to the terms and conditions of this deed.

G.The Company is a party to this deed for the purposes of clauses 1.7 and 7 only.

**It is agreed** as follows:

**1.** **Definitions and interpretation**

1.1.**Definitions**

In this deed:

**2025 Option** means an option granted to an Optionholder (as applicable) to acquire Shares, having an exercise price of A$0.25 per Share and an expiry date of 31 December 2025.

**2029 Option** means an option granted to an Optionholder (as applicable) to acquire Shares, having an exercise price of A$0.125 per Share and an expiry date of 30 September 2029.

**AMBPL** means Alpha Minerals Brazil Paricipacoes Ltda.

**ASX** means ASX Limited or the Australian Securities Exchange, as the context requires.

106925934v8

------

**Bare Trust Deed Polls** means the deed polls executed by each Beneficial Holder in favour of the Trustee, pursuant to which the relevant Beneficial Holder appoints the Trustee to hold its Shares on bare trust.

**Beneficial Holders** means the beneficial holders of the Trustee Sale Shares (as listed in Part B of Schedule 1).

**Business** means the business carried out by the Company as at the date of this deed, being rare earths mineral exploration in Georgia, United States.

**Business Confidential Information** has the meaning given in clause 10.4.

**Business Day** means a day on which banks are open for general banking business in Western Australia and Cayman Islands, excluding Saturdays, Sundays or public holidays.

**Buyer Warranties** means the warranties given by the Buyer in favour of the Participating Sellers as set out in Schedule 5.

**Claim** means any allegation, cause of action, claim or demand of any nature however arising and whether present or future, fixed or unascertained, actual or contingent whether at law, in equity, under statute or otherwise.

**Company Secretary** means the person appointed as the company secretary of the Company at the relevant time.

**Completion** means the completion of the sale and purchase of the Completion Sale Shares in accordance with clause 5.

**Completion Date** means the date on which the Condition Precedent is satisfied or waived (in accordance with clause 4.4), or such other date as may be agreed in writing by the Buyer and the Sellers.

**Completion Sale Shares** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Sale Shares held by the Participating Sellers, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Trustee Sale Shares (to the extent that the relevant Beneficial Holders are Participating Sellers).

**Condition Precedent** means the execution of this deed by or on behalf of such number of Participating Sellers who hold, in aggregate, at least 90% of the Sale Shares.

**Condition Precedent End Date** means 31 August 2026 or any later date agreed in writing by the Buyer and the Sellers.

**Consequential Loss** means any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)special, indirect, incidental or punitive loss or damage (including loss of profits or savings, loss of opportunity, loss or damage to or corruption of data, loss of goodwill, loss of reputation), whether arising in equity, for breach of contract, tort (including negligence), breach of statutory duty, indemnity or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)loss not in the ordinary contemplation of the parties upon entering into this deed.

**Consideration** means the total amount to be paid by the Buyer to the Sellers, which corresponds to the number of Consideration Shares having an aggregate value of equivalent to A$28,052,670, as may be further adjusted in accordance with the Option Exercise Adjustment.

**Consideration Shares** means up to 2,805,267 ordinary shares of US$0.0001 par value each, for a total subscription amount attributable to the Consideration Shares equivalent to the Consideration, credited as fully paid, in the capital of the Buyer, as may be further adjusted in accordance with the Option Exercise Adjustment.

106925934v8

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**Corporations Act** means the *Corporations Act 2001* (Cth).

**Controller** is a receiver, or receiver and manager, or any other person in possession or control of a corporation's property for the purpose of enforcing a charge.

**Deal** in relation to an Option, means to sell, assign, transfer, grant an Encumbrance over or a right in, or otherwise dispose of, or agree or offer to do the same, in relation to that Option or any legal, beneficial or economic interest in that Option and **Dealt** and **Dealing** have a corresponding meaning.

**Disclosing Party** means the party disclosing information that is the subject of clause 10.

**Duty** means any stamp, transaction or registration duty or similar charge imposed by any Government Agency and includes any interest, fine, penalty, charge or other amount imposed in respect of the above but excludes any Tax.

**Effective Date** means the date on which the Condition Precedent is satisfied or waived (in accordance with clause 4.2).

**Encumbrance** means any mortgage, charge, lien, restriction against transfer, pledge, trust, power, profit a prendre, easement, deposit, hypothecation, arrangement for retention of title, encumbrance and any other security interest, whether or not registered, including a right, interest, power or arrangement in relation to an asset which in substance provides security for the payment or satisfaction of a debt, obligation or Liability.

**Excluded Information** means information which is in or becomes part of the public domain other than through breach of this document or an obligation of confidence owed to the Disclosing Party or any Related Body Corporate of the Disclosing Party.

**Fairly Disclosed** means, in relation to a fact, matter, circumstance or information, a disclosure sufficient in detail and content and made in a manner and context to enable a reasonable purchaser, experienced in transactions of the nature of the sale the subject of this deed, to reasonably be aware of and understand the substance and significance of the fact, matter, circumstance or information.

**Government Agency** means any government or governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity whether foreign, Federal, State, Territorial or local.

**GST** means goods and services tax under the GST Law.

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

**GST Law** has the same meaning in the GST Act.

**Interdependent Transaction** means the REA Sale.

**Liability** includes all liabilities, claims, debts, obligations, losses, damages, costs, interest, fees, penalties, fines, assessments, forfeiture and expenses of whatever description (whether actual, contingent or prospective).

**Loss** means any loss, Liability, damage, charges, payments, cost or expense (whether direct, indirect or consequential and whether accrued or paid) including legal fees and disbursements and costs of investigation, litigation, settlement, judgment, interest and penalties, but not Consequential Loss.

**M&As** means the Buyer's memorandum and articles of association.

**Nominee Services Agreements** means the agreement between the Company and the Trustee dated 23 May 2025, pursuant to which the Company established a nominee facility under which Shares are to held on separate bare trusts for the Beneficial Holders.

**Non-Participating Optionholders** means the Optionholders that do not execute this deed.

**Non-Participating Sellers** means the Sellers that do not execute this deed.

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**Option** means a 2025 Option and / or a 2029 Option.

**Option Exercise Adjustment** has the meaning given in clause 7.6.

**Option Cancellation Date** means the date on which all Options held by the Participating Optionholders are cancelled and all Replacement Warrants are issued to the Participating Optionholders (as applicable).

**Optionholders** means the parties listed in Schedule 2, being the holders of the Options.

**Optionholders Warranties** means the warranties given by the Participating Optionholders in favour of the Buyer as detailed in clause 7.5.

**Option Terms** means the terms on which the Options are issued.

**Participating Optionholders** means the Optionholders that execute this deed.

**Participating Parties** means the Participating Sellers, Participating Optionholders, Trustee and Buyer.

**Participating Sellers** means the Sellers that execute this deed.

**Private Offer** means the Buyer's offer of the Private Offer Shares to certain sophisticated and professional investors to raise up to AUD20,000,000 (or such higher amount that the Buyer may in its sole discretion agree to accept on account of oversubscriptions) to fund, among other things, the Buyer's initial public offering (**IPO**), mining project option payments, and general working capital.

**Private Offer Completion** means completion of the Private Offer in accordance with its terms.

**Private Offer Shares** means up to 2,000,000 ordinary shares of US$0.0001 par value each, credited as fully paid, in the capital of the Buyer.

**REA** means Rare Earths Americas Limited (ACN 664 370 254).

**REA Sale** means the sale by REA, and the purchase by the Buyer, of all of the shares in AMBPL, with consideration for the sale being the issue of the REA Sale Consideration Shares by the Buyer to REA, in accordance with the REA Sale Agreement.

**REA Sale Agreement** means the share sale agreement to be entered into between REA (as seller) and the Buyer (as buyer) on or about the date of this deed in respect of the purchase by the Buyer of all of the shares in AMBPL.

**REA Sale Completion** means completion of the REA Sale in accordance with the REA Sale Agreement.

**REA Sale Consideration** means the total amount to be paid by the Buyer to REA, which corresponds to the number of REA Sale Consideration Shares equivalent to A$93,750,000.

**REA Sale Consideration Shares** means 9,375,000 ordinary shares of US$0.0001 par value each, in the amount in US$ for a total subscription amount attributable to the REA Sale Consideration Shares equivalent to the REA Sale Consideration, credited as fully paid, in the capital of the Buyer.

**Receiving Party** means the party receiving information that is the subject of clause 10.

**Records** means all original and certified copies of the books, records, documents, information, accounts and data (whether machine readable or in printed form) owned by or relating exclusively to the Company (including the property of the Company) and any source material used to prepare them.

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**Related Body Corporate** where a body corporate is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a holding company of another body corporate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a subsidiary of another body corporate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a subsidiary of a holding company of another body corporate,

the first-mentioned body and the other body are related to each other.

**Replacement Warrants** means Replacement 2025 Warrant and Replacement 2029 Warrant.

**Replacement 2025 Warrant** means a right to acquire ordinary shares of US$0.0001 par value each in the Buyer for A$13.41 per share with an expiry date of 31 December 2025 on the terms and conditions detailed in schedule 6 part 1.

**Replacement 2029 Warrant** means a right to acquire ordinary shares of US$0.0001 par value each in the Buyer for A$6.70 per share with an expiry date of 30 September 2029 on the terms and conditions detailed in schedule 6 part 2.

**Representative** of a person or entity means its officers, employees, agents, advisers, partners, consultants, members and financiers.

**Respective Proportion** means for each Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)if all Sellers are Participating Sellers and no Options are exercised, the percentage set out alongside its name in column six of Schedule 1, being its proportionate beneficial shareholding in the Company as at the Effective Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if not all Sellers are Participating Sellers and / or if some Options are exercised, its proportionate beneficial shareholding in the Company as at the Effective Date relative to all Completion Sale Shares.

**Restraint Period** means the period commencing on the date of this deed and ending on the earlier of the termination of this deed and the Option Cancellation Date.

**Sale Shares** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Shares beneficially held by the Sellers as detailed in column three of Schedule 1, being, in aggregate, 100% of the issued capital of the Company as at 15 June 2025; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any Shares that are issued prior to Completion on account of the exercise of an Option.

**Securities Act** means the U.S. Securities Act of 1933, as amended.

**Sellers' Representative** means the Company.

**Sellers Warranties** means the warranties given by the Sellers and the Trustee (as applicable) in favour of the Buyer as set out in Schedule 4.

**Share** means a fully paid ordinary share in the capital of the Company.

**Shareholder** means a holder of a Share.

**Tax** means any tax, levy, charge, impost, fee, deduction or withholding, which is assessed, levied, imposed or collected by any Government Agency and includes any tax payable under the GST Act or any interest, fine, penalty, charge, fee or any other amount imposed in addition to, or in respect of any of the above but excludes Duty.

**Title and Capacity Warranties** means the Sellers Warranties set out in item 1 of Schedule 4.

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**Transaction Documents** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any document which the Buyer and the Sellers agree in writing is a Transaction Document for the purposes of this definition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any document entered into for the purposes of varying, replacing or novating any of the above.

**Trustee Sale Shares** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Sale Shares that are beneficially held by the Beneficial Holders as detailed in Part B of Schedule 1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any Shares that are issued prior to Completion on account of the exercise of an Option by a Beneficial Holder.

**Warranty** means, where given by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Sellers, each of the Seller Warranties, or any two or more of them as the context requires or permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Trustee, each Title and Capacity Warranty, or any two or more of them as the context requires or permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Optionholders, each of the Optionholder Warranties, or any two or more of them as the context requires or permits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Buyer, each of the Buyer Warranties, or any two or more of them as the context requires or permits.

1.2.**Interpretation**

In this deed, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)headings and bold type are for convenience only and do not affect the interpretation of this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Background, the Schedules, the Execution Page and the Annexures (if any) are each incorporated in and form part of this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a reference to the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)a reference to a given gender includes all other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)other parts of speech and grammatical forms of a word or phrase defined in this deed have a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)use of the word including and similar expressions are not, nor are they to be interpreted as, words of limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)a reference to a person includes a natural person, a company or other entities recognised by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)a reference to any legislation or legislative provision includes any statutory modification or re-enactment of, or legislation or legislative provision substituted for, that legislation or legislative provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a reference to any governmental or statutory body includes any body which replaces, succeeds to the relevant powers and functions of, or which serves substantially the same purposes or objects as such body;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)a reference to any agreement or document is to that agreement or document (and, where applicable, any of its provisions) as amended, novated, supplemented or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)a reference to any thing 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)a reference to writing includes any mode of reproducing words, figures or symbols in tangible and permanently visible form and includes email;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)a reference to Australian dollars, dollars, $, A$, $A or AUD is a reference to the lawful currency of the Commonwealth of Australia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)a reference to United States dollars, US$ or USD is a reference to the lawful currency of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)all references to parties are to the parties to this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)a reference to a party includes the party's executors, administrators, successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)a reference to time is a reference to Perth, Australia time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)if a period of time dates from a given day or the day of an act or event, it is to be calculated exclusive of that day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)if the time for performing an obligation under this deed expires on a day which is not a Business Day, then time is extended until the next Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)if an act prescribed under this deed to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to be done on the next Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)no provision of this deed will be construed adversely to the other party because that party was responsible for the preparation of this deed or that provision.

1.3.**Trustee**

The parties acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Trustee is a party to this deed only in its capacity as the legal holder of the Trustee Sale Shares (as bare trustee on behalf of each Beneficial Holder pursuant to a bare trust deed entered into by the relevant Beneficial Holder); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)notwithstanding any other provisions of this deed, the Trustee has no obligations or liability under or in connection with this deed other than to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)give the Title and Capacity Warranties to the extent expressly stated to be given by the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)transfer the Trustee Sale Shares that are Completion Sale Shares to the Buyer in accordance with the terms of this deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Trustee is not bound by the terms of this deed in respect of any Trustee Sale Shares held by Beneficial Holders that are Non-Participating Sellers.

1.4.**Liability of the Participating Sellers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding any other provisions of this deed (other than clause 1.3(b)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)subject to clauses 1.4(a)(ii) and 1.4(b), the liability of the Participating Sellers and the Trustee under or in connection with this deed is several (and not joint and several);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)each Participating Seller will be solely liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)for any breach by it of a Title and Capacity Warranty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)any other breach of this deed solely attributable to that Participating Seller,

and no Participating Seller will have any liability in respect of a breach of any other Participating Party's Title and Capacity Warranties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Trustee will be solely liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)for any breach by it of a Title and Capacity Warranty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)any other breach of this deed solely attributable to the Trustee,

and the Trustee will have any liability in respect of a breach of any other Participating Party's Title and Capacity Warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In circumstances where all Participating Sellers share liability, the maximum amount recoverable by the Buyer from any individual Participating Seller in connection with any Claim is the Respective Proportion of that Participating Seller of the aggregate amount recoverable by the Buyer from all Participating Sellers in connection with that Claim, and in no event will the liability of a Participating Seller for any Claim under or in connection with this deed exceed its Respective Proportion of the Claim.

1.5.**Liability of the Participating Optionholders**

Notwithstanding any other provisions of this deed, each Participating Optionholder will be solely liable for any breach by that Participating Seller of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)an Optionholder Warranty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any other breach of this deed solely attributable to that Participating Optionholder.

1.6.**Participating Sellers' knowledge and awareness**

Where a Sellers Warranty is given "so far as the Sellers are aware" or with a similar qualification as to the Sellers' awareness or knowledge, the Participating Sellers will be deemed to know or be aware of a particular fact, matter or circumstance only if the Company's Company Secretary, as at the date of this deed, was actually aware of that fact, matter or circumstance or ought reasonably to have been aware of it (having made reasonable enquiries and having access to the Records and the Company's employees and advisors in the ordinary course).

1.7.**Sellers' Representative** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Participating Sellers and Participating Optionholders irrevocably and unconditionally jointly appoint and authorise the Sellers' Representative to be their attorney, agent and representative and to act on their behalf and do any or all acts, matters or things which the Sellers' Representative in its sole discretion considers necessary, convenient or appropriate to give effect to this deed or any act or document contemplated by this deed, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to give or receive any notice, including direction or waiver required to be given in writing, under this deed on behalf of the Participating Sellers and Participating Optionholders or any one of them (including any waiver pursuant to clause 4.2);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to receive on behalf of the Participating Sellers and Participating Optionholders or any of them any document which the Buyer gives or delivers in respect of the transactions contemplated by this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to agree any amendment or variation to this deed or any document contemplated by this deed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to agree or negotiate any Claim in respect of this deed or any document contemplated by this deed, including any claim in respect of the Sellers Warranties and / or Optionholders Warranties (as applicable) or in respect of any indemnity set out in this deed or any document contemplated by this deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)to receive any payments due to the Participating Sellers and / or Participating Optionholders or any of them made by the Buyer or any other person under this deed or any document contemplated by this deed (other than the issue of the Consideration Shares and Replacement Warrants),

and each Participating Seller and each Participating Optionholder agrees to be bound by the actions of the Sellers' Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Sellers' Representative has such powers and authority as are necessary to exercise the rights of, or give or receive any notices on behalf of any Participating Seller or Participating Optionholder under this deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any notice or document that is required to be served on the Sellers' Representative is taken to be properly served on the Sellers' Representative if the notice or document is served on the Sellers' Representative in accordance with clause 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Service on the Sellers' Representative in accordance with clause 1.7(c) constitutes proper service of process on any or all of the Participating Sellers and Participating Optionholders for the purposes of this deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Buyer is entitled to deal solely with, and rely on any decision, action, consent or instruction of the Sellers' Representative acting in such capacity and done in accordance with the provisions of this clause 1.7 as being a decision, action, consent or instruction of each and every Participating Seller and Participating Optionholder.

1.8.**Binding agreement** 

With effect on and from the Effective Date, and subject to the Buyer and Trustee entering into this deed, each Participating Seller, each Participating Optionholder, the Buyer and the Trustee is bound to this deed notwithstanding any Non-Participating Sellers or Non-Participating Optionholders.

**2.** **Sale and purchase of Completion Sale Shares**

2.1.**Sale and purchase**

Subject to clause 4, on the Completion Date, the Participating Sellers and the Trustee agree to sell the Completion Sale Shares to the Buyer and the Buyer agrees to buy the full legal and beneficial interest in and to the Completion Sale Shares from the Participating Sellers and Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)for the consideration set out in clause 3.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)free from any Encumbrance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)with all rights, including dividend rights, attaching to or accruing to them on and from the Completion Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)on the terms and conditions of this deed.

2.2.**Waiver of pre-emptive rights**

Each Participating Seller and the Trustee consent to the sale and purchase contemplated in clause 2.1 and irrevocably waive in favour of the Buyer any rights of pre-emption that it has, or may have, in respect of the Completion Sale Shares, whether conferred by the constituent documents of the Company or otherwise.

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2.3.**Buyer obligations interdependent**

The obligation of the Buyer to buy any Completion Sale Shares under this deed is conditional and interdependent on the completion by the Buyer of the purchase of all Completion Sale Shares and the Buyer is not obliged to complete the purchase of any Completion Sale Shares unless it completes the purchase of all of the Completion Sale Shares simultaneously.

2.4.**Title, property and risk** 

The title to, property in and risk of the Completion Sale Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)until Completion, remains solely with the Participating Sellers or the Trustee (as the case may be); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)passes to the Buyer on and from Completion.

**3.** **Consideration**

3.1.**Consideration**

The consideration for the sale by the Participating Sellers and the Trustee of the Completion Sale Shares to the Buyer is the Consideration, which will be satisfied by the allotment and issue of the Consideration Shares by the Buyer to the Participating Sellers in accordance with this deed.

3.2.**Application for Consideration Shares**

Execution of this deed by a Participating Seller constitutes that Seller's irrevocable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)application for the Consideration Shares to be issued to the Participating Seller in accordance with this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)consent to being named in the register of members of the Buyer in respect of the Consideration Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)consent to being bound by the M&As.

3.3.**Rights attaching to Consideration Shares**

The Consideration Shares are subject to the M&As and will rank equally in all respects with the existing ordinary shares of US$0.0001 par value each in the issued and outstanding share capital of the Buyer when the Consideration Shares are issued.

**4.** **Condition Precedent**

4.1.**Condition Precedent to Completion**

The parties' obligations to complete the sale and purchase of the Completion Sale Shares is subject to and conditional upon the satisfaction or waiver (in accordance with clause 4.2) of the Condition Precedent.

4.2.**Waiver**

The Condition Precedent may only be waived in writing by the Buyer and will be effective only to the extent specifically set out in that waiver.

4.3.**Failure to satisfy Condition Precedent**

A Participating Party may terminate this deed by giving notice in writing to the other parties if the Condition Precedent is not satisfied, or waived in accordance with clause 4.2, before 5.00pm on the Condition Precedent End Date.

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4.4.**Effect of termination** 

On termination of this deed under clause 4.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)this clause 4.4 and clauses 1 (Definitions and Interpretation), 10 (Confidentiality and announcements), 12 (Notices) and 13 (General) continue to apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)accrued rights and remedies of a party are not affected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)subject to clauses 4.4(a) and 4.4(b), the parties are released from further performing their obligations under this deed.

**5.** **Completion**

5.1.**Time and place for Completion**

Subject to the satisfaction or waiver of the Condition Precedent, Completion must take place by electronic means at 11:00am (AEST) on the Completion Date or such other place, date or time agreed in writing between the parties.

5.2.**Completion** 

The Participating Parties must each fulfil their obligations at Completion as detailed in Schedule 3.

5.3.**Notice to complete** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If a Participating Party (**Defaulting Party**) fails to satisfy its obligations under clause 5.2 on the day and at the time and place for Completion in accordance with clause 5.1, then any other Participating Party (other than the Trustee) (**Non-defaulting Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of three Business Days from the date of the notice and declaring time to be of the essence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Defaulting Party fails to satisfy those obligations within those three Business Days, the Non-defaulting Party may (subject to clause 5.3(c)), without limiting any other rights it may have, terminate this deed by written notice to the Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Participating Sellers and Participating Optionholders may only terminate this deed in accordance with clause 5.3(b) if Participating Sellers holding more than 50% of the Completion Sale Shares agree in writing to terminate this deed.

5.4.**Simultaneous actions on Completion** 

In respect of Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the obligations of the Participating Parties under this deed are interdependent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)all actions required to be performed are taken to have occurred simultaneously on the Completion Date.

5.5.**Conditions of Completion** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Completion is conditional on the Participating Parties complying with all of their obligations under this clause 5 and Schedule 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If one action does not take place, without prejudice to any rights available to any party as a consequence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)there is no obligation on any Participating Party to undertake or perform any of the other actions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the other Participating Parties must do everything reasonably required to reverse those actions (including returning documents and repaying amounts received).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Buyer may, in its sole discretion, waive any or all of the actions (where permitted by law) that the other Participating Parties are required to perform under clause this 5 and Schedule 3 and the Sellers' Representative, may in its sole discretion, waive any or all of the actions (where permitted by law) that the Buyer is required to perform under this clause 5 and Schedule 3.

5.6.**Interdependency with Interdependent Transaction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The parties acknowledge and agree that the obligation to complete the sale and purchase of the Completion Sale Shares under this deed is interdependent on the Interdependent Transaction. Despite any other term of this deed, Completion must not occur unless completion also occurs in respect of the Interdependent Transaction.

**6.** **Post Completion** 

6.1.**Title, property and risk** 

Until Completion, the title to, property in and risk of the Completion Sale Shares remain solely with the Participating Sellers and the Trustee (as applicable), but they pass to the Buyer on and from Completion.

6.2.Exercise of rights of registered shareholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)From Completion until the Completion Sale Shares are registered in the name of the Buyer, the Participating Sellers and the Trustee (on behalf of the Beneficial Holders that are Participating Sellers) (as applicable) must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)appoint the nominees of the Buyer as sole proxy and corporate representative of the Sellers to attend members' meetings, exercise the votes attached to the Completion Sale Shares and sign any members' resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)not itself attend or vote at those meetings or sign any resolutions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)take all other actions in the capacity of a registered holder of the Completion Sale Shares as the Buyer directs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Buyer must indemnify the Participating Sellers and the Trustee (as applicable) from all liability arising out of the implementation of any action taken by the Buyer pursuant to the proxy referred to in clause 6.2(a).

**7.** **Options**

7.1.**Restrictions on Dealing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Participating Optionholder must not Deal with an Option during the Restraint Period without the prior written consent of the Buyer and the Company, unless permitted to do so under this deed. Any purported Dealing with an Option during the Restraint Period that is not expressly permitted under this deed will be invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)By signing this deed, each Participating Optionholder agrees not to exercise an Option during the Restraint Period, notwithstanding that such exercise is permitted under the Option Terms, and any such purported exercise will be invalid.

7.2.**Cancellation of Options** 

With effect from Completion, each Participating Optionholder irrevocably agrees to the cancellation of its Options on and subject to the terms and conditions of this clause 7.

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7.3.**Consideration** 

As consideration for the cancellation of the Options, subject to clause 7.6:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)each Participating Optionholder holding 2025 Options as at the date of this deed will be issued 0.01864 Replacement 2025 Warrants for each 2025 Option cancelled (irrespective of whether Completion occurs before or after 31 December 2025); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)each Participating Optionholder holding 2029 Options as at the date of this deed will be issued 0.01864 Replacement 2029 Warrants for each 2029 Option cancelled.

7.4.**Release** 

With effect on and from the Option Cancellation Date, all rights and obligations pertaining to or under the Options are irrevocably cancelled and extinguished without the need for any further act by the Participating Optionholder or the Company, and the Participating Optionholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)irrevocably releases the Company from all its obligations in relation to the Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)irrevocably releases and waives all rights, including in relation to any Claims, the Participating Optionholder now has, may have had, or can, shall or hereafter have by reason of any cause, matter or thing whatsoever arising out of, from or in connection with the termination and cancellation of the Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)must, as soon as possible and without delay, deliver to the Company, or as the Company may direct, all Option certificates or other indicia of ownership relating to the Options (if any), so that such option certificates and other indicia of ownership can be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)agrees that all Option certificates relating to the Options (if any) which the Participating Optionholder has not forwarded to, or as directed by, the Company for cancellation by the Company cease to have any value or be of any effect whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)authorises the Company to update the register of optionholders in the Company by recording the cancellation and extinguishment of the Options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)agrees that this deed may be pleaded as a bar to any Claim against the Company in connection with the Options.

7.5.**Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Participating Optionholder represents and warrants to the Company, as at the date of this deed and immediately prior to the cancellation of the Options in accordance with this clause 7, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Participating Optionholder has the power and lawful authority to enter into and perform its obligations under this deed and that this deed constitutes a legal, valid and binding obligation on the Participating Optionholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)at the date of this deed, the Participating Optionholder is the legal and beneficial owner of the Options detailed in Schedule 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)if the Participating Optionholder is a United States person (as defined under Regulation S of the Securities Act), the Participating Optionholder is an accredited investor as defined in Rule 501(a) of Regulation D of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Options are not subject to any Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the Participating Optionholder is not in breach of any Option Terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)at the date of this deed, other than the Options, the Participating Optionholder does not hold or have an interest in any option, Options or other rights to subscribe for or to be issued Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Participating Optionholder understands that no public market now exists for the Replacement Warrants, and that the Buyer has made no representations that a public market will ever exist for the Replacement Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Participating Optionholder understands that the Replacement Warrants have not been, and will not be, registered under the Securities Act, by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participating Optionholder's investment intent and the accuracy of Participating Optionholder's representations as expressed herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Participating Optionholder understands that the Replacement Warrants are "restricted securities" under applicable U.S. federal and state laws and that, pursuant to these laws, the Participating Optionholder must hold the Replacement Warrants indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Participating Optionholder acknowledges that the Buyer has no obligation to register or qualify the Replacement Warrants for resale. The Participating Optionholder further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Replacement Warrants, and requirements relating to the Buyer which are outside of the Participating Optionholder's control, and which the Buyer is under no obligation, and may not be able, to satisfy. If the Participating Optionholder is not a United States person (as defined under Regulation S of the Securities Act), the Participating Optionholder hereby represents that it has satisfied itself as to the full observance of the laws of the Participating Optionholder's jurisdiction in connection with any invitation to subscribe for the Replacement Warrants or any use of this Share Sale Deed, including (a) the legal requirements within the Participating Optionholder's jurisdiction for the receipt of the Replacement Warrants; (b) any foreign exchange restrictions applicable to such receipt; (c) any governmental or other consents that may need to be obtained; and (d) the income tax and other tax consequences, if any, that may be relevant to the receipt, holding, redemption, sale or transfer of the Replacement Warrants. The Participating Optionholder's receipt of and continued beneficial ownership of the Replacement Warrants will not violate any applicable securities or other laws of the Participating Optionholder's jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The certificates representing the Replacement Warrants issued pursuant to this Share Sale Deed will be imprinted with a legend substantially in the following form:

"THE WARRANTS EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND ARE "RESTRICTED SECURITIES" AS DEFINED IN RULE 144 PROMULGATED UNDER THE SECURITIES ACT. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR SUCH OTHER APPLICABLE LAWS."

7.6.**Option Exercise Adjustment** 

If an Optionholder exercises an Option prior to the date of this deed, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the number of Options is reduced by the number of Options duly exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the number of Sale Shares is increased by the number of Options duly exercised;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the number of Replacement Options to be issued to the Participating Optionholder who exercised part or all of their Options is reduced by the number of Options duly exercised multiplied by 0.01864; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the number of Consideration Shares to be issued to the Participating Optionholder who exercised Options is increased by the number of Options duly exercised multiplied by 0.01864.

**8.** **Warranties**

8.1.**Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to clause 1.3, each of the Participating Sellers and the Trustee (in respect of the Title and Capacity Warranties only) represents and warrants to the Buyer that each of the Sellers Warranties is true, complete, correct and not misleading as at the date of this deed and will be true, accurate, complete and not misleading as at the Completion Date (except that a Sellers Warranty which states it is made as at or on only one of those date, or as at some other time, is made only as at that date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of the Participating Optionholders represents and warrants to the Buyer that each of the Optionholders Warranties is true, complete, correct and not misleading as at the date of this deed and will be true, accurate, complete and not misleading immediately prior to the cancellation of the Options (except that an Optionholders Warranty which states that it is made as at or on only one of those date, or as at some other time, is made only as at that date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Buyer represents and warrants to each Seller that each of the Buyer Warranties is true, complete, correct and not misleading as at the date of this deed and will be true, accurate, complete and not misleading as at the Completion Date (except that a Buyer Warranty which states it is made as at or on only one of those date, or as at some other time, is made only as at that date).

8.2.**Qualifications**

Each Warranty given by a party is given subject to and is qualified, and that party will not be liable for a breach of that Warranty, to the extent of, any fact, matter or circumstance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is Fairly Disclosed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)is otherwise known by the Buyer (if a Sellers Warranty or Optionholders Warranty) or the Participating Sellers (if a Buyer Warranty) at the date of this deed.

8.3.**Reliance and survival**

Each party acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Buyer has entered into this deed in reliance on the Sellers Warranties and Optionholders Warranties ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Participating Sellers have entered into this deed in reliance on the Buyer Warranties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Warranties given are the only warranties on which the Participating Parties (as applicable) have relied in entering into this deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Warranties survive Completion.

8.4.**Buyer's acknowledgment**

The Buyer acknowledges that it enters into this deed as a result of its own due diligence, investigations, inquiries, advice, and knowledge concerning the Participating Sellers and Participating Optionholders, the Company and the Sale Shares and in reliance of the Sellers Warranties and Optionholders Warranties.

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8.5.**Indemnities**

Subject to clause 9, each Participating Party (**Indemnifying Party**) must indemnify the other Participating Parties (each an **Indemnified Party**) from and against all Claims or Losses which the Indemnified Party may incur in connection with any of the Indemnifying Party's Warranties being untrue, incomplete, incorrect or misleading.

**9.** **Limitation on Claims** 

9.1.**Time limit on Claims** 

No Participating Party (**Respondent Party**) will have any liability for any Loss or Claim against it by another Participating Party (**Claimant Party**) under this deed (including any Claim that any Warranties given by the Respondent Party were untrue, incomplete, incorrect or misleading (**Relevant Claim**), unless the Claimant Party has given written notice, summarising the nature of the Relevant Claim, to the Respondent Party within 12 months of the Completion Date.

9.2.**General limitations** 

A Respondent Party is not liable under a Relevant Claim for any Loss to the extent that the Loss:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)arise from an act or omission by or on behalf of the Claimant Party before Completion that was done or made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)with the written consent of the Claimant Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)at the written direction or instruction of the Claimant Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)are increased as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any action taken or not taken (as the case may be) by the Respondent Party with the express prior written approval or direction of the Claimant Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Claimant Party not complying with any provision of this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)arise from the enactment or amendment of any legislation or regulations after Completion, including any legislation, regulations, amendments, interpretation, practice or policy that has a retrospective effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)result from, or the amount of the Loss is increased due to, an increase in a rate of Tax on or after Completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)are remediable, provided they are remedied to the satisfaction of the Claimant Party within 30 days of written notice to the Respondent Party (or such longer period as agreed by the Claimant Party in writing).

9.3.**Threshold for Relevant Claims** 

No Respondent Party will be liable to any Claimant Party for any Relevant Claim unless the amount of the Relevant Claim is more than $100,000 in which case, subject to clauses 1.3, 7 and this clause 9, the full amount of the Relevant Claim is recoverable.

9.4.**Maximum aggregate liability for Relevant Claims** 

Subject to clause 1.3, the maximum aggregate liability of a Respondent Party for all Relevant Claims will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in the case of a Participating Seller, not exceed an amount equal to the value of the Consideration Shares received by the Respondent Party; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in the case of the Trustee, not exceed an amount equal to the value of the Consideration Shares received by the Beneficial Holders whose Trustee Sale Shares are the subject of the Relevant Claims.

9.5.**Exclusions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as expressly set out in this deed, all terms and conditions, warranties and statements (whether express, implied, written, oral, collateral, statutory or otherwise) are excluded to the maximum extent permitted by law and, to the extent they cannot be excluded, each party disclaims all liability in relation to them, to the maximum extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any other provision of this deed, to the maximum extent permitted by law, no Respondent Party is liable to any Claimant Party for any Consequential Loss.

9.6.**No liability where breach** 

The liability of a Respondent Party in respect of a Relevant Claim will be reduced or extinguished to the extent that the relevant Loss arising in connection with the Relevant Claim is caused or contributed by any act or omission of the Claimant Party.

9.7.**No limitations** 

None of the limitations contained in this clause 9 will apply to any Relevant Claim to the extent that any Loss in respect of that Relevant Claim arises from, or to the extent that such Loss is increased as a result of, any fraud, wilful misconduct, wilful default or wilful concealment by or on behalf of the Respondent Party or any of its officers.

9.8.**No double recovery** 

A Claimant Party will not be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity more than once where the same facts or circumstances give rise to a Loss or Relevant Claim.

9.9.**Independence** 

Each qualification and limitation in this clause 9 is to be construed independently of the others and is not limited by any other qualification or limitation.

9.10.**Survival** 

The provisions of this clause 9 remain in force and effect after Completion according to their terms.

9.11.**Mitigation** 

Each Participating Party (other than the Trustee) acknowledges and agrees that it must take reasonable steps to mitigate any Loss (or potential Loss) arising in relation to this deed.

**10.** **Confidentiality and announcements** 

10.1.**Confidentiality obligation** 

Subject to clause 10.2, no party may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the existence of or the terms of this deed and each document entered into under this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any discussions or correspondence between the parties and any of their Representatives in relation to the transactions contemplated by this deed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any information which, either orally or in writing, is agreed, designated or indicated as being confidential information of the Disclosing Party or any of its Representatives,

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except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)to Representatives of the Receiving Party or of its Related Bodies Corporate requiring the information for the purposes of a Transaction Document or for genuine purposes associated with the Business or the Company, provided the disclosure is on a confidential basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)with the prior written consent of the Disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)if the Receiving Party is a trust, to the named beneficiaries of that trust, on a confidential basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)if the Receiving Party is required to do so by any law, securities exchange or rating agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)if the Receiving Party is required to do so by a Transaction Document, but only to the extent reasonably required to comply with the relevant requirement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if necessary to do so in connection with legal proceedings relating to this deed.

10.2.**Disclosure of confidential information** 

If a Receiving Party discloses Confidential Information under clause 10.1, that Receiving Party must use its reasonable endeavours to ensure that recipients of the information do not disclose the information except in the circumstances permitted in clause 10.1.

10.3.**Excluded Information** 

Clauses 10.1 and 10.2 do not apply to Excluded Information.

10.4.**Business Confidential Information**

From the Completion Date, all non-public information relating to the Business (**Business Confidential Information**) is confidential information of the Buyer for the purposes of this deed.

10.5.**No disclosure of Business Confidential Information** 

The Participating Sellers and Participating Optionholders must not, and must procure that each of its Related Bodies Corporate and Representatives must not, use or disclose any Business Confidential Information except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)with the prior written consent of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if required to do so by any law, securities exchange or rating agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)if the Sellers are required to do so by a Transaction Document but only to the extent reasonably required to comply with the relevant requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)if necessary to do so in connection with legal proceedings relating to a Transaction Document.

10.6.**Business Confidential Information is not Excluded Information** 

The Business Confidential Information is not taken to be Excluded Information only because it was known to any of the Company, Sellers, Optionholders or any Representatives of the Sellers or Optionholders at any time prior to Completion.

10.7.**Announcements** 

Unless required by law, a securities exchange or Government Agency no party may, before or after Completion, make or send a public announcement concerning the transactions contemplated by this deed unless it has first obtained the written consent of the Participating Parties.

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10.8.**Survival** 

This clause 10 continues despite the termination of this deed.

**11.** **GST**

11.1.**Definitions**

Words used in this clause 11 that have a defined meaning in the GST Law have the same meaning as in the GST Law unless the context indicates otherwise.

11.2.**GST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless expressly included, consideration for any supply under or in connection with this deed does not include GST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To the extent that any supply made under or in connection with this deed is a taxable supply, the recipient must pay, in addition to consideration provided under this deed for that supply (unless it expressly includes GST) an amount (additional amount) equal to the amount of that consideration (or its GST exclusive market value) multiplied by the rate at which GST is imposed in respect of the supply. The recipient must pay the additional amount at the same time as the consideration to which it is referrable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)A payment under clause 11.2(b) only becomes payable by a party on receipt of a tax invoice for the supply to which the payment relates.

**12.** **Notices**

12.1.**Form of Notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any demand, notice, consent, approval or other communication under this deed may be made or given by a party or the solicitor or attorney for that party provided that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)is in legible writing, in English and addressed to the intended recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)is signed by the sender (if an individual) or by an authorised representative of the sender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)is given to the addressee by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) delivery in person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)post to, or leaving at, that party's address for service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)sending by email to the party's email address; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)is regarded as being given by the sender and received by the addressee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)if by delivery in person or by being left at the party's address for service, upon delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)if by post, two Business Days from and including the date of posting by ordinary prepaid post in respect of an address for service within Australia and 21 Business Days in respect of any other address; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)if by email, when legibly received by the addressee, with receipt being evidenced by a report generated by the sender's machine confirming uninterrupted sending,

but if the delivery or receipt occurs on a day which is not a Business Day or at a time after 5.00pm (both the day and time being in the place of receipt) it is regarded as having been received at 9.00am on the next Business Day.

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12.2.**Address for service**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For the purposes of this clause 12, a party's address for service shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if subclause (b) does not apply, the party's postal address or email address (if any) set out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)below for the Buyer and Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)in column two of Schedule 1 for each Participating Seller; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)in column two of Schedule 2 for each Participating Optionholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if that party has notified the sender of a change of postal address or changed email address, the address or email address last so notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the party is a company, that party's address shall also include its registered office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Buyer's address for service and electronic mail address is:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Address: | &nbsp;&nbsp;c/o Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, George Town, Grand Cayman Islands, KY1-1106 |
| &nbsp;&nbsp;Email: | &nbsp;&nbsp;jgrafton@foothillsrareearths.com |
| &nbsp;&nbsp;Attention | &nbsp;&nbsp;Jennifer Grafton |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Trustee's address for service and electronic mail address is:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Address: | &nbsp;&nbsp;Level 18, 123 Pitt Street, Sydney NSW 2000 |
| &nbsp;&nbsp;Email: | &nbsp;&nbsp;John.NEWBY@perpetual.com.au |
| &nbsp;&nbsp;Attention | &nbsp;&nbsp;John Newby |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Sellers' Representative's address for service and electronic mail address is:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Address: | &nbsp;&nbsp;Level 9, 28 The Esplanade, Perth Western Australia, Australia 6000 |
| &nbsp;&nbsp;Email: | &nbsp;&nbsp;gswan@apollogroup.com.au |
| &nbsp;&nbsp;Attention | &nbsp;&nbsp;The Company Secretary |

---

**13.** **General** 

13.1.**Further assurances**

Each party will promptly execute all documents and do all things that another party from time to time reasonably requires of it to effect, perfect or complete the terms and conditions of this deed and any transaction contemplated by it.

13.2.**Severability**

If anything in this deed is unenforceable, illegal or void then it is severed and the rest of this deed remains in force.

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13.3.**Non-merger of provisions**

A provision of this deed which can and is intended to operate after its conclusion will remain in full force and effect.

13.4.**Waiver**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)A single or partial exercise or waiver of a right relating to this deed will not prevent any other exercise of that right or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A party will not be liable for any loss, cost or expense of any other party caused or contributed to by any waiver, exercise, attempted exercise or failure to exercise, or any delay in the exercise of, a right.

13.5.**Prohibition or enforceability**

Any provision of, or the application of any provision of, this deed, which is prohibited, void, illegal or unenforceable in any jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is, in that jurisdiction, ineffective only to the extent to which it is void, illegal, unenforceable or prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)does not affect the validity, legality or enforceability of that provision in any other jurisdiction or of the remaining provisions of this deed in that or any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is severable from this deed and will not affect the remaining provisions of this deed.

13.6.**Entire Agreement**

This deed embodies the entire agreement and understanding between the Participating Parties concerning its subject matter and succeeds and cancels all other agreements and understandings concerning the subject matter of this deed and any warranty, representation, guarantee or other term and condition of any nature not contained in this deed is of no force or effect.

13.7.**No amendments without agreement**

This deed may not be modified, discharged or abandoned unless by a document signed by the Participating Parties.

13.8.**Assignment**

The rights and obligations of each Participating Party under this deed are personal. No Participating Party may assign, encumber or otherwise deal with such rights and obligations without the prior written consent of all other Participating Parties .

13.9.**Costs, expenses and stamp duty**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Participating Party must bear its own costs and expenses arising out of and in connection with the negotiation, preparation and execution of this deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All Duty (including fines, penalties and interest or any other Duty) which may be payable on or in connection with this deed and any instrument executed under this deed must be borne by the Buyer.

13.10.**Counterparts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This deed may consist of a number of counterparts and, if so, the counterparts taken together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A copy of a counterpart emailed as a PDF:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)must be treated as an original counterpart;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)is sufficient evidence of the execution of the original; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)may be produced in evidence for all purposes in place of the original.

13.11.**Electronic execution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the extent permitted by law, a party may sign this deed electronically, including by using software or a platform for the electronic execution of documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A print-out of this deed electronically signed by the Participating Parties, will be an executed original counterpart of this deed signed by all such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each party that signs this deed electronically represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)it or anyone signing on its behalf has been duly authorised to execute this deed and has affixed their own electronic signature; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)it intends to be bound by this deed.

13.12.**Language** 

This deed is written in English.

13.13.**Governing law and jurisdiction**

This deed is to be governed by and construed in accordance with all applicable laws in force in New South Wales from time to time and the Participating Parties submit to the non-exclusive jurisdiction of the courts of New South Wales.

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**Schedule 1**

**Sellers** 

------

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**3 Part B – Beneficial Holders**

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**Schedule 2**

**Options** 

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**Schedule 3**

**Completion obligations**

**1.** **Participating Sellers' Completion obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At or prior to Completion, each Participating Seller and the Trustee (as applicable) must deliver to the Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)duly executed transfer form (in registrable form) in favour of the Buyer in respect of the Completion Sale Shares held by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the certificates for the Completion Sale Shares held by it (or a statutory declaration that the certificates have been lost or destroyed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Records (to the extent in the possession or control of it), which may be left at the Company's premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)(if applicable) duly completed authorities for the alteration of the signatories of each bank account of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)At or prior to Completion, the Participating Sellers must procure that a duly convened meeting of the board of directors of the Company is held or a circular written resolution of the board of directors of the Company is passed resolving to, subject to Completion occurring:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)approve the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)transfer of the Completion Sale Shares to the Buyer with effect on and from Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)registration of the Buyer as the holder of the Completion Sale Shares in its register of members at Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)cancellation of the existing share certificates for the Completion Sale Shares and delivery by the Company to the Buyer of a new share certificate for the Completion Sale Shares in the name of the Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)approve the lodgement of an ASIC Form 484 "Change to Company Details" with ASIC to record the transfer of the Completion Sale Shares from the Participating Sellers and the Trustee (as applicable) to the Buyer, and any other changes to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)revoke each existing authority to operate any bank account of the Company and approve such new authority as may be requested by the Company in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)revoke any existing powers of attorney granted by the Company.

**2.** **Buyer's Completion obligations** 

At Completion, the Buyer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)deliver to the Sellers' Representative a copy of the resolutions of the Buyer's directors authorising the entering into, and implementation of the transactions contemplated by, this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)issue and allot Consideration Shares to the Participating Sellers in accordance with the details in column four of Parts A and B of Schedule 1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)deliver to the Sellers' Representative a copy of the Buyer's register of members updated to reflect each Participating Seller as the registered owner of its respective Consideration Shares.

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**Schedule 4**

**Sellers Warranties**

**1.** **The Sellers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Participating Seller and the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)(to the extent applicable) validly exists under the laws of its place of incorporation or registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)has full power and authority to enter into and perform its obligations under this deed and to carry out the transactions contemplated by this deed including, without limitation, the transfer of the Completion Sale Shares to the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)if the Participating Seller is a United States person (as defined under Regulation S of the Securities Act), the Participating Seller is an accredited investor as defined in Rule 501(a) of Regulation D of the Securities Act;and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)has full authority, has taken all necessary action and has all necessary consents to enter into and perform, this deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Participating Seller understands that no public market now exists for the Consideration Shares, and that the Buyer has made no assurances that a public market will ever exist for the Consideration Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Participating Seller understands that the Consideration Shares have not been, and will not be, registered under the Securities Act, by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participating Seller's investment intent and the accuracy of Participating Seller's representations as expressed herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Participating Seller understands that the Consideration Shares are "restricted securities" under applicable U.S. federal and state laws and that, pursuant to these laws, the Participating Seller must hold the Consideration Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Participating Seller acknowledges that the Buyer has no obligation to register or qualify the Consideration Shares for resale. The Participating Seller further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Consideration Shares, and requirements relating to the Buyer which are outside of the Participating Seller's control, and which the Buyer is under no obligation, and may not be able, to satisfy. If the Participating Seller is not a United States person (as defined under Regulation S of the Securities Act), the Participating Seller hereby represents that it has satisfied itself as to the full observance of the laws of the Participating Seller's jurisdiction in connection with any invitation to subscribe for the Consideration Shares or any use of this Share Sale Deed, including (a) the legal requirements within the Participating Seller's jurisdiction for the receipt of the Consideration Shares; (b) any foreign exchange restrictions applicable to such receipt; (c) any governmental or other consents that may need to be obtained; and (d) the income tax and other tax consequences, if any, that may be relevant to the receipt, holding, redemption, sale or transfer of the Consideration Shares. The Participating Seller's receipt of and continued beneficial ownership of the Consideration Shares will not violate any applicable securities or other laws of the Participating Seller's jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The certificates representing the Warrants sold pursuant to this Agreement will be imprinted with a legend substantially in the following form:

"THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND ARE "RESTRICTED SECURITIES" AS DEFINED IN RULE 144 PROMULGATED UNDER THE SECURITIES ACT. THE SECURITIES MAY NOT BE

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OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR SUCH OTHER APPLICABLE LAWS."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)This deed constitutes the valid and binding obligation of each Participating Seller and the Trustee, and is enforceable in accordance with its terms and by appropriate legal remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The entry into and performance by each Participating Seller and the Trustee of its obligations under this deed (including the transfer of its Completion Sale Shares) will not cause it to breach, and will not otherwise constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any obligation or deed to which it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any writ, order or injunction, judgement or law to which it is a party or is subject or by which it is bound; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)In respect of each Participating Seller and the Trustee, no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)meeting has been convened, resolution proposed, petition presented, or order made for its winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)receiver, receiver and manager, provisional liquidator, liquidator, administrator or other officer of the court has been appointed in relation to all or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)mortgagee has taken, attempted to take or indicated an intention to exercise its rights under any security of which it is the mortgagor or chargor.

**2.** **The Company** 

To the best of the Participating Sellers' knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)validly exists under the laws of its place of incorporation or registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)has the power to own its assets and carry on its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)has less than 50 registered holders of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in respect of the Company, no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)meeting has been convened, resolution proposed, petition presented, or order made for its winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)receiver, receiver and manager, provisional liquidator, liquidator, administrator or other officer of the court has been appointed in relation to all or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)mortgagee has taken, attempted to take or indicated an intention to exercise its rights under any security of which it is the mortgagor or charger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)as at the date of this deed, the Company has no securities of any nature on issue other than the Sale Shares and the Options.

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**3.** **Completion Sale Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Completion Sale Shares are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)validly allotted and issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)free from Encumbrances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)capable of being sold and transferred free of any competing rights, including pre-emptive.

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**Schedule 5**

**Buyer Warranties**

**1.** **Buyer Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)validly exists under the laws of its place of incorporation or registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)has full power and authority to enter into and perform its obligations under this deed and to carry out the transactions contemplated by this deed including, without limitation, the issue and allotment of the Consideration Shares to the Participating Sellers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)has full authority, has taken all necessary action and has all necessary consents to enter into and perform, this deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This deed constitutes the valid and binding obligation of the Buyer, and is enforceable in accordance with its terms and appropriate legal remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The entry into and performance by the Buyer of its obligations under this deed (including the issue and allotment of the Consideration Shares to the Participating Sellers) and the purchase of the Completion Sale Shares will not cause the Buyer to breach, and will not otherwise constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any obligation or deed to which the Buyer is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any writ, order or injunction, judgement or law to which the Buyer is a party or is subject or by which it is bound; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In respect of the Buyer, no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)meeting has been convened, resolution proposed, petition presented, or order made for its winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)receiver, receiver and manager, provisional liquidator, liquidator, administrator or other officer of the court has been appointed in relation to all or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)mortgagee has taken, attempted to take or indicated an intention to exercise its rights under any security of which it is the mortgagor or chargor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Immediately prior to Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Buyer has no securities of any nature in issue other than one ordinary share of USD0.0001 par value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)no person (other than the Participating Sellers and the Participating Optionholders) has any rights (including any pre-emptive rights) to be issued with any shares or securities in the Buyer other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the REA Sale Consideration Shares to be issued to REA upon REA Sale Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the Private Offer Shares to be issued to certain investors upon Private Offer Completion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Immediately upon Completion, REA Sale Completion and Private Offer Completion, the Consideration Shares will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)represent not less than 19.8% of the total issued capital of the Buyer assuming all Sellers are Participating Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)be credited as fully paid up and will have been validly issued and properly allotted to the Participating Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)rank equally in all respects with the existing issued shares of the same class in the capital of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)be free from any Encumbrances and from any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)subject to the M&As, not be subject to any escrow or other provisions restricting the on-sale of all or any of the Consideration Shares by the Participating Sellers.

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**Schedule 6**

**Terms and Conditions of Replacement Warrants**

**Part 1 - Terms and Conditions of Replacement 2025 Warrants**

**Entitlement**

1.1.Each Replacement 2025 Warrant entitles the holder of the Replacement 2025 Warrant to subscribe for, or to be transferred, one fully paid ordinary share of US$0.0001 par value each (**Share**) on payment of the Exercise Price.

**Exercise Price, Expiry Date and Exercise Period**

1.2.The Exercise Price of each Replacement 2025 Warrant is A$13.41 per Share.

1.3.The Expiry Date of each Replacement 2025 Warrant is December 31, 2025.

1.4.The Replacement 2025 Warrants are exercisable at any time on or prior to the Expiry Date. Any Replacement 2025 Warrants not exercised by the Expiry Date automatically lapse.

**Method of Exercise**

1.5.The Replacement 2025 Warrants are exercisable by the holder at any time prior to the Expiry Date subject to the holder delivering to the registered office of the Company or such other address as determined by the board of directors (**Board**) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1.a signed notice of exercise specifying the number of Replacement 2025 Warrants exercised (**Notice of Exercise**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2.subject to the cashless exercise option, payment by a cheque or cash or such other form of payment determined by the Board in its sole and absolute discretion as satisfactory for the amount of the Exercise Price for each Replacement 2025 Warrant being exercised.

1.6.Cheques shall be in Australian currency or US currency made payable to the Company and crossed 'Not Negotiable' for the application for Shares on the exercise of the Replacement 2025 Warrant.

**No Issue Unless Cleared Funds**

1.7.Where a cheque is presented as payment for the Exercise Price of exercised Replacement 2025 Warrants, the Company will not, unless otherwise determined by the Board, allot and issue or transfer Shares until after any cheque delivered in payment of the Exercise Price has been cleared by the banking system into the Company's account.

**Minimum Exercise**

1.8.Replacement 2025 Warrants must be exercised in multiples of one hundred (100) unless fewer than one hundred (100) Replacement 2025 Warrants are held by a holder unless the Board otherwise agrees.

**Actions on Exercise**

1.9.Following the exercise of Replacement 2025 Warrants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.1.the Replacement 2025 Warrants will automatically lapse; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.2.the Company will allot and issue, or transfer, the number of Shares for which the holder is entitled to subscribe for or acquire through the exercise of the Replacement 2025 Warrants.

**Shares Issued on Exercise**

1.10.Shares issued on the exercise of the Replacement 2025 Warrants rank equally with all existing Shares.

**Adjustment for Reorganization**

1.11.Subject to any applicable laws and rules of any public securities exchange on which the Company is admitted (**Listing Rules**), the number of Replacement 2025 Warrants held by a holder may, in the sole and absolute discretion of the Board, be determined to be such number as is appropriate and so that the

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holder does not suffer any material detriment following any variation in the share capital of the Company arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.1.a reduction, subdivision or consolidation of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.2.a reorganization of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.3.a distribution of assets in specie;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.4.the payment of a dividend, otherwise than in the ordinary course, of an amount substantially in excess of the Company's normal distribution policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.5.any issue of ordinary shares or other equity securities or instruments which convert into ordinary shares by way of capitalisation of profits or reserves.

1.12.Upon any adjustment being made, the Board will notify each holder (or his or her legal personal representative where applicable) in writing, informing them of the number of Replacement 2025 Warrants held by the relevant holder.

1.13.If there is any reorganization of the issued share capital of the Company, the terms of Replacement 2025 Warrants and the rights of the holder who holds such Replacement 2025 Warrants will be varied, including an adjustment to the number of Replacement 2025 Warrants and/or the Exercise Price (if any) applicable to Replacement 2025 Warrants, in accordance with the Listing Rules that apply to the reorganization at the time of the reorganization.

**Participation in New Issues and Other Rights**

1.14.A holder who holds Replacement 2025 Warrants is not entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.1.notice of, or to vote or attend at, a meeting of the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.2.receive any dividends declared by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.3.participate in any new issues of securities offered to Shareholders during the term of the Replacement 2025 Warrants,

unless and until the Replacement 2025 Warrants are exercised and the holder holds Shares.

**Quotation**

1.15.The Company will not seek official quotation of any Replacement 2025 Warrants.

**Transfer of Replacement 2025 Warrants**

1.16.The Replacement 2025 Warrants are non-transferable.

**Replacement 2025 Warrants to be Recorded**

1.17.Replacement 2025 Warrants will be recorded in the appropriate register of the Company.

**Part 2 - Terms and Conditions of Replacement 2029 Warrants**

**Entitlement**

1.1.Each Replacement 2029 Warrant entitles the holder of the Replacement 2029 Warrant to subscribe for, or to be transferred, one fully paid ordinary share of US$0.0001 par value each (**Share**) on payment of the Exercise Price.

**Exercise Price, Expiry Date and Exercise Period**

1.2.The Exercise Price of each Replacement 2029 Warrant is A$6.70 per Share.

1.3.The Expiry Date of each Replacement 2029 Warrant is September 30 2029.

1.4.The Replacement 2029 Warrants are exercisable at any time on or prior to the Expiry Date. Any Replacement 2029 Warrants not exercised by the Expiry Date automatically lapse.

**Method of Exercise**

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1.5.The Replacement 2029 Warrants are exercisable by the holder at any time prior to the Expiry Date subject to the holder delivering to the registered office of the Company or such other address as determined by the board of directors (**Board**) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1.a signed notice of exercise specifying the number of Replacement 2029 Warrants exercised (**Notice of Exercise**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2.subject to the cashless exercise option, payment by a cheque or cash or such other form of payment determined by the Board in its sole and absolute discretion as satisfactory for the amount of the Exercise Price for each Replacement 2029 Warrant being exercised.

1.6.Cheques shall be in Australian currency or US currency made payable to the Company and crossed 'Not Negotiable' for the application for Shares on the exercise of the Replacement 2029 Warrant.

**No Issue Unless Cleared Funds**

1.7.Where a cheque is presented as payment for the Exercise Price of exercised Replacement 2029 Warrants, the Company will not, unless otherwise determined by the Board, allot and issue or transfer Shares until after any cheque delivered in payment of the Exercise Price has been cleared by the banking system into the Company's account.

**Minimum Exercise**

1.8.Replacement 2029 Warrants must be exercised in multiples of one hundred (100) unless fewer than one hundred (100) Replacement 2029 Warrants are held by a holder unless the Board otherwise agrees.

**Actions on Exercise**

1.9.Following the exercise of Replacement 2029 Warrants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.1.the Replacement 2029 Warrants will automatically lapse; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.2.the Company will allot and issue, or transfer, the number of Shares for which the holder is entitled to subscribe for or acquire through the exercise of the Replacement 2029 Warrants.

**Shares Issued on Exercise**

1.10.Shares issued on the exercise of the Replacement 2029 Warrants rank equally with all existing Shares.

**Adjustment for Reorganization**

1.11.Subject to any applicable laws and rules of any public securities exchange on which the Company is admitted (**Listing Rules**), the number of Replacement 2029 Warrants held by a holder may, in the sole and absolute discretion of the Board, be determined to be such number as is appropriate and so that the holder does not suffer any material detriment following any variation in the share capital of the Company arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.1.a reduction, subdivision or consolidation of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.2.a reorganization of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.3.a distribution of assets in specie;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.4.the payment of a dividend, otherwise than in the ordinary course, of an amount substantially in excess of the Company's normal distribution policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.5.any issue of ordinary shares or other equity securities or instruments which convert into ordinary shares by way of capitalisation of profits or reserves.

1.12.Upon any adjustment being made, the Board will notify each holder (or his or her legal personal representative where applicable) in writing, informing them of the number of Replacement 2029 Warrants held by the relevant holder.

1.13.If there is any reorganization of the issued share capital of the Company, the terms of Replacement 2029 Warrants and the rights of the holder who holds such Replacement 2029 Warrants will be varied, including an adjustment to the number of Replacement 2029 Warrants and/or the Exercise Price (if any) applicable to Replacement 2029 Warrants, in accordance with the Listing Rules that apply to the reorganization at the time of the reorganization.

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**Participation in New Issues and Other Rights**

1.14.A holder who holds Replacement 2029 Warrants is not entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.1.notice of, or to vote or attend at, a meeting of the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.2.receive any dividends declared by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.3.participate in any new issues of securities offered to Shareholders during the term of the Replacement 2029 Warrants,

unless and until the Replacement 2029 Warrants are exercised and the holder holds Shares.

**Quotation**

1.15.The Company will not seek official quotation of any Replacement 2029 Warrants.

**Transfer of Replacement 2029 Warrants**

1.16.The Replacement 2029 Warrants are non-transferable.

**Replacement 2029 Warrants to be Recorded**

1.17.Replacement 2029 Warrants will be recorded in the appropriate register of the Company.

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**Executed** as a deed

---

| | |
|:---|:---|
| **Executed** as a deed by **Arredo Pty Ltd (ACN 009 256 606)** in accordance with section 127 of the *Corporations Act 2001* (Cth): <br>|  |
| Director | \*Director/\*Company Secretary |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **BFB Holdings Pty Limited (ACN 111 854 034)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/Bradley Beer |  |
| Director | \*Director/\*Company Secretary |
| Bradley Beer |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by<br>**Kristian Blaszczynski** in the presence of:<br>/s/ Stefan Michael Blaszcynski  | <br>/s/ **Kristian Blaszczynski** |
| **Signed and sealed** by<br>**Kristian Blaszczynski** in the presence of:<br>/s/ Stefan Michael Blaszcynski  | **Kristian Blaszczynski**<br>|
| Witness signature |  |
| Stefan Michael Blaszcynski  |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Rohani Foulks** in the presence of:<br>/s/ Stefan Michael Blaszcynski  | <br>/s/ **Rohani Foulks** |
| **Signed and sealed** by <br>**Rohani Foulks** in the presence of:<br>/s/ Stefan Michael Blaszcynski  | **Rohani Foulks** |
| Witness signature |  |
| Stefan Michael Blaszcynski  |  |

---

Name of witness

BLOCK LETTERS

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---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Carolyn Blodgett** <br>in the presence of:<br>William Blodgett | <br>/s/ **Carolyn Blodgett** |
| **Signed and sealed** by <br>**Carolyn Blodgett** <br>in the presence of:<br>William Blodgett | **Carolyn Blodgett** |
| Witness signature |  |
| <br>/s/ William Blodgett |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Patrick H Brindle**<br>in the presence of:<br>/s Sabrina Brindle | <br>/s/ **Patrick H Brindle**  |
| **Signed and sealed** by <br>**Patrick H Brindle**<br>in the presence of:<br>/s Sabrina Brindle | **Patrick H Brindle**  |
| Witness signature |  |
| <br>Sabrina Brindle |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Carl Philip Magnus Coward** <br>in the presence of:<br>/s/ Laura Armstrong | <br>/s/ **Carl Philip Magnus Coward** |
| **Signed and sealed** by <br>**Carl Philip Magnus Coward** <br>in the presence of:<br>/s/ Laura Armstrong | **Carl Philip Magnus Coward** |
| Witness signature |  |
| Laura Armstrong |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **DITM Holdings Pty Ltd (ACN 141 849 443)** in accordance with section 127 of the *Corporations Act 2001* (Cth): <br>/s Todd Hannigan | <br>/s Vivienne Hannigan |
| Director | \*Director/\*Company Secretary |
| Todd Hannigan | Vivienne Hannigan |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

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---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Cameron Dowle**<br>in the presence of:<br>/s/ Alex Kempa | <br>/s/ **Cameron Dowle** |
| **Signed and sealed** by <br>**Cameron Dowle**<br>in the presence of:<br>/s/ Alex Kempa | **Cameron Dowle** |
| Witness signature |  |
| Alex Kempa |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Justin Wexler Feil** <br>in the presence of:<br>/s/ Christina Themas | <br>/s/ **Justin Wexler Feil** |
| **Signed and sealed** by <br>**Justin Wexler Feil** <br>in the presence of:<br>/s/ Christina Themas | **Justin Wexler Feil** |
| Witness signature |  |
| Christina Themas |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Lee Michael Feldman** in the presence of:<br>/s/ Lauren Feldman | <br>/s/ **Lee Michael Feldman**  |
| **Signed and sealed** by <br>**Lee Michael Feldman** in the presence of:<br>/s/ Lauren Feldman | **Lee Michael Feldman**  |
| Witness signature |  |
| Lauren Feldman |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Thomas Glen Feldmann** in the presence of:<br>/s/ Amber Shipman | <br>/s **Thomas Glen Feldmann**  |
| **Signed and sealed** by <br>**Thomas Glen Feldmann** in the presence of:<br>/s/ Amber Shipman | **Thomas Glen Feldmann**  |
| Witness signature |  |
| Amber Shipman |  |

---

Name of witness

BLOCK LETTERS

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---

| | |
|:---|:---|
| **Signed and sealed** by <br>**James William Hermiston** in the presence of:<br>/s/ Melanie Edwards | <br>/s/ **James William Hermiston**  |
| **Signed and sealed** by <br>**James William Hermiston** in the presence of:<br>/s/ Melanie Edwards | **James William Hermiston**  |
| Witness signature |  |
| Melanie Edwards |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Jesse Hibbard** <br>in the presence of:<br>/s/ Kevin Bradley | <br>/s/ **Jesse Hibbard** |
| **Signed and sealed** by <br>**Jesse Hibbard** <br>in the presence of:<br>/s/ Kevin Bradley | **Jesse Hibbard** |
| Witness signature |  |
| Kevin Bradley |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by **Rodney Alexander Hooper** <br>in the presence of:<br>/s/ Alexander Schmidt  | <br>/s/ **Rodney Alexander Hooper** |
| **Signed and sealed** by **Rodney Alexander Hooper** <br>in the presence of:<br>/s/ Alexander Schmidt  | **Rodney Alexander Hooper** |
| Witness signature |  |
| Alexander Schmidt  |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by<br>**Ramnarain Jaigobind** <br>in the presence of:<br>/s/ Maria Robles | <br>/s/ **Ramnarain Jaigobind** |
| **Signed and sealed** by<br>**Ramnarain Jaigobind** <br>in the presence of:<br>/s/ Maria Robles | **Ramnarain Jaigobind** |
| Witness signature |  |
| Maria Robles |  |

---

Name of witness

BLOCK LETTERS

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---

| | |
|:---|:---|
| **Executed** as a deed by **J P Morgan Nominees Australia Pty Limited (ACN 002 899 961)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>|  |
| Director | \*Director/\*Company Secretary |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Howard Gary Klein** <br>in the presence of:<br>/s/ Pamela M. Rief | <br>/s/ **Howard Gary Klein**  |
| **Signed and sealed** by <br>**Howard Gary Klein** <br>in the presence of:<br>/s/ Pamela M. Rief | **Howard Gary Klein**  |
| Witness signature |  |
| Pamela M. Rief |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Brian Laks** <br>in the presence of:<br>/s/ Andrea Swain | <br>/s/ **Brian Laks**  |
| **Signed and sealed** by <br>**Brian Laks** <br>in the presence of:<br>/s/ Andrea Swain | **Brian Laks**  |
| Witness signature |  |
| Andrea Swain |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by<br>**Jeffrey David Lang** <br>in the presence of:<br>/s/ Barbara Rees | <br>/s/ **Jeffrey David Lang** |
| **Signed and sealed** by<br>**Jeffrey David Lang** <br>in the presence of:<br>/s/ Barbara Rees | **Jeffrey David Lang** |
| Witness signature |  |
| Barbara Rees |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Signed and sealed** by <br>**Lamont Leatherman** in the presence of:<br>/s/ Heather Stretch | <br>/s/ **Lamont Leatherman**  |
| **Signed and sealed** by <br>**Lamont Leatherman** in the presence of:<br>/s/ Heather Stretch | **Lamont Leatherman**  |
| Witness signature |  |
| Heather Stretch |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Anna Marika Lindholm** <br>in the presence of:<br>/s/ Raymond Nimrod | <br>/s/ **Anna Marika Lindholm** |
| **Signed and sealed** by <br>**Anna Marika Lindholm** <br>in the presence of:<br>/s/ Raymond Nimrod | **Anna Marika Lindholm** |
| Witness signature |  |
| Raymond Nimrod |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Amvest Capital Principal Strategic LLC** in accordance with the laws of its incorporation: <br>/s/ Stuart Macliver | <br>/s/ Gabriel Alonso-Mendoza |
| Director | \*Director/\*Company Secretary |
| Stuart Macliver | <br>Gabriel Alonso-Mendoza |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Gala Investments LLC** in accordance with the laws of its incorporation: <br>Andrew Stewart<br>|  |
| Director | \*Director/\*Company Secretary |
| Andrew Stewart |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **MEM Capital Partners LLC** in accordance with the laws of its incorporation: <br>/s/ Mendel Mockin |  |
| Director | \*Director/\*Company Secretary |
| Mendel Mockin |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Jonathon Lord**<br>in the presence of:<br>/s/ A. Brooke Lord | <br>/s/ **Jonathon Lord** |
| **Signed and sealed** by <br>**Jonathon Lord**<br>in the presence of:<br>/s/ A. Brooke Lord | **Jonathon Lord**<br>|
| Witness signature |  |
| A. Brooke Lord |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Mark McGregor** <br>in the presence of:<br>/s/Brent Russel Tarr | <br>/s/ **Mark McGregor** |
| **Signed and sealed** by <br>**Mark McGregor** <br>in the presence of:<br>/s/Brent Russel Tarr | **Mark McGregor**<br>|
| Witness signature |  |
| Brent Russel Tarr |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Faye McGregor**<br>in the presence of:<br>/s/ Brent Russel Tarr | <br>/s/ **Faye McGregor** |
| **Signed and sealed** by <br>**Faye McGregor**<br>in the presence of:<br>/s/ Brent Russel Tarr | **Faye McGregor**<br>|
| Witness signature |  |
| Brent Russel Tarr |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **Meesha Investments Pty Ltd (ACN 149 732 954)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Cameron Henry |  |
| Director | \*Director/\*Company Secretary |
| Cameron Henry |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Nicolas Ryan Montgomery** in the presence of:<br>/s/ Robyn Montgomery | <br>/s/ **Nicolas Ryan Montgomery** |
| **Signed and sealed** by <br>**Nicolas Ryan Montgomery** in the presence of:<br>/s/ Robyn Montgomery | **Nicolas Ryan Montgomery**<br>|
| Witness signature |  |
| Robyn Montgomery |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Randall Scott Fenlon** <br>in the presence of:<br>/s/ Amanda S. Fenlon | <br>/s/ **Randall Scott Fenlon** |
| **Signed and sealed** by <br>**Randall Scott Fenlon** <br>in the presence of:<br>/s/ Amanda S. Fenlon | **Randall Scott Fenlon**<br>|
| Witness signature |  |
| Amanda S. Fenlon |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **MX Nominees Pty Ltd (ACN 606 850 079)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Thomas Bleauley |  |
| Director | \*Director/\*Company Secretary |
| Thomas Bleauley |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

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---

| | |
|:---|:---|
| **Executed** as a deed by **Offelbar Pty Ltd (ACN 616 028 918)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Quentin Flannery | <br>/s/ Kim Flannery |
| Director | \*Director/\*Company Secretary |
| Quentin Flannery | <br>Kim Flannery |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**James Garret Overlock** <br>in the presence of:<br>/s/ Aimee Work | <br>/s/ **James Garret Overlock** |
| **Signed and sealed** by <br>**James Garret Overlock** <br>in the presence of:<br>/s/ Aimee Work | **James Garret Overlock**<br>|
| Witness signature |  |
| Aimee Work |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Pamplona Capital Pty Ltd (ACN 150 332 700)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Brent David Coton | <br>/s/ Stephen James Gladwin Grove |
| Director | \*Director/\*Company Secretary |
| Brent David Coton | <br>Stephen James Gladwin Grove |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by<br>**Keith D Phillips** <br>in the presence of:<br>/s/ Shelley Phillips | <br>/s/ **Keith D Phillips** |
| **Signed and sealed** by<br>**Keith D Phillips** <br>in the presence of:<br>/s/ Shelley Phillips | **Keith D Phillips**<br>|
| Witness signature |  |
| Shelley Phillips |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **Pounamu Capital Pty Limited (ACN 159 901 836)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Alan Young |  |
| Director | \*Director/\*Company Secretary |
| Alan Young |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**R Todd Ruppert** <br>in the presence of:<br>/s/ Nicole Muneses | <br>/s/ **R Todd Ruppert** |
| **Signed and sealed** by <br>**R Todd Ruppert** <br>in the presence of:<br>/s/ Nicole Muneses | **R Todd Ruppert**<br>|
| Witness signature |  |
| Nicole Muneses |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Hugo Timothy Hamilton Schumann** <br>in the presence of:<br>/s/ Paul Gurien | <br>/s/ **Hugo Timothy Hamilton Schumann** |
| **Signed and sealed** by <br>**Hugo Timothy Hamilton Schumann** <br>in the presence of:<br>/s/ Paul Gurien | **Hugo Timothy Hamilton Schumann**  |
| Witness signature |  |
| Paul Gurien |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Sentor Investments Pty Ltd (ACN 623 107 031)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Keith O'Hara |  |
| Director | \*Director/\*Company Secretary |
| Keith O'Hara |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

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---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Daniel Shribman** <br>in the presence of:<br>/s/ Jennifer S. Grafton | <br>/s/ **Daniel Shribman** |
| **Signed and sealed** by <br>**Daniel Shribman** <br>in the presence of:<br>/s/ Jennifer S. Grafton | **Daniel Shribman** |
| Witness signature |  |
| Jennifer S. Grafton |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Alastair Warren Smith** in the presence of:<br>/s/ Alyssa Schramm | <br>/s/ **Alastair Warren Smith** |
| **Signed and sealed** by <br>**Alastair Warren Smith** in the presence of:<br>/s/ Alyssa Schramm | **Alastair Warren Smith** |
| Witness signature |  |
| Alyssa Schramm |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Scott Sparks** <br>in the presence of:<br>/s/ David Landrith | /s/ **Scott Sparks**<br>|
| **Signed and sealed** by <br>**Scott Sparks** <br>in the presence of:<br>/s/ David Landrith | **Scott Sparks** |
| Witness signature |  |
| David Landrith |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Benjamin Rade Stoikovich** <br>in the presence of:<br>/s/ Magdalena Mystkowska | <br>/s/ **Benjamin Rade Stoikovich** |
| **Signed and sealed** by <br>**Benjamin Rade Stoikovich** <br>in the presence of:<br>/s/ Magdalena Mystkowska | **Benjamin Rade Stoikovich**<br>|
| Witness signature |  |
| Magdalena Mystkowska |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Patrick Rade Stubbs** <br>in the presence of:<br>/s/ James Cox | <br>/s/ **Patrick Rade Stubbs**  |
| **Signed and sealed** by <br>**Patrick Rade Stubbs** <br>in the presence of:<br>/s/ James Cox | **Patrick Rade Stubbs**  |
| Witness signature |  |
| James Cox |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by **Toby Edgecumbe Symonds** <br>in the presence of:<br>/s/ Katherine Stearns Symonds | <br>/s/ **Toby Edgecumbe Symonds** |
| **Signed and sealed** by **Toby Edgecumbe Symonds** <br>in the presence of:<br>/s/ Katherine Stearns Symonds | **Toby Edgecumbe Symonds**  |
| Witness signature |  |
| Katherine Stearns Symonds |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Thomas Richard Todd** <br>in the presence of:<br>/s/ Harrison Taylor | /s/ **Thomas Richard Todd** |
| **Signed and sealed** by <br>**Thomas Richard Todd** <br>in the presence of:<br>/s/ Harrison Taylor | **Thomas Richard Todd** |
| Witness signature |  |
| Harrison Taylor |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by **Bernardo Da Veiga** <br>in the presence of:<br>/s/ Stephen Kelly | <br>/s/ **Bernardo Da Veiga** |
| **Signed and sealed** by **Bernardo Da Veiga** <br>in the presence of:<br>/s/ Stephen Kelly | **Bernardo Da Veiga** |
| Witness signature |  |
| Stephen Kelly |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **Ward Capital Nominees Pty Ltd (ACN 614 929 690)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Gregory Colin Ward |  |
| Director | \*Director/\*Company Secretary |
| Gregory Colin Ward |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed on behalf of **Perpetual Nominees Limited** (ACN 000 733 700) by its duly appointed attorney under power of attorney number NSW Book 4676 No 134 dated 18 September 2014 who states that they have no notice of revocation of such appointment, in the presence of:<br>/s/ Stavrula Frost | <br>/s/ John Newby |
| Signature of Witness | Signature of Attorney |
| Stavrula Frost | John Newby |
| Name of Witness | Name of Attorney |

---

---

| | |
|:---|:---|
| **Signed and sealed** by **Katie Adamo** <br>in the presence of:<br>/s/ Melissa Shaw | <br>/s/ **Katie Adamo**  |
| **Signed and sealed** by **Katie Adamo** <br>in the presence of:<br>/s/ Melissa Shaw | **Katie Adamo**  |
| Witness signature |  |
| Melissa Shaw |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by **Daniel Adamo** <br>in the presence of:<br>/s/ Melissa Shaw | <br>/s/ **Daniel Adamo**  |
| **Signed and sealed** by **Daniel Adamo** <br>in the presence of:<br>/s/ Melissa Shaw | **Daniel Adamo**  |
| Witness signature |  |
| Melissa Shaw |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Signed and sealed** by **Dominic Paul Allen** <br>in the presence of:<br>/s/ Elizabeth Whiting | <br>/s/ **Dominic Paul Allen**  |
| **Signed and sealed** by **Dominic Paul Allen** <br>in the presence of:<br>/s/ Elizabeth Whiting | **Dominic Paul Allen**  |
| Witness signature |  |
| Elizabeth Whiting |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Archer Q Pty Ltd (ACN 661 083 718)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Patrick Murphy |  |
| Director | \*Director/\*Company Secretary |
| Patrick Murphy |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **BJS Robb Pty Ltd (ACN 126 153 811)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Shannon Burman |  |
| Director | \*Director/\*Company Secretary |
| Shannon Burman |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by **Dylan Paul Browne** <br>in the presence of:<br>/s/ Phoebe Robson | <br>/s/ **Dylan Paul Browne** |
| **Signed and sealed** by **Dylan Paul Browne** <br>in the presence of:<br>/s/ Phoebe Robson | **Dylan Paul Browne**  |
| Witness signature |  |
| Phoebe Robson |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Signed and sealed** by **Christopher David Champion** in the presence of:<br>/s/ Maria Diva Mia Llanes Magtibay | <br>/s/ **Christopher David Champion** |
| **Signed and sealed** by **Christopher David Champion** in the presence of:<br>/s/ Maria Diva Mia Llanes Magtibay | **Christopher David Champion**  |
| Witness signature |  |
| Maria Diva Mia Llanes Magtibay |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by **Diana Champion** <br>in the presence of:<br>/s/ Maria Diva Mia Llanes Magtibay | <br>/s/ **Diana Champion**  |
| **Signed and sealed** by **Diana Champion** <br>in the presence of:<br>/s/ Maria Diva Mia Llanes Magtibay | **Diana Champion**  |
| Witness signature |  |
| Maria Diva Mia Llanes Magtibay |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Cool Enterprises Pty Ltd (ACN 626 031 258)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Elsa Cool |  |
| Director | \*Director/\*Company Secretary |
| Elsa Cool |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by **Samuel Cordin** <br>in the presence of:<br>/s/ Dylan Browne | <br>/s/ Samuel Cordin |
| **Signed and sealed** by **Samuel Cordin** <br>in the presence of:<br>/s/ Dylan Browne | **Samuel Cordin**  |
| Witness signature |  |
| <br>Dylan Browne |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **Fernland Holdings Pty Ltd (ACN 112 884 143)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Jeremy Bond |  |
| Director | \*Director/\*Company Secretary |
| Jeremy Bond |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Jennifer Grafton** <br>in the presence of:<br>/s/ E. Martin Enriquez | <br>/s/ **Jennifer Grafton**  |
| **Signed and sealed** by <br>**Jennifer Grafton** <br>in the presence of:<br>/s/ E. Martin Enriquez | **Jennifer Grafton**  |
| Witness signature |  |
| E. Martin Enriquez |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Norman John Graham** <br>in the presence of:<br>/s/ Jennifer Lynn Graham | <br>/s/ **Norman John Graham**  |
| **Signed and sealed** by <br>**Norman John Graham** <br>in the presence of:<br>/s/ Jennifer Lynn Graham | **Norman John Graham**  |
| Witness signature |  |
| Jennifer Lynn Graham |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Derek Hannigan** <br>in the presence of:<br>/s/ Silvia Hannigan | <br>/s/ **Derek Hannigan** |
| **Signed and sealed** by <br>**Derek Hannigan** <br>in the presence of:<br>/s/ Silvia Hannigan | **Derek Hannigan**  |
| Witness signature |  |
| Silvia Hannigan |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **Harbour View Capital Pty Ltd (ACN 640 335 557)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Dominic Allen |  |
| Director | \*Director/\*Company Secretary |
| Dominic Allen |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Kitabella Pty Ltd (ACN 163 035 783)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Kirk Kileff | <br>/s/ Sarah-Anne Kileff |
| Director | \*Director/\*Company Secretary |
| Kirk Kileff | <br>Sarah-Anne Kileff |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Ledger Holdings Pty Ltd (ACN 007 253 723)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Lisa D. Mochkin |  |
| Director | \*Director/\*Company Secretary |
| Lisa D. Mochkin |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Griffin & Fleming LLC** in accordance with the laws of its incorporation: <br>/s/ Donald S. Swartz II |  |
| Director | \*Director/\*Company Secretary |
| Donald S. Swartz II |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

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---

| | |
|:---|:---|
| **Executed** as a deed by **Lucerne SAF Pty Ltd (ACN 653 783 307)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Anthony Murphy | <br>/s/ Michael Houghton |
| Director | \*Director/\*Company Secretary |
| Anthony Murphy | <br>Michael Houghton |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Gail Mitchelmore** <br>in the presence of:<br>/s/ Dylan Browne | <br>/s/ **Gail Mitchelmore**  |
| **Signed and sealed** by <br>**Gail Mitchelmore** <br>in the presence of:<br>/s/ Dylan Browne | **Gail Mitchelmore**  |
| Witness signature |  |
| Dylan Browne |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Morish Equities Pty Ltd (ACN 634 120 880)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Trevor Hannigan | <br>/s/ Margaret Hannigan |
| Director | \*Director/\*Company Secretary |
| Trevor Hannigan | Margaret Hannigan |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Antony Steven Moser** <br>in the presence of:<br>/s/ Bradley Adamnson | <br>/s/ **Antony Steven Moser**  |
| **Signed and sealed** by <br>**Antony Steven Moser** <br>in the presence of:<br>/s/ Bradley Adamnson | **Antony Steven Moser**  |
| Witness signature |  |
| Bradley Adamnson |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **Moshos Family Investments Pty Ltd (ACN 154 056 194)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Anastasios Arima |  |
| Director | \*Director/\*Company Secretary |
| Anastasios Arima |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Nalaroo Holdings Pty Ltd (ACN 621 648 717)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Vaughn William Taylor |  |
| Director | \*Director/\*Company Secretary |
| Vaughn William Taylor |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Non Correlated Capital Pty Ltd (ACN 143 882 562)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Troy Burns | <br>/s/ Robert Garton Smith |
| Director | \*Director/\*Company Secretary |
| Troy Burns | <br>Robert Garton Smith |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Palm Ave Pty Ltd (ACN 636 163 874)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Craig Marsh |  |
| Director | \*Director/\*Company Secretary |
| Craig Marsh |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

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---

| | |
|:---|:---|
| **Executed** as a deed by **PS Capital Pty Ltd (ACN 166 253 167)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Trishul Seth | <br>/s/ Prakash Seth |
| Director | \*Director |
| Trishul Seth | <br>Prakash Seth |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Verve Capital Pty Ltd (ACN 124 197 306)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Gregory Swan | <br>/s/ Rebecca Swan |
| Director | \*Director/\*Company Secretary |
| Gregory Swan | Rebecca Swan |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Verve Investments Pty Ltd (ACN 124 204 093)** <br>in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Gregory Swan |  |
| Sole Director | \*Director/\*Company Secretary |
| Gregory Swan |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| |
|:---|
| **Executed** as a deed for and on behalf of **Rare Earths Americas Ltd. (Registration number 419111)**: <br>/s/ Don Swartz |
| Director |
| Don Swartz |
| Name of Director<br>BLOCK LETTERS |

---

106925934v8

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---

| | |
|:---|:---|
| **Executed** as a deed by **Foothills Rare Earths Limited (ACN 645 424 979)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Gregory Swan | <br>/s/ Dominic Allen |
| Director | \*Director/\*Company Secretary |
| Gregory Swan | <br>Dominic Allen |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Andrew Whitson** <br>in the presence of:<br>/s/ Claire Kotevski | <br>/s/ **Andrew Whitson**  |
| **Signed and sealed** by <br>**Andrew Whitson** <br>in the presence of:<br>/s/ Claire Kotevski | **Andrew Whitson** |
| Witness signature |  |
| Claire Kotevski |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Patrick Joseph Murphy** <br>in the presence of:<br>/s/ Yvette Murphy | <br>/s/ **Patrick Joseph Murphy** |
| **Signed and sealed** by <br>**Patrick Joseph Murphy** <br>in the presence of:<br>/s/ Yvette Murphy | **Patrick Joseph Murphy** |
| Witness signature |  |
| Yvette Murphy |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**James Fisher McDonald** <br>in the presence of:<br>/s/ Stewart Woodhill | <br>/s/ **James Fisher McDonald**  |
| **Signed and sealed** by <br>**James Fisher McDonald** <br>in the presence of:<br>/s/ Stewart Woodhill | **James Fisher McDonald** <br>|
| Witness signature |  |
| Stewart Woodhill |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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---

| | |
|:---|:---|
| **Executed** as a deed by **Raven Nominees Pty Ltd (ACN 147 959 751)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Kristian James Blaszczynski | <br>/s/ Phillip Sheridan |
| Director | \*Director/\*Company Secretary |
| Kristian James Blaszczynski | <br>Phillip Sheridan |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Phillip Sheridan** <br>in the presence of:<br>/s/ Kristian James Blaszczynski | <br>/s/ Phillip Sheridan |
| **Signed and sealed** by <br>**Phillip Sheridan** <br>in the presence of:<br>/s/ Kristian James Blaszczynski | Phillip Sheridan |
| Witness signature |  |
| Kristian James Blaszczynski |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Etsuko Hisatomi** <br>in the presence of:<br>/s/ Kristian James Blaszczynski | <br>/s/ **Etsuko Hisatomi** |
| **Signed and sealed** by <br>**Etsuko Hisatomi** <br>in the presence of:<br>/s/ Kristian James Blaszczynski | **Etsuko Hisatomi** |
| Witness signature |  |
| Kristian James Blaszczynski |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Samuel James Allert** <br>in the presence of:<br>/s/ Charles Paltridge | <br>/s/ **Samuel James Allert** |
| **Signed and sealed** by <br>**Samuel James Allert** <br>in the presence of:<br>/s/ Charles Paltridge | **Samuel James Allert** |
| Witness signature |  |
| Charles Paltridge |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Stacey Allert** <br>in the presence of:<br>/s/ Charles Paltridge | <br>/s/ **Stacey Allert** |
| **Signed and sealed** by <br>**Stacey Allert** <br>in the presence of:<br>/s/ Charles Paltridge | **Stacey Allert** |
| Witness signature |  |
| Charles Paltridge |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Monicmar Pty Ltd (ACN 628 418 708)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Martin Rosser | <br>/s/ Monica Rosser |
| Director | \*Director/\*Company Secretary |
| Martin Rosser | Monica Rosser |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Hugh Jack Stackpool** <br>in the presence of:<br>/s/ Belinda Teichmann | <br>/s/ **Hugh Jack Stackpool** |
| **Signed and sealed** by <br>**Hugh Jack Stackpool** <br>in the presence of:<br>/s/ Belinda Teichmann | **Hugh Jack Stackpool** |
| Witness signature |  |
| Belinda Teichmann |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Lara Kate Stackpool** <br>in the presence of:<br>/s/ Belinda Teichmann | <br>/s/ **Lara Kate Stackpool** |
| **Signed and sealed** by <br>**Lara Kate Stackpool** <br>in the presence of:<br>/s/ Belinda Teichmann | **Lara Kate Stackpool** |
| Witness signature |  |
| Belinda Teichmann |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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---

| | |
|:---|:---|
| **Executed** as a deed by **Mulberry Street Pty Ltd (ACN 625 887 596)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Geraldine Joy Gates | <br>/s/ Jeffrey Edward Gates |
| Director | \*Director/\*Company Secretary |
| Geraldine Joy Gates | <br>Jeffrey Edward Gates |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Angus Buchanan Bligh** <br>in the presence of:<br>/s/ Belinda Teichmann | <br>/s/ **Angus Buchanan Bligh** |
| **Signed and sealed** by <br>**Angus Buchanan Bligh** <br>in the presence of:<br>/s/ Belinda Teichmann | **Angus Buchanan Bligh** |
| Witness signature |  |
| Belinda Teichmann |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Rebecca Jean Bligh** <br>in the presence of:<br>/s/ Witness | <br>/s/ **Rebecca Jean Bligh** |
| **Signed and sealed** by <br>**Rebecca Jean Bligh** <br>in the presence of:<br>/s/ Witness | **Rebecca Jean Bligh** |
| Witness signature |  |
| (None provided) |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Shadow Mountain Investments Pty Ltd (ACN 612 550 446)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Dominic Allen |  |
| Director | \*Director/\*Company Secretary |
| Dominic Allen |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

------

---

| | |
|:---|:---|
| **Executed** as a deed by **Correze Pty Ltd (ACN 167 851 274)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Caroline Goossens<br>|  |
| Director | \*Director/\*Company Secretary |
| Caroline Goossens |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Elizabeth Matthews** <br>in the presence of:<br>/s/ Gregory Swan | <br>/s/ **Elizabeth Matthews** |
| **Signed and sealed** by <br>**Elizabeth Matthews** <br>in the presence of:<br>/s/ Gregory Swan | **Elizabeth Matthews** |
| Witness signature |  |
| Gregory Swan |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Equa Holdings Pty Ltd (ACN 124 931 719)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Clinton McGhie<br>|  |
| Director | \*Director/\*Company Secretary |
| Clinton McGhie |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Christopher Donald Sutherland** <br>in the presence of:<br>/s/ Jhonny Lutula | <br>/s/ **Christopher Donald Sutherland** |
| **Signed and sealed** by <br>**Christopher Donald Sutherland** <br>in the presence of:<br>/s/ Jhonny Lutula | **Christopher Donald Sutherland** |
| Witness signature |  |
| Jhonny Lutula |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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---

| | |
|:---|:---|
| **Executed** as a deed by **Sternship Advisers Pty Ltd (ACN 619 280 910)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Tim Day<br>| <br>/s/ Yvonne Hoy |
| Director | \*Company Secretary |
| Tim Day | <br>Yvonne Hoy |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Abbotshall Avenue Pty Ltd (ACN 658 348 764)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Lachlan Lynch<br>|  |
| Director | \*Director/\*Company Secretary |
| Lachlan Lynch |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Lachlan Ethan Lynch** <br>in the presence of:<br>/s/ Gregory Swan | <br>/s/ **Lachlan Ethan Lynch** |
| **Signed and sealed** by <br>**Lachlan Ethan Lynch** <br>in the presence of:<br>/s/ Gregory Swan | **Lachlan Ethan Lynch** |
| Witness signature |  |
| Gregory Swan |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Denise Elizabeth Pringle** <br>in the presence of:<br>/s/ Peter Woodman | <br>/s/ **Denise Elizabeth Pringle**  |
| **Signed and sealed** by <br>**Denise Elizabeth Pringle** <br>in the presence of:<br>/s/ Peter Woodman | **Denise Elizabeth Pringle**  |

---

106925934v8

------

Witness signature <br> <u>Peter Woodman</u>  

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Peter Woodman** <br>in the presence of:<br>/s/ Gregory Swan | <br>/s/ **Peter Woodman**  |
| **Signed and sealed** by <br>**Peter Woodman** <br>in the presence of:<br>/s/ Gregory Swan | **Peter Woodman** <br>|
| Witness signature |  |
| Gregory Swan |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Lioness Capital Pty Ltd (ACN 648 450 515)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Elizabeth Matthews<br>| <br>/s/ Elizabeth Matthews |
| Director | \*Company Secretary |
| Elizabeth Matthews | Elizabeth Matthews |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Bouchi Pty Ltd (ACN 051 698 401)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Michael Bowen<br>| <br>/s/ Beverly Bowen<br>|
| Director | \*Director/\*Company Secretary |
| Michael Bowen | <br>Beverly Bowen |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

------

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Kristian James Blaszczynski** <br>in the presence of:<br>/s/ Stefan Michael Blaszczynski  | <br>/s/ **Kristian James Blaszczynski**  |
| **Signed and sealed** by <br>**Kristian James Blaszczynski** <br>in the presence of:<br>/s/ Stefan Michael Blaszczynski  | **Kristian James Blaszczynski**  |
| Witness signature |  |
| Stefan Michael Blaszczynski  |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Jacklyn Beryl Blaszczynski** <br>in the presence of:<br>/s/ Stefan Michael Blaszczynski  | <br>/s/ **Jacklyn Beryl Blaszczynski**  |
| **Signed and sealed** by <br>**Jacklyn Beryl Blaszczynski** <br>in the presence of:<br>/s/ Stefan Michael Blaszczynski  | **Jacklyn Beryl Blaszczynski**<br>|
| Witness signature |  |
| Stefan Michael Blaszczynski  |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Stefan Michael Blaszczynski** <br>in the presence of:<br>/s/ Kristian James Blaszczynski  | <br>/s/ **Stefan Michae**l **Blaszczynski**  |
| **Signed and sealed** by <br>**Stefan Michael Blaszczynski** <br>in the presence of:<br>/s/ Kristian James Blaszczynski  | **Stefan Michae**l **Blaszczynski**<br>|
| Witness signature |  |
| Kristian James Blaszczynski |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Georgina Elizabeth Gamble** <br>in the presence of:<br>/s/ Kristian James Blaszczynski  | <br>/s/ **Georgina Elizabeth Gamble**  |
| **Signed and sealed** by <br>**Georgina Elizabeth Gamble** <br>in the presence of:<br>/s/ Kristian James Blaszczynski  | **Georgina Elizabeth Gamble**<br>|
| Witness signature |  |
| Kristian James Blaszczynski |  |

---

Name of witness

BLOCK LETTERS

106925934v8

------

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Robert Arthur Behets** <br>in the presence of:<br>/s/ Natalie Taylor  | <br>/s/ **Robert Arthur Behets** |
| **Signed and sealed** by <br>**Robert Arthur Behets** <br>in the presence of:<br>/s/ Natalie Taylor  | **Robert Arthur Behets**<br>|
| Witness signature |  |
| Natalie Taylor |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Kristina Jane Behets** <br>in the presence of:<br>/s/ Natalie Taylor  | <br>/s/ **Kristina Jane Behets** |
| **Signed and sealed** by <br>**Kristina Jane Behets** <br>in the presence of:<br>/s/ Natalie Taylor  | **Kristina Jane Behets**<br>|
| Witness signature |  |
| Natalie Taylor |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Chapman Hill Investments Pty Ltd (ACN 159 938 548)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Natasha Pearce<br>|  |
| Sole Director | \*Director/\*Company Secretary |
| Natasha Pearce |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

------

## Exhibit 2.2

**Exhibit 2.2**

**Quota Sale and**

**Share Subscription**

**Agreement**

**BETWEEN**

Rare Earths Americas Limited <br>ACN 664 370 254

**AND**

Rare Earths Americas Ltd.

a Cayman Islands exempted company

Registration number 419111

------

**Quota Sale and Share Subscription Agreement**

**Table of Contents**

---

| | | | |
|:---|:---|:---|:---|
| **1** | **Definitions and Interpretation** | **Definitions and Interpretation** | 1 |
|  | 1.1 | Definitions | 1 |
|  | 1.2 | Interpretation | 4 |
| **2** | **Sale and purchase of the Sale Quotas** | **Sale and purchase of the Sale Quotas** | 5 |
|  | 2.1 | Sale and purchase of the Sale Quotas | 5 |
|  | 2.2 | Title, property and risk | 5 |
| **3** | **Subscription for the Consideration Shares** | **Subscription for the Consideration Shares** | 5 |
|  | 3.1 | Consideration | 5 |
|  | 3.2 | Agreement to subscribe | 5 |
|  | 3.3 | Application for Consideration Shares | 5 |
|  | 3.4 | Rights attaching to Consideration Shares | 6 |
| **4** | **Completion** | **Completion** | 6 |
|  | 4.1 | Time and place for Completion | 6 |
|  | 4.2 | Seller's obligations | 6 |
|  | 4.3 | Buyer's obligations | 6 |
|  | 4.4 | Notice to complete  | 6 |
|  | 4.5 | Simultaneous actions on Completion | 6 |
|  | 4.6 | Conditions of Completion | 7 |
|  | 4.7 | Interdependency with FRE Sale Completion | 7 |
| **5** | **Post Completion** | **Post Completion** | 7 |
|  | 5.1 | Title, property and risk | 7 |
|  | 5.2 | Exercise of rights of registered shareholder | 7 |
| **6** | **Warranties** | **Warranties** | 7 |
|  | 6.1 | Warranties | 7 |
|  | 6.2 | Qualifications | 8 |
|  | 6.3 | Reliance and survival | 8 |
|  | 6.4 | Buyer's acknowledgment | 8 |
|  | 6.5 | Indemnities | 8 |
| **7** | **Limitations** | **Limitations** | 8 |
|  | 7.1 | Time limit on Claims | 8 |
|  | 7.2 | General Limitations | 8 |
|  | 7.3 | Threshold for Relevant Claims | 9 |
|  | 7.4 | Maximum aggregate liability for Relevant Claims | 9 |
|  | 7.5 | Exclusions | 9 |
|  | 7.6 | No liability where breach | 9 |
|  | 7.7 | No limitations | 9 |
|  | 7.8 | No double recovery | 9 |
|  | 7.9 | Independence | 9 |
|  | 7.10 | Survival | 9 |
|  | 7.11 | Mitigation | 9 |
| **8** | **Tax matters** | **Tax matters** | 10 |
| **9** | **Confidentiality and announcements** | **Confidentiality and announcements** | **10** |
|  | 9.1 | Confidentiality obligation | 10 |
|  | 9.2 | Disclosure of confidential information  | 10 |
|  | 9.3 | Excluded Information | 10 |
|  | 9.4 | Business Confidential Information | 11 |
|  | 9.5 | No disclosure of Business Confidential Information | 11 |

---

Page i

------

**Quota Sale and Share Subscription Agreement**

---

| | | | |
|:---|:---|:---|:---|
|  | 9.6 | Business Confidential Information is not Excluded Information | 11 |
|  | 9.7 | Announcements | 11 |
|  | 9.8 | Survival  | 11 |
| **10** | **GST** | **GST** | 11 |
|  | 10.1 | Definitions  | 11 |
|  | 10.2 | GST | 11 |
| **11** | **Notices** |  | 12 |
|  | 11.1 | Form of Notice | 12 |
|  | 11.2 | Address for service | 12 |
| **12** | **General** |  | 12 |
|  | 12.1 | Further assurances | 12 |
|  | 12.2 | Severability | 12 |
|  | 12.3 | Non-merger of provisions | 12 |
|  | 12.4 | Waiver | 13 |
|  | 12.5 | Prohibition or enforceability | 13 |
|  | 12.6 | Entire agreement | 13 |
|  | 12.7 | No amendments without agreement | 13 |
|  | 12.8 | Assignment | 13 |
|  | 12.9 | Costs, expenses and stamp duty | 13 |
|  | 12.10 | Counterparts | 13 |
|  | 12.11 | Electronic execution | 14 |
|  | 12.12 | Governing law and jurisdiction | 14 |

---

---

| | | |
|:---|:---|:---|
| **Schedule 1** | **Seller Warranties** | **15** |
| **Schedule 2** | **Buyer Warranties** | **17** |
| **Execution Page** | **Execution Page** | 18 |

---

Page ii

------

**Quota Sale and Share Subscription Agreement**

**Parties**

**RARE EARTHS AMERICAS LIMITED ACN 664 370 254**

<u>Address</u>: Acute Business Services, Suite 53 Level 2, 11-15 Labouchere Road, SOUTH

PERTH WA 6151 Australia

<u>Email</u>:

<u>Attention</u>: Stephen Kelly, Company Secretary

(**Seller**)

**RARE EARTHS AMERICAS LTD.**

<u>Address</u>: c/o Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, George

Town, Grand Cayman, Cayman Islands, KY1-1106

<u>Email</u>:

<u>Attention</u>: Jen Grafton, COO, General Counsel and Secretary

(**Buyer**)

**Background**

A.The Seller is the registered holder of the Sale Quotas.

B.The Seller has agreed to sell, and the Buyer has agreed to buy, the Sale Quotas on the terms and conditions of this agreement, as a part of the Buyer taking reasonable steps to undertake an initial public offering of securities.

C.The Seller has agreed to subscribe for, and the Buyer has agreed to issue, the Consideration Shares to the Seller on the terms and conditions of this agreement.

**Terms and Conditions**

**1.** **<u>Definitions and Interpretation</u>**

**1.1.** **Definitions**

In this agreement unless the context otherwise requires:

**AMBPL** means Alpha Minerals Brazil Participações Ltda., a Brazilian company existing and operating under the Laws of Brazil, enrolled with the CNPJ under No. 43.093.229/0001-20 and with its principal offices at Rua Turim, No. 59, 3rd floor, São Paulo, State of Minas Gerais, CEP 30360-552, Brazil.

**Business Confidential Information** has the meaning given in clause 9.4.

**Business Day** means a day on which banks are open for general banking business in Cayman Islands, excluding Saturdays, Sundays or public holidays.

**Business Records** means original and copies of all books, files, reports, financial and other records, documents, correspondence, information, accounts and data (whether machine readable or in printed form) exclusively relating to the business conducted by AMBPL as at the date of this agreement and held by AMBPL.

**Buyer Warranties** means the warranties given by the Seller in favour of the Buyer as set out in Schedule 2.

**Claim** means any allegation, cause of action, claim or demand of any nature however arising and whether present or future, fixed or unascertained, actual or contingent whether at law, in equity, under statute or otherwise.

**Completion** means completion of the sale and purchase of the Sale Quotas under clause 4.

**Completion Date** means the date of this agreement.

------

**Quota Sale and Share Subscription Agreement**

**Consequential Loss** means any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)special, indirect, incidental or punitive loss or damage (including loss of profits or savings, loss of opportunity, loss or damage to or corruption of data, loss of goodwill, loss of reputation), whether arising in equity, for breach of contract, tort (including negligence), breach of statutory duty, indemnity or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)loss not in the ordinary contemplation of the parties upon entering into this agreement.

**Consideration** means the total amount to be paid by the Buyer to the Seller, which corresponds to the amount in AUD$(Australian dollars) equivalent to BRL40,910,116.35 (forty million, nine hundred and ten thousand, one hundred and sixty-six reais and thirty-five cents).

**Consideration Shares** means 9,375,000 ordinary shares of US$0.0001 par value each, in the amount in US$ for a total subscription amount attributable to the Consideration Shares equivalent to the Consideration, credited as fully paid, in the capital of the Buyer.

**Controller** is a receiver, or receiver and manager, or any other person in possession or control of a corporation's property for the purpose of enforcing a charge.

**Disclosing Party** means the party disclosing information that is the subject of clause 9.

**Duty** means any stamp, transaction or registration duty or similar charge imposed by any Government Agency and includes any interest, fine, penalty, charge or other amount imposed in respect of the above but excludes any Tax.

**Encumbrance** means any mortgage, charge, lien, restriction against transfer, pledge, trust, power, profit a prendre, easement, deposit, hypothecation, arrangement for retention of title, encumbrance and any other security interest, whether or not registered, including a right, interest, power or arrangement in relation to an asset which in substance provides security for the payment or satisfaction of a debt, obligation or Liability.

**Excluded Information** means information which is in or becomes part of the public domain other than through breach of this document or an obligation of confidence owed to the Disclosing Party or any Related Body Corporate of the Disclosing Party

**Fairly Disclosed** means, in relation to a fact, matter, circumstance or information, a disclosure sufficient in detail and content and made in a manner and context to enable a reasonable purchaser, experienced in transactions of the nature of the sale the subject of this agreement, to reasonably be aware of and understand the substance and significance of the fact, matter, circumstance or information.

**FRE** means Foothills Rare Earths Limited ACN 645 424 979.

**FRE Sale** means the sale by certain FRE shareholders, and purchase by the Buyer, of at least 90% of the total issued shares in FRE with consideration for the sale being the issue of the FRE Sale Consideration Shares by the Buyer to the FRE shareholders, in accordance with the FRE Sale Agreement.

**FRE Sale Agreement** means the share sale deed to be entered into between certain FRE shareholders (as sellers), Perpetual Nominees Limited, the Participating Optionholders, the Buyer (as buyer) and FRE on or about the date of this agreement in relation to the FRE Sale.

**FRE Sale Completion** means completion of the FRE Sale in accordance with the FRE Sale Agreement.

**FRE Sale Consideration Shares** means up to 2,805,267 ordinary shares of US$0.0001 par value each, credited as fully paid, in the capital of the Buyer.

**Government Agency** means any government or governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity whether foreign, Federal, State, Territorial or local.

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**GST** means goods and services tax under the GST Law.

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

**GST Law** has the same meaning as in the GST Act.

**ITAA 1997** means the *Income Tax Assessment Act 1997* (Cth).

**Liability** includes all liabilities, claims, debts, obligations, losses, damages, costs, interest, fees, penalties, fines, assessments, forfeiture and expenses of whatever description (whether actual, contingent or prospective).

**Loss** means any loss, Liability, damage, charges, payments, cost or expense (whether

accrued or paid) including legal fees and disbursements and costs of investigation, litigation, settlement, judgment, interest and penalties, but not Consequential Loss.

**M&As** means the Buyer's memorandum and articles of association.

**Participating Optionholders** has the meaning given to the term in the FRE Sale Agreement.

**Private Offer**

and professional investors to raise up to A$20,000,000 (or such higher amount that the Buyer may in its sole discretion agree to accept on account of oversubscriptions) to fund,

among other things, the Buyer's initial public offering, mining project option payments and general working capital.

**Private Offer Completion** means completion of the Private Offer in accordance with its terms.

**Private Offer Shares** means up to 2,000,000 ordinary shares of US$0.0001 par value each, credited as fully paid, in the capital of the Buyer.

**Receiving Party** means the party receiving information that is the subject of clause 9. **Related Body Corporate** where a body corporate is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a holding company of another body corporate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a subsidiary of another body corporate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a subsidiary of a holding company of another body corporate, the first-mentioned body and the other body are related to each other.

**Representative** of a person or entity means its officers, employees, agents, advisers, partners, consultants, members and financiers.

**Sale Quotas** means 48,976,822 (forty-eight million, nine hundred and seventy-six thousand, eight hundred and twenty-two) quotas, representing the entire capital issued by AMBPL, at the par value of R$1,00 (one real) each, having paid-up the balance of BRL40,910,116.35 (forty million, nine hundred and ten thousand, one hundred and sixty-six reais and thirty-five cents).

**Seller Warranties** means the warranties given by the Seller in favour of the Buyer as set out in Schedule 1.

**Tax** means any tax, levy, charge, impost, fee, deduction or withholding, which is assessed, levied, imposed or collected by any Government Agency and includes any tax payable under the GST Act or any interest, fine, penalty, charge, fee or any other amount imposed in addition to, or in respect of any of the above but excludes Duty.

**Transaction Documents** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any document which the Buyer and the Seller agree in writing is a Transaction Document for the purposes of this definition; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any document entered into for the purposes of varying, replacing or novating any of the above.

**Treasurer** means the Treasurer of the Commonwealth of Australia. **Warranty** means, where given by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Seller, each of the Seller Warranties, or any two or more of them as the context requires or permits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Buyer, each of the Buyer Warranties, or any two or more of them as the context requires or permits.

**1.2.** **Interpretation**

In this agreement unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)headings and bold type are for convenience only and do not affect the interpretation of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Background, the Schedules, the Execution Page and the Annexures (if any) are each incorporated in and form part of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a reference to the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)a reference to a given gender includes all other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)other parts of speech and grammatical forms of a word or phrase defined in this agreement have a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)use of the word including and similar expressions are not, nor are they to be interpreted as, words of limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)a reference to a person includes a natural person, a company or other entities recognised by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)a reference to any legislation or legislative provision includes any statutory modification or re-enactment of, or legislation or legislative provision substituted for, that legislation or legislative provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a reference to any governmental or statutory body includes any body which replaces, succeeds to the relevant powers and functions of, or which serves substantially the same purposes or objects as such body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)a reference to any agreement or document is to that agreement or document (and, where applicable, any of its provisions) as amended, novated, supplemented or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)a reference to any thing 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)a reference to writing includes any mode of reproducing words, figures or symbols in tangible and permanently visible form and includes email;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)a reference to Australian dollars, A$ or AUD is a reference to the lawful currency of the Commonwealth of Australia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)a reference to United States dollars, US$ or USD is a reference to the lawful currency of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)a reference to Brazilian real, R$ or BRL is a reference to the lawful currency of Brazil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)all references to parties are to the parties to this agreement;

a reference to a party includes the party's executors, administrators, successors and permitted assigns;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)unless otherwise stated in this agreement, an obligation or liability assumed by, or a right conferred on, two or more parties binds or benefits them jointly and each severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)a reference to time is a reference to Sydney, Australia time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)if a period of time dates from a given day or the day of an act or event, it is to be calculated exclusive of that day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)if the time for performing an obligation under this agreement expires on a day which is not a Business Day, then time is extended until the next Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)if an act prescribed under this agreement to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to be done on the next Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)no provision of this agreement will be construed adversely to the other party because that party was responsible for the preparation of this agreement or that provision.

**2.** **<u>Sale and purchase of the Sale Quotas</u>**

**2.1.** **Sale and purchase of the Sale Quotas**

On the Completion Date, the Seller agrees to sell the Sale Quotas to the Buyer and the Buyer agrees to buy the full legal and beneficial interest in and to the Sale Quotas from the Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)for the consideration set out in clause 3.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)free from any Encumbrance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)with all rights, including dividend rights, attaching to or accruing to them on and from the Completion Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)on the terms and conditions of this agreement.

**2.2.** **Title, property and risk**

The title to, property in and risk of the Sale Quotas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)until Completion, remains solely with the Seller; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)passes to the Buyer on and from Completion.

**3.** **<u>Subscription for the Consideration Shares</u>**

**3.1.** **Consideration**

The consideration for the sale by the Seller of the Sale Quotas to the Buyer is the Consideration, which will be satisfied by the allotment and issue of Consideration Shares by the Buyer to the Seller in accordance with this agreement.

**3.2.** **Agreement to subscribe**

The Seller agrees to subscribe for, and the Buyer agrees to allot and issue to the Seller, the Consideration Shares in accordance with this agreement.

**3.3.** **Application for Consideration Shares**

Execution of this agreement by the Seller constitutes the Seller's irrevocable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)application for the Consideration Shares to be issued to the Seller in accordance with this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)consent to being named in the register of members of the Buyer in respect of the Consideration Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)consent to being bound by the M&As.

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**3.4.** **Rights attaching to Consideration Shares**

The Consideration Shares are subject to the M&As and will rank equally in all respects with the existing ordinary shares of US$0.0001 par value each in the issued and outstanding share capital of the Buyer when the Consideration Shares are issued.

**4.** **<u>Completion</u>**

**4.1.** **Time and place for Completion**

Subject to clause 4.7, Completion must take place by electronic means at 11:00am on the Completion Date, or at such other place, date or time agreed in writing between the parties.

**4.2.** **Seller's obligations**

At Completion, the Seller must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)execute, together with the Buyer, the 13th Amendment to the Articles of Association of AMBPL, upon which, among other dispositions, the Seller assigns and transfers to the Buyer the totality of the Sale Quotas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)deliver to the Buyer a copy of the resolutions of the Seller's directors authorising the entering into, and implementation of the transactions contemplated by, this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)deliver to the Buyer all Business Records by leaving them at the place at which they are usually located or making them available for collection by the Buyer.

**4.3.** **Buyer's obligations**

**Subject to the Seller's performance of the obligations under clause 4.2:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)at Completion the Buyer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)execute the 13th Amendment to the Articles of Association of AMBPL, as mentioned in 4.2(a), above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)deliver to the Seller a copy of the resolutions of the authorising the entering into, and implementation of the transactions contemplated by, this agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)issue and allot the Consideration Shares to the Seller; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)as soon as practicable following Completion, the Buyer must deliver to the Seller a copy of the Buyer's register of members updated to reflect the Seller as the sole registered owner of the Consideration Shares.

**4.4.** **Notice to complete**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If a party (**Defaulting Party**) fails to satisfy its obligations under clause 4.2 or 4.3 (as applicable) on the day and at the place and time for Completion, then the other party (**Non-defaulting Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of three Business Days from the date of the notice and declaring time to be of the essence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Defaulting Party fails to satisfy those obligations within those three Business Days the Non-defaulting Party may, without limiting any other rights it may have, terminate this agreement by written notice to the Defaulting Party.

**4.5.** **Simultaneous actions on Completion** 

In respect of Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the obligations of the parties under this agreement are interdependent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)all actions required to be performed are taken to have occurred simultaneously on the Completion Date.

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**4.6.** **Conditions of Completion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Completion is conditional on the Buyer and the Seller complying with all of their obligations under this clause 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If one action does not take place, without prejudice to any rights available to any party as a consequence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)there is no obligation on any party to undertake or perform any of the other actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the parties must do everything reasonably required to reverse those actions (including returning documents and repaying amounts received).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Buyer may, in its sole discretion, waive any or all of the actions (where permitted by law) that the Seller is required to perform under clause 4.2 and the Seller may, in its sole discretion, waive any or all of the actions (where permitted by law) that the Buyer is required to perform under clause 4.3.

**4.7.** **Interdependency with FRE Sale Completion**

The parties acknowledge and agree that the obligation to complete the sale and purchase of the Sale Quotas under this agreement is interdependent on FRE Sale Completion.

Despite any other term of this agreement, Completion must not occur unless FRE Sale Completion also occurs.

**5.** **<u>Post Completion</u>**

**5.1.** **Title, property and risk**

Until Completion, the title to, property in and risk of the Sale Quotas remain solely with the Seller, but they pass to the Buyer on and from Completion.

**5.2.** **Exercise of rights of registered shareholder**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)From Completion until the Sale Quotas are registered in the name of the Buyer, the Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)appoints the nominees of the Buyer as sole proxy and corporate representative of the Seller to attend members' meetings, exercise the votes attached to the Sale Quotas and sign any members' resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)must not itself attend or vote at those meetings or sign any resolutions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)must take all other actions in the capacity of a registered holder of the Sale Quotas as the Buyer directs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Buyer must indemnify the Seller from all liability arising out of the implementation of any action taken by the Buyer pursuant to the proxy referred to in clause 5.2(a).

**6.** **<u>Warranties</u>**

**6.1.** **Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Seller represents and warrants to the Buyer that each of the Seller Warranties is true, complete, correct and not misleading as at the date of this agreement and will be true, accurate, complete and not misleading as at the Completion Date (except that a Seller Warranty which states it is made as at or on only one of those date, or as at some other time, is made only as at that date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Buyer represents and warrants to the Seller that each of the Buyer Warranties is true, complete, correct and not misleading as at the date of this agreement and will be true, accurate, complete and not misleading as at the Completion Date (except that a Buyer Warranty which states it is made as at or on only one of those date, or as at some other time, is made only as at that date).

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**6.2.** **Qualifications**

Each Warranty given by a party is given subject to and is qualified, and that party will not be liable for a breach of that Warranty, to the extent of, any fact, matter or circumstance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is Fairly Disclosed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)is otherwise known by the other party at the date of this agreement.

**6.3.** **Reliance and survival**

Each party acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the other party has entered into this agreement in reliance on the Warranties given by that party in this clause 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Warranties given by the other party are the only warranties on which the party has relied in entering into this agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)those representations and warranties survive Completion.

**6.4.** **Buyer's acknowledgment**

The Buyer acknowledges that it enters into this agreement as a result of its own due diligence, investigations, inquiries, advice, and knowledge concerning the Seller, AMBPL and the Sale Quotas and in reliance of the Seller Warranties.

**6.5.** **Indemnities**

Subject to clause 7, each party (**Indemnifying Party**) must indemnify the other party (**Indemnified Party**) from and against all Claims or Losses which the Indemnified Party may incur in connection with any of the Indemnifying Party's Warranties being untrue, incomplete, incorrect or misleading.

**7.** **<u>Limitations</u>**

**7.1.** **Time limit on Claims**

No party (**Respondent Party**) will have any liability for any Loss or Claim against it by the other party (**Claimant Party**) under this agreement (including any Claim that any Warranties given by the Respondent Party were untrue, incomplete, incorrect or misleading) (**Relevant Claim**), unless the Claimant Party has given written notice, summarising the nature of the Relevant Claim, to the Respondent Party within 12 months of the Completion Date.

**7.2.** **General Limitations**

A Respondent Party is not liable under a Relevant Claim for any Loss to the extent that the Loss:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)arise from an act or omission by or on behalf of the Claimant Party before Completion that was done or made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)with the written consent of the Claimant Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)at the written direction or instruction of the Claimant Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)are increased as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any action taken or not taken (as the case may be) by the Respondent Party with the express prior written approval or direction of the Claimant Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Claimant Party not complying with any provision of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)arise from the enactment or amendment of any legislation or regulations after Completion, including any legislation, regulations, amendments, interpretation, practice or policy that has a retrospective effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)result from, or the amount of the Loss is increased due to, an increase in a rate of Tax on or after Completion; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)are remediable, provided they are remedied to the satisfaction of the Claimant Party within 30 days of written notice to the Respondent Party (or such longer period as agreed by the Claimant Party in writing).

**7.3.** **Threshold for Relevant Claims**

No Respondent Party will be liable to any Claimant Party for any Relevant Claim unless the amount of the Relevant Claim is more than A$100,000 in which case, subject to clause 6 and this clause 7, the full amount of the Relevant Claim is recoverable.

**7.4.** **Maximum aggregate liability for Relevant Claims**

The maximum aggregate liability of a Respondent Party for all Relevant Claims will not exceed an amount equal to the amount in A$(Australian dollars) equivalent to BRL40,910,116.35 (forty million, nine hundred and ten thousand, one hundred and sixty-six reais and thirty-five cents).

**7.5.** **Exclusions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as expressly set out in this agreement, all terms and conditions, warranties and statements (whether express, implied, written, oral, collateral, statutory or otherwise) are excluded to the maximum extent permitted by law and, to the extent they cannot be excluded, each party disclaims all liability in relation to them, to the maximum extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any other provision of this agreement, to the maximum extent permitted by law, no Respondent Party is liable to any Claimant Party for any Consequential Loss.

**7.6.** **No liability where breach**

The liability of a Respondent Party in respect of a Relevant Claim will be reduced or extinguished to the extent that the relevant Loss arising in connection with the Relevant Claim is caused or contributed to by any act or omission of the Claimant Party.

**7.7.** **No limitations**

None of the limitations contained in this clause 7 will apply to any Relevant Claim to the extent that any Loss in respect of that Relevant Claim arises from, or to the extent that such Loss is increased as a result of, any fraud, wilful misconduct, wilful default or wilful concealment by or on behalf of the Respondent Party or any of its officers.

**7.8.** **No double recovery**

A Claimant Party will not be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity more than once where the same facts or circumstances give rise to a Loss or Relevant Claim.

**7.9.** **Independence**

Each qualification and limitation in this clause 7 is to be construed independently of the others and is not limited by any other qualification or limitation.

**7.10.** **Survival**

The provisions of this clause 7 remain in force and effect after Completion according to their terms.

**7.11.** **Mitigation**

Each party acknowledges and agrees that it must takes reasonable steps to mitigate any Loss (or potential Loss) arising in relation to this agreement.

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**8.** **<u>Tax matters</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The parties acknowledge and agree that the Buyer has made the offer to issue the Consideration Shares as consideration for the Sale Quotas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The parties agree that the sale by the Seller, and purchase by the Buyer, of the Sale Quotas and the issuance of the Consideration Shares to the Seller under this agreement, is in consequence of a single contractual arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Seller intends to obtain rollover relief under subdivision 124-M of the ITAA 1997 in respect of the issuance of the Consideration Shares by the Buyer. As such, the Buyer warrants to the Seller that the Buyer has not made, and will not make at any time, a choice under subsection 124-795(4) of the ITAA 1997.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If section 124-782 of the ITAA 1997 applies, The Seller and the Buyer jointly choose to obtain the rollover relief pursuant to paragraph 124-780(3)(d) of the ITAA 1997 and the Seller must inform the Buyer in writing of the cost base of its original interest in the Sale Quotas worked out just before the capital gains tax event arising on the transfer of the Sale Quotas.

**9.** **<u>Confidentiality and announcements</u>**

**9.1.** **Confidentiality obligation**

Subject to clause 9.2, no party may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the existence of or the terms of this agreement and each document entered into under this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any discussions or correspondence between the parties and any of their Representatives in relation to the transactions contemplated by this agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any information which, either orally or in writing, is agreed, designated or indicated as being confidential information of the Disclosing Party or any of its Representatives, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)to Representatives of the Receiving Party or of its Related Bodies Corporate requiring the information for the purposes of a Transaction Document or for genuine purposes associated with AMBPL, provided the disclosure is on a confidential basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)with the prior written consent of the Disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)if the Receiving Party is a trust, to the named beneficiaries of that trust, on a confidential basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)if the Receiving Party is required to do so by any law, securities exchange or rating agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)if the Receiving Party is required to do so by a Transaction Document, but only to the extent reasonably required to comply with the relevant requirement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if necessary to do so in connection with legal proceedings relating to this agreement.

**9.2.** **Disclosure of confidential information**

If a Receiving Party discloses information under clause 9.1, that Receiving Party must use its reasonable endeavours to ensure that recipients of the information do not disclose the information except in the circumstances permitted in clause 9.1.

**9.3.** **Excluded Information**

Clauses 9.1 and 9.2 do not apply to Excluded Information.

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**9.4.** **Business Confidential Information**

From the Completion Date, all non-public information relating to AMBPL (**Business Confidential Information**) is confidential information of the Buyer for the purposes of this agreement.

**9.5.** **No disclosure of Business Confidential Information**

The Seller must not, and must procure that each of its Related Bodies Corporate and Representatives must not, use or disclose any Business Confidential Information except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)with the prior written consent of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if required to do so by any law, securities exchange or rating agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)if the Seller is required to do so by a Transaction Document but only to the extent reasonably required to comply with the relevant requirement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)if necessary to do so in connection with legal proceedings relating to a Transaction Document.

**9.6.** **Business Confidential Information is not Excluded Information**

The Business Confidential Information is not taken to be Excluded Information only because it was known to any of AMBPL, Seller, or any Representatives of a Seller at any time prior to Completion.

**9.7.** **Announcements**

Unless required by law, a securities exchange or Government Agency no party may, before or after Completion, make or send a public announcement concerning the transactions contemplated by this agreement unless it has first obtained the written consent of the Buyer and the Seller.

**9.8.** **Survival**

This clause 9 continues despite the termination of this agreement.

**10.** **<u>GST</u>**

**10.1.** **Definitions**

Words used in this clause 10 that have a defined meaning in the GST Law have the same meaning as in the GST Law unless the context indicates otherwise.

**10.2.** **GST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless expressly included, consideration for any supply under or in connection with this agreement does not include GST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To the extent that any supply made under or in connection with this agreement is a taxable supply, the recipient must pay, in addition to consideration provided under this agreement for that supply (unless it expressly includes GST) an amount (**additional amount**) equal to the amount of that consideration (or its

GST exclusive market value) multiplied by the rate at which GST is imposed in respect of the supply. The recipient must pay the additional amount at the same time as the consideration to which it is referrable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)A payment under clause 10.2(b) only becomes payable by a party on receipt of a tax invoice for the supply to which the payment relates.

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**11.** **<u>Notices</u>**

**11.1.** **Form of Notice**

Any demand, notice, consent, approval or other communication under this agreement may be made or given by a party or the solicitor or attorney for that party provided that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is in legible writing, in English and addressed to the intended recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)is signed by the sender (if an individual) or by an authorised representative of the sender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is given to the addressee by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)delivery in person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)post to, or leaving at, that party's address for service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)sending by email to the party's email address; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)is regarded as being given by the sender and received by the addressee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if by delivery in person or by being left at the party's address for service, upon delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if by post, two Business Days from and including the date of posting by ordinary prepaid post in respect of an address for service within Australia and 21 Business Days in respect of any other address; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)if by email, when legibly received by the addressee, with receipt being evidenced by a report generated by the sender's machine confirming uninterrupted sending,

but if the delivery or receipt occurs on a day which is not a Business Day or at a time after 5.00pm (both the day and time being in the place of receipt) it is regarded as having been received at 9.00am on the next Business Day.

**11.2.** **Address for service**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For the purposes of this clause 11 a party's address for service shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if subclause (b) does not apply, the party's postal address or email address (if any) set out in the parties' details of this agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if that party has notified the sender of a change of postal address or changed email address, the address or email address last so notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the party is a company, shall also include its registered office.

**12.** **<u>General</u>**

**12.1.** **Further assurances**

Each party will promptly execute all documents and do all things that another party from time to time reasonably requires of it to effect, perfect or complete the terms and conditions of this agreement and any transaction contemplated by it.

**12.2.** **Severability**

If anything in this agreement is unenforceable, illegal or void then it is severed and the rest of this agreement remains in force.

**12.3.** **Non-merger of provisions**

A provision of this agreement which can and is intended to operate after its conclusion will remain in full force and effect.

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**Quota Sale and Share Subscription Agreement**

**12.4.** **Waiver**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)A single or partial exercise or waiver of a right relating to this agreement will not prevent any other exercise of that right or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A party will not be liable for any loss, cost or expense of any other party caused or contributed to by any waiver, exercise, attempted exercise or failure to exercise, or any delay in the exercise of, a right.

**12.5.** **Prohibition or enforceability**

Any provision of, or the application of any provision of, this agreement, which is prohibited, void, illegal or unenforceable in any jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is, in that jurisdiction, ineffective only to the extent to which it is void, illegal, unenforceable or prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)does not affect the validity, legality or enforceability of that provision in any other jurisdiction or of the remaining provisions of this agreement in that or any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is severable from this agreement and will not affect the remaining provisions of this agreement.

**12.6.** **Entire agreement**

This agreement embodies the entire agreement and understanding between the parties concerning its subject matter and succeeds and cancels all other agreements and understandings concerning the subject matter of this agreement and any warranty, representation, guarantee or other term and condition of any nature not contained in this agreement is of no force or effect.

**12.7.** **No amendments without agreement**

This agreement may not be modified, discharged or abandoned unless by a document signed by the parties.

**12.8.** **Assignment**

The rights and obligations of each party under this agreement are personal. No party may assign, encumber or otherwise deal with such rights and obligations without the prior written consent of all other parties.

**12.9.** **Costs, expenses and stamp duty**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party must bear its own costs and expenses arising out of and in connection with the negotiation, preparation and execution of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All stamp duty (including fines, penalties and interest or any other Duty) which may be payable on or in connection with this agreement and any instrument executed under this agreement must be borne by the Buyer.

**12.10.** **Counterparts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This agreement may consist of a number of counterparts and, if so, the counterparts taken together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This agreement is not binding on any party unless one or more counterparts have been duly executed by, or on behalf of, each person named as a party to this agreement and those counterparts have been exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)A copy of a counterpart emailed as a PDF:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)must be treated as an original counterpart;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)is sufficient evidence of the execution of the original; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)may be produced in evidence for all purposes in place of the original.

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**12.11.** **Electronic execution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the extent permitted by law, a party may sign this agreement electronically, including by using software or a platform for the electronic execution of documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A print-out of this agreement electronically signed by a party or parties, will be an executed original counterpart of this agreement signed by all such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each party that signs this agreement electronically represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)it or anyone signing on its behalf has been duly authorised to execute this agreement and has affixed their own electronic signature; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)it intends to be bound by this agreement.

**12.12.** **Governing law and jurisdiction**

This agreement is to be governed by and construed in accordance with all applicable laws in force in New South Wales from time to time and the parties submit to the non-exclusive jurisdiction of the courts of New South Wales.

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**Quota Sale and Share Subscription Agreement**

**Schedule 1 Seller Warranties**

**The Seller**

1. The Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)validly exists under the laws of its place of incorporation or registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)has full power and authority to enter into and perform its obligations under this agreement and to carry out the transactions contemplated by this agreement including, without limitation, the transfer of the Sale Quotas to the Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)has full authority, has taken all necessary action and has all necessary consents to enter into and perform, this agreement.

2. This agreement constitutes the valid and binding obligation of the Seller, and is enforceable in accordance with its terms and by appropriate legal remedy.

3. The entry into and performance by the Seller of its obligations under this agreement (including the transfer of the Sale Quotas) will not cause the Seller to breach, and will not otherwise constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any obligation or agreement to which the Seller is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any writ, order or injunction, judgement or law to which the Seller is a party or is subject or by which it is bound; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any applicable laws.

4. In respect of the Seller, no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)meeting has been convened, resolution proposed, petition presented, or order made for its winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)receiver, receiver and manager, provisional liquidator, liquidator, administrator or other officer of the court has been appointed in relation to all or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)mortgagee has taken, attempted to take or indicated an intention to exercise its rights under any security of which it is the mortgagor or chargor.

**AMBPL**

5. AMBPL:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)validly exists under the laws of its place of incorporation or registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)has the power to own its assets and carry on its business.

6. In respect of AMBPL, no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)meeting has been convened, resolution proposed, petition presented, or order made for its winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)receiver, receiver and manager, provisional liquidator, liquidator, administrator or other officer of the court has been appointed in relation to all or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)mortgagee has taken, attempted to take or indicated an intention to exercise its rights under any security of which it is the mortgagor or chargor.

7. Immediately prior to Completion, AMBPL has no securities of any nature on issue other than the Sale Quotas.

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8. The Sale Quotas are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)partially paid, being that, of the total capital of BRL48,976,822 (forty-eight million, nine hundred and seventy-six thousand, eight hundred and twenty-two), BRL40,910,116.35 (forty million, nine hundred and ten thousand, one hundred and sixty-six reais and thirty-five cents) are paid-in, leaving BRL8,066,075.65 (eight million, sixty-six thousand, seven hundred and five reais and sixty-five centavos) to be paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)validly allotted and issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)free from Encumbrances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)capable of being sold and transferred free of any competing rights, including pre-emptive.

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**Quota Sale and Share Subscription Agreement**

**Schedule 2 Buyer Warranties**

1. The Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)validly exists under the laws of its place of incorporation or registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)has full power and authority to enter into and perform its obligations under this agreement and to carry out the transactions contemplated by this agreement including, without limitation, the issue and allotment of the Consideration Shares to the Seller; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)has full authority, has taken all necessary action and has all necessary consents to enter into and perform, this agreement.

2. This agreement constitutes the valid and binding obligation of the Buyer, and is enforceable in accordance with its terms and by appropriate legal remedy.

3. The entry into and performance by the Buyer of its obligations under this agreement (including the issue and allotment of the Consideration Shares to the Seller) and the purchase of the Sale Quotas will not cause the Buyer to breach, and will not otherwise constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any obligation or agreement to which the Buyer is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any writ, order or injunction, judgement or law to which the Buyer is a party or is subject or by which it is bound; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any applicable laws.

4. In respect of the Buyer, no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)meeting has been convened, resolution proposed, petition presented, or order made for its winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)receiver, receiver and manager, provisional liquidator, liquidator, administrator or other officer of the court has been appointed in relation to all or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)mortgagee has taken, attempted to take or indicated an intention to exercise its rights under any security of which it is the mortgagor or chargor.

5. Immediately prior to Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Buyer has no securities of any nature in issue other than one ordinary share of USD0.0001 par value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)no person (other than the Seller) has any rights (including any pre-emptive rights) to be issued with any shares or securities in the Buyer other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the FRE Sale Consideration Shares to be issued to FRE shareholders upon FRE Sale Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Private Offer Shares to be issued to certain investors upon Private Offer Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the warrants to be issued to the Participating Optionholders in accordance with the FRE Sale Agreement.

6. Immediately upon Completion, FRE Sale Completion and Private Offer Completion, the Consideration Shares will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)represent not less than 66.3% of the total issued capital of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)be credited as fully paid up and will have been issued and properly allotted to the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)rank equally in all respects with the existing issued shares of the same class in the capital of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)be free from any Encumbrance or Claim of any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)subject to the M&As, not be subject to any escrow or other provisions restricting the on-sale of all or any of the Consideration Shares by the Seller.

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**Execution Page**

**EXECUTED** as an agreement on 22 July 2025

**EXECUTED by RARE EARTHS AMERICAS**) <br>**LIMITED ACN 664 370 254** in accordance with) <br>section 127 of the *Corporations Act 2001* (Cth):)

---

| | |
|:---|:---|
| /s/ Dominic Allen | /s/ Bernardo da Viega |
| Signature of Director | Signature of Director |
| Dominic Allen | Bernardo da Viega |
| Name | Name |
| **EXECUTED for and on behalf of RARE**<br>**EARTHS AMERICAS LTD. by:** |  |
| /s/ Daniel Shribman | /s/ Donald Swartz |
| Signature | Signature |
| Daniel Shribman | Donald Swartz |
| Name | Name |
| COB | CEO |
| Position | Position |

---

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## Exhibit 4.2

**Exhibit 4.2**

THIS INSTRUMENT AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR UPON RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT.

**SIMPLE AGREEMENT FOR FUTURE EQUITY (SAFE)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Investment Amount** | &nbsp;&nbsp;**Date of Issuance** |
| &nbsp;&nbsp;**US$[PURCHASE PRICE]** | &nbsp;&nbsp;**December 22, 2025** |

---

**THIS SIMPLE AGREEMENT FOR FUTURE EQUITY** (this "**SAFE**") is issued by Rare Earths Americas, Inc., a Texas corporation (the "**Company**"), to [HOLDER NAME] (the "**Holder**") in exchange for the Holder's payment of the investment amount set forth above (the "**Investment Amount**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. Capitalized terms not otherwise defined in this SAFE will have the meanings set forth in this Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 "**Common Stock**" means the Company's common stock, par value US$0.0001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 "**Conversion Shares**" (for purposes of determining the type of Equity Securities issuable upon conversion of this SAFE) means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to a conversion pursuant to Section 2.1, shares of the Equity Securities issued in the Next Equity Financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to a conversion pursuant to Section 2.2, shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 "**Conversion Price**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to a conversion pursuant to Section 2.1, the lesser of: (i) the product of (x) 100% <u>less</u> the Discount, multiplied by (y) the lowest per share purchase price of the Equity Securities issued in the Next Equity Financing; and (ii) the quotient resulting from dividing (x) the Valuation Cap by (y) the Fully Diluted Capitalization immediately prior to the closing of the Next Equity Financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to a conversion pursuant to Section 2.2, the quotient resulting from dividing (x) the Valuation Cap by (y) the Fully Diluted Capitalization immediately prior to the closing of the Corporate Transaction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 "**Corporate Transaction**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the closing of the sale, transfer or other disposition, in a single transaction or series of related transactions, of all or substantially all of the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the consummation of a merger or consolidation of the Company with or into another entity (except a merger or consolidation in which the holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold a majority of the outstanding voting securities of the capital stock of the Company or the surviving or acquiring entity immediately following the consummation of such transaction); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the closing of the transfer (whether by merger, consolidation or otherwise), in a single transaction or series of related transactions, to a "person" or "group" (within the meaning of Section 13(d) and Section 14(d) of the Exchange Act), of the Company's capital stock if, after such closing, such person or group would become the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the outstanding voting securities of the Company (or the surviving or acquiring entity).

For the avoidance of doubt, a transaction will not constitute a "Corporate Transaction" if its sole purpose is to change the state of the Company's incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately prior to such transaction. Notwithstanding the foregoing, the sale of Equity Securities in a bona fide financing transaction will not be deemed a "Corporate Transaction."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 "**Discount**" means 20%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 "**Dissolution**" means (a) a voluntary termination of the Company's operations; (b) a general assignment for the benefit of the Company's creditors; or (c) a liquidation, dissolution or winding up of the Company (other than a Corporate Transaction), whether voluntary or involuntary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 "**Equity Securities**" means (a) Common Stock; (b) any securities conferring the right to purchase Common Stock; or (c) any securities directly or indirectly convertible into, or exchangeable for (with or without additional consideration) Common Stock. Notwithstanding the foregoing, the following will not be considered "Equity Securities": (i) any security granted, issued or sold by the Company to any director, officer, employee, consultant or adviser of the Company for the primary purpose of soliciting or retaining their services; (ii) any convertible promissory notes issued by the Company; and (iii) any SAFEs (including this SAFE) issued by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 "**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 "**Fully Diluted Capitalization**" means all of (a) the number of issued and outstanding shares of the Company's capital stock, assuming the conversion or exercise of all of the Company's outstanding convertible or exercisable securities, including all outstanding vested or unvested restricted stock units or warrants to purchase the Company's capital stock (excluding, for purposes of this definition, the number of shares issuable upon conversion of all outstanding SAFEs that will convert into capital stock in the Next Equity Financing), plus, solely for purposes of conversion pursuant to Section 2.1, but not Section 2.2 (b) the unissued portion(s) of any of the Company's equity

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incentive or similar Company plans (the "**Unissued Pool**"). Notwithstanding the foregoing, "Fully Diluted Capitalization" excludes: any increase to the number of shares of capital stock in the Unissued Pool made in connection with a Next Equity Financing, except to the extent that the number of Promised Options exceeds the number of shares in the Unissued Pool prior to such increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 "**Next Equity Financing**" means the next sale (or series of related sales) by the Company of its Equity Securities following the date of issuance of this SAFE from which the Company receives gross proceeds of not less than US$7,000,000, whether in the form of private equity or an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 "**Preferred Stock**" means all series of the Company's preferred stock, whether now existing or hereafter created.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 "**Promised Options**" means promised but ungranted options, restricted stock awards, restricted stock units, warrants or similar securities (collectively, "**Options**") that are the greater of those (i) promised pursuant to agreements or understandings made prior to the execution of, or in connection with, the term sheet or letter of intent for the Next Equity Financing or Corporate Transaction, as applicable (or the initial closing of the Next Equity Financing or consummation of the Corporate Transaction, if there is no term sheet or letter of intent), (ii) in the case of a Next Equity Financing, treated as outstanding Options in the calculation of the price per share for the Equity Securities issued in the Next Equity Financing, or (iii) in the case of a Corporate Transaction, treated as outstanding Options in the calculation of the distribution of the proceeds of such Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 "**SAFEs**" mean any simple agreements for future equity (or other similar agreements) which are issued by the Company for bona fide financing purposes and which may convert into the Company's capital stock in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 "**Securities Act**" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 "**Valuation Cap**" means US$250,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Conversion</u>. This SAFE will be convertible into Equity Securities pursuant to the following terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Next Equity Financing Conversion</u>. This SAFE will automatically convert into Conversion Shares upon the closing of the Next Equity Financing. The number of Conversion Shares the Company issues upon such conversion will equal the quotient (rounded down to the nearest whole share) obtained by dividing (x) the Investment Amount by (y) the applicable Conversion Price. At least five (5) days prior to the closing of the Next Equity Financing, the Company will notify the Holder in writing of the terms of the Equity Securities that are expected to be issued in such financing. The issuance of Conversion Shares pursuant to the conversion of this SAFE will be on, and subject to, the same terms and conditions applicable to the Equity Securities issued in the Next Equity Financing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Corporate Transaction Conversion</u>. In the event of a Corporate Transaction prior to the conversion of this SAFE pursuant to Section 2.1, at the closing of such Corporate Transaction, the Holder may elect that either: (a) the Company will pay the Holder an amount equal to 100% of the Investment Amount; or (b) this SAFE will convert into that number of Conversion Shares equal to the quotient (rounded down to the nearest whole share) obtained by dividing (x) the Investment Amount by (y) the applicable Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Financing Agreements</u>. The Holder acknowledges that the conversion of this SAFE into Conversion Shares pursuant to Section 2.1 may require the Holder's execution of certain agreements relating to the purchase and sale of the Conversion Shares, as well as lock-ups, rights of first refusal and co-sale, rights of first offer and voting rights, if any, relating to such securities (collectively, the "**Financing Agreements**"). The Holder agrees to execute all of the Financing Agreements in connection with a Next Equity Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Priority</u>. In the event of a Dissolution while this SAFE is outstanding, the Company will pay the Holder an amount equal to the Investment Amount (the "**Repayment**") immediately prior to, or concurrently with, the consummation of the Dissolution. In the event of a Corporate Transaction or Dissolution, this SAFE, if not converted to Common Stock in accordance with its terms, is intended to operate like standard non-participating Preferred Stock. The Holder's right to receive Repayment is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Junior to payment of outstanding indebtedness and creditor claims, including convertible promissory notes (to the extent such convertible promissory notes are not converted into shares of the Company's capital stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Pari passu with payments to the holders of the Company's Preferred Stock in respect of their ownership thereof and payments in respect of any other SAFEs; and if the applicable proceeds are insufficient to permit full payments to the Holder and the holders of such other Safes and/or shares of the Company's Preferred Stock, the applicable proceeds will be distributed pro rata to the Holder and such other securityholders in proportion to the full payments that would otherwise be due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Senior to payments to the holders of Common Stock in respect of their ownership thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Rights as a Stockholder</u>. The Holder is not entitled by virtue of holding this SAFE to be deemed a holder of the Company's capital stock for any purpose, nor will anything contained in this SAFE be construed to confer on the Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action or to receive notice of meetings, or to receive subscription rights or otherwise until Conversion Shares have been issued upon the terms described in this SAFE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties of the Company</u>. In connection with the transactions contemplated by this SAFE, the Company hereby represents and warrants to the Holder as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Due Organization; Qualification and Good Standing</u>. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Texas and has all requisite corporate power and authority to carry on its business as now conducted. The Company is

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duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify or to be in good standing would have a material adverse effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Authorization and Enforceability</u>. Except for the authorization and issuance of the Conversion Shares, all corporate action has been taken on the part of the Company and its officers, directors and stockholders necessary for the authorization, execution and delivery of this SAFE. Except as may be limited by applicable bankruptcy, insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors' rights, the Company has taken all corporate action required to make all of the obligations of the Company reflected in the provisions of this SAFE valid and enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Compliance with Other Instruments</u>. The authorization, execution, issuance and delivery of this SAFE will not constitute or result in a material default or violation of any law or regulation applicable to the Company or any material term or provision of the Company's current certificate of incorporation or bylaws or any material agreement or instrument by which it is bound or to which its properties or assets are subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Valid Issuance of Stock</u>. The Conversion Shares to be issued, sold and delivered upon conversion of this SAFE will be duly authorized and validly issued, fully paid and nonassessable and, based in part upon the representations and warranties of the Holder in this SAFE, will be issued in compliance with all applicable U.S. federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of the Holder</u>. In connection with the transactions contemplated by this SAFE, the Holder hereby represents and warrants to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Authorization</u>. The Holder has full power and authority (and, if an individual, the capacity) to enter into this SAFE and to perform all obligations required to be performed by it hereunder. This SAFE, when executed and delivered by the Holder, will constitute the Holder's valid and legally binding obligation, enforceable in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors' rights generally, and (b) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Purchase Entirely for Own Account</u>. The Holder acknowledges that this SAFE is made with the Holder in reliance upon the Holder's representation to the Company, which the Holder hereby confirms by executing this SAFE, that this SAFE, the Conversion Shares, and any Common Stock issuable upon conversion of the Conversion Shares (collectively, the "**Securities**") will be acquired for investment for the Holder's own account, not as a nominee or agent (unless otherwise specified on the Holder's signature page hereto), and not with a view to the resale or distribution of any part thereof, and that the Holder has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this SAFE, the Holder further represents that the Holder does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Disclosure of Information; Non-Reliance</u>. The Holder acknowledges that it has received all the information it considers necessary or appropriate to enable it to make an informed decision concerning an investment in the Securities. The Holder further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Securities. The Holder confirms that the Company has not given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Securities. In deciding to purchase the Securities, the Holder is not relying on the advice or recommendations of the Company and has made its own independent decision that the investment in the Securities is suitable and appropriate for the Holder. The Holder understands that no federal or state agency has passed upon the merits or risks of an investment in the Securities or made any finding or determination concerning the fairness or advisability of this investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Investment Experience</u>. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Accredited Investor</u>. The Holder is an "accredited investor" within the meaning of Rule 501 of Regulation D promulgated under the Securities Act. The Holder agrees to furnish any additional information requested by the Company or any of its affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Restricted Securities</u>. The Holder understands that the Securities have not been, and will not be, registered under the Securities Act or state securities laws, by reason of specific exemptions from the registration provisions thereof which depend upon, among other things, the bona fide nature of the investment intent and the accuracy of the Holder's representations as expressed herein. The Holder understands that the Securities are "restricted securities" under U.S. federal and applicable state securities laws and that, pursuant to these laws, the Holder must hold the Securities indefinitely unless they are registered with the Securities and Exchange Commission ("**SEC**") and registered or qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Holder acknowledges that the Company has no obligation to register or qualify the Securities for resale and further acknowledges that, if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Securities, and on requirements relating to the Company which are outside of the Holder's control, and which the Company is under no obligation, and may not be able, to satisfy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Residence</u>. If the Holder is an individual, then the Holder resides in the state, province or country identified in the address shown on the Holder's signature page hereto. If the Holder is a partnership, corporation, limited liability company or other entity, then the Holder's principal place of business is located in the state, province or country identified in the address shown on the Holder's signature page hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Foreign Investors</u>. If the Holder is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), the Holder hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Securities, including (a) the legal requirements within its jurisdiction for the purchase of the Securities; (b) any foreign exchange restrictions applicable to such purchase; (c) any governmental or other consents that may need to be obtained; and (d) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, conversion, redemption, sale, or transfer of the Securities. The Holder's subscription and payment for and continued beneficial ownership of the Securities will not violate any applicable securities or other laws of the Holder's jurisdiction. The Holder acknowledges that the Company has taken no action in foreign jurisdictions with respect to the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Successors and Assigns</u>. Except as otherwise provided herein, the terms and conditions of this SAFE will inure to the benefit of, and be binding upon, the respective successors and assigns of the parties; provided, however, that the Company may not assign its obligations under this SAFE without the written consent of the Holder. This SAFE is for the sole benefit of the parties hereto and their respective successors and permitted assigns, and nothing herein, express or implied, is intended to or will confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this SAFE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Choice of Law</u>. This SAFE, and all matters arising out of or relating to this SAFE, whether sounding in contract, tort, or statute will be governed by and construed in accordance with the internal laws of the State of Texas, without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Counterparts</u>. This SAFE may be executed in counterparts, each of which will be deemed an original, but all of which together will be deemed to be one and the same agreement. Counterparts may be delivered via electronic mail (including PDF or any electronic signature complying with the U.S. federal ESIGN Act of 2000, *e.g.*, www.docusign.com) or other transmission method, and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this SAFE are included for convenience only and are not to be considered in construing or interpreting this SAFE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. All notices and other communications given or made pursuant hereto will be in writing and will be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by email; (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications will be sent to the respective parties at the addresses shown on the signature pages hereto (or to such email address or other address as subsequently modified by written notice given in accordance with this Section 7.5).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>No Finder's Fee</u>. The Holder represents that it neither is nor will be obligated to pay any finder's fee, broker's fee or commission in connection with the transactions contemplated by this SAFE. The Holder agrees to indemnify and to hold the Company harmless from any liability for any commission or compensation in the nature of a finder's or broker's fee arising out of the transactions contemplated by this SAFE (and the costs and expenses of defending against such liability or asserted liability) for which the Holder or any of its officers, employees or representatives is responsible. The Company agrees to indemnify and hold the Holder harmless from any liability for any commission or compensation in the nature of a finder's or broker's fee arising out of the transactions contemplated by this SAFE (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Expenses</u>. Each party will pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance of this SAFE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Attorneys' Fees</u>. If any action at law or in equity is necessary to enforce or interpret the terms of this SAFE, the prevailing party will be entitled to reasonable attorneys' fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Entire Agreement; Amendments and Waivers</u>. This SAFE constitutes the full and entire understanding and agreement between the parties with regard to the subject hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Severability</u>. If one or more provisions of this SAFE are held to be unenforceable under applicable law, such provisions will be excluded from this SAFE and the balance of the SAFE will be interpreted as if such provisions were so excluded and this SAFE will be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Waiver of Jury Trial</u>. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS SAFE, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER REPRESENTS AND WARRANTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

[signature pageS follow]

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| |
|:---|
| RARE EARTHS AMERICAS, INC. |
| By |
| Name: Donald Swartz |
| Title: Chief Executive Officer and President |
| Address: 250 Fillmore St Suite 150, Denver, CO 80206 |
| Email Address:  |

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**Agreed to and accepted:**

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| |
|:---|
| If an *individual*: |
| Name: |
| Address: |
| Email Address: |
| If an *entity*: |
| [HOLDER NAME] |
| By |
| Name: |
| Title: |
| Address: |
| Email Address: |

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## Exhibit 10.1

**Exhibit 10.1**

**RARE EARTH AMERICAS LTD.<br>2025 EQUITY INCENTIVE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Establishment, Purpose and Term of Plan</u>**<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Establishment.** The Rare Earth Americas Ltd. 2025 Equity Incentive Plan (the *"****Plan****"*) is established effective as of August 12, 2025 (the *"****Effective Date****"*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Purpose*.*** The purpose of the Plan is to advance the interests of the Participating Company Group and its shareholders by providing an incentive to attract, retain and reward persons performing Services for the Participating Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **Term of Plan.** Unless earlier terminated by the Board in accordance with Section 14 below, the Plan will continue in effect for ten (10) years from the later of (a) the Effective Date or (b) the earlier of the most recent Board or shareholder approval of an increase in the maximum aggregate number of shares of Stock issuable under the Plan in accordance with Section 15.14 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Definitions and Construction.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Definitions.** Certain capitalized terms used in this Plan have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "***Affiliate***" means (i) a parent entity, other than a Parent Corporation, that directly, or indirectly through one or more intermediary entities, controls the Company or (ii) a subsidiary entity, other than a Subsidiary Corporation, that is controlled by the Company directly or indirectly through one or more intermediary entities. For this purpose, the terms "parent," "subsidiary," "control" and "controlled by" shall have the meanings assigned to such terms for the purposes of registration of securities on Form S-8 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *"****Award****"* means an Option, Restricted Stock Purchase Right, Restricted Stock Bonus, Restricted Stock Unit Award or Other Stock-Based Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *"****Award Agreement****"* means a written or electronic agreement between the Company and a Participant containing the terms, conditions and restrictions applicable to an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *"****Board****"* means the Board of Directors of the Company or any Committee appointed to administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *"****Cause****"* means, unless such term or an equivalent term is otherwise defined by the applicable Award Agreement or other written agreement between a Participant and a Participating Company applicable to an Award, any of the following: (i) the Participant's theft, dishonesty, willful misconduct, breach of fiduciary duty for personal profit or falsification of any Participating Company documents or records; (ii) the Participant's material failure to abide by a Participating Company's code of conduct or other policies (including policies relating to confidentiality and reasonable workplace conduct); (iii) the Participant's unauthorized use, misappropriation, destruction or diversion of any tangible or intangible asset or corporate opportunity of a Participating Company (including the Participant's improper use or disclosure of a Participating Company's confidential or proprietary information); (iv) any intentional act by the Participant which has a material detrimental effect on a

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Participating Company's reputation or business; (v) the Participant's repeated failure or inability to perform any reasonable assigned duties after written notice from a Participating Company of, and a reasonable opportunity to cure, such failure or inability; (vi) any material breach by the Participant of any employment or service agreement between the Participant and a Participating Company that is not cured pursuant to the terms of such agreement; or (vii) the Participant's conviction (including any plea of guilty or *nolo contendere*) of any criminal act involving fraud, dishonesty, misappropriation or moral turpitude, or that impairs the Participant's ability to perform his or her duties with a Participating Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *"****Change in Control****"* means, unless such term or an equivalent term is otherwise defined by the applicable Award Agreement or other written agreement between the Participant and a Participating Company applicable to an Award, the occurrence of an Ownership Change Event or a series of related Ownership Change Events (collectively, a *"****Transaction****"*) in which the shareholders of the Company immediately before the Transaction do not retain immediately after the Transaction direct or indirect beneficial ownership of more than fifty percent (50%) of the total combined voting power of the outstanding securities entitled to vote generally in the election of Directors or, in the case of an Ownership Change Event described in Section 2.1(z)(iii), the entity to which the assets of the Company were transferred (the *"****Transferee****"*), as the case may be; <u>provided</u>, <u>however</u>, that a Change in Control does not include (i) a transaction described in this Section 2.1(f) in which a majority of the members of the board of directors of the continuing, surviving or successor entity, or parent thereof, immediately after such transaction consists of Incumbent Directors, or (ii) a transaction with the principal purpose of (1) changing the jurisdiction of the Company's incorporation, (2) creating a holding company that will be owned in substantially the same proportions by the persons who hold the Company's securities immediately before such transaction, or (3) obtaining funding for the Company in a financing transaction that is approved by the Board. For purposes of the preceding sentence, indirect beneficial ownership includes an interest resulting from ownership of the voting securities of one or more corporations, limited liability companies or other entities that own the Company or the Transferee, as the case may be, either directly or through one or more subsidiary corporations or other business entities. The Board will determine whether multiple events described in this Section 2.1(f) are related and to be treated in the aggregate as a single Change in Control, and its determination will be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *"****Code****"* means the United States Internal Revenue Code of 1986, as amended, and any applicable regulations and administrative guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *"****Committee****"* means the compensation committee or other committee or subcommittee of the Board appointed to administer the Plan and having the powers specified by the Board. Unless the powers of the Committee have been specifically limited, the Committee has all of the powers of the Board granted by the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *"****Company****"* means Rare Earths Americas Ltd., an exempted company incorporated in the Cayman Islands, and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *"****Consultant****"* means a person engaged to provide consulting or advisory services (other than as an Employee or a Director) to a Participating Company, provided that (i) the identity of such person, the nature of such services or the entity to which such services are provided would not preclude the Company from offering or selling securities to such person pursuant to the Plan in reliance on either the exemption from registration provided by Rule 701 under the Securities Act or, if the

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Company is required to file reports pursuant to Section 13 or 15(d) of the Exchange Act, registration on a Form S-8 Registration Statement under the Securities Act, or (ii) the Company would be eligible to offer or sell securities to such person pursuant to the Plan without registration under the Securities Act in reliance on Section 4(a)(2) of the Securities Act or another applicable exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *"****Director****"* means a member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *"****Disability****"* means the inability of the Participant, in the opinion of a qualified physician acceptable to the Company, to perform the major duties of the Participant's position with the Participating Company Group because of the sickness or injury of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *"****Dividend Equivalent Right****"* means the right of a Participant, granted at the discretion of the Board or as otherwise provided by the Plan, to receive a credit for the account of such Participant in an amount equal to the cash dividends paid on one share of Stock for each share of Stock represented by an Award held by such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *"****Employee****"* means any person treated as an employee (including an Officer or a Director who is also treated as an employee) in the records of a Participating Company and, with respect to any Incentive Stock Option granted to such person, who is an employee for purposes of Section 422 of the Code; provided, however, that neither Service as a Director nor payment of a director's fee is sufficient to constitute employment for purposes of the Plan. The Company will determine in good faith and in the exercise of its discretion whether an individual has become or has ceased to be an Employee and the effective date of the individual's commencement of employment and/or termination of employment, as the case may be. For purposes of an individual's rights, if any, under the terms of the Plan as of the time of the Company's determination of whether or not the individual is an Employee, the Company's determination will be final, binding and conclusive as to such rights, if any, notwithstanding that the Company or any court of law or governmental agency subsequently makes a contrary determination as to such individual's status as an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *"****Exchange Act****"* means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *"****Exchange Program****"* means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type or cash, (ii) Participants have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Board, or (iii) the exercise price of an outstanding Award is increased or reduced. The Board will determine the terms and conditions of any Exchange Program in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *"****Fair Market Value****"* means, as of any date, the value of a share of Stock or other property as determined by the Board, in its discretion, or by the Company, in its discretion, if such determination is expressly allocated to the Company, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If, on such date, the Stock is listed or quoted on a securities exchange or quotation system, the Fair Market Value of a share of Stock will be the closing price of a share of Stock as quoted on the securities exchange or quotation system constituting the primary market for the Stock, as reported by a source the Company deems reliable. If the relevant date does not fall on a day on which the Stock has traded on such securities exchange or quotation system, the date on which the Fair Market Value

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is established will be the last day on which the Stock was traded or quoted prior to the relevant date, or another appropriate day as determined by the Board, in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If, on such date, the Stock is not listed or quoted on a securities exchange or quotation system, the Fair Market Value of a share of Stock must be determined by the Board in good faith without regard to any restriction other than a restriction which, by its terms, will never lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *"****Incentive Stock Option****"* means an Option intended to be (as set forth in the Award Agreement) and that qualifies as an incentive stock option within the meaning of Section 422(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *"****Incumbent Director****"* means a Director who either (i) is a member of the Board as of the Effective Date or (ii) is elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but excluding a Director who was elected or nominated in connection with an actual or threatened proxy contest relating to the election of Directors of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *"****Insider****"* means an Officer, a Director or other person whose transactions in Stock are subject to Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "***Materially Impair***" means any amendment to the terms of the Award that materially adversely affects the Participant's rights under the Award. A Participant's rights under an Award will not be deemed to have been Materially Impaired by any such amendment if the Committee, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant's rights. For example, the following types of amendments to the terms of an Award do not Materially Impair the Participant's rights under the Award: (i) imposition of reasonable restrictions on the minimum number of shares subject to an Option that may be exercised, (ii) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iii) to change the terms of an Incentive Stock Option in a manner that disqualifies, impairs or otherwise affects the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iv) to clarify the manner of exemption from, or to bring the Award into compliance with or qualify it for an exemption from, Section 409A; or (v) to comply with other applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *"****Nonstatutory Stock Option****"* means an Option not intended to be (as set forth in the Award Agreement) or that does not qualify as an incentive stock option within the meaning of Section 422(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *"****Officer****"* means any person designated by the Board as an officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *"****Option****"* means an Incentive Stock Option or a Nonstatutory Stock Option granted pursuant to the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) *"****Other Stock-Based Award****"* means an Award based in whole or in part by reference to Stock granted pursuant to Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) *"****Ownership Change Event****"* means the occurrence of any of the following: (i) the direct or indirect sale or exchange in a single or series of related transactions by the shareholders of the Company of securities of the Company representing more than fifty percent (50%) of the total combined voting power of the Company's then outstanding securities entitled to vote generally in the election of Directors; (ii) a merger or consolidation in which the Company is a party; or (iii) the sale, exchange, or transfer of all or substantially all of the assets of the Company (other than a sale, exchange or transfer to one or more subsidiaries of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) *"****Parent Corporation****"* means any present or future "parent corporation" of the Company, as defined in Section 424(e) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) *"****Participant****"* means any eligible person who has been granted one or more Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) *"****Participating Company****"* means the Company or any Parent Corporation or Subsidiary Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) *"****Participating Company Group****"* means, at any point in time, all entities collectively that are then Participating Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "***Post-Termination Exercise Period***" means the period following termination of a Participant's Continuous Service within which an Option or SAR is exercisable, as specified in Section 6.4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) *"****Restricted Stock Award****"* means an Award in the form of a Restricted Stock Bonus or a Restricted Stock Purchase Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) *"****Restricted Stock Bonus****"* means Stock granted to a Participant pursuant to Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) *"****Restricted Stock Purchase Right****"* means a right to purchase Stock granted to a Participant pursuant to Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *"****Restricted Stock Unit****"* means a right granted to a Participant pursuant to Section 8 to receive on a future date or event a share of Stock or cash in lieu thereof, as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) *"****Rule 16b-3****"* means Rule 16b-3 under the Exchange Act, as amended from time to time, or any successor rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) *"****Section 409A****"* means Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "***Section 457A***" means Section 457A of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) *"****Securities Act****"* means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) *"****Service****"* means a Participant's employment or service-based engagement with the Participating Company Group, whether as an Employee, a Director or a Consultant. Unless otherwise set forth in a Participant's Award Agreement, a Participant's Service will not be deemed to have terminated merely because of a change in the capacity in which the Participant renders Service or a change in the Participating Company for which the Participant renders Service, provided that there is no interruption or termination of the Participant's Service. Furthermore, a Participant's Service will not be deemed to have been interrupted or terminated if the Participant takes any vacation, military leave, sick leave or other bona fide leave of absence approved by the Company. A Participant's Service will be deemed to have terminated either upon an actual termination of Service or upon the business entity for which the Participant performs Service ceasing to be a Participating Company. Subject to the foregoing, the Company, in its discretion, will determine whether the Participant's Service has terminated and the effective date of and reason for such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) *"****Stock****"* means the ordinary shares of the Company, as adjusted from time to time in accordance with Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) *"****Shareholders Agreement****"* means any share restriction agreement, shareholders agreement, voting agreement, right of first refusal and co-sale agreement, or other agreement between the Company and its shareholders as may be in effect from time to time, in each case, as may be amended, restated or replaced from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) *"****Subsidiary Corporation****"* means any present or future "subsidiary corporation" of the Company, as defined in Section 424(f) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) *"****Ten Percent Shareholder****"* means a person who, at the time an Award is granted to such person, owns stock possessing more than 10% of the total combined voting power of all classes of stock of a Participating Company within the meaning of Section 422(b)(6) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) *"****Trading Compliance Policy****"* means the written policy of the Company pertaining to the purchase, sale, transfer or other disposition of the Company's equity securities by Directors, Officers, Employees or other service providers who may possess material, nonpublic information regarding the Company or its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) *"****Vesting Conditions****"* mean those conditions established in accordance with the Plan prior to the satisfaction of which an Award or shares subject to an Award remain subject to forfeiture or a repurchase option in favor of the Company exercisable for the lower of the then current fair market value or the Participant's monetary purchase price, if any, for such shares upon the Participant's termination of Service or failure of a performance condition to be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Construction.** Captions and titles in this Plan are for convenience only and do not affect the meaning or interpretation of any of its provisions. Except when otherwise indicated by the context, the singular will include the plural and the plural will include the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Administration.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Administration by the Board.** The Plan is administered by the Board. All questions of interpretation of the Plan, any Award Agreement or any other form of agreement or other document employed by the Company in administering the Plan or any Award will be determined by the Board, and such determinations will be final, binding and conclusive upon all persons having an interest in the Plan or such Award and must be afforded the maximum deference permitted by law. Any and all actions, decisions and determinations taken or made by the Board in the exercise of its discretion pursuant to the Plan or Award Agreement or other agreement thereunder (other than determining questions of interpretation pursuant to the preceding sentence) will be final, binding and conclusive upon all persons having an interest therein. All expenses incurred in connection with the administration of the Plan will be paid by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Authority to Delegate.** The Board may delegate some or all of its authority and responsibility under the Plan to a Committee. To the extent permitted by applicable law, the Board may, in its discretion, delegate to a committee consisting of one or more Officers the authority to grant one or more Awards, without further approval of the Board, to any Employee, other than a person who, at the time of such grant, is an Insider, and to exercise such other powers under the Plan as the Board may determine; provided, however, that (a) the Board will fix the maximum number of shares subject to Awards that may be granted by such Officers, (b) each such Award will be subject to the terms and conditions of the appropriate standard form of Award Agreement approved by the Board and will conform to the provisions of the Plan, and (c) each such Award will conform to such other limits and guidelines as may be established from time to time by the Board. Any Officer will have the authority to act on behalf of the Company with respect to any matter, right, obligation, determination or election that is the responsibility of the Company under the Plan, provided that the Officer has apparent authority with respect to such matter, right, obligation, determination or election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Powers of the Board*.*** In addition to any other powers set forth in the Plan and subject to the provisions of the Plan, the Board will have the full and final power and authority, in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to determine the persons to whom, and the times at which, Awards are granted and the number of shares of Stock or units to subject to each Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to determine the type of Award granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to determine the Fair Market Value of shares of Stock or other property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to determine the terms, conditions and restrictions applicable to each Award (which need not be identical) and any shares of Stock acquired pursuant thereto, including, without limitation, (i) the exercise or purchase price of shares pursuant to any Award, (ii) the method of payment for shares of Stock purchased pursuant to any Award, (iii) the method for satisfaction of any tax withholding obligation arising in connection with any Award, including by the withholding or delivery of shares of Stock, (iv) the timing, terms and conditions of the exercisability or vesting of any Award or any shares acquired pursuant thereto, (v) the time of expiration of any Award, (vi) the effect of any Participant's termination of Service on any of the foregoing, (vii) to include a provision whereby the shares of Stock resulting from an Award are subject to a requirement that they be voted in favor of and, if

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applicable, transferred in connection with a Change in Control provided certain conditions are met, as set forth in the applicable Award Agreement, and (viii) all other terms, conditions and restrictions applicable to any Award or shares acquired pursuant thereto not inconsistent with the terms of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to determine whether an Award will be settled in shares of Stock, cash, other property or in any combination thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to approve one or more forms of Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to amend, modify, extend, cancel or renew any Award or to waive any restrictions or conditions applicable to any Award or any shares of Stock acquired pursuant thereto, *provided however*, that, a Participant's rights under any Award will not be Materially Impaired by any such amendment unless (1) the Company requests the consent of the affected Participant, and (2) such Participant consents in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to institute and determine the terms and conditions of an Exchange Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to accelerate, continue, extend or defer the exercisability or vesting of any Award or any shares of Stock acquired pursuant thereto, including with respect to the period following a Participant's termination of Service, *provided however*, that, a Participant's rights under any Award will not be Materially Impaired by any such amendment unless (1) the Company requests the consent of the affected Participant, and (2) such Participant consents in writing, *provided further*, that, except in connection with death, disability or a Change in Control, no such change, waiver or acceleration to any Award that is considered "deferred compensation" within the meaning of Section 409A or Section 457A (to the extent applicable) if the effect of such action is inconsistent with Section 409A or Section 457A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to prescribe, amend or rescind rules, guidelines and policies relating to the Plan, and to adopt sub-plans or supplements to, or alternative versions of, the Plan, including, without limitation, as the Board deems necessary or desirable to comply with the laws of, or to accommodate the tax policy, accounting principles or custom of, foreign jurisdictions whose residents may be granted Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To prohibit the exercise of any Option or other exercisable Award during a period of up to 30 days prior to the consummation of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to shareholders, or any other change affecting the shares of Stock or the share price of the Stock including any Change in Control, for reasons of administrative convenience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To effect, at any time and from time to time, subject to the consent of any Participant whose Award is Materially Impaired by such action, (1) the reduction of the exercise price (or strike price) of any outstanding Option or other exercisable Award; (2) the cancellation of any outstanding Option or other exercisable Award and the grant in substitution therefor of (A) a new Option, Restricted Stock Award, Restricted Stock Unit Award or Other Award, under the Plan or another equity plan of the Company, covering the same or a different number of shares of Stock, (B) cash and/or (C) other valuable consideration (as determined by the Board); or (3) any other action that is treated as a repricing under generally accepted accounting principles;; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award Agreement and to make all other determinations and take all other actions with respect to the Plan or any Award that the Board deems advisable to the extent not inconsistent with the provisions of the Plan or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **Administration with Respect to Insiders.** With respect to participation by Insiders in the Plan, at any time that any class of equity security of the Company is registered pursuant to Section 12 of the Exchange Act, the Plan must be administered in compliance with the requirements, if any, of Rule 16b-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 **Indemnification.** To the maximum extent permitted by applicable law and by the Company's charter and by-laws, the Board, Officers and employees of the Participating Company Group to whom authority to act for the Board or the Committee with respect to the Plan, will be indemnified by the Company in respect of all their activities taken in good faith under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Shares Subject to Plan.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Maximum Number of Shares Issuable.** Subject to adjustment as provided in Sections 4.2 and 4.3, the maximum aggregate number of shares of Stock that may be issued under the Plan will be 1,500,000 shares. Such shares may consist of authorized but unissued or reacquired shares of Stock or any combination thereof. For clarity, the limit in this Section 4.1 is a limitation on the number of shares of Stock that may be issued pursuant to the Plan. Accordingly, this Section 4.1 does not limit the granting of Awards except as otherwise provided in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Share Counting.** If an outstanding Award for any reason expires or is terminated or canceled without having been exercised or settled in full, or if shares of Stock acquired pursuant to an Award subject to forfeiture or repurchase are forfeited or repurchased by the Company for an amount not greater than the Participant's exercise or purchase price or is surrendered pursuant to an Exchange Program, the shares of Stock allocable to the terminated portion of such Award or such forfeited or repurchased shares of Stock will again be available for issuance under the Plan. Shares of Stock will not be treated as issued pursuant to the Plan (a) with respect to any portion of an Award that is settled in cash or (b) to the extent such shares are withheld or reacquired by the Company in satisfaction of tax withholding obligations pursuant to Section 11.2. If the exercise price of an Option is paid by tender to the Company, or attestation to the ownership, of shares of Stock owned by the Participant, or by means of a Net Exercise, the number of shares available for issuance under the Plan will be reduced by the net number of shares issued upon the exercise of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Adjustments for Changes in Capital Structure*.*** Subject to any required action by the shareholders of the Company and the requirements of Sections 409A, 424 and 457A of the Code to the extent applicable, in the event of any change in the Stock effected without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend or distribution to the shareholders of the Company in a form other than Stock (excepting regular, periodic cash dividends) that has a material effect on the Fair Market Value of shares of Stock, appropriate and proportionate adjustments must be made in the number and kind of shares

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subject to the Plan and to any outstanding Awards, in the ISO Share Limit set forth in Section 5.3(a), and in the exercise or purchase price per share under any outstanding Awards in order to prevent dilution or enlargement of Participants' rights under the Plan. For purposes of the foregoing, conversion of any convertible securities of the Company will not be treated as "effected without receipt of consideration by the Company." If a majority of the shares that are of the same class as the shares that are subject to outstanding Awards are exchanged for, converted into, or otherwise become (whether or not pursuant to an Ownership Change Event) shares of another corporation (the *"****New Shares****"*), the Board may unilaterally amend the outstanding Awards to provide that such Awards are for New Shares. In the event of any such amendment, the number of shares subject to, and the exercise or purchase price per share of, the outstanding Awards will be adjusted in a fair and equitable manner as determined by the Board, in its discretion. Any fractional share resulting from an adjustment pursuant to this Section will be rounded down to the nearest whole number, and the exercise or purchase price per share will be rounded up to the nearest whole cent. In no event may the exercise or purchase price, if any, under any Award be decreased to an amount less than the par value, if any, of the stock subject to the Award. Such adjustments will be determined by the Board, and its determination will be final, binding and conclusive upon all persons having an interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Assumption or Substitution of Awards.** The Board may, without affecting the number of shares of Stock available pursuant to Section 4.1, authorize the issuance or assumption of benefits under this Plan in connection with any merger, consolidation, acquisition of property or stock, or reorganization upon such terms and conditions as it may deem appropriate, subject to compliance with Section 409A, Section 457A and any other applicable provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Eligibility, Participation and Option Limitations.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Persons Eligible for Awards*.*** Awards may be granted only to Employees, Consultants and Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Participation in the Plan.** Awards are granted solely at the discretion of the Board. Eligible persons may be granted more than one Award. However, eligibility in accordance with this Section will not entitle any person to be granted an Award, or, having been granted an Award, to be granted an additional Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Incentive Stock Option Limitations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Persons Eligible*.** An Incentive Stock Option may be granted only to a person who, on the effective date of grant, is an Employee. Any person who is not an Employee on the effective date of the grant of the Option may be granted only a Nonstatutory Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Fair Market Value Limitation.*** To the extent that Options designated as Incentive Stock Options (granted under all equity plans of the Participating Company Group, including the Plan) become exercisable by a Participant for the first time during any calendar year for Stock having a Fair Market Value greater than $100,000, the portion of such Options that exceeds such amount will be treated as Nonstatutory Stock Options. For purposes of this Section, Options designated as Incentive Stock Options will be taken into account in the order in which they were granted, and the Fair Market Value of Stock will be determined as of the time the Option with respect to such Stock is granted. If an Option is treated as an Incentive Stock Option in part and as a Nonstatutory Stock Option in part by reason

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of the limitation set forth in this Section, the Participant may designate the portion of such Option the Participant is exercising. In the absence of such designation, the Participant will be deemed to have exercised the Incentive Stock Option portion of the Option first. Upon exercise of the Option, shares of Stock issued pursuant to each such portion will be separately identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Stock Options.</u>**

Each Option must be evidenced by an Award Agreement specifying the number of shares of Stock covered thereby, in such form as the Board establishes. The Award Agreement may incorporate all or any of the terms of the Plan by reference and must comply with and will be subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Exercise Price*.*** The Board will establish, in its discretion, the exercise price for each Option; provided, however, that (a) the exercise price per share for an Option may not be less than 100% of the Fair Market Value of a share of Stock on the effective date of grant of the Option and (b) no Incentive Stock Option granted to a Ten Percent Shareholder may have an exercise price per share less than 110% of the Fair Market Value of a share of Stock on the effective date of grant of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Exercisability and Term of Options*.*** Options will be exercisable at such time or times, or upon such event or events, and subject to such terms, conditions, performance criteria and restrictions as determined by the Board and set forth in the Award Agreement evidencing such Option; provided, however, that (a) no Option will be exercisable after the expiration of 10 years after the effective date of grant of such Option, (b) no Incentive Stock Option granted to a Ten Percent Shareholder will be exercisable after the expiration of five (5) years after the effective date of grant of such Option, and (c) no Option granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, will be first exercisable until at least six (6) months following the date of grant of such Option (except in the event of such Employee's death, Disability or retirement, upon a Change in Control, or as otherwise permitted by the Worker Economic Opportunity Act). Subject to the foregoing, unless otherwise specified by the Board in the grant of an Option, each Option will terminate 10 years after the effective date of grant of the Option, unless earlier terminated in accordance with its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Payment of Exercise Price**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Forms of Consideration Authorized.*** Except as otherwise provided below, payment of the exercise price for the number of shares of Stock being purchased pursuant to any Option must be made (i) in cash, by check or in cash equivalent, (ii) if permitted by the Board and subject to the limitations contained in Section 6.3(b) as applicable, by means of (1) a Stock Tender Exercise, (2) a Cashless Exercise, (3) a Net Exercise; (iii) by such other consideration as may be approved by the Board from time to time to the extent permitted by applicable law, or (iv) by any combination thereof. The Board may grant Options which do not permit all of the foregoing forms of consideration to be used in payment of the exercise price or which otherwise restrict one or more forms of consideration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Limitations on Forms of Consideration.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Stock Tender Exercise.** A *"****Stock Tender Exercise****"* means the delivery of a properly executed exercise notice accompanied by a Participant's tender to the Company, or attestation to the ownership, in a form acceptable to the Company of whole shares of Stock owned by the Participant having a Fair Market Value that does not exceed the aggregate exercise price for the shares of Stock with respect to which the Option is exercised. A Stock Tender Exercise will not be permitted if it would constitute a violation of any law, regulation or agreement restricting the Company's redemption of Stock. If required by the Company, an Option may not be exercised by tender to the Company, or attestation to the ownership, of shares of Stock unless such shares either have been owned by the Participant for a period of time required by the Company (and not used for another option exercise by attestation during such period) or were not acquired, directly or indirectly, from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Cashless Exercise.** A Cashless Exercise will be permitted only upon the class of shares subject to the Option becoming publicly traded in an established securities market. A *"****Cashless Exercise****"* means the delivery of a properly executed exercise notice together with irrevocable instructions to a broker providing for the assignment to the Company of the proceeds of a sale or loan with respect to some or all of the shares of Stock being acquired upon the exercise of the Option (including, without limitation, through an exercise complying with the provisions of Regulation T as promulgated from time to time by the Board of Governors of the Federal Reserve System). The Company reserves, at any and all times, the right, in the Company's sole and absolute discretion, to establish, decline to approve or terminate any program or procedures for the exercise of Options by means of a Cashless Exercise, including with respect to one or more Participants specified by the Company notwithstanding that such program or procedures may be available to other Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Net Exercise.** A *"****Net Exercise****"* means the delivery of a properly executed exercise notice followed by a procedure pursuant to which (1) the Company will reduce the number of shares of Stock otherwise issuable to a Participant upon the exercise of an Option by the largest whole number of shares having a Fair Market Value that does not exceed the aggregate exercise price for the shares with respect to which the Option is exercised, and (2) the Participant will pay to the Company in cash the remaining balance of such aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **Effect of Termination of Service**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Option Exercisability.*** Subject to earlier termination of the Option as otherwise provided by this Plan and unless otherwise provided by the Committee or in an Award Agreement, an Option shall be exercisable after the Participant's termination of Service to the extent it is then vested only during the applicable time period specified below, or if applicable, such other period provided in the applicable Award Agreement or other written agreement between the Participant and the Company; provided however, in no event may such Option be exercised after expiration of its maximum permitted term as set forth in the Award Agreement evidencing such Option or any earlier date the Option is terminated in connection with a Change in Control (the "***Option Expiration Date***"), and thereafter shall terminate if not exercised during such period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Disability.** If the Participant's Service terminates because of the Disability of the Participant, the Option, to the extent unexercised and exercisable for vested shares on the date on which the Participant's Service terminated, may be exercised by the Participant (or the Participant's guardian or legal representative) at any time prior to the expiration of twelve (12) months after the date on which the Participant's Service terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Death.** If the Participant's Service terminates because of the death of the Participant, the Option, to the extent unexercised and exercisable for vested shares on the date on which the Participant's Service terminated, may be exercised by the Participant's legal representative or other person who acquired the right to exercise the Option by reason of the Participant's death at any time prior to the expiration of twelve (12) months after the date on which the Participant's Service terminated. The Participant's Service shall be deemed to have terminated on account of death if the Participant dies within three (3) months after the Participant's termination of Service for any reason other than Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Termination for Cause.** Notwithstanding any other provision of the Plan to the contrary, if the Participant's Service is terminated for Cause or if, following the Participant's termination of Service and during any period in which the Option otherwise would remain exercisable, the Participant engages in any act that would constitute Cause, the Option shall terminate in its entirety and cease to be exercisable immediately upon such termination of Service or act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Other Termination of Service.** If the Participant's Service terminates for any reason, except Disability, death or Cause, the Option, to the extent unexercised and exercisable for vested shares on the date on which the Participant's Service terminated, may be exercised by the Participant at any time prior to the expiration of three (3) months after the date on which the Participant's Service terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Extension if Exercise Prevented by Law.*** Notwithstanding the foregoing, other than termination of Service for Cause, if the exercise of an Option within the Post-Termination Exercise Period is prevented by the provisions of Section 14 below or other applicable law, the Option shall remain exercisable until the later of (i) thirty (30) days after the date such exercise first would no longer be prevented by such provisions or (ii) the end of the applicable Post-Termination Exercise Period, but in any event no later than the Option Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **Transferability of Options.** During the lifetime of the Participant, an Option is exercisable only by the Participant or the Participant's guardian or legal representative. An Option is not subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant's beneficiary, except (a) transfer by will or by the laws of descent and distribution or (b) to the extent permitted by the Board, in its discretion, subject to the applicable limitations, if any, described in Rule 701 under the Securities Act and the General Instructions to Form S-8 Registration Statement under the Securities Act or, in the case of an Incentive Stock Option, only as permitted by applicable regulations under Section 421 of the Code in a manner that does not disqualify such Option as an Incentive Stock Option.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Restricted Stock Awards.</u>**

Each Restricted Stock Award must be evidenced by an Award Agreement specifying whether the Award is a Restricted Stock Bonus or a Restricted Stock Purchase Right and the number of shares of Stock subject to the Award, in such form as the Board establishes. The Award Agreements may incorporate all or any of the terms of the Plan by reference and must comply with and will be subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Types of Restricted Stock Awards Authorized.** Restricted Stock Awards may be granted in the form of either a Restricted Stock Bonus or a Restricted Stock Purchase Right. Restricted Stock Awards may be granted upon such conditions as the Board determines, including the attainment of one or more performance goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Purchase Price.** The purchase price for shares of Stock issuable under each Restricted Stock Purchase Right will be established by the Board in its discretion. No monetary payment (other than applicable tax withholding) is required as a condition of receiving shares of Stock pursuant to a Restricted Stock Bonus, the consideration for which is services actually rendered to a Participating Company or for its benefit. However, if required by applicable state corporate law, the Participant must furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit having a value not less than the par value of the shares of Stock subject to a Restricted Stock Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Purchase Period.** A Restricted Stock Purchase Right is exercisable within a period established by the Board not exceeding 30 days from the effective date of the grant of the Restricted Stock Purchase Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Payment of Purchase Price.** Payment of the purchase price for the number of shares of Stock being purchased pursuant to any Restricted Stock Purchase Right must be made (a) in cash, by check or in cash equivalent, (b) by such other consideration as may be approved by the Board from time to time to the extent permitted by applicable law, or (c) by any combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 **Vesting and Restrictions on Transfer.** Shares issued pursuant to any Restricted Stock Award may (but need not) be made subject to Vesting Conditions based upon the satisfaction of such Service requirements, conditions, restrictions or performance criteria established by the Board and set forth in the Award Agreement. During any period in which shares acquired pursuant to a Restricted Stock Award remain subject to Vesting Conditions, such shares may not be sold, exchanged, transferred, pledged, assigned or otherwise disposed of other than pursuant to an Ownership Change Event or as provided in Section 7.8. Upon request by the Company, each Participant must execute any agreement evidencing such transfer restrictions prior to the receipt of shares of Stock and must promptly present to the Company any and all certificates representing shares of Stock for the placement on such certificates of appropriate legends evidencing such transfer restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 **Voting Rights; Dividends and Distributions.** Except as provided in this Section, Section 7.5, and any Award Agreement, during any period in which shares acquired pursuant to a Restricted Stock Award remain subject to Vesting Conditions, the Participant will have all of the rights of a shareholder of the Company holding shares of Stock, including the right to vote such shares and to receive all dividends and other distributions paid with respect to such shares; provided, however, that if

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so determined by the Board and provided by the Award Agreement, such dividends and distributions will be subject to the same Vesting Conditions as the shares subject to the Restricted Stock Award with respect to which such dividends or distributions were paid, and otherwise will be paid no later than the end of the calendar year in which such dividends or distributions are paid to shareholders (or, if later, the 15th day of the third month following the date such dividends or distributions are paid to shareholders). In the event of a dividend or distribution paid in shares of Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.3, any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends) to which the Participant is entitled by reason of the Participant's Restricted Stock Award will be immediately subject to the same Vesting Conditions as the shares subject to the Restricted Stock Award with respect to which such dividends or distributions were paid or adjustments were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 **Effect of Termination of Service**. Unless otherwise provided by the Board in the Award Agreement evidencing a Restricted Stock Award, if a Participant's Service terminates for any reason, whether voluntary or involuntary (including the Participant's death or Disability), then (a) the Company will have the option to repurchase for the lower of the then current Fair Market Value or the purchase price paid by the Participant any shares acquired by the Participant pursuant to a Restricted Stock Purchase Right that remain subject to Vesting Conditions as of the date of the Participant's termination of Service and (b) the Participant will forfeit to the Company for no consideration any shares acquired by the Participant pursuant to a Restricted Stock Bonus which remain subject to Vesting Conditions as of the date of the Participant's termination of Service. The Company will have the right to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may be selected by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 **Nontransferability of Restricted Stock Award Rights**. Rights to acquire shares of Stock pursuant to a Restricted Stock Award will not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance or garnishment by creditors of the Participant or the Participant's beneficiary, except transfer by will or the laws of descent and distribution. All rights with respect to a Restricted Stock Award granted to a Participant hereunder will be exercisable during his or her lifetime only by such Participant or the Participant's guardian or legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Restricted Stock Units.</u>**

Each Restricted Stock Unit Award must be evidenced by an Award Agreement specifying the number of Restricted Stock Units subject to the Award, in such form as the Board establishes. The Award Agreements may incorporate all or any of the terms of the Plan by reference and must comply with and will be subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Grant of Restricted Stock Unit Awards**. Restricted Stock Unit Awards may be granted upon such conditions as the Board determines, including the attainment of one or more performance goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Purchase Price**. No monetary payment (other than applicable tax withholding, if any) is required as a condition of receiving a Restricted Stock Unit Award, the consideration for which is services actually rendered to a Participating Company or for its benefit. However, if required by applicable state corporate law, the Participant must furnish consideration in the form of cash or past

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services rendered to a Participating Company or for its benefit having a value not less than the par value of the shares of Stock issued upon settlement of the Restricted Stock Unit Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Vesting**. Restricted Stock Unit Awards may (but need not) be made subject to Vesting Conditions based upon the satisfaction of such Service requirements, conditions, restrictions or performance criteria established by the Board and set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Voting Rights, Dividend Equivalent Rights, and Distributions**. Participants will have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). However, the Board, in its discretion, may provide in the Award Agreement evidencing any Restricted Stock Unit Award that the Participant will be entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Stock during the period beginning on the date such Award is granted and ending, with respect to each share subject to the Award, on the earlier of the date the Award is settled or the date on which it is terminated. Dividend Equivalent Rights, if any, will be paid by crediting the Participant with a cash amount or with additional whole Restricted Stock Units as of the date of payment of such cash dividends on Stock, as determined by the Board. The number of additional Restricted Stock Units (rounded to the nearest whole number), if any, to be credited will be determined by dividing (a) the amount of cash dividends paid on the dividend payment date with respect to the number of shares of Stock represented by the Restricted Stock Units previously credited to the Participant by (b) the Fair Market Value per share of Stock on such date. Such cash amount or additional Restricted Stock Units will be subject to the same terms and conditions and will be settled in the same manner and at the same time as the Restricted Stock Units originally subject to the Restricted Stock Unit Award. In the event of a dividend or distribution paid in shares of Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.3, appropriate adjustments will be made in the Participant's Restricted Stock Unit Award so that it represents the right to receive upon settlement any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends) to which the Participant would be entitled by reason of the shares of Stock issuable upon settlement of the Award, and all such new, substituted or additional securities or other property will be immediately subject to the same Vesting Conditions as are applicable to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 **Effect of Termination of Service**. Unless otherwise provided by the Board and set forth in the Award Agreement evidencing a Restricted Stock Unit Award, if a Participant's Service terminates for any reason, whether voluntary or involuntary (including the Participant's death or disability), then the Participant will forfeit to the Company any Restricted Stock Units pursuant to the Award which remain subject to Vesting Conditions as of the date of the Participant's termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 **Settlement of Restricted Stock Unit Awards**. The Company will issue to a Participant on the date on which Restricted Stock Units subject to the Participant's Restricted Stock Unit Award vest or on such other date determined by the Board in compliance with Section 409A and Section 457A, if applicable, and set forth in the Award Agreement one (1) share of Stock (and/or any other new, substituted or additional securities or other property pursuant to an adjustment described in Section 8.4) for each Restricted Stock Unit then becoming vested or otherwise to be settled on such date, subject to the withholding of applicable taxes, if any. The Board, in its discretion, may provide in any Award Agreement

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evidencing a Restricted Stock Unit Award that if the settlement date with respect to any shares issuable upon vesting of Restricted Stock Units would otherwise occur on a day on which the sale of such shares would violate the provisions of the Trading Compliance Policy, then the settlement date will be deferred until the next trading day on which the sale of such shares would not violate the Trading Compliance Policy but in any event no later than the 15<sup>th</sup> day of the third calendar month following the year in which such Restricted Stock Units vest. If permitted by the Board, the Participant may elect, consistent with the requirements of Section 409A and Section 457A, as applicable, to defer receipt of all or any portion of the shares of Stock or other property otherwise issuable to the Participant pursuant to this Section, and such deferred issuance date(s) and amount(s) elected by the Participant must be set forth in the Award Agreement. Notwithstanding the foregoing, the Board, in its discretion, may provide for settlement of any Restricted Stock Unit Award by payment to the Participant in cash of an amount equal to the Fair Market Value on the payment date of the shares of Stock or other property otherwise issuable to the Participant pursuant to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 **Nontransferability of Restricted Stock Unit Awards**. The right to receive shares pursuant to a Restricted Stock Unit Award will not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant's beneficiary, except transfer by will or by the laws of descent and distribution. All rights with respect to a Restricted Stock Unit Award granted to a Participant hereunder will be exercisable during his or her lifetime only by such Participant or the Participant's guardian or legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Other Stock-Based Awards</u>**<u>.</u>**

Other forms of Awards valued in whole or in part by reference to, or otherwise based on, Stock, including the appreciation in value thereof, may be granted either alone or in addition to other Awards. Subject to the provisions of the Plan, the Board will have sole and complete authority to determine the persons to whom and the time or times at which such Other Stock-Based Awards will be granted, the number of shares of Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock-Based Awards and all other terms and conditions of such Other Stock-Based Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Change in Control; Dissolution or Liquidation.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **Effect of Change in Control on Awards*.*** In the event of a Change in Control, outstanding Awards will be subject to the definitive agreement entered into by the Company in connection with the Change in Control or as otherwise determined by the Board, including any requirement thereunder that the Participant sign a letter of transmittal, cancellation agreement, release of claims or other similar acknowledgement or agreement. Subject to the requirements and limitations of Section 409A and Section 457A, if applicable, the following provisions will apply to Awards in the event of a Change in Control unless otherwise provided in the Award Agreement or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of an Award. In the event of a Change in Control, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Awards, contingent upon the closing or completion of the Change in Control. The Board need not take the same action or actions with respect to all Awards or portions thereof or with respect to all Participants and in each case may make such determination in its discretion and without the consent of any Participant (unless otherwise provided

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in the Award Agreement or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of an Award).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Accelerated Vesting***. The Board may take any action it deems appropriate to provide for acceleration of the exercisability and/or vesting in connection with a Change in Control of each or any outstanding Award (or portion thereof) and shares acquired pursuant any Award upon such conditions, including termination of the Participant's Service prior to, upon, or following the Change in Control, and to such extent as the Board determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Assumption, Continuation or Substitution of Awards***. The Board may arrange for the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the *"****Acquiror****"*), to assume or continue the Company's rights and obligations under each or any Award (or portion thereof) outstanding immediately prior to the Change in Control or substitute for each or any such outstanding Award or portion thereof a substantially equivalent award with respect to the Acquiror's stock. The holder of any Award (or portion thereof) that is neither assumed, continued by, or substituted for by the Acquiror in connection with the Change in Control will be given reasonable advance notice by the Company (in writing or electronically) regarding the treatment of such Award in the Change in Control and, to the extent any such Award is not exercised as of the time of consummation of the Change in Control, such Award will terminate and cease to be outstanding effective as of the time of consummation of the Change in Control. For the purposes of this subsection (b), an Award will be considered assumed, continued, or substituted for if, following the Change in Control, the Award confers the right to purchase or receive, for each share of Stock subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in the Change in Control by holders of Stock for each share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Stock); provided, however, that if such consideration received in the Change in Control is not solely common stock of the Acquiror or its Parent, the Board may provide for the consideration to be received upon the exercise or settlement of the Award, for each share of Stock subject to such Award, to be solely common stock of the Acquiror or its Parent equal in Fair Market Value to the per share consideration received by holders of Stock in the Change in Control. Notwithstanding anything in this subsection (b) to the contrary, and unless otherwise provided in an Award Agreement, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant's consent; provided, however, that a modification to such performance goals only to reflect the successor corporation's post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Assignment or Lapse of Reacquisition or Repurchase Rights.*** The Board may arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Stock issued pursuant to the Award to the Acquiror or arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Cancellation.*** In its discretion, the Board may cancel or arrange for the cancellation of any Awards, to the extent not vested or not exercised prior to the effective time of the Change in Control, in exchange for no consideration ($0) or such consideration, if any, as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***Cash-Out of Outstanding Awards.*** The Board may determine that, upon the occurrence of a Change in Control, each or any Award or portion thereof outstanding immediately prior to the Change in Control and not previously exercised or settled will be canceled in exchange for a payment with respect to each vested share (and each unvested share, if so determined by the Board) of Stock subject to such canceled Award in (i) cash, (ii) stock of the Company or of a corporation or other business entity a party to the Change in Control, or (iii) other property which, in any such case, must be in an amount having a Fair Market Value equal to the Fair Market Value of the consideration to be paid per share of Stock in the Change in Control, reduced (but not below zero) by the exercise or purchase price per share, if any, under such Award. If any portion of such consideration may be received by holders of Stock pursuant to the Change in Control on a contingent or delayed basis including pursuant to an escrow, earn-out, holdback or similar arrangement applicable to Company shareholders generally, the Board may, in its sole discretion, (i) determine such Fair Market Value per share as of the time of the Change in Control on the basis of the Board's good faith estimate of the present value of the probable amount of future payment of such consideration, or (ii) subject such consideration to the contingencies or delayed payments terms, including pursuant to an escrow, earn-out, holdback or similar arrangement, applicable to Company shareholders generally in the Change in Control. In the event a determination under this subsection (c) is made by the Board, an Award having an exercise or purchase price per share equal to or greater than the Fair Market Value of the consideration to be paid per share of Stock in the Change in Control may be canceled without payment of consideration to the holder thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***Award Subject to Section 409A or Section 457A****.* Notwithstanding any provision of the Plan or an Award Agreement to the contrary, if any Award is considered to be a "nonqualified deferred compensation plan" within the meaning of Section 409A or Section 457A of the Code, this Section 10 shall apply to such Award only to the extent that its application would not result in the imposition of any tax or interest or the inclusion of any amount in income under Section 409A or Section 457A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ***Treatment of Awards****.* In taking any of the actions permitted under this Section 10.1, the Board will not be required to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly in the Change in Control transaction**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **Dissolution or Liquidation.** In the event of the proposed dissolution or liquidation of the Company, the Board will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it previously has not been exercised, an Award will terminate immediately prior to the consummation of such proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Tax Withholding.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 **Tax Withholding in General**. The Company has the right to deduct from any and all payments made under the Plan, or to require the Participant, through payroll withholding, cash payment or otherwise, to make adequate provision for, the federal, state, local and foreign taxes (including social

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insurance), if any, required by law to be withheld by any Participating Company with respect to an Award or the shares acquired pursuant thereto. The Company has no obligation to deliver shares of Stock, to release shares of Stock from an escrow established pursuant to an Award Agreement, or to make any payment in cash under the Plan until the Participating Company Group's tax withholding obligations have been satisfied by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 **Withholding in or Directed Sale of Shares**. The Company has the right, but not the obligation, to deduct from the shares of Stock issuable to a Participant upon the exercise, vesting or settlement of an Award, or to accept from the Participant the tender of, a number of whole shares of Stock having a Fair Market Value, as determined by the Company, equal to all or any part of the tax withholding obligations of any Participating Company. The Fair Market Value of any shares of Stock withheld or tendered to satisfy any such tax withholding obligations shall be determined by the Company in accordance with the Company's withholding procedures after taking into consideration any applicable accounting consequences or cost. The Company may require a Participant to direct a broker, upon the vesting, exercise or settlement of an Award, to sell a portion of the shares subject to the Award determined by the Company in its discretion to be sufficient to cover the tax withholding obligations of any Participating Company and to remit an amount equal to such tax withholding obligations to the Participating Company in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 **Section 83(i) Election Not Permitted**. The Company will not establish an escrow arrangement in accordance with Section 83(i)(3)(A)(ii) of the Code intended to satisfy the income tax withholding requirements with respect to qualified stock. Accordingly, no Participant will be permitted to make an election under Section 83(i) of the Code with respect to any shares of Stock acquired upon the exercise of an Option or upon the settlement of Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Compliance with Section 409A.</u>**

It is the intention of the Company that any Award that constitutes a "nonqualified deferred compensation plan" within the meaning of Section 409A or Section 457A (to the extent applicable) shall comply in all respects with the requirements of Section 409A or Section 457A to avoid the imposition of any tax or interest or the inclusion of any amount in income pursuant to Section 409A, and the terms of each such Award shall be construed, administered and deemed amended, if applicable, in a manner consistent with this intention. Notwithstanding the foregoing, neither the Company nor any of its Affiliates nor any of its or their directors, officers, employees, agents or other service providers will be liable for any taxes, penalties or interest imposed on any Participant or other person with respect to any amounts paid or payable (whether in cash, Stock or other property) under any Award, including any applicable taxes, penalties or interest imposed under or as a result of Section 409A or Section 457A. Any payments described in an Award that are due within the "short term deferral period" as defined in Section 409A or Section 457A shall not be treated as deferred compensation unless applicable law requires otherwise. For purposes of any Award, each amount to be paid or benefit to be provided to a Participant shall be construed as a separate identified payment for purposes of Section 409A and Section 457A. For purposes of Section 409A, the payment of Dividend Equivalent Rights under any Award shall be construed as earnings and the time and form of payment of such Dividend Equivalent Rights shall be treated separately from the time and form of payment of the underlying Award. Notwithstanding any other provision of the Plan to the contrary, with respect to any Award that constitutes a "nonqualified deferred compensation plan" within the meaning of Section 409A, any payments (whether in cash, Stock or other property) to be made

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with respect to the Award that become payable on account of the Participant's separation from service, within the meaning of Section 409A, while the Participant is a "specified employee" (as determined in accordance with the uniform policy adopted by the Administrator with respect to all of the arrangements subject to Section 409A maintained by the Company and its Affiliates) and which would otherwise be paid within six months after the Participant's separation from service shall be accumulated (without interest) and paid on the first day of the seventh month following the Participant's separation from service or, if earlier, within 15 days after the appointment of the personal representative or executor of the Participant's estate following the Participant's death. Notwithstanding anything in the Plan or an Award Agreement to the contrary, in no event shall the Administrator exercise its discretion to accelerate the payment or settlement of an Award where such payment or settlement constitutes deferred compensation within the meaning of Code section 409A unless, and solely to the extent that, such accelerated payment or settlement is permissible under Treasury Regulation section 1.409A-3(j)(4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Compliance with Securities Law.</u>**

The grant of Awards and the issuance of shares of Stock pursuant to any Award will be subject to compliance with all applicable requirements of federal, state and foreign law with respect to such securities and the requirements of any stock exchange or market system upon which the Stock may then be listed. In addition, no Award may be exercised or shares issued pursuant to an Award unless (a) a registration statement under the Securities Act will at the time of such exercise or issuance be in effect with respect to the shares issuable pursuant to the Award or (b) the shares issuable pursuant to the Award may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance and sale of any shares under the Plan will relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority has not been obtained. As a condition to issuance of any Stock, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Amendment or Termination of Plan or an Award.</u>**

The Board may amend, suspend or terminate the Plan at any time. However, without the approval of the Company's shareholders, there must be (a) no increase in the maximum aggregate number of shares of Stock that may be issued under the Plan (except by operation of the provisions of Sections 4.2 and 4.3), (b) no change in the class of persons eligible to receive Incentive Stock Options, and (c) no other amendment of the Plan that would require approval of the Company's shareholders under any applicable law, regulation or rule, including the rules of any stock exchange or quotation system upon which the Stock may then be listed or quoted. No amendment, suspension or termination of the Plan may affect any then outstanding Award unless expressly provided by the Board. Except as provided by the next sentence, no amendment, suspension or termination of the Plan or any Award may have a materially adverse effect on any then outstanding Award without the consent of the Participant. Notwithstanding any other provision of the Plan or any Award Agreement to the contrary, (a) an amendment to the Plan or any Award that may cause an Incentive Stock Option to be treated as a Nonstatutory Stock Option or require the commencement of a new holding period necessary for treatment as an Incentive Stock Option will not be treated as having a materially adverse effect on the Award and (b) the Board may, in its sole

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and absolute discretion and without the consent of any Participant, amend the Plan or any Award Agreement, to take effect retroactively or otherwise, as it deems necessary or advisable for the purpose of conforming the Plan or such Award Agreement to any present or future law, regulation or rule applicable to the Plan, including, but not limited to, Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Miscellaneous Provisions.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 **Restrictions on Transfer of Shares***.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares issued under the Plan may be subject to a right of first refusal, one or more repurchase options, or other conditions and restrictions as determined by the Board in its discretion at the time the Award is granted. The Company will have the right to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may be selected by the Company. Upon request by the Company, each Participant will execute any agreement evidencing such transfer restrictions prior to the receipt of shares of Stock hereunder and will promptly present to the Company any and all certificates representing shares of Stock for the placement on such certificates of appropriate legends evidencing any such transfer restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of any Award Agreement to the contrary, at any time prior to the date on which the Stock is listed on a national securities exchange (as such term is used in the Exchange Act) or is traded on the over-the-counter market and prices therefore are published daily on business days in a recognized financial journal, the Board may prohibit any Participant who acquires shares of Stock pursuant to the Plan or any transferee of such Participant from selling, transferring, assigning, pledging, or otherwise disposing of or encumbering any such shares (each, a *"****Transfer****"*) without the prior written consent of the Board. The Board may withhold consent to any Transfer for any reason, including without limitation any Transfer (i) to any individual or entity identified by the Company as a potential competitor or considered by the Company to be unfriendly, or (ii) if such Transfer increases the risk of the Company having a class of security held of record by such number of persons as would require the Company to register any class of securities under the Exchange Act; or (iii) if such Transfer would result in the loss of any federal or state securities law exemption relied upon by the Company in connection with the initial issuance of such shares or the issuance of any other securities; or (iv) if such Transfer is facilitated in any manner by any public posting, message board, trading portal, Internet site, or similar method of communication, including without limitation any trading portal or Internet site intended to facilitate secondary transfers of securities; or (v) if such Transfer is to be effected in a brokered transaction; or (vi) if such Transfer would be of less than all of the shares of Stock then held by the shareholder and its affiliates or is to be made to more than a single transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 **Forfeiture Events.** The Board may determine that the Participant's rights, payments, and benefits with respect to an Award will be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but will not be limited to, termination of Service for Cause, any act by a Participant, whether before or after termination of Service, that would constitute Cause for termination of Service, or any accounting restatement due to material noncompliance of the Company with any financial reporting requirements of securities laws as a result of which, and to the extent that, such reduction, cancellation, forfeiture, or recoupment is required by applicable securities laws. Notwithstanding any provisions to the contrary under this Plan, an Award will be subject to the

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Company's clawback policy as may be established and/or amended from time to time (the *"****Clawback Policy****"*). The Board may require a Participant to forfeit, return or reimburse the Company all or a portion of the Award and any amounts paid thereunder pursuant to the terms of the Clawback Policy or as necessary or appropriate to comply with applicable law. No recovery of compensation pursuant to the foregoing provisions will be an event giving rise to a Participant's right to voluntary terminate employment upon a "resignation for good reason," or for a "constructive termination" or any similar term under any plan of or agreement with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 **Change in Time Commitment**. In the event that a Participant's regular level of time commitment in the performance of his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and experiences a change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the date of grant of any Award to the Participant, the Board may determine, to the extent permitted by applicable law, to (i) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 **Rights as Employee, Consultant or Director.** No person, even though eligible pursuant to Section 5, will have a right to be selected as a Participant, or, having been so selected, to be selected again as a Participant. Nothing in the Plan or any Award granted under the Plan will confer on any Participant a right to remain an Employee, Consultant or Director or interfere with or limit in any way any right of a Participating Company to terminate the Participant's Service at any time. To the extent that an Employee of a Participating Company other than the Company receives an Award under the Plan, that Award will in no event be understood or interpreted to mean that the Company is the Employee's employer or that the Employee has an employment relationship with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 **Rights as a Shareholder.** A Participant will have no rights as a shareholder with respect to any shares of Stock covered by an Award until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for dividends, distributions or other rights for which the record date is prior to the date such shares are issued, except as provided in Section 4.3 or another provision of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 **Delivery of Title to Shares.** Subject to any governing rules or regulations, the Company will issue or cause to be issued the shares of Stock acquired pursuant to an Award and will deliver such shares to or for the benefit of the Participant by means of one or more of the following: (a) by delivering to the Participant evidence of book entry shares of Stock credited to the account of the Participant, (b) by depositing such shares of Stock for the benefit of the Participant with any broker with which the Participant has an account relationship, or (c) by delivering such shares of Stock to the Participant in certificate form.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 **Fractional Shares.** The Company will not be required to issue fractional shares upon the exercise or settlement of any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 **Retirement and Welfare Plans.** Neither Awards made under this Plan nor shares of Stock or cash paid pursuant to such Awards may be included as "compensation" for purposes of computing the benefits payable to any Participant under any Participating Company's retirement plans (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly provides that such compensation will be taken into account in computing a Participant's benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 **Severability.** If any one or more of the provisions (or any part thereof) of this Plan is held invalid, illegal or unenforceable in any respect, such provision will be modified so as to make it valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions (or any part thereof) of the Plan will not in any way be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 **No Constraint on Corporate Action.** Nothing in this Plan will be construed to: (a) limit, impair, or otherwise affect the Company's or another Participating Company's right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets; or (b) limit the right or power of the Company or another Participating Company to take any action which such entity deems to be necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 **Unfunded Obligation**. Participants will have the status of general unsecured creditors of the Company. Any amounts payable to Participants pursuant to the Plan are considered unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974. No Participating Company will be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company will retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account will not create or constitute a trust or fiduciary relationship between the Board or any Participating Company and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant's creditors in any assets of any Participating Company. The Participants will have no claim against any Participating Company for any changes in the value of any assets which may be invested or reinvested by the Company with respect to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 **Choice of Law.** Except to the extent governed by applicable federal law, the validity, interpretation, construction and performance of the Plan and each Award Agreement will be governed by the laws of the Cayman Islands, without regard to its conflict of law rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13 **Corporate Records.** Corporate action constituting the grant of an Award to any Participant will be deemed completed as of the date of such corporate action, unless a later effective date is expressly provided by the Board in granting the Award, regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (including, without limitation, Board written consents in lieu of a meeting, resolutions, or minutes) documenting the corporate action constituting the grant of the Award contain terms (including, without limitation, the exercise price, vesting schedule or number of shares) that

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are inconsistent with those contained in the Award Agreement or related grant documents as a result of a clerical error in the preparation of the Award Agreement or related grant documents, the corporate records will control, and the Participant will have no legally binding right to the incorrect term contained in the Award Agreement or related grant documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14 **Shareholder Approval.** The Plan or any increase in the maximum aggregate number of shares of Stock issuable under the Plan as provided in Section 4.1 (the *"****Authorized Shares****"*) must be approved by a majority of the outstanding securities of the Company entitled to vote within a period beginning twelve (12) months before and ending twelve (12) months after the date of adoption thereof by the Board. Awards granted prior to security holder approval of the Plan or in excess of the Authorized Shares previously approved by the security holders will become exercisable no earlier than the date of security holder approval of the Plan or such increase in the Authorized Shares, as the case may be, and such Awards will be rescinded if such security holder approval is not received in the manner described in the preceding sentence.

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<u>PLAN HISTORY AND NOTES TO COMPANY</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;August 12, 2025 | &nbsp;&nbsp;Board adopts Plan, with an initial reserve of 1,500,000 shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025 | &nbsp;&nbsp;Shareholders of the Company approve Plan. |

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## Exhibit 10.2

**Exhibit 10.2**

THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

**RARE EARTHS AMERICAS LTD.**

**RESTRICTED STOCK UNITS AGREEMENT**

Rare Earths Americas Ltd. has granted to the Participant named in the *Notice of Grant of Restricted Stock Units* (the *"****Grant Notice****"*) to which this Restricted Stock Units Agreement (the *"****Agreement****"*) is attached an Award consisting of Restricted Stock Units subject to the terms and conditions set forth in the Grant Notice and this Agreement. The Award has been granted pursuant to and is in all respects subject to the terms and conditions of the Rare Earths Americas Ltd. 2025 Equity Incentive Plan (the *"****Plan****"*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>.

Capitalized terms have the meanings assigned by the Grant Notice or the Plan, unless otherwise defined herein or as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 *"Change in Control"* means a "Change in Control as defined by the Plan, provided that such Change in Control (a) is also a "change in control event" as described in Treasury Regulation Section 1.409A-3(i)(5)(i) and (b) is not an Initial Public Offering described in Section 1.2(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 "*Initial Public Offering*" means either (a) the closing of the initial underwritten public offering of securities of the class of equity securities then subject to the Award pursuant to an effective registration statement filed under the Securities Act or (b) the closing of an acquisition of the Company by a special purpose acquisition company whose shares are publicly traded on a national stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 "*Liquidity Event Date*" means the date of satisfaction of the Liquidity Event Condition (as defined in the Grant Notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Administration</u>.

All questions of interpretation concerning the Grant Notice, this Agreement, the Plan or any other form of agreement or other document employed by the Company in the administration of the Plan or the Award are determined by the Board or its authorized designee as set forth in Section 3 of the Plan.

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For Non-U.S. Participants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>The Award</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Grant of Units. On the Date of Grant, the Participant will acquire, subject to the provisions of this Agreement, a number of Units equal to the Total Number of Units. Each Unit represents a right to receive one (1) Share on a date determined in accordance with the Grant Notice and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 No Monetary Payment Required. The Participant is not required to make any monetary payment (other than to satisfy applicable tax withholding, if any, with respect to the issuance of Shares) as a condition to receiving the Units or Shares issued upon settlement of the Units, the consideration for which will be past services actually rendered or future services to be rendered to a Participating Company or for its benefit. Notwithstanding the foregoing, if required by applicable law, the Participant will furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit having a value not less than the par value of the Shares issued upon settlement of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Termination of the Award. The Award will terminate upon the first to occur of (a) the date of termination of the Participant's Service for Cause prior to the Vesting Date (as set forth in the Grant Notice), (b) the Expiration Date if the Liquidity Event Date has not yet occurred on or before the Expiration Date, (c) a Change in Control to the extent provided in Section 7, or (d) the final settlement of all Vested Units in accordance with Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Vesting of Units; Termination of Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Normal Vesting. Units acquired pursuant to this Agreement will become Vested Units as provided in the Grant Notice. For purposes of determining the number of Vested Units following an Ownership Change Event, credited Service will include all service with any entity which is a member of the Participating Company Group at the time service is rendered, whether or not such entity is a member of the Participating Company Group both before and after such Ownership Change Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Effect of Termination of Service. The effect of the Participant's termination of Service prior to the Vesting Date will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Termination of Service for Cause.** If the Participant's Service is terminated for Cause at any time prior to a Vesting Date, then all Units subject to the Award will be forfeited and automatically canceled immediately upon the Participant's termination of Service, notwithstanding that the Participant may have satisfied the Service Condition with respect to all or a portion of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Termination of Service for any Reason other than Cause before Liquidity Event Date.** If the Participant's Service terminates for any reason other than Cause prior to the Liquidity Event Date, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Units for which the Service Condition as set forth in the Grant Notice *<u>has not</u>* been satisfied as of the date of such termination of Service will be forfeited and automatically canceled immediately upon the Participant's termination of Service; and

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For Non-U.S. Participants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Units for which the Service Condition as set forth in the Grant Notice has been satisfied as of the date of such termination of Service will not then be forfeited and automatically canceled, but instead will become Vested Units, if at all, upon the subsequent occurrence of the Liquidity Event Date prior to the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Effect of Termination of Service on or after Liquidity Event Date.** If the Participant's Service terminates for any reason on or after the Liquidity Event Date, then all Units that are not then Vested Units will be forfeited and automatically canceled immediately upon the Participant's termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Settlement of the Award</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Issuance of Shares*.* Subject to the provisions of Section 5.3, the Company will issue one (1) Share to the Participant on the Settlement Date for each Vested Unit to be settled on such date. Shares issued in settlement of Units will not be subject to any restriction on transfer other than any restriction required pursuant to Section 5.3, Section 6 or the Company's Trading Compliance Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Beneficial Ownership of Shares; Certificate Registration*.* The Participant authorizes the Company, in its sole discretion, to deposit Shares acquired by the Participant pursuant to the settlement of the Award with the Company's transfer agent, including any successor transfer agent, to be held in book entry form. Furthermore, the Participant authorizes the Company, in its sole discretion, to deposit Shares for the benefit of the Participant with any broker with which the Participant has an account relationship of which the Company has notice. Except as provided by the foregoing, a certificate for the Shares will be registered in the name of the Participant, or, if applicable, in the names of the heirs of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Restrictions on Grant of the Award and Issuance of Shares*.* The grant of the Award and issuance of Shares upon settlement of the Award will be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities. No Shares will be issued if their issuance would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Shares may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any Shares will relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority has not been obtained. As a condition to the settlement of the Award, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty as may be requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Fractional Shares*.* The Company will not be required to issue fractional shares upon the settlement of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 [Shareholders Agreement. The Participant (and, if applicable, his or her heirs) will be required, at the time of acceptance of this Award and as a condition to the Award, to sign and deliver an adoption agreement or counterpart signature page to, and be bound by,

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## each Shareholders Agreement then in effect and any other agreement that the Company requires a holder of Shares to sign (to the extent such agreements exist and such Participant is not already a party to such agreements), in form and substance satisfactory to the Company. The Participant (and, if applicable, his or her heirs) acknowledges that a Shareholders Agreement or any such other agreement may restrict transfers of Shares. The obligation set forth in this Section will remain in effect with respect to any Shareholders Agreement until such Shareholders Agreement is terminated. In addition, to the extent any such Shareholders Agreement is amended, modified or otherwise replaced by a similar agreement, the obligation set forth herein will also apply to the modified, amended and/or replacement agreement.] <sup>1</sup>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 In General*.* The Participant acknowledges that, regardless of any action the Company or, if different, the employer or the Participating Company to which the Participant provides Service (together, the "*Service Recipient*") takes with respect to any or all income tax, social insurance contributions, payroll tax, payment on account or other tax-related items arising in connection with the Participant's participation in the Plan and legally applicable to the Participant (the "*Tax-Related Items*"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility and may exceed the amount actually withheld by the Company or the Service Recipient, if any. The Participant further acknowledges that the Company and the Service Recipient (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Units, including, but not limited to, the grant of the Units, the vesting of the Units, the delivery or sale of any Shares and the issuance of any dividends, and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Units to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result. The Participant acknowledges and agrees that the Participant will not make any claim against the Company, or any of its officers, directors, employees or any Participating Company for Tax-Related Items arising from the Units. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company and/or the Service Recipient (or former service recipient, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Company may refuse to issue or deliver Shares or the proceeds of the sale of Shares if the Participant fails to comply with their obligations in connection with the Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Withholding in or Directed Sale of Shares. Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to the Board, the Company and/or the Service Recipient to satisfy all Tax-Related Items in respect of the Units, their settlement, or any payment or transfer of the Units or under the Plan. In this regard, the Participant authorizes the Company and/or the Service Recipient, or their respective agents, at their discretion, to satisfy any applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the following: (i) requiring the Participant to make a payment in a form acceptable to the Board or the Company; (ii) withholding from the Participant's wages or other cash compensation paid to Shares acquired upon settlement of the Units either through a voluntary sale or through a mandatory sale

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<sup>1</sup> Note to Draft: Include only if there will be a shareholders agreement in place.

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## arranged by the Company (on the Participant's behalf pursuant to this authorization without further consent); (iv) withholding in Shares to be issued upon settlement of the Units; or (v) any other method of withholding determined by the Company and, to the extent required by applicable law or the Plan, approved by the Board.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Withholding Methods*.* The Company or the Service Recipient may withhold or account for Tax-Related Items by considering applicable statutory withholding amounts or other applicable withholding rates, including maximum rates, applicable in the Participant's jurisdiction(s). In the event of over-withholding, the Participant may receive a refund from the Company or the Service Recipient of any over-withheld amount in cash and will have no entitlement to the equivalent in Shares. If not refunded, the Participant may need to seek a refund from the responsible tax authority to the extent the Participant wishes to obtain a refund. In the event of under-withholding, the Participant may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company and/or the Service Recipient. If the obligation for Tax-Related Items is satisfied by withholding in a number of Shares, for tax purposes, the Participant will be deemed to have been issued the full number of Shares subject to the exercised portion of the Units, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Effect of Change in Control</u>*.*

In the event of a Change in Control, the treatment of the Award will be governed by Section 10 of the Plan and any applicable provisions of the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Right of First Refusal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Grant of Right of First Refusal*.* Except as provided in Section 8.7 and Section 15, in the event the Participant, the Participant's legal representative, or other holder of Shares acquired upon settlement of the Award proposes to sell, exchange, transfer, pledge, or otherwise dispose of any such Shares (the *"Transfer Shares"*) to any person or entity, including, without limitation, any shareholder of a Participating Company, the Company will have the right to repurchase the Transfer Shares under the terms and subject to the conditions set forth in this Section (the *"Right of First Refusal"*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Notice of Proposed Transfer*.* Prior to any proposed transfer of the Transfer Shares, the Participant must deliver written notice (the *"Transfer Notice"*) to the Company describing fully the proposed transfer, including the number of Transfer Shares, the name and address of the proposed transferee (the *"Proposed Transferee"*) and, if the transfer is voluntary, the proposed transfer price, and containing such information necessary to show the bona fide nature of the proposed transfer. In the event of a bona fide gift or involuntary transfer, the proposed transfer price will be deemed to be the Fair Market Value of the Transfer Shares, as determined by the Board in good faith. If the Participant proposes to transfer any Transfer Shares to more than one Proposed Transferee, the Participant must provide a separate Transfer Notice for the proposed transfer to each Proposed Transferee. The Transfer Notice must be signed by both the Participant and the Proposed Transferee and must constitute a binding commitment of the Participant and the Proposed Transferee for the transfer of the Transfer Shares to the Proposed Transferee subject only to the Right of First Refusal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Bona Fide Transfer*.* If the Company determines that the information provided by the Participant in the Transfer Notice is insufficient to establish the bona fide nature of a proposed voluntary transfer, the Company will give the Participant written notice of the Participant's failure to comply with the procedure described in this Section 8, and the Participant will have no right to transfer the Transfer Shares without first complying with the procedure described in this Section 8. The Participant will not be permitted to transfer the Transfer Shares if the proposed transfer is not bona fide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Exercise of Right of First Refusal*.* If the Company determines the proposed transfer to be bona fide, the Company will have the right to purchase all, but not less than all, of the Transfer Shares (except as the Company and the Participant otherwise agree) at the purchase price and on the terms set forth in the Transfer Notice by delivery to the Participant of a notice of exercise of the Right of First Refusal within thirty (30) days after the date the Transfer Notice is delivered to the Company. The Company's exercise or failure to exercise the Right of First Refusal with respect to any proposed transfer described in a Transfer Notice will not affect the Company's right to exercise the Right of First Refusal with respect to any proposed transfer described in any other Transfer Notice, whether or not such other Transfer Notice is issued by the Participant or issued by a person other than the Participant with respect to a proposed transfer to the same Proposed Transferee. If the Company exercises the Right of First Refusal, the Company and the Participant will consummate the sale of the Transfer Shares to the Company on the terms set forth in the Transfer Notice within sixty (60) days after the date the Transfer Notice is delivered to the Company (unless a longer period is offered by the Proposed Transferee); provided, however, that in the event the Transfer Notice provides for the payment for the Transfer Shares other than in cash, the Company will have the option of paying for the Transfer Shares by the present value cash equivalent of the consideration described in the Transfer Notice as reasonably determined by the Company. For purposes of the foregoing, cancellation of any indebtedness of the Participant to any Participating Company will be treated as payment to the Participant in cash to the extent of the unpaid principal and any accrued interest canceled. Notwithstanding anything contained in this Section to the contrary, the period during which the Company may exercise the Right of First Refusal and consummate the purchase of the Transfer Shares from the Participant will terminate no sooner than the completion of a period of eight (8) months following the date on which the Participant acquired the Transfer Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Failure to Exercise Right of First Refusal*.* If the Company fails to exercise the Right of First Refusal in full (or to such lesser extent as the Company and the Participant otherwise agree) within the period specified in Section 8.4, the Participant may conclude a transfer to the Proposed Transferee of the Transfer Shares on the terms and conditions described in the Transfer Notice, provided such transfer occurs not later than ninety (90) days following delivery to the Company of the Transfer Notice or, if applicable, following the end of the period described in the last sentence of Section 8.4. The Company will have the right to demand further assurances from the Participant and the Proposed Transferee (in a form satisfactory to the Company) that the transfer of the Transfer Shares was actually carried out on the terms and conditions described in the Transfer Notice. No Transfer Shares will be transferred on the books of the Company until the Company has received such assurances, if so demanded, and has approved the proposed transfer as bona fide. Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent

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## proposed transfer by the Participant, will again be subject to the Right of First Refusal and will require compliance by the Participant with the procedure described in this Section.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Transferees of Transfer Shares*.* All transferees of the Transfer Shares or any interest therein, other than the Company, will be required as a condition of such transfer to agree in writing (in a form satisfactory to the Company) that such transferee will receive and hold such Transfer Shares or interest therein subject to all of the terms and conditions of this Agreement, including this Section 8 providing for the Right of First Refusal with respect to any subsequent transfer. Any sale or transfer of any Shares will be void unless the provisions of this Section are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 Transfers Not Subject to Right of First Refusal*.* The Right of First Refusal will not apply to any transfer or exchange of the Shares if (a) such Shares are transferred during the Participant's lifetime or on the Participant's death by will or intestacy to the Participant's immediate family or a trust for the benefit of the Participant's immediate family in a manner permitted under Rule 701 under the Securities Act or (b) such Shares are transferred or exchanged in connection with an Ownership Change Event. Shares held by a transferee pursuant to clause (a) of this Section and any consideration received pursuant to a transfer or exchange pursuant to clause (b) of this Section that consists of stock of a Participating Company will in each such case remain subject to the Right of First Refusal unless the provisions of Section 8.9 result in a termination of the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 Assignment of Right of First Refusal*.* The Company will have the right to assign the Right of First Refusal at any time, whether or not there has been an attempted transfer, to one or more persons as may be selected by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 Early Termination of Right of First Refusal*.* The other provisions of this Agreement notwithstanding, the Right of First Refusal will terminate and be of no further force and effect upon (a) the occurrence of a Change in Control, unless the Acquiror assumes the Company's rights and obligations under this Agreement, or (b) the existence of a public market for the class of shares subject to the Right of First Refusal. A *"public market"* will exist if (i) such stock is listed on a national securities exchange (as that term is used in the Exchange Act) or (ii) such stock is traded on the over-the-counter market and prices therefor are published daily on business days in a recognized financial journal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Adjustments for Changes in Capital Structure</u>.

The Award is subject to the adjustment as provided by Section 4.3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Rights as a Shareholder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 In General. The Participant will have no rights as a shareholder with respect to any shares which may be issued in settlement of this Award until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for dividends, distributions or other rights for which the record date is prior to the date the shares are issued, except as provided in Section 9.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Waiver of Inspection Rights. The Participant acknowledges and understands that, but for the waiver made herein, the Participant would be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purposes, and to make copies and extracts from, the Company's stock ledger, a list of its shareholders, and its other books and records, and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220 of the Delaware General Corporation Law and similar rights under other applicable law (any and all such rights, and any and all such other rights of the Participant as may be provided for in Section 220 of the Delaware General Corporation Law and similar rights under other applicable law, the "*Inspection Rights*"). In light of the foregoing, until the first sale of Shares to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act, the Participant hereby unconditionally and irrevocably waives the Inspection Rights, whether such Inspection Rights would be exercisable or pursued directly or indirectly pursuant to Section 220 of the Delaware General Corporation Law or otherwise, and covenants and agrees never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver applies to the Inspection Rights of the Participant in the Participant's capacity as a shareholder and will not affect any rights of a director, in his or her capacity as such, under Section 220 of the Delaware General Corporation Law. The foregoing waiver will not apply to any contractual inspection rights of the Participant under any written agreement with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Legends</u>.

The Company may at any time place legends referencing the Right of First Refusal and any applicable federal, state or foreign securities law restrictions on all certificates representing Shares issued pursuant to this Agreement. The Participant must, at the request of the Company, promptly present to the Company any and all certificates representing Shares acquired pursuant to this Award in the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise specified by the Company, legends placed on such certificates may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND REPURCHASE OPTIONS IN FAVOR OF THE CORPORATION OR ITS ASSIGNEE SET FORTH IN AN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED HOLDER, OR

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## SUCH HOLDER'S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION."
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Compliance with Section 409A</u>.

It is intended that any election, payment or benefit which is made or provided pursuant to or in connection with this Award that may result in nonqualified deferred compensation within the meaning of Section 409A will comply in all respects with the applicable requirements of Section 409A (including applicable regulations or other administrative guidance thereunder, as determined by the Board in good faith) to avoid the unfavorable tax consequences therein for non-compliance and the Award will be so construed. In connection with effecting such compliance with Section 409A, the following will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Separation from Service; Required Delay in Payment to Specified Employee. Notwithstanding anything set forth herein to the contrary, no amount payable pursuant to this Agreement on account of the Participant's termination of Service which constitutes a "deferral of compensation" within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code (the *"Section 409A Regulations"*) may be paid unless and until the Participant has incurred a "separation from service" within the meaning of the Section 409A Regulations. Furthermore, to the extent that the Participant is a "specified employee" within the meaning of the Section 409A Regulations as of the date of the Participant's separation from service, no amount that constitutes a deferral of compensation that is payable on account of the Participant's separation from service may be paid to the Participant before the date (the *"Delayed Payment Date"*) that is the first day of the seventh month after the date of the Participant's separation from service or, if earlier, the date of the Participant's death following such separation from service. All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Other Changes in Time of Payment. Neither the Participant nor the Company may take any action to accelerate or delay the payment of any benefits under this Agreement in any manner that would not be in compliance with the Section 409A Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Amendments to Comply with Section 409A; Indemnification. Notwithstanding any other provision of this Agreement to the contrary, the Company is authorized to amend this Agreement, to void or amend any election made by the Participant under this Agreement and/or to delay the payment of any monies and/or provision of any benefits in such manner as may be determined by the Company, in its discretion, to be necessary or appropriate to comply with the Section 409A Regulations without prior notice to or consent of the Participant. The Participant hereby releases and holds harmless the Company, its directors, officers and shareholders from any and all claims that may arise from or relate to any tax liability, penalties, interest, costs, fees or other liability incurred by the Participant in connection with the Award, including as a result of the application of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Advice of Independent Tax Advisor. The Company has not obtained a tax ruling or other confirmation from the Internal Revenue Service with regard to the application of Section 409A to the Award, and the Company does not represent or warrant that this Agreement will avoid adverse tax consequences to the Participant, including as a result of the

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## application of Section 409A to the Award. The Participant hereby acknowledges that he or she has been advised to seek the advice of his or her own independent tax advisor prior to entering into this Agreement and is not relying upon any representations of the Company or any of its agents as to the effect of or the advisability of entering into this Agreement.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Lock-Up Agreement</u>.

The Participant hereby agrees that in the event of any underwritten public offering of stock, including an initial public offering of stock, made by the Company pursuant to an effective registration statement filed under the Securities Act, the Participant may not offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or make any short sale of, or otherwise dispose of any shares of stock of the Company or any rights to acquire stock of the Company for such period of time from and after the effective date of such registration statement as may be established by the underwriter for such public offering; provided, however, that such period of time may not exceed one hundred eighty (180) days from the effective date of the registration statement to be filed in connection with such public offering**;** or, upon the request of the Company or the underwriter, such longer period as necessary to permit compliance with FINRA Rule 2241 or any successor provisions or amendments thereto. The foregoing limitation will not apply to shares registered in the public offering under the Securities Act. The Participant hereby agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing within a reasonable timeframe if so requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Restrictions on Transfer of Shares</u>.

At any time prior to the existence of a public market for the Shares, the Board may prohibit the Participant and any transferee of such Participant from selling, transferring, assigning, pledging, or otherwise disposing of or encumbering any Shares acquired pursuant to the Award (each, a *"****Transfer****"*) without the prior written consent of the Board. The Board may withhold consent for any reason, including, without limitation, (i) if such Transfer increases the risk of the Company having a class of security held of record by such number of persons as would require the Company to register any class of securities under the Exchange Act; (ii) if such Transfer would result in the loss of any federal or state securities law exemption relied upon by the Company in connection with the initial issuance of such shares or the issuance of any other securities; (iii) if such Transfer is facilitated in any manner by any public posting, message board, trading portal, Internet site, or similar method of communication, including without limitation any trading portal or Internet site intended to facilitate secondary transfers of securities; (iv) if such Transfer is to be effected in a brokered transaction; (v) if such Transfer would be of less than all of the Shares then held by the shareholder and its affiliates or is to be made to more than a single transferee; or (vi) any Transfer to any individual or entity identified by the Company as a potential competitor or considered by the Company to be unfriendly. No Shares may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of, including by operation of law, in any manner which violates any of the provisions of this Agreement, and any such attempted disposition will be void. The Company will not be required (a) to transfer on its books any Shares which will have been transferred in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such Shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such Shares will have been so transferred. In order to enforce its rights under this Section, the Company will be authorized to give a stop transfer instruction with respect to the Shares to the Company's transfer agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Nature of the Award.</u>

In accepting the Units, the Participant acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Any notice period mandated under applicable law shall not be treated as Service for the purpose of determining the vesting of the Units; and the Participant's right to vesting of Shares in settlement of the Units after termination of Service, if any, will be measured by the date of termination of the Participant's active Service and will not be extended by any notice period mandated under local law. Subject to the foregoing and the provisions of the Plan, the Company, in its sole discretion, shall determine whether the Participant's Service has terminated and the effective date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 The Plan is established voluntarily by the Company. It is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 The grant of the Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Units, or benefits in lieu of Units, even if Units have been granted repeatedly in the past.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 All decisions with respect to future Units grants, if any, will be at the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 The Participant's participation in the Plan shall not create a right to further Service with the Company or another Participating Company and shall not interfere with the ability of the Company or another Participating Company to terminate the Participant's Service at any time, with or without cause, subject to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 The Participant is voluntarily participating in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 The Units are an extraordinary item that does not constitute compensation of any kind for Service of any kind rendered to the Company or any Participating Company, and which is outside the scope of the Participant's employment contract, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 The Units is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, end-of-service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 In the event that the Participant is not an Employee of a Participating Company, the grant of Units will not be interpreted to form an employment contract or relationship with a Participating Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 The future value of the underlying Shares is unknown and cannot be predicted with certainty. The value of the Shares may increase or decrease.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 No claim or entitlement to compensation or damages arises from termination of the Units or diminution in value of the Units or Shares and the Participant irrevocably releases the Company and all Participating Companies from any such claim that may arise. If, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen then, by signing this Agreement, the Participant shall be deemed irrevocably to have waived the Participant's entitlement to pursue such a claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Data Privacy.</u>

*The following data privacy terms govern the grant of the Units under the Plan if the Participant resides outside the European Economic Area, the European Union, Switzerland, the United Kingdom, and Brazil:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Consent. The Participant voluntarily consents to the collection, processing, maintenance, use, disclosure, and transfer to the United States and other jurisdictions, in electronic or another form, of certain information about the Participant, including name, home address and telephone number, information necessary to process the Units (e.g., mailing address for a check payment or bank account wire transfer information), date of birth, social insurance number or other identification number, salary, nationality, job title, employment location, details of all equity awards granted, canceled, vested, unvested or outstanding in the Participant's favor, and where applicable Service termination date and reason for termination, any capital shares or directorships held in the Company (where needed for legal or tax compliance), and any other information necessary to process mandatory tax withholding and reporting (all such personal information is referred to as "*Data*") by and among the Company and any Participating Company for the exclusive purpose of implementing, administering, and managing the Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 International Transfer of Data. The Participant understands that Data will be transferred to one or more service provider(s) selected by the Company, which may assist the Company with the implementation, administration, and management of the Plan. The Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipient's country (e.g., the United States) may have different, including less stringent, data privacy laws and protections than the Participant's country. The Participant understands that if the Participant resides outside the United States, the Participant may request a list with the names and addresses of any potential recipients of the Data by contacting their local human resources representative in writing. The Participant authorizes the Company and any other possible recipients that may assist the Company (presently or in the future) to transfer the Participant's Data for purposes of implementing, administering, and managing the Plan. The Company's legal basis, where required, for the transfer of Data is the Participant's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 Retention of Data. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant's participation in the Plan, including to maintain records regarding participation. The Participant understands that if the Participant resides in certain jurisdictions, to the extent required by applicable law, the Participant may, at any time, request access to Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents given by accepting the Units, in any case without cost, by contacting their local human resources representative in writing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 Consent Voluntary. The Participant understands that the Participant is providing these consents on a purely voluntary basis. If the Participant does not consent or later seeks to revoke their consent, the Participant's engagement as a service provider with the Company or the Service Recipient will not be adversely affected; the only consequence of refusing or withdrawing consent is that the Company will not be able to grant the Units or other equity awards to the Participant under the Plan or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing consent may affect the Participant's ability to participate in the Plan (including the right to retain the Units). The Participant understands that they may contact their local human resources representative for more information on the consequences of refusing to consent or withdrawing consent.

*The following data privacy terms govern the grant of the Units under the Plan if the Participant resides in the European Economic Area, the European Union, Switzerland, the United Kingdom, or Brazil:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 Data Collected and Purposes of Collection. The Participant understands that the Company, acting as the controller, as well as any other Participating Company, will process, to the extent permissible under applicable laws, certain personal information about him or her, including name, home address and telephone number, information necessary to process the Units (*e.g.*, mailing address for a check payment or bank account wire transfer information), date of birth, social insurance number or other identification number, salary, nationality, job title, engagement location, details of all Units granted, canceled, vested, unvested or outstanding in his or her favor, and where applicable service termination date and reason for termination, any capital shares or directorships held in the Company (where needed for legal or tax compliance), and any other information necessary to process mandatory tax withholding and reporting (all such personal information is referred to as "*Data*"). The Data is collected from the Participant, and from the Company and any Participating Company, for the purpose of implementing, administering, and managing the Plan pursuant to its terms. The legal basis (that is, the legal justification) for processing the Data is that it is necessary to perform, administer and manage the Plan pursuant to this Agreement between the Participant and the Company, and in the Company's legitimate interests to comply with applicable non-EU laws when performing, administering and managing the Plan, subject to his or her interest and fundamental rights. The Data must be provided in order for the Participant to participate in the Plan and for the parties to this Agreement to perform their respective obligations hereunder. If the Participant does not provide Data, he or she will not be able to participate in the Plan and become a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 Transfers and Retention of Data. The Participant understands that the Data will be transferred to and among the Company and any Participating Company, as well as service providers (such as stock administration providers, brokers, transfer agents, accounting firms, payroll processing firms or tax firms), for the purposes explained above, which are necessary to allow the Company to perform this Agreement. The Participant understands that the recipients of the Data may be located in the United States and in other jurisdictions outside of the European Economic Area where the Company and any Participating Company or its service providers have operations. The United States and some of these other jurisdictions have not been found by the European Commission to have adequate data protection safeguards. If the Company or any Participating Company makes transfers of Data outside of the European Economic Area,

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For Non-U.S. Participants

## those transfers will be made solely to the extent necessary to perform this Agreement and take necessary actions in connection with such performance. In addition, service providers may commit to provide adequate safeguards for the transferred Data, such as standard contractual clauses approved by the European Commission. In that case, the Participant may obtain details of the transfers by contacting their local human resources representative.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7 Participant's Rights in Respect of Data. The Participant has the right to access his or her Data being processed by the Company or any Participating Company as well as understand why the Company or any Participating Company is processing such Data. Additionally, subject to applicable laws, the Participant is entitled to have any inadequate, incomplete, or incorrect Data corrected (that is, rectified). Further, subject to applicable laws, and under certain circumstances, the Participant may be entitled to the following rights in regard to his or her Data: (i) to object to the processing of Data; (ii) to have his or her Data erased, such as where it is no longer necessary in relation to the purposes for which it was processed; (iii) to restrict the processing of his or her Data so that it is stored but not actively processed (*e.g.*, while the Company assesses whether the Participant is entitled to have Data erased); and (iv) to port a copy of the Data provided pursuant to this Agreement or generated by him or her, in a common machine-readable format. To exercise his or her rights, the Participant may contact the applicable human resources representative. The Participant may also contact the relevant data protection supervisory authority, as he or she has the right to lodge a complaint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 Nontransferability of the Award. Prior to the issuance of Shares on the applicable Settlement Date, neither this Award nor any Units subject to this Award will be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant's beneficiary, except transfer by will or by the laws of descent and distribution. All rights with respect to the Award will be exercisable during the Participant's lifetime only by the Participant or the Participant's guardian or legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 Captions. Captions and titles contained herein are for convenience only and do not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular includes the plural and the plural includes the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 Further Instruments. The parties hereto agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 Binding Effect. This Agreement will inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant's heirs, executors, administrators, successors and assigns.

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For Non-U.S. Participants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 Delivery of Documents and Notices. Any document relating to participation in the Plan, or any notice required or permitted hereunder must be given in writing and will be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail address, if any, provided for the Participant by a Participating Company, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing from time to time to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Description of Electronic Delivery and Signature.*** The Plan documents, which may include but do not necessarily include: the Plan, the Grant Notice, this Agreement, and any reports of the Company provided generally to the Company's shareholders, may be delivered to the Participant electronically. In addition, if permitted by the Company, the Participant may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time. Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company. Any and all such documents and notices may be electronically signed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Consent to Electronic Delivery and Signature.*** The Participant acknowledges that the Participant has read Section 17.5(a) of this Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice, as described in Section 17.5(a). The Participant agrees that any and all such documents requiring a signature may be electronically signed and that such electronic signature will have the same effect as handwritten signature for the purposes of validity, enforceability and admissibility. The Participant acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing. The Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the attempted electronic delivery of such documents fails. Similarly, the Participant understands that the Participant must provide the Company or any designated third party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails. The Participant may revoke his or her consent to the electronic delivery of documents described in Section 17.5(a) or may change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail. The Participant acknowledges that the foregoing online or electronic participation in the Plan shall have the same force and effect as documentation executed in hardcopy written form. Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents described in Section 17.5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 Entire Agreement. The Grant Notice, this Agreement and the Plan constitute the entire understanding and agreement of the Participant and the Participating Company Group with respect to the subject matter contained herein or therein and supersede any prior or contemporaneous agreements, understandings, restrictions, representations, or warranties

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For Non-U.S. Participants

## among the Participant and the Participating Company Group with respect to the subject matter hereof, and may not be modified adversely to the Participant's interest (other than as permitted by the Plan) except by means of a writing signed by the Company and Participant. To the extent contemplated herein or therein, the provisions of the Grant Notice, this Agreement and the Plan will survive any settlement of the Award and will remain in full force and effect.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 Applicable Law. This Agreement will be governed by the laws of [the Cayman Islands] as such laws are applied to agreements between [Cayman Islands] residents entered into and to be performed entirely within [the Cayman Islands].<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 Counterparts. The Grant Notice may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9 No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations or assessments regarding the Participant's participation in the Plan, or the Participant's acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with the Participant's own personal tax, legal and financial advisors regarding the Participant's participation in the Plan before taking any action related to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Participant's participation in the Plan, on the Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with applicable laws or facilitate the administration of the Plan. The Participant agrees to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. Furthermore, the Participant acknowledges that the laws of the country in which the Participant is working at the time of grant, vesting of the Units or the sale of Shares received pursuant to this Agreement (including any rules or regulations governing securities, foreign exchange, tax, labor, or other matters) may subject the Participant to additional procedural or regulatory requirements that the Participant is and will be solely responsible for and must fulfill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11 Insider Trading/Market Abuse Laws. The Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, including, but not limited to, the Participant's country, which may affect the Participant's ability to accept, acquire, sell, or otherwise dispose of Shares, rights to Shares (*e.g.*, the Units) or rights linked to the value of Shares under the Plan during such times as the Participant is considered to have "inside information" regarding the Company (as defined by the laws in the applicable jurisdictions). Insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant placed before the Participant possessed inside information. Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party, and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. Neither

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<sup>2</sup> Note to Draft: Cayman Islands counsel to confirm applicable law.

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For Non-U.S. Participants

## the Company nor any Participating Company will be responsible for such restrictions or liable for the failure on the Participant's part to know and abide by such restrictions. The Participant should consult with his or her own personal legal advisers to ensure compliance with local laws.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.12 Foreign Asset/Account and Tax Reporting. There may be certain foreign tax, asset and/or account reporting requirements which may affect the Participant's ability to acquire or hold Shares or cash received from participating in the Plan in a brokerage or bank account outside the Participant's country. The Participant may be required to report such accounts, assets or related transactions to the tax or other authorities in the Participant's country. The Participant also may be required to repatriate sale proceeds or other funds received as a result of participating in the Plan to the Participant's country within a certain time after receipt. The Participant acknowledges that it is the Participant's responsibility to comply with such regulations, and is advised to speak to a personal advisor on this matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.13 Language. The Participant acknowledges that the Participant is proficient in the English language, or has consulted with an advisor who is proficient in the English language, so as to enable the Participant to understand the provisions of this Agreement and the Plan. If the Participant has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 Country Specific Appendix. Notwithstanding any provisions in this Agreement, the Units grant shall be subject to any special terms and conditions set forth below which are applicable to the Participant's country of residence, the provisions of which are incorporated in and constitute part of this Agreement. Moreover, if the Participant relocates to one of the listed below, the specific terms and conditions applicable to such country will apply to the Participant to the extent the Company determines that the application of such terms and conditions is necessary or advisable in order to comply with applicable law or facilitate the administration of the Plan.

**COUNTRY-SPECIFIC APPENDIX TO**

**RARE EARTHS AMERICAS LTD.**

**RESTRICTED STOCK UNITS AGREEMENT**

This Appendix includes additional notifications, terms, and conditions that govern the Units granted to the Participant under the Plan if the Participant resides in one of the countries listed below. Capitalized terms used but not defined in this Appendix have the meanings set forth in the Plan and/or this Agreement.

The Participant understands and agrees that the Company strongly recommends that the Participant not rely on the information herein as the only source of information relating to the consequences of participation in the Plan because applicable rules and regulations regularly change, sometimes on a retroactive basis, and the information may be out of date at the time the Units vest under the Plan.

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For Non-U.S. Participants

The Participant further understands and agrees that if the Participant is a citizen or resident of a country other than the one in which the Participant is currently working, transfers employment or engagement after the grant of the Units, or is considered a resident of another country for applicable laws purposes, the information contained herein may not apply to the Participant, and the Company shall, in its discretion, determine to what extent the terms and conditions contained herein shall apply.

**AUSTRALIA**

***Notifications***

**<u>Securities Law Information</u>.** The offering and resale of the Shares acquired under the Plan to a person or entity resident in Australia may be subject to disclosure requirements under Australian law. The Participant should obtain legal advice regarding any applicable disclosure requirements prior to making any such offer. Neither this document nor any other materials relating to the Units constitute a prospectus, product disclosure statement, offer information statement or other disclosure documents under Australian law, including the Corporations Act 2001 (Cth).

**<u>No Advice or Recommendation</u>.** This Agreement is not intended to provide the sole or principal basis of any investment or credit decision or any other risk evaluation. The information contained in this Agreement is not a recommendation by the Company or any other person that subscribes for Shares in the Company. Each Participant must conduct his or her own investigations and analysis of the operations and prospects of the Company that it considers necessary or desirable and should determine for itself its interest in acquiring Shares in the Company on the basis of such independent assessment and investigation.

***Terms and Conditions***

**<u>Settlement of RSUs</u>.** Notwithstanding any discretion contained in the Plan, the grant of Units does not provide any right for the Participant to receive a cash payment. Units are payable only in Shares.

**<u>Foreign Asset Reporting</u>.** The Participant is required to report any cash or share accounts held in a foreign institution where the value of the asset is more than AUD 50,000. The information must be submitted to the Australian Taxation Office (on Form Annual Income Tax Return) by October 31. The threshold applies at any time during the tax year. The deadline may be extended if filing through a registered tax agent.

**<u>Offer of Units</u>.** The Board, in its absolute discretion, may make a written offer to an eligible person who is an Australian resident (each such offeree being referred to in this Appendix as a "Participant") it chooses to accept an award of Units.

The offer shall specify the maximum number of Shares subject to an award of Units which the Participant may accept, the Date of Grant, the Expiration Date, the vesting conditions (if any), any applicable holding period and any disposal restrictions attaching to the Award or the resultant Shares (all of which may be set by the Board in its absolute discretion).

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For Non-U.S. Participants

The offer is intended to receive tax-deferred treatment under Subdivision 83A-C of the Income Tax Assessment Act 1997(Cth). The conditions to receive such treatment are contained in this Appendix.

The offer shall be accompanied by an acceptance form and a copy of the Plan and this Appendix or, alternatively, details on how the Participant may obtain a copy of the Plan and this Appendix.

**<u>Grant of Units.</u>** If Participant validly accepts the Board's offer of an award of Units, the Board must grant the Participant an award for the number of Shares for which the award was accepted. However, the Board must *not* do so if the Participant has ceased to be an eligible person at the date when the award is to be granted or the Company is otherwise prohibited from doing so under the *Corporations Act 2001*(Cth) (the "***Corporations Act***") without a disclosure document, product disclosure statement or similar document.

The Company must provide an Agreement in respect of the award granted to the Participant to be executed by the Participant as soon as practicable after the Date of Grant.

Awards granted to the Participants under this Appendix that are Units must not have an Expiration Date exceeding fifteen (15) years from the Date of Grant.

**<u>Tax-Deferred Treatment</u>**<u>.</u>

*Ordinary shares*. Awards issued to a Participant under this Appendix must relate to ordinary shares. For the purpose of this Appendix, ordinary shares shall be defined in accordance with its ordinary meaning under Australian law.

*Predominant business of the Company*. Awards must not be issued to the Participants where those awards relate to Units or Shares in a company that has a predominant business of the acquisition, sale or holding of shares, securities or other investments.

*Real risk of forfeiture*. Awards that are Units issued to a Participant under this Appendix must have a real risk of forfeiture, the vesting conditions by which this risk is achieved are to be determined by the Board in its absolute discretion.

*10% limit on shareholding and voting power*. Immediately after the Participant acquires the awards, the Participant must not: (i) hold a beneficial interest in more than 10% of the shares in the Company; or (ii) be in a position to cast, or control the casting of, more than 10% of the maximum number of votes that might be cast at a general meeting of the Company. For the purposes of these thresholds, awards that are Units are treated as if they have vested and have been converted into Shares.

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For Non-U.S. Participants

**BRAZIL**

***Terms and Conditions***

**<u>Acknowledgements.</u>** The following provisions supplement Section 15 of the Agreement.

By accepting these Units, the Participant acknowledges, understands and agrees that (i) the Participant is making an investment decision and (ii) the value of the underlying Shares is not fixed and may increase or decrease without compensation to the Participant.

**<u>Compliance with Law.</u>** By accepting these Units, the Participant acknowledges, understands and agrees to comply with applicable Brazilian laws and to pay any and all applicable Tax-Related Items associated with the acquisition of the Shares, the receipt of any dividends, and the sale of Shares acquired under the Plan.

***Notifications***

**<u>Exchange Control Notification.</u>** If the Participant is a resident or is domiciled in Brazil, the Participant will be required to submit an annual declaration of assets and rights held outside Brazil, including any Shares acquired under the Plan, to the Central Bank of Brazil if the aggregate value of such assets and rights equals or exceeds a certain legally designated amount. The assets and rights that must be reported include Shares and may include the Units.

**<u>Tax on Financial Transaction</u>**. If the Participant repatriates the proceeds from the sale of Shares or receipt of any cash dividends and converts the funds into local currency, the Participant may be subject to the Tax on Financial Transactions. It is the Participant's responsibility to pay any applicable Tax on Financial Transactions arising from participation in the Plan. The Participant should consult with a personal tax advisor for additional details.

**CANADA**

***Terms and Conditions***

**<u>Termination of Service</u>.** Notwithstanding any provision of the Plan or this Agreement, the following provision shall apply to Participants employed in Canada on the date on which notification of termination (for any reason, with or without cause) or resignation from Service is delivered:

For purposes of this Agreement, the Participant's termination date shall mean the later of (i) the date upon which the Participant ceases to perform Services for the Company or Participating Company following the provision of such notification of termination or resignation from Service and (ii) the end of any minimum period of notice of termination (if any) required by applicable employment or labor standards legislation. For clarity, unless otherwise expressly provided in this Agreement or determined by the Comapany, no Units will vest under the Plan following the Participant's termination date, and the termination date will not be extended by any period of deemed notice of termination under contract or at common or civil law in respect of which the Participant may receive pay in lieu of notice of termination or damages in lieu of such notice. The Participant will

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For Non-U.S. Participants

not be entitled to any further payments in respect of the value of any Units that have not yet vested as of the Participant's termination date and no Units nor any pro-rated portion thereof shall be included in any entitlement to any pay in lieu of notice of termination or damages in lieu of such notice. Subject to any applicable statutory notice period, the Board shall have the exclusive discretion to determine when the Participant is no longer actively providing Services for purposes of the grant of Units.

**<u>Share Settlement of Units.</u>** Notwithstanding any discretion contained in the Plan, the grant of Units does not provide any right for the Participant to receive a cash payment. Units are payable only in Shares.

**<u>Nature of Grant</u>.** The following provision replaces Section 15.1 of the Agreement:

In the event of the Participant's termination (whether or not in breach of local labor laws), the Participant's right to vest in the Units under the Plan, if any, will be considered terminated as of the earliest of: (a) the date that the Participant's employment or service relationship with the Company and Participating Companies is terminated; (b) the date that the Participant receives notice of termination of the Participant's employment or service relationship with the Company or any Participating Company, regardless of any notice period or period of pay in lieu of such notice required under applicable employment law in the jurisdiction where Participant is employed or providing Services or the terms of the Participant's employment agreement, if any; and (c) the date that the Participant is no longer actively providing Services to the Company or any Participating Company; the Board shall have the exclusive discretion to determine when the Participant is no longer actively in Service for purposes of the Units (including whether the Participant may still be considered to be providing Services while on a leave of absence).

**<u>Language Consent</u>.** The parties acknowledge that it is their express wish that this Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

***<u>Consentement Relatif à la Langue</u>.*** *Les parties reconnaissent avoir expressement souhaité que la convention «Agreement » ainsi que tous les documents, avis et procédures judiciaries, éxecutés, donnés ou intentés en vertu de, ou lié, directement ou indirectement à la présente convention, soient rédigés en langue anglaise.*

**<u>Data Privacy</u>.** The following provision supplements Section 16 of the Agreement:

The Participant hereby authorizes the Company and the Company's representatives to discuss with and obtain all relevant information from all personnel, professional or non-professional, involved in the administration and operation of the Plan. The Participant further authorizes the Company, any Participating Company, the Board, as well as a third party stock plan service provider, to disclose and discuss the Plan with their advisors and to record all relevant information and keep such information in the Participant's employee file.

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For Non-U.S. Participants

***Notifications***

**<u>Securities Law Notification</u>.** The sale or other disposal of the Shares acquired at settlement of the Units may not take place within Canada. *The Participant should consult his or her personal legal advisor prior to selling Shares.*

**<u>Foreign Asset / Account Reporting Notification</u>.** Foreign property, including Shares and rights to receive Shares (*e.g.*, Units), must be reported annually on a Form T1135 (Foreign Income Verification Statement) if the total cost of the foreign property exceeds C$100,000 at any time during the year. Thus, Units must be reported - generally at a nil cost - if the C$100,000 cost threshold is exceeded because of other foreign property. When Shares are acquired, their cost generally is the adjusted cost base ("***ACB***") of the Shares. The ACB would ordinarily equal the fair market value of the Shares at the time of acquisition, but if other Shares are also owned, this ACB may have to be averaged with the ACB of the other Shares. *The Participant should consult his or her personal tax advisor to ensure compliance with applicable reporting obligations.*

**SWEDEN**

***Notifications***

**<u>Securities Disclosure</u>**. The grant of the Units is exempt or excluded from the requirement to publish a prospectus under current securities rules as implemented in Sweden.

***Terms and Conditions***

**<u>Exchange Control</u>**. The Participant understands and agrees that foreign and local banks or financial institutions (including brokers) engaged in cross-border transactions generally may be required to report any payments to or from a foreign country exceeding a certain amount to The National Tax Board, which receives the information on behalf of the Swedish Central Bank (Sw.Riksbanken). This requirement may apply even if the Participant has a brokerage account with a foreign broker.

**<u>Taxes</u>**. The following provision supplements Section 6 of this Agreement:

Without limiting the Company's authority to satisfy its withholding obligations for Tax-Related Items as set forth in Section 6 of the Agreement, in accepting the grant of Units, Participant authorizes the Company to withhold Shares or to sell Shares otherwise deliverable to the Participant upon vesting/settlement to satisfy Tax-Related Items, regardless of whether the Company has an obligation to withhold such Tax-Related Items.

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For Non-U.S. Participants

**UNITED ARAB EMIRATES**

***Terms and Conditions***

**<u>Nature of Grant</u>**. The following provision supplements Section 15 of the Agreement:

The Participant acknowledges that the Units and related benefits do not constitute a component of the Participant's "wages" for any legal purpose. Therefore, the Units and related benefits will not be included and/or considered for purposes of calculating any and all labor benefits, such as social insurance contributions and/or any other labor-related amounts which may be payable.

***Notifications***

**<u>Securities Law Information</u>**. This statement, the Agreement, the Plan and any other documents the Participant may receive in connection with the Units are intended for distribution to select service providers of the Company or Participating Company only, and must not be delivered to, or relied on, by any other person.

The Units to which the Agreement relates are granted under the Plan to select service providers of the Company or Participating Company only and are intended to provide them with an incentive to contribute to the success of the Company.

The Ministry of Economy, Dubai Department of Economic Development, Emirates Securities and Commodities Authority and Central Bank do not have any responsibility for reviewing or verifying any documents in connection with this statement, the Plan or the Agreement, nor have they reviewed, verified or approved this statement, the Plan, the Agreement or any of the information set forth therein.

Any securities (*i.e.*, Shares) acquired under the Plan may be subject to restrictions on their resale. Prospective acquirors of the securities offered should conduct their own due diligence with respect to the securities. If the Participant does not understand the contents of this statement, the Plan or the Agreement, he or she should consult an authorized financial advisor.

**UNITED KINGDOM ("UK")**

***Terms and Conditions***

**<u>Settlement of Units.</u>** Notwithstanding any discretion contained in the Plan, the grant of Units does not provide any right for the Participant to receive a cash payment. Units are payable only in Shares.

**<u>Responsibility for Taxes</u>.** The following provision supplements Section 6 of the Agreement:

Without limitation to Section 6 of the Agreement, the Participant agrees that the Participant is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items, as and when requested by the Company or any Participating Company or by Her Majesty's Revenue and Customs ("***HMRC***") (or any other tax authority or any other relevant authority). The Participant also agrees to indemnify and keep indemnified the Company and the Participating

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For Non-U.S. Participants

Company against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC on the Participant's behalf (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if the Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the Participant understands that he or she may not be able to indemnify the Company for the amount of Tax-Related Items not collected from or paid by the Participant, in case the indemnification could be considered to be a loan. In this case, the Tax-Related Items not collected or paid may constitute a benefit to the Participant on which additional income tax and National Insurance Contributions ("***NICs***") may be payable. The Participant understands that he or she is responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying the Company or the Participating Company (as applicable) the amount of any NICS due on this additional benefit, which may also be recovered from the Participant by any of the means referred to in Section 6 of the Agreement.

**<u>Tax Consultation</u>.** The Participant understands that he or she may suffer adverse tax consequences as a result of his or her acquisition, holding, or disposition of the Shares. The Participant represents that he or she will consult with any tax advisors that the Participant deems appropriate in connection with the acquisition, holding, or disposition of the Shares and that the Participant is not relying on the Company or any Participating Company for any tax advice.

[**<u>Section 431 Election</u>**. As a condition of participation in the Plan and the vesting of the Units, the Participant agrees to enter into, jointly with the Company or Participating Company, the joint election within Section 431 of the U.K. Income Tax (Earnings and Pensions) Act 2003 ("*ITEPA 2003*") in respect of computing any tax charge on the acquisition of "restricted securities" (as defined in Sections 423 and 424 of ITEPA 2003), and that the Participant will not revoke such election at any time. This election will be to treat the Shares as if they were not restricted securities (for U.K. tax purposes only). The Participant must enter into the form of election concurrent with accepting the Agreement, or at such subsequent time as may be designated by the Company.]

[**<u>Joint Election</u>.** As a condition of participation in the Plan, the Participant agrees to accept any liability for secondary Class 1 NICs that may be payable by the Company or the Participating Company (or any successor to the Company or the Participating Company) in connection with the Units and any event giving rise to Tax-Related Items (the "***Employer NICs***"). The Employer NICs may be collected by the Company or the Participating Company using any of the methods described in the Plan or in Section 6 of the Agreement.

Without prejudice to the foregoing, the Participant agrees to execute the form of joint election with the Company and/or the Participating Company (a "***Joint Election***"), which has been approved by HMRC and is attached to this Appendix, concurrent with accepting the Agreement or at such subsequent time as may be designated by the Company, and any other consent or elections required by the Company or the Participating Company in respect of the Employer NICs liability. The Participant further agrees to execute such other elections as may be required by any successor to the Company and/or the Participating Company for the purpose of continuing the effectiveness of the Participant's Joint Election.]

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For Non-U.S. Participants

***Notifications***

**<u>Units Not UK Tax-Qualified</u>.** The Units granted under the Agreement are not intended to qualify for tax beneficial or preferred treatment under UK rules and regulations.

**<u>Securities Disclaimer</u>.** The grant of the Award is exempt from the requirement to publish a prospectus under current securities rules as implemented in the UK. Neither the Agreement, nor this Appendix, is an approved prospectus for the purposes of section 85(1) of the Financial Services and Markets Act 2000 ("***FSMA***") and no offer of transferable securities to the public (for the purposes of section 102B of FSMA) is being made in connection with the Plan. The Plan and the Units are exclusively available in the UK to bona fide Employees and former Employees and any other UK Participating Company.

**<u>Prohibition Against Insider Dealing</u>.** The Participant should be aware of the UK's insider dealing rules under the Criminal Justice Act 1993, which may affect transactions under the Plan such as the acquisition or sale of Shares acquired under the Plan, if the Participant has inside information regarding the Company. If the Participant is uncertain whether the insider dealing rules apply, the Company recommends that the Participant consults with a legal advisor. The Company cannot be held liable if the Participant violates the UK's insider dealing rules. Participant is responsible for ensuring his or her compliance with these ru.les.

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## Exhibit 10.3

**Exhibit 10.3**

THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

**RARE EARTHS AMERICAS LTD.**

**RESTRICTED STOCK UNITS AGREEMENT**

Rare Earths Americas Ltd. has granted to the Participant named in the *Notice of Grant of Restricted Stock Units* (the *"****Grant Notice****"*) to which this Restricted Stock Units Agreement (the *"****Agreement****"*) is attached an Award consisting of Restricted Stock Units subject to the terms and conditions set forth in the Grant Notice and this Agreement. The Award has been granted pursuant to and is in all respects subject to the terms and conditions of the Rare Earths Americas Ltd. 2025 Equity Incentive Plan (the *"****Plan****"*).

**1 <u>Definitions</u>**.

Capitalized terms have the meanings assigned by the Grant Notice or the Plan, unless otherwise defined herein or as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 *"Change in Control"* means a "Change in Control as defined by the Plan, provided that such Change in Control (a) is also a "change in control event" as described in Treasury Regulation Section 1.409A-3(i)(5)(i) and (b) is not an Initial Public Offering described in Section 1.2(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 "*Initial Public Offering*" means either (a) the closing of the initial underwritten public offering of securities of the class of equity securities then subject to the Award pursuant to an effective registration statement filed under the Securities Act or (b) the closing of an acquisition of the Company by a special purpose acquisition company whose shares are publicly traded on a national stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 "*Liquidity Event Date*" means the date of satisfaction of the Liquidity Event Condition (as defined in the Grant Notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Administration.</u>**

All questions of interpretation concerning the Grant Notice, this Agreement, the Plan or any other form of agreement or other document employed by the Company in the administration of the Plan or the Award are determined by the Board or its authorized designee as set forth in Section 3 of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>The Award.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Grant of Units. On the Date of Grant, the Participant will acquire, subject to the provisions of this Agreement, a number of Units equal to the Total Number of Units. Each Unit represents a right to receive one (1) Share on a date determined in accordance with the Grant Notice and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 No Monetary Payment Required. The Participant is not required to make any monetary payment (other than to satisfy applicable tax withholding, if any, with respect to the issuance of Shares) as a condition to receiving the Units or Shares issued upon settlement of the Units, the consideration for which will be past services actually rendered or future services to be rendered to a Participating Company or for its benefit. Notwithstanding the foregoing, if required by applicable law, the Participant will furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit having a value not less than the par value of the Shares issued upon settlement of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Termination of the Award. The Award will terminate upon the first to occur of (a) the date of termination of the Participant's Service for Cause prior to the Vesting Date (as set forth in the Grant Notice), (b) the Expiration Date if the Liquidity Event Date has not yet occurred on or before the Expiration Date, (c) a Change in Control to the extent provided in Section 7, or (d) the final settlement of all Vested Units in accordance with Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Vesting of Units; Termination of Service.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Normal Vesting. Units acquired pursuant to this Agreement will become Vested Units as provided in the Grant Notice. For purposes of determining the number of Vested Units following an Ownership Change Event, credited Service will include all service with any entity which is a member of the Participating Company Group at the time service is rendered, whether or not such entity is a member of the Participating Company Group both before and after such Ownership Change Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Effect of Termination of Service. The effect of the Participant's termination of Service prior to the Vesting Date will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Termination of Service for Cause.** If the Participant's Service is terminated for Cause at any time prior to a Vesting Date, then all Units subject to the Award will be forfeited and automatically canceled immediately upon the Participant's termination of Service, notwithstanding that the Participant may have satisfied the Service Condition with respect to all or a portion of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Termination of Service for any Reason other than Cause before Liquidity Event Date.** If the Participant's Service terminates for any reason other than Cause prior to the Liquidity Event Date, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Units for which the Service Condition as set forth in the Grant Notice *<u>has not</u>* been satisfied as of the date of such termination of Service will be forfeited and automatically canceled immediately upon the Participant's termination of Service; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Units for which the Service Condition as set forth in the Grant Notice has been satisfied as of the date of such termination of Service will not then be forfeited and automatically canceled, but instead will become Vested Units, if at all, upon the subsequent occurrence of the Liquidity Event Date prior to the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Effect of Termination of Service on or after Liquidity Event Date.** If the Participant's Service terminates for any reason on or after the Liquidity Event Date, then all Units that are not then Vested Units will be forfeited and automatically canceled immediately upon the Participant's termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Settlement of the Award.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Issuance of Shares*.* Subject to the provisions of Section 5.3, the Company will issue one (1) Share to the Participant on the Settlement Date for each Vested Unit to be settled on such date. Shares issued in settlement of Units will not be subject to any restriction on transfer other than any restriction required pursuant to Section 5.3, Section 6 or the Company's Trading Compliance Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Beneficial Ownership of Shares; Certificate Registration*.* The Participant authorizes the Company, in its sole discretion, to deposit Shares acquired by the Participant pursuant to the settlement of the Award with the Company's transfer agent, including any successor transfer agent, to be held in book entry form. Furthermore, the Participant authorizes the Company, in its sole discretion, to deposit Shares for the benefit of the Participant with any broker with which the Participant has an account relationship of which the Company has notice. Except as provided by the foregoing, a certificate for the Shares will be registered in the name of the Participant, or, if applicable, in the names of the heirs of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Restrictions on Grant of the Award and Issuance of Shares*.* The grant of the Award and issuance of Shares upon settlement of the Award will be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities. No Shares will be issued if their issuance would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Shares may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any Shares will relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority has not been obtained. As a condition to the settlement of the Award, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty as may be requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Fractional Shares*.* The Company will not be required to issue fractional shares upon the settlement of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 [Shareholders Agreement. The Participant (and, if applicable, his or her heirs) will be required, at the time of acceptance of this Award and as a condition to the Award, to sign and deliver an adoption agreement or counterpart signature page to, and be bound by,

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## each Shareholders Agreement then in effect and any other agreement that the Company requires a holder of Shares to sign (to the extent such agreements exist and such Participant is not already a party to such agreements), in form and substance satisfactory to the Company. The Participant (and, if applicable, his or her heirs) acknowledges that a Shareholders Agreement or any such other agreement may restrict transfers of Shares. The obligation set forth in this Section will remain in effect with respect to any Shareholders Agreement until such Shareholders Agreement is terminated. In addition, to the extent any such Shareholders Agreement is amended, modified or otherwise replaced by a similar agreement, the obligation set forth herein will also apply to the modified, amended and/or replacement agreement.]
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Tax Withholding.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 In General. At the time the Grant Notice is executed, or at any time thereafter as requested by a Participating Company, the Participant authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for, any sums required to satisfy the federal, state, local and foreign tax (including social insurance) withholding obligations of the Participating Company, if any, which arise in connection with the Award, the vesting of Units or the issuance of Shares in settlement thereof. The Company has no obligation to deliver Shares until the tax withholding obligations of the Participating Company have been satisfied by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Assignment of Sale Proceeds. Subject to compliance with applicable law and the Company's Trading Compliance Policy, if permitted by the Company, the Participant may satisfy the Participating Company's tax withholding obligations in accordance with procedures established by the Company providing for delivery by the Participant to the Company or a broker approved by the Company of properly executed instructions, in a form approved by the Company, providing for the assignment to the Company of the proceeds of a sale with respect to some or all of the Shares being acquired upon settlement of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Withholding in Shares. The Company has the right, but not the obligation, to require the Participant to satisfy all or any portion of a Participating Company's tax withholding obligations by deducting from the Shares otherwise deliverable to the Participant in settlement of the Award a number of whole Shares having a fair market value, as determined by the Company as of the date on which the tax withholding obligations arise, not in excess of the amount of such tax withholding obligations determined by the applicable minimum statutory withholding rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Effect of Change in Control</u>*<u>.</u>***

In the event of a Change in Control, the treatment of the Award will be governed by Section 10 of the Plan and any applicable provisions of the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Right of First Refusal.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Grant of Right of First Refusal*.* Except as provided in Section 8.7 and Section 15, in the event the Participant, the Participant's legal representative, or other holder of Shares acquired upon settlement of the Award proposes to sell, exchange, transfer, pledge, or otherwise dispose of any such Shares (the *"Transfer Shares"*) to any person or entity, including,

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## without limitation, any shareholder of a Participating Company, the Company will have the right to repurchase the Transfer Shares under the terms and subject to the conditions set forth in this Section (the *" Right of First Refusal "*).
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Notice of Proposed Transfer*.* Prior to any proposed transfer of the Transfer Shares, the Participant must deliver written notice (the *"Transfer Notice"*) to the Company describing fully the proposed transfer, including the number of Transfer Shares, the name and address of the proposed transferee (the *"Proposed Transferee"*) and, if the transfer is voluntary, the proposed transfer price, and containing such information necessary to show the bona fide nature of the proposed transfer. In the event of a bona fide gift or involuntary transfer, the proposed transfer price will be deemed to be the Fair Market Value of the Transfer Shares, as determined by the Board in good faith. If the Participant proposes to transfer any Transfer Shares to more than one Proposed Transferee, the Participant must provide a separate Transfer Notice for the proposed transfer to each Proposed Transferee. The Transfer Notice must be signed by both the Participant and the Proposed Transferee and must constitute a binding commitment of the Participant and the Proposed Transferee for the transfer of the Transfer Shares to the Proposed Transferee subject only to the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Bona Fide Transfer*.* If the Company determines that the information provided by the Participant in the Transfer Notice is insufficient to establish the bona fide nature of a proposed voluntary transfer, the Company will give the Participant written notice of the Participant's failure to comply with the procedure described in this Section 8, and the Participant will have no right to transfer the Transfer Shares without first complying with the procedure described in this Section 8. The Participant will not be permitted to transfer the Transfer Shares if the proposed transfer is not bona fide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Exercise of Right of First Refusal*.* If the Company determines the proposed transfer to be bona fide, the Company will have the right to purchase all, but not less than all, of the Transfer Shares (except as the Company and the Participant otherwise agree) at the purchase price and on the terms set forth in the Transfer Notice by delivery to the Participant of a notice of exercise of the Right of First Refusal within thirty (30) days after the date the Transfer Notice is delivered to the Company. The Company's exercise or failure to exercise the Right of First Refusal with respect to any proposed transfer described in a Transfer Notice will not affect the Company's right to exercise the Right of First Refusal with respect to any proposed transfer described in any other Transfer Notice, whether or not such other Transfer Notice is issued by the Participant or issued by a person other than the Participant with respect to a proposed transfer to the same Proposed Transferee. If the Company exercises the Right of First Refusal, the Company and the Participant will consummate the sale of the Transfer Shares to the Company on the terms set forth in the Transfer Notice within sixty (60) days after the date the Transfer Notice is delivered to the Company (unless a longer period is offered by the Proposed Transferee); provided, however, that in the event the Transfer Notice provides for the payment for the Transfer Shares other than in cash, the Company will have the option of paying for the Transfer Shares by the present value cash equivalent of the consideration described in the Transfer Notice as reasonably determined by the Company. For purposes of the foregoing, cancellation of any indebtedness of the Participant to any Participating Company will be treated as payment to the Participant in cash to the extent of the unpaid principal and any accrued interest canceled. Notwithstanding anything contained in this Section to the contrary, the period

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## during which the Company may exercise the Right of First Refusal and consummate the purchase of the Transfer Shares from the Participant will terminate no sooner than the completion of a period of eight (8) months following the date on which the Participant acquired the Transfer Shares.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Failure to Exercise Right of First Refusal*.* If the Company fails to exercise the Right of First Refusal in full (or to such lesser extent as the Company and the Participant otherwise agree) within the period specified in Section 8.4, the Participant may conclude a transfer to the Proposed Transferee of the Transfer Shares on the terms and conditions described in the Transfer Notice, provided such transfer occurs not later than ninety (90) days following delivery to the Company of the Transfer Notice or, if applicable, following the end of the period described in the last sentence of Section 8.4. The Company will have the right to demand further assurances from the Participant and the Proposed Transferee (in a form satisfactory to the Company) that the transfer of the Transfer Shares was actually carried out on the terms and conditions described in the Transfer Notice. No Transfer Shares will be transferred on the books of the Company until the Company has received such assurances, if so demanded, and has approved the proposed transfer as bona fide. Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer by the Participant, will again be subject to the Right of First Refusal and will require compliance by the Participant with the procedure described in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Transferees of Transfer Shares*.* All transferees of the Transfer Shares or any interest therein, other than the Company, will be required as a condition of such transfer to agree in writing (in a form satisfactory to the Company) that such transferee will receive and hold such Transfer Shares or interest therein subject to all of the terms and conditions of this Agreement, including this Section 8 providing for the Right of First Refusal with respect to any subsequent transfer. Any sale or transfer of any Shares will be void unless the provisions of this Section are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 Transfers Not Subject to Right of First Refusal*.* The Right of First Refusal will not apply to any transfer or exchange of the Shares if (a) such Shares are transferred during the Participant's lifetime or on the Participant's death by will or intestacy to the Participant's immediate family or a trust for the benefit of the Participant's immediate family in a manner permitted under Rule 701 under the Securities Act or (b) such Shares are transferred or exchanged in connection with an Ownership Change Event. Shares held by a transferee pursuant to clause (a) of this Section and any consideration received pursuant to a transfer or exchange pursuant to clause (b) of this Section that consists of stock of a Participating Company will in each such case remain subject to the Right of First Refusal unless the provisions of Section 8.9 result in a termination of the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 Assignment of Right of First Refusal*.* The Company will have the right to assign the Right of First Refusal at any time, whether or not there has been an attempted transfer, to one or more persons as may be selected by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 Early Termination of Right of First Refusal*.* The other provisions of this Agreement notwithstanding, the Right of First Refusal will terminate and be of no further force and effect upon (a) the occurrence of a Change in Control, unless the Acquiror assumes the Company's rights and obligations under this Agreement, or (b) the existence of a public market for the class of shares subject to the Right of First Refusal. A *"public market"* will exist if (i) such stock is listed on a national securities exchange (as that term is used in the Exchange Act) or (ii) such stock is traded on the over-the-counter market and prices therefor are published daily on business days in a recognized financial journal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Adjustments for Changes in Capital Structure.</u>**

The Award is subject to the adjustment as provided by Section 4.3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Rights as a Shareholder.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 In General. The Participant will have no rights as a shareholder with respect to any shares which may be issued in settlement of this Award until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for dividends, distributions or other rights for which the record date is prior to the date the shares are issued, except as provided in Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Waiver of Inspection Rights. The Participant acknowledges and understands that, but for the waiver made herein, the Participant would be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purposes, and to make copies and extracts from, the Company's stock ledger, a list of its shareholders, and its other books and records, and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220 of the Delaware General Corporation Law and similar rights under other applicable law (any and all such rights, and any and all such other rights of the Participant as may be provided for in Section 220 of the Delaware General Corporation Law and similar rights under other applicable law, the "*Inspection Rights*"). In light of the foregoing, until the first sale of Shares to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act, the Participant hereby unconditionally and irrevocably waives the Inspection Rights, whether such Inspection Rights would be exercisable or pursued directly or indirectly pursuant to Section 220 of the Delaware General Corporation Law or otherwise, and covenants and agrees never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver applies to the Inspection Rights of the Participant in the Participant's capacity as a shareholder and will not affect any rights of a director, in his or her capacity as such, under Section 220 of the Delaware General Corporation Law. The foregoing waiver will not apply to any contractual inspection rights of the Participant under any written agreement with the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Rights as a Director, Employee or Consultant.</u>**

If the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between a Participating Company and the Participant, the Participant's employment is "at will" and is for no specified term. Nothing in this Agreement confers upon the Participant any right to continue in the Service of a Participating Company or interferes in any way with any right of the Participating Company Group to terminate the Participant's Service as a Director, an Employee or Consultant, as the case may be, at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Legends.</u>**

The Company may at any time place legends referencing the Right of First Refusal and any applicable federal, state or foreign securities law restrictions on all certificates representing Shares issued pursuant to this Agreement. The Participant must, at the request of the Company, promptly present to the Company any and all certificates representing Shares acquired pursuant to this Award in the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise specified by the Company, legends placed on such certificates may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND REPURCHASE OPTIONS IN FAVOR OF THE CORPORATION OR ITS ASSIGNEE SET FORTH IN AN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED HOLDER, OR SUCH HOLDER'S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Compliance with Section 409A.</u>**

It is intended that any election, payment or benefit which is made or provided pursuant to or in connection with this Award that may result in nonqualified deferred compensation within the meaning of Section 409A will comply in all respects with the applicable requirements of Section 409A (including applicable regulations or other administrative guidance thereunder, as determined by the Board in good faith) to avoid the unfavorable tax consequences therein for non-compliance and the Award will be so construed. In connection with effecting such compliance with Section 409A, the following will apply:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Separation from Service; Required Delay in Payment to Specified Employee. Notwithstanding anything set forth herein to the contrary, no amount payable pursuant to this Agreement on account of the Participant's termination of Service which constitutes a "deferral of compensation" within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code (the *"Section 409A Regulations"*) may be paid unless and until the Participant has incurred a "separation from service" within the meaning of the Section 409A Regulations. Furthermore, to the extent that the Participant is a "specified employee" within the meaning of the Section 409A Regulations as of the date of the Participant's separation from service, no amount that constitutes a deferral of compensation that is payable on account of the Participant's separation from service may be paid to the Participant before the date (the *"Delayed Payment Date"*) that is the first day of the seventh month after the date of the Participant's separation from service or, if earlier, the date of the Participant's death following such separation from service. All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Other Changes in Time of Payment. Neither the Participant nor the Company may take any action to accelerate or delay the payment of any benefits under this Agreement in any manner that would not be in compliance with the Section 409A Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 Amendments to Comply with Section 409A; Indemnification. Notwithstanding any other provision of this Agreement to the contrary, the Company is authorized to amend this Agreement, to void or amend any election made by the Participant under this Agreement and/or to delay the payment of any monies and/or provision of any benefits in such manner as may be determined by the Company, in its discretion, to be necessary or appropriate to comply with the Section 409A Regulations without prior notice to or consent of the Participant. The Participant hereby releases and holds harmless the Company, its directors, officers and shareholders from any and all claims that may arise from or relate to any tax liability, penalties, interest, costs, fees or other liability incurred by the Participant in connection with the Award, including as a result of the application of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Advice of Independent Tax Advisor. The Company has not obtained a tax ruling or other confirmation from the Internal Revenue Service with regard to the application of Section 409A to the Award, and the Company does not represent or warrant that this Agreement will avoid adverse tax consequences to the Participant, including as a result of the application of Section 409A to the Award. The Participant hereby acknowledges that he or she has been advised to seek the advice of his or her own independent tax advisor prior to entering into this Agreement and is not relying upon any representations of the Company or any of its agents as to the effect of or the advisability of entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Lock-Up Agreement.</u>**

The Participant hereby agrees that in the event of any underwritten public offering of stock, including an initial public offering of stock, made by the Company pursuant to an effective registration statement filed under the Securities Act, the Participant may not offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or make any short sale of, or otherwise dispose of any shares of stock of the Company or any rights to acquire stock of the Company for such period of time from and after the effective date of such registration statement

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as may be established by the underwriter for such public offering; provided, however, that such period of time may not exceed one hundred eighty (180) days from the effective date of the registration statement to be filed in connection with such public offering**;** or, upon the request of the Company or the underwriter, such longer period as necessary to permit compliance with FINRA Rule 2241 or any successor provisions or amendments thereto. The foregoing limitation will not apply to shares registered in the public offering under the Securities Act. The Participant hereby agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing within a reasonable timeframe if so requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Restrictions on Transfer of Shares.</u>**

At any time prior to the existence of a public market for the Shares, the Board may prohibit the Participant and any transferee of such Participant from selling, transferring, assigning, pledging, or otherwise disposing of or encumbering any Shares acquired pursuant to the Award (each, a *"****Transfer****"*) without the prior written consent of the Board. The Board may withhold consent for any reason, including, without limitation, (i) if such Transfer increases the risk of the Company having a class of security held of record by such number of persons as would require the Company to register any class of securities under the Exchange Act; (ii) if such Transfer would result in the loss of any federal or state securities law exemption relied upon by the Company in connection with the initial issuance of such shares or the issuance of any other securities; (iii) if such Transfer is facilitated in any manner by any public posting, message board, trading portal, Internet site, or similar method of communication, including without limitation any trading portal or Internet site intended to facilitate secondary transfers of securities; (iv) if such Transfer is to be effected in a brokered transaction; (v) if such Transfer would be of less than all of the Shares then held by the shareholder and its affiliates or is to be made to more than a single transferee; or (vi) any Transfer to any individual or entity identified by the Company as a potential competitor or considered by the Company to be unfriendly. No Shares may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of, including by operation of law, in any manner which violates any of the provisions of this Agreement, and any such attempted disposition will be void. The Company will not be required (a) to transfer on its books any Shares which will have been transferred in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such Shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such Shares will have been so transferred. In order to enforce its rights under this Section, the Company will be authorized to give a stop transfer instruction with respect to the Shares to the Company's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Miscellaneous Provisions.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Nontransferability of the Award. Prior to the issuance of Shares on the applicable Settlement Date, neither this Award nor any Units subject to this Award will be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant's beneficiary, except transfer by will or by the laws of descent and distribution. All rights with respect to the Award will be exercisable during the Participant's lifetime only by the Participant or the Participant's guardian or legal representative.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Captions. Captions and titles contained herein are for convenience only and do not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular includes the plural and the plural includes the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 Further Instruments. The parties hereto agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 Binding Effect. This Agreement will inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant's heirs, executors, administrators, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 Delivery of Documents and Notices. Any document relating to participation in the Plan, or any notice required or permitted hereunder must be given in writing and will be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail address, if any, provided for the Participant by a Participating Company, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing from time to time to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Description of Electronic Delivery and Signature.*** The Plan documents, which may include but do not necessarily include: the Plan, the Grant Notice, this Agreement, and any reports of the Company provided generally to the Company's shareholders, may be delivered to the Participant electronically. In addition, if permitted by the Company, the Participant may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time. Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company. Any and all such documents and notices may be electronically signed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Consent to Electronic Delivery and Signature.*** The Participant acknowledges that the Participant has read Section 16.5(a) of this Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice, as described in Section 16.5(a). The Participant agrees that any and all such documents requiring a signature may be electronically signed and that such electronic signature will have the same effect as handwritten signature for the purposes of validity, enforceability and admissibility. The Participant acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing. The Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the attempted electronic delivery of such documents fails. Similarly, the Participant understands that the Participant must

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provide the Company or any designated third party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails. The Participant may revoke his or her consent to the electronic delivery of documents described in Section 16.5(a) or may change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail. Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents described in Section 16.5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 Entire Agreement. The Grant Notice, this Agreement and the Plan constitute the entire understanding and agreement of the Participant and the Participating Company Group with respect to the subject matter contained herein or therein and supersede any prior or contemporaneous agreements, understandings, restrictions, representations, or warranties among the Participant and the Participating Company Group with respect to the subject matter hereof, and may not be modified adversely to the Participant's interest (other than as permitted by the Plan) except by means of a writing signed by the Company and Participant. To the extent contemplated herein or therein, the provisions of the Grant Notice, this Agreement and the Plan will survive any settlement of the Award and will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7 Applicable Law. This Agreement will be governed by the laws of [the Cayman Islands] as such laws are applied to agreements between [Cayman Islands]residents entered into and to be performed entirely within [the Cayman Islands].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8 Counterparts. The Grant Notice may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

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## Exhibit 10.4

**Exhibit 10.4**

**RARE EARTH AMERICAS LTD.**

**NOTICE OF GRANT OF RESTRICTED STOCK UNITS**

You have been granted an award (the *"****Award****"*) of certain units pursuant to the Rare Earth Americas Ltd. 2025 Equity Incentive Plan (the *"****Plan****"*) and your Restricted Stock Units Agreement (the "***Agreement***"), each of which represents the right to receive on the applicable Settlement Date one (1) share of Stock (each a "***Share***"), as follows:

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| | |
|:---|:---|
| **Participant:** |  |
| **Date of Grant:** |  |
| **Total Number of Units:** | (each a "***Unit***"), subject to adjustment as provided by the Agreement. |
| **Expiration Date:** | The [5<sup>th</sup>][7<sup>th</sup>] anniversary of the Date of Grant. |
| **Vesting Commencement Date:** | [Insert Date] |
| **Vested Units:** | The vesting of each Unit requires the satisfaction of both the Service Condition and Liquidity Event Condition on or before the Expiration Date. Each Unit will become a Vested Unit on the first date (the "***Vesting Date***") on which ***both*** of the following conditions have been satisfied with respect to such Unit on or before the Expiration Date, as determined by the Board [provided that, except as otherwise provided by the Agreement, the Participant's Service has not terminated before the Vesting Date]: |
| **Service Condition** | The Service Condition will be satisfied for 100% of the Total Number of Units as of the Date of Grant.  |
| **Liquidity Event Condition** | The Liquidity Event Condition will be satisfied prior to the Expiration Date upon the first to occur of: (i) the closing of an Initial Public Offering (as defined in the Agreement) [, provided that the Participant's Service has not terminated before such date], and (ii) the time immediately prior to the consummation of a Change in Control (as defined in the Agreement). |
| **Settlement Date:** | Except as provided by the Agreement, the Settlement Date with respect to each Unit will be the Vesting Date applicable to such Unit; provided, however, that if the Liquidity Event Condition is satisfied by an effective Initial Public Offering, then the Settlement Date for any Unit that becomes a Vested Unit prior to the lapsing of any lock-up period described in Section 14 of the Agreement will be the first to occur of (i) the date on which such lock-up period lapses and (ii) a date determined by the Board, which will be no later than the 15th day of the third month following the end of the Applicable Year in which the Unit becomes a Vested Unit. For this purpose, "***Applicable Year***" means the calendar year or the Company's fiscal year, whichever year ends later. |

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You and the Company agree that the Award is governed by this Notice of Grant and by the provisions of [the Shareholders Agreement,] the Plan and the Agreement, all of which are attached to and made a part of this document. You acknowledge receipt of copies of [the Shareholders Agreement,] the Plan and the Agreement, represent that you have read and are familiar with their provisions and accept the Award subject to all of their terms and conditions.

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| | |
|:---|:---|
| **RARE EARTH AMERICAS LTD.** | **PARTICIPANT** |
| By:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[officer name] | Signature |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[officer title] |  |
|  | Date |
| Address: |  |
|  | Address |

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ATTACHMENTS: [Shareholders Agreement,] 2025 Equity Incentive Plan, as amended to the Date of Grant; and Restricted Stock Units Agreement

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## Exhibit 10.5

**Exhibit 10.5**

THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

**RARE EARTH AMERICAS LTD.**

**RESTRICTED STOCK AGREEMENT**

Rare Earth Americas Ltd. has granted to the Participant named in the *Notice of Grant of Restricted Stock* (the *"****Grant Notice****"*) to which this Restricted Stock Agreement (the *"****Agreement****"*) is attached an Award consisting of Shares subject to the terms and conditions set forth in the Grant Notice and this Agreement. The Award has been granted pursuant to, and is in all respects subject to, the terms and conditions of, the Rare Earth Americas Ltd. 2025 Equity Incentive Plan (the *"****Plan****"*).

Unless otherwise defined by this Agreement, capitalized terms have the meanings assigned by the Grant Notice or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Election under Section 83(b) of the Code. The Participant understands that Section 83 of the Code taxes as ordinary income the difference between the amount paid for the Shares, if anything, and the fair market value of the Shares as of the date on which the Shares are "substantially vested," within the meaning of Section 83. In this context, "substantially vested" means that the right of the Company to reacquire the Shares pursuant to the Company Reacquisition Right has lapsed. To the extent any Shares are not Vested Shares as of the Date of Grant, the Participant understands that he or she may elect to have his or her taxable income determined at the time he or she acquires the Shares rather than when the Company Reacquisition Right lapses by filing an election under Section 83(b) of the Code with the Internal Revenue Service no later than thirty (30) days after the date of acquisition of the Shares. The Participant understands that failure to make a timely filing under Section 83(b) with respect to any such shares that are not Vested Shares as of the Date of Grant will result in his or her recognition of ordinary income, as the Company Reacquisition Right lapses, on the difference between the purchase price, if anything, and the fair market value of the Shares at the time such restrictions lapse. The Participant further understands, however, that if Shares with respect to which an election under Section 83(b) has been made are forfeited to the Company pursuant to its Company Reacquisition Right, such forfeiture will be treated as a sale on which there is realized a loss equal to the excess (if any) of the amount paid (if any) by the Participant for the forfeited Shares over the amount realized (if any) upon their forfeiture. If the Participant has paid nothing for the forfeited Shares and has received no payment upon their forfeiture, the Participant understands that he or she will be unable to recognize any loss on the forfeiture of the Shares even though the Participant incurred a tax liability by making an election under Section 83(b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Notice to Company. The Participant will notify the Company in writing if the Participant files an election pursuant to Section 83(b) of the Code. The Company intends, in the event it does not receive from the Participant evidence of such filing, to claim a tax deduction for any amount which would otherwise be taxable to the Participant in the absence of such an election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Valuation of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shares have been valued by the Company, and the Company believes this valuation represents a fair attempt at reaching an accurate appraisal of their worth. The Participant understands, however, that the Company can give no assurances that such valuation is in fact the fair market value of the Shares and that it is possible that with the benefit of hindsight, the Internal Revenue Service would successfully assert that the value of the Shares on any relevant date is greater than so determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Internal Revenue Service were to succeed in a tax determination under the Code that the Shares received have a value greater than that determined by the Company, the additional value would constitute ordinary income as of the date of the Participant's realization of income. The additional taxes (and interest) due would be payable by the Participant, and there is no provision for the Company to reimburse him or her for that tax liability, and the Participant assumes all responsibility for such potential tax liability. The Company undertakes no obligation to inform the Participant of any change in the tax laws which may effect this Agreement or its consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Consultation with Tax Advisors. The Participant understands that he or she should consult with his or her tax advisor regarding the advisability of filing with the IRS an election under Section 83(b) of the Code with respect to any Shares that are not Vested Shares as of the Date of Grant, which must be filed no later than thirty (30) days after the date of the acquisition of the Shares pursuant to this Agreement. Failure to file an election under Section 83(b), if appropriate, may result in adverse tax consequences to the Participant. The Participant acknowledges that he or she has been advised to consult with a tax advisor regarding the tax consequences to the Participant of the purchase of Shares hereunder. ANY ELECTION UNDER SECTION 83(b) THE PARTICIPANT WISHES TO MAKE MUST BE FILED NO LATER THAN 30 DAYS AFTER THE DATE ON WHICH THE PARTICIPANT ACQUIRES THE SHARES. THIS TIME PERIOD CANNOT BE EXTENDED. THE PARTICIPANT ACKNOWLEDGES THAT TIMELY FILING OF A SECTION 83(b) ELECTION IS THE PARTICIPANT'S SOLE RESPONSIBILITY, EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO FILE SUCH ELECTION ON HIS OR HER BEHALF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Tax Withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***In General*.** At the time the Grant Notice is executed, or at any time thereafter as requested by a Participating Company, the Participant authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for, any sums required to satisfy the federal, state, local and foreign tax (including any social insurance) withholding obligations of the Participating Company Group, if

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any, which arise in connection with the Award, including, without limitation, obligations arising upon (i) the transfer of Shares to the Participant, (ii) the lapsing of any restriction with respect to any Shares, (iii) the filing of an election to recognize tax liability, or (iv) the transfer by the Participant of any Shares. The Company has no obligation to deliver the Shares or to release any Shares from the Escrow established pursuant to Section 8 until the tax withholding obligations of the Participating Company have been satisfied by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Withholding in Shares*.** The Company has the right, but not the obligation, to require the Participant to satisfy all or any portion of a Participating Company's tax withholding obligations by withholding a number of whole Vested Shares otherwise deliverable to the Participant or by the Participant's tender to the Company of a number of whole Vested Shares or vested shares acquired otherwise than pursuant to the Award having, in any such case, a fair market value, as determined by the Company as of the date on which the tax withholding obligations arise, not in excess of the amount of such tax withholding obligations determined by the applicable minimum statutory withholding rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Administration</u>.

All questions of interpretation concerning the Grant Notice, this Agreement, the Plan or any other form of agreement or other document employed by the Company in the administration of the Plan or the Award are determined by the Board or its authorized designee as set forth in Section 3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>The Award</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Grant and Issuance of Shares. On the Date of Grant, the Participant will acquire and the Company will issue, subject to the provisions of this Agreement, a number of Shares equal to the Total Number of Shares. As a condition to the issuance of the Shares, to the extent any of the Shares are not Vested Shares as of the Date of Grant, the Participant will execute and deliver the Grant Notice to the Company, accompanied by an Assignment Separate from Certificate duly endorsed (with date and number of shares blank) in the form provided by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 No Monetary Payment Required. The Participant is not required to make any monetary payment (other than to satisfy applicable tax withholding, if any, with respect to the issuance or vesting of the Shares) as a condition to receiving the Shares, the consideration will be past services actually rendered or future services to be rendered to a Participating Company or for its benefit. Notwithstanding the foregoing, if required by applicable law, the Participant will furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit having a value not less than the par value of the Shares issued pursuant to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Beneficial Ownership of Shares; Certificate Registration*.* The Participant authorizes the Company, in its sole discretion, to deposit the Shares with the Company's transfer agent, including any successor transfer agent, to be held in book entry form. Furthermore, the Participant authorizes the Company, in its sole discretion, to deposit, following the term of the Escrow pursuant to Section 8, for the benefit of the Participant with any broker

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## with which the Participant has an account relationship of which the Company has notice any or all Shares which are no longer subject to such Escrow. Except as provided by the foregoing, a certificate for the Shares will be registered in the name of the Participant, or, if applicable, in the names of the heirs of the Participant.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Issuance of Shares in Compliance with Law*.* The issuance of Shares will be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities. No Shares will be issued if their issuance would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any Shares will relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority will not have been obtained. As a condition to the issuance of the Shares, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty as may be requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Stockholders Agreement. To the extent applicable, the Participant (and, if applicable, his or her heirs) will be required, at the time of acceptance of this Award and as a condition to the Award, to sign and deliver an adoption agreement or counterpart signature page to, and be bound by, each Stockholders Agreement then in effect and any other agreement that the Company requires a holder of common stock of the Company to sign (to the extent such agreements exist and such Participant is not already a party to such agreements), in form and substance satisfactory to the Company. The Participant (and, if applicable, his or her heirs) acknowledges that a Stockholders Agreement or any such other agreement may restrict transfers of common stock of the Company. The obligation set forth in this Section will remain in effect with respect to any Stockholders Agreement until such Stockholders Agreement is terminated. In addition, to the extent any such Stockholders Agreement is amended, modified or otherwise replaced by a similar agreement, the obligation set forth herein will also apply to the modified, amended and/or replacement agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Vesting of Shares</u>.

Shares acquired pursuant to this Agreement will become Vested Shares as provided in the Grant Notice. For purposes of determining the number of Vested Shares following an Ownership Change Event, credited Service will include all Service with any corporation which is a Participating Company at the time the Service is rendered, whether or not such corporation is a Participating Company both before and after the Ownership Change Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Company Reacquisition Right</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Grant of Company Reacquisition Right*.* In the event that (a) the Participant's Service terminates for any reason or no reason, with or without cause, or, (b) the Participant, the Participant's legal representative, or other holder of the Shares, attempts to sell, exchange, transfer, pledge, or otherwise dispose of (other than pursuant to an Ownership Change Event), including, without limitation, any transfer to a nominee or agent of the Participant, any

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## Shares which are not Vested Shares (*" Unvested Shares "*), the Participant will forfeit and the Company will automatically reacquire the Unvested Shares, and the Participant will not be entitled to any payment therefor (the "*Company Reacquisition Right* ").
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Ownership Change Event, Dividends, Distributions and Adjustments*.* Upon the occurrence of an Ownership Change Event, a dividend or distribution to the stockholders of the Company paid in shares of Stock or other property, or any other adjustment upon a change in the capital structure of the Company as described in Section 10, any and all new, substituted or additional securities or other property (other than regular, periodic dividends paid on Stock pursuant to the Company's dividend policy) to which the Participant is entitled by reason of the Participant's ownership of Unvested Shares will be immediately subject to the Company Reacquisition Right and included in the terms "Shares," "Stock" and "Unvested Shares" for all purposes of the Company Reacquisition Right with the same force and effect as the Unvested Shares immediately prior to the Ownership Change Event, dividend, distribution or adjustment, as the case may be. For purposes of determining the number of Vested Shares following an Ownership Change Event, dividend, distribution or adjustment, credited Service includes all Service with any corporation which is a Participating Company at the time the Service is rendered, whether or not such corporation is a Participating Company both before and after any such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Right of First Refusal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Grant of Right of First Refusal*.* Except as provided in Section 6.7 and Section 15, in the event the Participant, the Participant's legal representative, or other holder of shares subject to the Award proposes to sell, exchange, transfer, pledge, or otherwise dispose of any Vested Shares (the *"Transfer Shares"*) to any person or entity, including, without limitation, any stockholder of a Participating Company, the Company will have the right to repurchase the Transfer Shares under the terms and subject to the conditions set forth in this Section (the *"Right of First Refusal"*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Notice of Proposed Transfer*.* Prior to any proposed transfer of the Transfer Shares, the Participant must deliver written notice (the *"Transfer Notice"*) to the Company describing fully the proposed transfer, including the number of Transfer Shares, the name and address of the proposed transferee (the *"Proposed Transferee"*) and, if the transfer is voluntary, the proposed transfer price, and containing information necessary to show the bona fide nature of the proposed transfer. In the event of a bona fide gift or involuntary transfer, the proposed transfer price will be deemed to be the Fair Market Value of the Transfer Shares, as determined by the Board in good faith. If the Participant proposes to transfer any Transfer Shares to more than one Proposed Transferee, the Participant must provide a separate Transfer Notice for the proposed transfer to each Proposed Transferee. The Transfer Notice must be signed by both the Participant and the Proposed Transferee and must constitute a binding commitment of the Participant and the Proposed Transferee for the transfer of the Transfer Shares to the Proposed Transferee subject only to the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Bona Fide Transfer*.* If the Company determines that the information provided by the Participant in the Transfer Notice is insufficient to establish the bona fide nature of a proposed voluntary transfer, the Company will give the Participant written notice of the

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## Participant's failure to comply with the procedure described in this Section 6, and the Participant will have no right to transfer the Transfer Shares without first complying with the procedure described in this Section 6. The Participant will not be permitted to transfer the Transfer Shares if the proposed transfer is not bona fide.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Exercise of Right of First Refusal*.* If the Company determines the proposed transfer to be bona fide, the Company will have the right to purchase all, but not less than all, of the Transfer Shares (except as the Company and the Participant otherwise agree) at the purchase price and on the terms set forth in the Transfer Notice by delivery to the Participant of a notice of exercise of the Right of First Refusal within thirty (30) days after the date the Transfer Notice is delivered to the Company. The Company's exercise or failure to exercise the Right of First Refusal with respect to any proposed transfer described in a Transfer Notice will not affect the Company's right to exercise the Right of First Refusal with respect to any proposed transfer described in any other Transfer Notice, whether or not such other Transfer Notice is issued by the Participant or issued by a person other than the Participant with respect to a proposed transfer to the same Proposed Transferee. If the Company exercises the Right of First Refusal, the Company and the Participant will consummate the sale of the Transfer Shares to the Company on the terms set forth in the Transfer Notice within sixty (60) days after the date the Transfer Notice is delivered to the Company (unless a longer period is offered by the Proposed Transferee); provided, however, that in the event the Transfer Notice provides for the payment for the Transfer Shares other than in cash, the Company will have the option of paying for the Transfer Shares by the present value cash equivalent of the consideration described in the Transfer Notice as reasonably determined by the Company. For purposes of the foregoing, cancellation of any indebtedness of the Participant to any Participating Company will be treated as payment to the Participant in cash to the extent of the unpaid principal and any accrued interest canceled. Notwithstanding anything contained in this Section to the contrary, the period during which the Company may exercise the Right of First Refusal and consummate the purchase of the Transfer Shares from the Participant will terminate no sooner than the completion of a period of eight (8) months following the date on which the Participant acquired the Transfer Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Failure to Exercise Right of First Refusal*.* If the Company fails to exercise the Right of First Refusal in full (or to such lesser extent as the Company and the Participant agree) within the period specified in Section 6.4, the Participant may conclude a transfer to the Proposed Transferee of the Transfer Shares on the terms and conditions described in the Transfer Notice, provided such transfer occurs not later than ninety (90) days following delivery to the Company of the Transfer Notice or, if applicable, following the end of the period described in the last sentence of Section 6.4. The Company will have the right to demand further assurances from the Participant and the Proposed Transferee (in a form satisfactory to the Company) that the transfer of the Transfer Shares was actually carried out on the terms and conditions described in the Transfer Notice. No Transfer Shares will be transferred on the books of the Company until the Company has received such assurances, if so demanded, and has approved the proposed transfer as bona fide. Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer by the Participant, will again be subject to the Right of First Refusal and will require compliance by the Participant with the procedure described in this Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Transferees of Transfer Shares*.* All transferees of the Transfer Shares or any interest therein, other than the Company, will be required as a condition of such transfer to agree in writing (in a form satisfactory to the Company) that such transferee will receive and hold the Transfer Shares or interest therein subject to all of the terms and conditions of this Agreement, including this Section 6 providing for the Right of First Refusal with respect to any subsequent transfer and executing the documents specified in Section 3.5. Any sale or transfer of any Shares will be void unless the provisions of this Section are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Transfers Not Subject to Right of First Refusal*.* The Right of First Refusal will not apply to any transfer or exchange of the Shares if (a) such Shares are transferred during the Participant's lifetime or on the Participant's death by will or intestacy to the Participant's immediate family or a trust for the benefit of the Participant's immediate family in a manner permitted under Rule 701 under the Securities Act or (b) such Shares are transferred or exchanged in connection with an Ownership Change Event. Shares held by a transferee pursuant to clause (a) of this Section and any consideration received pursuant to a transfer or exchange pursuant to clause (b) of this Section that consists of stock of a Participating Company will in each such case remain subject to the Right of First Refusal unless the provisions of Section 6.9 below result in a termination of the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 Assignment of Right of First Refusal*.* The Company will have the right to assign the Right of First Refusal at any time, whether or not there has been an attempted transfer, to one or more persons as may be selected by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 Early Termination of Right of First Refusal*.* The other provisions of this Agreement notwithstanding, the Right of First Refusal will terminate and be of no further force and effect upon (a) the occurrence of a Change in Control, unless the Acquiror assumes the Company's rights and obligations under this Agreement, or (b) the existence of a public market for the class of shares subject to the Right of First Refusal. A *"public market"* will exist if (i) such stock is listed on a national securities exchange (as that term is used in the Exchange Act) or (ii) such stock is traded on the over-the-counter market and prices therefor are published daily on business days in a recognized financial journal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Stock Distributions Subject to Agreement</u>.

If, from time to time, there is any stock dividend, stock split or other change, as described in Section 10, in the character or amount of any of the outstanding stock of the corporation the stock of which is subject to the provisions of this Agreement, then in such event any and all new, substituted or additional securities to which the Participant is entitled by reason of the Participant's ownership of the Shares acquired pursuant to this Agreement will be immediately subject to the Company Reacquisition Right and the Right of First Refusal with the same force and effect as the shares subject to the Company Reacquisition Right and the Right of First Refusal immediately before such event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Escrow</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Appointment of Agent. To ensure that Shares subject to the Company Reacquisition Right will be available for reacquisition, the Participant and the Company hereby appoint the Secretary of the Company, or any other person designated by the Company, as their agent and as attorney-in-fact for the Participant (the *"Agent"*) to hold any and all Unvested Shares and to sell, assign and transfer to the Company any Unvested Shares reacquired by the Company pursuant to the Company Reacquisition Right. The Participant understands that appointment of the Agent is a material inducement to make this Agreement and that such appointment is coupled with an interest and is irrevocable. The Agent will not be personally liable for any act the Agent may do or omit to do hereunder as escrow agent, agent for the Company, or attorney in fact for the Participant while acting in good faith and in the exercise of the Agent's own good judgment, and any act done or omitted by the Agent pursuant to the advice of the Agent's own attorneys will be conclusive evidence of good faith. The Agent may rely upon any letter, notice or other document executed by any signature purporting to be genuine and may resign at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Establishment of Escrow*.* The Participant authorizes the Company to deposit any Unvested Shares with the Company's transfer agent to be held in book entry form, as provided by Section 3.3, and the Participant agrees to deliver to and deposit with the Agent each certificate, if any, evidencing the Shares and an Assignment Separate from Certificate with respect to such book entry shares and each such certificate duly endorsed (with date and number of Shares blank) in the form attached to this Agreement, to be held by the Agent under the terms and conditions of this Section (the *"Escrow"*). Upon the occurrence of an Ownership Change Event, a dividend or distribution to the stockholders of the Company paid in shares of Stock or other property (other than regular, periodic dividends paid on Stock pursuant to the Company's dividend policy), or any other adjustment upon a change in the capital structure of the Company, as described in Section 10, any and all new, substituted or additional securities or other property to which the Participant is entitled by reason of his or her ownership of the Shares that remain, following such Ownership Change Event, dividend, distribution or change described in Section 10, subject to the Company Reacquisition Right will be immediately subject to the Escrow to the same extent as the Shares immediately before such event. The Company will bear the expenses of the Escrow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Delivery of Shares to Participant*.* The Escrow will continue with respect to any Shares for so long as the Shares remain subject to the Company Reacquisition Right. Upon termination of the Company Reacquisition Right with respect to Shares, the Company will notify the Agent and direct the Agent to deliver such number of Shares to the Participant. As soon as practicable after receipt of such notice, the Agent will cause the Shares specified by such notice to be delivered to the Participant, and the Escrow will terminate with respect to such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Notices and Payments*.* In the event the Shares and any other property held in escrow are subject to the Company's exercise of the Company Reacquisition Right or the Right of First Refusal, the notices required to be given to the Participant will be given to the Agent, and any payment required to be given to the Participant will be given to the Agent. Within thirty (30) days after payment by the Company, the Agent will deliver the Shares and any other property which the Company has purchased to the Company and will deliver the payment received from the Company to the Participant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effect of Change in Control</u>.

In the event of a Change in Control, the treatment of the Award and the Shares will be governed by Section 10 of the Plan and any applicable provisions of the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Adjustments for Changes in Capital Structure</u>.

The Shares are subject to the adjustment as provided by Section 4.3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Rights as a Stockholder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 In General. The Participant will have no rights as a stockholder with respect to any Shares subject to the Award until the date of the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for dividends, distributions or other rights for which the record date is prior to the date the Shares are issued, except as provided in Section 10. Subject to the provisions of this Agreement, the Participant will exercise all rights and privileges of a stockholder of the Company with respect to Shares deposited in the Escrow pursuant to Section 8 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Waiver of Inspection Rights. The Participant acknowledges and understands that, but for the waiver made herein, the Participant may be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purposes, and to make copies and extracts from, the Company's stock ledger, a list of its stockholders, and its other books and records, and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in applicable law (any and all such rights, the "*Inspection Rights*"). In light of the foregoing, until the first sale of Stock to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act, the Participant hereby unconditionally and irrevocably waives the Inspection Rights, whether such Inspection Rights would be exercisable or pursued directly or indirectly pursuant to applicable law, and covenants and agrees never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver applies to the Inspection Rights of the Participant in the Participant's capacity as a stockholder and will not affect any rights of a director, in his or her capacity as such, under applicable law. The foregoing waiver will not apply to any contractual inspection rights of the Participant under any written agreement with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Rights as a Director, Employee or Consultant</u>.

If the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between a Participating Company and the Participant, the Participant's employment is "at will" and is for no specified term. Nothing in this Agreement confers upon the Participant any right to continue in the Service of a Participating Company or interferes in any way with any right of the Participating Company Group to terminate the Participant's Service, as the case may be, at any time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Legends</u>.

The Company may at any time place legends referencing the Company Reacquisition Right, the Right of First Refusal, and any applicable federal, state or foreign securities law restrictions on all certificates representing Shares. The Participant must, at the request of the Company, promptly present to the Company any and all certificates representing Shares in the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise specified by the Company, legends placed on such certificates may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND REPURCHASE OPTIONS IN FAVOR OF THE CORPORATION OR ITS ASSIGNEE SET FORTH IN AN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED HOLDER, OR SUCH HOLDER'S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Lock-Up Agreement</u>.

The Participant hereby agrees that in the event of any underwritten public offering of stock, including an initial public offering of stock, made by the Company pursuant to an effective registration statement filed under the Securities Act, the Participant may not offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or make any short sale of, or otherwise dispose of any shares of stock of the Company or any rights to acquire stock of the Company for such period of time from and after the effective date of such registration statement as may be established by the underwriter for such public offering; provided, however, that such period of time may not exceed one hundred eighty (180) days from the effective date of the registration statement to be filed in connection with such public offering; or, upon the request of the Company or the underwriter, such longer period as necessary to permit compliance with FINRA Rule 2241 or any successor provisions or amendments thereto. The foregoing limitation will not apply to shares registered in the public offering under the Securities Act. The Participant hereby agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing within a reasonable timeframe if so requested by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Restrictions on Transfer of Shares</u>.

At any time prior to the existence of a public market for the Stock, the Board may prohibit the Participant and any transferee of such Participant from selling, transferring, assigning, pledging, or otherwise disposing of or encumbering any Shares acquired pursuant to the Award (each, a *"****Transfer****"*) without the prior written consent of the Board. The Board may withhold consent for any reason, including, without limitation, (i) if such Transfer increases the risk of the Company having a class of security held of record by such number of persons as would require the Company to register any class of securities under the Exchange Act; (ii) if such Transfer would result in the loss of any federal or state securities law exemption relied upon by the Company in connection with the initial issuance of such shares or the issuance of any other securities; (iii) if such Transfer is facilitated in any manner by any public posting, message board, trading portal, Internet site, or similar method of communication, including without limitation any trading portal or Internet site intended to facilitate secondary transfers of securities; (iv) if such Transfer is to be effected in a brokered transaction; (v) if such Transfer would be of less than all of the shares of Stock then held by the stockholder and its affiliates or is to be made to more than a single transferee; or (vi) any Transfer to any individual or entity identified by the Company as a potential competitor or considered by the Company to be unfriendly. No Shares may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of, including by operation of law, in any manner which violates any of the provisions of this Agreement and, except pursuant to an Ownership Change Event, until the date on which such shares become Vested Shares, and any such attempted disposition will be void. The Company will not be required (a) to transfer on its books any Shares which will have been transferred in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such Shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such Shares will have been so transferred. In order to enforce its rights under this Section, the Company will be authorized to give a stop transfer instruction with respect to the Shares to the Company's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Captions. Captions and titles contained herein are for convenience only and do not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular includes the plural and the plural includes the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Further Instruments. The parties hereto agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 Binding Effect. This Agreement will inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant's heirs, executors, administrators, successors and assigns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 Delivery of Documents and Notices. Any document relating to participation in the Plan, or any notice required or permitted hereunder must be given in writing and will be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail address, if any, provided for the Participant by a Participating Company, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing from time to time to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Description of Electronic Delivery.*** The Plan documents, which may include but do not necessarily include: the Plan, the Grant Notice, this Agreement, and any reports of the Company provided generally to the Company's stockholders, may be delivered to the Participant electronically. In addition, if permitted by the Company, the Participant may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time. Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Consent to Electronic Delivery*.** The Participant acknowledges that the Participant has read Section 16.4(a) of this Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice and notices in connection with the Escrow, as described in Section 16.4(a). The Participant acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing. The Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the attempted electronic delivery of such documents fails. Similarly, the Participant understands that the Participant must provide the Company or any designated third party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails. The Participant may revoke his or her consent to the electronic delivery of documents described in Section 16.4(a) or may change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail. Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents described in Section 16.4(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 Entire Agreement. The Grant Notice, this Agreement and the Plan constitute the entire understanding and agreement of the Participant and the Participating Company Group with respect to the subject matter contained herein or therein and supersede any prior or contemporaneous agreements, understandings, restrictions, representations, or warranties among the Participant and the Participating Company Group with respect to the subject matter hereof, and may not be modified adversely to the Participant's interest (other than as permitted by the Plan) except by means of a writing signed by the Company and Participant. To the extent contemplated herein or therein, the provisions of the Grant Notice, this Agreement and the Plan will survive any settlement of the Award and will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 Applicable Law. The Agreement will be governed by the laws of the Cayman Islands as such laws are applied to agreements between Cayman Island residents entered into and to be performed entirely within the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7 Counterparts. The Grant Notice may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

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ASSIGNMENT SEPARATE FROM CERTIFICATE

FOR VALUE RECEIVED the undersigned does hereby sell, assign and transfer unto _____________________________________________________________________________________________________________________________ (_________________) shares of the Capital Stock of [Company Name] standing in the undersigned's name on the books of said corporation represented by Certificate No. __________________ herewith and does hereby irrevocably constitute and appoint ________________________________ Attorney to transfer the said stock on the books of said corporation with full power of substitution in the premises.

---

| | |
|:---|:---|
| Dated: |  |
|  | Signature |
|  | Print Name |

---

<u>Instructions</u>: Please do not fill in any blanks other than the signature line. The purpose of this assignment is to enable the Company to exercise its Company Reacquisition Right set forth in the Restricted Stock Agreement without requiring additional signatures on the part of the Participant.

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**SAMPLE**

---

| | |
|:---|:---|
| Internal Revenue Service | Internal Revenue Service |
| [IRS Service Center | [IRS Service Center |
| where Form 1040 is Filed] | where Form 1040 is Filed] |
| **Re:** | **Section 83(b) Election** |
| Dear Sir or Madam: | Dear Sir or Madam: |

---

The following information is submitted pursuant to section 1.83-2 of the Treasury Regulations in connection with this election by the undersigned under section 83(b) of the Internal Revenue Code of 1986, as amended (the "Code").

---

| | | |
|:---|:---|:---|
| 1. | The name, address and taxpayer identification number of the taxpayer are: | The name, address and taxpayer identification number of the taxpayer are: |
|  |  | Name: |
|  |  | Address: |
|  |  | Social Security Number: |

---

2. The following is a description of each item of property with respect to which the election is made:

________________ shares of common stock of [Company Name] (the "Shares"), acquired from [Company Name] (the "Company") pursuant to a restricted stock grant.

3. The property was transferred to the undersigned on:

Restricted stock grant date: ________________________

The taxable year for which the election is made is:

Calendar Year ___________

4. The nature of the restriction to which the property is subject:

The Shares are subject to automatic forfeiture to the Company upon the occurrence of certain events. This forfeiture provision lapses with regard to a portion of the Shares based upon the continued performance of services by the taxpayer over time.

------

5. The following is the fair market value at the time of transfer (determined without regard to any restriction other than a restriction which by its terms will never lapse) of the property with respect to which the election is made:

$__________________ (_____________ Shares at $__________ per share).

The property was transferred to the taxpayer pursuant to the grant of an award of restricted stock.

6. The following is the amount paid for the property:

No monetary consideration was provided in exchange for the Shares.

7. A copy of this election has been furnished to the Company, the corporation for which the services were performed by the undersigned.

Please acknowledge receipt of this election by date or received-stamping the enclosed copy of this letter and returning it to the undersigned. A self-addressed stamped envelope is provided for your convenience.

Very truly yours,

Date:<br>

Enclosures

cc: Rare Earth Americas Ltd.

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## Exhibit 10.6

**Exhibit 10.6**

**RARE EARTH AMERICAS LTD.**

**NOTICE OF GRANT OF RESTRICTED STOCK**

You have been granted an award (the *"****Award****"*) of certain shares of Stock (the *"****Shares****"*) of Rare Earth Americas Ltd. pursuant to the Rare Earth Americas Ltd. 2025 Equity Incentive Plan (the *"****Plan****"*) and your Restricted Stock Agreement (the "***Agreement***"), as follows:

---

| | | |
|:---|:---|:---|
| **Participant:** |  |  |
| **Date of Grant:** |  |  |
| **Total Number of Shares:** |  | , subject to adjustment as provided by the Agreement. |
| **Fair Market Per Share on Date of Grant:** | <br>$ |  |
| **Vesting Commencement Date:** | N/A |  |
| **Vested Shares:** | 100% of the Shares shall be vested as of the Date of Grant ("***Vested Shares***")  | 100% of the Shares shall be vested as of the Date of Grant ("***Vested Shares***")  |

---

You and the Company agree that the Award is governed by this Notice of Grant and by the provisions of the Plan and the Agreement, all of which are attached to and made a part of this document. You acknowledge receipt of copies of the Plan and the Agreement, represent that you have read and are familiar with their provisions and accept the Award subject to all of their terms and conditions.

---

| | |
|:---|:---|
| **RARE EARTH AMERICAS LTD.** | **PARTICIPANT** |
| By:  |  |
|  | Signature |
| Its:  |  |
|  | Date |
| Address: |  |
|  | Address |

---

ATTACHMENTS: 2025 Equity Incentive Plan, Restricted Stock Agreement, Assignment Separate from Certificate and form of Section 83(b) Election

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## Exhibit 10.8

**Exhibit 10.8**

**RARE EARTHS AMERICAS LTD. EXECUTIVE SEVERANCE PLAN <br>(Effective August 25, 2025)**

Rare Earths Americas Ltd. established the Rare Earths Americas Ltd. Executive Severance Plan (the "**Plan**"), effective August 25, 2025, to provide severance benefits for certain eligible executives whose employment is terminated by Rare Earths Americas Ltd. and its subsidiaries (collectively, the "**Company**"). The Plan provides for cash payments and certain other benefits. The Plan will remain in effect, unless the Company adopts a written amendment extending the term of the Plan or providing notice of cancellation.

This document constitutes both the Plan's formal plan document and summary plan description. The Plan is intended to be a "top hat" welfare benefit plan within the meaning of section 3(1) of the Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), 29 U.S.C. §1002(1), and 29 C.F.R. § 2520.104-24. Your ERISA rights are described at the end of the document. This document is provided in accordance with ERISA. It should be kept for future reference.

**1.** **Events That Trigger Benefits.** This Plan provides severance benefits for certain executives whose employment with the Company is terminated by the Company for reasons other than "For Cause." An executive will only be entitled to receive Plan benefits if the Plan Administrator determines, in its sole discretion, that the executive is an Eligible Executive, is not ineligible under Section 3, and has otherwise satisfied all Plan requirements.

**2.** **Plan Eligibility.** Only Eligible Executives are participants in the Plan and eligible for Plan benefits. An "**Eligible Executive**" is an executive who is provided and executes a participation agreement in the form attached hereto as <u>Exhibit A</u> and the Plan Administrator determines in its sole discretion (i) that the executive's employment was terminated by the Company other than "For Cause"; (ii) is regularly employed by the Company in the United States, on the Company's United States' payroll; (iii) was classified by the Company as being a full-time executive at the time of termination; and (iv) is not excluded from participation under Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.**"**For Cause**" means that the Company has determined in good faith that the executive was terminated for any of the following reasons: (i) indictment, conviction or admission of any crimes involving theft, fraud, or moral turpitude; (ii) the engaging by executive in conduct which is demonstrably and materially injurious to the Company, monetarily or otherwise (including the Board's determination of conduct that constitutes a violation of any securities laws in the United States or Canada, whether federal, state or provincial); (iii) engaging in gross neglect of duties including, but not limited to, willfully failing or refusing to implement or follow direction of the Company; or (iv) breach of the Company's policies and procedures, including, but not limited to, the Code of Ethics, Insider Trading Policy, or any other Company policy or agreement between the Company and the executive, provided that where applicable, the Company shall provide reasonable notice of any such breach and opportunity to remediate. If an executive is terminated for any reason other than Cause, but at a time when the Company had Cause to terminate the executive (or would have had Cause if it knew all relevant facts), the termination shall be treated as having been for Cause.

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**3.** **Benefits Ineligibility or Reduction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*Other Ineligible Terminations.* Even if an otherwise Eligible Executive is on notice of an impending termination other than For Cause, the executive will not be eligible for benefits under this Plan if the Plan Administrator determines, in its sole discretion, that the executive's active employment was terminated by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.resignation (even if the executive felt compelled to resign);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.retirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.discharge "For Cause;" or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*Failure to Perform Satisfactorily.* An otherwise Eligible Executive will not be eligible for benefits under this Plan if the Company determines, in its sole discretion, that the executive did not perform the executive's job satisfactorily until the date the executive actually was terminated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.*Successor Employment.* An Eligible Executive shall be ineligible for Plan participation if the Plan Administrator determines that the Eligible Executive falls into any of the ineligibility categories in subsections (i) and (ii) below at any point between the time the Eligible Executive is notified of the individual's termination of employment and the commencement of the Severance Benefits Period (as defined in Section 4). Likewise, an Eligible Executive shall become ineligible for, and shall permanently cease receiving, Plan benefits if the Plan Administrator determines that, at any point during the Severance Benefits Period, the Eligible Executive falls into one of the ineligibility categories in subsections (i) and (ii) below. If an Eligible Executive becomes ineligible under subsection (ii) below, in addition to other repayment obligations under the Plan, the Eligible Executive will be required to repay the monetary Plan benefits that the Eligible Executive already has received, as set forth under such section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** ***Individuals Who Have Received A Comparable Job Offer With the Company or a Successor Employer***, i.e., individuals whom have been offered a "Comparable Job" with the Company or any "Successor Employer", whether the executive accepts that job or not, unless the Plan Administrator determines, in its sole discretion, that the individual should nonetheless receive Plan benefits. A "**Comparable Job**" for an Eligible Executive is a job that (i) has an Annual Base Salary rate (as defined in Section 4(c)) that is at least equal to the executive's Annual Base Salary rate on the date the executive was notified of the executive's termination; (ii) is either (x) in a reasonably related functional area to the position the executive held when notified of the executive's termination, or (y) has responsibilities reasonably related to those of the position the executive held when notified of the executive's termination; and (iii) is based at a location that is within a reasonable commuting distance of the location at which the executive was based on the date the executive originally was notified of the executive's termination. A "**Successor Employer**" is (i) any affiliate of the Company; (ii) any entity that assumes operations or functions formerly carried out by the Company, including an entity to whom the Company's operations or any portion of its operations is outsourced or sold; (iii) any entity making the job offer at the request of the Company; or (iv) any acquiring or resulting company in connection with a sale, spin-off, merger or other corporate reorganization.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** ***Individuals Who Fail To Provide Requested Information***. Executives who fail to provide all documentation and other information requested by the Plan Administrator (for example, notification upon acceptance of new employment, or proof as to whether and where they are working, how much they have earned from working, etc.) within the time and in the form requested by the Plan Administrator shall thereafter be ineligible for any further Plan benefits and, where the obligation was to inform the Company upon acceptance of new work or where false or misleading information was provided, must repay all Plan benefits in excess of $1,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.*Changed Decisions*. The Company has the right to cancel or reschedule an executive's termination before it actually terminates the executive's employment. An executive will not be eligible for any benefits under this Plan if the executive's termination is canceled or if the executive resigns before the executive's scheduled (or rescheduled) employment termination date. The date the Company actually terminates an executive is referred to as the "**Termination Date**."

**4.** **Severance Benefits**. An Eligible Executive who satisfies the conditions of this Plan (each a "**Participant**") shall be eligible to receive the severance benefits as set forth below in either subsection (a) or (b) as applicable (but not both), and shall be eligible to receive any other payments and benefits extended to the Participant under this Plan by the Plan Administrator in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*Termination not within the Change in Control Period.* If the Participant's termination of employment is not within the Change in Control Period (as defined below), the Participant shall be eligible to receive the severance benefits as set forth below in Section 4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i. Severance Pay.* The Participant will be eligible to receive a severance pay benefit equal to 18 months of the Participant's Annual Base Salary (as defined herein) in income continuation as described below. All severance pay benefits under this Section 4(a)(i) will be paid in the form of income continuation in accordance with the Company's normal payroll practices, beginning within sixty (60) days following the executive's Termination Date and continuing until such severance pay benefits are exhausted or the executive otherwise ceases to remain eligible to receive Plan benefits (the "**Severance Benefits Period**"). In no event will any such severance pay benefits under this Section 4(a)(i) be paid later than December 31 of the second calendar year following the calendar year of the Eligible Executive's "separation from service," within the meaning of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ii. Annual Bonus.* The Company shall pay the Participant a prorated annual bonus for the year in which the Participant's Termination Date occurs, provided that the Participant has at least three months of employment with the Company in the fiscal year in which the Termination Date occurs. The prorated Annual Bonus shall be determined by multiplying the full year annual bonus that would otherwise have been payable to the Participant, based upon the achievement of the applicable performance goals and 100% standard for any individual performance component, as determined by the Company, by a fraction, the numerator of which is the number of days during which the Participant was employed by the Company in the fiscal year in which the

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Termination Date occurs and the denominator of which is the number of days in that fiscal year. The prorated annual bonus, if any, shall be paid at the same time as bonuses are paid to other employees of the Company, but not later than the fifteenth (15th) day of the third month after the end of the fiscal year in which the Termination Date occurs. In the event the Termination Date occurs after the end of the fiscal year but before the date of annual bonus payments, such annual bonus for the preceding fiscal year will be paid without proration pursuant to the terms of this subsection and the terms of the bonus plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iii. Equity Acceleration.* Any outstanding restricted stock units ("**RSUs**") or performance share units or options ("**Outstanding Equity**") that the Participant holds at the Termination Date shall become fully vested as of the Termination Date (at the level that the applicable performance conditions have been achieved, or at target if such performance period in not yet determinable and certified in the case of performance share units). Shares of the Company stock in settlement of any vested RSUs and/or performance share units under this section will be delivered as soon as practicable following Participant's "separation from service" within the meaning of Section 409A, but in no event later than sixty (60) calendar days in the case of RSUs (and ninety (90) calendar days in the case of performance share units) following such separation, subject to the terms and conditions of the applicable award agreement. Performance share units that have not yet been settled in accordance with performance shall deemed to be earned at target performance and settled in accordance of the terms of this Section 4(a)(iii). Stock options shall remain exercisable for their original terms granted and shall not terminate due to executive's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*Termination within the Change in Control Period.* If the Participant's termination of employment is within 12 months following a Change in Control (the "**Change in Control Period**"), the Participant shall be eligible to receive the severance benefits as set forth below in this Section 4(b). For the avoidance of doubt, a Participant shall be eligible for the severance benefits under subsection (a) or (b) but not both.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i. Severance Pay.* The Participant will be eligible to receive a severance pay benefit equal to one (1) times the sum of (x) the Participant's Annual Base Salary, plus (y) the Participant's target annual bonus for the year in which the Termination Date occurs should the Change in Control occur within 12 months of such Participant's start date as an executive with the Company. Should the Change in Control occur after the first year of your employment as an executive of the Company, the Participant will be eligible to receive a severance pay benefit equal to one and a half (1.5) times the sum of (x) the Participant's Annual Base Salary, plus (y) the Participant's target annual bonus for the year in which the Termination Date occurs. The severance pay benefit under this Section 4(b)(i) will be paid in the form of a lump sum within sixty (60) days following the executive's Termination Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ii. Annual Bonus.* The Company shall pay the Participant a prorated annual bonus for the year in which the Participant's Termination Date occurs, provided that the Participant has at least three months of employment with the Company in the fiscal year in which the Termination Date Occurs. The prorated Annual Bonus shall be determined by multiplying the full year annual bonus that would otherwise have been payable to the Participant, based upon the achievement of the applicable performance goals and 100% standard for any individual performance component, as determined by the Company, by a fraction, the numerator of which is the number of days during which the Participant was employed by the Company in the fiscal year in which the Termination Date occurs and the denominator of which is the number of days in that fiscal year. The prorated annual bonus, if any, shall be paid at the same time as bonuses are paid to other employees of the Company, but not later than the fifteenth (15th) day of the third month after the end of the fiscal year in which the Termination Date occurs. In the event the Termination Date occurs after the end of the fiscal year but before the date of annual bonus payments, such annual bonus for the preceding fiscal year will be paid without proration pursuant to the terms of this subsection and the terms of the bonus plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iii. Equity Acceleration.* Any outstanding restricted stock units ("**RSUs**") or performance share units or options ("**Outstanding Equity**") that the Participant holds at the Termination Date shall become fully vested as of the Termination Date (at the level that the applicable performance conditions have been achieved and certified in the case of performance share units). Shares of the Company stock in settlement of any vested RSUs and/or performance share units under this section will be delivered as soon as practicable following Participant's "separation from service" within the meaning of Section 409A, but in no event later than sixty (60) calendar days in the case of RSUs (and ninety (90) calendar days in the case of performance share units) following such separation, subject to the terms and conditions of the applicable award agreement. Performance share units that have not yet been settled in accordance with performance shall deemed to be earned at target performance and settled in accordance of the terms of this Section 4(a)(iii). Stock options shall remain exercisable for their original terms granted and shall not terminate due to executive's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c. Definitions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i."**Annual Base Salary**" means a Participant's straight time rate of pay, in effect on the Termination Date, calculated on an annual basis based on the Participant's regular work schedule. Annual Base Salary does not include pay for commissions, bonuses, or incentive compensation or expense reimbursements, and similar payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii."**Change in Control**" "Change in Control" means the occurrence of any one of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Merger or Consolidation: The consummation of a merger or consolidation of the Company with or into another entity, or any other corporate

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reorganization, if persons who were not stockholders of the Company immediately prior to such transaction own more than 50% of the combined voting power of the resulting entity's voting securities immediately after the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Sale of Assets: A sale, lease, exchange, or other disposition of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Change in Board Composition: During any 12-month period, individuals who, as of the beginning of such period, constitute the Board of Directors of the Company (the "**Incumbent Board**") cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the start of such period whose election or nomination was approved by a vote of at least a majority of the Incumbent Board shall be considered a member of the Incumbent Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Acquisition of Voting Securities: Any person or group (as defined under Section 13(d) or 14(d) of the Securities Exchange Act of 1934), other than the Company or any of its affiliates, becomes the beneficial owner, directly or indirectly, of more than 50% of the combined voting power of the Company's then outstanding voting securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Liquidation or Dissolution: The Company's complete liquidation or dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Notwithstanding the foregoing, if severance constitutes deferred compensation subject to Section 409A and the severance provides for payment in connection with a Change in Control, then, for purposes of such payment provisions, no Change in Control shall be deemed to have occurred upon an event described in the definition of Change in Control unless the event would also constitute a change in ownership or effective control of, or a change in the ownership of a substantial portion of the assets of, the Company under Section 409A.

**5.** **Agreement And Release.** To receive the severance benefits described in Section 4 of the Plan, an Eligible Executive must sign and return an Agreement and Release ("**Agreement**"), which releases all claims against the Company and other parties, within fifteen (15) days (or twenty-one (21) or forty-five (45) days if such longer period is required under applicable law) after the Eligible Executive's Termination Date in the form provided by the Company without modification, and such Agreement must become effective and enforceable in accordance with its terms following the expiration of any applicable revocation period under federal, state or local law. No severance benefits are payable under Section 4 of the Plan unless the Eligible Executive complies with the terms of the Agreement both before and after the date the Eligible Executive is irrevocably bound by the Agreement. The Agreement is deemed part of the Plan.

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**6.** **Clawback.** Notwithstanding anything in this Plan to the contrary, all amounts payable under the Plan are subject to the terms of any applicable clawback policies approved by the Company, as in effect from time to time (including, without limitation, a clawback policy required to be implemented by an applicable stock exchange), whether approved before or after the Termination Date (as applicable, a "**Clawback Policy**"). Further, to the extent permitted by applicable law, including without limitation Section 409A, all amounts payable under the Plan are subject to offset in the event that a Participant has an outstanding clawback, recoupment or forfeiture obligation to the Company under the terms of any applicable Clawback Policy. In the event of a clawback, recoupment or forfeiture event under an applicable Clawback Policy, the amount required to be clawed back, recouped or forfeited pursuant to such policy shall be deemed not to have been earned under the terms of the applicable plan pursuant to which it was awarded, and the Company shall be entitled to recover from the Participant the amount specified under the Clawback Policy to be clawed back, recouped or forfeited (which amount, as applicable, shall be deemed an advance that remained subject to the Participant satisfying all eligibility conditions for earning the amounts deferred, accrued, or credited under the plan pursuant to which it was awarded).

**7.** **Other Plan Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a. Death.* Any benefits that would be paid under the Plan but for an Eligible Executive's death, shall be paid to the Eligible Executive's surviving spouse, or, if there is no surviving spouse, to the Eligible Executive's estate, but only if the Plan Administrator determines that the Eligible Executive or the estate of the Eligible Executive or has complied with the release requirements of Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b. Withholding for Taxes and Debt.* Notwithstanding any other provision of the Plan, all severance benefits will be reduced by any applicable federal, state, or local tax withholding, and any amount that the Eligible Executive owes to the Company, to the maximum extent permissible by law, and to the extent permitted under Section 409A and the applicable Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c. Internal Revenue Code Section 409A*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The severance and other benefits under this Plan are intended, where possible, to comply with the "short term deferral exception" and the "involuntary separation pay exception" under Section 409A. Notwithstanding anything to the contrary set forth in the Plan, to the extent any payment under Section 4 does not otherwise comply with either the short term deferral exception or the involuntary separation pay exception, such payment shall be made in a lump sum cash payment within sixty (60) days following the date of the Eligible Executive's separation from service. To the extent applicable, the Plan shall be interpreted and applied consistent and in accordance with Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Any payment from the Plan that is subject to the requirements of Section 409A may only be made in a manner and upon an event permitted by Section 409A. Payments upon termination of employment may only be made upon a "separation from service" under Section 409A. Each payment under the Plan shall be treated as a separate payment for purposes of Section 409A. In no event may an executive, directly or indirectly, designate the calendar year of any payment to be made under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.No payment or benefit which constitutes an item of deferred compensation under Section 409A and becomes payable by reason of the executive's separation from service will be made to the executive prior to the earlier of (i) the first day of the seven (7)-month period measured from the date of such separation from service or (ii) the date of the executive's death, if the executive is deemed at the time of such separation from service to be a specified employee (as determined pursuant to Section 409A and the Treasury Regulations thereunder) and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Section 409A(a)(2). Upon the expiration of the applicable deferral period, all payments and benefits deferred pursuant to this Section 7(d)(3) (whether they would have otherwise been payable in a single sum or in installments in the absence of such deferral) shall be paid or provided to the executive in a lump sum on the first day of the seventh (7th) month after the date of the executive's separation from service or, if earlier, the first day of the month immediately following the date the Company receives proof of the executive's death. Any remaining payments or benefits due under this Agreement will be paid in accordance with the normal payment dates specified herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Notwithstanding anything to the contrary set forth in the Plan, if any payment under this Plan subject to execution of an Agreement is subject to the requirements of Section 409A, in no event will the timing of the execution of the Agreement, directly or indirectly, result in the executive's designating the calendar year of payment, and if a payment that is subject to execution of the release could be made in more than one taxable year, payment will be made in the later taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.With respect to any benefits that are provided under Section 4 in the form of an expense reimbursement, such reimbursement (a) shall be made no later than the earlier of (x) the last day of the calendar year following the calendar year in which the expense was incurred and (y) December 31 of the second calendar year following the calendar year of the Eligible Executive's separation from service and (b) the benefits provided during any calendar year shall not affect such benefits to be provided in any other calendar year and shall not subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.Notwithstanding anything to the contrary set forth in the Plan, if a Participant receives payments or benefits under the Plan in lieu of the rights under any other arrangement (whether contractual, provided or required by applicable law or otherwise), to the extent the rights under such other arrangement are subject to (and not exempt from) Section 409A, then the payments and benefits paid under the Plan shall be paid at the same time and in the same form as under such other arrangement to the extent required to avoid a violation of Section 409A (and shall otherwise comply with Section 409A).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*d. Compliance with Code Section 280G.* Unless a more favorable treatment is otherwise provided in an individual agreement with a Participant, if any of the payments or benefits provided or to be provided by the Company or its affiliates to a Participant or for the benefit of the Participant pursuant to this Plan or otherwise ("**Covered Payments**") constitute parachute payments within the meaning of Section 280G of the Code and would, but for this section, be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the "**Excise Tax**"), then the Covered Payments shall be payable either (a) in full or (b) reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax, whichever of the foregoing (a) or (b) results in the Participant's receipt on an after-tax basis of the greatest amount of benefits after taking into account the applicable federal, state, local and foreign income, employment and excise taxes (including the Excise Tax). If a reduction in payments or benefits (or a cancellation of the acceleration of vesting of equity awards) constituting "parachute payments" is necessary hereunder so that no portion of the Covered Payments is subject to the Excise Tax, such reduction and/or cancellation of acceleration shall occur in the order that provides the maximum economic benefit to the Participant. In the event that acceleration of vesting of an equity award is to be reduced, such acceleration of vesting also shall be canceled in the order that provides the maximum economic benefit to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*e. Sole Source of Benefits.* The Plan is the sole source of severance benefits and supersedes any and all other separation or severance pay or benefits policies or practices of the Company with respect to full time employees to the extent they are eligible to participate under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*f. Failure to Adhere to Commitments.* If an executive fails to comply with any agreement with or policy of the Company, the executive shall permanently cease to be eligible for Plan benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*g. Reemployment by the Company.* If an executive is re-employed by the Company after the executive's Termination Date and within the number of weeks on which the executive's severance benefits were based, all Plan benefits shall permanently cease. In any event, if an executive is reemployed by the Company after receiving Plan benefits or other severance benefits, any future Plan benefits shall be reduced as determined by the Plan Administrator in its sole discretion to ensure that the executive does not receive duplicative benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*h. Employment At-Will.* Employment with the Company is "at-will," meaning that an executive or the Company may terminate an executive's employment at any time and for any or no reason. The only way an executive's at-will status can be changed is by a written agreement between the Company and the executive (signed by the Company's Chief Executive Officer and the executive) that expressly states that it is modifying such "at-will" status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i. Right of Setoff.* Other than pursuant to the terms of the Plan (or a valid employment agreement or local statutory requirements), the Company has no prior or other obligation, whether by express or implied contract or otherwise, to provide any severance or other transition benefits. Any payment made under the Plan is a voluntary payment made by the Company, which payment executives are not entitled to receive except according to the terms

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of the Plan. No Plan benefits are vested until actually paid. Benefits under this Plan are not meant to duplicate benefits provided by the Company or any subsequent employer in connection with any executive's termination of employment with the Company, including benefits paid due to the WARN Act or local statutory requirements. If the Plan Administrator determines in good faith that a Participant is entitled to payment under any other plan or by reason of any applicable law, settlement or decision including, but not limited to, the WARN Act, the Plan Administrator shall reduce the Participant's benefit entitlement under this Plan by such amount, but not below $1,000 and pay the reduced amount to the Participant in satisfaction of the Participant's entitlement to such amounts. In all other cases, benefits paid under this Plan in excess of $1,000 will be treated as having been paid to satisfy any such other obligations including, but not limited to, those under the WARN Act. In either case, subject to the requirements of Section 409A, the Plan Administrator will determine how to apply this provision, and may override other provisions in this Plan in doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*j. Source of Payments.* The severance benefits provided under the Plan shall be unfunded and shall be provided solely from the general assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*k. Expenses.* The expenses of operating and administering the Plan shall be borne entirely by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*l. Plan Overpayments.* If an executive receives Plan benefits at a time when the executive is not eligible, the executive must repay all such benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. *Plan Sponsor and Administrator*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i.*** ***Plan Administrator.*** The Plan shall be administered by the Plan Administrator, which shall be the Compensation Committee (the "**Committee**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***ii.*** ***Discretion.*** The Plan Administrator is responsible for the general administration and management of the Plan and shall have all powers and duties necessary to fulfill its responsibilities, including, but not limited to, the discretion to interpret and apply the Plan and to determine all questions relating to eligibility for benefits, including which Company executives are eligible to receive Plan benefits. The Plan Administrator may adopt such rules and regulations as it deems appropriate. The Plan Administrator and all Plan fiduciaries shall have the discretion to interpret or construe ambiguous, unclear, or implied (but omitted) terms in any fashion they deem appropriate in their sole and absolute discretion, and to make any findings of fact needed in the administration of the Plan. The validity of any such interpretation, construction, decision, or finding of fact shall not be given *de novo* review if challenged in court, by arbitration, or in any other forum, and shall be upheld unless clearly arbitrary or capricious.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***iii.*** ***Finality of Determinations.*** All actions taken and all determinations made in good faith by the Plan Administrator or by Plan fiduciaries will be final and binding on all persons claiming any interest in or under the Plan. To the extent the Plan Administrator or any Plan fiduciary has been granted discretionary authority under the Plan, the Plan Administrator's or Plan fiduciary's prior exercise of such authority shall not thereafter obligate it to exercise its authority in a like fashion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***iv.*** ***Drafting Errors.*** If, due to errors in drafting, any Plan provision does not accurately reflect its intended meaning, as demonstrated by consistent interpretations or other evidence of intent, or as determined by the Plan Administrator in its sole and absolute discretion, the provision shall be considered ambiguous and shall be interpreted by the Plan Administrator and all Plan fiduciaries in a fashion consistent with its intent, as determined in their sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***v.*** ***Scope.*** This section may not be invoked by any person to require the Plan to be interpreted in a manner inconsistent with its interpretation by the Plan Administrator or other Plan fiduciaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*n. Named Fiduciary.* The Plan Administrator is the named fiduciary of the Plan within the meaning of ERISA, with the power to act with respect to the review of claims for benefits under the Plan that are denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*o. Allocation and Delegation of Responsibilities.* The Plan Administrator may allocate any of its responsibilities for the operation and administration of the Plan to any Company officer or employee. It may also delegate any of its responsibilities under the Plan by designating another person to carry out such responsibilities. Any such designated person shall then be responsible for carrying out the delegated responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*p. No Individual Liability.* It is the express purpose and intention of the Company that no individual liability whatsoever shall attach to, or be incurred by, any member of the Committee, the board of directors of the Company, or any officer, employee, representative or agent thereof, under, or by reason of the operation of, the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*q. Amendment of Plan.* The Company retains the right to amend or terminate the Plan at any time and for any reason; provided, however, that no amendment shall be effective during the period commencing on or after the signing date of the merger or other applicable transaction document pursuant to which a Change in Control occurs and the earlier of the date of the Change in Control or the date such merger or transaction agreement terminates; and provided further that no amendment on or after the closing of a Change in Control shall be effective with respect to an affected executive without the executive's written consent.

**8.** **Your Rights Under ERISA.** As a participant in the Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all plan participants shall be entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a. Receive Information About Your Plan and Benefits.* Examine, without charge, at the Plan Administrator's office and at other specified locations, such as worksites, all documents governing the plan, including insurance contracts, and a copy of the latest annual report (Form 5500 Series) filed by the plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit Administration. Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the plan, including insurance contracts, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The administrator may make a reasonable

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charge for the copies. Receive a summary of the plan's annual financial report. The plan administrator is required by law to furnish each participant with a copy of this summary annual report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b. Enforce Your Rights.* If your claim for a welfare benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of plan documents or the latest annual report from the plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the plan administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. If it should happen that plan fiduciaries misuse the plan's money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c. Assistance with Your Questions.* If you have any questions about this Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Pension and Welfare Benefits Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Pension and Welfare Benefits Administration.

TO EVIDENCE THE ADOPTION OF THE PLAN effective as of August 25, 2025 this document has been executed by an authorized representative of Rare Earths Americas Ltd.

RARE EARTHS AMERICAS LTD <br>Dated: August 25, 2025

By: <u>/s/ Daniel Shribman</u> 

Daniel Shribman, Director

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**<u>Exhibit A</u>**

Participation Agreement

**RARE EARTHS AMERICAS LTD <br>EXECUTIVE SEVERANCE PLAN**

**Participation Agreement**

THIS PARTICIPATION AGREEMENT (this "<u>Agreement</u>") is made and entered into as of , 2025 by and

between (the "<u>Executive</u>") and Rare Earths Americas Ltd (the "<u>Company</u>"). The Executive is eligible to participate in the Rare Earths Americas Ltd Executive Severance Plan (the "<u>Plan</u>"). The Executive accepts participation in the Plan and, intending to be legally bound, agrees as follows:

<u>1.</u><u>Participation in the Plan; Termination of any other Rights to Severance Benefits</u>. Subject to the terms of the Plan, the Executive agrees that the Plan is the Executive's sole source of severance benefits and supersedes any and all other separation or severance pay or benefits policies or practices of the Company or its subsidiaries or affiliates. The Executive further agrees to forego severance benefits or payments to which the Executive may otherwise be entitled, if any, under the terms of any agreement, plan, or other arrangement with the Company or its subsidiaries or affiliates that are payable in the event of the Executive's termination of employment.

<u>2.</u><u>Executive's Undertakings</u>. The Executive agrees to be bound by, and accept, all of the terms of the Plan.

This Agreement has been duly executed as of the day and year first written above.

**RARE EARTHS AMERICAS LTD**

By: <br>Title:

I hereby acknowledge that I have had the opportunity to review and consider the Plan. I hereby accept my eligibility for severance benefits described in the Plan and agree to be bound by the terms of the Plan and this Agreement. I hereby further agree that all the decisions and determinations of the Compensation Committee of the Board of Directors of the Company shall be final and binding.

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Executive

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## Exhibit 10.9

**Exhibit 10.9.1**

**CALL OPTION AGREEMENT FOR MINERAL RIGHT AND OTHER COVENANTS**

By this private instrument, and in accordance with the Law, the Parties identified and described below, namely,

On the one hand, as Grantor,

**JJBF LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Estrada José Kentenich, s/n/, Zona Rural, ZIP Code 37719-000, enrolled with CNPJ under No. 20.684.296/0001-14, e-mail: , herein represented in compliance with its Articles of Association by its Director, <u>Bruno Fagundes Flora</u>, Brazilian citizen, single, control and automation engineer, Holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Grantor</u>";

and, on the other hand, as Grantee,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Sala 03, Vila Gertrudes, ZIP Code 04705-080, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. 12.762.584-6, issued by DETRAN-RJ, enrolled with CPF under No. 096.759.207-00, resident and domiciled at , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Vila Gertrudes, ZIP Code 04705-080, e-mail: , hereinafter referred to as "<u>Grantee</u>";

also appearing as Consenting Intervening Parties,

**BRUNO FAGUNDES FLORA**, described above; and

**GUSTAVO FAGUNDES FLORA**, Brazilian citizen, married under full separation of property regime, doctor, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: ;

whereas the Grantor is the sole and legitimate holder of the Mineral Right currently represented by the development concessions subject to the administrative proceeding registered with the National Mining Agency (the "<u>ANM</u>") under No. 813.944/1971, with Development Concession Ordinance No. 8,053, dated as of 01.16.1979, and 313, dated as of 10.23.1997, for bauxite and clay ores, in an area of 298.89ha, located in the City of Poços de Caldas, MG (the "<u>Mineral Right</u>"), State of Minas Gerais, whose authorizations and main characteristics are included herein as <u>Annex I</u>;

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whereas, in compliance with Article 22, I, of Decree-Law No. 227, dated as of 02.28.1967 (the "<u>Mining Code</u>"), combined with article 42 of Decree No. 9,406, dated as of 06.12.2018 (the "<u>Regulation</u>") and other applicable laws and regulations, the exploration authorization permit, the development concession and the licensing may be subject to assignment or transfer, until the granting of the development concession, provided that the respective assignee meets the applicable constitutional, legal and regulatory requirements;

whereas the Grantee is evaluating the convenience and possibility of acquiring the Mineral Right and, in this context, is interested in becoming the holder of a call option for said Mineral Right;

whereas the Grantor, in turn, agrees to grant said call option to the Grantee, subject to the terms and conditions set forth below;

the Parties resolve to enter into this "Call Option Agreement for Mineral Right and Other Covenants" (the "<u>Agreement</u>"), which shall be governed by the clauses and conditions set forth below.

**1.** **CALL OPTION**.

1.1.<u>Call Option</u>. By this Agreement, the Grantor hereby irrevocably and irreversibly grants the Grantee a call option to all of the Mineral Rights, as described and characterized in <u>Annex I</u>. hereto (the "<u>Call Option</u>").

1.1.1.<u>Scope</u>. The Call Option covers, at any time, during its term, the Mineral Right, as well as all rights, whether patrimonial or otherwise, inherent to or arising from them, directly or indirectly, including any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law, in addition to all projects and studies carried out by the Grantee up to the Call Option Exercise Date, as defined in 3.1 below.

1.2.<u>Award</u>. The Parties agree that this Call Option will be for a fee, establishing as a premium the amount of **two hundred thousand reais (BRL 200,000.00)** to be paid to the Grantor, on this date by wire transfer to the current account in its name indicated in <u>Annex 1.2</u>. (the "<u>Award</u>"), which amount **will not be returned to the Grantee under any circumstances**.

1.2.1.<u>Release</u>. For all legal purposes and effects, the presentation of bank receipts proving the transfer of the Award to the bank account held by the Grantor, as specified in Annex 1.2. will imply that the Grantor grant the Grantee the fullest, general, irrevocable, and irreversible release regarding the receipt of the Award to which they are entitled under this Agreement, and that no further demands or disputes may be made on this matter at any time, in or out of court.

1.3.<u>Exclusivity</u>. The Call Option is granted by the Grantor to the Grantee on an exclusive basis, provided that the Grantor may not, during the term of this Agreement, (i.) grant any other option involving all or part of the Mineral Right to third parties, or (ii.) in any other way dispose of or encumber, or promise to dispose of or encumber the Mineral Right, in any capacity, to third parties, in whole or in part; or (iii.) directly or indirectly enter into any other commitment or agreement involving the Mineral Right, or

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in any way related to it (the "<u>Exclusivity</u>"), under penalty of incurring a fine immediately set between the Parties at five million US dollars (US$5,000,000.00), as losses and damages.

1.3.1.<u>Exploration of the Mineral Right until the Exercise Date</u>. Exclusivity does not apply to agreements entered into by the Grantor with third parties involving the exploration of clay or bauxite in the area where the Mineral Right is located. The Grantor hereby undertakes to notify said third parties regarding (a.) the existence of this Agreement; and (b.) the need to terminate said agreements immediately upon receipt of the Exercise Notice, as set forth in 3.1 below, unless otherwise mutually agreed upon among said third parties, the Grantor, and the Grantee. The Grantee declares that it has received copies of the agreements referred to in this item and undertakes to respect them during the Due Diligence process and not to hinder their compliance.

1.3.2.<u>Timber Exploration</u>. The Grantee is aware of the existence of timber extraction agreements in the same area as the Mining Law and undertakes not to interfere in said activity, which will continue to be carried out even after the Grantee or the Authorized Assignees exercise the Call Option. Likewise, the Grantor hereby guarantees to the Grantee that the timber extraction activity may not interfere with the Grantee's exploitation of the Mining Law. It is understood that, if one of the Parties demonstrably causes difficulties or harm to the other, it shall bear any losses, damages, and lost profits, as provided for in applicable law.

1.4.<u>Authorized Assignees</u>. This Call Option may be assigned by the Grantee to any company directly or indirectly controlled by the Grantee, or any company subject to common control, directly or indirectly, with the Grantee, as well as to the partners of any of these or to companies of which the companies or individuals indicated in this item are partners (generically, the "<u>Authorized Assignees</u>"), provided that each and every provision of this Agreement shall apply in full to the Authorized Assignees. References in this Agreement to the Grantee shall be construed as extensive references to any of the Authorized Assignees. The assignment provided for in this item 1.4. will be submitted by the Grantee to the Grantor for approval at least ten (10) days in advance, and the Grantor may only oppose it if there is just cause and if there is no proof that the assignee has the capacity to comply with the terms of the Option.

**2.** **EXERCISE PRICE AND PAYMENT METHOD**.

2.1.<u>Exercise Price</u>. The total, clear and legal price to be paid by the Grantee to the Grantor, in consideration for the acquisition of the Mineral Right, in the event of exercise of the Call Option provided in this Agreement, will be the amount in BRL (Reais) equivalent to fifteen million US dollars (US$15,000,000.00), calculated based on the US$(US dollar) purchase rate, as announced by the Central Bank of Brazil on the business day immediately prior to the respective payment date (the "<u>Exercise Price</u>"), to be disbursed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.the amount in R$(Reais) equivalent to five million US dollars (US$5,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid within a maximum period of fifteen (15) days from the date of sending the Exercise Notice,

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in accordance with the procedure set forth in 3.1 below (the "<u>First Installment of the Exercise Price</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.the amount in R$(Reais) equivalent to five million US dollars (US$5,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid within a maximum period of twelve (12) months after the maturity of the First Installment of the Exercise Price (the "<u>Second Installment of the Exercise Price</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.the amount in R$(Reais) equivalent to five million US dollars (US$5,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid within a maximum period of twelve (12) months from the maturity of the Second Installment of the Exercise Price (the "<u>Third Installment of the Exercise Price</u>").

2.1.1.<u>Adjustment and interest</u>. No monetary adjustment or interest shall be applied to the Exercise Price timely paid during the term of this Agreement.

2.1.2.<u>Payment method</u>. Payment of the Exercise Price must be made by the Grantee to the Grantor, in Brazilian currency, by means of TED or PIX to be made to the bank account held by the Grantor indicated in <u>Annex 1.2</u>., which is an integral part hereof, which may be changed, provided that the Grantor communicates the new payment data within five (5) days before the date of the respective payment, in the manner provided for in item 7.9., below.

2.1.3.<u>Release and Default.</u> For all legal purposes and effects, the presentation of bank receipts proving the wire transfers of the Exercise Price to the bank account held by the Grantor, as indicated in <u>Annex 1.2</u>. will imply that the Grantor grant the Grantee the fullest, general, irrevocable, and irreversible release regarding the receipt of the Exercise Price, and that no further demands or disputes may be made on this matter at any time, in or out of court. In the event of late payment of any of the installments of the Purchase Price, (i.) the balance in BRL (Reais) due will be determined on the respective maturity date and, from said date onward, this balance (in BRL) will be monetarily corrected by IPCA "pro rata dies", being subject to (i) a late payment penalty of ten percent (10%) of the outstanding debit; and (ii.) interest of one percent (1%) per month from the due date set forth in 2.1. above, without prejudice to the possibility of adopting applicable legal measures.

2.2.<u>Royalties</u>. The Parties agree that, in addition to the payment of the Exercise Price provided for in 2.1. above, the Grantee, in the event of exercising the Call Option, undertakes to pay the landowners the share of the development results provided for in article 11, 'b', paragraphs 1 to 3, of Decree-Law No. 227, dated as of 02.28.1967, in compliance with other relevant rules.

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2.3.<u>No change to the Exercise Price</u>. The Parties declare that the Exercise Price was set by full and mutual agreement and hereby irrevocably and irreversibly express their full and unrestricted agreement regarding their value and payment method. Therefore, the Exercise Price is definitive, unchangeable and binding, and is thus not subject to any other changes and/or adjustments of any nature, for any reason and at any time.

**3.** **EXERCISE OF THE CALL OPTION**.

3.1.<u>Exercise of the Call Option</u>. The Call Option may be exercised at any time during the term of this Agreement, as set forth in 5.1. below. The Grantee must express its intention to exercise the Call Option by (i.) sending written notice to the Grantor, as set out in item 7.9 below, communicating such intention (the "<u>Exercise Notice</u>"); and (ii.) paying the First Installment of the Exercise Price, as set out in item 2.1 above, within a maximum period of fifteen (15) days after sending the Exercise Notice. The date of payment of the First Installment of the Exercise Price by the Grantee, under the strict terms provided in this item, provided it is preceded by the Exercise Notice, will be considered the Call Option exercise date (the "<u>Exercise Date</u>") for all purposes of this Agreement and any legal transactions resulting from the exercise of the Call Option.

3.1.1.<u>Proof of receipt</u>. Proof of receipt of the Call Option Exercise Notice by the Grantor is not a necessary condition for formalizing its exercise. Grantee may formalize the legal transactions resulting from such Call Option at any time after fulfilling the conditions set forth in 3.1., sub-item (i.) and (ii.) above, subject to the requirements and conditions established in this Agreement.

3.2.<u>Obligation to assign Mineral Right</u>. Once the Call Option of the Mineral Right has been exercised and provided that the conditions set forth in 3.1. above are met, the Grantor will be irrevocably obligated to carry out the sale and consequent transfer of ownership of the Mineral Right to the Grantee, in accordance with the draft Mineral Right Assignment Agreement and Other Covenants that is included herein as <u>Annex 3.2.</u> and, likewise, the Grantee will be irrevocably obligated to acquire the Mineral Right, specifically indicated in its Exercise Notice. Whereas (i.) the Exercise Price will be divided into three (3) distinct installments and (ii.) only the First Installment of the Exercise Price will have been paid on the Exercise Date, (a.) the Mineral Right Assignment Agreement and Other Covenants must be signed together with the "Private Instrument of Fiduciary Sale of Mineral Right and Other Covenants", the draft of which is included in <u>Annex 3.1.</u> of said document; and (b.) the Grantee will be prohibited from mining any minerals in the area of the Mineral Right, as well as voluntarily encumbering, disposing of, selling or in any way transferring such Mineral Right, in compliance with the terms set forth in items 3.2. and 3.3 of the Mineral Rights Assignment Agreement and Other Covenants, the draft of which is included herein as <u>Annex 3.2.</u>, under penalty of incurring a fine immediately set between the Parties at two million and five hundred thousand US dollars (US$2,500,000.00), as a pre-fixed amount for losses and damages.

3.2.1.<u>Formalization of transfer of Mineral Right</u>. Within a maximum period of five (5) business days from the Exercise Date, the Grantor and the Grantee shall promote the signature of the private instrument of the Mineral Right Assignment Agreement and Other Covenants, which is included herein as <u>Annex 3.2.</u>, as well as the Instrument of Assignment of Mineral Right that is included herein as <u>Annexes 3.2.1.</u>, and, within a maximum period of fifteen (15) days from such signature, shall promote its endorsement and registration of one of them with the

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ANM, notary offices or any other applicable body, at the expense of the Grantee, and the Grantor undertake to present, within a maximum period of five (5) business days, any and all required documents and signatures.

3.2.2.<u>Power of Attorney</u>. In the event that it is not possible for the Grantor to execute the Mineral Right Assignment Instrument in the term provided for in 3.2.1. above, and in order to enable the implementation of the Call Option and the formalization of the transfer of the Mineral Right to the Grantee, the Grantor hereby grants to the Grantee an irrevocable power of attorney in its own name, the draft of which form part of this document as its <u>Annex 3.2.2.</u>, so that the latter may adopt, on behalf of the Grantor, any and all actions necessary to formalize the transfer of the Mineral Right to its ownership, including the execution of the Mineral Right Assignment Instrument, which forms part of this document as its <u>Annex 3.2.1</u> and of public or private instruments, if applicable, including the transfer forms before the ANM.

3.3.<u>Additional Documents</u>. The Parties undertake, in good faith and in the interest of ensuring compliance with the Call Option governed by this Agreement, to execute any and all documents and perform any and all acts necessary for the definitive transfer of the Mineral Right to the Grantee, as applicable.

3.4.<u>Changes to Mineral Right</u>. Without prejudice to the obligations to provide information and documents provided for in Chapter 4 below, the Grantor hereby undertakes, in the event of any changes to the intrinsic characteristics of the Mineral Right, at any time and for any reason, to immediately notify the Grantee, as set forth in item 7.9 below, ensuring that the latter has, regardless of any request to that effect, all the information necessary to assess, at any time during the term of this Agreement, the advisability of exercising the Call Option.

**4.** **DUE DILIGENCE AND RESEARCH RIGHT**.

4.1.<u>Feasibility Study</u>. The Grantor hereby declares that it is aware that (i.) conducting a legal, technical, mineralogical, and environmental audit, including regulatory and operational analyses (the "<u>Due Diligence</u>"), is essential for the Grantee to have all the information necessary to assess, at any time during the term of this Agreement, the advisability of exercising the Call Option; and (ii.) the payment of the Award provided for in 1.2 above was stipulated based on the criterion and condition of the effective (and future) provision, by the Grantor to the Grantee, of the information provided for in this Chapter 4 of the Agreement.

4.2.<u>"Due Diligence"</u>. To justify the payment of the Award and to assess the appropriateness of exercising the Call Option, the Grantee will conduct, at its discretion and subject to the confidentiality set forth in 7.11. below, a "Due Diligence" on the Mineral Right, intending to ensure the obtaining of all information it deems pertinent regarding legal, technical, mineral, environmental, or any other issues that may interfere with its conclusion regarding the full or partial exercise of the Call Option.

4.2.1.<u>Preliminary documents</u>. The commencement of the Grantee's "Due Diligence" period is subject to the Grantor providing all documents and information indicated in the preliminary list presented in <u>Annex 4.2.1.</u> hereto. If an item is not applicable, the Grantor must indicate this circumstance in writing, which must be delivered

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by the Grantor to the Grantee within fifteen (15) days from the execution of this Agreement. The Parties may agree that part of the obligation set forth in this item will be fulfilled by the Grantor by granting authorization or power of attorney specifically for the Grantee to directly obtain the documents and information indicated in <u>Annex 4.2.1.</u> hereto from the appropriate agencies.

4.2.2.<u>Additional Applications</u>. After submitting all of the documents listed in <u>Annex 4.2.1.</u>, the Grantee may make a new applications related to information present in the preliminary documents, within a period of up to thirty (30) calendar days, counting from the receipt of the last document submitted, which corresponds to all the documents requested in <u>Annex 4.2.1</u>. (the "<u>Additional Application</u>"). After this first Additional Application, which may be made, for example, by requesting documents, information, and/or clarifications, the Grantor will have five (5) calendar days to submit the new documents, information, and/or clarifications requested, unless a longer period is requested by the government agencies issuing the documents. With each submission of documents, information, and/or clarifications, a new Additional Request may be made, always respecting the 5 (five) calendar-day deadlines stipulated in this item, for both the Grantor and the Grantee. If five (5) days have passed since the Grantor submitted the documents and/or information without any response from the Grantee, the Grantor may tacitly consider that it has complied with the obligations set forth in this item, unless there is still an outstanding issue from a previous request made by the Grantee. The Parties acknowledge that proper compliance with the Additional Applications by the Grantor is essential to enable the Grantee to conduct its Due Diligence and to form its judgment regarding the exercise of the Call Option.

4.2.3.<u>Diligences</u>. Without prejudice to the request for documents regulated in 4.2.1. and 4.2.2., above, the Parties additionally agree that the advisors hired by the Grantee to carry out the Due Diligence may, provided they are followed by a technician of the Grantor appointed for this purpose within a maximum period of five (5) days after the request to this effect, have access to the areas of the Mineral Right for their "in loco" evaluation, and may also take samples within the limit strictly necessary for technical analysis purposes, carry out research in the area, among others, as long as they do not cause any damage to the areas or activities developed there.

4.3.<u>Failure to comply with deadlines</u>. In the event of failure to comply with any of the deadlines established in 4.2.1., 4.2.2. and 4.2.3., unless the delay is demonstrably justified by the delay of the public bodies involved in issuing any requested document, the total number of days of delay will be added to the term of this Agreement, as set forth in 5.1. below, thus postponing the term of the Call Option granted in this Agreement.

4.4.<u>Completion of Due Diligence</u>. If the Grantee does not exercise the Call Option by the deadline referred to in 5.1 below, it shall, within the same deadline, (i.) remove all its equipment and employees from the research area, and its representatives are expressly prohibited from accessing the site after the end of this Agreement; (ii.) restore and/or recover the Mineral Rights area, pursuant to the current environmental law, ensuring that the area is returned to the Grantor in the same conditions in which it was previously received, under penalty of being liable for losses and damages, in addition to any lost profits; (iii.) be liable for fines or penalties imposed on the Grantor, as well as for any damages generated in the Mineral Rights area, provided that they are directly and

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demonstrably a result of the research activities carried out by the Grantee; and (iv.) present to the Grantor a copy of its technical conclusions in the area.

**5.** **VALIDITY**.

5.1.<u>Term</u>. The provisions of this Agreement shall be valid and effective from the date of its execution until December 31, 2024, extendable as set forth in 4.3. above. Before the end of the term provided for in this item, neither Party is permitted to terminate or unilaterally terminate the provisions of this Agreement, except in the cases expressly provided for herein.

**6.** **REPRESENTATIONS AND WARRANTIES**.

6.1.<u>Representations and warranties of the Grantor</u>. The Grantor represents and warrants that:

i.<u>Other impeding agreements</u>. There is currently no exclusivity, confidentiality, or preference agreement, or any other contract or agreement entered into with third parties that may, in any way, impair or prevent the granting of the Call Option provided for in this Agreement or the regular exercise by the Grantee of the Call Option and any rights arising from this Agreement or any rights, actions, privileges, and warranties related to the Mineral Right;

ii.<u>Ownership</u>. The Mineral Right described and characterized in <u>Annex I</u>. hereto is legitimately and exclusively held by the Grantor;

iii.<u>Registrations</u>. The Mineral Right is duly registered with the National Mining Agency, strictly adhering to all rules and regulations set forth in the applicable law;

iv.<u>Licenses and authorizations</u>. The Grantor has always acted in compliance with the law applicable to Mineral Right and hold all authorizations, permits, registrations, registrations, accreditations, permissions, and protocols of any nature, as provided for in federal, state, and municipal law or required by public authorities and government agencies in their respective jurisdictions, for conducting research, and maintaining the regularity of the Mineral Right. There are no legal, administrative, contractual, or judicial restrictions on the ownership of the Mineral Right or related to the research authorizations subject to the administrative proceedings indicated in <u>Annex I</u>. hereto, there is also no judicial or administrative procedure in which the Grantor as defendant, as plaintiff or act as assistant, whose merit is related to the ownership of the Mineral Right or to the conduction and maintenance of the exploration related thereto;

v.<u>Disputes</u>. (v.1.) There are no claims or demands of any nature whatsoever before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative dispute resolution methods related to any of the Mineral Right; (v.2.) there are no claims, arbitration proceedings, or other alternative dispute resolution methods of any nature whatsoever that, although not involving the Mineral Right, may in any way affect them and/or impede and/or harm the implementation of this Agreement; (v.3.) the Grantor is not aware of or has not performed any acts whose practice or omission may impede or harm the

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implementation of this Agreement; (v.4.) no Mineral Right is involved in any pending claims of any nature, nor in arbitration proceedings or other alternative dispute resolution methods; and (v.5.) the Grantor has not failed to comply with any judgment, order, writ, injunction, or ruling from any public authority related to any Mineral Right;

vi.<u>Environmental</u>. The Grantor complies with all environmental laws and regulations, further declaring that no activity has been conducted in the area of the Mineral Right that has resulted in, or would reasonably be likely to result in, a violation of applicable environmental laws. Therefore, there are no pending complaints before any authority, at any level, nor are there any services, summonses, directives, orders, and/or notices of violation of any legal requirement related to any of the Mineral Right or against the Grantor in connection with environmental matters or licenses. The Grantor further declare that it has not entered into or assumed any agreement, nor has it been imposed any obligation to make any type of payment, compensation, or indemnity for, or as a result of, obtaining any license required for the development of the Mineral Right. In this regard, the Grantor declares that it has not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring that there are no facts or circumstances that would result in a violation of such nature to the applicable environmental legal requirements or claims or demands in this regard;

vii.<u>Status of Mineral Right</u>. The Grantor declares that there are no liens on the Mineral Right, which are entirely free and clear of any and all real or personal, judicial or extrajudicial liens, legal or conventional mortgages, easements, forum or pension, seizure, sequestration, lis pendens, real or personal repossession actions, environmental contingencies, debts and/or liabilities of any nature, as well as fully paid for taxes, charges, expenses, and debts of any nature. The Grantor further declares that there are no fines and/or demands from the competent authorities pending payment or satisfaction, and that all applicable federal, state, and municipal regulations and standards have been complied with to date;

viii.<u>Full Disclosure</u>. The information, representations, and/or warranties provided by the Grantor regarding the Mineral Right, herein and/or within the scope of the Due Diligence, do not contain any untruth or inaccuracy regarding any material act or fact, nor do they omit the existence of any material act or fact whose knowledge is necessary to ensure that the representations and obligations assumed in this Agreement are not misleading or subject to misinterpretation. There is no act, fact, or situation that affects the transaction that is the subject of this Agreement and that has not been expressly disclosed by the Grantor;

ix.<u>Other negotiations involving the Mineral Right</u>. There is currently no agreement or contract of any nature entered into with third parties that has as its purpose the assignment, promise of assignment, granting as collateral or any other form of commitment of the Mineral Right, or any agreement or contract that may, in any way, harm or prevent the exercise of the Call Option or the exercise by the Grantor of any rights arising from this Agreement, or of any rights, actions, privileges and guarantees related to the Mineral Right or, even, in the future, to the acquisition of the Mineral Right by the Grantee; and

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x.they are not aware of any protested titles in their name.

6.2.<u>Additional declaration of the Grantor</u>. The Grantor declares that the execution of this Agreement does not create fraud against creditors, fraud of execution, or presumption of fraud against tax authorities, at the Federal, State, or Municipal levels, as provided for in article 158 of the Civil Code, article 792 of the Civil Procedure Code, and article 185 of the National Tax Code, respectively, and other applicable regulations.

6.3.<u>Prohibited Acts</u>. Except in the event of prior and express approval by the Grantee, the Grantor undertakes, directly or indirectly, free of charge or for a fee, partially or fully, during the term of this Agreement as set forth in 5.1. above:

a.not to sell, assign, or transfer the Mineral Right to any third parties, even if considered related parties under applicable law, nor to confer them on the capital of a company or other investment fund, grant them in usufruct or trust, or in any other manner assign or promise to assign them; and

b.not create or permit any liens or encumbrances over the Mineral Right, such as pledge, sequestration, attachment, constriction, small-estate probate, attachment, mortgage, fiduciary transfer, usufruct, bond, charges, call option, put option, right of first refusal, restriction on disposal, or any other encumbrance of any nature, created or imposed by contractual provision, law, court decision, even if not final, arbitration award, or any other decision to which the Grantor is subject.

6.3.1.Likewise, the Grantee, on its own behalf, its partners, affiliates, controlled companies, consortium members, assignees, or other individuals and legal entities with which it is linked, undertakes not to perform any act that results or may result in the loss, by the Grantor, of the Mineral Right, under penalty of being liable for losses and damages. In the event of the actual loss of the Mineral Right by the Grantor, the Grantee hereby agrees that it will be subject to a fine equivalent to the Exercise Price established in item 2.1. above, as a pre-determined loss and damage.

6.3.2.In the specific case of the Grantor (i.) failing to comply with the Exclusivity obligation set forth in 1.2., above, (ii.) committing one of the prohibited acts indicated in 6.3., (a.) and (b.) above, or (iii.) refusing to transfer the Mineral Right to the Grantee, in the latter case provided that the First Installment of the Exercise Price has been regularly and timely paid, it shall be subject to a fine in the amount of five million US dollars (US$5,000,000.00), as a pre-determined amount of losses and damages, without prejudice to the determination of the Grantee's lost profits, calculated over the stipulated period of ten (10) years of exploration of the acquired Mineral Right. If the Grantee has exercised or will exercise the Call Option despite the breaches provided for in this item, the penalty provided for herein may be deducted from the Second or the Third Installments of the Exercise Price.

6.3.3.The Parties hereby agree that it will not be considered a violation of Exclusivity, nor an act prohibited as per item 6.3.(b.) above, (i.) the enactment of new law or regulations that prevent the exercise of the Call Option or the transfer of the Mineral Right to the Grantee, unless it is possible for the Grantor to perform acts that eliminate or lessen the legal effects of the new law or regulations; and (ii.) the

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performance of acts by any governmental authority that prevent the exercise of the Call Option or the transfer of the Mineral Right to the Grantee, unless the act of the governmental authority is due to non-compliance with law, regulations or requests formally submitted and not complied with by the Grantor. In the cases provided for in this item, the penalty mentioned in 6.3.2. above will not be applicable.

6.4.<u>Non-pecuniary obligations</u>. Failure by either Party to fulfill any of the obligations to give, perform, or refrain from performing under this Agreement and not subject to a specific penalty will subject the breaching Party to specific performance, as well as the obligation to indemnify the non-performing Party for losses and damages, including lost profits, demonstrably incurred and directly related to the breach in question.

6.4.1.<u>Indemnification obligations</u>. The Parties mutually undertake to irrevocably and irreversibly indemnify and hold harmless the other Party for direct damages suffered due to the breach of any obligation provided for in this Agreement by the other Party, including attorney's fees, legal costs, and costs demonstrably incurred in defending its rights, due to an act or fact attributable to the other Party.

6.5.<u>Annual Fee per Hectare</u>. The Parties hereby agree that the Annual Fee per Hectare (the "<u>TAH</u>") relating to the Mineral Right and other taxes and fees linked thereto shall be due by the Grantor until the Call Option Exercise Date when, if applicable and within the limits of the Exercise Notice, the taxes, fees and TAH relating to the Mineral Right acquired by the Grantee shall be borne by the latter.

6.6.<u>General representations of the Parties</u>. The Parties hereby represent to each other that:

a.they are, as applicable, duly organized, incorporated, and existing as limited liability companies, in accordance with applicable law;

b.they are duly represented in this Agreement, pursuant to their organizational documents, and their legal representatives who sign this Agreement are duly authorized to assume and fulfill all obligations hereunder;

c.they are duly authorized and have obtained all licenses, precedent measures, and/or corporate, legal, or regulatory authorizations necessary to enter into this Agreement and assume the obligations set forth herein, including any appropriate authorizations provided for in their organizational documents, if applicable. No third-party authorization is required to enter into this Agreement;

d.this Agreement creates a valid, effective, and enforceable obligation of each of the Parties, in accordance with its terms;

e.The execution of this Agreement by the Parties, as well as the assumption and fulfillment of the obligations set forth herein, especially those arising from the exercise of the Call Option of Mineral Right by the Grantee, will not imply (e.1.) any conflict or violation of any provision of the articles of association and/or bylaws of the Parties; (e.2.) any conflict, violation, default, early maturity, or termination of any contract or agreement to which the Parties, as the case may be, are a party; (e.3.) any violation of any applicable law or regulation, or of any

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decisions or resolutions issued by their decision-making or administrative bodies, which may prevent, delay, or impair the performance of the obligations assumed in this Agreement; or (e.4.) any determinations, decisions, or orders of any governmental authority, including judicial authorities, to whose observance the Parties, as the case may be, are subject; and

f.have analyzed this Agreement in all its clauses and conditions, assisted by their legal counsel.

**7.** **FINAL PROVISIONS**.

7.1.<u>Consent</u>. The Consenting Intervening Parties sign this Agreement, as partners of the Grantor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

7.2.<u>Entire agreement</u>. This Agreement creates the entire agreement among the Parties regarding the matters creating its subject matter, superseding any previously executed documents and understandings previously reached among the Parties.

7.3.<u>Amendments</u>. Amendments to this Agreement will only be valid when executed in writing and signed by the legal representatives of all Parties.

7.4.<u>Irrevocability</u>. This Agreement is irrevocable and irreversible, binding on the Parties and their heirs and successors in any capacity.

7.5.<u>Assignment.</u> The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to third parties other than Authorized Assignees, as defined in item 1.4 above, except with the prior or express consent of the other Party.

7.6.<u>Waiver, Novation and Others</u>. The Parties represent and acknowledge that, except as expressly provided otherwise in this Agreement, (i.) the failure to exercise, the granting of a time limit, the forbearance, or the delay in exercising any right granted to them by this Agreement or by law will not create a waiver or novation of such rights, nor will it prejudice their eventual exercise; (ii.) the individual or partial exercise of these rights will not prevent the subsequent exercise of the remaining rights or the exercise of any other right; (iii.) the waiver of any of these rights will only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and will not be considered a waiver of any other right granted by this Agreement; (v.) the nullity or invalidity of any of the clauses of this instrument will not prejudice the validity and effectiveness of its other clauses or of the Agreement itself; and (vi.) the rights of each Party provided for in this Agreement are cumulative with other rights provided for by law, unless this Agreement expressly excludes them.

7.7.<u>Costs</u>. The Parties agree that all costs and expenses incurred in hiring agents, attorneys, auditors, advisors, intermediaries, or consultants to carry out the transactions covered by this Agreement will be borne exclusively by the respective contracting party.

7.8.<u>Assistance</u>. The Parties represent that they were duly assisted by their respective attorneys in executing this Agreement, who warned them of the risks involved in the transaction covered by this Agreement, and that they are signing this Agreement independently, of their own free will, aware of the risks and obligations to which they are

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subject, and of the rights granted under this Agreement. Neither Party may, at any time after signing this Agreement, claim ignorance, error, injury, lack of knowledge, or any other defect regarding the risks, obligations, and rights provided for in this Agreement.

7.9.<u>Notices</u>. All notifications, notices or communications relating to this Agreement will be in writing and will be deemed received on the delivery date, if delivered in person, or on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email. Such notifications, notices and communications will be sent to the addresses indicated below or to any other address that may be communicated by one Party to the other, via written communication:

if for the <u>Grantor</u>:

&nbsp;&nbsp;&nbsp;&nbsp;.

At.: Bruno Fagundes Flora and Gustavo Fagundes Flora.

if for the <u>Grantee</u>:

Rua Professor José Leite e Oiticica, No. 530, Sala 03, Vila Gertrudes, São Paulo, SP, ZIP Code 04705-080.

At.: Bernardo Sanchez Agapito da Veiga.

7.9.1.<u>Amendments</u>. Should any changes occur to the addresses and other contact information listed above, the Parties undertake to promptly notify the other Party. Any change in contact information will take effect, for the purposes of this Agreement, on the business day following the date on which the recipient parties receive notification to that effect.

7.10.<u>Taxes</u>. Unless otherwise provided for in this Agreement, all taxes arising from the transactions covered by this Agreement will be borne exclusively by the respective taxpayer.

7.11.<u>Confidentiality</u>. The Parties undertake to maintain absolute secrecy and confidentiality regarding the content of this Agreement, expressly undertaking not to disclose or transmit it to third parties without the prior and express written consent of the other Party, except if such disclosure or disclosure is required by law or by court order, in which case it must be strictly limited to the content and form established by applicable law or court order and will be made exclusively to the persons or entities to whom it is directed. However, the Parties are entitled, regardless of the consent referred to in this item, to disclose the contents of this Agreement to their directors, employees, agents, advisors, auditors, creditors, and service providers who need to know it for the purpose of assisting the Party in question. Any Party that fails to comply with the obligation set forth herein will be subject to payment of compensation for any losses and damages caused, as set forth in item 6.4 above.

7.12.<u>Cooperation</u>. The Parties undertake to mutually cooperate and provide any assistance that may be reasonably required for the proper development and fulfillment of the obligations set forth in this Agreement, it being established that it was entered into in the best interests of the Parties, in compliance with the bases and parameters currently practiced in the market, considering the risks inherent therein. The Parties consent and agree that this Agreement, notwithstanding this, does not create or establish any form of

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associative link, consortium, "joint venture", partnership, company or association of any type or nature among them, with the Parties remaining completely independent of each other.

7.13.<u>Personal Data Protection</u>. The Parties, by mutual agreement, comply with the duties and obligations regarding the personal data protection and undertake to process the Personal Data collected under this Agreement, if any, according to the applicable law, including, but not limited to, Law No. 12,965 dated as of 04.23.2014, Decree No. 8,771 dated as of 05.11.2016 (Internet Civil Rights Framework), Law No. 13,709 dated as of 08.14.2018 ("<u>LGPD</u>"), where and as applicable. The Parties must also ensure that their representatives, partners, directors, and employees comply with the provisions of the relevant legal instruments related to data protection, as provided for in the LGPD.

7.13.1.Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties are liable to the competent authorities for their own acts and omissions that caused non-compliance with applicable laws and regulations.

7.14.<u>Anti-corruption clause. Compliance</u>. For the performance of this Agreement, neither party may offer, give, or commit to give, to anyone, or accept or commit to accept, from anyone, either on its own behalf or through another party, any payment, donation, compensation, financial or non-financial advantages, or benefits of any kind that create an illegal or corrupt practice under the laws of any country, directly or indirectly related to the purpose of this Agreement, or even in any way unrelated to this Agreement. They must also ensure that their agents and employees act in the same manner.

7.15.<u>Specific Performance</u>. All commitments and obligations assumed in this Agreement by the Parties are subject to specific performance, according to the articles 497, 501 and 815 *et seq.* of the Civil Procedure Code, with this instrument serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

7.16.<u>Jurisdiction.</u> The Parties hereby elect the Judicial district of Poços de Caldas, State of Minas Gerais to resolve any doubts, disputes, or controversies arising from this Agreement, to the exclusion of any other, however privileged it may be or may become.

7.17.<u>Signatures</u>. The Parties agree that this Agreement will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure, as permitted in article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this Agreement does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court, as provided in 7.15. above. The Parties further acknowledge that (i) even if either Party electronically signs this Agreement in a different location, the place of execution of this Agreement is, for all purposes, the City of Poços de Caldas, as indicated below; and (ii) the execution date of this Agreement will be considered, for all intents and purposes, the date indicated below, notwithstanding the date on which the last electronic signature is executed.

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In witness whereof, the Parties sign this instrument electronically in the presence of the witnesses identified below.

Poços de Caldas, September 22, 2023.

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| |
|:---|
| <u>Grantor</u>: |
| /s/ Bruno Fagundes Flora |
| **JJBF LTDA.** |
| p. Bruno Fagundes Flora |
| <u>Grantee</u>: |
| /s/ João Paulo Agapito da Veiga |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga |
| <u>Consenting Intervening Parties</u>: |
| /s/ Bruno Fagundes Flora |
| **BRUNO FAGUNDES FLORA** |
| /s/ Gustavo Fagundes Flora |
| **GUSTAVO FAGUNDES FLORA** |
| <u>Witnesses</u>: |

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| | |
|:---|:---|
| <u>/s/ Karina de Oliveira Lima]</u> | <u>/s/ Letícia Ferreira Maurino</u> |
| Name: Karina de Oliveira Lima<br>CPF:  | Name: Letícia Ferreira Maurino<br>CPF:  |

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<u>List of Annexes</u>:

Annex I.: Identification, Authorizations and Main Characteristics of the Mineral Right.

Annex 1.2.: Bank account details held by the Grantor.

Annex 3.2.: Private Instrument of Mineral Right Assignment Agreement and Other Covenants.

Annex 3.2.1.: Instrument of Assignment of Mineral Right.

Annex 3.2.2.: Draft Public Power of Attorney to be formalized.

Annex 4.2.1.: Initial Due Diligence checklist.

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<u>Annex I.</u>

to the Call Option Agreement for Mineral Right and Other Covenants, dated as of September 22, 2023.

Identification, Authorizations and Main Characteristics of the Mineral Right.

Basic proceeding data

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| | |
|:---|:---|
| &nbsp;&nbsp;Proceeding number: | &nbsp;&nbsp;813.944/1971 |
| &nbsp;&nbsp;NUP: | &nbsp;&nbsp;27203.813944/1971-32 |
| &nbsp;&nbsp;SEI Access: | &nbsp;&nbsp;Click here to access SEI. |
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;298.89 |
| &nbsp;&nbsp;Application type: | &nbsp;&nbsp;Exploration Authorization Application |
| &nbsp;&nbsp;Current stage: | &nbsp;&nbsp;Development Concession |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Superintendence: | &nbsp;&nbsp;Regional Management / MG |
| &nbsp;&nbsp;State: | &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Filing unit: | &nbsp;&nbsp;Filing Unit 3 |
| &nbsp;&nbsp;Filing Date: | &nbsp;&nbsp;08/04/1971 00:00:00 |
| &nbsp;&nbsp;Priority Date: | &nbsp;&nbsp;08/04/1971 00:00:00 |

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<u>Relation Type</u> <u>CPF/CNPJ</u> <u>Name</u> <u>Responsibility/Representation</u> <u>Lease Term</u> <u>Start Date</u> <u>End Date</u> <br> Related persons: <u>Owner/Applicant</u> <u>20.684.296/0001-14</u> <u>Jjbf Ltda</u>     <u>08/04/1971</u>  

Company Registration proceeding number: 809.604/1973

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Number | &nbsp;&nbsp;Description | &nbsp;&nbsp;Title Type | &nbsp;&nbsp;Title Status | &nbsp;&nbsp;Publication date | &nbsp;&nbsp;Expiration date |
| &nbsp;&nbsp;Titles | &nbsp;&nbsp;313 | &nbsp;&nbsp;CLAV - DEVELOPMENT CONCESSION | &nbsp;&nbsp;Development Lease | &nbsp;&nbsp;Granted (prior to charge) | &nbsp;&nbsp;10/23/1997 |  |
|  | &nbsp;&nbsp;8053 | &nbsp;&nbsp;ALVR - EXPLORATION PERMIT | &nbsp;&nbsp;Exploration Permit | &nbsp;&nbsp;Granted (prior to charge) | &nbsp;&nbsp;01/16/1979 |  |

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Substances:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Type of use | &nbsp;&nbsp;Start date | &nbsp;&nbsp;End date | &nbsp;&nbsp;Reason for termination |
| &nbsp;&nbsp;BAUXITE | &nbsp;&nbsp;Not informed | &nbsp;&nbsp;08/04/1971 |  |  |
| &nbsp;&nbsp;CLAY | &nbsp;&nbsp;Not informed | &nbsp;&nbsp;08/04/1971 |  |  |

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Cities:

<u>Name</u> <br> <u>POÇOS DE CALDAS/MG</u>

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Land ownership condition: <u>No information on land ownership.</u>

Associated processes:

<u>No associated processes.</u>

Documents that make up the process:

<u>No information about documents submitted for this process.</u>

Events:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Date | &nbsp;&nbsp;Note | &nbsp;&nbsp;Publication in the Federal Official Gazette |
| &nbsp;&nbsp;1338 - DEV. CONC/MINE CLOSURE PLAN FILED | &nbsp;&nbsp;11/30/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;1076 - DEV. CONC/RAL PRESENTS ART | &nbsp;&nbsp;03/15/2021 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;1733 - DEV. CONC/RAL OF COMPLIANCE WITH REQUIREMENT | &nbsp;&nbsp;07/21/2020 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;1738 - DEV. CONC/RAL RECTIFIER OF PRESENTATION REQUIREMENT | &nbsp;&nbsp;04/28/2020 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 155/2020 - Regional Management / MG - Order - Regional Manager - Orders | &nbsp;&nbsp;Determines compliance with requirement - RAL RECTIFIER / Deadline: 30 days - 813.944/1971 - JJBF LTDA - Official Letter No. 121/2020/UAPC - MG/GER - MG |
| &nbsp;&nbsp;470 - DEV. CONC/REQUIREMENT PUBLISHED | &nbsp;&nbsp;04/28/2020 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 155/2020 - Regional Management / MG - Order - Regional Manager - Orders | &nbsp;&nbsp;Determines compliance with requirement - Deadline: 60 days - 813.944/1971 - JJBF LTDA - Official Letter No. 122/2020/UAPC - MG/GER - MG |
| &nbsp;&nbsp;1076 - DEV. CONC/RAL PRESENTS ART | &nbsp;&nbsp;03/27/2020 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/28/2019 | &nbsp;&nbsp;Attachment 48403-003927/2019-11 of the process 813.944/1971 - PRESENTS RAL |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/12/2018 | &nbsp;&nbsp;Attachment 48403-003140/2018-61 of the process 813.944/1971 - PRESENTS RAL |  |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;03/13/2017 | &nbsp;&nbsp;Attachment 48403-003090/2017-31 of the process 813.944/1971 - PRESENTS SUPPLEMENTARY DOCUMENTS |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;04/11/2016 | &nbsp;&nbsp;Attachment 48403-005361/2016-10 of the process 813.944/1971 - PRESENTS RECEIPT OF RAL AND ART |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/30/2015 | &nbsp;&nbsp;Attachment 48403-004741/2015-48 of the process 813.944/1971 - PRESENTS PROTOCOL OF RAL |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;04/07/2014 | &nbsp;&nbsp;Attachment 48403-006562/2014-64 of the process 813.944/1971 - PRESENTS RAL |  |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;04/22/2013 | &nbsp;&nbsp;Attachment 48403-007251/2013-31 of the process 813.944/1971 - PRESENTS DOCUMENTS TO THE PROCESS |  |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;03/05/2013 | &nbsp;&nbsp;Attachment 48403-003871/2013-00 of the process 813.944/1971 - PRESENTS DOCUMENTS TO THE PROCESS |  |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;05/09/2011 | &nbsp;&nbsp;Attachment 48403-007769/2011-10 of the process 813.944/1971 - PRESENTS DOCUMENTS |  |
| &nbsp;&nbsp;1399 - DEV. CONC/ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;05/09/2011 | &nbsp;&nbsp;Attachment 48403-007767/2011-21 of the process 813.944/1971 - PRESENTS TRUE COPY OF AAF |  |
| &nbsp;&nbsp;408 - DEV. CONC/VESTING OF POSSESSION NOT PERFORMED | &nbsp;&nbsp;04/14/2011 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 228/2011 - Superintendence / MG - Superintendent's Order | &nbsp;&nbsp;Vesting of possession not performed 813.944/1971 - JOAQUIM JOSÉ BERNARDO FLORA FI - NOTICE No. 07/11 - Published in the Federal Official Gazette dated as of 01/13/2011 |
| &nbsp;&nbsp;406 - DEV. CONC/NOTICE OF VESTING OF POSSESSION PUBLISHED | &nbsp;&nbsp;01/13/2011 | &nbsp;&nbsp;Relation SECTION 3 - NOTICE OF VESTING OF POSSESSION - 7/2011 - Superintendence / MG - Superintendent's Order | &nbsp;&nbsp;Hereby announces, for the information of all interested parties, the Vesting of Possession of the deposit: DNPM No. 813.944/1971 - JOAQUIM JOSÉ BERNARDO FLORA - Possession of the Bauxite and Refractory Clay deposit in the city of POÇOS DE CALDAS/MG, granted by Ordinance No. 313, published in the Official Federal Gazette dated as of 10/23/1997. The ceremony will be held at 10:00 a.m. on 02/23/2011; |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;03/26/2010 | &nbsp;&nbsp;Attachment 48403-004160/2010-16 of the process 813.944/1971 - SENT VIA ECT ON 03-26/10 ENVELOPE ATTACHED TO PROCESS 832.435/83 |  |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;03/17/2009 | &nbsp;&nbsp;Attachment 48403-004410/2009-76 of the process 813.944/1971 - SENT BY ECT ON 03-17/2009 ENVELOPE ATTACHED TO PROCESS 832.079/2001 |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;04/16/2008 | &nbsp;&nbsp;Annex 006488/2008. RAL receipt for the 2007 base year. Sent by mail on this date. |  |
| &nbsp;&nbsp;676 - ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;06/02/2007 | &nbsp;&nbsp;attachment No. 010109 / sent by mail / authenticated environmental operating permit |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/21/2007 | &nbsp;&nbsp;ATTACHMENT No. 005374/2007 - RAL - sent by mail |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/14/2006 | &nbsp;&nbsp;Attachment 003844 - Presentation of proof of delivery of RAL 2005 - ART - Sent by Mail |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/16/2005 | &nbsp;&nbsp;Attachment No. 003059. Presents receipt of delivery of RAL/ART. |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/15/2001 |  |  |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/15/2000 |  |
| &nbsp;&nbsp;403 - DEV. CONC/REQUESTED VESTING OF POSSESSION | &nbsp;&nbsp;10/13/1999 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/11/1999 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;403 - DEV. CONC/REQUESTED VESTING OF POSSESSION | &nbsp;&nbsp;06/22/1998 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/13/1998 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;400 - DEV. CONC/DEVELOPMENT CONCESSION ORDINANCE PUBLISHED - MME | &nbsp;&nbsp;10/23/1997 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;332 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. MADE | &nbsp;&nbsp;08/15/1997 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;331 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. APPROVED | &nbsp;&nbsp;07/24/1997 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;331 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. APPROVED | &nbsp;&nbsp;07/16/1997 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;398 - DEV. APP/PROOF OF DEVELOPMENT PORT FEE PAYMENT FILED | &nbsp;&nbsp;10/29/1996 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;07/23/1996 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;04/18/1996 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;364 - DEV. APP/EXTENSION OF TERM REQUIREMENT GRANTED | &nbsp;&nbsp;10/18/1995 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;11/22/1994 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;336 - DEV. APP/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;08/26/1994 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;364 - DEV. APP/EXTENSION OF TERM REQUIREMENT GRANTED | &nbsp;&nbsp;05/31/1994 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;04/14/1994 | &nbsp;&nbsp;SICOM LOAD |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;364 - DEV. APP/EXTENSION OF TERM REQUIREMENT GRANTED | &nbsp;&nbsp;10/21/1993 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;11/18/1992 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;902 - ORDER 9.01 PUBLISHED RETIFICATION ON: | &nbsp;&nbsp;03/20/1991 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;391 - DEV. APP/RECONSIDERATION REQUEST WITH PROTOCOL | &nbsp;&nbsp;02/05/1991 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;260 - EXP. AUTH/MAKES THE EXPLORATION PERMIT NULL AND EFFECT, ART. 43 OF THE CONST. | &nbsp;&nbsp;12/21/1990 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;901 - RECTIFIES THE ORDER PUBLISHED ON: | &nbsp;&nbsp;12/21/1990 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;800 - ART 43 CONSTIT RELATED TO DISTRICTS | &nbsp;&nbsp;03/21/1990 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;03/08/1989 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;01/09/1989 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;350 - DEV. APP/DEVELOPMENT APPLICATION FILED | &nbsp;&nbsp;05/12/1983 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;299 - EXPLORATION AUTH/APPROVED RESEARCH REPORT ART 30A WITH PUBL | &nbsp;&nbsp;12/14/1982 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;290 - EXPLORATION AUTH/FINAL RESEARCH REPORT PRESENTED | &nbsp;&nbsp;11/16/1981 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;209 - EXPLORATION AUTH/EXPLORATION START NOTICE | &nbsp;&nbsp;03/20/1980 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;201 - EXPLORATION AUTH/EXPLORATION PERMIT PUBLISHED | &nbsp;&nbsp;01/16/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;140 - EXPLORATION APP/PROOF OF PERMIT FEE PAYMENT FILED | &nbsp;&nbsp;11/13/1978 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;100 - EXPLORATION APP/EXPLORATION APPLICATION FILED | &nbsp;&nbsp;08/04/1971 | &nbsp;&nbsp;SICOM LOAD |

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Polygonal

Process: **813.944/1971**

Graphical representation:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img193712409_0.jpg](img193712409_0.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img193712409_0.jpg](img193712409_0.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img193712409_0.jpg](img193712409_0.jpg) |
| &nbsp;&nbsp;Full UC | &nbsp;&nbsp;![img193712409_0.jpg](img193712409_0.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img193712409_0.jpg](img193712409_0.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img193712409_0.jpg](img193712409_0.jpg) |

---

Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;298.89 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º53'23"935 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º32'48"110 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;PA-091-PPC-CONFL CORR JARACUSSU C/ CORR PORTEIRINHO | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;140.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;23º52'00"645 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;NE |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º53'19"773 | &nbsp;&nbsp;-46º32'46"137 |
|  | &nbsp;&nbsp;-21º53'24"650 | &nbsp;&nbsp;-46º32'46"137 |
|  | &nbsp;&nbsp;-21º53'24"650 | &nbsp;&nbsp;-46º32'44"047 |
|  | &nbsp;&nbsp;-21º53'26"665 | &nbsp;&nbsp;-46º32'44"047 |
|  | &nbsp;&nbsp;-21º53'26"665 | &nbsp;&nbsp;-46º32'41"957 |
|  | &nbsp;&nbsp;-21º53'28"844 | &nbsp;&nbsp;-46º32'41"957 |
|  | &nbsp;&nbsp;-21º53'28"844 | &nbsp;&nbsp;-46º32'38"891 |
|  | &nbsp;&nbsp;-21º53'30"924 | &nbsp;&nbsp;-46º32'38"891 |
|  | &nbsp;&nbsp;-21º53'30"924 | &nbsp;&nbsp;-46º32'37"672 |
|  | &nbsp;&nbsp;-21º53'34"566 | &nbsp;&nbsp;-46º32'37"672 |
|  | &nbsp;&nbsp;-21º53'34"566 | &nbsp;&nbsp;-46º32'35"512 |
|  | &nbsp;&nbsp;-21º53'36"646 | &nbsp;&nbsp;-46º32'35"512 |
|  | &nbsp;&nbsp;-21º53'36"646 | &nbsp;&nbsp;-46º32'34"536 |
|  | &nbsp;&nbsp;-21º53'44"872 | &nbsp;&nbsp;-46º32'34"536 |
|  | &nbsp;&nbsp;-21º53'44"872 | &nbsp;&nbsp;-46º32'32"829 |
|  | &nbsp;&nbsp;-21º53'48"058 | &nbsp;&nbsp;-46º32'32"829 |
|  | &nbsp;&nbsp;-21º53'48"058 | &nbsp;&nbsp;-46º32'31"679 |
|  | &nbsp;&nbsp;-21º53'57"389 | &nbsp;&nbsp;-46º32'31"679 |
|  | &nbsp;&nbsp;-21º53'57"389 | &nbsp;&nbsp;-46º32'33"003 |
|  | &nbsp;&nbsp;-21º54'01"843 | &nbsp;&nbsp;-46º32'33"003 |
|  | &nbsp;&nbsp;-21º54'01"843 | &nbsp;&nbsp;-46º32'30"738 |
|  | &nbsp;&nbsp;-21º54'04"607 | &nbsp;&nbsp;-46º32'30"738 |
|  | &nbsp;&nbsp;-21º54'04"606 | &nbsp;&nbsp;-46º32'28"369 |
|  | &nbsp;&nbsp;-21º54'07"468 | &nbsp;&nbsp;-46º32'28"369 |
|  | &nbsp;&nbsp;-21º54'07"467 | &nbsp;&nbsp;-46º32'25"721 |
|  | &nbsp;&nbsp;-21º54'11"596 | &nbsp;&nbsp;-46º32'25"721 |
|  | &nbsp;&nbsp;-21º54'11"596 | &nbsp;&nbsp;-46º32'23"457 |
|  | &nbsp;&nbsp;-21º54'16"051 | &nbsp;&nbsp;-46º32'23"457 |
|  | &nbsp;&nbsp;-21º54'16"050 | &nbsp;&nbsp;-46º32'20"844 |
|  | &nbsp;&nbsp;-21º54'18"229 | &nbsp;&nbsp;-46º32'20"844 |
|  | &nbsp;&nbsp;-21º54'18"229 | &nbsp;&nbsp;-46º32'17"917 |
|  | &nbsp;&nbsp;-21º54'20"244 | &nbsp;&nbsp;-46º32'17"917 |
|  | &nbsp;&nbsp;-21º54'20"244 | &nbsp;&nbsp;-46º32'14"363 |
|  | &nbsp;&nbsp;-21º54'24"081 | &nbsp;&nbsp;-46º32'14"363 |
|  | &nbsp;&nbsp;-21º54'24"078 | &nbsp;&nbsp;-46º31'39"976 |
|  | &nbsp;&nbsp;-21º54'19"559 | &nbsp;&nbsp;-46º31'39"976 |
|  | &nbsp;&nbsp;-21º54'19"558 | &nbsp;&nbsp;-46º31'33"427 |
|  | &nbsp;&nbsp;-21º54'05"675 | &nbsp;&nbsp;-46º31'33"429 |
|  | &nbsp;&nbsp;-21º54'05"675 | &nbsp;&nbsp;-46º31'34"369 |
|  | &nbsp;&nbsp;-21º54'00"961 | &nbsp;&nbsp;-46º31'34"370 |
|  | &nbsp;&nbsp;-21º54'00"961 | &nbsp;&nbsp;-46º31'35"938 |
|  | &nbsp;&nbsp;-21º53'57"548 | &nbsp;&nbsp;-46º31'35"938 |
|  | &nbsp;&nbsp;-21º53'57"548 | &nbsp;&nbsp;-46º31'38"028 |
|  | &nbsp;&nbsp;-21º53'55"760 | &nbsp;&nbsp;-46º31'38"029 |
|  | &nbsp;&nbsp;-21º53'55"760 | &nbsp;&nbsp;-46º31'40"293 |
|  | &nbsp;&nbsp;-21º53'53"972 | &nbsp;&nbsp;-46º31'40"293 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;-21º53'53"972 | &nbsp;&nbsp;-46º31'42"593 |
| &nbsp;&nbsp;-21º53'52"119 | &nbsp;&nbsp;-46º31'42"593 |
| &nbsp;&nbsp;-21º53'24"128 | &nbsp;&nbsp;-46º31'58"621 |
| &nbsp;&nbsp;-21º53'22"502 | &nbsp;&nbsp;-46º31'58"621 |
| &nbsp;&nbsp;-21º53'22"502 | &nbsp;&nbsp;-46º32'00"537 |
| &nbsp;&nbsp;-21º53'20"486 | &nbsp;&nbsp;-46º32'00"537 |
| &nbsp;&nbsp;-21º53'20"487 | &nbsp;&nbsp;-46º32'02"105 |
| &nbsp;&nbsp;-21º53'17"886 | &nbsp;&nbsp;-46º32'02"105 |
| &nbsp;&nbsp;-21º53'17"886 | &nbsp;&nbsp;-46º32'03"672 |
| &nbsp;&nbsp;-21º53'15"870 | &nbsp;&nbsp;-46º32'03"673 |
| &nbsp;&nbsp;-21º53'15"870 | &nbsp;&nbsp;-46º32'05"763 |
| &nbsp;&nbsp;-21º53'13"529 | &nbsp;&nbsp;-46º32'05"763 |
| &nbsp;&nbsp;-21º53'13"529 | &nbsp;&nbsp;-46º32'07"853 |
| &nbsp;&nbsp;-21º53'11"481 | &nbsp;&nbsp;-46º32'07"853 |
| &nbsp;&nbsp;-21º53'11"481 | &nbsp;&nbsp;-46º32'09"978 |
| &nbsp;&nbsp;-21º53'09"401 | &nbsp;&nbsp;-46º32'09"978 |
| &nbsp;&nbsp;-21º53'09"401 | &nbsp;&nbsp;-46º32'12"591 |
| &nbsp;&nbsp;-21º53'07"678 | &nbsp;&nbsp;-46º32'12"591 |
| &nbsp;&nbsp;-21º53'07"678 | &nbsp;&nbsp;-46º32'29"207 |
| &nbsp;&nbsp;-21º53'08"458 | &nbsp;&nbsp;-46º32'29"207 |
| &nbsp;&nbsp;-21º53'08"459 | &nbsp;&nbsp;-46º32'33"631 |
| &nbsp;&nbsp;-21º53'11"515 | &nbsp;&nbsp;-46º32'33"631 |
| &nbsp;&nbsp;-21º53'11"515 | &nbsp;&nbsp;-46º32'36"139 |
| &nbsp;&nbsp;-21º53'13"303 | &nbsp;&nbsp;-46º32'36"139 |
| &nbsp;&nbsp;-21º53'13"303 | &nbsp;&nbsp;-46º32'38"612 |
| &nbsp;&nbsp;-21º53'14"896 | &nbsp;&nbsp;-46º32'38"612 |
| &nbsp;&nbsp;-21º53'14"896 | &nbsp;&nbsp;-46º32'44"116 |
| &nbsp;&nbsp;-21º53'19"773 | &nbsp;&nbsp;-46º32'44"116 |
| &nbsp;&nbsp;-21º53'19"773 | &nbsp;&nbsp;-46º32'46"137 |

---

ID: 7278B349-3DFD-4BAE-A4D7-510B593EE829

------

<u>Annex 1.2.</u>

to the Call Option Agreement for Mineral Right and Other Covenants, dated as of September 22, 2023.

Bank account details held by the Grantor.

Owner: JJBF LTDA.

CNPJ:

Bank:

Branch:

Current account:

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<u>Annex 3.2.</u>

to the Call Option Agreement for Mineral Right and Other Covenants, dated as of September 22, 2023.

Draft Private Instrument of Assignment Agreement for Mineral Right and Other Covenants.

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**ASSIGNMENT AGREEMENT FOR MINERAL RIGHT AND OTHER COVENANTS**

By this private instrument, and in accordance with the law, the Parties designed and described below, namely,

on the one hand, as Assignor,

**JJBF LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Estrada José Kentenich, s/n/, Zona Rural, ZIP Code 37719-000, enrolled with CNPJ under No. 20.684.296/0001-14, e-mail: , herein represented in compliance with its Articles of Association by its Director, <u>Bruno Fagundes Flora</u>, Brazilian citizen, single, control and automation engineer, Holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Assignor</u>" or "<u>JJBF</u>", indistinctly;

and, on the other hand, as Assignee,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Sala 03, Vila Gertrudes, ZIP Code 04705-080, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled at , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Vila Gertrudes, ZIP Code 04705-080, e-mail: , hereinafter referred to as "<u>Grantee</u>";

also appearing as Consenting Intervening Parties,

**BRUNO FAGUNDES FLORA**, described above; and

**GUSTAVO FAGUNDES FLORA**, Brazilian citizen, married under full separation of property regime, doctor, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the , e-mail: ;

whereas the Assignor is the sole and legitimate holder of the mineral right currently represented by the development concessions subject to the administrative proceeding registered with the National Mining Agency (the "<u>ANM</u>") under No. 813.944/1971, located in the City of Poços de Caldas, MG, and detailed and characterized in <u>Annex I</u>., which is an integral and inseparable part of this document (the "<u>Mineral Right</u>");

whereas the Assignor granted the Assignee a call option for the Mineral Right, as provided for in the Call Option Agreement for Mineral Right and Other Covenants entered into on September 19, 2023 (the "<u>Option Agreement</u>"), and the Assignee validly exercised the option on [...], as per item 3.1 of the Option Agreement;

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whereas, in order to comply with the Option Agreement, the Assignor intends to assign the Mineral Right to the Assignee, while the Assignee intends to acquire the Mineral Right, subject to the terms and conditions set forth in this specific instrument;

The Parties RESOLVE to enter into this "Assignment Agreement for Mineral Right and Other Covenants" (the "<u>Agreement</u>"), which shall be governed by the following clauses and conditions.

**1.** **PURPOSE**.

1.1.<u>Purchase and sale of Mineral Right</u>. The Assignor hereby irrevocably and irreversibly assigns and transfers to the Assignee, which also irrevocably and irreversibly acquires the Mineral Right, as described in <u>Annex I.</u> hereto.

1.1.1.<u>Scope</u>. The purpose of the purchase and sale transaction described in item 1.1. above is the Mineral Right, as well as all rights and obligations, whether patrimonial or otherwise, inherent thereto. Therefore, from this date forward, the Mineral Right will belong exclusively to the Assignee, together with any and all rights, obligations, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

1.1.2.<u>Lack of liens</u>. The Mineral Right is free and clear of any liens, encumbrances, attachments, seizures, pledges, attachments, or restrictions that may, now or in the future, affect their free availability, transfer, economic exploration or the exercise of any rights inherent thereto.

1.1.3.<u>Assignment Instrument</u>. The Assignor and the Assignee hereby enter into the Assignment Instrument of Mineral Rights (the "<u>Instrument</u>"), copy of which is included herein in Annex 1.1.4., to enable, at the Assignee's sole discretion, the transfer and registration of the Mineral Right to the Assignee's ownership before the ANM without the need for registration of this Agreement.

1.2.<u>Transfer and Registration with the ANM</u>. The Assignor and the Assignee hereby agree that, immediately after payment of the First Installment of the Purchase Price, as defined in 2.1 below, they will take any and all necessary steps to register and/or endorse the Instrument or this Agreement, at the Assignee's sole discretion, with the ANM, notary offices, or any other applicable agency, at the Assignee's expense. The Assignor are obliged to submit, within a maximum period of five (5) business days, any and all documents reasonably requested by the Assignee and the person responsible for the registration and/or endorsement, as applicable, in order to make available the definitive transfer of the ownership of the Mineral Right.

**2.** **PRICE AND PAYMENT METHOD**.

2.1.<u>Purchase Price</u>. In consideration for the acquisition of the Mineral Right subject of this Agreement, the Assignee undertakes to pay the Assignors the total, legal and agreed price, in BRL (Reais) equivalent to fifteen million US dollars (US$15,000,000.00), calculated based on the US$(US dollar) purchase rate, as announced by the Central Bank

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of Brazil on the business day immediately prior to the respective payment date (the "<u>Purchase Price</u>"), to be disbursed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.the amount of BRL [...], equivalent to five million US dollars (US$5,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase rate, published by the Central Bank of Brazil on [...], was paid by the Assignee to the Assignor on [...], in compliance with the procedure set forth in 3.1. of the Option Agreement (the "<u>First Installment of the Purchase Price</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.the amount in BRL (Reais) equivalent to five million US dollars (US$5,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid by the Assignee to the Assignor without any further delay up to twelve (12) months after the maturity of the First Installment of the Purchase Price (the "<u>Second Installment of the Purchase Price</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.the amount in BRL (Reais) equivalent to five million US dollars (US$5,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid by the Assignee to the Assignor without any further delay up to twelve (12) months from the maturity of the Second Installment of the Purchase Price (the "<u>Third Installment of the Purchase Price</u>").

2.1.1.<u>Adjustment and interest</u>. No monetary adjustment or interest will be applied to the Purchase Price during the entire term of this Agreement, except for the late payment charges set forth in 2.1.2. below.

2.1.2.<u>Late Payment Charges</u>. In the event of late payment of any of the installments of the Purchase Price, (i.) the balance in BRL (Reais) due will be determined on the respective maturity date and, from said date onward, this balance (in BRL) will be monetarily corrected by IPCA "pro rata dies"; (ii.) this overdue balance in BRL will also be subject to a fine of ten percent (10%), in addition to interest of one percent (1%) per month, "pro rata dies".

2.1.3.<u>Default</u>. If there is a delay of more than sixty (60) days in the payment of any installment, this agreement will be considered terminated, with the parties returning to the previous status, in which case the amounts paid to date will be refunded to the Assignee within ten days, after deducting the fine in the amount of two million and five hundred thousand US dollars (US$2,500,000.00) in favor of the Assignor.

2.1.4.<u>Payment method</u>. The installments of the Acquisition Price must be paid by the Assignee to the Assignor in Brazilian currency, via TED or PIX to the bank account held by the Assignor indicated in Annex 1.2 to the Option Agreement.

2.1.5.<u>Release.</u> For all legal purposes and effects, the presentation of bank receipt proving the wire transfers of the Purchase Price to the bank account held by the Assignor referred to in item 2.1 above will imply that the Assignor grant the Assignee the fullest, general, irrevocable, and irreversible release regarding the

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receipt of the Installment of the Acquisition Price to which it is entitled, and that no further demands or disputes may be made on this matter at any time, in or out of court.

2.2.<u>Immutability of the Purchase Price</u>. The Purchase Price was set by full and mutual agreement between the Parties, who irrevocably and irreversibly declare their full and unrestricted agreement in this regard, being final, unchangeable, and binding.

**3.** **REPRESENTATIONS, WARRANTIES AND OTHER OBLIGATIONS OF THE PARTIES.**

3.1.<u>Fiduciary Sale</u>. Pursuant to articles 42 and 43 of Decree No. 9,406 dated as of June 12, 2018, in order to guarantee payment of the Second Installment of the Purchase Price and the Third Installment of the Purchase Price, as provided in 2.1.(b.) and 2.1.(c.) above, the Assignee grants the Assignor, on this date, the fiduciary sale of the Mineral Right, pursuant to the "Private Instrument of Fiduciary Sale of Mineral Right and Other Covenants", a copy of which is included herein in <u>Annex 3.1</u> and in compliance with ANM Resolution No. 90 dated as of 12.22.2022.

3.2.<u>Development prohibition</u>. The Assignee, under penalty of being liable for a fine immediately set at two million five hundred thousand US dollars (US$2,500,000.00) in favor of the Assignor, will be prohibited from developing minerals in the area covered by the Mineral Rights until full payment of the Second and Third Installments of the Purchase Price provided for in 2.1.(b.) and 2.1.(c.) above, unless otherwise agreed in writing between the Parties.

3.3.<u>Prohibition of encumbrance and sale of development.</u> The Assignee, also under penalty of being liable for a fine in the amount of two million and five hundred thousand US dollars (US$2,500,000.00) in favor of the Assignor, will be prohibited from voluntarily establishing liens, encumbrances, as well as from negotiating or in any way selling, transferring, assigning or disposing of the Mineral Right until full payment of the Second and Third Installments of the Acquisition Price provided for in 2.1.(b.) and 2.1.(c.), under penalty of its complete ineffectiveness.

3.4.<u>Assignor's Representation regarding the Mineral Right</u>. For all intents and purposes of this Agreement, the Assignor provides the Assignee with the following representations and warranties related to the Mineral Right, which are valid, true, and accurate on this date and will remain valid, true, and accurate until the transfer of ownership of the Mineral Right to the Assignee is registered with the ANM and other applicable agencies:

i.<u>Ownership</u>. The Assignor is the legitimate holder of the Mineral Right, the details and individual descriptions of which are included in this Agreement as <u>Annex I</u>.;

ii.<u>Registrations</u>. The Mineral Right is duly registered with the ANM, strictly adhering to all rules and regulations set forth in the applicable law;

iii.<u>Licenses and authorizations</u>. The Assignor has always acted in compliance with the law applicable to Mineral Rights and holds all authorizations, permits, registrations, registrations, accreditations, permissions, and protocols of any nature, as provided for in federal, state, and municipal law or required by public

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authorities and government agencies in their respective jurisdictions, for conducting research, mining, and maintaining the regularity of the Mineral Rights. There are no legal, administrative, contractual, or judicial restrictions on the ownership of the Mineral Rights or related to the development concessions subject to the administrative proceeding indicated in <u>Annex I</u>. hereto, there is also no judicial or administrative procedure in which the Assignor is as defendant, as plaintiff or acts as assistant, whose merit is related to the ownership of the Mineral Right or to the conduction and maintenance of the exploration or development related thereto

iv.<u>Disputes</u>. (i.) There are no claims or demands of any nature whatsoever before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative dispute resolution methods related to the Mineral Right; (ii.) there are no claims, arbitration proceedings, or other alternative dispute resolution methods of any nature whatsoever that, although not involving the Mineral Right, may in any way affect it and/or impede and/or harm the implementation of this Agreement; (iii.) the Assignor are not aware of or have not performed any acts whose practice or omission may impede or harm the implementation of this Agreement; (iv.) the Mineral Right is not involved in any pending claims of any nature, nor in arbitration proceedings or other alternative dispute resolution methods; and (v.) the Assignor has not failed to comply with any judgment, order, writ, injunction, or ruling from any public authority related to the Mineral Right;

v.<u>Environmental</u>. The Assignor complies with all environmental laws and regulations, further declaring that the activities have been conducted in the area of the Mineral Rights have not resulted in a violation of applicable environmental laws. Therefore, there are no pending complaints before any authority, at any level, nor are there any services, summonses, directives, orders, and/or notices of violation of any legal requirement related to the Mineral Right or against the Assignor in connection with environmental matters or licenses. The Assignor further declares that it has not entered into or assumed any agreement, nor has it been imposed any obligation to make any type of payment, compensation, or indemnity for, or as a result of, obtaining any license required for the development of the Mineral Right. In this regard, the Assignor declares that it has not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring that there are no facts or circumstances that would result in a violation of such nature to the applicable environmental legal requirements or claims or demands in this regard;

vi.<u>Status of Mineral Right</u>. There are no liens on the Mineral Right, which is entirely free and clear of any and all real or personal, judicial or extrajudicial liens, legal or conventional mortgages, easements, forum or pension, seizure, sequestration, lis pendens, real or personal repossession actions, environmental contingencies, debts and/or liabilities of any nature, as well as of taxes, charges, expenses, and debts of any nature, in addition to not being object of leases, loans for use or any agreements, facts, debts or contingencies that may affect its free full availability and economic exploration by the Assignee. And the Assignor further declares that there are no fines and/or demands from the competent authorities pending payment or satisfaction, and that all applicable federal, state, and municipal regulations and standards have been complied with to date; and

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vii.<u>Full Disclosure</u>. The information, representations, and/or warranties provided by the Assignor regarding the Mineral Right, made available by any means, do not contain any untruth or inaccuracy regarding any material act or fact, nor do they omit the existence of any material act or fact whose knowledge is necessary to ensure that the representations and obligations assumed in this Agreement are not misleading or subject to misinterpretation. There is no act, fact, or situation that affects the transaction that is the subject of this Agreement and that has not been expressly disclosed by the Assignor.

3.5. <u>Obligations of the Assignor</u>. Without prejudice to the other obligations specifically set forth in other items of this Agreement and with the purpose of preserving the Mineral Right until the date on which they can be registered on behalf of the Assignee with the ANM, the Assignor undertakes to:

i.<u>Registrations and licenses</u>: obtain and maintain valid all and any licenses, authorizations, registrations, and permits necessary or required for the preservation, conducting authorized research, maintenance, or expansion of the Mineral Right;

ii.<u>Laws and regulations</u>: regarding environmental and safety issues related to the Mineral Right, (ii.1.) comply with all applicable laws and regulations issued by federal, state, and local authorities; (ii.2.) inform the Assignee of any material adverse event, such as fires, explosions, accidental discharges, etc., affecting the Mineral Right; and (ii.3.) inform the Assignee of any non-compliance with laws or regulations applicable to the Mineral Right;

iii.<u>Fees, fines and contingencies</u>: any and all fines, fees, liabilities or contingencies of any nature directly or indirectly related to the Mineral Right and pending payment on this date will be the exclusive responsibility of the Assignor, who undertakes to hold the Assignee harmless from any fees, fines, expenses, liabilities or contingencies related to the Mineral Right acquired herein, including those of a labor nature or environmental compensation of any kind, provided they are linked to events that occurred prior to this date, except those arising from acts carried out by the Assignee to carry out mineral research authorized in the Option Agreement; and

iv.<u>Fraud</u>: the Assignor declares that the execution of this Agreement does not create fraud against creditors, fraud of execution, or presumption of fraud against tax authorities, at the Federal, State, or Municipal levels, as provided for in article 158 of the Civil Code, article 792 of the Civil Procedure Code, and article 185 of the National Tax Code, respectively, and other applicable regulations.

3.6. <u>Agreements with third parties</u>. In compliance with the terms set forth in item 1.3.1 of the Option Agreement, the Assignor was authorized to enter into agreements with third parties involving the exploration of clay or bauxite in the area where the Mineral Right is located. These agreements could be in effect until the date the Assignee sent the Call Option Exercise Notice to the Assignor, unless otherwise agreed between the Assignee and said third parties. Whereas (i.) the Exercise Notice was sent on [...]; and (ii.) the payment of the First Installment of the Purchase Price occurred on [...], the Assignor declares that, on [...], it sent a notice to said third parties informing them of the assignment of the Mineral Right to the Assignee, and that, as of [...], said agreements will be

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definitively terminated, obligating the Assignor, jointly and severally with said third parties, to (a.) remove all of its equipment and employees from the area of the Mining Law; and (b.) restore and/or recover the area of Mining Law, in accordance with current environmental law, being liable for losses and damages, in addition to any lost profits or penalties imposed by the authorities on the Assignee that are directly or indirectly resulting from the development of clay, bauxite or other minerals in the area of Mining Law.

3.7. <u>Timber Exploration</u>. The Assignee is aware of the existence of timber extraction agreements in the same area as the Mining Law and undertakes not to interfere in said activity, which will continue to be carried out by the Assignor or third parties even after the execution of this Agreement. Likewise, the Assignor hereby guarantees to the Assignee that the timber extraction activity may not interfere with the latter's exploitation of the Mining Law. It is understood that, if one of the Parties demonstrably causes difficulties or harm to the other, it shall bear any losses, damages, and lost profits, as provided for in applicable law.

3.8. <u>Cooperation</u>. The Parties undertake to mutually cooperate and provide any assistance that may be reasonably required for the proper development and fulfillment of the obligations set forth in this Agreement, in particular with regard to the assignment of Mineral Right contemplated therein, it being established that this Agreement was entered into in the best interests of both Parties, in compliance with the bases and parameters practiced in the market on the date of its execution, considering the risks inherent therein. The Parties consent and agree, however, that they are independent contracting parties and, under no circumstances or situations, shall the existence of a corporation, consortium, joint venture, partnership, or association of any kind or nature be presumed between the Assignor and the Assignee.

3.9. No provision in this Agreement assigns or will assign to the Assignor the status of partner, distributor, and/or commercial representative of the Assignee, including for purposes of environmental, civil, tax, or labor law.

3.10. The Parties further acknowledge that each of them and their partners, employees, or contracted parties are not agents or attorneys-in-fact of the other Party and, consequently, will not assume obligations on its behalf, except as provided for in this Agreement, especially in item 1.2.1. above.

3.11. <u>No relationship</u>. Under no circumstances will any employment relationship or labor or social security obligations be presumed or established under this Agreement between the Assignor and the Assignee's employees and service providers, or between the Assignee and the Assignor's employees and service providers. Neither Party will be a guarantor of the other's labor and social security obligations and charges. Each Party hereby assumes full responsibility for such obligations, including those of a civil, criminal, tax, and social security nature.

3.12. <u>Assignor's Obligation to indemnify</u>. The Assignor hereby undertakes to indemnify, protect, safeguard, and hold the Assignee harmless, and shall also pay on the Assignee's behalf or reimburse it, as the case may be, for any and all losses incurred by the Assignee as a result of or in connection with the following circumstances: (a.) any default or failure of the Assignor to fulfill or perform any obligation under this Agreement; and/or (b.) any breach, falsehood, or inaccuracy with respect to the

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representations and warranties provided by the Assignor in this Agreement; and/or (c.) any loss or contingency of any nature related to the Mineral Right, including, but not limited to, environmental, labor, tax, regulatory, or punitive contingencies, among others, incurred to date, even if created subsequently; and/or (d.) any loss or contingency, of any nature, related to the development of clay, bauxite or any other mineral in the area of Mining Law, including but not limited to environmental, labor, tax, regulatory or punitive contingencies arising from such extraction; and/or (e.) any loss or contingency, of any nature, related to the exploitation of timber, by the Assignor or third parties, in the area of Mining Law, including but not limited to environmental, labor, tax, regulatory or punitive contingencies, among others, except for acts and facts performed by the Assignee prior to the exercise of the Call Option, due to the mineral exploration carried out by it on the property.

3.12.1. <u>Reimbursement</u>. In the event that the Assignee disburses any funds to pay liabilities or contingencies that, as provided for in this Agreement, are the responsibility of the Assignor, it must send to the Assignor copies of the respective payment receipts, followed by a brief description of their nature and the bank account details for reimbursement, following the procedures set forth in 5.8. The Assignor must arrange for the respective reimbursement within a maximum period of five (5) business days, under penalty of a two percent (2%) fine and 1% monthly interest on the overdue amount, calculated "pro rata dies", from the maturity date of the reimbursement obligation until the date of actual payment. Without prejudice to the provisions of this item, the Assignee is entitled to deduct the amounts due and not paid by the Assignor in compliance with the provisions of this item 3.12.1., including fines and interest, provided that they are demonstrably disbursed by the Assignee, from the amount of the Second and Third Installments of the Purchase Price provided for in 2.1. above.

3.13. <u>Assignee's Obligations</u>: The Assignee undertakes to settle and fulfill promptly all obligations arising, from that date, on the Mineral Right now purchased, even if launched in the name of the Assignor.

3.14. <u>General representations of the Parties</u>. The Parties hereby represent to each other that:

a.they are duly organized, incorporated, and existing as limited liability companies, in accordance with applicable law;

b.they are duly authorized and have obtained all licenses, precedent measures, and/or corporate, legal, or regulatory authorizations necessary to enter into this Agreement and assume the obligations set forth herein, including any appropriate authorizations provided for in their organizational documents, if applicable. No third-party authorization is required to enter into this Agreement;

c.the execution of this Agreement by the Parties, as well as the assumption and fulfillment of the obligations set forth herein, as the case may be, will not imply (c.1.) any conflict or violation of any provision of the articles of association and/or bylaws of the Parties; (c.2.) any conflict, violation, default, early maturity, or termination of any contract or agreement to which the Parties, as the case may be, are a party; (c.3.) any violation of any applicable law or regulation, or of any decisions or resolutions issued by their decision-making or administrative bodies,

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which may prevent, delay, or impair the performance of the obligations assumed in this Agreement; or (c.4.) any determinations, decisions, or orders of any governmental authority, including judicial authorities, to whose observance the Parties, as the case may be, are subject; and

d.have analyzed this Agreement in all its clauses and conditions, assisted by their legal counsel.

**4. CONFIDENTIALITY AND SECRECY**.

4.1. <u>Confidentiality</u>. The terms and conditions of this Agreement are strictly confidential and may not be revealed or disclosed in whole or in part by the Parties to any other person or company without the prior written consent of the other Party, except (i.) when the information is publicly known; (ii.) for the purpose of disclosing such information to directors, employees, consultants, lawyers or auditors who are directly involved in the performance of the Agreement, who shall assume the obligation of confidentiality set forth herein; each Party shall be responsible for complying with such obligation with respect to the persons indicated herein; and (iii.) when its disclosure is determined by order of any judicial or administrative authority or any other determinations provided for by law, in which case the party disclosing the information shall notify the other party of such determination.

4.1.1. <u>Validity</u>. The confidentiality obligations set forth in this clause will remain in force for a period of one (1) year, counting from the end of the term of the Agreement.

**5. FINAL PROVISIONS**.

5.1. <u>Consent</u>. The Consenting Intervening Parties sign this Agreement, as partners of the Assignor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

5.2. <u>Entire agreement</u>. This Agreement creates the entire agreement among the Parties regarding the matters creating its subject matter, superseding any previously executed documents and understandings previously reached among the Parties.

5.3. <u>Irrevocability</u>. This Agreement is irrevocable and irreversible, binding on the Parties and their heirs and successors in any capacity.

5.4. <u>Amendments</u>. Amendments to this Agreement will only be valid when executed in writing and signed by the legal representatives of all Parties.

5.5. <u>Assignment</u>. The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to any third parties.

5.6. <u>Waiver, Novation and Others</u>. The Parties acknowledge that (i.) the failure to exercise, the granting of a time limit, the forbearance, or the delay in exercising any right granted to them by this Agreement or by law will not create a waiver or novation of such rights, nor will it prejudice their eventual exercise at any time; (ii.) the individual or partial exercise of these rights will not prevent the subsequent exercise of the remaining rights or the exercise of any other right; (iii.) the waiver, by either Party, of any of these rights will only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and will not be considered a waiver of any other right granted by this

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Agreement; (v.) the nullity or invalidity of any of the clauses of this Agreement will not prejudice the validity and effectiveness of the other clauses and the instrument itself, in the latter case, the Parties and/or the Judge must promote, within the limits permitted by law, the replacement of the corrupted clause with another that allows the Parties to achieve the practical result initially intended.

5.7. <u>Assistance and Costs</u>. The Parties represent that they were duly assisted by their respective attorneys in executing this Agreement, who warned them of the risks involved in the transaction covered by this Agreement, and that they are signing this Agreement independently, of their own free will, aware of the risks and obligations to which they are subject, and of the rights granted under this Agreement. Neither Party may, at any time after signing this Agreement, claim ignorance, error, injury, lack of knowledge, or any other defect regarding the risks, obligations, and rights provided for in this Agreement. The Parties agree that all costs and expenses incurred in hiring agents, attorneys, auditors, advisors, intermediaries, or consultants to carry out the transactions covered by this Agreement will be borne exclusively by the respective contracting party.

5.8. <u>Notices</u>. All notices related to this Agreement must be made in writing, preferably by e-mail, or by registered mail with proof of receipt, or by notary public's office or court, to the address indicated in the preamble or any other address that may be duly indicated in writing. In the case of the Assignor, any notices must be sent to: Rua Francisco Faria Lobato, nº 190, apt. 122, Centro, ZIP Code 37701-045, e-mail: .

5.9. <u>Taxes</u>. All taxes and contributions levied on any acts, facts and/or situations provided for in this Agreement, including those that must be subject to withholding by the paying source, must be borne by the respective taxpayer and/or tax responsible party, as the case may be, in compliance with the law in force in Brazilian territory.

5.10. <u>Personal Data Protection</u>. The Parties, by mutual agreement, comply with the duties and obligations regarding the personal data protection and undertake to process the Personal Data collected under this Agreement, if any, according to the applicable law, including, but not limited to, Law No. 12,965 dated as of 04.23.2014, Decree No. 8,771 dated as of 05.11.2016 (Internet Civil Rights Framework), Law No. 13,709 dated as of 08.14.2018 ("<u>LGPD</u>"), where and as applicable. The Parties must also ensure that their representatives, partners, directors, and employees comply with the provisions of the relevant legal instruments related to data protection, as provided for in the LGPD.

5.10.1. Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties are liable to the competent authorities for their own acts and omissions that caused non-compliance with applicable laws and regulations.

5.11. <u>Anti-corruption clause. Compliance</u>. For the performance of this Agreement, neither party may offer, give, or commit to give, to anyone, or accept or commit to accept, from anyone, either on its own behalf or through another party, any payment, donation, compensation, financial or non-financial advantages, or benefits of any kind that create an illegal or corrupt practice under the laws of any country, directly or indirectly related to the purpose of this Agreement, or even in any way unrelated to this Agreement. They must also ensure that their agents and employees act in the same manner.

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5.12. <u>Specific Performance</u>. All commitments and obligations assumed by the parties herein are subject to specific performance, pursuant to articles 497 and 815 *et seq.* of the Civil Procedure Code, with this Agreement serving as an instrument enforceable out of court, according to the article 784, III, also of the Civil Procedure Code.

5.13. <u>Jurisdiction</u>. The Parties hereby elect the Judicial district of Poços de Caldas, State of Minas Gerais to resolve any doubts, disputes, or controversies arising from this Agreement, to the exclusion of any other, however privileged it may be or may become.

In witness whereof, the parties execute this Agreement in two (2) copies, before the witnesses identified below.

Poços de Caldas, [...]

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| |
|:---|
| &nbsp;&nbsp;<u>Assignor</u>:<br>|
| &nbsp;&nbsp;**JJBF LTDA.**<br>&nbsp;&nbsp;&nbsp;&nbsp;p. Bruno Fagundes Flora<br><u>Assignee</u>:<br>|
| &nbsp;&nbsp;**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**<br>&nbsp;&nbsp;&nbsp;&nbsp;p. João Paulo Agapito da Veiga<br><u>Consenting Intervening Parties</u>:<br>|
| &nbsp;&nbsp; <br>**BRUNO FAGUNDES FLORA**<br>|
| &nbsp;&nbsp; <br>**GUSTAVO FAGUNDES FLORA**<br><u>Witnesses</u>:<br>|

---

---

| | |
|:---|:---|
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

---

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<u>List of Annexes</u>:

Annex I.: Authorizations and Main Characteristics of the Mineral Right.

Annex 1.1.4.: Instrument of Assignment of Mineral Right.

Annex 3.1.: Private Instrument of Fiduciary Sale of Mineral Right and Other Covenants.

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<u>Annex I</u>.

to the Assignment Agreement for Mineral Right and Other Covenants, dated as of [...].

<u>Authorizations and Main Characteristics of the Mineral Right</u>.

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<u>Annex 1.1.4</u>.

to the Assignment Agreement for Mineral Right and Other Covenants, dated as of [...].

<u>Instrument of Assignment of Mineral Right.</u>

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<u>Annex 3.1</u>.

to the Assignment Agreement for Mineral Right and Other Covenants, dated as of [...].

<u>Private Instrument of Fiduciary Sale of Mineral Right and Other Covenants</u>.

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**PRIVATE INSTRUMENT OF FIDUCIARY SALE OF MINERAL RIGHT AND OTHER COVENANTS**

By this private instrument, the parties identified below (each a "<u>Party</u>", and collectively referred to as the "<u>Parties</u>"),

on the one hand, as Creditor,

**JJBF LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Estrada José Kentenich, s/n/, Zona Rural, ZIP Code 37719-000, enrolled with CNPJ under No. 20.684.296/0001-14, e-mail: , herein represented in compliance with its Articles of Association by its Director, <u>Bruno Fagundes Flora</u>, Brazilian citizen, single, control and automation engineer, Holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Creditor</u>" or "<u>JJBF</u>", indistinctly;

on the other hand, as Debtor,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Sala 03, Vila Gertrudes, ZIP Code 04705-080, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled at , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Vila Gertrudes, ZIP Code 04705-080, e-mail: , hereinafter referred to as "<u>Alpha</u>", "<u>Debtor</u>" or "<u>Guarantor</u>", indistinctly;

whereas the Debtor is, as of this date, the sole and legitimate holder of the Mineral Right currently represented by the development concessions subject to the administrative proceeding registered with the National Mining Agency (the "<u>ANM</u>") under No. 813.944/1971, with Development Concession Ordinance No. 8,053, dated as of 01.16.1979, and 313, dated as of 10.23.1997, in an area of 298.89ha, located in the City of Poços de Caldas, MG (the "<u>Mineral Right</u>");

whereas, on this date, the Alpha and JJBF entered into the so-called "Assignment Agreement for Mineral Right and Other Covenants" (the "<u>Agreement</u>"), through which JJBF definitively and for consideration assigned and transferred the Mineral Right to Alpha, upon payment of the Purchase Price defined in item 2.1. of the Agreement (the "<u>Purchase Price</u>");

whereas, pursuant to item 3.1. of the Agreement, the Debtor has undertaken, as collateral for the timely and complete payment of the Second Installment of the Purchase Price and the Third Installment of the Purchase Price, as provided for in 2.1.(b.) and 2.1.(c.) of the Agreement, to fiduciarily sell the Mineral Right in favor of the Creditor (the "<u>Fiduciary Sale</u>"), which must remain registered with the ANM until full payment of the Purchase Price;

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the Parties resolve to enter into, for the purpose of implementing the aforementioned guarantee, this "Private Instrument of Fiduciary Sale of Mineral Right and Other Covenants" (the "<u>Instrument</u>"), which will be governed by the following clauses and conditions.

**1. DEFINITIONS**.

1.1 <u>Defined terms</u>. All terms and expressions used in this Instrument and in its Annex with their initials written in capital letters will have the same meanings assigned to them in the Agreement, unless otherwise defined in this Instrument.

**2. FIDUCIARY SALE**.

2.1 <u>Secured obligation</u>. As a guarantee of faithful, full, and timely fulfillment of the obligations assumed under the Agreement, the Debtor, irrevocably and irreversibly, pursuant to article 1,361 and related provisions of the Civil Code and article 66-B of Law No. 4,728 dated as of July 14, 1965, as amended from time to time, and ANM Resolution No. 90 dated as of 12.22.2022, fiduciarily assigns, in favor of the Creditor, the fiduciary ownership and indirect possession of all Mineral Right, in order to guarantee fulfillment of all obligations assumed under the Agreement, in particular, but not limited to, the obligation to pay the Second Installment of the Purchase Price and the Third Installment of the Purchase Price provided for in items 2.1.(b.) and 2.1.(c.) of the Agreement.

2.1.1 <u>Scope</u>. At any time and regardless of any formality, this Fiduciary Sale and the definition of Mineral Right shall cover all other rights registered with the ANM that result directly or indirectly from Mineral Right or are linked to the exploration of Ore and/or other minerals or resources, of any nature, within the area of the Mineral Right.

2.2 <u>Commitment</u>. Until the Secured Obligations, as defined below, are fully paid off, the Debtor hereby undertakes to: (i.) at all times maintain in fiduciary sale, hereunder, all (and no less than all) of the Mineral Right.

2.3 <u>Validity</u>. The fiduciary guarantee hereby established shall remain in full force and effect until (i) the Secured Obligations are fully complied with; or (ii) it is fully executed and the Creditor has received the proceeds from the foreclosure of the Mineral Right and, if applicable, the other Mineral Rights, definitively and indisputably.

2.4 <u>Communication</u>. The Creditor must, within ten (10) business days from the date any of the events set forth in 2.3. above occurs, send the Debtor a written notice (i.) attesting to the termination of this Instrument; and (ii.) authorizing the Debtor to release the Fiduciary Sale on the Mineral Right by registering its cancellation with the ANM.

2.5 <u>Main characteristics</u>. The main features of the obligations secured hereunder are described in <u>Annex 2.5</u> to this Instrument (the "<u>Secured Obligations</u>").

**3. FORMALIZATION AND PERFECTION OF THE FIDUCIARY SALE**.

3.1 <u>Registration</u>. The Debtor undertakes to file the application of fiduciary sale provided for herein with the ANM, in the Mineral Right transfer application, in

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compliance with articles 42 and 43 of Decree No. 9,406, dated as of 06.12.2018, expressly stating the restrictions and prohibitions provided for herein.

3.2 <u>Preservation</u>. The Debtor will comply with any other requirement of any applicable law, now in force or in the future, necessary for the establishment, improvement, preservation, and absolute priority of the Fiduciary Sale herein, providing the respective proof to the Creditor.

**4. RIGHTS ASSOCIATED WITH THE SOLD MINERAL RIGHT**.

4.1 <u>Mineral Right</u>. Until an Event of Default occurs, as defined below, the Debtor may freely exercise the economic rights linked to the Mineral Right or to Other Rights, provided that the provisions of this Instrument, the Agreement or set forth in any document related to the Secured Obligations are observed, in such a way as not to jeopardize the payment and full compliance with the Secured Obligations and the guarantee created herein.

**5. ADDITIONAL OBLIGATIONS**.

5.1 <u>Obligations</u>. Without prejudice to any other commitments and obligations set forth in this Instrument or in the Agreement, the Debtor hereby undertakes and agrees that:

5.1.1 without the prior written consent of the Creditor, it shall not (i.) sell, assign, transfer, confer, exchange, pledge, or, in any way, encumber or dispose of, or grant any option, guarantee, right, enter into an agreement or commitment relating to the Mineral Right; or (ii.) create or permit the creation of any lien, security interest, pledge, mandate, purchase agreement, restrictions, agreements, or any encumbrance or burden on the Mineral Right fiduciarily sold, or related thereto, except only for the encumbrance resulting from this Fiduciary Sale;

5.1.2 shall, at its own expense, defend the ownership, possession, and all rights associated with the Mineral Right fiduciarily sold against any claims and demands from third parties, and shall inform the Creditor within one (1) business day of any litigation or proceeding related to the Mineral Right fiduciarily sold;

5.1.3 when requested by the Creditor, it shall, at its own expense, perform all acts and sign any additional documents that may be reasonably required from time to time to enable the Creditor (i.) to protect the rights created hereunder; and (ii) to exercise any rights that may be granted to it hereunder;

5.1.4 it shall comply with the laws, rules, and regulations applicable to Mineral Right and adopt all necessary measures to ensure that the Creditor maintains its fiduciary ownership and absolute preference with respect to the Mineral Right;

5.1.5 it shall, immediately upon request by the Creditor in this regard, provide all information and evidence that the Creditor may request, at any time, regarding the Mineral Right fiduciarily sold;

5.1.6 may not, except with the prior and express authorization of the Creditor, enter into any agreement that could restrict the rights granted to the Creditor in this Instrument, or affect the Creditor's ability to sell or otherwise dispose of the Mineral Right transferred after the occurrence of an Event of Default; and

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5.1.7 must, after the occurrence of an Event of Default, comply with all instructions received in writing from the Creditor regarding the Mineral Right fiduciarily sold.

**6. EVENT OF DEFAULT.**

6.1 <u>Event of Default</u>. The Creditor may automatically and early consider the Secured Obligations payable in the event of any of the events regulated by law, or in the event of non-compliance by the Debtor with any obligations set forth in the Agreement or this Instrument (in either case, an "<u>Event of Default</u>").

6.2 <u>Consolidation of ownership</u>. Subject to the provisions of this Agreement, in the event of an Event of Default, the Creditor, regardless of any formality, shall retain direct possession and full ownership of the Mineral Right fiduciarily sold and may, without prejudice to their other rights provided for herein, avail itself of applicable legal and contractual measures to satisfy their credit, as set forth in item 7 below.

**7. FORECLOSURE OF WARRANTY.**

7.1 <u>Foreclosure</u>. Subject to the provisions of article 1,365 of the Civil Code, in the event of an Event of Default, full ownership of the Mineral Right fiduciarily sold shall be consolidated in favor of the Creditor, and the Creditor may, regardless of any judicial or extrajudicial notice or notification, at its sole discretion, without prejudice to the other rights provided for herein, in the Agreement and in law, especially those provided for in article 66-B, paragraphs 3 and 4, of Law No. 4,728, dated as of July 14, 1965, dispose of, sell or cause to be sold or otherwise foreclose or dispose of the Mineral Right, publicly or privately, in whole or in part, regardless of auction, public auction or any other judicial or extrajudicial measure, and the Creditor shall also have the right to collect, demand and receive the proceeds of such sale, disposal or execution, using it to amortize or, if possible, settle any due and unpaid Secured Obligations and any and all expenses, costs, or taxes levied on the sale, disposal, foreclosure, or transfer of the Mineral Right or on the payment to the Creditor of the Secured Obligations, ultimately delivering any remaining balance to the Debtor.

7.2 <u>Use of funds</u>. The funds collected in accordance with the foreclosure procedures set forth in this item 7., including those owed for economic rights due from the exploitation of the Mineral Right between the date of the Event of Default and the date of receipt of the funds related to the foreclosure of the sold Mineral Right, as they are received, shall be immediately allocated to the Creditor. If the funds collected pursuant to the enforcement procedures provided herein are not sufficient to fully discharge the Secured Obligations, the Debtor will remain liable for the unpaid amount of the Secured Obligations.

7.4 <u>Independence</u>. The enforcement of the Mineral Right as provided herein shall be carried out independently and in addition to any other enforcement of real or personal security granted to the Creditor with respect to the Secured Obligations.

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**8. REPRESENTATIONS AND WARRANTIES.**

8.1 <u>Representations of the Debtor</u>. The Debtor represents and warrants to the Creditor, as of this date:

8.1.1 it is a duly incorporated and validly existing company under Brazilian law, with full power, capacity, and authorization to enter into this Instrument and assume and fulfill the obligations set forth herein. The legal representative of the Debtor who signs this Instrument is fully capable of and possesses all the necessary corporate powers and authorizations to enter into and fulfill its provisions;

8.1.2 this Instrument is valid and enforceable in accordance with its terms and, upon (i.) fulfillment of the obligations set forth in Clause 2., and (ii.) the registrations and endorsements set forth in Clause 3., it will become fully effective;

8.1.3 the execution of this Instrument and the fulfillment of the obligations set forth herein do not (a.) violate (a.1.) its articles of association; or (a.2.) any law, regulation, or court, administrative, or arbitration decision that binds or is applicable to it and its assets; nor (b.) create or will create a default, nor imply or will imply an early maturity of any contract, instrument, agreement, loan, or relevant document to which it is a party;

8.1.4 all approvals, consents, authorizations, and measures of any nature necessary or mandatory for the due execution, validity, and fulfillment of this Instrument and for the creation and maintenance of the Fiduciary Sale on the Mineral Right have been obtained and are in full force and effect;

8.1.5 the Debtor is the legitimate and sole holder and owner of the Mineral Right fiduciarily sold, which is free and clear of any liens, guarantees, pledges, attachments, other fiduciary sales, options, preemptive rights, purchase commitments, restrictions, charges, debts, or any other conventional or legal encumbrances;

8.1.6 the Fiduciary Sale will create in favor of the Creditor a duly created, legal, valid, effective, and enforceable lien on the Mineral Right fiduciarily sold and on any funds or rights related thereto; and

8.1.7 there is no claim, demand, lawsuit, inquiry, administrative proceeding, or proceeding pending before any arbitrator, court, or any other authority regarding the Mineral Right or the Debtor that could affect the Fiduciary Sale herein or any of the provisions of this Instrument.

8.2 <u>Validity</u>. The representations and warranties provided above by the Debtor shall remain valid and shall subsist until the Secured Obligations are paid in full, and the Debtor shall be obligated to indemnify the Creditor and hold it harmless from any liability for any loss, direct damages, costs, and expenses of any kind, including attorney's fees, provided they are duly proven and documented in writing, that may be incurred by the Creditor in connection with any falsehood, inaccuracy, incompleteness, or incorrectness regarding any representation or warranty provided by the Debtor in this Instrument.

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**9. VALIDITY.**

9.1 <u>Validity</u>. This Agreement shall come into effect on the date of its execution and shall remain in effect until the Secured Obligations are fully fulfilled, as duly certified by the Creditor.

9.2 <u>Release</u>. Upon fulfillment, payment, and full discharge of the Secured Obligations, the Creditor will release the Fiduciary Sale established by this Instrument on the Mineral Right, by means of a written release instrument. The Debtor will be solely responsible for all costs and arrangements that may be necessary to cancel the Fiduciary Sale on the Mineral Right, including, without limitation, any registrations or endorsements required by applicable law.

**10. MISCELLANEOUS.**

10.1 <u>Notices</u>. All notices related to this Instrument must be made in writing, preferably by e-mail, or by registered mail with proof of receipt, or by notary public's office or court, to the address indicated in the preamble or any other address that may be duly indicated in writing. In the case of the Assignor, any notices must be sent to: Rua Francisco Faria Lobato, nº 190, apt. 122, Centro, ZIP Code 37701-045, e-mail: .

10.2 <u>Interpretation</u>. The chapter and clause titles inserted herein are for convenience only and shall not affect the interpretation of the chapters and clauses to which they refer to. In this Instrument: (i.) any reference to a document, including the Instrument itself, shall be deemed a reference to all documents that subsequently amend or replace it; (ii.) the terms "include", "includes", and "including" are not restrictive; (iii.) references to any natural person or legal entity shall include their successors and heirs; (iv.) references to "days" shall be construed as references to calendar days.

10.3 <u>Amendments</u>. Amendments to this Instrument will only be valid when executed in writing and signed by the legal representatives of all Parties.

10.4 <u>Waiver, Novation and others</u>. The Parties and Consenting Intervening Parties represent and acknowledge that, except as expressly provided otherwise in this Instrument: (i.) the failure to exercise, the granting of a time limit, the forbearance, or the delay in exercising any right granted to them by this Instrument or by law will not create a waiver or novation of such rights, nor will it prejudice their eventual exercise; (ii.) the individual or partial exercise of these rights will not prevent the subsequent exercise of the remaining rights or the exercise of any other right; (iii.) the waiver of any of these rights will only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and will not be considered a waiver of any other right granted by this Instrument or by law.

10.5 <u>Invalidity and others</u>. If any provision of this Instrument is deemed illegal, invalid, or ineffective, all remaining provisions not affected by such ruling shall prevail, and the Debtor shall be obliged to comply with all unaffected provisions and, pursuant to this instrument, to make payments for amounts not subject to dispute, depositing the disputed amounts in court. The Debtor further undertakes to negotiate in good faith and replace the affected provisions with others that, to the extent possible, (i.) reflect its original intent, the logic, and the economic content envisaged for each part of the transaction, and (ii.) are valid and binding. The content of the provision of this clause shall not affect or prevent

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the foreclosure and/or enforcement, at any time, of the Fiduciary Sale or other Guarantees granted under the Agreement.

10.6 <u>Instrument enforceable</u>. All commitments and obligations assumed in this Instrument by the Parties are subject to specific performance, according to the articles 497 and 815 *et seq.* of the Civil Procedure Code, with this Agreement serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

10.7 <u>Costs</u>. Any and all costs incurred due to the registration of this Instrument, as well as any amendments, in the competent registries, will be the sole responsibility of the Debtor.

10.8 <u>Independence</u>. By virtue of article 23 of Law No. 9,514 dated as of 11.20.1997, and article 1,361, §1, of the Civil Code, this Instrument creates an autonomous instrument, which may be registered separately, regardless of any other instruments related to the Assigned Economic Rights.

10.9 <u>Governing Law</u>. This Instrument shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

10.10 <u>Jurisdiction</u>. The Parties hereby elect the Judicial district of Poços de Caldas, State of Minas Gerais to resolve any doubts, disputes, or controversies arising from this Agreement, to the exclusion of any other, however privileged it may be or may become.

In witness whereof, the Parties execute this instrument in three (3) copies of equal content, before two (2) undersigned witnesses.

Poços de Caldas, [...]

<u>Creditor</u>:

**JJBF LTDA**.

p. Bruno Fagundes Flora

<u>Debtor</u>:

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA**.

p. João Paulo Agapito da Veiga

<u>Witnesses</u>:

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| | |
|:---|:---|
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

---

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<u>Annex 2.5.</u>

to the Private Instrument of Fiduciary Sale of Mineral Right and Other Covenants, dated as of [...]

<u>Characteristics of the Secured Obligations</u>

1.<u>Value of Secured Obligations</u>: the full Second Installment of the Purchase Price and the Third Installment of the Purchase Price, as set forth in 2.1.(b.) and 2.1.(c.) of the Agreement, each in the amount of five million US dollars (US$5,000,000.000), calculated based on the US$(United States dollar) purchase price, as published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment.

2.<u>Payment</u>: the Second Installment of the Purchase Price and the Third Installment of the Purchase Price must be paid by the Debtor to the Creditor in the manner provided for in the Agreement, i.e., within the maximum periods of twelve (12) and twenty-four (24) months after the maturity of the First Installment of the Purchase Price.

3.<u>Delay</u>: payment of the Second Installment of the Purchase Price and the Third Installment of the Purchase Price after their maturity date will put the Assignor in default, regardless of any notice, summons or extrajudicial notice or notification, and (i.) the balance in BRL (Reais) due will be determined on the respective maturity date and, from said date onwards, this balance (in BRL) will be monetarily updated by the IPCA, "pro rata dies", subject, further, to (ii.) a late payment fine of ten percent (10%) on the outstanding debt; and (iii) interest of one percent (1%) per month from the maturity date.

4.<u>Obligations of the Debtor</u>: the obligations of the Debtor, in addition to the other obligations assumed under the Agreement, are: (i.) to adequately and regularly comply with all requirements set forth in current law and regulations arising from the exploration authorization, development concession, licensing, and permit for prospecting, especially those set forth in article 34 of the Regulation; (ii.) to faithfully comply with all requirements and/or notices issued by authorities regarding the Mineral Right, undertaking to collect costs and pay expenses of any kind necessary for the preservation, maintenance, or exploitation of the Mineral Right; (iii.) to refrain from conducting exploration or mineral extraction work in violation of the title obtained under the Mineral Right, as well as from committing any administrative infractions, including, but not limited to, those set forth in articles 55 to 69 of the Regulation; and (iv) not take any action, in court or out of court, that could result in the loss, extinction, or exhaustion, in whole or in part, of the Mineral Right.

5.<u>Guarantees</u>: to ensure payment of any and all monetary obligations under the Agreement, a Fiduciary Sale has been established.

\*\*\*

*The other characteristics of the Mineral Right and the Purchase Price are described in the Agreement, the clauses, terms, and conditions of which the Fiduciary Sale expressly acknowledges and agrees with. All terms and expressions used in this Annex and in its* 

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*Annex with their initials written in capital letters will have the same meanings assigned to them in the Agreement, unless otherwise defined herein.*

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<u>Annex 3.2.1.</u>

to the Call Option Agreement for Mineral Right and Other Covenants, dated as of September 22, 2023.

Draft Instrument of Assignment of Mineral Right.

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**INSTRUMENT OF ASSIGNMENT OF MINERAL RIGHTS**

<u>Assignor</u>: **JJBF LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Estrada José Kentenich, s/n/, Zona Rural, ZIP Code 37719-000, enrolled with CNPJ under No. 20.684.296/0001-14, e-mail: , herein represented in compliance with its Articles of Association by its Director, <u>Bruno Fagundes Flora</u>, Brazilian citizen, single, control and automation engineer, Holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Assignor</u>" or "<u>JJBF</u>", indistinctly;

<u>Assignee</u>: **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Sala 03, Vila Gertrudes, ZIP Code 04705-080, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled at , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Vila Gertrudes, ZIP Code 04705-080, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Assignee</u>", indistinctly;

<u>Consenting Intervening Parties</u>: **GUSTAVO FAGUNDES FLORA**, described above; and **GUSTAVO FAGUNDES FLORA**, Brazilian citizen, married under full separation of property regime, doctor, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: ;

whereas, the Assignor and the Assignee<sup>1</sup> entered into the Assignment Agreement for Mineral Rights and Other Covenants (the "<u>Agreement</u>"), whose draft is an integral part of the Call Option Agreement for Mineral Right and Other Covenants (the "<u>Call Option</u>"), dated as of [...], through which the Assignor assigned and transferred<sup>2</sup> to the Assignee the mineral right currently represented by the development concessions subject to the administrative proceeding registered with the National Mining Agency (the "<u>ANM</u>") under No. 813.944/1971 (the "<u>Mineral Right</u>");

By this private instrument and in accordance with the law, the Assignor and the Assignee, as identified above, resolve to enter into this Instrument of Assignment of Mineral Rights ("<u>Assignment Instrument</u>"), which will be governed by the clauses and conditions specified below:

<u>Purpose</u>. The assignment of the Mineral Right, free and clear of any liens, encumbrances, or restrictions, shall belong exclusively to the Assignee, including all rights and obligations, whether patrimonial or otherwise, inherent thereto, together with any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

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<sup>1</sup> Or "will enter into in the following days", if the Agreement has not been executed.

<sup>2</sup> Or "will assign and transfer", if the Agreement has not been executed.

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1. As previously and duly agreed upon by the Parties within the scope of the Call Option Agreement for Mineral Right and Other Covenants (the "<u>Call Option</u>") and reflected in the text of the Agreement agreed between the Parties, in consideration for the payment of the Purchase Price defined and agreed upon therein, the Assignor irrevocably assigned the Mineral Rights to the Assignee.

2. The Assignee undertakes, effective this date, to pay any fees or expenses related to the Mineral Rights.

3. The Assignee, at its sole discretion and expense, will register this Assignment Instrument with the ANM, notary offices, or any other applicable agency. The Assignor undertakes to collaborate in any and all acts that may be necessary for the implementation of the registration referred to in this item, at the Assignee's discretion, in order to enable the improvement of the assignment of Mineral Right, such as signing documents and/or petitions, making statements, appearing before the court, tribunal or any judicial authority, through its legal representatives, always aiming at the effective registration of this Assignment Instrument with the National Mining Agency and the transfer of the Mineral Right to the Assignee.

4. The Assignor reiterates, by signing this Assignment Instrument, the truthfulness, validity and effectiveness of all statements and documents made available to the Assignee and, with regard to its economic, financial and equity situation, declares that the assignment of the Mineral Right to the Assignee does not create a case of fraud against creditors, fraud of execution or presumption of fraud against tax authorities, at the Federal, State or Municipal levels, as provided for in article 158 of the Civil Code, in article 792 of the Civil Procedure Code and in article 185 of the National Tax Code, respectively, and other applicable rules.

5. The Consenting Intervening Parties sign this Assignment Instrument, as partners of the Assignor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

6. This Assignment Instrument does not change, replace, or cancel any other understandings or provisions of the Agreement. Capitalized terms and expressions that do not have a definition in this Assignment Instrument will have the definition established in the Agreement.

7. This Assignment Instrument will be construed and governed by the laws of the Federative Republic of Brazil in force. All disputes, controversies, and/or issues arising from or related to this Assignment Instrument shall be finally resolved in the District court of Poços de Caldas, State of Minas Gerais, chosen by mutual agreement of the Parties.

The Parties and the Consenting Intervening Parties enter into this Assignment Instrument in two (2) copies, before two witnesses below.

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Poços de Caldas, [...]

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| |
|:---|
| **JJBF LTDA.** |
| p. Bruno Fagundes Flora |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga |
| **BRUNO FAGUNDES FLORA** |
| **GUSTAVO FAGUNDES FLORA** |
| <u>Witnesses:</u> |

---

---

| | |
|:---|:---|
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

---

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<u>Annex 3.2.2.</u>

to the Call Option Agreement for Mineral Right and Other Covenants, dated as of September 22, 2023.

Draft Public Power of Attorney.

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DRAFT

POWER OF ATTORNEY APPOINTING: JJBF LTDA, AS STATED BELOW:

KNOW all men by these presents, on September 18, 2023, in this City of Poços de Caldas, in the State of Minas Gerais, in the Second Notary Public's Office, located at Rua Paraíba, 245 - Sala 02, e-mail: , the following appeared as grantor(s): **JJBF LTDA**, *with head office at Estrada José Kentenich, s/n, Zona Rural district, Poços de Caldas, Minas Gerais, enrolled with CNPJ No. 20.684.296/0001-14*; herein represented in compliance with its articles of association by its director, **BRUNO FAGUNDES FLORA**, *Brazilian citizen, engineer, Identity Card No. , issued by MG, enrolled with CPF No. , single, of age, resident and domiciled at*; and **GUSTAVO FAGUNDES FLORA**, *Brazilian citizen, businessman, Identity Card No. , issued by MG, enrolled with CPF No. , single, of age, resident and domiciled at*; party(ies) recognized as the one(s) I am dealing with, identified in light of the aforementioned identity document(s), presented in their original(s), and qualified herein in accordance with their own declaration(s). Next, by the grantor(s), free from error, fraud, coercion or any other type of defect in the existing legal transaction, I was told that, by this public instrument, they appoint their attorney(s): **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA**, *with head office at Rua Professor José Leite e Oiticica, No. 530, Vila Gertrudes district, São Paulo, São Paulo, enrolled with CNPJ No. 43.093.229/0001-20, herein represented in compliance with its articles of association by its director, João Paulo Agapito da Veiga, Brazilian citizen, single, businessman, Identity Card No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled at , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Vila Gertrudes, ZIP Code 04705-080*; by this instrument, the Grantors appoint the Grantee as their attorney-in-fact, on an "in their own behalf" basis, on an irrevocable and irreversible basis, in compliance with the terms set forth in the Call Option Agreement for Mineral Rights and Other Covenants entered into on this date between the Grantors and the Grantee (the "Option"), in accordance with the rules of articles 683, 684, 685 and 686 of the Civil Code, with powers to, once the obligations set forth in item 3.1 of the Mineral Rights Call Option entered into between the Grantor and the Grantee have been regularly and timely fulfilled, in particular the regular exercise of the option and the payment of the First Installment of the Exercise Price, as defined in item 2.1.(a.) of the Option, perform any and all acts necessary to formalize the Mineral Rights call option, as described and characterized in Annex I to the Option, and may also **(I.)** sign individually, in the name and on behalf of the Grantors, the Mineral Right Assignment Instrument that is an integral part of the Option as its Annex 3.2.1., in addition to other documents necessary for the formalization of the assignment of the entire Mineral Right currently represented by the development concessions that are the subject of the administrative proceeding registered with the National Mining Agency ("ANM") under No. 813.944/1971, with Development Concession Ordinance No. 8,053, dated as of 01.16.1979, and 313, dated as of 10.23.1997, for bauxite and clay ores, in an area of 298.89ha, located in the City of Poços de Caldas, MG, to the Grantee, and **(II.)** perform any and all acts necessary for the endorsement and/or registration of the Mineral Right Assignment Instrument that is an integral part of the Option as its Annex 3.2.1. before the ANM, notary offices or any other public or private body, being able to proceed in the name and instead of the Grantors to the adoption of any and all necessary measures for the registration of the assignment of the Mineral Right described and characterized in Annex I. to the Option. **(III.)** The

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Grantee also has, under this Power of Attorney, the power to perform any acts necessary for the faithful and regular performance of this instrument. This power of attorney is irrevocable and irreversible, remaining in effect throughout the term of the Option, in accordance with articles 683, 684, 685, and 686, head provision and Sole paragraph. This Power of Attorney was granted "in its own name" to the Grantee as a condition for the execution of the Call Option. This mandate may only be used and will be effective for its intended purpose if the Grantee regularly exercises the call option provided for in the Option, including the necessary payment of the First Installment of the Exercise Price, as defined in item 2.1.(a.) of the Option, and the signing of the Instrument of Assignment of Mineral Right that is an integral part of the Option as its Annex 3.2.1. or the performance of any acts mentioned above before making said payment is prohibited. Capitalized terms used in this instrument that have not been defined herein shall have the same meaning as such terms in the Option. The powers granted herein are in addition to the powers granted by the Grantors to the Grantee under the Option or any other documents and do not nullify or revoke such powers. The Grantors hereby agree to ratify any act that the Grantee has performed within the scope of the powers granted by this Power of Attorney, when and if requested by the Grantee. The Grantee is authorized to delegate to a lawyer of his/her trust the powers granted through this power of attorney. This power of attorney shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil. The documents required by Joint Provision 93/2020 of the CGJ/MG have been submitted and filed. **OTHER DECLARATIONS:** the grantor(s) declare(s) that the grantee's complete qualification was provided by their own voice and that they verified it and found it to be completely accurate, thus irrevocably and irrevocably releasing this Office from such data; that the description of the powers/object(s) hereof are their sole responsibility, and they are civilly and criminally liable for its truthfulness and accuracy. Proof of these declarations must be demanded directly by the agencies and individuals concerned. **FINAL CLARIFICATION:** In compliance with the General Personal Data Protection Law, the parties: <u>a)</u> submit their personal data voluntarily; <u>b)</u> are aware that the data will be provided to mandatory feeding systems, such as CENSEC and similar, due to regulatory requirements; <u>c)</u> are aware that, given the public nature of notarial acts, a certificate of this instrument may be provided to third parties. - Amount: 1 - (Code: 1458-9 -) - Fees: BRL 136.39; Recompe: BRL 8.18; Judicial Inspection Fee: BRL 45.44; ISS: BRL 6.82 - Total amount: BRL 196.83. Amount: 9 - (Code: 8101-8 - Filing) - Fees: BRL 75.51; Recompe: BRL 4.50; Judicial Inspection Fee: BRL 25.11; ISS: BRL 3.78 - Total amount: BRL 108.90. This is what they said, to which I attest, and they requested this instrument from me, which I drew up in my notes, in accordance with Article 215, paragraph 1, sub-item IV of the Civil Code, and, having found it to be in accordance, they granted, accepted, and signed it, waiving the presence of witnesses, in accordance with Article 215, paragraph 5 of the Civil Code, to which I attest. I, , Clerk, had it typed. I, , Notary Public, subscribe and sign it. (sgd)

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| |
|:---|
| BRUNO FAGUNDES FLORA |
| GUSTAVO FAGUNDES FLORA |

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<u>Annex 4.2.1.</u>

to the Call Option Agreement for Mineral Right and Other Covenants, dated as of

September 22, 2023.

Initial Due Diligence checklist

a.Full copy of the ANM Administrative Proceeding under No. 813.944/1971;

b.Mining Title;

c.Proof of Payment of Financial Compensation for Mineral Exploration ("<u>CFEM</u>") to date;

d.Proof of Payment of Annual Fee per Hectare ("<u>TAH</u>") through 2022;

e.Debt Clearance Certificates before the ANM (listing any outstanding debts and those disputed in administrative proceedings that have not yet been registered);

f.Environmental Licenses and Authorizations related to mining and processing, such as, but not limited to: environmental applications, licenses, and authorizations for vegetation removal and/or use of Permanent Preservation Areas (APP); proof of Legal Reserve and/or commitment to the state environmental system; environmental studies, including: EIA/RIMA, PCA/RCA, Environmental Impact Report, Environmental Performance Report and Monitoring List, Project Characterization Form, indication of areas to be used as environmental compensation, proof of payment or environmental compensation agreement, and commitment terms signed for licenses or permits granted;

g.Copy of Agreements and Authorizations signed with Landowners;

h.Certificate of all surface properties located within the polygon area of the ANM Administrative Proceeding under No. 813.944/1971, as well as neighboring properties used for disposal areas or other purposes; INCRA registration of surface properties;

i.A Full copy of administrative proceedings before the ANM discussing any CFEM or TAH debts or a Clearance Certificate;

j.A Full copy of Administrative proceedings before the Environmental and Water Resources Institute (INEMA) discussing any outstanding fees and/or fines resulting from notices for violations of environmental law or a clearance certificate;

k.Documentation related to exploration in Mineral Right to date; and

l.A copy of any Conduct Adjustment Instruments (TAC) entered into by the Grantor.

\*\*\*

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## Exhibit 10.9

**Exhibit 10.9.2**

**FIRST AMENDMENT TO THE CALL OPTION AGREEMENT FOR MINERAL RIGHT AND OTHER COVENANTS**

By this private instrument, and in accordance with the Law, the Parties designated and described below, namely,

on one hand,

**JJBF LTDA**., limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Estrada José Kentenich, s/n/, Zona Rural, ZIP Code 37719-000, enrolled with CNPJ under No. , e-mail: , herein represented in compliance with its Articles of Association by its Director, <u>Bruno Fagundes Flora</u>, Brazilian citizen, single, control and automation engineer, Holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Grantor</u>";

and, on the other hand,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, enrolled with CNPJ under No. , e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , resident and domiciled in the Capital of the State of Minas Gerais, e-mail: , both of them with business address in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, hereinafter referred to as "<u>Grantee</u>", and together with the Grantor, the "<u>Parties</u>", indistinctly;

and as Consenting Intervening Parties,

**BRUNO FAGUNDES FLORA**, described above, hereinafter referred to as "<u>Bruno</u>";

**GUSTAVO FAGUNDES FLORA**, Brazilian citizen, married under full separation of property regime, doctor, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Gustavo</u>"; and

**RARE EARTHS AMERICAS PTY LTD**., a company duly organized and existing under the laws of Australia, registered under ACN number 664.370.254 and under ABN number 84.664.370.254, with head office at suite 53, level 2, 1515, Labouchere Road, South Perth, WA, 6151, Australia, enrolled with CNPJ under No. , e-mail: , herein represented in compliance with its Bylaws, hereinafter referred to as "<u>REA</u>" and, together with Bruno and Gustavo, the "<u>Consenting Intervening Parties</u>";

whereas, on 09.22.2023, the Parties entered into the Call Option Agreement for Mineral Rights and Other Covenants (hereinafter, the "<u>Agreement</u>"), the purpose of which is for the Grantor to exclusively grant to the Grantee a call option for the entire mineral right represented by the development concessions subject to the Administrative Proceeding registered with the ANM under No. , for bauxite and clay minerals, in the city of Poços

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de Caldas, State of Minas Gerais, in an area of 298.89ha, owned by the Grantor (the "<u>Mineral Right</u>" and the "<u>Call Option</u>", respectively);

whereas, the Parties intend to renegotiate the payment method for the Exercise Price, as well as to extend the term of the Agreement, adopting the new parameters established below in this private instrument;

they resolve, by mutual agreement, to enter into this First Amendment to the Call Option Agreement for Mineral Right and Other Provisions (hereinafter, the "<u>First Amendment</u>"), amending certain conditions and provisions of the Agreement, as set forth below.

**CLAUSE I**.

**PAYMENT METHOD OF THE EXERCISE PRICE.**

1.1. <u>Change in the Payment Method of the Exercise Price</u>. The Parties irrevocably and irreversibly resolve to change the payment method of the Exercise Price previously established in the item 2.1. of the Agreement, which will be carried out predominantly through the delivery to the Grantor of shares issued by the Consenting Intervening Party REA, an Australian company that holds all of the Grantee's capital stock, to be issued within the scope of a liquidity event that makes their public trading possible, on the Australian Securities Exchange or another that may replace it, in compliance with the regulations provided for in the applicable law and in the manner defined below in the new wording of item 2.1.1. of the Agreement, and, subsequently, transferred to the Grantor, by replacing the payment in current currency previously provided for in items 2.1.(a.) to 2.1.(c.) of the Agreement, through the adoption of a legal form that will be timely defined between the Parties.

1.2. Due to the new rules and conditions referred to in 1.1. regarding the payment method of the Exercise Price, which were established by mutual agreement between the Parties, item 2.1. of the Agreement shall, effective today, be in effect with the following new wording:

*"2.1. <u>Exercise Price</u>. The total, clear and legal price to be paid by the Grantee to the Grantor, in consideration for the acquisition of the Mineral Right, in the event of exercise of the Call Option governed by this Agreement, shall be equivalent to fifteen million US dollars (US$15,000,000.00) (the "<u>Exercise Price</u>"), to be paid as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a. (a.1.) the amount in BRL (Reais) equivalent to one million US dollars (US$1,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid in Brazilian currency, by TED or PIX to the bank account held by the Grantor indicated in <u>Annex 1.2</u>. to the Agreement, within a maximum period of fifteen (15) days after sending the Exercise Notice, in accordance with the procedure set forth in 3.1. below; and (a.2.) the amount equivalent to four million US dollars (US$4,000,000.00) shall be paid upon the transfer to the Grantor's ownership of as many REA Shares, as defined in 2.1.1. below, as are necessary to obtain such amount, always rounded up to a whole number higher, if applicable,* 

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*valued at the closing price of the REA Shares on the date of the Liquidity Event, as defined in 2.1.1. below, and such transfer shall occur within a maximum period of fifteen (15) days after the sending of the Exercise Notice, in compliance with the procedure set forth in 3.1. below [the payments referred to in (a.1.) and (a.2.) shall be referred to collectively as the "<u>First Installment of the Exercise Price</u>"];*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b. the amount equivalent to five million US dollars (US$5,000,000.00) will be paid upon transfer to the Grantor's ownership of as many REA Shares as necessary to obtain this amount, always rounded up to a higher whole number, if applicable, assessed by the average of the closing prices traded on the ASX, as defined below, measured in the ten (10) days prior to the transfer date, and this payment must occur within a maximum period of twelve (12) months after the expiration of the First Installment of the Exercise Price (the "<u>Second Installment of the Exercise Price</u>"); and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c. the amount equivalent to five million US dollars (US$5,000,000.00) will be paid upon transfer to the Grantor's ownership of as many REA Shares as necessary to obtain this amount, always rounded up to a higher whole number, if applicable, assessed by the average of the closing prices traded on the ASX, as defined below, measured in the ten (10) days prior to the transfer date, and this payment must occur within a maximum period of twelve (12) months after the expiration of the Second Installment of the Exercise Price (the "<u>Third Installment of the Exercise Price</u>").*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.1. <u>REA Shares</u>. For the purposes of payment of the Exercise Price provided for in 2.1.(a.2.), 2.1.(b.) and 2.1.(c.) above and other rules of the Agreement, "<u>REA Shares</u>" shall be considered to be shares issued by REA or its successor or controlling company that are subject to public trading on the Australian Securities Exchange or any other exchange that may replace it (the "<u>ASX</u>"), such trading being the result of any of the following types of liquidity events: (i.) an initial public offering for public trading on the ASX of REA shares, its successor or controlling company (an IPO); (ii.) the merger of the REA into a company whose shares are admitted to trading on the ASX, or the merger by the REA of a public company whose shares are admitted to trading on the ASX; or (iii.) the sale or transfer of controlling interest in the REA to a public company whose shares are admitted to trading on the ASX (hereinafter, a "<u>Liquidity Event</u>").*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2. <u>Other provisions applicable to the payment of the Exercise Price upon the transfer of REA Shares</u>. Without prejudice to the provisions of items 2.1 and 2.1.1. Above, the Parties hereby agree that:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.1. <u>Advancement:</u> the Grantee may, at its sole discretion, advance, in whole or in part, the payment of the Second Installment of the Exercise Price and the Third Installment of the Exercise Price, by advancing the transfer of REA Shares to the Grantor, provided that the evaluation* 

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*criteria for REA Shares set out in items 2.1.(b.) and 2.1.(c.) are strictly observed;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.2. <u>Cooperation</u>: the Grantee will use its best efforts to assist the Grantor, to the extent possible, including by recommending service providers, in adopting the procedures required by the ASX, brokerages, or other intermediaries to facilitate the effective receipt of the REA Shares, as set forth in 2.1.(a.2.), 2.1.(b.) and 2.1.(c.) above;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.3. <u>Lock-Up</u>: Grantor is aware that Australian law and ASX regulations have specific rules regarding time restrictions on the sale of shares subject to public trading in that country. Therefore, the REA Shares transferred to Grantee may be subject to "lock-up" periods defined by Australian regulatory authorities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.4. <u>Structure</u>: the Parties shall, by mutual agreement, define the legal-contractual structure to be adopted for the transfer of the REA Shares to the Grantor, taking into account, among others, the tax costs involved, the risks eventually borne, Brazilian law regarding investments abroad and any applicable Australian regulations.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.5. <u>Alternative payment</u>: if, by the end of the Term or the Additional Term, as defined in 5.1. and 5.1.1. below, a Liquidity Event related to the REA Shares does not materialize, as defined in 2.1.1. above, the Grantee may still, at its sole discretion, exercise the Call Option, as provided for in 3.1., upon payment of the installments of the Exercise Price in the amounts and within the periods provided for in 2.1.(a.2.), 2.1.(b.) e 2.1.(c.) above, in BRL (Reais), calculated based on the US$(United States dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, via TED or PIX to the bank account held by the Grantor indicated in <u>Annex 1.2</u>. to the Agreement. For clarification purposes, if the Grantee exercises the Call Option before a Liquidity Event and adopts the alternative payment method provided for in this item 2.1.2.5., but, before the payment of the last Installment of the Exercise Price, a Liquidity Event occurs, the installments of the Exercise Price due after said Liquidity Event must be paid under the strict terms provided for in 2.1.(b.) and/or 2.1.(c.), above, and payment in BRL (Reais) exceptionally provided for in this item is prohibited, unless the Grantor expressly agrees to this alternative payment method.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.3. <u>Adjustment and interest</u>. No monetary adjustment or interest shall be applied to the Exercise Price timely paid during the term of this Agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.4. <u>Release and Default</u>. For all legal purposes and effects, the presentation of bank receipt confirming the said wire transfer in item 21(a.1) to the bank account held by the Grantor, as detailed in <u>Annex 1.2</u>., or, as applicable, the effective transfer, as provided for in Australian law, of the REA Shares to the Grantor will imply the granting by the Grantor to the Grantee, of the broadest, general, irrevocable, and irreversible release* 

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*regarding the receipt of the Exercise Price, to no further demand or dispute on this basis, at any time, in or out of court. In the event of late payment of any of the installments of the Purchase Price, the balance due will be determined on the respective maturity date and, from said date onward, this balance will be subject to (i) a late payment penalty of two percent (2%) of the outstanding balance; and (ii.) interest of half a percent (0.5%) per month from the due date set forth in 2.1. above, without prejudice to the possibility of adopting applicable legal measures by the Grantor.*

2.1. <u>Assignment Agreement; Adaptations</u>. In the event that the Grantee exercises the Call Option, as provided for in item 3.1. of the Agreement, the draft of the private instrument of the Assignment Agreement for Mineral Right and Other Covenants, which is included in the Agreement as <u>Annex 3.2.</u> and is intended to formalize the transfer of the Mineral Right to the Grantee, under the strict terms set forth in item 3.2 of the Agreement, must be adapted to reflect, "*mutatis mutandis*", the terms and conditions established in the new wording of item 2.1 and its respective subitems of the Agreement, as amended by this First Amendment.

2.2. <u>Term</u>. The Parties further resolve to extend the term of the Agreement, extending it for an initial period of twelve (12) months and, in the event of a Liquidity Event not materializing within this period, as defined in the new wording of item 2.1.1 of the Agreement, for an additional period of twelve (12) months, upon payment of a supplementary premium in the amount in BRL (Reais) equivalent to one hundred thousand US dollars (US$100,000.00). As a consequence of the new rules established in this item, the Parties, by mutual agreement, resolve to amend item 5.1. of the Agreement, which shall come into force with the following new wording:

*"5.1. <u>Term</u>. The provisions of this Agreement shall be valid and effective from the date of its execution until December 31, 2025, extendable as set forth in 4.3. above. Before the end of the term provided for in this item, neither Party is permitted to terminate or unilaterally terminate the provisions of this Agreement, except in the cases expressly provided for herein (the "<u>Term</u>").*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1.1. <u>Additional Term</u>. If, by the end of the Term, a Liquidity Event related to the REA Shares has not yet materialized, as defined in item 2.1.1. above, the Grantee will have the irrevocable and irreversible right, upon prior payment of an additional premium in current currency in the amount of BRL (Reais) equivalent to one hundred thousand US dollars (US$100,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Additional Premium</u>"), to automatically extend the Term Price provided for in 5.1. above to December 31, 2026 (the "<u>Additional Term</u>"), without the need for prior notice to the Grantee or a new amendment to the Agreement. The Additional Premium must be paid by the Grantee by the business day immediately preceding the end of the Term, by means of a TED or PIX transfer to the bank account held by the Grantor indicated in <u>Annex 1.2</u>. to the Agreement."*

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2.3. <u>Technical conclusions and data</u>. In the event of failure to exercise the Call Option of the Mineral Right by the end of the Additional Term established in the new wording of item 5.1.1. of the Agreement, the Grantee immediately assumes the obligation to transfer to the Grantor a copy of all raw data related to research conducted in the area of Mining Law, amending the provisions of item 4.4.(iv.) of the Agreement. As a consequence of the new obligations assumed in this item, item 4.4. of the Agreement shall, effective today, be in force with the following new wording:

*"4.4. <u>Completion of Due Diligence</u>. If the Grantee does not exercise the Call Option by the deadline referred to in 5.1 below, or in item 5.1.1, if applicable, it shall, within the same deadline, (i.) remove all its equipment and employees from the research area, and its representatives are expressly prohibited from accessing the site after the end of this Agreement; (ii.) restore and/or recover the Mineral Rights area, pursuant to the current environmental law, ensuring that the area is returned to the Grantor in the same conditions in which it was previously received, under penalty of being liable for losses and damages, in addition to any lost profits; (iii.) be liable for fines or penalties imposed on the Grantor, as well as for any damages generated in the Mineral Rights area, provided that they are directly and demonstrably a result of the research activities carried out by the Grantee; and (iv.) present to the Grantor a copy of all raw data relating to research carried out in the area of Mining Law and its technical conclusions, if any."*

**CLAUSE II.**

**RATIFICATION AND MISCELLANEOUS**.

2.1. <u>Definitions</u>. All defined terms used in this First Amendment shall have the meaning assigned to them in the Agreement, unless otherwise specifically established in this First Amendment.

2.2. <u>Binding, Ratification and Entire Agreement</u>. This First Amendment shall become an integral part of the Agreement for all legal purposes and effects. All clauses, terms, and conditions set forth in the Agreement that have not been expressly amended by this First Amendment remain in force and are hereby ratified by the Parties. This First Amendment, together with the Agreement, creates the entire agreement among the Parties regarding the matters creating the Call Option, superseding all previously executed documents and understandings previously reached among the Parties.

2.3. <u>Irrevocability</u>. This First Amendment is signed on an irrevocable and irreversible basis, not allowing for withdrawal under any circumstances, and is binding on the Parties and their heirs and successors in any capacity.

2.4. <u>Amendments</u>. Amendments to this First Amendment will only be valid when executed in writing and signed by the legal representatives of all Parties.

2.5. <u>Assignment</u>. The rights and obligations arising from this First Amendment may not be assigned or transferred, in whole or in part, by either Party to third parties other than Authorized Assignees, as defined in item 1.4 of the Agreement, except with the prior or express consent of the other Party.

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2.6. <u>Honesty and good faith</u>. The Parties mutually and expressly declare that this First Amendment was entered into in compliance with the principles of honesty and good faith, through a free, conscious, and firm expression of the will of the Parties, and in a perfectly equitable relationship.

2.7. <u>Notices</u>. All notifications, notices related to this first Amendment or the Proposal must be in writing and will be deemed received on the delivery date, if delivered in person, on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email. These notices, notifications, and communications will be sent to the addresses indicated in the preamble, or to any other address that may be communicated in writing by a Grantor or the Company to the others, by written communication.

2.8. <u>Specific Performance</u>. All commitments and obligations assumed in this Memorandum by the Parties and the Consenting Intervening Parties are subject to specific performance, according to the articles 497, 501 and 815 *et seq.* of the Civil Procedure Code, with this Memorandum serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

2.9. <u>Jurisdiction</u>. The Parties hereby elect the Judicial district of Poços de Caldas, State of Minas Gerais to resolve any doubts, disputes, or controversies arising from this First Amendment, to the exclusion of any other, however privileged it may be or may become.

2.10. <u>Signatures</u>. The Parties agree that this First Amendment will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure - ICP-Brasil, as provided in article 10, §2 of Provisional Measure No. 2, 2202, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this First Amendment does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court, as provided in 3.10. above. The Parties further acknowledge that (i.) even if either Party electronically signs this First Amendment in a different location, the place of execution of this First Amendment is, for all purposes, the City of São Paulo, State of São Paulo, as indicated below; and (ii.) the execution date of this First Amendment will be considered, for all intents and purposes, the date indicated below, notwithstanding the date on which the last electronic signature is executed.

In witness whereof, the Parties electronically execute this First Amendment to the Call Option Agreement for Mineral Right and Other Covenants, through the platform D4Sign, www.d4sign.com.br.

Poços de Caldas, December 27, 2024.

<u>Parties</u>:

&nbsp;&nbsp;*/s/ Bruno Fagundes Flora*<br>

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**JJBF LTDA.**

p. Bruno Fagundes Flora

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| &nbsp;&nbsp;*/s/ João Paulo Agapito da Veiga* | &nbsp;&nbsp;*/s/ Renato Gonzaga* |

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**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga

<u>Consenting Intervening Parties</u>:

&nbsp;&nbsp;*/s/ Bruno Fagundes Flora*<br>

**BRUNO FAGUNDES FLORA**

&nbsp;&nbsp;*/s/ Gustavo Fagundes Flora*<br>

**GUSTAVO FAGUNDES FLORA**

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| &nbsp;&nbsp;*/s/ Bernardo Sanchez Agapito da Veiga* | &nbsp;&nbsp;*/s/ Dominic Paul Allen* |

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**RARE EARTHS AMERICAS PTY LTD.**

p. Bernardo Sanchez Agapito da Veiga and Dominic Paul Allen

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## Exhibit 10.9

**Exhibit 10.9.3**

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| &nbsp;&nbsp;**SECOND AMENDMENT TO THE CALL OPTION AGREEMENT FOR MINERAL RIGHT AND OTHER COVENANTS** | &nbsp;&nbsp;**SEGUNDA ADITIVO AO CONTRATO DE OPÇÃO DE COMPRA DE DIREITO MINERAL E DEMAIS CLAUSULAS** |
| &nbsp;&nbsp;By this private instrument, and in accordance with the Law, the Parties designated and described below, namely, <br>on one hand, | &nbsp;&nbsp;Por meio deste instrumento particular, e em conformidade com a Lei, as Partes designadas e descritas abaixo, a saber,<br>de um lado, |
| &nbsp;&nbsp;**JJBF LTDA.**, limited liability company with head office in the City of Pogos de Caldas, State of Minas Gerais, at Estrada Jose Kentenich, s/n/, Zona Rural, ZIP Code 37719-000, enrolled with CNPJ under No. 20.684.296/0001-14, e-mail: , herein represented in compliance with its Articles of Association by its Director, **Bruno Fagundes Flora**, Brazilian citizen, single, control and automation engineer, holder of identity card (RG) no. , enrolled with CPF under no. , resident and domiciled at , e-mail: , hereinafter referred to as "Grantor"; <br>and, on the other hand,<br>**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3rd floor, Santa Lucia, ZIP Code 30360-552, enrolled with CNPJ under no. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its managing directors, Mrs. **Carla Cristina de Carvalho**, Brazilian citizen, accountant, CPF number , e-mail: , and **Svetlana Igorevna Nefedova**, Italian_citizen, CPF number , e-mail: , both of them with business address in the Capital of the State of Minas Gerais, at Rua Turim, no. 59, 3rd floor, Santa Lucia, ZIP Code 30360-552, hereinafter referred to as "Grantee", and together with the Grantor, the "Parties", indistinctly;<br>and as Consenting Intervening Parties, | &nbsp;&nbsp;**JJBF LTDA.**, sociedade limitada com sede na cidade de Pogos de Caldas, Minas Gerais, na Estrada Jose Kentenich, s/n/, Zona Rural, CEP 37719-000, inscrita no CNPJ sob o n° 20.684.296/0001-14, e-mail: , aqui representada em conformidade com seu Estatuto Social por seu Diretor, **Bruno Fagundes Flora**, cidadão brasileiro, solteiro, engenheiro de controle e automação, portador da Carteira de Identidade (RG) n° , inscrito no CPF sob o n° , residente e domiciliado na , e-mail: , doravante denominado "Outorgante" ou "Cedente";<br>e, por outro lado,<br>**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, sociedade limitada com sede na Capital do Estado de Minas Gerais, na Rua Turim, n° 59, 3° andar, Santa Lucia, CEP 30360-552, inscrita no CNPJ sob o n° 43.093.229/0001-20, e-mail: , aqui representada em conformidade com seu Estatuto Social por suss administradoras, Sra. **Carla Cristina de Carvalho**, brasileira, contadora, inscrita no CPF sob o n° , e-mail: ,e-mail: e **Svetlana Igorevna Nefedova**, italiana, inscrita no CPF sob o n° , e-mail: , ambas com endereço comercial na Capital do Estado de Minas Gerais, na Rua Turim, n° 59, 3° andar, Santa Lucia, CEP 30360-552, doravante denominada "Outorgados", "Cessionaria", e juntamente com o Outorgante, as "Partes", indistintamente;<br>e como Partes Intervenientes Anuentes, |

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| &nbsp;&nbsp;**BRUNO FAGUNDES FLORA**, described above, hereinafter referred to as "<u>Bruno</u>"; <br>**GUSTAVO FAGUNDES FLORA**, Brazilian citizen, married under full separation of property regime, doctor, holder of Identity Card (RG) no. , enrolled with CPF under no. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Gustavo</u>"; and<br>**RARE EARTHS AMERICAS, INC.**, a company duly organized under the laws of Texas, with principal executive offices at 250 Fillmore Street, Suite 150, Denver, CO 80206, e-mail: , herein represented in compliance with its Bylaws, hereinafter referred to as "REA US" and, together with Bruno and Gustavo, the "<u>Consenting Intervening Parties</u>";<br>Whereas, on 09.22.2023, the Parties entered into the Call Option Agreement for Mineral Rights and Other Covenants (the "<u>Original Agreement</u>"), the purpose of which is for the Grantor to exclusively grant to the Grantee a call option for the entire mineral right represented by the development concessions subject to the Administrative Proceeding registered with the ANM under no. 813.944/1971, for bauxite and clay minerals, in the city of Pogos de Caldas, State of Minas Gerais, in an area of 298.89ha, owned by the Grantor (the "<u>Mineral Right</u>" and the "Call Option", respectively);<br>Whereas, on 12.27.2024, the Parties entered into the First Amendment to the Original Agreement, through which they renegotiated the payment method of the Exercise Price originally provided for in the Original Agreement, in addition to extending its term, with the establishment of the concepts of Additional Premium, among other Modifications (hereinafter, the "First Amendment" and the Original Agreement, as amended, the "<u>Amended Agreement</u>"); | &nbsp;&nbsp;**BRUNO FAGUNDES FLORA**, descrito acima, doravante denominado "<u>Bruno</u>"; <br>**GUSTAVO FAGUNDES FLORA**, cidadão brasileiro, casado sob regime de separação total de bens, medico, portador da Carteira de Identidade (RG) n° , inscrito no CPF sob n° , residente e domiciliado na , e-mail: , doravante denominado "<u>Gustavo</u>"; e<br>**RARE EARTHS AMERICAS, INC.**, uma empresas devidamente constituída sob as leis do Texas, com sede principal em 250 Fillmore Street, Suite 150, Denver, CO 80206, e-mail: , aqui representada em conformidade com seus Estatutos, doravante denominada "REA US" e, juntamente com Bruno e Gustavo, as "<u>Partes Intervenientes Anuentes</u>";<br>Considerando que, em 22/09/2023, as Partes celebraram o Contrato de Opção de Compra de Direitos Minerários e Outras Obrigações (o "<u>Contrato Original</u>"), cujo objetivo é que o Outorgante outorgue ao Outorgado, com exclusividade, uma opção de compra para a totalidade dos direitos minerários representados pelas concessões de desenvolvimento sujeitas ao Processo Administrativo instaurado na ANM sob o n° 813.944/1971, para bauxita e argila, na cidade de Poços de Caldas, Estado de Minas Gerais, em área de 298,89 ha, de propriedade do Outorgante (os "<u>Direitos Minerários</u>" e a "Opção de Compra", respectivamente);<br>Considerando que, em 27/12/2024, as Partes celebraram o Primeira Aditivo ao Contrato Original, por meio da qual renegociaram a forma de pagamento do Prego de Exercício originalmente previsto no Contrato Original, além de prorrogar seu prazo, com o estabelecimento dos conceitos de Prêmio Adicional, entre outras modificações (doravante, "Primeira Aditivo" e o Contrato Original, conforme alterado, o "<u>Contrato Alterado</u>");<br>Considerando que a REA US foi constituída em fevereiro de 2025 sob as leis das Ilhas Cayman  |

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| &nbsp;&nbsp;Whereas REA US was incorporated in February 2025 under the laws of the Cayman Islands as "Rare Earths Americas Ltd" and effective on October 15, 2025, it completed a redomestication through the filing of a certificate of conversion, becoming a Texas corporation, changing its name to "Rare Earths Americas, Inc.";<br>Whereas, in July 2025, in two transactions, each contingent upon the completion of the other, REA US acquired Alpha Minerals Brazil Participagaes Ltda., the Grantee, and Foothills Rare Earths Limited, an Australian incorporated public unlisted corporation (both transactions referred to herein as the "<u>Acquisition</u>"); <br>Whereas, following the Acquisition, the Parties intend to amend the Amended Agreement, and specifically item 2.1, to specify that the Liquidity Event (as defined therein) and issuance of shares as part of the installment payments in connection with the Liquidity Event will relate to the initial public offering of REA US, as well as to make other clarifying modifications, adopting the new parameters established below in this private instrument;<br>They resolve, by mutual agreement, to enter into this Second Amendment to the Amended Agreement (hereinafter, the "<u>Second Amendment</u>"), amending certain conditions and provisions of the Amended Agreement, as set forth below;<br>Further resolve, that in connection with the Second Amendment, in the event that the Grantee exercises the Call Option, as provided for in item 3.1. of the Amended Agreement, the draft of the private instrument of the Assignment Agreement for Mineral Right and Other Covenants, which is included in the Amended Agreement as <u>Annex 3.2</u>. and is intended to formalize the transfer of the  | &nbsp;&nbsp;como "Rare Earths Americas Ltd" e, com efeito a partir de 15 de outubro de 2025, concluiu uma redomiciliação mediante o arquivamento de um certificado de conversão, tornando-se uma corporação do Texas, alterando sua denominação social para "Rare Earths Americas, Inc.";<br>Considerando que, em julho de 2025, em duas transações, cada uma condicionada a conclusão da outra, a REA US adquiriu a Alpha Minerals Brazil Participações Ltda., a Outorgada, e a Foothills Rare Earths Limited, uma sociedade anônima australiana de capital aberto não listada em bolsa (ambas as transações referidas neste documento como a "<u>Aquisição</u>");<br>Considerando que, após a Aquisição, as Partes pretendem alterar o Contrato Alterado, especificamente o item 2.1, para especificar que o Evento de Liquidez (conforme definido no referido Contrato) e a emissão de ações como parte dos pagamentos parcelados relacionados ao Evento de Liquidez estarão vinculados a oferta pública inicial da REA US, bem como para realizar outras modificações esclarecedoras, adotando os novos parâmetros estabelecidos abaixo neste instrumento privado;<br>Elas resolvem, por mutuo acordo, celebrar este Segundo Aditivo ao Contrato Alterado (doravante, a "Segundo Aditivo"), alterando certas condições e disposições do Contrato Alterado, conforme estabelecido abaixo;<br>Resolvem ainda que, em relação ao Segundo Aditivo, caso a Cessionária exerça a Opção de Compra, conforme previsto no item 3.1 do Contrato Alterado, a minuta do instrumento privado do Contrato de Cessão de Direitos Minerários e Outras Obrigações, que esta incluída no Contrato Alterado como Anexo 3.2, será utilizada e tem como objetivo formalizar a transferência do Direito Mineral ao Cessionário, nos termos estritos estabelecidos no item 3.2 do Contrato Alterado, devendo ser adaptado para refletir, "mutatis mutandis", os  |

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| &nbsp;&nbsp;&nbsp;&nbsp;Mineral Right to the Grantee, under the strict terms set forth in item 3.2 of the Amended Agreement, shall be adapted to reflect, "*mutatis mutandis*", the terms and conditions established in the new wording of item 2.1 and its respective subitems of the Amended Agreement, as amended by this Second Amendment; and further resolve, that pursuant to the Second Amendment, item 2.1 of the Amended Agreement shall, effective as of the date hereof, be in effect with the following new wording:<br>*"2.1. <u>Exercise Price</u>. The total, clear and legal price to be paid by the Grantee to the Grantor, in consideration for the acquisition of the Mineral Right, in the event of exercise of the Call Option governed by this Agreement, as amended, shall be equivalent to an aggregate of fifteen million US dollars (US$15,000,000.00) (the "<u>Exercise Price</u>"), to be paid as follows:*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a.*** *(a.1.) the amount in BRL (Reais) equivalent to one million US dollars (US$1,000,000.00), calculated based on the US$(US dollar) currency conversion rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid in Brazilian currency, by TED or PIX to the bank account held by the Grantor indicated in <u>Annex 1.2</u>. to the Agreement, as amended, within a maximum period of fifteen (15) days after sending the Exercise Notice, in accordance with the procedure set forth in 3.1. below and (a.2.) the amount equivalent to four million US dollars (US$4,000,000.00) shall be paid upon the issuance to the Grantor or its designated beneficiary of as many REA US Shares, as defined in 2.1.1. below, as are necessary to obtain such amount, always rounded up to a whole number higher, if applicable, valued at the closing price of the REA US Shares on the*  | &nbsp;&nbsp;&nbsp;&nbsp;termos e condições estabelecidos na nova redação do item 2.1 e seus respectivos subitens do Contrato Alterado, conforme alterados por este Segundo Aditivo; e resolve-se ainda que, nos termos do Segundo Aditivo, o item 2.1 do Contrato Alterado entrara em vigor, a partir desta data, com a seguinte nova redação:<br>*"2.1. <u>Preto de Exercício</u>. O preço total, claro e legal a ser pago pelo Outorgado ao Outorgante, em contrapartida pela aquisição do Direito Mineral, em caso de exercício da Opção de Compra regida por este Contrato, conforme alterado, será equivalente a um total de quinze milhões de dólares americanos (US$15.000.000,00) (o "<u>Preto de Exercício</u>"), a ser pago da seguinte forma:*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a.*** *(a.1.) o valor em BRL (Reais) equivalente a um milhão de dólares americanos (US$1.000.000,00), calculado com base na taxa de cambio do dólar americano para compra, publicada pelo Banco Central do Brasil no dia útil imediatamente anterior a data do respectivo pagamento, será pago em moeda brasileira, por TED ou PIX, na conta bancaria do Outorgante indicada no Anexo 1.2 do Contrato, conforme alterado, em um prazo máximo de 15 dias após envio da notificação de exercício, de acordo com os procedimentos estabelecidos em 3.1 abaixo e (a.2.) o valor equivalente a quatro milhões de dólares americanos (US$4.000.000,00) será pago mediante a emissão ao Outorgante ou ao seu beneficiário designado de tantas Ações da REA US, conforme definido em 2.1.1. abaixo, quantas forem necessárias para obter tal valor, sempre arredondado para o número inteiro superior, se aplicável, avaliado pelo preço de fechamento das Ações da REA US na data do Evento de Liquidez, conforme definido em 2.1.1.*  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*date of the Liquidity Event, as defined in 2.1.1. below, and such issuance shall occur within a maximum period of fifteen (15) business days after the sending of the Exercise Notice, in compliance with the procedure set forth in 3.1. below (the payments referred to in (a.1.) and (a.2.) shall be referred to collectively as the "<u>First Installment of the Exercise Price</u>");*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b.*** *the amount equivalent to five million US dollars (US$5,000,000.00) will be paid upon the issuance to the Grantor or its designated beneficiaries of as many REA US Shares as necessary to obtain this amount, always rounded up to a higher whole number, if applicable, assessed by the average of the closing prices traded on the Exchange, as defined below, measured in the ten (10) consecutive trading days prior to the issuance date, and this payment must occur within a maximum period of twelve (12) months after the expiration of the First Installment of the Exercise Price (the "<u>Second Installment of the Exercise Price</u>"); and* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***c.*** *the amount equivalent to five million US dollars (US$5,000,000.00) will be paid upon issuance to the Grantor or its designated beneficiaries of as many REA US Shares as necessary to obtain this amount, always rounded up to a higher whole number, if applicable, assessed by the average of the closing prices traded on the Exchange, as defined below, measured in the ten (10) consecutive trading days prior to the transfer date, and this payment must occur within a maximum period of twelve (12) months after the expiration of the Second Installment of the Exercise Price (the "<u>Third Installment of the Exercise Price</u>").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*abaixo, e tal emissão deverá ocorrer dentro de um período máximo de quinze (15) dias Liteis após o envio da Notificação de Exercício, em conformidade com o procedimento estabelecido em 3.1. abaixo (os pagamentos referidos em (a.1.) e (a.2.) serão denominados coletivamente como a "<u>Primeira Parcela do Preço de Exercício</u>");*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b.*** *o valor equivalente a cinco milhões de dólares americanos (US$5.000.000,00) serão pagos mediante a emissão ao Outorgante ou aos seus beneficiários designados de tantas Ações da REA US quantas forem necessárias para obter esse valor, sempre arredondado para o número inteiro superior, se aplicável, avaliado pela média dos preços de fechamento negociados na Bolsa, conforme definido abaixo, medidos nos dez (10) dias Liteis consecutivos anteriores a data de emissão, e esse pagamento devera ocorrer dentro de um período máximo° de doze (12) meses após o vencimento da Primeira Parcela do Preço de Exercício (a "<u>Segunda Parcela do Preço de Exercício</u>"); e* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***c.*** *o valor equivalente a cinco milhões de dólares americanos (US$5.000.000,00) será pago mediante a emissão ao Outorgante ou aos seus beneficiários designados de tantas Ações da REA US quantas forem necessárias para obter esse valor, sempre arredondado para o numero inteiro superior, se aplicável, avaliado pela média dos preços de fechamento negociados na Bolsa, conforme definido abaixo, medidos nos dez (10) dias Citeis consecutivos anteriores ate a data de transferência, e este pagamento deve ocorrer dentro de um período máximo° de doze (12) meses após o vencimento da Segunda Parcela do Preço de Exercício (a "<u>Terceira Parcela do Preço de Exercício</u>").* |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.1. <u>REA US Shares</u>. For the purposes of payment of the Exercise Price provided for in 2.1 .(a.2.), 2.1 .(b.) and 2.1 .(c.) above and other provisions of the Agreement, as amended, "<u>REA US Shares</u>" means shares of common stock of Rare Earths Americas, Inc., a Texas corporation and the parent entity of Grantee ("REA US"), that are publicly traded on a recognized United States stock exchange (e.g., New York Stock Exchange (NYSE) American, NYSE, or NASDAQ) (the "<u>Exchange</u>"), such trading being the result of any of the following types of liquidity events: (i.) an initial public offering resulting in the REA US Shares being publicly traded on the Exchange (an IPO); (ii.) the merger of REA US into a company whose shares are admitted to trading on the Exchange, or the merger of REA US by a public company whose shares are publicly traded on the Exchange; or (iii.) the sale or transfer of a controlling interest in REA US to a public company whose shares are publicly traded on the Exchange (each referred to herein as a "<u>Liquidity Event</u>").*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2. <u>Other provisions applicable to the payment of the Exercise Price upon the issuance of REA US Shares</u>. Without prejudice to the provisions of items 2.1 and 2.1.1. above, the Parties hereby agree that:*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.1 <u>Advancement</u>: the Grantee may, at its sole discretion, advance, in whole or in part, the payment of the Second Installment of the Exercise Price and the Third Installment of the Exercise Price, by advancing the transfer of REA US Shares to the Grantor, provided that the evaluation criteria for REA US Shares set*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.1. Ações da REA US. Para fins de pagamento do Preço de Exercício previsto em 2.1.(a.2.), 2.1.(b.) e 2.1.(c.) acima e outras disposições do Contrato, conforme alterado, "<u>Ações da REA US</u>" significa ações ordinárias da Rare Earths Americas, Inc., uma corporação do Texas e a entidade controladora da Outorgada ("REA US"), que são negociadas publicamente em uma bolsa de valores reconhecida dos Estados Unidos (por exemplo, New York Stock Exchange (NYSE) American, NYSE ou NASDAQ) (a "Bolsa"), sendo tal negociação o resultado de qualquer um dos seguintes tipos de eventos de liquidez: (i) uma oferta pública inicial resultando na negociação publica das Ações da REA US na Bolsa (um IPO); (ii) a fusao da REA US com uma empresa cujas ações são admitidas a negociação na Bolsa, ou a fuseo da REA US com uma empresa pública cujas ações são negociadas publicamente na Bolsa; ou (iii) a venda ou transferência de uma participação majoritária na REA US para uma empresa pública cujas ações sejam negociadas publicamente na Bolsa (cada uma referida neste documento como um "<u>Evento de Liquidez</u>").*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2. <u>Outras disposições aplicáveis ao pagamento do Preço de Exercício na emissão de Ações da REA US</u>. Sem prejuízo das disposições dos itens 2.1 e 2.1.1 acima, as Partes concordam que:* <br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.1 <u>Adiantamento</u>: o Outorgado podera, a seu exclusivo critério, adiantar, total ou parcialmente, o pagamento da Segunda Parcela do Preço de Exercício e da Terceira Parcela do Preço de Exercício, mediante o adiantamento da transferência de Ações da REA US para o Outorgante, desde que os critérios de avaliação para as Ações da REA US estabelecidos nos itens 2.1.(b) e 2.1.(c) sejam rigorosamente observados.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.2. Cooperação: na medida do possível, a pedido do Outorgante, o*  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*out in items 2.1.(b.) and 2.1.(c.) are strictly observed.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.2. <u>Cooperation</u>: to the extent possible, at the request of the Grantor, the Grantee will recommend to Grantor service providers, or other intermediaries to facilitate the effective receipt of the REA US Shares, as set forth in 2.1.(a.2.), 2.1.(b.) and 2.1.(c.) above.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.3. <u>Restricted Securities</u>: Grantor acknowledges and agrees that the REA US Shares will not be registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), or any state securities laws, and will be offered and sold in reliance upon one or more exemptions from registration thereunder. Grantor further acknowledges that the REA US Shares will constitute "restricted securities" within the meaning of Rule 144 under the Securities Act and, as such, may not be offered, sold, pledged, assigned, or otherwise transferred except pursuant to an effective registration statement under the Securities Act or an available exemption from the registration requirements of the Securities Act and applicable state securities laws.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.4. <u>Structure</u>: in connection with the issuance of the REA US Shares, the Parties shall enter into a securities purchase agreement in a form mutually acceptable by both parties and in compliance with the Securities Act and any state securities laws, which agreement shall take into account, among other things, any tax costs related to the purchase of the REA US Shares, and Brazilian law considerations regarding investments abroad.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Outorgado recomendará ao Outorgante prestadores de serviços ou outros intermediários para facilitar o recebimento efetivo das Ações da REA US, conforme estabelecido em 2.1.(a.2.), 2.1.(b.) e 2.1.(c.) acima.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.3. <u>Valores Mobiliários</u> Restritos: 0 Outorgante reconhece e concorda que as Ações da REA US não serão registradas sob a Lei de Valores Mobiliários de 1933, conforme alterada (a "<u>Lei de Valores Mobiliários</u>"), ou quaisquer leis de valores mobiliários estaduais, e serão oferecidas e vendidas com base em uma ou mais isenções de registro sob a mesma. 0 outorgante reconhece ainda que as Ações da REA US constituirão "valores mobiliários restritos" nos termos da Regra 144 da Lei de Valores Mobiliários e, como tal, não poderão ser oferecidas, vendidas, dadas em garantia, cedidas ou de outra forma transferidas, exceto mediante uma declaração de registro valida nos termos da Lei de Valores Mobiliários ou uma isenção disponível dos requisitos de registro da Lei de Valores Mobiliários e das leis de valores mobiliários estaduais aplicáveis.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.4. <u>Estrutura</u>: em relação a emissão das Ações da REA US, as Partes celebrarão um contrato de compra e venda de valores mobiliários em um formato mutuamente aceitável por ambas as partes e em conformidade com a Lei de Valores Mobiliários e quaisquer leis de valores mobiliários estaduais, o qual devera levar em consideração, entre outras coisas, quaisquer custos tributários relacionados a compra das Ações da REA US e considerações da legislação brasileira relativas a investimentos no exterior.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.5. <u>Restrições</u>. 0 Outorgante compreende que os certificados ou registros escriturais que representam as Ações da REA US conterão, ou refletirão, Uma anotação restritiva substancialmente na seguinte forma (e quaisquer restrições*  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.5. <u>Legends</u>. The Grantor understands that certificates or book-entry notations representing the REA US Shares will bear, or reflect, a restrictive legend or notation substantially in the following form (and any additional legends required by applicable state securities laws or provided for in this Agreement, as amended):*<br>*"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE `SECURITIES ACT'), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (B) AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS, IN EACH CASE AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY"*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.6. <u>Stop-Transfer Instructions</u>. The Grantor acknowledges and agrees that REA US will issue stop-transfer instructions to its transfer agent and registrar with respect to the REA US Shares consistent with the foregoing legend and the transfer restrictions set forth herein. REA US shall remove or cause the removal of such legend(s) and any related stop-transfer instructions in connection with any sale or transfer of REA US Shares pursuant to an effective registration statement or Rule 144 or another available exemption, in each case, upon receipt of customary*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*adicionais exigidas pelas leis de valores mobiliários estaduais aplicáveis ou previstas neste Contrato, conforme alterado):*<br>*"OS TÍTULOS AQUI REPRESENTADOS NÃO FORAM REGISTRADOS DE ACORDO COM A LEI DE VALORES MOBILIÁRIOS DE 1933, CONFORME ALTERADA (A `LEI DE VALORES MOBILIÁRIOS'), OU QUAISQUER LEIS DE VALORES MOBILIÁRIOS ESTADUAIS E NÃO PODEM SER OFERECIDOS, VENDIDOS, TRANSFERIDOS, DADOS EM GARANTIA OU DE OUTRA FORMA ALTERADOS, EXCETO DE ACORDO COM (A) UMA DECLARAÇÃO DE REGISTRO VALIDA DE ACORDO COM A LEI DE VALORES MOBILIÁRIOS E AS LEIS DE VALORES MOBILIÁRIOS ESTADUAIS APLICÁVEIS OU (B) UMA ISENÇÃO DE REGISTRO DE ACORDO COM A LEI DE VALORES MOBILIÁRIOS E TAIS LEIS, EM CADA CASO, CONFORME COMPROVADO POR UM PARECER JURÍDICO RAZOAVELMENTE SATISFATÓRIO PARA A EMPRESA."*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.6. <u>Instruções de Suspensão de Transferência</u>. 0 Outorgante reconhece e concorda que a REA US emitirá instruções de suspensão de transferência ao seu agente de transferência e registro com relação as Ações da REA US, em conformidade com a anotação anterior e as restrições de transferência aqui estabelecidas. A REA US removerás ou fará com que seja removida tal restrição e quaisquer instruções de suspensão de transferência relacionadas a qualquer venda ou transferência de Ações da REA US de acordo com uma declaração de registro válida ou a Regra 144 ou outra isenção disponível, em cada caso, mediante o recebimento de documentação usual razoavelmente satisfatória para a REA US e seu agente de transferência, incluindo, se*  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*documentation reasonably satisfactory o REA US and its transfer agent, including, if applicable, customary representations and, where required, an opinion of counsel.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.7. <u>No Registration Rights</u>. The Grantor acknowledges and agrees that, except as expressly set forth in this Agreement, as amended, it has no registration rights, demand rights, piggyback rights, shelf takedown rights, underwritten offering rights, or other rights to cause or require the Grantee to register the offer or sale of the REA US Shares under the Securities Act or to include the REA US Shares in any registration statement filed by REA US.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.8. <u>Investment Intent</u>. The Grantor represents that it will acquire the REA US Shares for its own account for investment purposes only and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act or applicable state securities laws.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.9. <u>Alternative payment</u>: if fifteen (15) days prior to the end of the Term or the Additional Term, as defined in 5.1. of the Agreement, as amended, a Liquidity Event has not occurred, the Grantee may still, at its sole discretion, exercise the Call Option, as provided for in 3.1., upon payment in cash of the First Installment of the Exercise Price in the amount and within the time period provided for in 2.1.(a.2.). Payment for the Second and Third Installments of the Exercise Price shall be made in cash in the amounts and within the time periods provided for in 2.1.(b.) and 2.1.(c.) above (collectively and together with the First Installment, the "Alternative Payments"). The Alternative Payments shall be made in BRL (Reais), calculated based on the US$(United States dollar) exchange rate for purchase, published by the Central*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*aplicável, declarações usuais e, quando necessário, um parecer jurídico.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.7. <u>Sem Direitos de Registro</u>. O Outorgante reconhece e concorda que, exceto conforme expressamente estabelecido neste Contrato, conforme alterado, não possui direitos de registro, direitos de demanda, direitos de piggyback, direitos de retirada de oferta pública, direitos de oferta subscrita ou outros direitos para fazer com que o Outorgado registre a oferta ou venda das Ações da REA US sob a Lei de Valores Mobiliários ou para incluir as Ações da REA US em qualquer declaração de registro arquivada pela REA US.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.8. <u>Intenção de Investimento</u>. O Outorgante declara que adquirirá as Ações da REA US para sua própria conta apenas para fins de investimento e não com o objetivo de, ou para oferta ou venda em conexão com, qualquer distribuição das mesmas em violação da Lei de Valores Mobiliários ou das leis de valores mobiliários estaduais aplicáveis.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.9. <u>Pagamento alternativo</u>: se quinze (15) dias antes do final do Prazo ou do Prazo Adicional, conforme definido em 5.1. caso nab tenha ocorrido um Evento de Liquidez, nos termos do Contrato, conforme alterado, Outorgado poderá, a seu exclusivo critério, exercer a Opção de Compra, conforme previsto em 3.1, mediante o pagamento em dinheiro da Primeira Parcela do Preço de Exercício, no valor e dentro do prazo previstos em 2.1(a.2). O pagamento da Segunda e da Terceira Parcelas do Preço de Exercício será efetuado em dinheiro, nos valores e dentro dos prazos previstos em 2.1(b) e 2.1(c) acima (coletivamente e em conjunto com a Primeira Parcela, os "Pagamentos Alternativos"). Os Pagamentos Alternativos serão efetuados em BRL (Reais), calculados com base na taxa de cambio do US$(dólar americano) para compra, publicada pelo*  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Bank of Brazil on the business day immediately prior to the date of the respective payment, via TED or PIX to the bank account held by the Grantor indicated in Annex 1.2. to the Agreement, as amended. If a Liquidity Event occurs after the Grantee has exercised the Call Option pursuant to this 2.1.2.9. and made the first or the second Alternative Payment, the payment of any remaining Installments of the Exercise Price, must be paid in REA US Shares in accordance with the terms provided for in 2.1.(b.) and/or 2.1.(c.), above, and payment in BRL (Reais) cash is prohibited, unless the Grantor expressly agrees to this alternative payment method.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.3. <u>Adjustment and interest</u>. No monetary adjustment or interest shall be applied to the Exercise Price timely paid during the term of this Agreement, as amended.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.4. <u>Release and Default</u>. For all legal purposes and effects, the presentation of bank receipt confirming the said wire transfer in item 21(a.1) to the bank account held by the Grantor, as detailed in Annex 1.2., or, as applicable, the effective issuance of REA US Shares to the Grantor in compliance with the U.S. securities laws, will imply the granting by the Grantor to the Grantee, of the broadest, general, irrevocable, and irreversible release regarding the receipt of the Exercise Price, to no further demand or dispute on this basis, at anytime, in or out of court. In the event of late payment of any of the installments of the Purchase Price, the balance due will be determined on the respective maturity date and, from said date onward, this balance will be subject to (i) a late payment penalty of two*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banco Central do Brasil no dia útil imediatamente anterior a data do respectivo pagamento, via TED ou PIX para a conta bancaria do Outorgante indicada no Anexo 1.2 do Contrato, conforme alterado. Se ocorrer um Evento de Liquidez após o Outorgado ter exercido a Opção de Compra de acordo com este 2.1.2.9 e ter feito o primeiro ou segundo Pagamento Alternativo, o pagamento de quaisquer Parcelas restantes do Preço de Exercício devera ser pago em Ações REA US de acordo com os termos previstos em 2.1.(b.) e/ou 2.1.(c.), acima, e o pagamento em dinheiro BRL (Reais) é proibido, a menos que o Outorgante concorde expressamente com este método de pagamento alternativo.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.3. <u>Ajuste e juros</u>. Nenhum ajuste monetário ou juros serão aplicados ao Preço de Exercício pago pontualmente durante a vigência deste Contrato, conforme alterado.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.4. <u>Liberação e inadimplência</u>. Para todos os fins e efeitos legais, a apresentação do comprovante bancário confirmando a referida transferência eletrônica mencionada no item 21(a.1) para a conta bancaria mantida pelo Outorgante, conforme detalhado no Anexo 1.2, ou, conforme aplicável, a emissão efetiva de Ações da REA US ao Outorgante em conformidade com as leis de valores mobiliários dos EUA, implicará a concessão, pelo Outorgante ao Outorgado, da mais ampla, geral, irrevogável e irreversível liberação em relação ao recebimento do Preço de Exercício, sem direito a qualquer outra demanda ou contestação com base nesse fundamento, em qualquer momento, judicial ou extrajudicialmente. Em caso de atraso no pagamento de qualquer parcela do Preço de Compra, o saldo devedor será determinado na respectiva data de vencimento e, a partir dessa data, estará sujeito a (i) multa por atraso de dois por*  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*percent (2%) of the outstanding balance; and (ii.) interest of half a percent (0.5%) per month from the due date set forth in 2.1. above, without prejudice to the possibility of adopting applicable legal measures by the Grantor.*<br>**CLAUSE II.<br>RATIFICATION AND MISCELLANEOUS.**<br>2.1. <u>Definitions</u>. All defined terms used in this Second Amendment shall have the meaning assigned to them in the Amended Agreement, unless otherwise specifically established in this Second Amendment.<br>2.2. <u>Binding</u>, Ratification and Entire Agreement. This Second Amendment shall become an integral part of the Amended Agreement for all legal purposes and effects. All clauses, terms, and conditions set forth in the Amended Agreement that have not been expressly amended by this Second Amendment remain in force and are hereby ratified by the Parties. This Second Amendment, together with the Amended Agreement, creates the entire agreement among the Parties regarding the matters creating the Call Option, superseding all previously executed documents and understandings previously reached among the Parties.<br>2.3. <u>Irrevocability</u>. This Second Amendment is signed on an irrevocable and irreversible basis, not allowing for withdrawal under any circumstances, and is binding on the Parties and their heirs and successors in any capacity.<br>2.4. <u>Amendments</u>. Amendments to this Second Amendment will only be valid when executed in writing and signed by the legal representatives of all Parties. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*cento (2%) do saldo devedor; e (ii) juros de meio por cento (0,5%) ao mês a partir da data de vencimento estipulada no item 2.1 acima, sem prejuízo da possibilidade de adoção de medidas legais cabíveis pelo Outorgante.*<br>**CLAUSULA II.<br>RATIFICAÇÃO E DISPOSIÇÕES GERAIS**.<br>2.1. <u>Definições</u>. Todos os termos definidos utilizados neste Segundo Aditivo terão o significado que lhes é atribuído no Contrato Alterado, salvo disposição expressa em contrario neste Segundo Aditivo.<br>2.2. <u>Vinculação</u>, Ratificarão e Integralidade do Contrato. Este Segundo Aditivo passa a fazer parte integrante do Contrato Alterado para todos os fins e efeitos legais. Todas as clausulas, termos e condições estabelecidos no Contrato Alterado que não tenham sido expressamente alterados por este Segundo Aditivo permanecem em vigor e são ratificados pelas Partes. Este Segundo Aditivo, juntamente com o Contrato Alterado, constitui o acordo integral entre as Partes com relação as questões que regem a Opção de Compra, substituindo todos os documentos e entendimentos previamente celebrados entre as Partes.<br>2.3. <u>Irrevogabilidade</u>. Este Segundo Aditivo é assinado de forma irrevogável e irreversível, e vincula as Partes e seus herdeiros e sucessores em qualquer capacidade.<br>2.4. <u>Alterações</u>. As alterações a este Segundo Aditivo serão validas somente quando executadas por escrito e assinadas pelos representantes legais de todas as Partes.<br>2.5. <u>Cessão</u>. Os direitos e obrigações decorrentes deste Segundo Aditivo não podem ser cedidos ou transferidos, no todo ou em parte, por qualquer das Partes a terceiros, exceto aos Cessionários Autorizados, conforme definido no item 1.4. do Contrato  |

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| &nbsp;&nbsp;2.5. <u>Assignment</u>. The rights and obligations arising from this Second Amendment may not be assigned or transferred, in whole or in part, by either Party to third parties other than Authorized Assignees, as defined in item 1.4. of the Amended Agreement, except with the prior or express consent of the other Party.<br>2.6. <u>Honesty and good faith</u>. The Parties mutually and expressly declare that this Second Amendment was entered into in compliance with the principles of honesty and good faith, through a free, conscious, and firm expression of the will of the Parties, and in a perfectly equitable relationship.<br>2.7. <u>Notices</u>. All notifications, notices related to this Second Amendment must be in writing and will be deemed received on the delivery date, if delivered in person, on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email. These notices, notifications, and communications will be sent to the addresses indicated in the preamble, or to any other address that may be communicated in writing by a Grantor or the Company to the others, by written communication.<br>2.8. <u>Specific Performance</u>. All commitments and obligations assumed in this Memorandum by the Parties and the Consenting Intervening Parties are subject to specific performance, according to the articles 497, 501 and 815 et seq. of the Civil Procedure Code, with this Memorandum serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.<br>2.9. <u>Jurisdiction</u>. The Parties hereby elect the Judicial district of Pogos de Caldas, State of Minas Gerais to resolve any doubts, disputes, or controversies arising from this Second  | &nbsp;&nbsp;Alterado, exceto com o consentimento prévio ou expresso da outra Parte.<br>2.6. <u>Honestidade e boa-fé</u>. As Partes declaram, mutua e expressamente, que este Segundo Aditivo foi celebrado em conformidade com os princípios da honestidade e da boa-fé, mediante uma expressão livre, consciente e firme da vontade das Partes, e em uma relação perfeitamente equitativa.<br>2.7. <u>Notificações</u>. Todas as notificações relacionadas a este Segundo Aditivo devem ser feitas por escrito e serão consideradas recebidas na data de entrega, se entregues pessoalmente, na data do efetivo recebimento, se enviadas por correio, ou na data de envio, se enviadas por e-mail. Essas notificações e comunicações serão enviadas para os endereços indicados no preambulo, ou para qualquer outro endereço que possa ser comunicado por escrito por um Outorgante ou pela Empresa as outras partes, por meio de comunicação escrita.<br>2.8. <u>Execução Especifica</u>. Todos os compromissos e obrigações assumidos neste Memorando pelas Partes e pelas Partes Intervenientes Anuentes estão sujeitos a execução especifica, de acordo com os artigos 497, 501 e 815 e seguintes do Código de Processo Civil, servindo este Memorando como instrumento executável extrajudicialmente, de acordo com o artigo 784, III, do Código de Processo Civil.<br>2.9. <u>Jurisdição</u>. As Partes elegem, por meio deste instrumento, o Foro da Comarca de Poços de Caldas, Minas Gerais, para dirimir quaisquer duvidas, controvérsias ou impugnações decorrentes deste Segundo Aditivo, com exclusão de qualquer outro, por mais privilegiado que seja ou venha a ser.<br>2.10. <u>Assinaturas</u>. As Partes concordam que este Segundo Aditivo será assinado  |

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| &nbsp;&nbsp;Amendment, to the exclusion of any other, however privileged it may be or may become.<br>2.10. <u>Signatures</u>. The Parties agree that this Second Amendment will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure - ICP-Brasil, as provided in article 10, §2 of Provisional Measure No. 2, 2202, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this Second Amendment does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court. The Parties further acknowledge that (i.) even if either Party electronically signs this Second Amendment in a different location, the place of execution of this Second Amendment is, for all purposes, the City of Pogos de Caldas, State of Minas Gerais as indicated below; and (ii.) the execution date of this Second Amendment will be considered, for all intents and purposes, the date indicated below, notwithstanding the date on which the last electronic signature is executed.<br>In witness whereof, the Parties electronically execute this Second Amendment to the Call Option Agreement for Mineral Right and Other Covenants, through the DocuSign platform DocuSign.com  | &nbsp;&nbsp;eletronicamente pelas Partes, mas não por meio de certificados eletrônicos emitidos pela Infraestrutura de Chaves Públicas Brasileira - ICP-Brasil, conforme previsto no artigo 10, §2 da Medida Provisória n° 2.2202 e no artigo 784, §4, do Código de Processo Civil, que estabelece que qualquer forma de registro eletrônico será suficiente para sua veracidade, autenticidade, integridade, validade e eficácia, bem como para a respectiva vinculação das Partes aos seus termos. As Partes concordam ainda que a assinatura eletrônica deste Segundo Aditivo não impede nem prejudica sua exequibilidade e será considerada, para todos os efeitos legais, um instrumento executável extrajudicialmente. As Partes reconhecem ainda que (i) mesmo que qualquer uma das Partes assine eletronicamente este Segundo Aditivo em local diferente, o local de assinatura deste Segundo Aditivo será, para todos os efeitos, a Cidade de Poços de Caldas, Estado de Minas Gerais, conforme indicado abaixo; e (ii) a data de assinatura deste Segundo Aditivo será considerada, para todos os efeitos, a data indicada abaixo, independentemente da data em que a última assinatura eletrônica for realizada.<br>Em testemunho do que, as Partes assinam eletronicamente este Segundo Aditivo ao Contrato de Opção de Compra de Direitos Minerários e Outras Clausulas Obrigatórias, por meio da plataforma DocuSing, www.docusign.com Poços de Caldas, 20 de novembro de 2025. |
| &nbsp;&nbsp;Pogos de Caldas, 20 de novembro de 2025.<br><u>Parties</u>: <br>/s/ Bruno Fagundes Flora | &nbsp;&nbsp;Poços de Caldas, 20 de novembro de 2025.<br><u>Partes</u>: <br>/s/ Bruno Fagundes Flora |

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| &nbsp;&nbsp;JJBF LTDA.<br>/s/ Carla Cristina de Carvalho<br>/s/ Svetlana Igorevna Nefedova<br>ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.<br><u>Consenting Intervening Parties</u>:<br>/s/ Bruno Fagundes Flora<br>BRUNO FAGUNDES FLORA<br>/s/ Gustavo Fagundes Flora<br>GUSTAVO FAGUNDES FLORA<br>/s/ Donald Swartz<br>RARE EARTHS AMERICAS INC. | &nbsp;&nbsp;JJBF LTDA.<br>/s/ Carla Cristina de Carvalho<br>/s/ Svetlana Igorevna Nefedova<br>ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.<br><u>Intervenientes Anuentes</u>:<br>/s/ Bruno Fagundes Flora<br>BRUNO FAGUNDES FLORA<br>/s/ Gustavo Fagundes Flora<br>GUSTAVO FAGUNDES FLORA<br>/s/ Donald Swartz<br>RARE EARTHS AMERICAS INC. |

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## Exhibit 10.10

**Exhibit 10.10.1**

**CALL OPTION AGREEMENT FOR MINERAL RIGHTS AND OTHER COVENANTS**

By this private instrument, and in accordance with the Law, the Parties identified and described below, namely,

On the one hand, as Grantors,

**TERRA GOYANA MINERADORA LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, Sala 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001-25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Terra Goyana</u>";

**BAUTEK MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Bautek</u>";

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, described above, hereinafter referred to simply as "<u>Edem</u>"; and

**SINTERTEC MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sintertec</u>" and, together with Terra Goyana, Bautek and Edem, referred to as "<u>Grantors</u>";

and, on the other hand, as Grantee,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by

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DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Grantee</u>", indistinctly;

also appearing as Consenting Intervening Parties,

**RARE EARTHS AMERICAS PTY LTD.**, a "proprietary" company regularly organized and existing under the Laws of Australia, registered under Company Registration Number ACN 664 370 254, with head office at Suite 53 Level 2, 11-15, Labouchere Road, South Perth, WA, 6151, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Dominic Paul Allen</u>, British citizen, businessman, holder of Passport No. , resident and domiciled at , e-mail: , and <u>Bernardo Sanchez Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>REA</u>";

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, sala 146-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 07.576.372/0001-00, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to simply as "<u>Santíssima Trindade</u>";

**SUPERGRAN MINERAÇÃO LTDA.**, limited liability company with head office in the City of Barro Alto, State of Goiás, at Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, ZIP Code 76390-000, enrolled with CNPJ under No. 09.355.939/0001-43, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Marcos de Alencastro Curado Filho</u>, Brazilian citizen, married under full separation of property regime, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at ; and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Supergran</u>";

**NORTEK PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Belo Horizonte, State of Minas Gerais, at Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, ZIP Code 31030-220, enrolled with CNPJ under No. 11.249.439/0001-79, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Nortek</u>";

**SINTERTEC HOLDING, LTD.**, a company regularly organized and existing under the Laws of the British Virgin Islands, with head office in the City of Road Town, Craigmuir Chambers, Tortola, British Virgin Islands, P.O. Box 71, enrolled with CNPJ under No. 13.872.642/0001-22, e-mail: , herein represented by its legal representative, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sinertec Holding</u>";

**LEANDRO ROCHA SCISLEWSKI**, Brazilian citizen, married under partial community of property regime, geologist, holder of Identity Card No. , enrolled with

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CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Leandro</u>";

**JOSÉ LINCOLN GAMBIER COSTA**, Brazilian citizen, married under community property regime, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>José Lincoln</u>";

**GUSTAVO ALVES GUERRA**, Brazilian citizen, single, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Gustavo</u>";

**LUIZ ANTONIO VESSANI**, described above, hereinafter referred to simply as "<u>Luiz Antonio</u>" (and, together with Edem, Santíssima Trindade, Nortek, Sintertec Holding, Leandro, José Lincoln and Gustavo, the "<u>Partners of the Grantors</u>");

whereas (i.) Terra Goyana is the sole and legitimate holder of the rights represented by the research authorizations that are the subject of the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 832,149/2022 and 832,150/2022, with areas of 12.10ha and 61.12ha, respectively, for ilmenite ore, located in the Cities of Poços de Caldas (MG) and Águas da Prata (SP); (ii.) Bautek is the sole and legitimate holder of the mining rights represented by the mining concession that is the subject of the administrative proceeding registered by the ANM under No. 818,865/1971, with an area of 411.10, for bauxite, aluminum and refractory clay ores, located in the City of Poços de Caldas (MG); (iii.) Edem is the sole and legitimate holder of the mining rights represented by the mining concession that is the subject of the administrative proceeding registered by the ANM under No. 830,914/2013, with an area of 120ha, for bauxite, aluminum and refractory clay ores, located in the City of Caldas (MG); and (iv.) Sintertec is the sole and legitimate holder of the mining rights represented by the research authorization and mining application that are the subject of the administrative proceeding registered by the ANM under No. 806,199/1973, with an area of 40.42ha, for bauxite ore, located in the City of Poços de Caldas (MG), all described and characterized in <u>Annex I</u>., which is part of this document as an integral and inseparable part thereof (hereinafter, the "<u>Rights</u>");

whereas Bautek is the sole and legitimate holder of the rights represented by the research request subject to the proceeding registered by the ANM under No. 832,221/2021, with an area of 115.63ha, for the refractory clay ore, located in the Cities of Andradas (MG) and Caldas (MG), duly described and characterized in <u>Annex II</u>., which is part of this document as an integral and inseparable part thereof (hereinafter, the "<u>Research Request</u>" and, together with the Rights, the "<u>Mineral Rights</u>");

whereas, pursuant to article 22, I, of Decree-Law No. 227 dated as of February 28, 1967 (the "<u>Mining Code</u>"), combined with article 42 of Decree No. 9,406 dated as of June 12, 2018 (the "<u>Regulation</u>") and other applicable laws and regulations, exploration authorizations and mining concessions related to the Rights may be subject to assignment or transfer, provided that the respective assignee meets the applicable constitutional, legal, and regulatory requirements. However, the assignment or transfer of the Exploration Application is prohibited until the date of publication of the exploration authorization;

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whereas the Grantee is evaluating the convenience and possibility of acquiring the Mineral Rights and, in this context, is interested in becoming the holder of a call option for said Mineral Rights;

whereas the Grantors, in turn, agree to grant said call option to the Grantee, subject to the terms and conditions set forth below;

the Parties resolve to enter into this "Call Option Option Agreement for Mineral Rights and Other Covenants" (the "<u>Agreement</u>"), which shall be governed by the clauses and conditions set forth below.

**1. CALL OPTION**

1.1 <u>Call Option</u>. By this Agreement, the Grantors hereby irrevocably and irreversibly grant the Grantee a call option to all of the Rights, as described and characterized in <u>Annex I</u>. hereto, as well as the Exploration Application described in detail in <u>Annex II</u>. hereto (the "<u>Call Option</u>").

1.1.1.<u>Scope</u>. The Call Option covers, at any time, the Mineral Rights, as well as all rights, whether patrimonial or otherwise, inherent to or arising from them, directly or indirectly, including any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law, in addition to all projects and studies carried out by the Grantee up to the Call Option Exercise Date, as defined in 3.1 below.

1.2 <u>Premium</u>. The Parties agree that this Call Option will be for a fee, establishing as a premium the amount of five hundred and thirty thousand reais (BRL 530,000.00) (the "<u>Premium</u>"), to be paid to the Grantors, on this date, in proportion to the total number of hectares of Mineral Rights owned by each, by wire transfer to the current accounts of the Grantors indicated in <u>Annex 1.2</u>.. For clarification purposes, the Premium will be divided as follows: (i.) fifty-one thousand, thirty-six reais, and forty-seven cents (BRL 51,036.47) will be paid to Terra Goyana; (ii.) three hundred thousand, one hundred and forty-six reais and thirteen cents (BRL 367,146.13) will be paid to Bautek; (iii.) eighty-three thousand, six hundred and forty-three reais and forty-nine cents (BRL 83,643.49) will be paid to Edem; and (iv.) twenty-eight thousand, one hundred and seventy-three reais and ninety-two cents (BRL 28,173.92) will be paid to Sintertec.

1.2.1.<u>Release</u>. For all legal purposes and effects, the presentation of bank receipts proving the transfer of the Premium to the bank accounts held by the Grantors, as specified in Annex 1.2, and in the proportions indicated in the preceding item, will imply that the Grantors grant the Grantee the fullest, general, irrevocable, and irreversible release regarding the receipt of the Premium to which they are entitled under this Agreement, and that no further demands or disputes may be made on this matter at any time, in or out of court.

1.3 <u>Exclusivity</u>. The Call Option is granted by the Grantors to the Grantee on an exclusive basis, provided that the Grantors may not, during the term of this Agreement, (i.) grant any other option involving all or part of the Mineral Rights to third parties, or (ii.) in any other way dispose of or encumber, or promise to dispose of or encumber the Mineral Rights, in any capacity, to third parties, in whole or in part; or (iii.) directly or indirectly enter into any other commitment or agreement involving the Mineral Rights,

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or in any way related to them (the "<u>Exclusivity</u>"), under penalty of incurring a fine immediately set between the Parties at five million US dollars (US$5,000,000.00), equivalent to one hundred percent (100%) of the Exercise Price defined in 2.1. below, without prejudice to the obligation to indemnify the Grantee for losses and damages and lost profits.

1.4 <u>Authorized Assignees</u>. This Call Option may be assigned by the Grantee, regardless of the consent of the Grantors and upon mere notice to that effect, provided that the full amount of the Premium, defined above, is paid, and in the manner provided for in item 7.9 below, to any company directly or indirectly controlled by the Grantee, or any company subject to common control, directly or indirectly, with the Grantee, as well as to the partners of any of these or to companies of which the companies or individuals indicated in this item are partners (generically, the "<u>Authorized Assignees</u>"), provided that each and every provision of this Agreement shall apply in full to the Authorized Assignees. References in this Agreement to the Grantee shall be construed as references to Alpha and any of the Authorized Assignees.

1.5 <u>Exploration Application</u>. The Grantors undertake, jointly and severally, to take any and all possible actions to ensure that the aforementioned Exploration Application is converted into a research authorization on behalf of Bautek, in accordance with current law, submitting all documents and information required by the ANM as quickly as possible, in order to ensure the exercise of the Call Option by the Grantee. The Grantors also undertake, jointly and severally, to, within a maximum period of five (5) business days after the publication of the research authorization linked to the Exploration Application, send a notice to the Grantee, as set forth in item 7.9 below, informing of this circumstance (the "<u>Research Authorization Grant Notice</u>"). During the entire term of this Agreement, any relevant information related to the progress of the proceeding registered with the ANM under No. 832,221/2021 must be immediately communicated to the Grantee.

**2. EXERCISE PRICE AND PAYMENT METHOD.**

2.1 <u>Exercise Price</u>. The total, clear and legal price to be paid by the Grantee to the Grantors, in consideration for the acquisition of all Mineral Rights, in the event of exercise of the Call Option, will be the amount in BRL (Reais) equivalent to five million and three hundred thousand US dollars (US$5,300,000.00), calculated based on the US$(US dollar) purchase rate, as announced by the Central Bank of Brazil on the business day immediately prior to the respective payment date (the "<u>Exercise Price</u>"), to be disbursed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.the amount in R$(Reais) equivalent to three million, one hundred and eighty thousand US dollars (US$3,180,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, must be paid by the Grantee to the Grantors, in proportion to the total number of hectares of Mineral Rights owned by each, determined based on the data indicated in <u>Annexes I. and II.</u>, within a maximum period of thirty (30) days from the date of sending the Exercise Notice, in accordance with the procedure set forth in 3.1 below (the "<u>First Installment of the Exercise Price</u>");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.the amount in R$(Reais) equivalent to two million, one hundred and twenty thousand US dollars (US$2,120,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, must be paid by the Grantee to the Grantors, in proportion to the total number of hectares of Mineral Rights owned by each, determined based on the data indicated in <u>Annexes I. and II.</u>, within a maximum period of thirty (12) months from the date of payment of the First Installment of the Exercise Notice (the "<u>Second Installment of the Exercise Price</u>").

2.1.1.<u>Adjustment and interest</u>. No monetary adjustment or interest shall be applied to the Exercise Price throughout the term of this Agreement.

2.1.2.<u>Payment method</u>. Payment of the Exercise Price must be made by the Grantee to the Grantors, in Brazilian currency, by means of TED or PIX to be made to the bank account held by the Grantors indicated in <u>Annex 1.2</u>., which may be changed, provided that the Grantor whose data is changed communicates the new payment data within five (5) days before the date of the respective payment, in the manner provided for in item 7.9., below.

2.1.3.<u>Partial Exercise</u>. Exploration Application. In the event that, on the Exercise Date, as defined in 3.1. below, the Grantee has not yet received the Research Authorization Grant Notice, (i.) the Call Option may be partially exercised, with the exclusion of the Exploration Application (the "<u>Partial Exercise</u>") and acquisition of only the Rights, with the subsequent (ii.) reduction of the Exercise Price to four million, four hundred and ninety-four thousand, twenty-five US dollars and twenty-eight cents (US$4,494,025.28), to be paid in the same proportions established in 2.1.(a.) and 2.1.(b.) above, being the reduction of eight hundred and five thousand, nine hundred and seventy-four US dollars and eighty-seventy-two cents (US$805,974.72), equivalent to fifteen point twenty-one percent (15.21%) of the Exercise Price and of the total hectares of the Mineral Rights (the "<u>Partial Exercise Price</u>"); in the event of Partial Exercise of the Call Option, (iii) the Grantee will retain the right to Purchase the Exploration Application for an additional twelve (12) months, counted from the date of the Exercise Notice defined in 3.1. below (the "<u>Residual Option</u>"), for the exercise price of eight hundred and five thousand, nine hundred and seventy-four US dollars and eighty-seventy-two cents (US$805,974.72) (the "<u>Residual Exercise Price</u>"), with the rules set forth in 2.1., 2.1.1. to 2.1.3., 2.1.4. *et seq.*, 3.1. *et seq.*, and 5.1.1. of this Agreement applying to this residual Call Option, with the necessary adaptations.

2.1.4.<u>Payment in Shares</u>. The Grantors may, at their sole discretion, determine that the payment of the Exercise Price, the Partial Exercise Price, and the Residual Exercise Price, as applicable, be made in whole or in part through the delivery of shares issued by REA to the Grantors, issued in accordance with Australian law, as set forth in this item 2.1.4. (the "<u>REA Shares</u>"), which will be transferred to the Grantors in full or partial replacement for the payment in BRL (Reais) set forth above, adopting the legal form that will be defined in due course between the Parties, by mutual agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4.1. <u>Valuation of REA Shares</u>. The appraisal value of the REA Shares that may be delivered to the Grantors as payment of the Exercise Price, Partial Exercise Price, or Residual Exercise Price, as applicable (the "<u>REA Share Valuation Value</u>"), will be calculated based on the criteria set forth in this item 2.1.4.1. If, on the date of the Exercise Notice, the shares issued by REA are publicly traded on the Australian Securities Exchange or any other exchange that may replace it (the "<u>ASX</u>"), (i) the REA Share Valuation Value will be equivalent to the average closing price traded on the ASX in the thirty (30) days prior to the Exercise Notice. The valuation method set forth in 2.1.4.1.(i) will also apply in cases where REA merges with an Australian public company with shares traded on the ASX, or is merged with an Australian public company with shares traded on the ASX; In these cases, the average price of the shares of the REA or the company that succeeds the REA must be considered, as described in 2.1.4.1.(i.). If the criterion set forth in 2.1.4.1.(i.) is inapplicable, (ii.) the REA Share Appraisal Value will be equivalent to the market value determined in the last corporate capital raising transaction carried out by the REA or in the last merger, consolidation, or spin-off of the REA, provided that the latter were carried out at market value, prior to the date of sending the Exercise Notice. The REA and the Grantee are obliged to share with the Grantors any information regarding said transaction that is necessary to ensure that the latter have all the relevant data and elements to evaluate their option, in whole or in part, to receive the Exercise Price, the Partial Exercise Price, and the Residual Exercise Price, as applicable, as provided for in 2.1.4. above. If, on the date of sending the Exercise Notice, the criterion set forth in 2.1.4.1.(ii.) is also inapplicable, the Grantees will not be able to choose the payment method indicated in 2.1.4., above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4.2. <u>Payment Notice</u>. Within a maximum period of five (5) business days after the Grantee sends the Exercise Notice, as defined in 3.1. below, the Grantors may, upon mutual agreement and by sending a notice to the Grantee, as set forth in item 7.9. below (the "<u>Payment Notice</u>"), request that the payment of the Exercise Price or the Partial Exercise Price, as applicable, be made in whole or in part in REA Shares, provided that the criterion set forth in 2.1.4.1.(i.) or the criterion set forth in 2.1.4.1.(ii.) applies. The Payment Notice must contain, at a minimum, the following information: (i.) the amount of the Exercise Price to be paid in BRL (Reais) to each of the Grantors, provided that this amount will be divided into two installments, in the same proportions adopted in items 2.1.(a.) and 2.1.(b.) above; (ii.) the amount of the Exercise Price to be paid in REA Shares to each of the Grantors. In the event that the Payment Notice is not sent within the period provided for in this item, the Parties immediately agree that the payment method of the Exercise Price shall be that originally provided for in 2.1.3. above, i.e., in Brazilian currency.

2.1.5.<u>Reduction of the Exercise Price</u>. In the event that the area of the Exploration Application is reduced due to overlap with third-party ownership rights or for any other reason, the Exercise Price or Partial Exercise Price, as applicable, shall also be reduced in proportion to the total number of hectares of the Mineral Rights. Such reduction shall be calculated using the following formula: [Hectares excluded from the area of the Exploration Application (/) Total hectares of Mineral Rights, as indicated in Annexes I and II.] (x) Exercise Price. The reduction of the Exercise Price applies without distinction to the cases of payment in currency or in REA Shares, as provided for in 2.1.2. and 2.1.4., respectively.

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2.1.6.<u>Default</u>. Payment of any installments of the Exercise Price after the maturity date will put the Grantee in default, regardless of any notice, summons, or extrajudicial notice, subjecting it to (i.) a late payment penalty of two percent (2%) on the outstanding debt; and (ii.) interest of one percent (1%) per month or fraction thereof, calculated on the overdue amounts, regardless of the possibility of the Grantors adopting applicable legal measures.

2.1.7.<u>Release</u>. For all legal purposes and effects, the presentation of bank receipts confirming the wire transfers related to the Exercise Price to the bank accounts held by the Grantors, as detailed in Annex 1.2., and/or, as applicable, the effective transfer, as provided for in Australian law, of the REA Shares to the Grantors, always in proportion to the total number of hectares of Mineral Rights held by each of them, will imply the granting, by the Grantors to the Grantee, of the broadest, general, irrevocable, and irreversible release regarding the receipt of the Exercise Price, to no further demand or dispute on this basis, at any time, in or out of court.

2.2 <u>No change to the Exercise Price</u>. The Parties declare that the Exercise Price and the Partial Exercise Price were set by full and mutual agreement and hereby irrevocably and irreversibly express their full and unrestricted agreement regarding their value and payment methods. Therefore, the Exercise Price is definitive, unchangeable and binding, and is thus not subject to any other changes and/or adjustments of any nature, for any reason and at any time.

**3. EXERCISE OF THE CALL OPTION.**

3.1 <u>Exercise of the Call Option</u>. The Call Option may be exercised at any time during the term of this Agreement, as set forth in 5.1. below. The Grantee must express its intention to exercise the Call Option by sending written notice to the Grantors, as set forth in item 7.9. below (the "<u>Exercise Notice</u>"); the Exercise Notice must contain, at a minimum, the following information: (i.) intention to acquire all of the Mineral Rights or to exercise them partially, provided that authorized as set forth in item 2.1.3. above; (ii.) Appraisal Value of the REA Shares, represented by the closing price of REA-issued shares traded on the ASX or the shares of a publicly-held company that mergers REA, for the thirty (30) days prior to the Exercise Notice and the average price traded during the period, if applicable, or by the last net asset value of REA, considering the consolidation of all its subsidiaries, indicating the net asset value per share issued. The Exercise Price must be paid under the strict terms and deadlines set forth in items 2.1 *et seq.* above, and in the form requested in the Payment Notice, within a maximum period of thirty (30) days after the Exercise Notice is sent. The date of payment of the First Installment of the Exercise Price and/or delivery of the REA Shares to the Grantors, as applicable, provided it is preceded by the Exercise Notice, will be considered the Call Option exercise date (the "<u>Exercise Date</u>") for all purposes of this Agreement and any legal transactions resulting from the exercise of the Call Option. If the Grantee does not exercise the Call Option within the term of the Agreement, the transaction will terminate at no cost to the Parties, and the Grantors will not be obligated to return the Premium. Furthermore, the data and information obtained and produced by the Grantee in the Mineral Exploration must be sent to the Grantors within ten (10) business days.

3.1.1.<u>Proof of receipt</u>. Proof of receipt of the Call Option Exercise Notice by the Grantors is not a necessary condition for formalizing its exercise. Grantee may

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formalize the legal transactions resulting from such Call Option at any time after fulfilling the conditions set forth in 3.1. above, subject to the requirements and conditions established in this Agreement.

3.1.2.<u>Residual Option</u>. The rules set forth in items 3.1. and 3.1.1., and 3.2. *et seq.*, apply to the exercise of the Residual Option set forth in 2.1.3. above, with the necessary adaptations.

3.2 <u>Obligation to assign Mineral Rights</u>. Once the Call Option has been exercised and provided that the conditions set forth in 3.1. above are met, in particular the payment of the First Installment of the Exercise Price, the Grantors will be irrevocably obligated to carry out the sale and consequent transfer of ownership of the Mineral Rights to the Grantee, in accordance with the draft Mineral Rights Assignment Agreement and Other Covenants that is included herein as Annex 3.2.(i.) and, likewise, the Grantee will be irrevocably obligated to acquire the Mineral Rights, in accordance with the terms indicated in its Exercise Notice and according to the conditions mentioned in the Payment Notice. Whereas (i.) the Exercise Price will be divided into two (2) distinct installments and (ii.) only the First Installment of the Exercise Price will have been paid on the Exercise Date, the Mineral Rights Assignment Agreement and Other Covenants, referred to in this item 3.2., must be signed together with the Private Instrument of Fiduciary Transfer of Mineral Rights and Other Covenants, the draft of which is included herein as Annex 3.2.(ii.). In the event of Partial Exercise or exercise of the Residual Option, the Parties must also adopt the drafts in Annexes 3.2.(i.) and 3.2.(ii.), implementing the appropriate adaptations.

3.2.1.<u>Formalization of transfer of Mineral Rights</u>. Within a maximum period of five (5) business days from the Exercise Date, the Grantors and the Grantee shall promote the signature of the private instrument of the Mineral Rights Assignment Agreement and Other Covenants, the draft of which is included herein as <u>Annex 3.2.(i)</u>, of the Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants, the draft of which is included herein as <u>Annex 3.2.(ii.)</u>, as well as the Instruments of Assignment of Mineral Rights that are included herein as <u>Annexes 3.2.1.(i.) to 3.2.1.(iv.)</u>, and, within a maximum period of fifteen (15) days from such signature, shall promote the endorsement and registration of one of them with the ANM, notary offices or any other applicable body, at the expense of the Grantee, and the Grantors undertake to present, within a maximum period of five (5) business days, any and all documents that are reasonably required by the Grantee, or by the person responsible for the endorsement and/or registration, as applicable. In the event of Partial Exercise or the exercise of the Residual Option, the Parties must adopt the draft in <u>Annex 3.2.1.(ii.)</u>, implementing the appropriate adaptations.

3.2.2.<u>Power of Attorney</u>. In the event that it is not possible for the Grantors to comply with the term provided for in 3.2.1. above, and in order to enable the implementation of the Call Option and the formalization of the transfer of the Mineral Rights to the Grantee, the Grantors hereby grant to the Grantee an irrevocable power of attorney in their own name, the drafts of which form part of this instrument in its <u>Annex 3.2.2.</u>, so that the latter may adopt, on behalf of the Grantors, any and all actions necessary to formalize the transfer of the Mineral Rights to its ownership, including the execution of the private instrument of the Mineral Rights Assignment Agreement and Other Covenants, which forms part of

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this instrument as its <u>Annex 3.3.(i.)</u>, of the respective Instruments of Assignment of Mineral Rights, which form part of this instrument as its <u>Annexes 3.2.1.(i.) to 3.2.1.(iv.)</u> and of public or private instruments, if applicable, including the transfer forms before the ANM. The powers of attorney provided for in this item may also be used to exercise the Residual Option.

3.3 <u>Additional Documents</u>. The Parties undertake, in good faith and in the interest of ensuring compliance with the Call Option governed by this Agreement, to execute any and all documents and perform any and all acts necessary for the definitive transfer of the Mineral Rights to the Grantee, as applicable.

3.4 <u>Changes to Mineral Rights</u>. Without prejudice to the obligations to provide information and documents provided for in Chapter 4 below, the Grantors hereby jointly and severally undertake, in the event of any changes to the intrinsic characteristics of the Mineral Rights, at any time and for any reason, to immediately notify the Grantee, as set forth in item 7.9 below, ensuring that the latter has, regardless of any request to that effect, all the information necessary to assess, at any time during the term of this Agreement, the advisability of exercising the Call Option.

**4. DUE DILIGENCE AND RESEARCH RIGHT.**

4.1 <u>Feasibility Study</u>. The Grantors hereby declare that they are aware that (i.) conducting a legal, technical, mineralogical, and environmental audit, including regulatory and operational analyses (the "<u>Due Diligence</u>"), is essential for the Grantee to have all the information necessary to assess, at any time during the term of this Agreement, the advisability of exercising the Call Option; and (ii.) the payment of the Premium provided for in 1.2 above was stipulated based on the criterion and condition of the effective (and future) provision, by the Grantors to the Grantee, of the information provided for in this Chapter 4 of the Agreement.

4.2 "<u>Due Diligence</u>". To justify the payment of the Premium and to assess the appropriateness of exercising the Call Option, the Grantee will conduct, at its discretion and subject to the confidentiality set forth in 7.11. below, a "Due Diligence" on the Mineral Rights, intending to ensure the obtaining of all information it deems pertinent regarding legal, technical, mineral, environmental, or any other issues that may interfere with its conclusion regarding the exercise of the Call Option.

4.2.1.<u>Applications</u>. The Grantors must make available to the Grantee, within ninety (90) days from the signing of this Agreement, the documents and information indicated in the preliminary list accompanying this Agreement in <u>Annex 4.2.1</u>, unless a longer period is requested by the government agencies issuing the documents. After submitting the documents listed in <u>Annex 4.2.1.</u>, the Grantee may make a new request for documents, information and/or clarifications to the Grantors, regarding any of the Mineral Rights, within a period of up to fifteen (15) calendar days, counting from the receipt of the last document submitted and which corresponds to all the documents requested in <u>Annex 4.2.1</u>.. . The deadline for the Grantors to submit additional information will also be fifteen (15) days. For each submission of documents, information, and/or clarifications, the Grantor may make a new application to resolve any doubts, always respecting the aforementioned fifteen (15)-day deadline. If any item is not applicable, the Grantor must indicate this circumstance in writing. The Parties acknowledge that

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proper compliance with the applications by the Grantors is essential to enable the Grantee to conduct its Due Diligence and to form its judgment regarding the exercise of the Call Option.

4.2.2.<u>Method of document delivery</u>. All communication regarding the documents to be submitted by the Grantors must be made electronically, to the addresses indicated in the Parties' descriptions or to the e-mail addresses of third parties to be designated by the Parties specifically for this purpose.

4.2.3.<u>Diligences</u>. Without prejudice to the request for documents regulated in 4.2.1., above, the Parties additionally agree that the advisors hired by the Grantee to carry out the Due Diligence may, provided they are followed by a technician of the Grantors appointed for this purpose within a maximum period of ten (10) days after the request to this effect, have access to the areas of the Mineral Rights for their "in loco" evaluation, and may also take samples for technical analysis purposes, carry out research in the area, among others.

4.3 <u>Failure to comply with deadlines</u>. In the event of failure to comply with any of the deadlines established in 4.2.1. and 4.2.3., unless the delay is demonstrably justified by the delay of the public bodies involved in issuing any requested document, the total number of days of delay will be added to the term of this Agreement, as set forth in 5.1. below, thus postponing the term of the Call Option granted in this Agreement.

4.3.1.If the total number of days late exceeds sixty (60) days, the Grantee may, at its sole discretion, (i.) choose to terminate this Agreement, and the Grantors shall, jointly and severally, return the Premium previously received within a maximum period of five (5) business days, under penalty of a ten percent (10%) fine and default interest at the rate of 1% per month, calculated "pro rata dies", from the maturity date of the obligation to return the Premium until the date of actual payment; or (ii.) consider the rule of postponement of the term set forth in item 5.1 applicable for the total number of days late, as set forth in 4.3. above.

**5. VALIDITY.**

5.1 <u>Term</u>. The provisions of this Agreement shall be valid and effective from the date of its execution for a period of twelve (12) months, extendable as set forth in 4.3. and 4.3.1. above. Before the end of the term provided for in this item, neither Party is permitted to terminate or unilaterally terminate the provisions of this Agreement, except in the cases expressly provided for herein.

5.1.1.<u>Residual Option</u>. Especially in the case provided for in 2.1.3. above, and provided that the Grantee partially exercises the Call Option, this Agreement will be extended for an additional twelve (12) months period, starting from the Exercise Notice date defined in 3.1. below, so that the Grantee has the right to exercise the Residual Option with respect to the Exploration Application, as outlined above.

**6. ADDITIONAL REPRESENTATIONS, WARRANTIES AND OBLIGATIONS OF THE PARTIES.**

6.1 <u>Representations and warranties of the Grantors</u>. The Grantors jointly and severally represent and warrant that:

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i.<u>Other impeding agreements</u>. There is currently no exclusivity, confidentiality, or preference agreement, or any other contract or agreement entered into with third parties that may, in any way, impair or prevent the granting of the Call Option provided for in this Agreement or the regular exercise by the Grantee of the Call Option and any rights arising from this Agreement or any rights, actions, privileges, and warranties related to the Mineral Rights;

ii.<u>Ownership</u>. The Mineral Rights described and characterized in <u>Annex I</u>. and <u>Annex II</u>. hereto are legitimately and exclusively held by the Grantors;

iii.<u>Registrations</u>. The Mineral Rights are duly registered with the ANM, strictly adhering to all rules and regulations set forth in the applicable law;

iv.<u>Licenses and authorizations</u>. The Grantors have always acted in compliance with the law applicable to Mineral Rights and hold all authorizations, permits, registrations, registrations, accreditations, permissions, and protocols of any nature, as provided for in federal, state, and municipal law or required by public authorities and government agencies in their respective jurisdictions, for conducting research, mining, and maintaining the regularity of the Mineral Rights. There are no legal, administrative, contractual, or judicial restrictions on the ownership of the Mineral Rights or related to the research authorizations, Exploration Applications, or development concessions subject to the administrative proceedings indicated in <u>Annex I</u>. and <u>Annex II</u>. hereto, there is also no judicial or administrative procedure in which the Grantors are as defendants, as plaintiffs or act as assistant, whose merit is related to the ownership of the Mineral Rights or to the conduction and maintenance of the exploration or development related thereto;

v.<u>Disputes</u>. (v.1.) There are no claims or demands of any nature whatsoever before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative dispute resolution methods related to any of the Mineral Rights; (v.2.) there are no claims, arbitration proceedings, or other alternative dispute resolution methods of any nature whatsoever that, although not involving the Mineral Rights, may in any way affect them and/or impede and/or harm the implementation of this Agreement; (v.3.) the Grantors are not aware of or have not performed any acts whose practice or omission may impede or harm the implementation of this Agreement; (v.4.) none of the Mineral Rights are involved in any pending claims of any nature, nor in arbitration proceedings or other alternative dispute resolution methods; and (v.5.) the Grantors have not failed to comply with any judgment, order, writ, injunction, or ruling from any public authority related to any of the Mineral Rights;

vi.<u>Environmental</u>. The Grantors comply with all environmental laws and regulations, further declaring that no activity has been conducted in the area of the Mineral Rights that has resulted in, or would reasonably be likely to result in, a violation of applicable environmental laws. Therefore, there are no pending complaints before any authority, at any level, nor are there any services, summonses, directives, orders, and/or notices of violation of any legal requirement related to any of the Mineral Rights or against the Grantors in connection with environmental matters or licenses. The Grantors further declare that they have not entered into or assumed any agreement, nor have they been imposed any

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obligation to make any type of payment, compensation, or indemnity for, or as a result of, obtaining any license required for the development of the Mineral Rights. In this regard, the Grantors declare that they have not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring that there are no facts or circumstances that would result in a violation of such nature to the applicable environmental legal requirements or claims or demands in this regard;

vii.<u>Status of Mineral Rights</u>. The Grantors declare that there are no liens on the Mineral Rights, which are entirely free and clear of any and all real or personal, judicial or extrajudicial liens, legal or conventional mortgages, easements, forum or pension, seizure, sequestration, lis pendens, real or personal repossession actions, environmental contingencies, debts and/or liabilities of any nature, as well as fully paid for taxes, charges, expenses, and debts of any nature. The Grantors further declare that there are no fines and/or demands from the competent authorities pending payment or satisfaction, and that all applicable federal, state, and municipal regulations and standards have been complied with to date;

viii.<u>Full Disclosure</u>. The information, representations, and/or warranties provided by the Grantors regarding the Mineral Rights, herein and/or within the scope of the Due Diligence, do not contain any untruth or inaccuracy regarding any material act or fact, nor do they omit the existence of any material act or fact whose knowledge is necessary to ensure that the representations and obligations assumed in this Agreement are not misleading or subject to misinterpretation. There is no act, fact, or situation that affects the transaction that is the subject of this Agreement and that has not been expressly disclosed by the Grantors;

ix.<u>Other negotiations involving the Mineral Rights</u>. There is currently no agreement or contract of any nature entered into with third parties that has as its purpose the assignment, promise of assignment, granting as collateral or any other form of commitment of the Mineral Rights, or any agreement or contract that may, in any way, harm or prevent the exercise of the Call Option or the exercise by the Grantors of any rights arising from this Agreement, or of any rights, actions, privileges and guarantees related to the Mineral Rights or, even, in the future, to the acquisition of the Mineral Rights by the Grantee; and

x.they are not aware of any protested titles in their name.

6.2 <u>Additional declaration of the Grantors</u>. The Grantors declare that the execution of this Agreement does not create fraud against creditors, fraud of execution, or presumption of fraud against tax authorities, at the Federal, State, or Municipal levels, as provided for in article 158 of the Civil Code, article 792 of the Civil Procedure Code, and article 185 of the National Tax Code, respectively, and other applicable regulations.

6.3 <u>Prohibited Acts</u>. Except in the event of prior and express approval by the Grantee, the Grantors undertake, directly or indirectly, free of charge or for a fee, partially or fully, during the term of this Agreement as set forth in 5.1. above:

6.3.1.not to sell, assign, or transfer the Mineral Rights to any third parties, even if considered related parties under applicable law, nor to confer them on the capital

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of a company or other investment fund, grant them in usufruct or trust, or in any other manner assign or promise to assign them; and

6.3.2.not create or permit any pledge, sequestration, attachment, constriction, small-estate probate, attachment, mortgage, fiduciary transfer, usufruct, bond, charges, call option, put option, right of first refusal, restriction on disposal, or any other encumbrance of any nature, created or imposed by contractual provision, law, court decision, even if not final, arbitration award, or any other decision to which the Grantors are subject, or by any government authority, to be levied on the Mineral Rights.

6.4 <u>Non-pecuniary obligations</u>. Failure by either Party to fulfill any of the obligations to give, perform, or refrain from performing under this Agreement and not subject to a specific penalty will subject the breaching Party to specific performance, as well as the obligation to indemnify the non-performing Party for losses and damages, including lost profits, demonstrably incurred and directly related to the breach in question.

6.4.1.In the specific case, and exclusively in the cases described below, if the Grantors (i.) perform one of the prohibited acts indicated in 6.3. above, or (ii.) refuse to transfer the Mineral Rights to the Grantee, in the latter case provided that the past-due installments of the Exercise Price or the residual Exercise Price have been regularly and timely paid, the Parties hereby stipulate a punitive and non-compensatory penalty in the amount of twenty percent (20%) of the Exercise Price. If the Grantor has exercised or will exercise the Call Option despite the breaches provided for in this item, the penalty provided for herein may be deducted from the Second Installment of the Exercise Price or the Residual Exercise Price, if applicable.

6.4.2.<u>Indemnification obligations</u>. The Parties mutually undertake to irrevocably and irreversibly indemnify and hold harmless the other Party for direct damages suffered due to the breach of any obligation provided for in this Agreement by the other Party, including attorney's fees, legal costs, and costs demonstrably incurred in defending its rights, due to an act or fact attributable to the other Party.

6.5 <u>Annual Fee per Hectare</u>. The Parties hereby agree that the Annual Fee per Hectare (the "<u>TAH</u>") relating to the Mineral Rights and other taxes and fees linked thereto shall be due by the Grantors until the Call Option Exercise Date (or the Residual Purchase Option, as the case may be), when, if applicable and within the limits of the Exercise Notice, the taxes, fees and TAH relating to the mineral rights acquired by the Grantee shall be borne by it.

6.6 <u>General representations of the Parties</u>. The Parties hereby represent to each other that:

a.they are, as applicable, duly organized, incorporated, and existing as limited liability companies, in accordance with applicable law;

b.they are duly represented in this Agreement, pursuant to their organizational documents, and their legal representatives who sign this Agreement are duly authorized to assume and fulfill all obligations hereunder;

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c.they are duly authorized and have obtained all licenses, precedent measures, and/or corporate, legal, or regulatory authorizations necessary to enter into this Agreement and assume the obligations set forth herein, including any appropriate authorizations provided for in their organizational documents, if applicable. No third-party authorization is required to enter into this Agreement;

d.this Agreement creates a valid, effective, and enforceable obligation of each of the Parties, in accordance with its terms;

e.The execution of this Agreement by the Parties, as well as the assumption and fulfillment of the obligations set forth herein, especially those arising from the exercise of the Call Option of Mineral Rights by the Grantee, will not imply (e.1.) any conflict or violation of any provision of the articles of association and/or bylaws of the Parties; (e.2.) any conflict, violation, default, early maturity, or termination of any contract or agreement to which the Parties, as the case may be, are a party; (e.3.) any violation of any applicable law or regulation, or of any decisions or resolutions issued by their decision-making or administrative bodies, which may prevent, delay, or impair the performance of the obligations assumed in this Agreement; or (e.4.) any determinations, decisions, or orders of any governmental authority, including judicial authorities, to whose observance the Parties, as the case may be, are subject; and

f.have analyzed this Agreement in all its clauses and conditions, assisted by their legal counsel.

6.7 <u>Clay</u>. The Parties agree that Grantor Bautek is hereby authorized to proceed with the removal and/or development of a total quantity of 1,000,000 tons (one million tons) of refractory clay classified as grades 50, 60, or 70, from the Mineral Rights area, as described in <u>Annexes I. and II</u>., linearly over a period of twenty-five (25) years (40,000 tons/year), in accordance with the terms set forth in this item. The clay to be used by Bautek for the development of its activities may be in the form of "run of mine" ore, remaining after the mining of rare earths or other minerals that may be explored by the Grantee in the area of the Mineral Rights (the "<u>ROM Clay</u>"), or as undeveloped clay, extracted from a polygon in which the existence of rare earths or other minerals that may be explored by the Grantee in the area of the Mineral Rights has not been detected in a concentration appropriate to its interests (the "<u>Clay to be Developed</u>" and, together with the ROM Clay, the "<u>Clay</u>"), as defined by mutual agreement between the Parties.

6.7.1.<u>General rules</u>. The Grantee shall share with Bautek, provided that such information is available in the material prepared by the Grantee's technical team, the results of technical research conducted in the area of Mineral Rights, specifically regarding (i.) the concentrations of aluminum oxide (Al2O3), iron oxide (Fe2O3), potassium oxide (K2O), and sodium oxide (Na2O) and (ii.) the percentage of loss on ignition (LOI) of each polygon analyzed, as detailed in <u>Annex 6.7</u> hereto. If, at any time, it is necessary to send Bautek research results and/or information sensitive to the Grantee's activities, at the latter's sole discretion and convenience, the Parties shall sign a specific Confidentiality Agreement to protect the information shared by the Grantee with Bautek. The Parties hereby agree that the Grantee is not obligated to conduct any specific research or detailing to meet Bautek's needs, nor to undertake any efforts to locate Clay in accordance with the technical specifications defined in <u>Annex 6.7.1</u>.. The

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assessment of the grade and other specific characteristics of the Clay is the sole responsibility of Bautek, which shall carry it out at its own expense. It is understood that the Grantee is exclusively obligated to (a.) share information resulting from technical research conducted in the course of its activities; and (b.) allow Bautek's technicians to access the region of the Mineral Rights to study the characteristics of the Clay in each specific area. The Parties shall mutually agree on the best polygons for Bautek to extract or mine Clay, as well as the most appropriate periods and procedures for its extraction or development, in accordance with the parameters defined in 6.7.2. and 6.7.3. below. Grantee assumes no responsibility for the quantity, quality, content, or suitability of the Clay for the specific purposes intended by Bautek. Grantee may also, at its sole discretion, designate areas of other mineral rights held by it for Bautek to extract Clay, as may be mutually agreed upon by the Parties.

6.7.2.<u>ROM Clay</u>. If the polygons defined by the Parties as provided for in 6.7.1. above have a significant concentration of rare earths or other minerals that will be explored by the Grantee in the area of Mineral Rights, according to the Grantee's sole discretion, the latter will be responsible for mining the ROM Clay, at its own expense, as well as extracting and segregating the rare earths or other minerals, within the periods that will be defined by mutual agreement between the Parties, keeping it in its yards, for removal and transportation by Bautek. The Parties shall define, by mutual agreement, the deadlines and the form of provision of the ROM Clay to Bautek, it being hereby defined that (i.) Bautek shall be solely and exclusively responsible for the removal and transportation of the ROM Clay, at its own expense in accordance with the deadlines defined by mutual agreement between the Parties, with the Grantee being solely responsible for issuing an Invoice, with Bautek as the recipient, with a symbolic value of one cent of a real (BRL 0.01), to cover the transportation of the ROM Clay; (ii.) the Grantee shall mine the ROM Clay in accordance with specific procedures for maximizing the extraction of rare earths or other minerals that may be explored by the Grantee in the area of Mineral Rights, and shall not be obliged to adopt specific procedures suggested by Bautek if this implies additional costs or losses to the extraction of rare earths or other minerals, as the case may be; and (iii.) the Grantee assumes no responsibility for the quality, content or suitability of the ROM Clay for the specific purposes intended by Bautek, and is solely and exclusively obliged to mine it in accordance with the environmental and labor rules in force. In this case, Bautek will be solely and exclusively responsible for any contingencies or liabilities of any nature related to the removal and transportation of the ROM Clay, and will be jointly and severally liable with the other Grantors to hold the Grantee harmless and, further, to compensate it for any losses and damages or lost profits that any problems in the removal and transportation of the ROM Clay may cause to the mining of rare earths or other minerals that may be mined by the Grantee in the area of the Mineral Rights.

6.7.3.<u>Clay to be Developed</u>. If the polygons defined by the Parties as set forth in 6.7.1. above do not have an adequate concentration of rare earths or other minerals that may be mined by the Grantee in the area of the Mineral Rights, in the Grantee's sole discretion, Bautek will be solely responsible for mining the Clay to be Developed, at its own expense. The Parties shall define, by mutual agreement, a plan for the mining of the Clay to be Developed, it being hereby defined that (i.) Bautek shall be solely and exclusively responsible for the evaluation of the

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physical and chemical characteristics, mining, removal and transportation of the Clay to be Developed, at its own expense, in compliance with the deadlines that shall be defined by mutual agreement between the Parties, with the Grantee being solely responsible for issuing an Invoice, to Bautek as the recipient, to support the transportation of the Clay to be Developed; the value of said Invoice shall correspond to the sum of the expenses for royalties and CFEM owed by the Grantee due to the development, by Bautek, of the Clay to be Developed, plus any taxes eventually owed by the Grantee, always with a readjustment of the calculation basis (gross-up), so that, in the end, the net amount of taxes received by the Grantee is sufficient to reimburse it for the costs of royalties and CFEM; (ii.) the Grantee assumes no responsibility for the quality or content of the Clay to be Developed for the specific purposes intended by the Grantors; and (iii.) Bautek, in this case, will be solely and exclusively responsible for any environmental, labor or any other contingencies or liabilities related to the development, removal and transportation of the Clay to be Developed, undertaking, jointly and severally with the other Grantors, to keep the Grantee harmless and, further, to indemnify it for losses and damages or lost profits that any problems in the development, removal and transportation of the Clay to be Developed may cause to the development of rare earths or other minerals that may be explored by the Grantee in the area of the Mineral Rights.

6.7.4.<u>Validity</u>. The obligation assumed in this item 6.7. will be effective from the execution date of this Agreement and will last for twenty-five (25) years or until the Grantee makes available to Bautek one million tons (1,000,000t) of Clay classified in grades 50, 60 or 70, as detailed in <u>Annex 6.7.1.</u>. It is understood that, if there is no Clay to be made available in the quantity or grades provided for in this item in the area of Mineral Rights, Bautek will not be entitled to any reimbursement or compensation of any kind. The Grantee declares that it is aware that Bautek is currently development Clay in the area delimited in <u>Annex 6.7.4.</u>. It is estimated that approximately thirty thousand tons (30,000t) of clay will be mined throughout 2024, to which the Grantee expressly agrees. The Grantee further agrees that Bautek will mine a minimum of one hundred and twenty thousand tons (120,000t) of Clay between the execution date of this Agreement and 12.31.2028. After the Exercise Date, Bautek and the Grantor will mutually agree whether Clay extraction will continue in the area delimited in Annex 6.7.4. or elsewhere. For clarification purposes, the Clay extraction carried out by Bautek as of this date must be included in the term and quantity limits established in item 6.7 above.

6.7.5.<u>Renewal of the obligation</u>. After the termination of the obligation provided for herein, the Parties may, by mutual agreement, discuss its possible renewal, provided that it is by mutual consent, considering market conditions, technical feasibility, and other relevant factors. Without prejudice to such renewal, the Parties hereby agree that, in good faith, they will mutually evaluate a potential commercial partnership for the sale and/or processing of tailings produced by the Grantee in the exploration of rare earths or other minerals that may be developed by it within the area of the Mineral Rights.

**7. FINAL PROVISIONS.**

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7.1 <u>Intervention</u>. The Consenting Intervening Parties, Partners of the Grantors, sign this agreement, as partners of the Grantors, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code. The Consenting Intervening Party REA signs this agreement as guarantor of the (possible) obligation to deliver the REA Shares, as set forth in item 2.1.4 below.

7.2 <u>Entire agreement</u>. This Agreement creates the entire agreement among the Parties regarding the matters creating its subject matter, superseding any previously executed documents and understandings previously reached among the Parties.

7.3 <u>Amendments</u>. Amendments to this Agreement will only be valid when executed in writing and signed by the legal representatives of all Parties.

7.4 <u>Irrevocability</u>. This Agreement is irrevocable and irreversible, binding on the Parties and their heirs and successors in any capacity.

7.5 <u>Assignment</u>. The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to third parties other than Authorized Assignees, as defined in item 1.4 above, except with the prior or express consent of the other Party.

7.6 <u>Waiver, Novation and Others</u>. The Parties represent and acknowledge that, except as expressly provided otherwise in this Agreement, (i.) the failure to exercise, the granting of a time limit, the forbearance, or the delay in exercising any right granted to them by this Agreement or by law will not create a waiver or novation of such rights, nor will it prejudice their eventual exercise; (ii.) the individual or partial exercise of these rights will not prevent the subsequent exercise of the remaining rights or the exercise of any other right; (iii.) the waiver of any of these rights will only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and will not be considered a waiver of any other right granted by this Agreement; (v.) the nullity or invalidity of any of the clauses of this instrument will not prejudice the validity and effectiveness of its other clauses or of the Agreement itself; and (vi.) the rights of each Party provided for in this Agreement are cumulative with other rights provided for by law, unless this Agreement expressly excludes them.

7.7 <u>Costs</u>. The Parties agree that all costs and expenses incurred in hiring agents, attorneys, auditors, advisors, intermediaries, or consultants to carry out the transactions covered by this Agreement will be borne exclusively by the respective contracting party.

7.8 <u>Assistance</u>. The Parties represent that they were duly assisted by their respective attorneys in executing this Agreement, who warned them of the risks involved in the transaction covered by this Agreement, and that they are signing this Agreement independently, of their own free will, aware of the risks and obligations to which they are subject, and of the rights granted under this Agreement. Neither Party may, at any time after signing this Agreement, claim ignorance, error, injury, lack of knowledge, or any other defect regarding the risks, obligations, and rights provided for in this Agreement.

7.9 <u>Notices</u>. All notifications, notices or communications relating to this Agreement will be in writing and will be deemed received on the delivery date, if delivered in person, or on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email.

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Such notifications, notices and communications will be sent to the addresses indicated below or to any other address that may be communicated by one Party to the other, via written communication:

if for the <u>Grantors</u>:

**Terra Goyana Mineradora Ltda.**

Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, Sala 144-A e 145-A, Setor Oeste, Goiânia, State of Goiás, ZIP Code 74120-110.

At.: Luiz Antônio Vessani, e-mail:

**Bautek Minerais Industriais Ltda.**

Rodovia BR-459, Km 8, Laranjeiras de Caldas, Caldas, State of Minas Gerais, ZIP Code 37780-000.

At.: Reinaldo Tito Teixeira Noronha, e-mail:

**Edem Empresa de Desenvolvimento em Mineração e Participações Ltda.**

Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, Goiânia, State of Goiás, ZIP Code 74672-680.

At.: Luiz Antônio Vessani, e-mail:

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if for the <u>Grantee</u>:

**Alpha Minerals Brazil Participações Ltda.**

Rua Professor José Leite e Oiticica, No. 530, Brooklin, City of São Paulo, State of São Paulo, ZIP Code 04705-080

At.: Bernardo da Veiga, e-mail: ;

if for the <u>Consenting Intervening Party REA</u>:

**Rare Earths Americas Pty Ltd..**

Suite 53 Level 2, 11-15, Labouchere Road, South Perth, WA, 6151.

At.: Bernardo da Veiga, e-mail: ;

if for the <u>Consenting Intervening Parties, Partners of the Grantors</u>:

**Santíssima Trindade Participações Ltda.**

Rua João de Abreu, No. 192, 14<sup>th</sup> floor, sala 146-A, Setor Oeste, Goiânia, State of Goiás, ZIP Code 74120-110.

At.: Marcos de Alencastro Curado, e-mail:

**Supergran Mineração Ltda.**

Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, Barro Alto, State of Goiás, ZIP Code 76390-000.

At.: Marcos de Alencastro Curado Filho, e-mail:

**Nortek Participações Ltda.**

Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, Belo Horizonte, State of Minas Gerais, ZIP Code 31030-220.

At.: Reinaldo Tito Teixeira Noronha, e-mail:

**Sintertec Holding, Ltd..**

P.O. Box 71, Road Town, Craigmuir Chambers, Tortola, British Virgin Islands.

At.: Reinaldo Tito Teixeira Noronha, e-mail:

**Leandro Rocha Scislewski.**

**José Lincoln Gambier Costa.**

**Gustavo Alves Guerra.**

**Luiz Antonio Vessani.**

7.9.1.<u>Amendments</u>. Should any changes occur to the addresses and other contact information listed above, the Parties undertake to promptly notify the other Party. Any change in contact information will take effect, for the purposes of this Agreement, on the business day following the date on which the recipient parties receive notification to that effect.

7.10 <u>Taxes</u>. Unless otherwise provided for in this Agreement, all taxes arising from the transactions covered by this Agreement will be borne exclusively by the respective taxpayer.

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7.11 <u>Confidentiality</u>. The Parties undertake to maintain absolute secrecy and confidentiality regarding the content of this Agreement, expressly undertaking not to disclose or transmit it to third parties without the prior and express written consent of the other Party, except if such disclosure or disclosure is required by law or by court order, in which case it must be strictly limited to the content and form established by applicable law or court order and will be made exclusively to the persons or entities to whom it is directed. However, the Parties are entitled, regardless of the consent referred to in this item, to disclose the contents of this Agreement to their directors, employees, agents, advisors, auditors, creditors, and service providers who need to know it for the purpose of assisting the Party in question. Any Party that fails to comply with the obligation set forth herein will be subject to payment of compensation for any losses and damages caused, as set forth in item 6.4 above.

7.12 <u>Cooperation</u>. The Parties undertake to mutually cooperate and provide any assistance that may be reasonably required for the proper development and fulfillment of the obligations set forth in this Agreement, it being established that it was entered into in the best interests of the Parties, in compliance with the bases and parameters currently practiced in the market, considering the risks inherent therein. The Parties consent and agree that this Agreement, notwithstanding this, does not create or establish any form of associative link, consortium, "joint venture", partnership, company or association of any type or nature among them, with the Parties remaining completely independent of each other.

7.13 <u>Personal Data Protection</u>. The Parties, by mutual agreement, comply with the duties and obligations regarding the personal data protection and undertake to process the Personal Data collected under this Agreement, if any, according to the applicable law, including, but not limited to, Law No. 12,965 dated as of 04.23.2014, Decree No. 8,771 dated as of 05.11.2016 (Internet Civil Rights Framework), Law No. 13,709 dated as of 08.14.2018 ("LGPD"), where and as applicable. The Parties must also ensure that their representatives, partners, directors, and employees comply with the provisions of the relevant legal instruments related to data protection, as provided for in the LGPD.

7.13.1.Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties are liable to the competent authorities for their own acts and omissions that caused non-compliance with applicable laws and regulations.

7.14 <u>Anti-corruption clause. Compliance</u>. For the performance of this Agreement, neither party may offer, give, or commit to give, to anyone, or accept or commit to accept, from anyone, either on its own behalf or through another party, any payment, donation, compensation, financial or non-financial advantages, or benefits of any kind that create an illegal or corrupt practice under the laws of any country, directly or indirectly related to the purpose of this Agreement, or even in any way unrelated to this Agreement. They must also ensure that their agents and employees act in the same manner.

7.15 <u>Specific Performance</u>. All commitments and obligations assumed in this Agreement by the Parties are subject to specific performance, according to the articles 497, 501 and 815 *et seq.* of the Civil Procedure Code, with this instrument serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

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7.16 <u>Signatures</u>. The Parties agree that this Agreement will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure, as permitted in article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this Agreement does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court, as provided in 7.15. above. The Parties further acknowledge that (i) even if either Party electronically signs this Agreement in a different location, the place of execution of this Agreement is, for all purposes, the City of São Paulo, State of São Paulo, as indicated below; and (ii) the execution date of this Agreement will be considered, for all intents and purposes, the date indicated below, notwithstanding the date on which the last electronic signature is executed.

7.17 <u>Jurisdiction</u>. The Parties hereby elect the jurisdiction of the Capital of the State of São Paulo to resolve any doubts, disputes, or controversies arising from this Agreement, to the exclusion of any other, however privileged it may be or may become.

In witness whereof, the Parties sign this instrument electronically, through the DocuSign platform, www.docusign.com.br, in the presence of the witnesses indicated below.

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São Paulo, February 20, 2024.

<u>Grantors</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;*/s/ Luiz Antônio Vessani*] | &nbsp;&nbsp;*/s/ Marcos de Alencastro Curado* |

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**TERRA GOYANA MINERADORA LTDA.**

p. Luiz Antônio Vessani and Marcos de Alencastro Curado

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| | |
|:---|:---|
| &nbsp;&nbsp;*/s/ Reinaldo Tito Teixeira Noronha* | &nbsp;&nbsp;*/s/ Luiz Antônio Vessani* |

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**BAUTEK MINERAIS INDUSTRIAIS LTDA.**

p. Reinaldo Tito Teixeira Noronha and Luiz Antônio Vessani

&nbsp;&nbsp;*/s/ Luiz Antônio Vessani*<br>

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**

p. Luiz Antônio Vessani

&nbsp;&nbsp;*/s/ Reinaldo Tito Teixeira Noronha*<br>

**SINTERTEC MINERAIS INDUSTRIAIS LTDA.**

p. Reinaldo Tito Teixeira Noronha

<u>Grantee</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;*/s/ João Paulo Agapito da Veiga* | &nbsp;&nbsp;*/s/ Renato Aureo de Paula Gonzaga* |

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**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga

Consenting Intervening Parties:

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| | |
|:---|:---|
| &nbsp;&nbsp;*/s/ Bernardo Sanchez Agapito da Veiga*] | &nbsp;&nbsp;*/s/ Dominic Allen* |

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**RARE EARTH AMERICAS LTD.**

p. Bernardo Sanchez Agapito da Veiga and Dominic Paul Allen

&nbsp;&nbsp;*/s/ Marcos de Alencastro Curado*<br>

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**

p. Marcos de Alencastro Curado

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| | |
|:---|:---|
| &nbsp;&nbsp;*/s/ Marcos de Alencastro Curado*] | &nbsp;&nbsp;*/s/ Luiz Antônio Vessani* |

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**SUPERGRAN MINERAÇÃO LTDA.**

p. Marcos de Alencastro Curado Filho and Luiz Antônio Vessani

&nbsp;&nbsp;*/s/ Reinaldo Tito Teixeira Noronha*<br>

**NORTEK PARTICIPAÇÕES LTDA.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;*/s/ Reinaldo Tito Teixeira Noronha*<br>

**SINTERTEC HOLDING, LTD.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;*/s/ Leandro Rocha Scislewski*<br>

**LEANDRO ROCHA SCISLEWSKI**

&nbsp;&nbsp;*/s/ José Lincoln Gambier Costa*<br>

**JOSÉ LINCOLN GAMBIER COSTA**

&nbsp;&nbsp;*/s/ Gustavo Alves Guerra*<br>

**GUSTAVO ALVES GUERRA**

&nbsp;&nbsp;*/s/ Luiz Antônio Vessani*<br>

**LUIZ ANTONIO VESSANI**

<u>Witnesses</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;1. */s/ Luiz Felipe Felix Curado* | &nbsp;&nbsp;2. */s/ Karina de Oliveira Lima* |
| &nbsp;&nbsp;Name: Luiz Felipe Felix Curado | &nbsp;&nbsp;Name: Karina de Oliveira Lima |
| &nbsp;&nbsp;CPF:  | &nbsp;&nbsp;CPF:  |

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<u>List of Annexes</u>:

Annex I.: Identification, Authorizations, and Main Characteristics of the Rights.

Annex II.: Identification and Main Characteristics of the Exploration Application.

Annex 1.2.: Bank account details held by the Grantors.

Annex 3.2.(i.): Draft Private Instrument of Assignment of Economic Rights and Other Covenants between the Grantors and the Grantee.

Annex 3.2.(ii.): Draft Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants between the Grantors and the Grantee.

Annex 3.2.1.(i.): Draft Instrument of Assignment of Mineral Rights between the Grantor Terra Goyana and the Grantee.

Annex 3.2.1.(ii.): Draft Instrument of Assignment of Mineral Rights between the Grantor Bautek and the Grantee.

Annex 3.2.1.(iii.): Draft Instrument of Assignment of Mineral Rights between the Grantor Edem and the Grantee.

Annex 3.2.1.(iv.): Draft Instrument of Assignment of Mineral Rights between the Grantor Sintertec and the Grantee.

Annex 3.3.3.(i.): Draft Power of Attorney for the transfer of Mineral Rights granted by Terra Goyana.

Annex 3.3.3.(ii.): Draft Power of Attorney for the transfer of Mineral Rights granted by Bautek.

Annex 3.3.3.(iii.): Draft Power of Attorney for the transfer of Mineral Rights granted by Edem.

Annex 3.3.3.(iv.): Draft Power of Attorney for the transfer of Mineral Rights granted by Sintertec.

Annex 4.2.1.: Initial Due Diligence checklist.

Annex 6.7.1.: Description of Clay characteristics.

Annex 6.7.4.: Current Clay exploration map. .

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<u>Annex I.</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Identification, Authorizations, and Main Characteristics of the Rights</u>.

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ACCESS TO INFORMATION GET INVOLVED LEGISLATION GOVERNMENT AGENCIES

Basic proceeding data

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| | |
|:---|:---|
| &nbsp;&nbsp;Proceeding number: | &nbsp;&nbsp;832.149/2022 |
| &nbsp;&nbsp;NUP: | &nbsp;&nbsp;48054.832149/2022-75 |
| &nbsp;&nbsp;SEI Access: | &nbsp;&nbsp;Click here to access SEI. |
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;12.1 |
| &nbsp;&nbsp;Application type: | &nbsp;&nbsp;Exploration Application - Public Offering |
| &nbsp;&nbsp;Current stage: | &nbsp;&nbsp;Exploration Authorization |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Superintendence: | &nbsp;&nbsp;Regional Management / MG |
| &nbsp;&nbsp;State: | &nbsp;&nbsp;MG, SP |
| &nbsp;&nbsp;Filing unit: | &nbsp;&nbsp;MINAS GERAIS |
| &nbsp;&nbsp;Filing Date: | &nbsp;&nbsp;10/07/2022 15:03:00 |
| &nbsp;&nbsp;Priority Date: | &nbsp;&nbsp;03/08/2001 00:00:00 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Relation Type | &nbsp;&nbsp;CPF/CNPJ | &nbsp;&nbsp;Name | &nbsp;&nbsp;Responsibility/<br>Representation | &nbsp;&nbsp;Lease<br>Term | &nbsp;&nbsp;Start<br>Date | &nbsp;&nbsp;End<br>Date |
|  | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;01.445.576/001-25 | &nbsp;&nbsp;Terra Goyana Mineradora Ltda. |  |  | &nbsp;&nbsp;10/07/2022 |  |
| &nbsp;&nbsp;Related<br>persons: | &nbsp;&nbsp;Legal<br>Representative | &nbsp;&nbsp;\*\*\*.186.208-\*\* | &nbsp;&nbsp;José Lincoln Gambier Costa |  |  | &nbsp;&nbsp;10/07/2022 |  |
|  | &nbsp;&nbsp;Technical<br>Manager | &nbsp;&nbsp;\*\*\*.186.208-\*\* | &nbsp;&nbsp;José Lincoln Gambier Costa |  |  | &nbsp;&nbsp;10/07/2022 |  |

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Company Registration proceeding number: 960.477/1985

<u>Number</u> <u>Description</u> <u>Title Type</u> <u>Title Status</u> <u>Publication date</u> <u>Expiration date</u> <br> Titles <u>8317</u> <u>APU3 EXPLORATION AUTH/EXPLORATION PERMIT 03 YEARS PUB</u> <u>Exploration Permit</u> <u>Granted</u> <u>11/01/2023</u> <u>11/01/2026</u>

Substances:

<u>Name</u> <u>Type of use</u> <u>Start date</u> <u>End date</u> <u>Reason for termination</u> <br> <u>ILMENITA</u> <u>Industrial</u> <u>10/07/2022</u>    

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Cities:

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| |
|:---|
| &nbsp;&nbsp;Name |
| &nbsp;&nbsp;POÇOS DE CALDAS/MG |
| &nbsp;&nbsp;ÁGUAS DE PRATA/SP |

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Land ownership condition: <u>Type</u> <br> <u>Third-party ownership</u>

Associated processes:

<u>Process</u> <u>Owner</u> <u>Type of association</u> <u>Date of association</u> <u>Date of disassociation</u> <u>Original Process</u> <u>Note</u> <br> <u>832.149/2022</u> <u>TERRA GOYANA MINERADORA LTDA</u> <u>Availability</u> <u>10/07/2022</u>   <u>302.462/2015</u> <u>\*</u>

Documents that make up the process:

<u>No information about documents submitted for this process.</u>

Events:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Date | &nbsp;&nbsp;Note | &nbsp;&nbsp;Publication in the Federal Official Gazette |
| &nbsp;&nbsp;323 - EXPLORATION AUTH/EXPLORATION PERMIT 03 YEARS PUBL | &nbsp;&nbsp;11/01/2023 | &nbsp;&nbsp;Relation SECTION 1 - EXPLORATION PERMITS - 419/2023 - Regional Management / MG - Permits / MG | &nbsp;&nbsp;THE REGIONAL MANAGER OF THE NATIONAL MINING AGENCY, pursuant to the delegated authority set forth in Article 1, sub-item I, letter "a", of Ordinance No. 1056, dated as of June 30, 2022, and based on article 15 of Decree-Law No. 227 dated as of February 28, 1967 (Mining Code), and article 2, sub-item XVII of Law No. 13,575/2017, grants the following Exploration Permit(s), for a period of 03 years, effective as of this publication: 8317/2023-832.149/2022-TERRA GOYANA MINERADORA LTDA- |
| &nbsp;&nbsp;100 - EXPLORATION APP/EXPLORATION APPLICATION FILED | &nbsp;&nbsp;10/07/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |

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IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved – 2020

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<u>COMUNICA BR</u> <u>ACCESS TO INFORMATION</u> <u>GET INVOLVED</u> <u>LEGISLATION</u> <u>GOVERNMENT AGENCIES</u>

Polygonal

Process: **832.149/2022**

Graphical representation:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img219634839_0.jpg](img219634839_0.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img219634839_0.jpg](img219634839_0.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img219634839_0.jpg](img219634839_0.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img219634839_0.jpg](img219634839_0.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img219634839_0.jpg](img219634839_0.jpg) |

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Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;12.1 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º51'36"417 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º39'39"290 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;Mooring point coincident with the first vertex (area study) | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;00º00'00"000 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;N |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º51'36"417 | &nbsp;&nbsp;-46º39'39"290 |
|  | &nbsp;&nbsp;-21º51'47"959 | &nbsp;&nbsp;-46º39'39"289 |
|  | &nbsp;&nbsp;-21º51'47"959 | &nbsp;&nbsp;-46º39'42"614 |
|  | &nbsp;&nbsp;-21º51'47"930 | &nbsp;&nbsp;-46º39'42"614 |
|  | &nbsp;&nbsp;-21º51'47"930 | &nbsp;&nbsp;-46º39'40"552 |
|  | &nbsp;&nbsp;-21º51'43"492 | &nbsp;&nbsp;-46º39'40"552 |
|  | &nbsp;&nbsp;-21º51'43"491 | &nbsp;&nbsp;-46º39'57"270 |
|  | &nbsp;&nbsp;-21º51'29"904 | &nbsp;&nbsp;-46º39'57"268 |
|  | &nbsp;&nbsp;-21º51'29"904 | &nbsp;&nbsp;-46º39'56"704 |
|  | &nbsp;&nbsp;-21º51'36"393 | &nbsp;&nbsp;-46º39'56"704 |
|  | &nbsp;&nbsp;-21º51'36"395 | &nbsp;&nbsp;-46º39'39"290 |
|  | &nbsp;&nbsp;-21º51'36"417 | &nbsp;&nbsp;-46º39'39"290 |

---

ID: E1D5A8C9-AF33-4DB9-9016-B24E7DE0F17E

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

ACCESS TO INFORMATION GET INVOLVED LEGISLATION GOVERNMENT AGENCIES

Basic proceeding data

---

| | |
|:---|:---|
| &nbsp;&nbsp;Proceeding number: | &nbsp;&nbsp;832.150/2022 |
| &nbsp;&nbsp;NUP: | &nbsp;&nbsp;48054.832150/2022-08 |
| &nbsp;&nbsp;SEI Access: | &nbsp;&nbsp;Click here to access SEI. |
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;61.12 |
| &nbsp;&nbsp;Application type: | &nbsp;&nbsp;Exploration Application - Auction |
| &nbsp;&nbsp;Current stage: | &nbsp;&nbsp;Exploration Authorization |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Superintendence: | &nbsp;&nbsp;Regional Management / MG |
| &nbsp;&nbsp;State: | &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Filing unit: | &nbsp;&nbsp;MINAS GERAIS |
| &nbsp;&nbsp;Filing Date: | &nbsp;&nbsp;10/07/2022 15:20:00 |
| &nbsp;&nbsp;Priority Date: | &nbsp;&nbsp;07/19/1996 00:00:00 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Relation Type | &nbsp;&nbsp;CPF/<br>CNPJ | &nbsp;&nbsp;Name | &nbsp;&nbsp;Responsibility/<br>Representation | &nbsp;&nbsp;Lease<br>Term | &nbsp;&nbsp;Start Date | &nbsp;&nbsp;End<br>Date |
|  | &nbsp;&nbsp;Owner/Applicant | &nbsp;&nbsp;01.445.576/001-25 | &nbsp;&nbsp;Terra Goyana Mineradora Ltda. |  |  | &nbsp;&nbsp;10/07/2022 |  |
| &nbsp;&nbsp;Related<br>persons: | &nbsp;&nbsp;Legal Representative | &nbsp;&nbsp;\*\*\*.186.208-\*\* | &nbsp;&nbsp;José Lincoln Gambier Costa |  |  | &nbsp;&nbsp;10/07/2022 |  |
|  | &nbsp;&nbsp;Technical Manager | &nbsp;&nbsp;\*\*\*.186.208-\*\* | &nbsp;&nbsp;José Lincoln Gambier Costa |  |  | &nbsp;&nbsp;10/07/2022 |  |

---

Company Registration proceeding number: 960.477/1985

<u>Number</u> <u>Description</u> <u>Title Type</u> <u>Title Status</u> <u>Publication<br>date</u> <u>Expiration<br>date</u> <br> Titles <u>4485</u> <u>APU3 EXPLORATION AUTH/EXPLORATION PERMIT 03 YEARS PUB</u> <u>Exploration Permit</u> <u>Granted</u> <u>05/23/2023</u> <u>05/23/2026</u>

Substances:

<u>Name</u> <u>Type of use</u> <u>Start date</u> <u>End date</u> <u>Reason for termination</u> <br> <u>ILMENITA</u> <u>Industrial</u> <u>10/07/2022</u>    

Cities:

<u>Name</u> <br> <u>POÇOS DE CALDAS/MG</u>

Land ownership condition: <u>Type</u> <br> <u>Third-party ownership</u>

------

Associated processes:

<u>Process</u> <u>Owner</u> <u>Type of association</u> <u>Date of association</u> <u>Date of disassociation</u> <u>Original<br>Process</u> <u>Note</u> <br> <u>832.150/2022</u> <u>TERRA GOYANA MINERADORA LTDA</u> <u>Availability</u> <u>10/07/2022</u>   <u>300.109/2010</u> <u>\*</u>

Documents that make up the process:

<u>No information about documents submitted for this process.</u>

Events:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Date | &nbsp;&nbsp;Note | &nbsp;&nbsp;Publication in the Federal Official Gazette |
| &nbsp;&nbsp;264 - RESEARCH AUTH/TAH PAYMENT MADE | &nbsp;&nbsp;07/28/2023 | &nbsp;&nbsp;File: TAH_CADMIN_2023_2_31072023_115335.txt - Date 07/31/2023 12:09:04 - DNPMNET\Rui.gomes |  |
| &nbsp;&nbsp;209 - EXPLORATION AUTH/EXPLORATION START NOTICE | &nbsp;&nbsp;07/21/2023 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;323 - EXPLORATION AUTH/EXPLORATION PERMIT 03 YEARS PUBL | &nbsp;&nbsp;05/23/2023 | &nbsp;&nbsp;Relation SECTION 1 - EXPLORATION PERMITS - 203/2023 - Regional Management / MG - Regional Management Order - Permits / MG | &nbsp;&nbsp;THE REGIONAL MANAGER OF THE NATIONAL MINING AGENCY, pursuant to the delegated authority set forth in Article 1, sub-item I, letter "a", of Ordinance No. 1056, dated as of June 30, 2022, and based on article 15 of Decree-Law No. 227 dated as of February 28, 1967 (Mining Code), and article 2, sub-item XVII of Law No. 13,575/2017, grants the following Exploration Permit(s), for a period of 03 years, effective as of this publication: 4485/2023-832.150/2022-TERRA GOYANA MINERADORA LTDA- |
| &nbsp;&nbsp;100 - EXPLORATION APP/EXPLORATION APPLICATION FILED | &nbsp;&nbsp;10/07/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |

---

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

<u>COMUNICA BR</u> <u>ACCESS TO INFORMATION</u> <u>GET INVOLVED</u> <u>LEGISLATION</u> <u>GOVERNMENT AGENCIES</u>

Polygonal

Process: **832.150/2022**

Graphical representation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img219634839_1.jpg](img219634839_1.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img219634839_1.jpg](img219634839_1.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img219634839_1.jpg](img219634839_1.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img219634839_1.jpg](img219634839_1.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img219634839_1.jpg](img219634839_1.jpg) |

---

------

Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;61.12 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º54'20"634 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º33'27"011 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;Mooring point coincident with the first vertex (area study) | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;00º00'00"000 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;N |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º54'20"634 | &nbsp;&nbsp;-46º33'27"011 |
|  | &nbsp;&nbsp;-21º54'20"647 | &nbsp;&nbsp;-46º33'27"011 |
|  | &nbsp;&nbsp;-21º54'20"646 | &nbsp;&nbsp;-46º33'20"391 |
|  | &nbsp;&nbsp;-21º54'38"300 | &nbsp;&nbsp;-46º33'20"389 |
|  | &nbsp;&nbsp;-21º55'17"974 | &nbsp;&nbsp;-46º33'20"388 |
|  | &nbsp;&nbsp;-21º55'17"975 | &nbsp;&nbsp;-46º33'20"391 |
|  | &nbsp;&nbsp;-21º54'47"737 | &nbsp;&nbsp;-46º33'20"391 |
|  | &nbsp;&nbsp;-21º54'47"737 | &nbsp;&nbsp;-46º33'45"896 |
|  | &nbsp;&nbsp;-21º54'21"086 | &nbsp;&nbsp;-46º33'45"896 |
|  | &nbsp;&nbsp;-21º54'21"084 | &nbsp;&nbsp;-46º33'27"930 |
|  | &nbsp;&nbsp;-21º54'10"079 | &nbsp;&nbsp;-46º33'27"930 |
|  | &nbsp;&nbsp;-21º54'10"079 | &nbsp;&nbsp;-46º33'27"919 |
|  | &nbsp;&nbsp;-21º54'10"568 | &nbsp;&nbsp;-46º33'27"919 |
|  | &nbsp;&nbsp;-21º54'10"568 | &nbsp;&nbsp;-46º33'27"012 |
|  | &nbsp;&nbsp;-21º54'20"634 | &nbsp;&nbsp;-46º33'27"011 |

---

ID: EC4FB6F6-19A2-47D3-A629-6535E3E8427E

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

ACCESS TO INFORMATION GET INVOLVED LEGISLATION GOVERNMENT AGENCIES

Basic proceeding data

---

| | |
|:---|:---|
| &nbsp;&nbsp;Proceeding number: | &nbsp;&nbsp;818.865/1971 |
| &nbsp;&nbsp;NUP: | &nbsp;&nbsp;27203.818865/1971-18 |
| &nbsp;&nbsp;SEI Access: | &nbsp;&nbsp;Click here to access SEI. |
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;411.1 |
| &nbsp;&nbsp;Application type: | &nbsp;&nbsp;Exploration Authorization Application |
| &nbsp;&nbsp;Current stage: | &nbsp;&nbsp;Development Concession |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Superintendence: | &nbsp;&nbsp;Regional Management / MG |
| &nbsp;&nbsp;State: | &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Filing unit: | &nbsp;&nbsp;Filing Unit 3 |
| &nbsp;&nbsp;Filing Date: | &nbsp;&nbsp;10/08/1971 00:00:00 |
| &nbsp;&nbsp;Priority Date: | &nbsp;&nbsp;10/08/1971 00:00:00 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Relation<br>Type | &nbsp;&nbsp;CPF/CNPJ | &nbsp;&nbsp;Name | &nbsp;&nbsp;Responsibility/<br>Representation | &nbsp;&nbsp;Lease<br>Term | &nbsp;&nbsp;Start<br>Date | &nbsp;&nbsp;End<br>Date |
|  | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;21.229.511/0001-50 | &nbsp;&nbsp;Bautek Minerais Industriais Ltda. |  |  | &nbsp;&nbsp;09/03/2021 |  |
| &nbsp;&nbsp;Related<br>persons: | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;61.409.892/0001-73 | &nbsp;&nbsp;Companhia Brasileira de Alumínio |  |  | &nbsp;&nbsp;08/13/2003 | &nbsp;&nbsp;09/02/2021 |
|  | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;\*\*\*.594.888-\*\* | &nbsp;&nbsp;Miguel de Carvalho Dias |  |  | &nbsp;&nbsp;10/08/1971 | &nbsp;&nbsp;08/13/2003 |

---

Company Registration proceeding number: 931.296/2018

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Number | &nbsp;&nbsp;Description | &nbsp;&nbsp;Title Type | &nbsp;&nbsp;Title Status | &nbsp;&nbsp;Publication date | &nbsp;&nbsp;Expiration date |
| &nbsp;&nbsp;Titles | &nbsp;&nbsp;174 | &nbsp;&nbsp;CLAV - DEVELOPMENT CONCESSION | &nbsp;&nbsp;Development Lease | &nbsp;&nbsp;Granted | &nbsp;&nbsp;06/20/2005 |  |
|  | &nbsp;&nbsp;914 | &nbsp;&nbsp;ALVR - EXPLORATION PERMIT | &nbsp;&nbsp;Exploration Permit | &nbsp;&nbsp;Granted (prior to charge) | &nbsp;&nbsp;03/20/1979 |  |

---

------

Substances:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Type of use | &nbsp;&nbsp;Start date | &nbsp;&nbsp;End date | &nbsp;&nbsp;Reason for termination |
| &nbsp;&nbsp;BAUXITE | &nbsp;&nbsp;Not informed | &nbsp;&nbsp;05/02/2005 | &nbsp;&nbsp;05/02/2005 | &nbsp;&nbsp;Unknown reason |
| &nbsp;&nbsp;BAUXITE | &nbsp;&nbsp;Industrial | &nbsp;&nbsp;05/02/2005 |  |  |
| &nbsp;&nbsp;ALUMINUM ORE | &nbsp;&nbsp;Metallurgy | &nbsp;&nbsp;03/26/2008 |  |  |
| &nbsp;&nbsp;REFRACTORY CLAY | &nbsp;&nbsp;Not informed | &nbsp;&nbsp;06/23/2005 |  |  |

---

Cities:

<u>Name</u> <br> <u>POÇOS DE CALDAS/MG</u>

Land ownership condition: <u>No information on land ownership.</u>

Associated processes:

<u>No associated processes.</u>

Documents that make up the process:

<u>No information about documents submitted for this process.</u>

Events:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Date | &nbsp;&nbsp;Note | &nbsp;&nbsp;Publication in the Federal Official Gazette |
| &nbsp;&nbsp;1399 - DEV. CONC/ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;01/26/2023 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;1338 - DEV. CONC/MINE CLOSURE PLAN FILED | &nbsp;&nbsp;11/30/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;452 - DEV. CONC/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT MADE | &nbsp;&nbsp;09/03/2021 | &nbsp;&nbsp;Record Book No. 247 - Sheet 83. |  |
| &nbsp;&nbsp;451 - DEV. CONC/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT APPROVED | &nbsp;&nbsp;03/16/2021 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 12/2021 - Regional Regulatory Governance Office - DGTDM/SRG ORDERS | &nbsp;&nbsp;It grants prior consent and authorizes registration of the transfer of the Development Concession<br>818.865/1971-COMPANHIA BRASILEIRA DE ALUMINIO- Development Lease No. 174/2005 - Assignee: BAUTEK MINERAIS INDUSTRIAIS LTDA - CNPJ 21.229.511/0001-50 |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;01/08/2021 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;473 - DEV. CONC/COMPLIANCE  | &nbsp;&nbsp;09/09/2020 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;WITH PROTOCOL REQUIREMENT |  |  |  |
| &nbsp;&nbsp;470 - DEV. CONC/REQUIREMENT PUBLISHED | &nbsp;&nbsp;07/14/2020 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 233/2020 - Regional Management / MG - Order - Regional Manager - Orders | &nbsp;&nbsp;Determines compliance with requirement - Deadline 60 days 818.865/1971 - COMPANHIA BRASILEIRA DE ALUMÍNIO - Official Letter No. 215/2020/SECOR - MG/GER - MG and Bautek Minerais Industriais Ltda. |
| &nbsp;&nbsp;473 - DEV. CONC/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;02/28/2020 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;470 - DEV. CONC/REQUIREMENT PUBLISHED | &nbsp;&nbsp;02/21/2020 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 76/2020 - Regional Management / MG - Regional Manager Order - Assignment | &nbsp;&nbsp;Determines compliance with requirement - Deadline 60 days 818.865/1971 - COMPANHIA BRASILEIRA DE ALUMÍNIO - Official Letter No. 19/2020/SECOR-MG/GER-MG and Bautek Minerais Industriais Ltda |
| &nbsp;&nbsp;465 - DEV. CONC/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT FILED | &nbsp;&nbsp;06/17/2019 | &nbsp;&nbsp;Referring to attachment 48054 - 010.411/2019 |  |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;03/12/2019 | &nbsp;&nbsp;Attachment 48403-003103/2019 - 33 of the process 818.865/1971 - CONFIDENTIAL DOCUMENTS |  |
| &nbsp;&nbsp;473 - DEV. CONC/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;07/11/2014 | &nbsp;&nbsp;Attachment 48402-008199/2014 - 21 of the process 818.865/1971 - attention to official letter No. 632/14 requiring |  |
| &nbsp;&nbsp;473 - DEV. CONC/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;06/13/2014 | &nbsp;&nbsp;Attachment 48402-006990/2014 - 05 of the process 818.865/1971 - COMPLIANCE WITH REQUIREMENT |  |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;05/28/2014 | &nbsp;&nbsp;Attachment 48403-010030/2014 - 21 of the process 818.865/1971 - REQUESTS FULL CONTENT CERTIFICATE |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/26/2007 | &nbsp;&nbsp;Attachment No. 005103/2007-07 - Proof of receipt of delivery of RAL - fiscal year 2007/Base Year 2006 - ART Event entered on 11/08/2007 |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/27/2006 | &nbsp;&nbsp;Attachment 005013 - Presentation of proof of delivery of RAL 2005 - ART Event entered on 11/08/2007 |  |
| &nbsp;&nbsp;403 - DEV. CONC/REQUESTED VESTING OF POSSESSION | &nbsp;&nbsp;07/01/2005 | &nbsp;&nbsp;Attachment 009324 - Paid government payment form attached |  |
| &nbsp;&nbsp;400 - DEV. CONC/DEVELOPMENT  | &nbsp;&nbsp;06/20/2005 |  |  |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;CONCESSION ORDINANCE PUBLISHED – MME |  |  |
| &nbsp;&nbsp;356 - DEV. APP/ORDER PUBLISHED | &nbsp;&nbsp;07/28/2004 |  |
| &nbsp;&nbsp;336 - DEV. APP/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;09/25/2003 | &nbsp;&nbsp;Attachment No. 008695. Complies with Official Letter No. 2289/2003/SERGEO/3<sup>rd</sup> DS/DNPM/MG. |
| &nbsp;&nbsp;332 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. MADE | &nbsp;&nbsp;08/25/2003 |  |
| &nbsp;&nbsp;167 - DEV. APP/ASSIGNMENT - INCORP OF PU DEV. APPLICATION | &nbsp;&nbsp;08/13/2003 |  |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;08/28/2001 | &nbsp;&nbsp;P.F.P. OFFICIAL LETTER No. 430/2000-SERGEO/3DS |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;10/06/1997 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;04/11/1997 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;12/16/1996 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;10/30/1996 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;350 - DEV. APP/DEVELOPMENT APPLICATION FILED | &nbsp;&nbsp;03/14/1983 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;299 - EXPLORATION AUTH/APPROVED RESEARCH REPORT ART 30A WITH PUBL | &nbsp;&nbsp;11/30/1982 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;290 - EXPLORATION AUTH/FINAL RESEARCH REPORT PRESENTED | &nbsp;&nbsp;03/18/1982 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;209 - EXPLORATION AUTH/EXPLORATION START NOTICE | &nbsp;&nbsp;05/22/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;255 - EXPLORATION AUTH/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;05/22/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;201 - EXPLORATION AUTH/EXPLORATION PERMIT PUBLISHED | &nbsp;&nbsp;03/20/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;138 - EXPLORATION APP/INVITATION <br>PAYMENT OF PUBLICATION PERMIT FEE | &nbsp;&nbsp;12/13/1978 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;140 - EXPLORATION APP/PROOF OF PERMIT FEE PAYMENT FILED | &nbsp;&nbsp;11/28/1978 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;135 - EXPLORATION APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;08/17/1973 | &nbsp;&nbsp;SICOM LOAD |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;135 - EXPLORATION APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;10/16/1972 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;131 - EXPLORATION APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;08/16/1972 |  |
| &nbsp;&nbsp;135 - EXPLORATION APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;11/30/1971 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;100 - EXPLORATION APP/EXPLORATION APPLICATION FILED | &nbsp;&nbsp;10/08/1971 | &nbsp;&nbsp;SICOM LOAD |

---

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

<u>COMUNICA BR</u> <u>ACCESS TO INFORMATION</u> <u>GET INVOLVED</u> <u>LEGISLATION</u> <u>GOVERNMENT AGENCIES</u>

Polygonal

Process: **818.865/1971**

Graphical representation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img219634839_2.jpg](img219634839_2.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img219634839_2.jpg](img219634839_2.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img219634839_2.jpg](img219634839_2.jpg) |
| &nbsp;&nbsp;Urban Areas | &nbsp;&nbsp;![img219634839_2.jpg](img219634839_2.jpg) |
| &nbsp;&nbsp;Hydroelectric Power Plants | &nbsp;&nbsp;![img219634839_2.jpg](img219634839_2.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img219634839_2.jpg](img219634839_2.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img219634839_2.jpg](img219634839_2.jpg) |
| &nbsp;&nbsp;Blocked Areas | &nbsp;&nbsp;![img219634839_2.jpg](img219634839_2.jpg) |

---

Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;411.1 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º54'44"829 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º36'23"287 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;Mooring point | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;00º00'00"000 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;N |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º54'44"829 | &nbsp;&nbsp;-46º36'23"287 |
|  | &nbsp;&nbsp;-21º54'25"971 | &nbsp;&nbsp;-46º36'00"983 |
|  | &nbsp;&nbsp;-21º50'23"317 | &nbsp;&nbsp;-46º37'01"766 |
|  | &nbsp;&nbsp;-21º50'49"504 | &nbsp;&nbsp;-46º37'32"742 |
|  | &nbsp;&nbsp;-21º50'41"278 | &nbsp;&nbsp;-46º37'32"741 |
|  | &nbsp;&nbsp;-21º50'41"276 | &nbsp;&nbsp;-46º37'51"825 |
|  | &nbsp;&nbsp;-21º50'23"394 | &nbsp;&nbsp;-46º37'51"822 |
|  | &nbsp;&nbsp;-21º50'23"398 | &nbsp;&nbsp;-46º37'23"963 |
|  | &nbsp;&nbsp;-21º50'13"644 | &nbsp;&nbsp;-46º37'23"962 |
|  | &nbsp;&nbsp;-21º50'13"647 | &nbsp;&nbsp;-46º36'40"434 |
|  | &nbsp;&nbsp;-21º50'00"349 | &nbsp;&nbsp;-46º36'40"433 |
|  | &nbsp;&nbsp;-21º50'00"350 | &nbsp;&nbsp;-46º36'24"797 |
|  | &nbsp;&nbsp;-21º50'06"852 | &nbsp;&nbsp;-46º36'24"797 |
|  | &nbsp;&nbsp;-21º50'06"852 | &nbsp;&nbsp;-46º36'12"609 |
|  | &nbsp;&nbsp;-21º50'16"606 | &nbsp;&nbsp;-46º36'12"609 |
|  | &nbsp;&nbsp;-21º50'16"605 | &nbsp;&nbsp;-46º36'00"421 |
|  | &nbsp;&nbsp;-21º50'17"256 | &nbsp;&nbsp;-46º36'00"421 |
|  | &nbsp;&nbsp;-21º50'17"256 | &nbsp;&nbsp;-46º36'20"235 |
|  | &nbsp;&nbsp;-21º50'05"965 | &nbsp;&nbsp;-46º36'28"019 |
|  | &nbsp;&nbsp;-21º50'12"976 | &nbsp;&nbsp;-46º36'33"382 |
|  | &nbsp;&nbsp;-21º50'19"736 | &nbsp;&nbsp;-46º36'34"410 |
|  | &nbsp;&nbsp;-21º50'29"098 | &nbsp;&nbsp;-46º36'25"880 |
|  | &nbsp;&nbsp;-21º50'29"097 | &nbsp;&nbsp;-46º36'32"324 |
|  | &nbsp;&nbsp;-21º50'22"542 | &nbsp;&nbsp;-46º36'41"900 |
|  | &nbsp;&nbsp;-21º50'26"074 | &nbsp;&nbsp;-46º36'43"980 |
|  | &nbsp;&nbsp;-21º50'32"867 | &nbsp;&nbsp;-46º36'34"861 |
|  | &nbsp;&nbsp;-21º50'29"126 | &nbsp;&nbsp;-46º36'32"336 |
|  | &nbsp;&nbsp;-21º50'29"167 | &nbsp;&nbsp;-46º36'25"858 |
|  | &nbsp;&nbsp;-21º50'29"167 | &nbsp;&nbsp;-46º36'25"823 |
|  | &nbsp;&nbsp;-21º50'17"276 | &nbsp;&nbsp;-46º36'20"214 |
|  | &nbsp;&nbsp;-21º50'17"276 | &nbsp;&nbsp;-46º36'00"434 |
|  | &nbsp;&nbsp;-21º50'23"095 | &nbsp;&nbsp;-46º36'00"434 |
|  | &nbsp;&nbsp;-21º50'23"095 | &nbsp;&nbsp;-46º35'53"469 |
|  | &nbsp;&nbsp;-21º50'34"117 | &nbsp;&nbsp;-46º35'53"469 |
|  | &nbsp;&nbsp;-21º50'34"117 | &nbsp;&nbsp;-46º36'08"478 |
|  | &nbsp;&nbsp;-21º50'24"134 | &nbsp;&nbsp;-46º36'14"819 |
|  | &nbsp;&nbsp;-21º50'31"044 | &nbsp;&nbsp;-46º36'23"289 |
|  | &nbsp;&nbsp;-21º50'43"253 | &nbsp;&nbsp;-46º36'19"373 |
|  | &nbsp;&nbsp;-21º50'34"127 | &nbsp;&nbsp;-46º36'08"478 |
|  | &nbsp;&nbsp;-21º50'34"127 | &nbsp;&nbsp;-46º35'53"500 |
|  | &nbsp;&nbsp;-21º50'49"113 | &nbsp;&nbsp;-46º35'53"500 |
|  | &nbsp;&nbsp;-21º50'49"113 | &nbsp;&nbsp;-46º35'46"535 |
|  | &nbsp;&nbsp;-21º51'47"634 | &nbsp;&nbsp;-46º35'46"531 |
|  | &nbsp;&nbsp;-21º51'47"635 | &nbsp;&nbsp;-46º35'53"497 |
|  | &nbsp;&nbsp;-21º51'54"007 | &nbsp;&nbsp;-46º35'53"496 |
|  | &nbsp;&nbsp;-21º51'54"007 | &nbsp;&nbsp;-46º36'03"598 |

---

------

<u>-21º51'44"839</u> <u>-46º36'03"598</u> <br> <u>-21º51'44"829</u> <u>-46º36'23"287</u>

ID: BAFE7CB4-A634-4C12-8DCC-B14C0DB1C588

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

ACCESS TO INFORMATION GET INVOLVED LEGISLATION GOVERNMENT AGENCIES

Basic proceeding data

---

| | |
|:---|:---|
| &nbsp;&nbsp;Proceeding number: | &nbsp;&nbsp;830.914/2013 |
| &nbsp;&nbsp;NUP: | &nbsp;&nbsp;48403.830914/2013-14 |
| &nbsp;&nbsp;SEI Access: | &nbsp;&nbsp;Click here to access SEI. |
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;120 |
| &nbsp;&nbsp;Application type: | &nbsp;&nbsp;Availability Request for development |
| &nbsp;&nbsp;Current stage: | &nbsp;&nbsp;Development Concession |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Superintendence: | &nbsp;&nbsp;Regional Management / MG |
| &nbsp;&nbsp;State: | &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Filing unit: | &nbsp;&nbsp;MINAS GERAIS |
| &nbsp;&nbsp;Filing Date: | &nbsp;&nbsp;04/03/2013 08:24:00 |
| &nbsp;&nbsp;Priority Date: | &nbsp;&nbsp;08/07/1987 00:00:00 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Relation <br>Type | &nbsp;&nbsp;CPF/CNPJ | &nbsp;&nbsp;Name | &nbsp;&nbsp;Responsibility/<br>Representation | &nbsp;&nbsp;Lease<br>Term | &nbsp;&nbsp;Start<br>Date | &nbsp;&nbsp;End<br>Date |
|  | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;00,508,829/0001-08 | &nbsp;&nbsp;Edem Empresa de Desenvolvimento em Mineração e Participações Ltda |  |  | &nbsp;&nbsp;04/03/2013 |  |
| &nbsp;&nbsp;Related<br>persons: | &nbsp;&nbsp;Legal<br>Representative | &nbsp;&nbsp;\*\*\*.186.208-\*\* | &nbsp;&nbsp;José Lincoln Gambier Costa |  |  | &nbsp;&nbsp;04/03/2013 |  |
|  | &nbsp;&nbsp;Technical<br>Manager | &nbsp;&nbsp;\*\*\*.186.208-\*\* | &nbsp;&nbsp;José Lincoln Gambier Costa |  |  | &nbsp;&nbsp;04/03/2013 |  |

---

Company Registration proceeding number: 001.899/2003

<u>Number</u> <u>Description</u> <u>Title Type</u> <u>Title Status</u> <u>Publication date</u> <u>Expiration date</u> <br> Titles <u>416</u> <u>CLAV - DEVELOPMENT CONCESSION</u> <u>Development Lease</u> <u>Granted</u> <u>06/27/2023</u>  

Substances:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Type of use | &nbsp;&nbsp;Start date | &nbsp;&nbsp;End date | &nbsp;&nbsp;Reason for termination |
| &nbsp;&nbsp;ALUMINUM | &nbsp;&nbsp;Not informed | &nbsp;&nbsp;04/03/2013 | &nbsp;&nbsp;04/03/2013 | &nbsp;&nbsp;Lack of commercial interest |
| &nbsp;&nbsp;REFRACTORY CLAY | &nbsp;&nbsp;Not informed | &nbsp;&nbsp;04/03/2013 | &nbsp;&nbsp;04/03/2013 | &nbsp;&nbsp;Lack of commercial interest |
| &nbsp;&nbsp;BAUXITE | &nbsp;&nbsp;Industrial | &nbsp;&nbsp;04/03/2013 |  |  |

---

Cities:

<u>Name</u> <br> <u>CALDAS/MG</u>

------

Land ownership condition: <u>Type</u> <br> <u>Third-party ownership</u>

Associated processes:

<u>Process</u> <u>Owner</u> <u>Type of association</u> <u>Date of association</u> <u>Date of disassociation</u> <u>Original Process</u> <u>Note</u> <br> <u>830.914/2013</u> <u>Edem Empresa de Desenvolvimento em Mineração e Participações Ltda</u> <u>Availability</u> <u>04/03/2013</u>   <u>831.456/1987</u> <u>\*</u>

Documents that make up the process:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Document | &nbsp;&nbsp;Filing date |
| &nbsp;&nbsp;Economic exploitation plan | &nbsp;&nbsp;04/03/2013 |
| &nbsp;&nbsp;Easements | &nbsp;&nbsp;04/03/2013 |
| &nbsp;&nbsp;Proof of fund availability | &nbsp;&nbsp;04/03/2013 |
| &nbsp;&nbsp;A.R.T. of the Deposit Economic Exploitation Plan | &nbsp;&nbsp;04/03/2013 |

---

Events:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Date | &nbsp;&nbsp;Note | &nbsp;&nbsp;Publication in the Federal Official Gazette |
| &nbsp;&nbsp;402 - DEV. CONC/DEVELOPMENT START EXTENSION AUTHORIZED | &nbsp;&nbsp;01/25/2024 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 18/2024 - Regional Management / MG - Regional Manager Order | &nbsp;&nbsp;Extends the deadline for the start of development work 830.914/2013-EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA - Deadline: 1 year from publication in the Federal Official Gazette. |
| &nbsp;&nbsp;401 - DEV. CONC/DEVELOPMENT START EXTENSION REQUESTED | &nbsp;&nbsp;12/13/2023 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;403 - DEV. CONC/REQUESTED VESTING OF POSSESSION | &nbsp;&nbsp;06/14/2023 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;400 - DEV. CONC/DEVELOPMENT CONCESSION ORDINANCE PUBLISHED - MME | &nbsp;&nbsp;06/27/2023 | &nbsp;&nbsp;SNGM/MME – O R D E R - DEVELOPMENT CONCESSION APPLICATION STAGE Development Concession Grant. (4.00) The processes will be forwarded to the National Mining Agency. 48403.830914/2013 - Ordinance No. 416/SNGM/MME - Edem Empresa de Desenvolvimento em Mineração e Participações Ltda - Bauxite - Caldas - Minas Gerais - 120.00 hectares. - Federal Official Gazette dated as of 06/27/2023 – Section 1 – Page 66. - (VITOR EDUARDO DE ALMEIDA SABACK – Secretary) |  |
| &nbsp;&nbsp;1398 - DEV. APP/ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;07/29/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;336 - DEV. APP/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;07/22/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;07/01/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;05/04/2022 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 107/2022 - Regional Management / MG - Regional Manager Order | &nbsp;&nbsp;Determines compliance with requirement - Deadline: 60 days 830.914/2013 - EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA - OFFICIAL LETTER No. 20261/2022/SECOR - MG/ANM |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;02/10/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;12/14/2021 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 334/2021 - Regional Management / MG - Regional Manager Order<br>| &nbsp;&nbsp;Determines compliance with requirement - Deadline: 60 days 830.914/2013 - EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA. - Official Letter No. 38601/2021/UAPC-MG/ANM |
| &nbsp;&nbsp;2350 - DEV. APP/SECRECY OF MINING INFORMATION - REQUIRED | &nbsp;&nbsp;05/07/2019 | &nbsp;&nbsp;Attachment 48061.002737/2019 - 97 of the process 830.914/2013 - REQUESTS SECRECY OF MINING INFORMATION |  |
| &nbsp;&nbsp;336 - DEV. APP/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;04/24/2019 | &nbsp;&nbsp;Attachment 48061.002280/2019-11 of the process 830.914/2013 - PRESENTS POWER OF ATTORNEY |  |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;06/23/2014 | &nbsp;&nbsp;Attachment 48406-004037/2014-84 of the process 830.914/2013 - Requests extension of compliance with requirement. |  |
| &nbsp;&nbsp;1054 - DEV. APP/REQUIREMENT OF ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;12/24/2013 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 924/2013 - Superintendence / MG - Superintendent's Order | &nbsp;&nbsp;Determines compliance with requirement - Deadline: 180 days 830.914/2013 - EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO LTDA - OFFICIAL LETTER No. 3101/13-DGTM |
| &nbsp;&nbsp;350 - DEV. APP/DEVELOPMENT APPLICATION FILED | &nbsp;&nbsp;04/03/2013 |  |  |

---

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

<u>COMUNICA BR</u> <u>ACCESS TO INFORMATION</u> <u>GET INVOLVED</u> <u>LEGISLATION</u> <u>GOVERNMENT AGENCIES</u>

Polygonal

Process: **830.914/2013**

Graphical representation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img219634839_3.jpg](img219634839_3.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img219634839_3.jpg](img219634839_3.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img219634839_3.jpg](img219634839_3.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img219634839_3.jpg](img219634839_3.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img219634839_3.jpg](img219634839_3.jpg) |

---

Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;120 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º50'56"154 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º28'12"610 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;Mooring point coincident with the first vertex (area study) | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;00º00'00"000 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;N |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º50'56"154 | &nbsp;&nbsp;-46º28'12"610 |
|  | &nbsp;&nbsp;-21º50'59"048 | &nbsp;&nbsp;-46º28'12"610 |
|  | &nbsp;&nbsp;-21º50'59"048 | &nbsp;&nbsp;-46º28'11"621 |
|  | &nbsp;&nbsp;-21º50'59"249 | &nbsp;&nbsp;-46º28'11"620 |
|  | &nbsp;&nbsp;-21º50'59"248 | &nbsp;&nbsp;-46º27'48"220 |
|  | &nbsp;&nbsp;-21º51'18"540 | &nbsp;&nbsp;-46º27'48"220 |
|  | &nbsp;&nbsp;-21º51'18"540 | &nbsp;&nbsp;-46º27'47"241 |
|  | &nbsp;&nbsp;-21º51'18"755 | &nbsp;&nbsp;-46º27'47"241 |
|  | &nbsp;&nbsp;-21º51'18"753 | &nbsp;&nbsp;-46º27'07"890 |
|  | &nbsp;&nbsp;-21º51'27"448 | &nbsp;&nbsp;-46º27'07"889 |
|  | &nbsp;&nbsp;-21º51'27"448 | &nbsp;&nbsp;-46º27'15"063 |
|  | &nbsp;&nbsp;-21º51'33"951 | &nbsp;&nbsp;-46º27'15"063 |
|  | &nbsp;&nbsp;-21º51'33"951 | &nbsp;&nbsp;-46º27'17"454 |
|  | &nbsp;&nbsp;-21º51'27"138 | &nbsp;&nbsp;-46º27'17"455 |
|  | &nbsp;&nbsp;-21º51'27"139 | &nbsp;&nbsp;-46º27'18"442 |
|  | &nbsp;&nbsp;-21º51'26"863 | &nbsp;&nbsp;-46º27'18"442 |
|  | &nbsp;&nbsp;-21º51'26"864 | &nbsp;&nbsp;-46º27'47"697 |
|  | &nbsp;&nbsp;-21º51'36"455 | &nbsp;&nbsp;-46º27'47"697 |
|  | &nbsp;&nbsp;-21º51'36"455 | &nbsp;&nbsp;-46º28'07"028 |
|  | &nbsp;&nbsp;-21º51'36"617 | &nbsp;&nbsp;-46º28'07"028 |
|  | &nbsp;&nbsp;-21º51'36"616 | &nbsp;&nbsp;-46º28'20"118 |
|  | &nbsp;&nbsp;-21º51'21"996 | &nbsp;&nbsp;-46º28'14"521 |
|  | &nbsp;&nbsp;-21º51'15"757 | &nbsp;&nbsp;-46º28'09"329 |
|  | &nbsp;&nbsp;-21º51'15"206 | &nbsp;&nbsp;-46º28'05"016 |
|  | &nbsp;&nbsp;-21º51'09"187 | &nbsp;&nbsp;-46º28'05"638 |
|  | &nbsp;&nbsp;-21º51'04"819 | &nbsp;&nbsp;-46º28'09"758 |
|  | &nbsp;&nbsp;-21º51'04"995 | &nbsp;&nbsp;-46º28'10"505 |
|  | &nbsp;&nbsp;-21º51'04"576 | &nbsp;&nbsp;-46º28'10"900 |
|  | &nbsp;&nbsp;-21º51'05"867 | &nbsp;&nbsp;-46º28'16"386 |
|  | &nbsp;&nbsp;-21º51'03"604 | &nbsp;&nbsp;-46º28'18"429 |
|  | &nbsp;&nbsp;-21º51'03"853 | &nbsp;&nbsp;-46º28'19"128 |
|  | &nbsp;&nbsp;-21º51'03"362 | &nbsp;&nbsp;-46º28'19"572 |
|  | &nbsp;&nbsp;-21º51'05"095 | &nbsp;&nbsp;-46º28'24"418 |
|  | &nbsp;&nbsp;-21º50'56"154 | &nbsp;&nbsp;-46º28'24"417 |
|  | &nbsp;&nbsp;-21º50'56"154 | &nbsp;&nbsp;-46º28'12"610 |

---

ID: A11F60B0-DA0E-4244-996B-EB5C71BF864C

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

ACCESS TO INFORMATION GET INVOLVED LEGISLATION GOVERNMENT AGENCIES

Basic proceeding data

---

| | |
|:---|:---|
| &nbsp;&nbsp;Proceeding number: | &nbsp;&nbsp;806.199/1973 |
| &nbsp;&nbsp;NUP: | &nbsp;&nbsp;27203.806199/1973-37 |
| &nbsp;&nbsp;SEI Access: | &nbsp;&nbsp;Click here to access SEI. |
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;40.42 |
| &nbsp;&nbsp;Application type: | &nbsp;&nbsp;Exploration Authorization Application |
| &nbsp;&nbsp;Current stage: | &nbsp;&nbsp;Development Application |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Superintendence: | &nbsp;&nbsp;Regional Management / MG |
| &nbsp;&nbsp;State: | &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Filing unit: | &nbsp;&nbsp;Filing Unit 3 |
| &nbsp;&nbsp;Filing Date: | &nbsp;&nbsp;03/29/1973 00:00:00 |
| &nbsp;&nbsp;Priority Date: | &nbsp;&nbsp;03/29/1973 00:00:00 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Relation<br>Type | &nbsp;&nbsp;CPF/CNPJ | &nbsp;&nbsp;Name | &nbsp;&nbsp;Responsibility/<br>Representation | &nbsp;&nbsp;Lease<br>Term | &nbsp;&nbsp;Start<br>Date | &nbsp;&nbsp;End<br>Date |
|  | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;08.227.476/0001-71 | &nbsp;&nbsp;Sintertec Minerais Industriais Ltda. |  |  | &nbsp;&nbsp;03/04/2009 |  |
| &nbsp;&nbsp;Related<br>persons: | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;23.640.899/0001-02 | &nbsp;&nbsp;Mineração Paulo Costa Ltda. |  |  | &nbsp;&nbsp;06/09/2006 | &nbsp;&nbsp;03/03/2009 |
|  | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;\*\*\*.118.126-\*\* | &nbsp;&nbsp;Marcello Junqueira Santos Filho |  |  | &nbsp;&nbsp;03/29/1973 | &nbsp;&nbsp;06/09/2006 |

---

Company Registration proceeding number: 931.966/2018

<u>Number</u> <u>Description</u> <u>Title Type</u> <u>Title Status</u> <u>Publication date</u> <u>Expiration date</u> <br> <u>2322</u> <u>ALVR - EXPLORATION PERMIT</u> <u>Exploration Permit</u> <u>Granted (prior to charge)</u> <u>06/21/1979</u>  

Substances:

<u>Name</u> <u>Type of use</u> <u>Start date</u> <u>End date</u> <u>Reason for termination</u> <br> <u>BAUXITE</u> <u>Not informed</u> <u>03/29/1973</u>    

------

Cities:

<u>Name</u> <br> <u>POÇOS DE CALDAS/MG</u>

Land ownership condition: <u>No information on land ownership.</u>

Associated processes:

<u>No associated processes.</u>

Documents that make up the process:

<u>No information about documents submitted for this process.</u>

Events:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Date | &nbsp;&nbsp;Note | &nbsp;&nbsp;Publication in the Federal Official Gazette |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;05/18/2015 | &nbsp;&nbsp;Attachment 48403-007736/2015-97 of the process 806.199/1973 - REQUESTS EXTENSION OF TERM |  |
| &nbsp;&nbsp;1054 - DEV. APP/REQUIREMENT OF ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;11/19/2014 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 724/2014 - Superintendence / MG - Superintendent's Order | &nbsp;&nbsp;Determines compliance with requirement - Deadline: 180 days<br>806.199/1973-SINTERTEC MINERAIS INDUSTRIAIS LTDA. - OFFICIAL LETTER No. 2832/2014-DGTM |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;08/01/2012 | &nbsp;&nbsp;Attachment 48403-013183/2012 - 75 of the process 806.199/1973 - COMPLIANCE WITH REQUIREMENT |  |
| &nbsp;&nbsp;1054 - DEV. APP/REQUIREMENT OF ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;02/03/2012 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 63/2012 - Superintendence / MG - Superintendent's Order | &nbsp;&nbsp;Determines compliance with requirement - Deadline: 180 days<br>806.199/1973-SINTERTEC MINERAIS INDUSTRIAIS LTDA. - OFFICIAL LETTER No. 69/12-DGTM |
| &nbsp;&nbsp;694 - INSPECTION PAYMENT MADE | &nbsp;&nbsp;11/29/2011 | &nbsp;&nbsp;File: VISTORIA_CADMIN_20111130.txt - Date 11/30/2011 12:48:38 - DNPMNET\yvone.sa |  |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;07/07/2011 | &nbsp;&nbsp;Attachment 48403-011851/2011-49 of the process 806.199/1973 - COMPLIANCE WITH REQUIREMENT |  |
| &nbsp;&nbsp;336 - DEV. APP/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;07/07/2011 | &nbsp;&nbsp;Attachment 48403-011849/2011-70 of the process 806.199/1973 - COMMUNICATION FAZ |  |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;05/10/2011 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 259/2011 - Superintendence / MG - Superintendent's Order | &nbsp;&nbsp;Determines compliance with  |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;requirement - Deadline: 60 days<br>806.199/1973-SINTERTEC MINERAIS INDUSTRIAIS LTDA. - OFFICIAL LETTER No. 719/11-DGT |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;07/22/2010 | &nbsp;&nbsp;Attachment 48403-009796/2010-46 of the process 806.199/1973 - PRESENTS AAF AUTHENTICATED |  |
| &nbsp;&nbsp;1062 - DEV. APP/ENVIRONMENTAL LICENSE - PROTOCOL REGISTRATION, BODY | &nbsp;&nbsp;05/05/2009 | &nbsp;&nbsp;Attachment 48403-006843/2009-66 of the process 806.199/1973 - PRESENTS COPY OF FOBI AND FCE |  |
| &nbsp;&nbsp;1044 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF DEV. APP MADE | &nbsp;&nbsp;04/06/2009 |  |  |
| &nbsp;&nbsp;1043 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF DEV. APP APPROVED | &nbsp;&nbsp;03/04/2009 | &nbsp;&nbsp;Relation 62/2009 - 3<sup>rd</sup> District - MG - Head's Order | &nbsp;&nbsp;Grants consent and authorizes the endorsement of the total transfer of Development application 806.199/1973-MINERAÇÃO PAULO COSTA LTDA.- Permit No. 2322/79 - Assignee: SINTERTEC PRODUTOS REFRATÁRIOS LTDA.- CNPJ 08.227.476/0001-71 |
| &nbsp;&nbsp;330 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. FILED | &nbsp;&nbsp;05/14/2008 | &nbsp;&nbsp;Annex 007481/2008. Assignee: Sintertec Produtos Refratários Ltda. Present proof of payment. |  |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;08/03/2007 |  |  |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;07/06/2007 | &nbsp;&nbsp;File name: RELAÇÃO 116-2007-MG.txt Recording date: 07/06/2007 User: Idamice Moreira Lana |  |
| &nbsp;&nbsp;332 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. MADE | &nbsp;&nbsp;07/06/2006 |  |  |
| &nbsp;&nbsp;331 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. APPROVED | &nbsp;&nbsp;06/09/2006 | &nbsp;&nbsp;File name: RELAÇÃO 195.06alterada.txt Recording date: 06/12/2006 User: Francisco Fontinely Nogueira Silva |  |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;12/02/2005 | &nbsp;&nbsp;Annex 019054 - Official Letter No. 138/2005-CESD/3<sup>º</sup> ds - Sent by Correio |  |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;10/05/2005 | &nbsp;&nbsp;File name: RELAÇÃO 076-2005-MG.txt Recording date: 10/05/2005 User: Aparecida D"Abadia Rodrigues |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;10/30/2001 | &nbsp;&nbsp;File name: Rel122__.txt Recoding date: 12/19/2001 User: REGIANE PEREIRA LIMA |
| &nbsp;&nbsp;364 - DEV. APP/EXTENSION OF TERM REQUIREMENT GRANTED | &nbsp;&nbsp;05/06/1994 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;02/22/1994 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;08/25/1993 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;682 - DEV. APP/PAE ANALYZED | &nbsp;&nbsp;03/23/1993 |  |
| &nbsp;&nbsp;336 - DEV. APP/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;05/26/1989 | &nbsp;&nbsp;ARTICLES OF ASSOCIATION |
| &nbsp;&nbsp;350 - DEV. APP/DEVELOPMENT APPLICATION FILED | &nbsp;&nbsp;06/25/1986 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;330 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. FILED | &nbsp;&nbsp;02/04/1986 |  |
| &nbsp;&nbsp;299 - EXPLORATION AUTH/APPROVED RESEARCH REPORT ART 30A WITH PUBL | &nbsp;&nbsp;06/26/1985 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;794 - EXPLORATION AUTH/POSITIVE RESEARCH REPORT PRESENTED | &nbsp;&nbsp;05/13/1982 |  |
| &nbsp;&nbsp;201 - EXPLORATION AUTH/EXPLORATION PERMIT PUBLISHED | &nbsp;&nbsp;06/21/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;140 - EXPLORATION APP/PROOF OF PERMIT FEE PAYMENT FILED | &nbsp;&nbsp;04/05/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;138 - EXPLORATION APP/INVITATION OF PUBLI. PERMIT FEE PAYMENT | &nbsp;&nbsp;04/03/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;135 - EXPLORATION APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;02/01/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;100 - EXPLORATION APP/EXPLORATION APPLICATION FILED | &nbsp;&nbsp;03/29/1973 | &nbsp;&nbsp;SICOM LOAD |

---

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

<u>COMUNICA BR</u> <u>ACCESS TO INFORMATION</u> <u>GET INVOLVED</u> <u>LEGISLATION</u> <u>GOVERNMENT AGENCIES</u>

Polygonal

Process: **806.199/1973**

Graphical representation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img219634839_4.jpg](img219634839_4.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img219634839_4.jpg](img219634839_4.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img219634839_4.jpg](img219634839_4.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img219634839_4.jpg](img219634839_4.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img219634839_4.jpg](img219634839_4.jpg) |

---

Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;40.42 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º44'58"633 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º29'37"407 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;Mooring point | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;1897.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;83º33'00"596 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;NE |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º44'51"701 | &nbsp;&nbsp;-46º28'31"806 |
|  | &nbsp;&nbsp;-21º44'22"440 | &nbsp;&nbsp;-46º28'31"806 |
|  | &nbsp;&nbsp;-21º44'22"440 | &nbsp;&nbsp;-46º28'13"711 |
|  | &nbsp;&nbsp;-21º44'42"273 | &nbsp;&nbsp;-46º28'13"710 |
|  | &nbsp;&nbsp;-21º44'42"273 | &nbsp;&nbsp;-46º28'211"366 |
|  | &nbsp;&nbsp;-21º44'51"701 | &nbsp;&nbsp;-46º28'211"366 |
|  | &nbsp;&nbsp;-21º44'51"701 | &nbsp;&nbsp;-46º28'31"806 |

---

ID: BC5D1CF8-4E45-469C-940E-B1633923C7F6

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

<u>Annex II</u>.

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Identification and Main Characteristics of the Exploration Application</u>.

------

ACCESS TO INFORMATION GET INVOLVED LEGISLATION GOVERNMENT AGENCIES

Basic proceeding data

---

| | |
|:---|:---|
| Proceeding number: | 832.221/2021 |
| NUP: | 48054.832221/2021-83 |
| SEI Access: | Click here to access SEI. |
| Area (ha): | 115.63 |
| Application type: | Exploration Authorization Application |
| Current stage: | Exploration Application |
| Active: | Yes |
| Superintendence: | Regional Management / MG |
| State: | MG |
| Filing unit: | MINAS GERAIS |
| Filing Date: | 09/15/2021 15:25:00 |
| Priority Date: | 09/15/2021 15:24:57 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Relation Type | &nbsp;&nbsp;CPF/CNPJ | &nbsp;&nbsp;Name | &nbsp;&nbsp;Responsibility/<br>Representation | &nbsp;&nbsp;Lease<br>Term | &nbsp;&nbsp;Start<br>Date | &nbsp;&nbsp;End<br>Date |
| &nbsp;&nbsp;Related<br>persons: | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;21.229.511/0001-50 | &nbsp;&nbsp;Bautek Minerais Industriais Ltda. |  |  | &nbsp;&nbsp;09/15/2021 |  |
|  | &nbsp;&nbsp;Technical<br>Manager | &nbsp;&nbsp;\*\*\*.148.046-\*\* | &nbsp;&nbsp;Luiz Gustavo Moreira Noronha |  |  | &nbsp;&nbsp;09/15/2021 |  |

---

Company Registration proceeding number: 931.296/2018

Titles <u>No titles associated.</u>

Substances:

<u>Name</u> <u>Type of use</u> <u>Start date</u> <u>End date</u> <u>Reason for termination</u> <br> <u>REFRACTORY CLAY</u> <u>Industrial</u> <u>09/15/2021</u>    

Cities:

---

| |
|:---|
| &nbsp;&nbsp;Name |
| &nbsp;&nbsp;ANDRADAS/MG |
| &nbsp;&nbsp;CALDAS/MG |

---

Land ownership condition: <u>Type</u> <br> <u>Third-party ownership</u>

------

Associated processes:

<u>No associated processes.</u>

Documents that make up the process:

<u>No information about documents submitted for this process.</u>

Events:

<u>Description</u> <u>Date</u> <u>Note</u> <u>Publication in the Federal Official Gazette</u> <br> <u>100 - EXPLORATION APP/EXPLORATION APPLICATION FILED</u> <u>09/15/2021</u> <u>Event entered via Digital Protocol; check the corresponding SEI process.</u>  

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

<u>COMUNICA BR</u> <u>ACCESS TO INFORMATION</u> <u>GET INVOLVED</u> <u>LEGISLATION</u> <u>GOVERNMENT AGENCIES</u>

Polygonal

Process: **832.221/2021**

Graphical representation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img219634839_5.jpg](img219634839_5.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img219634839_5.jpg](img219634839_5.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img219634839_5.jpg](img219634839_5.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img219634839_5.jpg](img219634839_5.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img219634839_5.jpg](img219634839_5.jpg) |
| &nbsp;&nbsp;Partial Nuclear Council | &nbsp;&nbsp;![img219634839_5.jpg](img219634839_5.jpg) |

---

Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;115.63 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º55'37"336 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º31'37"830 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;Mooring point | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;00º00'00"000 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;N |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º55'37"336 | &nbsp;&nbsp;-46º31'37"830 |
|  | &nbsp;&nbsp;-21º55'37"336 | &nbsp;&nbsp;-46º31'04"313 |
|  | &nbsp;&nbsp;-21º55'52"832 | &nbsp;&nbsp;-46º31'04"313 |
|  | &nbsp;&nbsp;-21º55'52"832 | &nbsp;&nbsp;-46º31'16"553 |
|  | &nbsp;&nbsp;-21º55'54"992 | &nbsp;&nbsp;-46º31'16"553 |
|  | &nbsp;&nbsp;-21º55'54"992 | &nbsp;&nbsp;-46º31'37"793 |
|  | &nbsp;&nbsp;-21º56'09"556 | &nbsp;&nbsp;-46º31'37"793 |
|  | &nbsp;&nbsp;-21º56'09"556 | &nbsp;&nbsp;-46º31'33"373 |
|  | &nbsp;&nbsp;-21º56'23"862 | &nbsp;&nbsp;-46º31'33"373 |
|  | &nbsp;&nbsp;-21º56'23"862 | &nbsp;&nbsp;-46º31'16"191 |
|  | &nbsp;&nbsp;-21º56'49"748 | &nbsp;&nbsp;-46º31'16"191 |
|  | &nbsp;&nbsp;-21º56'49"748 | &nbsp;&nbsp;-46º31'21"158 |
|  | &nbsp;&nbsp;-21º56'48"886 | &nbsp;&nbsp;-46º31'21"158 |
|  | &nbsp;&nbsp;-21º56'48"886 | &nbsp;&nbsp;-46º31'21"965 |
|  | &nbsp;&nbsp;-21º56'44"427 | &nbsp;&nbsp;-46º31'21"965 |
|  | &nbsp;&nbsp;-21º56'44"427 | &nbsp;&nbsp;-46º31'22"731 |
|  | &nbsp;&nbsp;-21º56'40"656 | &nbsp;&nbsp;-46º31'22"731 |
|  | &nbsp;&nbsp;-21º56'40"656 | &nbsp;&nbsp;-46º31'23"958 |
|  | &nbsp;&nbsp;-21º56'36"618 | &nbsp;&nbsp;-46º31'23"958 |
|  | &nbsp;&nbsp;-21º56'36"618 | &nbsp;&nbsp;-46º31'24"394 |
|  | &nbsp;&nbsp;-21º56'35"272 | &nbsp;&nbsp;-46º31'24"394 |
|  | &nbsp;&nbsp;-21º56'35"272 | &nbsp;&nbsp;-46º31'24"933 |
|  | &nbsp;&nbsp;-21º56'27"868 | &nbsp;&nbsp;-46º31'24"933 |
|  | &nbsp;&nbsp;-21º56'27"868 | &nbsp;&nbsp;-46º31'23"652 |
|  | &nbsp;&nbsp;-21º56'24"149 | &nbsp;&nbsp;-46º31'23"652 |
|  | &nbsp;&nbsp;-21º56'24"149 | &nbsp;&nbsp;-46º31'45"609 |
|  | &nbsp;&nbsp;-21º57'22"330 | &nbsp;&nbsp;-46º31'45"609 |
|  | &nbsp;&nbsp;-21º57'22"330 | &nbsp;&nbsp;-46º31'44"744 |
|  | &nbsp;&nbsp;-21º57'34"014 | &nbsp;&nbsp;-46º31'44"744 |
|  | &nbsp;&nbsp;-21º57'34"014 | &nbsp;&nbsp;-46º32'03"284 |
|  | &nbsp;&nbsp;-21º57'35"566 | &nbsp;&nbsp;-46º32'03"284 |
|  | &nbsp;&nbsp;-21º57'35"566 | &nbsp;&nbsp;-46º32'31"858 |
|  | &nbsp;&nbsp;-21º57'29"670 | &nbsp;&nbsp;-46º32'31"858 |
|  | &nbsp;&nbsp;-21º57'29"670 | &nbsp;&nbsp;-46º31'45"907 |
|  | &nbsp;&nbsp;-21º56'09"822 | &nbsp;&nbsp;-46º31'45"907 |
|  | &nbsp;&nbsp;-21º56'09"822 | &nbsp;&nbsp;-46º31'57"428 |
|  | &nbsp;&nbsp;-21º56'02"079 | &nbsp;&nbsp;-46º31'57"428  |
|  | &nbsp;&nbsp;-21º56'02"079 | &nbsp;&nbsp;-46º31'56"723 |
|  | &nbsp;&nbsp;-21º56'07"920 | &nbsp;&nbsp;-46º31'56"723 |
|  | &nbsp;&nbsp;-21º56'07"920 | &nbsp;&nbsp;-46º31'39"440 |
|  | &nbsp;&nbsp;-21º55'35"193 | &nbsp;&nbsp;-46º31'39"440 |
|  | &nbsp;&nbsp;-21º55'35"193 | &nbsp;&nbsp;-46º31'37"830 |
|  | &nbsp;&nbsp;-21º55'37"336 | &nbsp;&nbsp;-46º31'37"830 |

---

ID: 35F90650-E1CD-49B8-859B-060C592D7B02

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

<u>Annex 1.2</u>.

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Bank account details held by the Grantors.</u>

Owner: **TERRA GOYANA MINERADORA LTDA.**

CNPJ:

Bank:

Branch:

Current account:

Owner: **BAUTEK MINERAIS INDUSTRIAIS LTDA.**

CNPJ:

Bank:

Branch:

Current account:

Owner: **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**

CNPJ:

Bank:

Branch:

Current account:

Owner: **SINTERTEC MINERAIS INDUSTRIAIS LTDA.**

CNPJ:

Bank:

Branch:

Current account:

------

<u>Annex 3.2.(i.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft of Assignment Agreement of Economic Rights and Other Covenants between the Grantors and the Grantee.</u>

\*\*\*

**ASSIGNMENT AGREEMENT FOR MINERAL RIGHTS AND OTHER COVENANTS**

By this private instrument, and in accordance with the law, the Parties designed and described below, namely,

on the one hand, as Assignors,

**TERRA GOYANA MINERADORA LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, Sala 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001-25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Terra Goyana</u>";

**BAUTEK MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Bautek</u>";

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, described above, hereinafter referred to simply as "<u>Edem</u>"; and

**SINTERTEC MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sintertec</u>" and, together with Terra Goyana, Bautek and Edem, referred to as "<u>Assignors</u>";

------

and, on the other hand, as Assignee,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Assignee</u>", indistinctly;

also appearing as Consenting Intervening Parties,

**RARE EARTHS AMERICAS PTY LTD.**, a "proprietary" company regularly organized and existing under the Laws of Australia, registered under Company Registration Number ACN 664 370 254, with head office at Suite 53 Level 2, 11-15, Labouchere Road, South Perth, WA, 6151, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Dominic Paul Allen</u>, British citizen, businessman, holder of Passport No. , resident and domiciled at , e-mail: , and <u>Bernardo Sanchez Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>REA</u>";

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, sala 146-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 07.576.372/0001-00, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to simply as "<u>Santíssima Trindade</u>";

**SUPERGRAN MINERAÇÃO LTDA.**, limited liability company with head office in the City of Barro Alto, State of Goiás, at Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, ZIP Code 76390-000, enrolled with CNPJ under No. 09.355.939/0001-43, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado Filho</u>, Brazilian citizen, married under full separation of property regime, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at ; and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Supergran</u>";

**NORTEK PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Belo Horizonte, State of Minas Gerais, at Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, ZIP Code 31030-220, enrolled with CNPJ under No. 11.249.439/0001-79, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Nortek</u>";

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**SINTERTEC HOLDING, LTD.**, a company regularly organized and existing under the Laws of the British Virgin Islands, with head office in the City of Road Town, Craigmuir Chambers, Tortola, British Virgin Islands, P.O. Box 71, enrolled with CNPJ under No. 13.872.642/0001-22, e-mail: , herein represented by its legal representative, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sinertec Holding</u>";

**LEANDRO ROCHA SCISLEWSKI**, Brazilian citizen, married under partial community of property regime, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , ZIP Code 74672-620, e-mail: , hereinafter referred to simply as "<u>Leandro</u>";

**JOSÉ LINCOLN GAMBIER COSTA**, Brazilian citizen, married under community property regime, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>José Lincoln</u>";

**GUSTAVO ALVES GUERRA**, Brazilian citizen, single, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Gustavo</u>";

**LUIZ ANTONIO VESSANI**, described above, hereinafter referred to simply as "<u>Luiz Antonio</u>" (and, together with Edem, Santíssima Trindade, Nortek, Sintertec Holding, Leandro, José Lincoln and Gustavo, the "<u>Partners of the Assignors</u>");

whereas (i.) Terra Goyana is the sole and legitimate holder of the rights represented by the exploration authorizations that are the subject of the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 832,149/2022 and 832,150/2022, with areas of 12.10ha and 61.12ha, respectively, for ilmenite ore, located in the Cities of Poços de Caldas (MG) and Águas da Prata (SP); (ii.) Bautek is the sole and legitimate holder of the mineral rights represented by the development concession that is the subject of the administrative proceeding registered by the ANM under No. 818.865/1971, with an area of 411.10, for bauxite, aluminum and refractory clay ores, located in the City of Poços de Caldas (MG); (iii.) Edem is the sole and legitimate holder of the mineral rights represented by the development concession subject to the administrative proceeding registered with the ANM under No. 830.914/2013, with an area of 120ha, for bauxite, aluminum and refractory clay ores, located in the City of Caldas (MG); and (iv.) Sintertec is the sole and legitimate holder of the mineral rights represented by the exploration authorization and mineral application subject to the administrative proceeding registered with the ANM under No. 806.199/1973, with an area of 40.42 ha, for bauxite ore, located in the City of Poços de Caldas (MG), all described and characterized in <u>Annex I</u>., which is an integral and inseparable part of this document (hereinafter, the "<u>Mineral Rights</u>");

[*<u>Verify whether the exploration authorization for the application subject to ANM Process No. 832.221/2021, held by Bautek, was published and granted, for adjustments to the above recital</u>*];

whereas the Assignors granted the Assignee a call option for Mineral Rights, as provided for in the Call Option Agreement for Mineral Rights and Other Covenants entered into on [...] [*insert execution date of the Option Agreement*] between, on the one hand, the

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Assignors as Grantors and, on the other, the Assignee, as Grantee (the "<u>Option Agreement</u>"), with the Assignee validly exercising the option on [...], as per item 3.1 of the Option Agreement;

whereas, in order to comply with the Option Agreement, the Assignors intend to assign the Mineral Rights to the Assignee, while the Assignee intends to acquire the Mineral Rights, subject to the terms and conditions set forth in this specific instrument;

The Parties RESOLVE to enter into this "Assignment Agreement for Mineral Rights and Other Covenants" (the "<u>Agreement</u>"), which shall be governed by the following clauses and conditions.

**2. PURPOSE.**

2.1. <u>Purchase and sale of Mineral Rights</u>. The Assignors hereby irrevocably and irreversibly assign and transfer to the Assignee, which also irrevocably and irreversibly acquires the Mineral Rights, as described in <u>Annex I</u>. hereto.

2.1.1.<u>Scope</u>. The purpose of the purchase and sale transaction described in item 1.1. above is the Mineral Rights, as well as all rights and obligations, whether patrimonial or otherwise, inherent thereto. Therefore, from this date forward, the Mineral Rights will belong exclusively to the Assignee, together with any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

2.1.2.<u>Lack of liens</u>. The Mineral Rights are free and clear of any liens, encumbrances, attachments, seizures, pledges, attachments, or restrictions that may, now or in the future, affect their free availability and transfer or the exercise of any rights inherent thereto.

2.1.3.<u>Assignment Instrument</u>. The Assignors and the Assignee hereby enter into the Assignment Instruments of Mineral Rights (the "Instruments"), copies of which are included herein in Annex 1.1.3., to enable, at the Assignee's sole discretion, the transfer and registration of the Mineral Rights to the Assignee's ownership before the ANM without the need for registration of this Agreement.

2.2. <u>Transfer and Registration with the ANM</u>. The Assignors and the Assignee hereby agree that, immediately after payment of the First Installment of the Purchase Price, as defined in 2.1 below, they will take any and all necessary steps to register and/or endorse the Instruments or the Agreement, at the Assignee's sole discretion, with the ANM, notary offices, or any other applicable agency, at the Assignee's expense. The Assignors are obliged to submit, within a maximum period of five (5) business days, any and all documents reasonably requested by the Assignee or the person responsible for the registration and/or endorsement, as applicable.

**3. PRICE AND PAYMENT METHOD.**

3.1. <u>Purchase Price</u>. In consideration for the acquisition of the Mineral Rights subject of this Agreement, the Assignee undertakes to pay the Assignors the total, legal and agreed price, in BRL (Reais) equivalent to five million and three hundred thousand US dollars (US$5,300,000.00), calculated based on the US$(US dollar) purchase rate, as

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announced by the Central Bank of Brazil on the business day immediately prior to the respective payment date (the "<u>Purchase Price</u>"), to be disbursed as follows:

c.the amount of BRL [...], equivalent to three million one hundred and eighty thousand US dollars (US$3,180,000.00), calculated based on the US$(US dollar) exchange rate for purchase rate, published by the Central Bank of Brazil on [...], was paid by the Assignee to the Assignors on [...], in proportion to the total number of hectares of Mineral Rights owned by each, in compliance with the procedure set forth in 3.1. of the Option Agreement (the "<u>First Installment of the Purchase Price</u>");

d.the amount in R$(Reais) equivalent to two million, one hundred and twenty thousand US dollars (US$2,120,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, must be paid by the Assignee to the Assignors, in proportion to the total number of hectares of Mineral Rights owned by each, within a maximum period of twelve (12) months from the date of payment of the First Installment of the Purchase Price (the "<u>Second Installment of the Purchase Price</u>").

*[<u>If the Assignors have chosen to receive all or part of the Exercise Price in REA Shares, adapt the text of items (a.) and/or (b.) above to reflect the effective option adopted by the Assignors pursuant to item 2.1.4 of the Option Agreement, indicating the number of shares and their value, in BRL and US$, as well as any remaining balance in currency. If the entire Exercise Price is paid in REA Shares, delete the items 2.1.1. and 2.1.2., below and adapt the wording of item 2.1.4., if necessary</u>].*

[*<u>Verify whether the Call Option was exercised in full or in part, as provided for in item 2.1.3 of the Option Agreement, for purposes of adjusting the value of the installments of the Purchase Price mentioned in 2.1.</u>*].

3.1.1.<u>Adjustment and interest</u>. No monetary adjustment or interest will be applied to the Purchase Price.

3.1.2.<u>Payment method</u>. The Acquisition Price must be paid by the Assignee to the Assignors in Brazilian currency, via TED or PIX to the bank account held by the Assignors indicated in Annex 1.2 of the Option Agreement.

3.1.3.<u>Default</u>. Payment of any installments of the Purchase Price after the maturity date will put the Assignee in default, regardless of any notice, summons, or extrajudicial notice, subjecting it to (i.) a late payment penalty of two percent (2%) on the outstanding debt; and (ii.) interest of one percent (1%) per month or fraction thereof, calculated on the overdue amounts, regardless of the possibility of the Assignors adopting applicable legal measures.

3.1.4.<u>Release</u>. For all legal purposes and effects, the presentation of bank receipts confirming the wire transfers related to the Purchase Price to the bank accounts held by the Assignors, as detailed in Annex 1.2. to the Option Agreement, and/or, as applicable, the effective transfer, as provided for in Australian law, of the REA Shares to the Assignors, always in proportion to the total number of hectares of Mineral Rights held by each of them, will imply the granting, by the Assignors to

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the Assignee, of the broadest, general, irrevocable, and irreversible release regarding the receipt of the Purchase Price, to no further demand or dispute on this basis, at any time, in or out of court.

3.2. <u>No change to the Purchase Price</u>. The Parties declare that the Purchase Price was set by full and mutual agreement and hereby irrevocably and irreversibly express their full and unrestricted agreement regarding their value and payment methods. Therefore, the Purchase Price is definitive, unchangeable and binding, and is thus not subject to any other changes and/or adjustments of any nature, for any reason and at any time.

**4. ADDITIONAL REPRESENTATIONS, WARRANTIES AND OBLIGATIONS OF THE PARTIES.**

4.1. <u>Fiduciary Sale</u>. Pursuant to articles 42 and 43 of Decree No. 9,406 dated as of June 12, 2018, in order to guarantee payment of the Second Installment of the Purchase Price, as provided in 2.1.(b.) above, the Assignee grants the Assignors, on this date, the fiduciary sale of the Mineral Rights, pursuant to the "Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants", a copy of which is included herein in <u>Annex 3.1</u>.

4.2. <u>Assignors' Representations regarding the Mineral Rights</u>. For all intents and purposes of this Agreement, the Assignors provide the Assignee with the following representations and warranties related to the Mineral Rights, which are valid, true, and accurate on this date and will remain valid, true, and accurate until the transfer of ownership of the Mineral Rights to the Assignee is registered with the ANM and other applicable agencies:

g.<u>Ownership</u>. The Assignors are the legitimate holders of the Mineral Rights, the details and individual descriptions of which are included in this Agreement as <u>Annex I</u>.;

h.<u>Registrations</u>. The Assignors declare that the Mineral Rights are duly registered with the ANM, strictly adhering to all rules and regulations set forth in the applicable law;

i.<u>Licenses and authorizations</u>. The Assignors have always acted in compliance with the law applicable to Mineral Rights and hold all authorizations, permits, registrations, registrations, accreditations, permissions, and protocols of any nature, as provided for in federal, state, and municipal law or required by public authorities and government agencies in their respective jurisdictions, for conducting research, mining, and maintaining the regularity of the Mineral Rights. There are no legal, administrative, contractual, or judicial restrictions on the ownership of the Mineral Rights or related to the research authorizations or development concessions subject to the administrative proceedings indicated in <u>Annex I</u>. hereto, there is also no judicial or administrative procedure in which the Assignors are as defendants, as plaintiffs or act as assistant, whose merit is related to the ownership of the Mineral Rights or to the conduction and maintenance of the exploration or development related thereto

j.<u>Disputes</u>. (iv.1.) There are no claims or demands of any nature whatsoever before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative dispute resolution methods related to any of the

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Mineral Rights; (iv.2.) there are no claims, arbitration proceedings, or other alternative dispute resolution methods of any nature whatsoever that, although not involving the Mineral Rights, may in any way affect them and/or impede and/or harm the implementation of this Agreement; (iv.3.) the Assignors are not aware of or have not performed any acts whose practice or omission may impede or harm the implementation of this Agreement; (iv.4.) none of the Mineral Rights are involved in any pending claims of any nature, nor in arbitration proceedings or other alternative dispute resolution methods; and (v.5.) the Assignors have not failed to comply with any judgment, order, writ, injunction, or ruling from any public authority related to any of the Mineral Rights;

k.<u>Environmental</u>. The Assignors comply with all environmental laws and regulations, further declaring that no activity has been conducted in the area of the Mineral Rights that has resulted in, or would reasonably be likely to result in, a violation of applicable environmental laws. Therefore, there are no pending complaints before any authority, at any level, nor are there any services, summonses, directives, orders, and/or notices of violation of any legal requirement related to any of the Mineral Rights or against the Assignors in connection with environmental matters or licenses. The Assignors further declare that they have not entered into or assumed any agreement, nor have they been imposed any obligation to make any type of payment, compensation, or indemnity for, or as a result of, obtaining any license required for the development of the Mineral Rights. In this regard, the Assignors declare that they have not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring that there are no facts or circumstances that would result in a violation of such nature to the applicable environmental legal requirements or claims or demands in this regard

l.<u>Status of Mineral Rights</u>. The Assignors declare that there are no liens on the Mineral Rights, which are entirely free and clear of any and all real or personal, judicial or extrajudicial liens, legal or conventional mortgages, easements, forum or pension, seizure, sequestration, lis pendens, real or personal repossession actions, environmental contingencies, debts and/or liabilities of any nature, as well as fully paid for taxes, charges, expenses, and debts of any nature. The Assignors further declare that there are no fines and/or demands from the competent authorities pending payment or satisfaction, and that all applicable federal, state, and municipal regulations and standards have been complied with to date;

m.<u>Full Disclosure</u>. The information, representations, and/or warranties provided by the Assignors regarding the Mineral Rights, made available by any means, do not contain any untruth or inaccuracy regarding any material act or fact, nor do they omit the existence of any material act or fact whose knowledge is necessary to ensure that the representations and obligations assumed in this Agreement are not misleading or subject to misinterpretation. There is no act, fact, or situation that affects the transaction that is the subject of this Agreement and that has not been expressly disclosed by the Assignors; and

n.<u>Protests</u>. The Assignors declare that they are not aware of any protested titles in their name.

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4.3. <u>Obligations of the Assignors</u>. Without prejudice to the other obligations specifically set forth in other items of this Agreement and with the purpose of preserving the Mineral Rights until the date on which they can be registered on behalf of the Assignee with the ANM, the Assignors undertake to:

i.<u>Registrations and licenses</u>: obtain and maintain valid all and any licenses, authorizations, registrations, and permits necessary or required for the preservation, conducting authorized research, maintenance, or expansion of the Mineral Rights;

ii.<u>Laws and regulations</u>: regarding environmental and safety issues related to the Mineral Rights, (ii.1.) comply with all applicable laws and regulations issued by federal, state, and local authorities; (ii.2.) inform the Assignee of any material adverse event, such as fires, explosions, accidental discharges, etc., affecting the Mineral Rights; and (ii.3.) inform the Assignee of any non-compliance with laws or regulations applicable to the Mineral Rights;

iii.<u>Fees, fines and contingencies</u>: any and all fines, fees, liabilities or contingencies of any nature directly or indirectly related to the Mineral Rights and pending payment on this date will be the exclusive responsibility of the Assignors, who undertake to hold the Assignee harmless from any fees, fines, expenses, liabilities or contingencies related to the Mineral Rights acquired herein, including those of a labor nature or environmental compensation of any kind, provided they are linked to events that occurred prior to this date; and

iv.<u>Fraud</u>: the Assignors declare that the execution of this Agreement does not create fraud against creditors, fraud of execution, or presumption of fraud against tax authorities, at the Federal, State, or Municipal levels, as provided for in article 158 of the Civil Code, article 792 of the Civil Procedure Code, and article 185 of the National Tax Code, respectively, and other applicable regulations.

4.4. <u>Clay</u>. The Parties agree that Assignor Bautek is authorized to proceed with the removal and/or development of a total quantity of 1,000,000 tons (one million tons) of refractory clay classified as grades 50, 60, or 70, from the Mineral Rights area, as described in <u>Annexes I. and II</u>., linearly over a period of twenty-five (25) years (40,000 tons/year), in accordance with the terms set forth in this item. The clay to be used by Bautek for the development of its activities may be in the form of "run of mine" ore, remaining after the mining of rare earths or other minerals that may be explored by the Assignee in the area of the Mineral Rights (the "<u>ROM Clay</u>"), or as undeveloped clay, extracted from a polygon in which the existence of rare earths or other minerals that may be explored by the Assignee in the area of the Mineral Rights has not been detected in a concentration appropriate to its interests (the "<u>Clay to be Developed</u>" and, together with the ROM Clay, the "<u>Clay</u>"), as defined by mutual agreement between the Parties.

4.4.1.<u>General rules</u>. The Assignee shall share with Bautek, provided that such information is available in the material prepared by the Assignee's technical team, the results of technical research conducted in the area of Mineral Rights, specifically regarding (i.) the concentrations of aluminum oxide (Al2O3), iron oxide (Fe2O3), potassium oxide (K2O), and sodium oxide (Na2O) and (ii.) the percentage of loss on ignition (LOI) of each polygon analyzed, as detailed in Annex 3.4.1 hereto. If, at any time, it is necessary to send Bautek research results

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and/or information sensitive to the Assignee's activities, at the latter's sole discretion and convenience, the Parties shall sign a specific Confidentiality Agreement to protect the information shared by the Assignee with Bautek. The Parties hereby agree that the Assignee is not obligated to conduct any specific research or detailing to meet Bautek's needs, nor to undertake any efforts to locate Clay in accordance with the technical specifications defined in <u>Annex 3.4.1.</u>. The assessment of the grade and other specific characteristics of the Clay is the sole responsibility of Bautek, which shall carry it out at its own expense. It is understood that the Assignee is exclusively obligated to (a.) share information resulting from technical research conducted in the course of its activities; and (b.) allow Bautek's technicians to access the region of the Mineral Rights to study the characteristics of the Clay in each specific area. The Parties shall mutually agree on the best polygons for Bautek to extract or mine Clay, as well as the most appropriate periods and procedures for its extraction or development, in accordance with the parameters defined in 3.4.2. and 3.4.3. below. Assignee assumes no responsibility for the quantity, quality, content, or suitability of the Clay for the specific purposes intended by Bautek. Assignee may also, at its sole discretion, designate areas of other mineral rights held by it for Bautek to extract Clay, as may be mutually agreed upon by the Parties.

4.4.2.<u>ROM Clay</u>. If the polygons defined by the Parties as provided for in 3.4.1. above have a significant concentration of rare earths or other minerals that will be explored by the Assignee in the area of Mineral Rights, according to the Assignee's sole discretion, the latter will be responsible for mining the ROM Clay, at its own expense, as well as extracting and segregating the rare earths or other minerals, within the periods that will be defined by mutual agreement between the Parties, keeping it in its yards, for removal and transportation by Bautek. The Parties shall define, by mutual agreement, the deadlines and the form of provision of the ROM Clay to Bautek, it being hereby defined that (i.) Bautek shall be solely and exclusively responsible for the removal and transportation of the ROM Clay, at its own expense in accordance with the deadlines defined by mutual agreement between the Parties, with the Assignee being solely responsible for issuing an Invoice, with Bautek as the recipient, with a symbolic value of one cent of a real (BRL 0.01), to cover the transportation of the ROM Clay; (ii.) the Assignee shall mine the ROM Clay in accordance with specific procedures for maximizing the extraction of rare earths or other minerals that may be explored by the Assignee in the area of Mineral Rights, and shall not be obliged to adopt specific procedures suggested by Bautek if this implies additional costs or losses to the extraction of rare earths or other minerals, as the case may be; and (iii.) the Assignee assumes no responsibility for the quality, content or suitability of the ROM Clay for the specific purposes intended by Bautek, and is solely and exclusively obliged to mine it in accordance with the environmental and labor rules in force. In this case, Bautek will be solely and exclusively responsible for any contingencies or liabilities of any nature related to the removal and transportation of the ROM Clay, and will be jointly and severally liable with the other Assignors to hold the Assignee harmless and, further, to compensate it for any losses and damages or lost profits that any problems in the removal and transportation of the ROM Clay may cause to the mining of rare earths or other minerals that may be mined by the Assignee in the area of the Mineral Rights.

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4.4.3.<u>Clay to be Developed</u>. If the polygons defined by the Parties as set forth in 3.4.1. above do not have an adequate concentration of rare earths or other minerals that may be mined by the Assignee in the area of the Mineral Rights, in the Assignee's sole discretion, Bautek will be solely responsible for mining the Clay to be Developed, at its own expense. The Parties shall define, by mutual agreement, a plan for the mining of the Clay to be Developed, it being hereby defined that (i.) Bautek shall be solely and exclusively responsible for the evaluation of the physical and chemical characteristics, mining, removal and transportation of the Clay to be Developed, at its own expense, in compliance with the deadlines that shall be defined by mutual agreement between the Parties, with the Assignee being solely responsible for issuing an Invoice, to Bautek as the recipient, to support the transportation of the Clay to be Developed; the value of said Invoice shall correspond to the sum of the expenses for royalties and CFEM owed by the Assignee due to the development, by Bautek, of the Clay to be Developed, plus any taxes eventually owed by the Assignee, always with a readjustment of the calculation basis (gross-up), so that, in the end, the net amount of taxes received by the Assignee is sufficient to reimburse it for the costs of royalties and CFEM; (ii.) the Assignee assumes no responsibility for the quality or content of the Clay to be Developed for the specific purposes intended by the Assignors; and (iii.) Bautek, in this case, will be solely and exclusively responsible for any environmental, labor or any other contingencies or liabilities related to the development, removal and transportation of the Clay to be Developed, undertaking, jointly and severally with the other Assignors, to keep the Assignee harmless and, further, to indemnify it for losses and damages or lost profits that any problems in the development, removal and transportation of the Clay to be Developed may cause to the development of rare earths or other minerals that may be explored by the Assignee in the area of the Mineral Rights.

4.4.4.<u>Validity</u>. The obligation assumed in this item 3.4. will be effective from [...] [*insert the execution date of the Option Agreement*] and will last for twenty-five (25) years or until the Assignee makes available to Bautek one million tons (1,000,000t) of Clay classified in grades 50, 60 or 70, as detailed in <u>Annex 3.4.1.</u>. It is understood that, if there is no Clay to be made available in the quantity or grades provided for in this item in the area of Mineral Rights, Bautek will not be entitled to any reimbursement or compensation of any kind. The Assignee declares that it is aware that Bautek is currently developing Clay in the area delimited in <u>Annex 6.7.4.</u>, and that Bautek will develop a minimum of one hundred and twenty thousand tons (120,000t) of Clay between [...] [*insert execution date of the Option Agreement*] and 12.31.2028. As of this date, Bautek and the Assignee will mutually agree on whether Clay extraction will continue to be carried out in the area delimited in <u>Annex 3.4.4</u>. or in another location. For clarification purposes, the Clay extraction carried out since [...] [*insert execution date of the Option Agreement*] by Bautek must be included in the time and quantity limits set out in item 3.4. above.

4.4.5.<u>Renewal of the obligation</u>. After the termination of the obligation provided for herein, the Parties may, by mutual agreement, discuss its possible renewal, provided that it is by mutual consent, considering market conditions, technical feasibility, and other relevant factors. Without prejudice to such renewal, the Parties hereby agree that, in good faith, they will mutually evaluate a potential commercial partnership for the sale and/or processing of tailings produced by the

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Assignee in the exploration of rare earths or other minerals that may be developed by it within the area of the Mineral Rights.

4.5. <u>Cooperation</u>. The Parties undertake to mutually cooperate and provide any assistance that may be reasonably required for the proper development and fulfillment of the obligations set forth in this Agreement, in particular with regard to the assignment of Mineral Rights contemplated therein, it being established that this Agreement was entered into in the best interests of both Parties, in compliance with the bases and parameters practiced in the market on the date of its execution, considering the risks inherent therein. The Parties consent and agree, however, that they are independent contracting parties and, under no circumstances or situations, shall the existence of a corporation, consortium, joint venture, partnership, or association of any kind or nature be presumed between the Assignors and the Assignee. No provision in this Agreement assigns or will assign to the Assignors the status of partners, distributors, and/or commercial representatives of the Assignee, including for purposes of environmental, civil, tax, or labor law. The Parties further acknowledge that each of them and their partners, employees, or contracted parties are not agents or attorneys-in-fact of the other Party and, consequently, will not assume obligations on its behalf, except as provided for in this Agreement or the Option Agreement.

4.6. <u>No relationship</u>. Under no circumstances will any employment relationship or labor or social security obligations be presumed or established under this Agreement between the Assignors and the Assignee's employees and service providers, or between the Assignee and the Assignors' employees and service providers. Neither Party will be a guarantor of the other's labor and social security obligations and charges. Each Party hereby assumes full responsibility for such obligations, including those of a civil, criminal, tax, and social security nature.

4.7. <u>Obligation of the Assignors to indemnify</u>. The Assignors hereby undertake to indemnify, protect, safeguard, and hold the Assignee harmless, and shall also pay on the Assignee's behalf or reimburse it, as the case may be, for any and all losses incurred by the Assignee as a result of or in connection with the following circumstances: (a.) any default or failure of the Assignors to fulfill or perform any obligation under this Agreement; and/or (b.) any breach, falsehood, or inaccuracy with respect to the representations and warranties provided by the Assignors in this Agreement; and/or (c.) any loss or contingency of any nature related to the Mineral Rights, including, but not limited to, environmental, labor, tax, regulatory, or punitive contingencies, among others, incurred to date, even if created subsequently; and/or (d.) any loss or contingency of any nature related to the exploitation of Clay by the Assignors or third parties, in the area of Mining Law.

4.7.1.<u>Reimbursement</u>. In the event that the Assignee disburses any funds to pay liabilities or contingencies that, as provided for in this Agreement, are the responsibility of the Assignors, it must send the latter copies of the respective payment receipts, followed by a brief description of their nature and the bank account details for reimbursement, following the procedures set forth in 5.8. The Assignors must arrange for the respective reimbursement within a maximum period of five (5) business days, under penalty of a two percent (2%) fine and 1% monthly interest on the overdue amount, calculated "pro rata dies", from the maturity date of the reimbursement obligation until the date of actual payment. Without prejudice to the provisions of this item, the Assignee is entitled to deduct

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the amounts due and not paid by the Assignors in compliance with the provisions of this item 3.7., including fines and interest, provided that they are demonstrably disbursed by the Assignee, from the amount of the Second Installment of the Purchase Price provided for in 2.1. above.

4.8. <u>General representations of the Parties</u>. The Parties hereby represent to each other that:

a.they are duly organized, incorporated, and existing limited liability companies in accordance with applicable law, and are represented in this Agreement pursuant to their organizational documents;

b.they are duly authorized and have obtained all corporate or regulatory licenses and authorizations necessary to enter into this Agreement and fulfill its obligations, and have met all legal, statutory, or regulatory requirements;

c.the execution of this Agreement by the Parties, as well as the assumption and fulfillment of the obligations set forth herein, as the case may be, will not imply (c.1.) any conflict or violation of any provision of the articles of association and/or bylaws of the Parties; (c.2.) any conflict, violation, default, early maturity, or termination of any contract or agreement to which the Parties, as the case may be, are a party; (c.3.) any violation of any applicable law or regulation, or of any decisions or resolutions issued by their decision-making or administrative bodies, which may prevent, delay, or impair the performance of the obligations assumed in this Agreement; or (c.4.) any determinations, decisions, or orders of any governmental authority, including judicial authorities, to whose observance the Parties, as the case may be, are subject; and

d.have analyzed this Agreement in all its clauses and conditions, assisted by their legal counsel.

**5. CONFIDENTIALITY AND SECRECY.**

5.1. <u>Confidentiality</u>. The terms and conditions of this Agreement are strictly confidential and may not be revealed or disclosed in whole or in part by the Parties to any other person or company without the prior written consent of the other Party, except (i.) when the information is publicly known; (ii.) for the purpose of disclosing such information to directors, employees, consultants, lawyers or auditors who are directly involved in the performance of the Agreement, who shall assume the obligation of confidentiality set forth herein; each Party shall be responsible for complying with such obligation with respect to the persons indicated herein; and (iii.) when its disclosure is determined by order of any judicial or administrative authority or any other determinations provided for by law, in which case the party disclosing the information shall notify the other party of such determination.

5.1.1.<u>Validity</u>. The confidentiality obligations set forth in this clause will remain in force for a period of one (1) year, counting from the end of the term of the Agreement.

**6. FINAL PROVISIONS.**

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6.1. <u>Intervention</u>. The Consenting Intervening Parties, Partners of the Assignors, sign this agreement, as partners of the Assignors, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code. *<u>[The Consenting Intervening Party REA signs this agreement as guarantor of the obligation to deliver the REA Shares, as set forth in item 2.1. above]. Section to be included if the Assignors have chosen for payment in REA Shares</u>*.

6.2. <u>Irrevocability</u>. This Agreement is irrevocable and irreversible, binding on the Parties and their heirs and successors in any capacity.

6.3. <u>Entire agreement</u>. This Agreement creates the entire agreement among the Parties regarding the matters creating its subject matter, superseding any previously executed documents and understandings previously reached among the Parties.

6.4. <u>Amendments</u>. Amendments to this Agreement will only be valid when executed in writing and signed by the legal representatives of all Parties.

6.5. <u>Assignment</u>. The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to any third parties.

6.6. <u>Waiver, Novation and Others</u>. The Parties acknowledge that (i.) the failure to exercise, the granting of a time limit, the forbearance, or the delay in exercising any right granted to them by this Agreement or by law will not create a waiver or novation of such rights, nor will it prejudice their eventual exercise at any time; (ii.) the individual or partial exercise of these rights will not prevent the subsequent exercise of the remaining rights or the exercise of any other right; (iii.) the waiver, by either Party, of any of these rights will only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and will not be considered a waiver of any other right granted by this Agreement; (v.) the nullity or invalidity of any of the clauses of this Agreement will not prejudice the validity and effectiveness of the other clauses and the instrument itself, in the latter case, the Parties and/or the Judge must promote, within the limits permitted by law, the replacement of the corrupted clause with another that allows the Parties to achieve the practical result initially intended.

6.7. <u>Costs</u>. The Parties agree that all costs and expenses incurred in hiring agents, attorneys, auditors, advisors, intermediaries, or consultants to carry out the transactions covered by this Agreement will be borne exclusively by the respective contracting party.

6.8. <u>Notices</u>. All notifications, notices or communications relating to this Agreement will be in writing and will be deemed received on the delivery date, if delivered in person, or on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email. Such notifications, notices and communications will be sent to the addresses indicated below or to any other address that may be communicated by one Party to the other, via written communication:

if for the <u>Assignors</u>:

**Terra Goyana Mineradora Ltda.**

Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, Sala 144-A e 145-A, Setor Oeste, Goiânia, State of Goiás, ZIP Code 74120-110.

At.: Luiz Antônio Vessani, e-mail:

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**Bautek Minerais Industriais Ltda.**

Rodovia BR-459, Km 8, Laranjeiras de Caldas, Caldas, State of Minas Gerais, ZIP Code 37780-000.

At.: Reinaldo Tito Teixeira Noronha, e-mail:

**Edem Empresa de Desenvolvimento em Mineração e Participações Ltda.**

Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, Goiânia, State of Goiás, ZIP Code 74672-680.

At.: Luiz Antônio Vessani, e-mail:

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if for the <u>Assignee</u>:

**Alpha Minerals Brazil Participações Ltda.**

Rua Professor José Leite e Oiticica, No. 530, Brooklin, City of São Paulo, State of São Paulo, ZIP Code 04705-080

At.: Bernardo da Veiga, e-mail:

if for the <u>Consenting Intervening Party REA</u>:

**Rare Earths Americas Pty Ltd..**

Suite 53 Level 2, 11-15, Labouchere Road, South Perth, WA, 6151.

At.: Bernardo da Veiga, e-mail:

if for the <u>Consenting Intervening Parties, Partners of the Assignors</u>:

**Santíssima Trindade Participações Ltda.**

Rua João de Abreu, No. 192, 14<sup>th</sup> floor, sala 146-A, Setor Oeste, Goiânia, State of Goiás, ZIP Code 74120-110.

At.: Marcos de Alencastro Curado, e-mail:

**Supergran Mineração Ltda.**

Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, Barro Alto, State of Goiás, ZIP Code 76390-000.

At.: Marcos de Alencastro Curado Filho, e-mail:

**Nortek Participações Ltda.**

Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, Belo Horizonte, State of Minas Gerais, ZIP Code 31030-220.

At.: Reinaldo Tito Teixeira Noronha, e-mail:

**Sintertec Holding, Ltd..**

P.O. Box 71, Road Town, Craigmuir Chambers, Tortola, British Virgin Islands.

At.: Reinaldo Tito Teixeira Noronha, e-mail:

**Leandro Rocha Scislewski.**

**José Lincoln Gambier Costa.**

**Gustavo Alves Guerra.**

**Luiz Antonio Vessani.**

6.8.1.<u>Amendments</u>. Should any changes occur to the addresses and other contact information listed above, the Parties undertake to promptly notify the other Party. Any change in contact information will take effect, for the purposes of this

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Agreement, on the business day following the date on which the recipient parties receive notification to that effect.

6.9. <u>Taxes</u>. All taxes and contributions levied on any acts, facts and/or situations provided for in this Agreement, including those that must be subject to withholding by the paying source, must be borne by the respective taxpayer and/or tax responsible party, as the case may be, in compliance with the law in force in Brazilian territory.

6.10. <u>Personal Data Protection</u>. The Parties, by mutual agreement, comply with the duties and obligations regarding the personal data protection and undertake to process the Personal Data collected under this Agreement, if any, according to the applicable law, including, but not limited to, Law No. 12,965 dated as of 04.23.2014, Decree No. 8,771 dated as of 05.11.2016 (Internet Civil Rights Framework), Law No. 13,709 dated as of 08.14.2018 ("<u>LGPD</u>"), where and as applicable. The Parties must also ensure that their representatives, partners, directors, and employees comply with the provisions of the relevant legal instruments related to data protection, as provided for in the LGPD.

6.10.1.Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties are liable to the competent authorities for their own acts and omissions that caused non-compliance with applicable laws and regulations.

6.11. <u>Anti-corruption clause. Compliance</u>. For the performance of this Agreement, neither party may offer, give, or commit to give, to anyone, or accept or commit to accept, from anyone, either on its own behalf or through another party, any payment, donation, compensation, financial or non-financial advantages, or benefits of any kind that create an illegal or corrupt practice under the laws of any country, directly or indirectly related to the purpose of this Agreement, or even in any way unrelated to this Agreement. They must also ensure that their agents and employees act in the same manner.

6.12. <u>Specific Performance</u>. All commitments and obligations assumed by the parties herein are subject to specific performance, pursuant to articles 497 and 815 *et seq.* of the Civil Procedure Code, with this Agreement serving as an instrument enforceable out of court, according to the article 784, III, also of the Civil Procedure Code.

6.13. <u>Jurisdiction</u>. The jurisdiction of the Capital of the State of São Paulo is hereby chosen, to the exclusion of any other, however special it may be, to resolve any disputes related to this Agreement.

In witness whereof, the Parties hereby sign this Agreement electronically, as permitted by article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code. This Agreement is irrevocable by all signatories, as documentary evidence and an instrument enforceable out of court, for all intents and purposes, representing and formalizing the entire negotiation between the Parties, without any reservations.

São Paulo, [...].

<u>Assignors</u>:

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---

| |
|:---|
| **TERRA GOYANA MINERADORA LTDA.** |
| p. Luiz Antônio Vessani and Marcos de Alencastro Curado |
| **BAUTEK MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha and Luiz Antônio Vessani |
| **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.** |
| p. Luiz Antônio Vessani |
| **SINTERTEC MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha |
| <u>Assignee</u>: |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga |
| <u>Consenting Intervening Parties</u>: |
| **RARE EARTH AMERICAS LTD.** |
| p. Dominic Paul Allen and Bernardo Sanchez Agapito da Veiga |
| **SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.** |
| p. Marcos de Alencastro Curado |
| **SUPERGRAN MINERAÇÃO LTDA.** |
| p. Marcos de Alencastro Curado Filho and Luiz Antônio Vessani |

---

------

---

| |
|:---|
| **NORTEK PARTICIPAÇÕES LTDA.** |
| p. Reinaldo Tito Teixeira Noronha |
| **SINTERTEC HOLDING, LTD.** |
| p. Reinaldo Tito Teixeira Noronha |
| **LEANDRO ROCHA SCISLEWSKI** |
| **JOSÉ LINCOLN GAMBIER COSTA** |
| **GUSTAVO ALVES GUERRA** |
| **LUIZ ANTONIO VESSANI** |

---

<u>Witnesses</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;2. |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Name: |
| &nbsp;&nbsp;CPF: | &nbsp;&nbsp;CPF: |

---

\*\*\*

<u>List of Annexes</u>:

Annex I.: Authorizations and Main Characteristics of the Mineral Rights.

Annex 1.1.3.: Instruments of Assignment of Mineral Rights.

Annex 3.1.: Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants.

Annex 3.4.1. Description of Clay characteristics.

Annex 3.4.4. Current Clay exploration map.

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<u>Annex 3.2.(ii.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

Draft Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants between the Grantors and the Grantee.

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**PRIVATE INSTRUMENT OF FIDUCIARY SALE OF MINERAL RIGHTS AND OTHER COVENANTS**

By this private instrument, the parties identified below (each a "<u>Party</u>", and collectively referred to as the "<u>Parties</u>"),

on the one hand, as Creditors,

**TERRA GOYANA MINERADORA LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, Sala 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001-25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Terra Goyana</u>";

**BAUTEK MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Bautek</u>";

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, described above, hereinafter referred to simply as "<u>Edem</u>"; and

**SINTERTEC MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, Sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sintertec</u>" and, together with Terra Goyana, Bautek and Edem, referred to as "<u>Creditors</u>";

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on the other hand, as Debtor,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>", "<u>Debtor</u>" or "<u>Guarantor</u>", indistinctly;

whereas the Debtor is, as of this date, the sole and legitimate holder and owner (i.) of the rights represented by the exploration authorizations subject to the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 832.149/2022 and 832.150/2022, with areas of 12.10ha and 61.12ha, respectively, for ilmenite ore, located in the Cties of Poços de Caldas (MG) and Águas da Prata (SP); (ii.) mineral rights represented by the development concession that is the subject of the administrative proceeding registered with the ANM under No. 818.865/1971, with an area of 411.10, for the ores bauxite, aluminum and refractory clay, located in the City of Poços de Caldas (MG) [*CONFIRM WHETHER THE EXERCISE WAS TOTAL AND, IF YES, INCLUDE THE PROCESS RESULTING FROM THE BAUTEK EXPLORATION APPLICATION*]; (iii.) mineral rights represented by the development concession that is the subject of the administrative proceeding registered with the ANM under No. 830.914/2013, with an area of 120ha, for the ores bauxite, aluminum and refractory clay, located in the City of Caldas (MG); and (iv.) the mineral rights represented by the exploration authorization and development application that are the subject of the administrative proceeding registered with the ANM under No. 806.199/1973, covering an area of 40.42ha, for bauxite ore, located in the City of Poços de Caldas, Minas Gerais (hereinafter, the "<u>Mineral Rights</u>");

whereas, on this date, the Debtor and the Creditors entered into the so-called "Assignment Agreement for Mineral Rights and Other Covenants" (the "<u>Agreement</u>"), through which Terra Goyana, Bautek, Edem, and Sintertec definitively and for consideration assigned and transferred the Mineral Rights to Alpha, upon payment of the Purchase Price defined in item 2.1 of the Agreement (the "<u>Purchase Price</u>");

whereas, pursuant to item 3.1. of the Agreement, the Debtor has undertaken, as collateral for the timely and complete payment of the Second Installment of the Purchase Price, as provided for in 2.1.(b.) of the Agreement, to fiduciarily sale the Mineral Rights in favor of the Creditors (the "<u>Fiduciary Sale</u>"), which must remain registered with the ANM until full payment of the Purchase Price;

the Parties resolve to enter into, for the purpose of implementing the aforementioned guarantee, this "Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants" (the "<u>Instrument</u>"), which will be governed by the following clauses and conditions.

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**1. DEFINITIONS.**

1.1 <u>Defined terms</u>. All terms and expressions used in this Instrument and in its Annex with their initials written in capital letters will have the same meanings assigned to them in the Agreement, unless otherwise defined in this Instrument.

**2. FIDUCIARY SALE.**

2.1 <u>Secured obligation</u>. As a guarantee of faithful, full, and timely fulfillment of the obligations assumed under the Agreement, the Debtor, irrevocably and irreversibly, pursuant to article 1,361 and related provisions of the Civil Code and article 66-B of Law No. 4,728 dated as of July 14, 1965, as amended from time to time, fiduciarily assigns, in favor of the Creditors, the fiduciary ownership and indirect possession of all Mineral Rights, in order to guarantee fulfillment of all obligations assumed under the Agreement, in particular, but not limited to, the obligation to pay the Second Installment of the Purchase Price provided for in item 2.1.(b.) of the Agreement.

2.1.1.<u>Scope</u>. At any time and regardless of any formality, this Fiduciary Sale and the definition of Mineral Rights shall cover all other rights registered with the ANM that result directly or indirectly from Mineral Rights or are linked to the exploration of Ore and/or other minerals or resources, of any nature, within the area of the Mineral Rights.

2.2 <u>Commitment</u>. Until the Secured Obligations, as defined below, are fully paid off, the Debtor hereby undertakes to: (i.) at all times maintain in fiduciary sale, hereunder, all (and no less than all) of the Mineral Rights.

2.3 <u>Validity</u>. The fiduciary guarantee hereby established shall remain in full force and effect until (i) the Secured Obligations are fully complied with; or (ii) it is fully executed and the Creditors have received the proceeds from the foreclosure of the Mineral Rights, definitively and indisputably.

2.4 <u>Communication</u>. The Creditors must, within ten (10) business days from the date any of the events set forth in 2.3. above occurs, send the Debtor a written notice (i.) attesting to the termination of this Instrument; and (ii.) authorizing the Debtor to release the Fiduciary Sale on the Mineral Rights by registering its cancellation with the ANM.

2.5 <u>Main characteristics</u>. The main features of the obligations secured hereunder are described in Annex 2.5 to this Instrument (the "<u>Secured Obligations</u>").

**3. FORMALIZATION AND PERFECTION OF THE FIDUCIARY SALE.**

3.1 <u>Registration</u>. The Debtor undertakes to register the fiduciary sale provided for herein with the ANM at any time, in compliance with articles 42 and 43 of Decree No. 9,406, dated as of June 12, 2018, expressly stating the restrictions and prohibitions provided for herein.

3.2 <u>Preservation</u>. The Debtor will comply with any other requirement of any applicable law, now in force or in the future, necessary for the establishment, improvement, preservation, and absolute priority of the Fiduciary Sale herein, providing the respective proof to the Creditors.

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**4. RIGHTS ASSOCIATED WITH THE SOLD MINERAL RIGHTS.**

4.1 <u>Mineral Rights</u>. Until an Event of Default occurs, as defined below, the Debtor may freely exercise the economic rights linked to the Mineral Rights, provided that the provisions of this Instrument, the Agreement or set forth in any document related to the Secured Obligations are observed, in such a way as not to jeopardize the payment and full compliance with the Secured Obligations and the guarantee created herein.

**5. ADDITIONAL OBLIGATIONS.**

5.1 <u>Obligations</u>. Without prejudice to any other commitments and obligations set forth in this Instrument or in the Agreement, the Debtor hereby undertakes and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 without the prior written consent of the Creditors, it shall not (i.) sell, assign, transfer, confer, exchange, pledge, or, in any way, encumber or dispose of, or grant any option, guarantee, right, enter into an agreement or commitment relating to the Mineral Rights; or (ii.) create or permit the creation of any lien, security interest, pledge, mandate, purchase agreement, restrictions, agreements, or any encumbrance or burden on the Mineral Rights fiduciarily sold, or related thereto, except only for the encumbrance resulting from this Fiduciary Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 shall, at its own expense, defend the ownership, possession, and all rights associated with the Mineral Rights fiduciarily sold against any claims and demands from third parties, and shall inform the Creditors within one (1) business day of any litigation or proceeding related to the Mineral Rights fiduciarily sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 when requested by the Creditors, it shall, at its own expense, perform all acts and sign any additional documents that may be reasonably required from time to time to enable the Creditors (i.) to protect the rights created hereunder; and (ii.) to exercise any rights that may be granted to it hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4 it shall comply with the laws, rules, and regulations applicable to Mineral Rights and adopt all necessary measures to ensure that the Creditors maintain their fiduciary ownership and absolute preference with respect to the Mineral Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.5 shall, immediately upon request by the Creditors in this regard, provide all information and evidence that the Creditors may request, at any time, regarding the Mineral Rights fiduciarily sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.6 may not, except with the prior and express authorization of the Creditors, enter into any agreement that could restrict the rights granted to the Creditors in this Instrument, or affect the Creditors' ability to sell or otherwise dispose of the Mineral Rights transferred after the occurrence of an Event of Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.7 must, after the occurrence of an Event of Default, comply with all instructions received in writing from the Creditors regarding the Mining Rights fiduciarily sold.

**6. EVENT OF DEFAULT.**

6.1 <u>Event of Default</u> . The Creditors may automatically and early consider the Secured Obligations payable in the event of any of the events regulated by law, or in the event of

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non-compliance by the Debtor with any obligations set forth in the Agreement or this Instrument (in either case, an "<u>Event of Default</u>").

6.2 <u>Consolidation of ownership</u>. Subject to the provisions of this Instrument, in the event of an Event of Default, the Creditors, regardless of any formality, shall retain direct possession and full ownership of the Mineral Rights fiduciarily sold and may, without prejudice to their other rights provided for herein, avail themselves of applicable legal and contractual measures to satisfy their credit, as set forth in item 7 below.

**7. FORECLOSURE OF WARRANTY.**

7.1 <u>Foreclosure</u>. Subject to the provisions of article 1,365 of the Civil Code, in the event of an Event of Default, full ownership of the Mineral Rights fiduciarily sold shall be consolidated in favor of the Creditors, and the Creditors may, regardless of any judicial or extrajudicial notice or notification, at their sole discretion, without prejudice to the other rights provided for herein, in the Agreement and in law, especially those provided for in article 66-B, paragraphs 3 and 4, of Law No. 4,728, dated as of July 14, 1965, dispose of, sell or cause to be sold or otherwise foreclose or dispose of the Mineral Rights, publicly or privately, in whole or in part, regardless of auction, public auction or any other judicial or extrajudicial measure, and the Creditors shall also have the right to collect, demand and receive the proceeds of such sale, disposal or execution, using it to amortize or, if possible, settle any due and unpaid Secured Obligations and any and all expenses, costs, or taxes levied on the sale, disposal, foreclosure, or transfer of the Mineral Rights or on the payment to the Creditors of the Secured Obligations, ultimately delivering any remaining balance to the Debtor.

7.2 <u>Use of funds</u>. The funds collected in accordance with the foreclosure procedures set forth in this item 7., including those owed for economic rights due from the exploitation of the Mineral Rights between the date of the Event of Default and the date of receipt of the funds related to the foreclosure of the sold Mineral Rights, as they are received, shall be immediately allocated to the Creditors. If the funds collected pursuant to the enforcement procedures provided herein are not sufficient to fully discharge the Secured Obligations, the Debtor will remain liable for the unpaid amount of the Secured Obligations.

7.4 <u>Independence</u>. The enforcement of the Mineral Rights as provided herein shall be carried out independently and in addition to any other enforcement of real or personal security granted to the Creditors with respect to the Secured Obligations.

**8. REPRESENTATIONS AND WARRANTIES.**

8.1 <u>Representations of the Debtor</u>. The Debtor represents and warrants to the Creditors, as of this date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 it is a duly incorporated and validly existing company under Brazilian law, with full power, capacity, and authorization to enter into this Instrument and

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assume and fulfill the obligations set forth herein. The legal representatives of the Debtor who sign this Instrument are fully capable of and possess all the necessary corporate powers and authorizations to enter into and fulfill its provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 this Instrument is valid and enforceable in accordance with its terms and, upon (i.) fulfillment of the obligations set forth in Clause 2., and (ii.) the registrations and endorsements set forth in Clause 3., it will become fully effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 the execution of this Instrument and the fulfillment of the obligations set forth herein do not (a.) violate (a.1.) its articles of association; or (a.2.) any law, regulation, or court, administrative, or arbitration decision that binds or is applicable to it and its assets; nor (b.) create or will create a default, nor imply or will imply an early maturity of any contract, instrument, agreement, loan, or relevant document to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.4 all approvals, consents, authorizations, and measures of any nature necessary or mandatory for the due execution, validity, and fulfillment of this Instrument and for the creation and maintenance of the Fiduciary Sale on the Mineral Rights have been obtained and are in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.5 the Debtor is the legitimate and sole holder and owner of the Mineral Rights fiduciarily sold, which are free and clear of any liens, guarantees, pledges, attachments, other fiduciary sales, options, preemptive rights, purchase commitments, restrictions, charges, debts, or any other conventional or legal encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.6 the Fiduciary Sale will create in favor of the Creditors a duly created, legal, valid, effective, and enforceable lien on the Mineral Rights fiduciarily sold and on any funds or rights related thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.7 there is no claim, demand, lawsuit, inquiry, administrative proceeding, or proceeding pending before any arbitrator, court, or any other authority regarding the Mineral Rights or the Debtor that could affect the Fiduciary Sale herein or any of the provisions of this Instrument.

8.2 <u>Validity</u>. The representations and warranties provided above by the Debtor shall remain valid and shall subsist until the Secured Obligations are paid in full, and the Debtor shall be obligated to indemnify the Creditors and hold them harmless from any liability for any loss, direct damages, costs, and expenses of any kind, including attorney's fees, provided they are duly proven and documented in writing, that may be incurred by the Creditors in connection with any falsehood, inaccuracy, incompleteness, or incorrectness regarding any representation or warranty provided by the Debtor in this Instrument.

**9. VALIDITY.**

9.1 <u>Validity</u>. This Instrument shall come into effect on the date of its execution and shall remain in effect until the Secured Obligations are fully fulfilled, as duly certified by the Creditors.

9.2 <u>Release</u>. Upon fulfillment, payment, and full discharge of the Secured Obligations, the Creditors will release the Fiduciary Sale established by this Instrument

------

on the Mineral Rights, by means of a written release. The Debtor will be solely responsible for all costs and arrangements that may be necessary to cancel the Fiduciary Sale on the Mineral Rights, including, without limitation, any registrations or endorsements required by applicable law.

**10. MISCELLANEOUS.**

10.1 <u>Notices</u>. All notices and warnings related to this Instrument shall be made in writing by registered mail to the addresses indicated in the preamble of this Instrument or any other address the Parties may communicate during the term hereof, or by email, with proof of receipt, sent to the email addresses indicated.

10.2 <u>Interpretation</u>. The chapter and clause titles inserted herein are for convenience only and shall not affect the interpretation of the chapters and clauses to which they refer to. In this Instrument: (i.) any reference to a document, including the Instrument itself, shall be deemed a reference to all documents that subsequently amend or replace it; (ii.) the terms "include", "includes", and "including" are not restrictive; (iii.) references to any natural person or legal entity shall include their successors and heirs; (iv.) references to "days" shall be construed as references to calendar days.

10.3 <u>Amendments</u>. Amendments to this Instrument will only be valid when executed in writing and signed by the legal representatives of all Parties.

10.4 <u>Waiver, Novation and others</u>. The Parties and Consenting Intervening Parties represent and acknowledge that, except as expressly provided otherwise in this Instrument: (i.) the failure to exercise, the granting of a time limit, the forbearance, or the delay in exercising any right granted to them by this Instrument or by law will not create a waiver or novation of such rights, nor will it prejudice their eventual exercise; (ii.) the individual or partial exercise of these rights will not prevent the subsequent exercise of the remaining rights or the exercise of any other right; (iii.) the waiver of any of these rights will only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and will not be considered a waiver of any other right granted by this Instrument or by law.

10.5 <u>Invalidity and others</u>. If any provision of this Instrument is deemed illegal, invalid, or ineffective, all remaining provisions not affected by such ruling shall prevail, and the Debtor shall be obliged to comply with all unaffected provisions and, pursuant to this instrument, to make payments for amounts not subject to dispute, depositing the disputed amounts in court. The Debtor further undertakes to negotiate in good faith and replace the affected provisions with others that, to the extent possible, (i.) reflect its original intent, the logic, and the economic content envisaged for each part of the transaction, and (ii.) are valid and binding. The content of the provision of this clause shall not affect or prevent the foreclosure and/or enforcement, at any time, of the Fiduciary Sale or other Guarantees granted under the Agreement.

10.6 <u>Instrument enforceable</u>. All commitments and obligations assumed in this Instrument by the Parties are subject to specific performance, according to the articles 497 and 815 *et seq.* of the Civil Procedure Code, with this Agreement serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

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10.7 <u>Costs</u>. Any and all costs incurred due to the registration of this Instrument, as well as any amendments, in the competent registries, will be the sole responsibility of the Debtor.

10.8 <u>Independence</u>. By virtue of article 23 of Law No. 9,514 dated as of 11.20.1997, and article 1,361, §1, of the Civil Code, this Instrument creates an autonomous instrument, which may be registered separately, regardless of any other instruments related to the Assigned Economic Rights.

10.9 <u>Governing Law</u>. This Instrument shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

10.10 <u>Jurisdiction</u>. The jurisdiction of the Capital of the State of São Paulo is hereby chosen to resolve any doubts or controversies arising from this Agreement, to the waiver of any other, however privileged it may be.

10.11 <u>Signatures</u>. The Parties agree that this Agreement will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure, as permitted in article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this Agreement does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court, as provided in 10.6. above.

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In witness whereof, the Parties sign this instrument electronically, through the DocuSign platform, www.docusign.com.br, in the presence of the witnesses indicated below.

São Paulo, [...].

<u>Creditors</u>:

---

| |
|:---|
| **TERRA GOYANA MINERADORA LTDA.** |
| p. Luiz Antônio Vessani and Marcos de Alencastro Curado |
| **BAUTEK MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha and Luiz Antônio Vessani |
| **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.** |
| p. Luiz Antônio Vessani |
| **SINTERTEC MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha |
| <u>Debtor</u>: |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga |

---

<u>Witnesses</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;2. |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Name: |
| &nbsp;&nbsp;CPF: | &nbsp;&nbsp;CPF: |

---

------

<u>Annex 2.5</u>.

to the Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants

<u>Characteristics of the Secured Obligations</u>

1.<u>Value of Secured Obligations</u>: the full Second Installment of the Purchase Price, as set forth in 2.1.(b.) of the Agreement, in the amount of two million, one hundred and twenty thousand US dollars (US$2,120,000.000), calculated based on the US$(United States dollar) purchase price, as published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment. *[INSERT WHETHER THE SECURED OBLIGATION WILL BE PAID IN CURRENCY OR REA SHARES, AS DEFINED IN THE AGREEMENT AND IN COMPLIANCE WITH THE OPTION CHOSEN BY THE CREDITORS]*.

2.<u>Payment</u>: the Second Installment of the Purchase Price must be paid by the Debtor to the Creditors in the manner provided for in the Agreement, i.e., within a maximum period of twelve (12) months, counted from the payment date of the First Installment of the Purchase Price.

3.<u>Default</u>: payment of the Second Installment of the Purchase Price after the maturity date will put the Debtor in default, regardless of any notice, summons, or extrajudicial notice, subjecting it to (i.) a late payment penalty of two percent (2%) on the outstanding debt; and (ii.) interest of one percent (1%) per month or fraction thereof, calculated on the overdue amounts, regardless of the possibility of the Creditors adopting applicable legal measures.

4.<u>Obligations of the Debtor</u>: the obligations of the Debtor, in addition to the other obligations assumed under the Agreement, are: (i.) to adequately and regularly comply with all requirements set forth in current law and regulations arising from the exploration authorization, development concession, licensing, and permit for prospecting, especially those set forth in article 34 of the Regulation; (ii.) to faithfully comply with all requirements and/or notices issued by authorities regarding the Mineral Rights, undertaking to collect costs and pay expenses of any kind necessary for the preservation, maintenance, or exploitation of the Mineral Rights; (iii.) to refrain from conducting exploration or mineral extraction work in violation of the title obtained under the Mineral Rights, as well as from committing any administrative infractions, including, but not limited to, those set forth in articles 55 to 69 of the Regulation; and (iv) not take any action, in court or out of court, that could result in the loss, extinction, or exhaustion, in whole or in part, of the Mineral Rights.

5.<u>Guarantees</u>: to ensure payment of any and all monetary obligations under the Agreement, a Fiduciary Sale has been established.

\*\*\*

*The other characteristics of the Mineral Rights and the Purchase Price are described in the Agreement, the clauses, terms, and conditions of which the Fiduciary Sale expressly acknowledges and agrees with. All terms and expressions used in this Annex and in its Annex with their initials written in capital letters will have the same meanings assigned to them in the Agreement, unless otherwise defined herein.*

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<u>Annex 3.2.1.(i.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Instrument of Assignment of Mineral Rights between the Grantor Terra Goyana and the Grantee</u>.

\*\*\*

**INSTRUMENT OF ASSIGNMENT OF MINERAL RIGHTS**

<u>Assignor</u>: **TERRA GOYANA MINERADORA LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> floor, sala 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001- 25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Terra Goyana</u>" or "<u>Assignor</u>", indistinctly;

<u>Assignee</u>: **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, Sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: ; and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Assignee</u>", indistinctly;

<u>Consenting Intervening Parties</u>: **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, described above, hereinafter referred to simply as "<u>Edem</u>"; and **SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> floor, sala 146-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 07.576.372/0001-00, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to simply as "<u>Santíssima Trindade</u>" and, together with Edem, the Consenting Intervening Parties;

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whereas, on this date, the Assignor and the Assignee entered into the Assignment Agreement for Mineral Rights and Other Covenants (the "<u>Agreement</u>"), through which the Assignor assigned and transferred to the Assignee the mineral rights represented by the exploration authorizations subject to the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 832.149/2022 and 832.150/2022 (the "<u>Mineral Rights</u>");

By this private instrument and in accordance with the law, the Assignor and the Assignee, as identified above, resolve to enter into this Instrument of Assignment of Mineral Rights ("<u>Assignment Instrument</u>"), which will be governed by the clauses and conditions specified below:

<u>Purpose</u>. The assignment of the Mineral Rights, free and clear of any liens, encumbrances, or restrictions, shall belong exclusively to the Assignee, including all rights and obligations, whether patrimonial or otherwise, inherent thereto, together with any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

1. As previously and duly agreed upon by the Parties in the Agreement, in consideration for the payment of the Purchase Price defined and agreed upon therein, the Assignor irrevocably assigned the Mineral Rights to the Assignee.

2. The Assignee undertakes, effective this date, to pay any fees or expenses related to the Mineral Rights.

3. The Assignee, at its sole discretion and expense, will register this Assignment Instrument with the ANM, notary offices, or any other applicable agency. The Assignor undertakes to collaborate in any and all acts that may be necessary for the implementation of the registration referred to in this item, at the Assignee's discretion, in order to enable the improvement of the assignment of Mineral Rights, such as signing documents and/or petitions, making statements, appearing before the court, tribunal or any judicial authority, through its legal representatives, always aiming at the effective registration of this Assignment Instrument with the National Mining Agency and the transfer of the Mineral Rights to the Assignee.

4. The Assignor reiterates, by signing this Assignment Instrument, the truthfulness, validity and effectiveness of all statements and documents made available to the Assignee and, with regard to its economic, financial and equity situation, declares that the assignment of the Mineral Rights to the Assignee does not create a case of fraud against creditors, fraud of execution or presumption of fraud against tax authorities, at the Federal, State or Municipal levels, as provided for in article 158 of the Civil Code, in article 792 of the Civil Procedure Code and in article 185 of the National Tax Code, respectively, and other applicable rules.

5. The Consenting Intervening Parties sign this Assignment Instrument, as partners of the Assignor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

6. This Assignment Instrument does not change, replace, or cancel any other understandings or provisions of the Agreement. Capitalized terms and expressions that do not have a definition in this Assignment Instrument will have the definition established in the Agreement.

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7. This Assignment Instrument will be construed and governed by the laws of the Federative Republic of Brazil in force. All disputes, controversies, and/or issues arising from or related to this Assignment Instrument shall be finally resolved in the courts of the Capital of the State of São Paulo, chosen by mutual agreement of the Parties.

In witness whereof, the Parties hereby sign this Agreement electronically, as permitted by article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code. This Agreement is irrevocable by all signatories, as documentary evidence and an instrument enforceable out of court, for all intents and purposes, representing and formalizing the entire negotiation between the Parties, without any reservations.

---

| |
|:---|
| São Paulo, [...]. |
| <u>Assignor</u>: |
| **TERRA GOYANA MINERADORA LTDA.** |
| p. Luiz Antônio Vessani and Marcos de Alencastro Curado  |
| <u>Assignee</u>: |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga |
| <u>Consenting Intervening Parties</u>: |
| **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.** |
| p. Luiz Antônio Vessani |
| **SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.** |
| p. Marcos de Alencastro Curado |

---

---

| | |
|:---|:---|
| <u>Witnesses</u>: |  |
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

---

\*\*\*

------

<u>Annex 3.2.1.(ii.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Instrument of Assignment of Mineral Rights between the Grantor Bautek and the Grantee</u>.

\*\*\*

**INSTRUMENT OF ASSIGNMENT OF MINERAL RIGHTS**

<u>Assignor</u>: **BAUTEK MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Bautek</u>" or "<u>Assignor</u>", indistinctly;

<u>Assignee</u>: **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Assignee</u>", indistinctly;

<u>Consenting Intervening Parties</u>: **SUPERGRAN MINERAÇÃO LTDA.**, limited liability company with head office in the City of Barro Alto, State of Goiás, at Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, ZIP Code 76390-000, enrolled with CNPJ under No. 09.355.939/0001-43, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado Filho</u>, Brazilian citizen, married under full separation of property regime, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at ; and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Supergran</u>"; **NORTEK PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Belo Horizonte, State of Minas Gerais, at Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, ZIP Code 31030-220, enrolled with CNPJ under No. 11.249.439/0001-79, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Nortek</u>" and, together with Supergran, the Consenting Intervening Parties;

------

whereas, on this date, the Assignor and the Assignee entered into the Assignment Agreement for Mineral Rights and Other Covenants (the "<u>Agreement</u>"), through which the Assignor assigned and transferred to the Assignee the mineral rights represented by the development concession and the exploration authorization subject to the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 818.865/1971 and 832.221/2021 (the "<u>Mineral Rights</u>");

*[Evaluate the inclusion of the exploration application subject to the process registered with the ANM under No. 832.221/2021, with an area of 115.63ha, for refractory clay ore, located in the Cities of Andradas (MG) and Caldas (MG)].*

By this private instrument and in accordance with the law, the Assignor and the Assignee, as identified above, resolve to enter into this Instrument of Assignment of Mineral Rights ("<u>Assignment Instrument</u>"), which will be governed by the clauses and conditions specified below:

<u>Purpose</u>. The assignment of the Mineral Rights, free and clear of any liens, encumbrances, or restrictions, shall belong exclusively to the Assignee, including all rights and obligations, whether patrimonial or otherwise, inherent thereto, together with any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

8. As previously and duly agreed upon by the Parties in the Agreement, in consideration for the payment of the Purchase Price defined and agreed upon therein, the Assignor irrevocably assigned the Mineral Rights to the Assignee.

9. The Assignee undertakes, effective this date, to pay any fees or expenses related to the Mineral Rights.

10. The Assignee, at its sole discretion and expense, will register this Assignment Instrument with the ANM, notary offices, or any other applicable agency. The Assignor undertakes to collaborate in any and all acts that may be necessary for the implementation of the registration referred to in this item, at the Assignee's discretion, in order to enable the improvement of the assignment of Mineral Rights, such as signing documents and/or petitions, making statements, appearing before the court, tribunal or any judicial authority, through its legal representatives, always aiming at the effective registration of this Assignment Instrument with the National Mining Agency and the transfer of the Mineral Rights to the Assignee.

11. The Assignor reiterates, by signing this Assignment Instrument, the truthfulness, validity and effectiveness of all statements and documents made available to the Assignee and, with regard to its economic, financial and equity situation, declares that the assignment of the Mineral Rights to the Assignee does not create a case of fraud against creditors, fraud of execution or presumption of fraud against tax authorities, at the Federal, State or Municipal levels, as provided for in article 158 of the Civil Code, in article 792 of the Civil Procedure Code and in article 185 of the National Tax Code, respectively, and other applicable rules.

12. The Consenting Intervening Parties sign this Assignment Instrument, as partners of the Assignor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

------

13. This Assignment Instrument does not change, replace, or cancel any other understandings or provisions of the Agreement. Capitalized terms and expressions that do not have a definition in this Assignment Instrument will have the definition established in the Agreement.

14. This Assignment Instrument will be construed and governed by the laws of the Federative Republic of Brazil in force. All disputes, controversies, and/or issues arising from or related to this Assignment Instrument shall be finally resolved in the courts of the Capital of the State of São Paulo, chosen by mutual agreement of the Parties.

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In witness whereof, the Parties hereby sign this Agreement electronically, as permitted by article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code. This Agreement is irrevocable by all signatories, as documentary evidence and an instrument enforceable out of court, for all intents and purposes, representing and formalizing the entire negotiation between the Parties, without any reservations.

---

| |
|:---|
| São Paulo, [...]. |
| <u>Assignor</u>: |
| **BAUTEK MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha and Luiz Antônio Vessani |
| <u>Assignee:</u> |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga |
| <u>Consenting Intervening Parties</u>: |
| **SUPERGRAN MINERAÇÃO LTDA.** |
| p. Marcos de Alencastro Curado Filho and Luiz Antônio Vessani |
| **NORTEK PARTICIPAÇÕES LTDA.** |
| p. Reinaldo Tito Teixeira Noronha |

---

---

| | |
|:---|:---|
| <u>Witnesses</u>: |  |
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

---

\*\*\*

------

<u>Annex 3.2.1.(iii.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Instrument of Assignment of Mineral Rights between the Grantor Edem and the Grantee</u>.

\*\*\*

**INSTRUMENT OF ASSIGNMENT OF MINERAL RIGHTS**

<u>Assignor</u>: **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, Brazilian citizen, divorced, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Edem</u>" or "<u>Assignor</u>", indistinctly;

<u>Assignee</u>: **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in Armação dos Búzios, e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Assignee</u>", indistinctly;

<u>Consenting Intervening Parties</u>: **LEANDRO ROCHA SCISLEWSKI**, Brazilian citizen, married under partial community of property regime, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Leandro</u>"; **JOSÉ LINCOLN GAMBIER COSTA**, Brazilian citizen, married under community property regime, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>José Lincoln</u>"; **GUSTAVO ALVES GUERRA**, Brazilian citizen, single, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Gustavo</u>"; and **LUIZ ANTONIO VESSANI**, described above, hereinafter referred to simply as "<u>Luiz Antonio</u>" and, together with Leandro, José Lincoln and Gustavo, the "<u>Consenting Intervening Parties</u>";

whereas, on this date, the Assignor and the Assignee entered into the Assignment Agreement for Mineral Rights and Other Covenants (the "<u>Agreement</u>"), through which the Assignor assigned and transferred to the Assignee the mineral rights represented by

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the development concession subject to the administrative proceeding registered with the National Mining Agency (the "<u>ANM</u>") under No. 830.914/2013 (the "<u>Mineral Rights</u>");

By this private instrument and in accordance with the law, the Assignor and the Assignee, as identified above, resolve to enter into this Instrument of Assignment of Mineral Rights ("<u>Assignment Instrument</u>"), which will be governed by the clauses and conditions specified below:

<u>Purpose</u>. The assignment of the Mineral Rights, free and clear of any liens, encumbrances, or restrictions, shall belong exclusively to the Assignee, including all rights and obligations, whether patrimonial or otherwise, inherent thereto, together with any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

15. As previously and duly agreed upon by the Parties in the Agreement, in consideration for the payment of the Purchase Price defined and agreed upon therein, the Assignor irrevocably assigned the Mineral Rights to the Assignee.

16. The Assignee undertakes, effective this date, to pay any fees or expenses related to the Mineral Rights.

17. The Assignee, at its sole discretion and expense, will register this Assignment Instrument with the ANM, notary offices, or any other applicable agency. The Assignor undertakes to collaborate in any and all acts that may be necessary for the implementation of the registration referred to in this item, at the Assignee's discretion, in order to enable the improvement of the assignment of Mineral Rights, such as signing documents and/or petitions, making statements, appearing before the court, tribunal or any judicial authority, through its legal representatives, always aiming at the effective registration of this Assignment Instrument with the National Mining Agency and the transfer of the Mineral Rights to the Assignee.

18. The Assignor reiterates, by signing this Assignment Instrument, the truthfulness, validity and effectiveness of all statements and documents made available to the Assignee and, with regard to its economic, financial and equity situation, declares that the assignment of the Mineral Rights to the Assignee does not create a case of fraud against creditors, fraud of execution or presumption of fraud against tax authorities, at the Federal, State or Municipal levels, as provided for in article 158 of the Civil Code, in article 792 of the Civil Procedure Code and in article 185 of the National Tax Code, respectively, and other applicable rules.

19. The Consenting Intervening Parties sign this Assignment Instrument, as partners of the Assignor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

20. This Assignment Instrument does not change, replace, or cancel any other understandings or provisions of the Agreement. Capitalized terms and expressions that do not have a definition in this Assignment Instrument will have the definition established in the Agreement.

21. This Assignment Instrument will be construed and governed by the laws of the Federative Republic of Brazil in force. All disputes, controversies, and/or issues arising

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from or related to this Assignment Instrument shall be finally resolved in the courts of the Capital of the State of São Paulo, chosen by mutual agreement of the Parties.

In witness whereof, the Parties hereby sign this Agreement electronically, as permitted by article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code. This Agreement is irrevocable by all signatories, as documentary evidence and an instrument enforceable out of court, for all intents and purposes, representing and formalizing the entire negotiation between the Parties, without any reservations.

---

| |
|:---|
| São Paulo, [...]. |
| <u>Assignor</u>: |
| **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.** |
| p. Luiz Antônio Vessani  |
| <u>Assignee:</u> |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga |
| <u>Consenting Intervening Parties</u>: |
| **LEANDRO ROCHA SCISLEWSKI** |
| **JOSÉ LINCOLN GAMBIER COSTA** |
| **GUSTAVO ALVES GUERRA** |
| **LUIZ ANTONIO VESSANI** |

---

---

| | |
|:---|:---|
| <u>Witnesses</u>: |  |
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

---

\*\*\*

------

<u>Annex 3.2.1.(iv.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Instrument of Assignment of Mineral Rights between the Grantor Sintertec and the Grantee</u>.

\*\*\*

**INSTRUMENT OF ASSIGNMENT OF MINERAL RIGHTS**

<u>Assignor</u>: **SINTERTEC MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, Sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Sintertec</u>" or "<u>Assignor</u>", indistinctly;

<u>Assignee</u>: **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in Armação dos Búzios, e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Assignee</u>", indistinctly;

<u>Consenting Intervening Parties</u>: **NORTEK PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Belo Horizonte, State of Minas Gerais, at Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, ZIP Code 31030-220, enrolled with CNPJ under No. 11.249.439/0001-79, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Nortek</u>"; and **SINTERTEC HOLDING, LTD.**, a company regularly organized and existing under the Laws of the British Virgin Islands, with head office in the City of Road Town, Craigmuir Chambers, Tortola, British Virgin Islands, P.O. Box 71, enrolled with CNPJ under No. 13.872.642/0001-22, e-mail: , herein represented by its legal representative, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sintertec Holding</u>" and, together with Nortek, the Consenting Intervening Parties;

whereas, on this date, the Assignor and the Assignee entered into the Assignment Agreement for Mineral Rights and Other Covenants (the "<u>Agreement</u>"), through which the Assignor assigned and transferred to the Assignee the mineral rights represented by the exploration authorization and development application subject to the administrative

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proceeding registered with the National Mining Agency (the "<u>ANM</u>") under No. 806.199/1973 (the "<u>Mineral Rights</u>");

By this private instrument and in accordance with the law, the Assignor and the Assignee, as identified above, resolve to enter into this Instrument of Assignment of Mineral Rights ("<u>Assignment Instrument</u>"), which will be governed by the clauses and conditions specified below:

<u>Purpose</u>. The assignment of the Mineral Rights, free and clear of any liens, encumbrances, or restrictions, shall belong exclusively to the Assignee, including all rights and obligations, whether patrimonial or otherwise, inherent thereto, together with any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

22. As previously and duly agreed upon by the Parties in the Agreement, in consideration for the payment of the Purchase Price defined and agreed upon therein, the Assignor irrevocably assigned the Mineral Rights to the Assignee.

23. The Assignee undertakes, effective this date, to pay any fees or expenses related to the Mineral Rights.

24. The Assignee, at its sole discretion and expense, will register this Assignment Instrument with the ANM, notary offices, or any other applicable agency. The Assignor undertakes to collaborate in any and all acts that may be necessary for the implementation of the registration referred to in this item, at the Assignee's discretion, in order to enable the improvement of the assignment of Mineral Rights, such as signing documents and/or petitions, making statements, appearing before the court, tribunal or any judicial authority, through its legal representatives, always aiming at the effective registration of this Assignment Instrument with the National Mining Agency and the transfer of the Mineral Rights to the Assignee.

25. The Assignor reiterates, by signing this Assignment Instrument, the truthfulness, validity and effectiveness of all statements and documents made available to the Assignee and, with regard to its economic, financial and equity situation, declares that the assignment of the Mineral Rights to the Assignee does not create a case of fraud against creditors, fraud of execution or presumption of fraud against tax authorities, at the Federal, State or Municipal levels, as provided for in article 158 of the Civil Code, in article 792 of the Civil Procedure Code and in article 185 of the National Tax Code, respectively, and other applicable rules.

26. The Consenting Intervening Parties sign this Assignment Instrument, as partners of the Assignor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

27. This Assignment Instrument does not change, replace, or cancel any other understandings or provisions of the Agreement. Capitalized terms and expressions that do not have a definition in this Assignment Instrument will have the definition established in the Agreement.

28. This Assignment Instrument will be construed and governed by the laws of the Federative Republic of Brazil in force. All disputes, controversies, and/or issues arising

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from or related to this Assignment Instrument shall be finally resolved in the courts of the Capital of the State of São Paulo, chosen by mutual agreement of the Parties.

In witness whereof, the Parties hereby sign this Agreement electronically, as permitted by article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code. This Agreement is irrevocable by all signatories, as documentary evidence and an instrument enforceable out of court, for all intents and purposes, representing and formalizing the entire negotiation between the Parties, without any reservations.

---

| |
|:---|
| São Paulo, [...]. |
| <u>Assignor</u>: |
| **SINTERTEC MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha |
| <u>Assignee:</u> |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga |
| <u>Consenting Intervening Parties</u>:<br>|
| **NORTEK PARTICIPAÇÕES LTDA.** |
| p. Reinaldo Tito Teixeira Noronha |
| **SINTERTEC HOLDING, LTD.** |
| p. Reinaldo Tito Teixeira Noronha |

---

---

| | |
|:---|:---|
| <u>Witnesses</u>: |  |
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

---

\*\*\*

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<u>Annex 3.3.3.(i.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Power of Attorney for the transfer of Mineral Rights granted by Terra Goyana</u>

\*\*\*

**POWER OF ATTORNEY**

**<u>GRANTOR</u>: TERRA GOYANA MINERADORA LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> floor, sala 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001-25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: (the "<u>Grantor</u>" or "<u>Terra Goyana</u>", indistinctly);

**<u>GRANTEE</u>: ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, Sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in Armação dos Búzios, e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: (the "<u>Grantee</u>" or "<u>Alpha</u>", indistinctly).

**<u>POWERS</u>**: By this instrument, the Grantor appoints the Grantee as its attorney-in-fact, in the "in its own name" modality, irrevocably and irreversibly, in accordance with the terms set forth in the Call Option Agreement for Mineral Rights and Other Covenants entered into on this date between, on the one hand, the Grantor, Bautek Minerais Industriais Ltda., Edem Empresa de Desenvolvimento em Mineração e Participações Ltda. and Sintertec Minerais Industriais Ltda., and, on the other hand, the Grantee (the "<u>Option</u>"), in accordance with the rules of articles 683, 684, 685 and 686 of the Civil Code, with powers to perform any and all acts necessary to formalize the call option for the Mineral Rights, as described and characterized in <u>Annex I</u>. to the Option, and may also (i.) sign individually, in the name and on behalf of the Grantor, any assignment instrument of all the Mineral Rights to the Grantee, including the Assignment Agreement for Mineral Rights and Other Covenants that form part of the Option as its <u>Annex 3.2.(i.)</u> and the Mineral Rights Assignment Instrument that forms part of the Option as its <u>Annex 3.2.1.(i.)</u>; and (ii.) perform any and all acts necessary for the endorsement and/or registration of the Assignment Agreement for Mineral Rights and Other Covenants or the Mineral Rights Assignment Instrument referred to in (i.) before the National Mining

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Agency ("<u>ANM</u>"), notary offices or any other public or private body, being able to proceed in the name and instead of the Grantor to the adoption of any and all actions necessary for the registration of the assignment of the Mineral Rights described and characterized in <u>Annex I</u>. to the Option. (iii.) The Grantee also has, under this Power of Attorney, the power to perform any acts necessary for the faithful and regular performance of this instrument.

**<u>OTHER CHARACTERISTICS OF THE POWER OF ATTORNEY</u>**: (1.) This power of attorney is irrevocable and irreversible, remaining in effect throughout the term of the Option, in accordance with articles 683, 684, 685, and 686, head provision and Sole paragraph. This Power of Attorney was granted "in its own name" to the Grantee as a condition for the execution of the Call Option. (2.) Capitalized terms used in this instrument that have not been defined herein shall have the same meaning as such terms in the Option. (3.) The powers granted herein are in addition to the powers granted by the Grantor to the Grantee under the Option or any other documents and do not nullify or revoke such powers. (4.) The Grantor hereby agrees to ratify any act that the Grantee has performed within the scope of the powers granted by this Power of Attorney, when and if requested by the Grantee. (5.) This power of attorney shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

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| | |
|:---|:---|
|  | São Paulo, [...]. |
| **TERRA GOYANA MINERADORA LTDA.** | **TERRA GOYANA MINERADORA LTDA.** |
| p. Luiz Antônio Vessani and Marcos de Alencastro Curado | p. Luiz Antônio Vessani and Marcos de Alencastro Curado |

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\*\*\*

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<u>Annex 3.3.3.(ii.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Power of Attorney for the transfer of Mineral Rights granted by Bautek</u>

\*\*\*

**POWER OF ATTORNEY**

**<u>GRANTOR</u>: BAUTEK MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: (the "<u>Grantor</u>" or "<u>Bautek</u>", indistinctly); and

**<u>GRANTEE</u>: ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: (the "<u>Grantee</u>" or "<u>Alpha</u>", indistinctly).

**<u>POWERS</u>**: By this instrument, the Grantor appoints the Grantee as its attorney-in-fact, in the "in its own name" modality, irrevocably and irreversibly, in accordance with the terms set forth in the Call Option Agreement for Mineral Rights and Other Covenants entered into on this date between, on the one hand, the Grantor, Terra Goyana Mineradora Ltda., Edem Empresa de Desenvolvimento em Mineração e Participações Ltda. and Sintertec Minerais Industriais Ltda., and, on the other hand, the Grantee (the "<u>Option</u>"), in accordance with the rules of articles 683, 684, 685 and 686 of the Civil Code, with powers to perform any and all acts necessary to formalize the call option for the Mineral Rights, as described and characterized in <u>Annexes I and II</u>. to the Option, and may also (i.) sign individually, in the name and on behalf of the Grantor, any assignment instrument of all the Mineral Rights to the Grantee, including the Assignment Agreement for Mineral Rights and Other Covenants that form part of the Option as its <u>Annex 3.2.(i.)</u> and the Mineral Rights Assignment Instrument that forms part of the Option as its <u>Annex 3.2.1.(i.)</u>; and (ii.) perform any and all acts necessary for the endorsement and/or registration of the Assignment Agreement for Mineral Rights and Other Covenants or the Mineral Rights Assignment Instrument referred to in (i.) before the National Mining Agency ("<u>ANM</u>"), notary offices or any other public or private body, being able to proceed in the name and instead of the Grantor to the adoption of any and all actions

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necessary for the registration of the assignment of the Mineral Rights described and characterized in <u>Annex I. and II</u>. to the Option. (iii.) The Grantee also has, under this Power of Attorney, the power to perform any acts necessary for the faithful and regular performance of this instrument.

**<u>OTHER CHARACTERISTICS OF THE POWER OF ATTORNEY</u>**: (1.) This power of attorney is irrevocable and irreversible, remaining in effect throughout the term of the Option, in accordance with articles 683, 684, 685, and 686, head provision and Sole paragraph. This Power of Attorney was granted "in its own name" to the Grantee as a condition for the execution of the Call Option. (2.) Capitalized terms used in this instrument that have not been defined herein shall have the same meaning as such terms in the Option. (3.) The powers granted herein are in addition to the powers granted by the Grantor to the Grantee under the Option or any other documents and do not nullify or revoke such powers. (4.) The Grantor hereby agrees to ratify any act that the Grantee has performed within the scope of the powers granted by this Power of Attorney, when and if requested by the Grantee. (5.) This power of attorney shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

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| | |
|:---|:---|
|  | São Paulo, [...]. |
| **BAUTEK MINERAIS INDUSTRIAIS LTDA.** | **BAUTEK MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha and Luiz Antônio Vessani | p. Reinaldo Tito Teixeira Noronha and Luiz Antônio Vessani |

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\*\*\*

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<u>Annex 3.3.3.(iii.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Power of Attorney for the transfer of Mineral Rights granted by Edem</u>

\*\*\*

**POWER OF ATTORNEY**

**<u>GRANTOR</u>: EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, Brazilian citizen, divorced, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: (the "<u>Grantor</u>" or "<u>Edem</u>", indistinctly); and

**<u>GRANTEE</u>: ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: (the "<u>Grantee</u>" or "<u>Alpha</u>", indistinctly).

**<u>POWERS</u>**: By this instrument, the Grantor appoints the Grantee as its attorney-in-fact, in the "in its own name" modality, irrevocably and irreversibly, in accordance with the terms set forth in the Call Option Agreement for Mineral Rights and Other Covenants entered into on this date between, on the one hand, the Grantor, Terra Goyana Mineradora Ltda., Bautek Minerais Industriais Ltda. and Sintertec Minerais Industriais Ltda., and, on the other hand, the Grantee (the "<u>Option</u>"), in accordance with the rules of articles 683, 684, 685 and 686 of the Civil Code, with powers to perform any and all acts necessary to formalize the call option for the Mineral Rights, as described and characterized in <u>Annex I</u>. to the Option, and may also (i.) sign individually, in the name and on behalf of the Grantor, any assignment instrument of all the Mineral Rights to the Grantee, including the Assignment Agreement for Mineral Rights and Other Covenants that form part of the Option as its <u>Annex 3.2.(i.)</u> and the Mineral Rights Assignment Instrument that forms part of the Option as its <u>Annexes 3.2.1.(i.)</u>; and (ii.) perform any and all acts necessary for the endorsement and/or registration of the Assignment Agreement for Mineral Rights and Other Covenants or the Mineral Rights Assignment Instrument referred to in (i.) before the National Mining Agency ("<u>ANM</u>"), notary offices or any other public or private body, being able to proceed in the name and instead of the Grantor to the adoption of any and all actions necessary for the registration of the assignment of the Mineral Rights described and characterized in <u>Annex I</u>. to the Option. (iii.) The Grantee also has,

------

under this Power of Attorney, the power to perform any acts necessary for the faithful and regular performance of this instrument.

**<u>OTHER CHARACTERISTICS OF THE POWER OF ATTORNEY</u>**: (1.) This power of attorney is irrevocable and irreversible, remaining in effect throughout the term of the Option, in accordance with articles 683, 684, 685, and 686, head provision and Sole paragraph. This Power of Attorney was granted "in its own name" to the Grantee as a condition for the execution of the Call Option. (2.) Capitalized terms used in this instrument that have not been defined herein shall have the same meaning as such terms in the Option. (3.) The powers granted herein are in addition to the powers granted by the Grantor to the Grantee under the Option or any other documents and do not nullify or revoke such powers. (4.) The Grantor hereby agrees to ratify any act that the Grantee has performed within the scope of the powers granted by this Power of Attorney, when and if requested by the Grantee. (5.) This power of attorney shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

---

| | |
|:---|:---|
|  | São Paulo, [...]. |
| **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.** | **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.** |
| p. Luiz Antônio Vessani | p. Luiz Antônio Vessani |

---

\*\*\*

------

<u>Annex 3.3.3.(iv.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Power of Attorney for the transfer of Mineral Rights granted by Sintertec</u>

\*\*\*

**POWER OF ATTORNEY**

**<u>GRANTOR</u>: SINTERTEC MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, Sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: (the "<u>Grantor</u>" or "<u>Sintertec</u>", indistinctly); and

**<u>GRANTEE</u>: ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: (the "<u>Grantee</u>" or "<u>Alpha</u>", indistinctly).

**<u>POWERS</u>**: By this instrument, the Grantor appoints the Grantee as its attorney-in-fact, in the "in its own name" modality, irrevocably and irreversibly, in accordance with the terms set forth in the Call Option Agreement for Mineral Rights and Other Covenants entered into on this date between, on the one hand, the Grantor, Terra Goyana Mineradora Ltda., Bautek Minerais Industriais Ltda. and Edem Empresa de Desenvolvimento em Mineração e Participações Ltda., and, on the other hand, the Grantee (the "<u>Option</u>"), in accordance with the rules of articles 683, 684, 685 and 686 of the Civil Code, with powers to perform any and all acts necessary to formalize the call option for the Mineral Rights, as described and characterized in <u>Annex I</u>. to the Option, and may also (i.) sign individually, in the name and on behalf of the Grantor, any assignment instrument of all the Mineral Rights to the Grantee, including the Assignment Agreement for Mineral Rights and Other Covenants that form part of the Option as its <u>Annex 3.2.(i.)</u> and the Mineral Rights Assignment Instrument that forms part of the Option as its <u>Annexes 3.2.1.(i.)</u>; and (ii.) perform any and all acts necessary for the endorsement and/or registration of the Assignment Agreement for Mineral Rights and Other Covenants or the Mineral Rights Assignment Instrument referred to in (i.) before the National Mining Agency ("<u>ANM</u>"), notary offices or any other public or private body, being able to proceed in the name and instead of the Grantor to the adoption of any and all actions necessary for the registration of the assignment of the Mineral Rights described and

------

characterized in <u>Annex I</u>. to the Option. (iii.) The Grantee also has, under this Power of Attorney, the power to perform any acts necessary for the faithful and regular performance of this instrument.

**<u>OTHER CHARACTERISTICS OF THE POWER OF ATTORNEY</u>**: (1.) This power of attorney is irrevocable and irreversible, remaining in effect throughout the term of the Option, in accordance with articles 683, 684, 685, and 686, head provision and Sole paragraph. This Power of Attorney was granted "in its own name" to the Grantee as a condition for the execution of the Call Option. (2.) Capitalized terms used in this instrument that have not been defined herein shall have the same meaning as such terms in the Option. (3.) The powers granted herein are in addition to the powers granted by the Grantor to the Grantee under the Option or any other documents and do not nullify or revoke such powers. (4.) The Grantor hereby agrees to ratify any act that the Grantee has performed within the scope of the powers granted by this Power of Attorney, when and if requested by the Grantee. (5.) This power of attorney shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

---

| | |
|:---|:---|
|  | São Paulo, [...]. |
| **SINTERTEC MINERAIS INDUSTRIAIS LTDA.** | **SINTERTEC MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha | p. Reinaldo Tito Teixeira Noronha |

---

\*\*\*

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<u>Annex 4.2.1.</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Due Diligence Checklist</u>

a. Mining Titles ANM Administrative Proceedings Nos. 832.221/2021, 818.865/1971, and 806.199/1973 (hereinafter, the "<u>ANM Administrative Proceedings</u>");

b. Receipts of Payment of Financial Compensation for Mineral Exploration ("<u>CFEM</u>") for ANM Administrative Proceedings Nos. 832.149/2022, 832.150/2022, 830.914/2013, and 806.199/1973, paid to date;

c. Proof of Payment of the Annual Fee per Hectare ("<u>TAH</u>"), through 2023, for ANM Administrative Proceedings Nos. 832.221/2021, 818.865/1971, 830.914/2013, and 806.199/1973;

d. Debt Clearance Certificates before the ANM (listing any outstanding debts and those disputed in administrative proceedings that have not yet been registered) in the name of all Grantors;

e. Environmental Licenses and Authorizations related to mining and processing, such as, but not limited to: environmental applications, licenses, and authorizations for vegetation removal and/or use of Permanent Preservation Areas (APP); proof of Legal Reserve and/or commitment to the state environmental system; environmental studies, including: EIA/RIMA, PCA/RCA, Environmental Impact Report, Environmental Performance Report and Monitoring List, Project Characterization Form, indication of areas to be used as environmental compensation, proof of payment or environmental compensation agreement, and commitment terms signed for licenses or permits granted;

f. Copy of agreements and authorizations signed by the Grantors, Terra Goyana, and Sintertec, with the respective Surface Owners;

g. Certificate of all surface properties located within the ANM Administrative Process polygon, as well as neighboring properties used for disposal areas or other purposes; INCRA registration of the surface properties, with the exception of the property certificate under Registration No. 64.365, from the Unified Property Registry Service of Poços de Caldas, MG;

h. A full copy of administrative proceedings discussing any CFEM or TAH debts or a Clearance Certificate on behalf of the Grantors;

i. A full copy of administrative proceedings pending before the Environmental and Water Resources Institute (INEMA) discussing any outstanding fees and/or fines resulting from notices for violations of environmental law or a clearance certificate;

j. Documentation related to the exploration of Mineral Rights subject to ANM Administrative Proceedings No. 832.149/2022, 832.150/2022, 832.221/2021, 830.914/2013, and 806.199/1973 to date; and

k. A copy of any Conduct Adjustment Instruments (TAC) entered into by the Grantors.

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<u>Annex 6.7.1</u>.

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Description of Clay characteristics</u>.

1. Introduction.

Refractory clay is a type of clay with high heat resistance and is used in the manufacture of refractory materials such as bricks, blocks, and linings for ovens, furnaces, and other high-temperature equipment.

The impurities Fe2O3 (iron oxide) and K2O (potassium oxide) are common in the composition of refractory clay. Fe2O3 can affect the color of the final material and its resistance to thermal shock, while K2O can influence the physical properties of the clay, such as its fusibility. Al2O3 contents are fundamental to the refractory properties of the clay. In general, the higher the Al2O3 content, the greater the heat resistance of the material. Al2O3 contents of 50%, 60%, and 70% indicate different degrees of heat resistance and physical characteristics of the refractory clay, with higher contents typically providing greater resistance to high temperatures.

2. Definition of Minimum Contents.

For the clays present on the Poços de Caldas plateau, we can then consider the following contents as cut-off contents for refractory clays with different alumina contents:

*Table 2-1: Minimum Contents*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DRY BASE SPECIFICATION** | **DRY BASE SPECIFICATION** | **DRY BASE SPECIFICATION** | **DRY BASE SPECIFICATION** | **DRY BASE SPECIFICATION** | **CALCINATED BASE SPECIFICATION** | **CALCINATED BASE SPECIFICATION** | **CALCINATED BASE SPECIFICATION** |
|  | **Al2O3** | **Fe2O3** | **K2O + Na2O** | **LOI** | **Al2O3** | **Al2O3** | **Fe2O3** | **K2O + Na2O** |
| **Product** | **MIN.** | **MAX.** | **MAX.** | **MIN.** | **MIN.** | **MIN.** | **MAX.** | **MAX.** |
| **CLAY 50** | 40% | 3.50% | 2.50% | 15% | 47% | 47% | 4% | 3% |
| **CLAY 60** | 45% | 3.50% | 2.50% | 18% | 55% | 55% | 4% | 3% |
| **CLAY 70** | 50% | 3.50% | 2.50% | 21% | 63% | 63% | 4% | 3% |

---

Analyses should be considered using the total oxide X-ray fluorescence assay.

\*\*\*

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<u>Annex 6.7.4</u>.

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Current Clay exploration map</u>.

![img219634839_6.jpg](img219634839_6.jpg)

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## Exhibit 10.10

**Exhibit 10.10.2**

**FIRST AMENDMENT TO THE CALL OPTION AGREEMENT FOR MINERAL RIGHTS AND OTHER COVENANTS**

By this private instrument, and in accordance with the Law, the Parties designated and described below, namely,

on one hand,

**TERRA GOYANA MINERADORA LTDA**., limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, Sala 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001-25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at Rua T-5, No. 441, apt. 12, Jardim Goiás District, Goiânia, Goiás, ZIP Code 74.230-042, e-mail: , hereinafter referred to simply as "<u>Terra Goyana</u>";

**BAUTEK MINERAIS INDUSTRIAIS LTDA**., limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as or "<u>Bautek</u>";

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA**., limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, described above, hereinafter referred to simply as "<u>Edem</u>"; and

**SINTERTEC MINERAIS INDUSTRIAIS LTDA**., limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, Sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sintertec</u>" and, together with Terra Goyana, Bautek and Edem, the "<u>Grantors</u>";

and, on the other hand,

**ALPHA MINERAIS BRAZIL PARTICIPAÇÕES LTDA**., limited liability company with head office in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its

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Directors, Messrs. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , resident and domiciled in the Capital of the State of Minas Gerais, e-mail: , both of them with business address in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, hereinafter referred to as "<u>Grantee</u>", and together with the Grantor, the "<u>Parties</u>", indistinctly).

and as Consenting Intervening Parties,

**RARE EARTHS AMERICAS PTY LTD.**, a company duly organized and existing under the laws of Australia, registered under ACN number 664.370.254 and under ABN number 84.664.370.254, with head office at Suite 53 , Level 2, 15-15, Labouchere Road, South Perth, WA, 6151, Australia, enrolled with CNPJ under No. 42.031.082/0001-81, e-mail: , herein represented in compliance with its Bylaws by its Directors, Messrs. <u>Dominic Paul Allen</u>, British citizen, businessman, holder of Passport No. , resident and domiciled at , e-mail: , and <u>Bernardo Sanchez Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>REA</u>";

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, sala 146-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 07.576.372/0001-00, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to simply as "<u>Santíssima Trindade</u>";

**SUPERGRAN MINERAÇÃO LTDA.**, limited liability company with head office in the City of Barro Alto, State of Goiás, at Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, ZIP Code 76390-000, enrolled with CNPJ under No. 09.355.939/0001-43, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Marcos de Alencastro Curado Filho</u>, Brazilian citizen, married under full separation of property regime, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at ; and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Supergran</u>";

**NORTEK PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Belo Horizonte, State of Minas Gerais, at Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, ZIP Code 31030-220, enrolled with CNPJ under No. 11.249.439/0001-79, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Nortek</u>";

**SINTERTEC HOLDING, LTD.**, a company regularly organized and existing under the Laws of the British Virgin Islands, with head office in the City of Road Town, Craigmuir Chambers, Tortola, British Virgin Islands, P.O. Box 71, enrolled with CNPJ under No. 13.872.642/0001-22, e-mail: , herein represented by its legal representative, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sinertec Holding</u>";

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**LEANDRO ROCHA SCISLEWSKI**, Brazilian citizen, married under partial community of property regime, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Leandro</u>";

**JOSÉ LINCOLN GAMBIER COSTA**, Brazilian citizen, married under community property regime, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>José Lincoln</u>";

**GUSTAVO ALVES GUERRA**, Brazilian citizen, single, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Gustavo</u>";

**LUIZ ANTONIO VESSANI**, described above, hereinafter referred to simply as "<u>Luiz Antonio</u>" and, together with REA, Santíssima Trindade, Supergran, Nortek, Sintertec Holding, Leandro, José Lincoln and Gustavo, the "<u>Consenting Intervening Parties</u>";

whereas the Parties entered into, on 02.20.2024, the so-called Call Option Agreement for the Mineral Rights and Other Covenants (hereinafter, the "<u>Agreement</u>"), the purpose of which is the exclusive granting, by the Grantors to the Grantee, of a call option of all of the mineral rights represented by (i.) exploration authorizations subject to the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 832.149/2022 and 832.150/2022, with areas of 12.10ha and 61.12ha, respectively, for ilmenite ore, located in the Cities of Poços de Caldas (MG) and Águas da Prata (SP); (ii.) development concession subject to administrative proceeding registered with the ANM under No. 818.865/1971, with an area of 411.10, for the ores bauxite, aluminum and refractory clay, located in the City of Poços de Caldas (MG); (iii.) mining concession subject to administrative proceeding registered with the ANM under No. 830.914/2013, with an area of 120ha, for the ores bauxite, aluminum and refractory clay, located in the City of Caldas (MG); (iv.) exploration authorization and development application subject to administrative proceeding registered with the ANM under No. 806.199/1973, with an area of 40.42ha, for bauxite ore, located in the City of Poços de Caldas (MG), all of which are described and characterized in <u>Annex I</u>. to the Agreement (hereinafter, the "<u>Rights</u>"); and by (v.) the exploration application subject to the process registered with the ANM under No. 832.221/2021, with an area of 115.63ha, for the refractory clay ore, located in the Cities of Andradas (MG) and Caldas (MG), duly described and characterized in <u>Annex II</u>. of the Agreement (hereinafter, the "<u>Exploration Application</u>" and, together with the Rights, the "<u>Mineral Rights</u>" and the "<u>Call Option</u>", respectively);

whereas the Parties intend to renegotiate the value of the Exercise Price and its payment method, as well as to extend the term of the Agreement and to declare that the "Due Diligence" provided for in Clause 4. has been completed, adopting the new parameters established below in this private instrument;

they resolve, by mutual agreement, to enter into this First Amendment to the Call Option Agreement for Mineral Rights and Other Covenants (hereinafter, the "<u>First Amendment</u>"), amending certain conditions and provisions of the Agreement, as set forth below.

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**CLAUSE I**.

**EXERCISE PRICE AND PAYMENT METHOD**.

1.1. <u>Change to the Exercise Price</u>. The Parties irrevocably and irreversibly resolve to change the total Exercise Price previously established in item 2.1 of the agreement, to be paid by the Grantee to the Grantors in consideration for the acquisition of all Mineral Rights. This amount will be reduced by the amount in BRL (Reais) equivalent to five million, three hundred thousand US dollars (US$5,300,000.00), calculated based on the US$(US dollar) purchase rate, as announced by the Central Bank of Brazil on the business day immediately prior to the respective payment date, to five million, one hundred sixty thousand US dollars (US$5,160,000.00).

1.2. <u>Change in the Payment Method of the Exercise Price</u>. The Parties also irrevocably and irreversibly resolve to change the payment method of the Exercise Price previously established in the same item 2.1. of the Agreement, which will be carried out predominantly through the delivery to the Grantors of shares issued by the Consenting Intervening Party REA, an Australian company that holds all of the Grantee's capital stock, to be issued within the scope of a liquidity event that makes their public trading possible, on the Australian Securities Exchange or another that may replace it, in compliance with the regulations provided for in the applicable law and in the manner defined below in the new wording of item 2.1.1. of the Agreement, and, subsequently, transferred to the Grantors, by replacing the payment in current currency previously provided for in items 2.1.(a.) and 2.1.(b.) of the Agreement, through the adoption of a legal form that will be timely defined between the Parties.

1.3. Due to the new parameters and conditions referred to in 1.1. and 1.2. regarding the value of the Exercise Price and its payment method, which were established by mutual agreement between the Parties, item 2.1. of the Agreement shall, as of this date, come into force with the following new wording, with the Parties expressly agreeing to the revocation of the former item 2.1.4. of the Agreement, as well as to the renumbering of items 2.1.1. *et seq*:

*"2.1. <u>Exercise Price</u>. The total, clear and legal price to be paid by the Grantee to the Grantors in consideration for the purchase of the Mineral Rights, in the event of exercise of the Call Option governed by this Agreement, will be equivalent to five million, one hundred and sixty thousand United States dollars (US$5,160,000.00) (the "<u>Exercise Price</u>"), to be paid upon transfer to the Grantors of as many REA Shares, as defined in 2.1.1. below, as necessary to obtain this value, always rounded up to a higher whole number, if applicable, valued at the closing price of the REA Shares on the date of the Liquidity Event, as defined in 2.1.1. below. This transfer must occur within a maximum period of thirty (30) days after sending the Exercise Notice, in accordance with the procedure set forth in 3.1. below. The payment of the Exercise Price will be made by the Grantee to the Grantors in proportion to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. and II</u>. to the Agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.1. <u>REA Shares</u>. For the purposes of payment of the Exercise Price provided for in 2.1. above and other rules of the Agreement, "<u>REA Shares</u>" shall be considered to be shares issued by REA or its successor or controlling* 

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*company that are subject to public trading on the Australian Securities Exchange or any other exchange that may replace it (the "<u>ASX</u>"), such trading being the result of any of the following types of liquidity events: (i.) an initial public offering for public trading on the ASX of REA shares, its successor or controlling company (an IPO); (ii.) the merger of the REA into a company whose shares are admitted to trading on the ASX, or the merger by the REA of a public company whose shares are admitted to trading on the ASX; or (iii.) the sale or transfer of controlling interest in the REA to a public company whose shares are admitted to trading on the ASX (hereinafter, a "<u>Liquidity Event</u>").*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2. <u>Other provisions applicable to the payment of the Exercise Price upon the transfer of REA Shares</u> . Without prejudice to the provisions of items 2.1 and 2.1.1. Above, the Parties hereby agree that:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.1. <u>Cooperation</u>: the Grantee will use its best efforts to assist the Grantors, to the extent possible, including by recommending service providers, in adopting the procedures required by the ASX, brokerages, or other intermediaries to facilitate the effective receipt of the REA Shares, as set forth in 2.1. above;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.2. <u>Lock-Up</u>: Grantors are aware that Australian law and ASX regulations have specific rules regarding time restrictions on the sale of shares subject to public trading in that country. Therefore, the REA Shares transferred to Grantee may be subject to "lock-up" periods defined by Australian regulatory authorities;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.3. <u>Structure</u>: the Parties shall, by mutual agreement, define the legal-contractual structure to be adopted for the transfer of the REA Shares to the Grantors, taking into account, among others, the tax costs involved, the risks eventually borne, Brazilian law regarding investments abroad and any applicable Australian regulations;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.4. <u>Alternative payment</u>: if, by the end of the Term or the Additional Term, as defined in 5.1. and 5.1.1. below, a Liquidity Event related to the REA Shares does not materialize, as defined in 2.1.1. above, the Grantee may still, at its sole discretion, exercise the Call Option, as provided for in 3.1., upon payment of the Exercise Price in the amount and within the period provided for in 2.1. above, in BRL (Reais), calculated based on the US$(United States dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, via TED or PIX to the bank accounts held by the Grantors indicated in <u>Annex 1.2</u>. to the Agreement. The payment of the Exercise Price according to this alternative form will also be made by the Grantee to the Grantors in proportion to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. and II</u>. to the Agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.3. <u>Adjustment and interest</u>. No monetary adjustment or interest shall be applied to the Exercise Price timely paid during the term of this Agreement.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.4. <u>Release and Default</u>. For all legal purposes and effects, the effective transfer, as provided for in Australian law, of REA Shares to the Grantors, or, as the case may be, the presentation of bank receipt confirming the transfer referred to in 2.1.2.4 to the bank accounts held by the Grantors as specified in <u>Annex 1.2</u>. to the Agreement, will imply the granting, by the Grantors to the Grantee, of the fullest, general, irrevocable, and irreversible release regarding the receipt of the Exercise Price, and no further claims or disputes on this matter may be made at any time, in or out of court. In the event of late payment of the Exercise Price, the balance due will be determined on the respective maturity date and, from said date onward, will be subject to (i) a late payment penalty of two percent (2%) of the outstanding balance; and (ii.) interest of half a percent (1%) per month from the due date set forth in 2.1. above, without prejudice to the possibility of adopting applicable legal measures by the Grantors.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.5. <u>Partial Exercise. Exploration Application</u>. In the event that, on the Exercise Date, as defined in 3.1. below, the Grantee has not yet received the Research Authorization Grant Notice, (i.) the Call Option may be partially exercised, with the exclusion of the Exploration Application (the "<u>Partial Exercise</u>") and acquisition of only the Rights, with the subsequent (ii.) reduction of the Exercise Price to four million, three hundred and seventy-five thousand, three hundred and fifteen US dollars and eighteen cents (US$4,375,315.18), to be paid in the same conditions and proportions established in 2.1 above, being the reduction of seven hundred and eighty-four thousand, six hundred and eighty-four US dollars and eighty-two cents (US$784,684.82), equivalent to fifteen point twenty-one percent (15.21%) of the Exercise Price and of the total hectares of the Mineral Rights (the "<u>Partial Exercise Price</u>"); in the event of Partial Exercise of the Call Option, (iii) the Grantee will retain the right to Purchase the Exploration Application for an additional twelve (12) months, counted from the date of the Exercise Notice defined in 3.1. below (the "<u>Residual Option</u>"), for the exercise price of seven hundred and eighty-four thousand, six hundred and eighty-four US dollars and eighty-two cents (US$784,684.82) (the "<u>Residual Exercise Price</u>"), with the rules set forth in 2.1., 2.1.1. to 2.1.4. et seq., 3.1. et seq., and 5.1.2. of this Agreement applying to this residual Call Option, with the necessary adaptations.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.6. <u>Reduction of the Exercise Price</u>. In the event that the area of the Exploration Application is reduced due to overlap with third-party ownership rights or for any other reason, the Exercise Price or Partial Exercise Price, as applicable, shall also be reduced in proportion to the total number of hectares of the Mineral Rights. Such reduction shall be calculated using the following formula: [Hectares excluded from the area of the Exploration Application (/) Total hectares of Mineral Rights, as indicated in <u>Annexes I. and II</u>.] (x) Exercise Price. The reduction of the Exercise Price applies without distinction to the cases of payment in REA Shares or in currency, as provided for in 2.1.1. and 2.1.4., respectively*".

1.4. <u>Exercise of the Call Option</u>. As a consequence of the new rules established in item 2.1. of the Agreement regarding the payment method of the Exercise Price of the Call

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Option, the Parties, by mutual agreement, resolve to amend item 3.1. of the Agreement, which shall come into force with the following new wording:

*"3.1. <u>Exercise of the Call Option</u>. The Call Option may be exercised at any time during the term of this Agreement, as set forth in 5.1. below. The Grantee must express its intention to exercise the Call Option by sending written notice to the Grantors, in accordance with item 7.9. below (the "<u>Exercise Notice</u>"), in which it must inform the intention to acquire all of the Mineral Rights or to Partially Exercise them, provided that it is authorized, in accordance with item 2.1.5. above. The Exercise Price must be paid under the strict terms and deadline set forth in items 2.1 et seq. above, within a maximum period of thirty (30) days after the Exercise Notice is sent. The date of delivery of the REA Shares to the Grantors or payment in lawful currency, as applicable, provided it is preceded by the Exercise Notice, will be considered the Call Option exercise date (the "<u>Exercise Date</u>") for all purposes of this Agreement and any legal transactions resulting from the exercise of the Call Option. If the Grantee does not exercise the Call Option within the term of the Agreement, the transaction will terminate at no cost to the Parties, and the Grantors will not be obligated to return the Premium. Furthermore, the data and information obtained and produced by the Grantee in the Mineral Exploration must be sent to the Grantors within ten (10) business days.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.1.1. <u>Proof of receipt</u>. Proof of receipt of the Call Option Exercise Notice by the Grantors is not a necessary condition for formalizing its exercise. Grantee may formalize the legal transactions resulting from such Call Option at any time, during the Term of this Agreement, in accordance with the items 5.1., 5.1.1. and 5.1.2. below, provided that after fulfilling the conditions set forth in 3.1. above, subject to the requirements and conditions established in this Agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.1.2. <u>Residual Option</u>. The rules set forth in items 3.1. and 3.1.1., and 3.2. et seq., apply to the exercise of the Residual Option set forth in 2.1.5. above, with the necessary adaptations".*

1.5. <u>Fiduciary Sale; Revocation</u>. Finally, also as a consequence of the change in the payment method of the Exercise Price of the Call Option, which, due to the new wording of item 2.1. of the Agreement, will be paid in a single installment, the Parties agree, irrevocably and irreversibly, to the revocation of the obligation to establish a fiduciary sale as collateral that would originally be granted by the Grantee to the Grantors for the payment of an installment of the Exercise Price, with the consequent change in the wording of item 3.2. of the Agreement, which shall, as of this date, be in force with the following new wording:

*"3.2. <u>Obligation to assign Mineral Rights</u>. Once the Call Option has been exercised and provided that the conditions set forth in 3.1. above are met, in particular the payment of the Exercise Price, the Grantors will be irrevocably obligated to carry out the sale and consequent transfer of ownership of the Mineral Rights to the Grantee, in accordance with the draft Mineral Rights Assignment Agreement and Other Covenants that is included herein as <u>Annex 3.2.(i.)</u> and, likewise, the Grantee will be irrevocably obligated to acquire the Mineral Rights, in accordance with the terms indicated in its Exercise Notice. In the event of Partial Exercise or the exercise of the Residual Option, the Parties* 

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*must also adopt the draft in <u>Annex 3.2.(i.)</u>, implementing the appropriate adaptations.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.2.1. <u>Formalization of transfer of Mineral Rights</u>. Within a maximum period of ten (10) business days from the Exercise Date, the Grantors and the Grantee shall promote the signature of the private instrument of the Mineral Rights Assignment Agreement and Other Covenants, the draft of which is included herein as <u>Annex 3.2.(i)</u>, as well as the Instruments of Assignment of Mineral Rights that are included herein as <u>Annexes 3.2.1.(i.) to 3.2.1.(iv.)</u>, and, within a maximum period of fifteen (15) days from such signature, shall promote the endorsement and registration of one of them with the ANM, notary offices or any other applicable body, at the expense of the Grantee, and the Grantors undertake to present, within a maximum period of five (5) business days, any and all documents that are reasonably required by the Grantee, or by the person responsible for the endorsement and/or registration, as applicable. In the event of Partial Exercise or the exercise of the Residual Option, the Parties must adopt the draft in <u>Annex 3.2.1.(ii.)</u>, implementing the appropriate adaptations.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.2.2. <u>Power of Attorney</u>. In the event that it is not possible for the Grantors to comply with the term provided for in 3.2.1. above, and in order to enable the implementation of the Call Option and the formalization of the transfer of the Mineral Rights to the Grantee, the Grantors hereby grant to the Grantee an irrevocable power of attorney in their own name, the drafts of which form part of this instrument in its <u>Annex 3.2.2.</u>, so that the latter may adopt, on behalf of the Grantors, any and all actions necessary to formalize the transfer of the Mineral Rights to its ownership, including the execution of the private instrument of the Mineral Rights Assignment Agreement and Other Covenants, which forms part of this instrument as its <u>Annex 3.2.(i.)</u>, of the respective Instruments of Assignment of Mineral Rights, which form part of this instrument as its <u>Annexes 3.2.1.(i.) to 3.2.1.(iv.)</u> and of public or private instruments, if applicable, including the transfer forms before the ANM. The powers of attorney provided for in this item may also be used to exercise the Residual Option".*

1.6. <u>Assignment Agreement; Adaptations</u>. In the event that the Grantee exercises the Call Option, as provided for in item 3.1. of the Agreement, the draft of the private instrument of the Assignment Agreement for Mineral Rights and Other Covenants, which is included in the Agreement as <u>Annex 3.2.(i.)</u> and is intended to formalize the transfer of the Mineral Rights to the Grantee, under the strict terms set forth in item 3.2 of the Agreement, must be adapted to reflect, "*mutatis mutandis*", the terms and conditions established in the new wording of item 2.1 and its respective subitems of the Agreement, as amended by this First Amendment, as well as the revocation of the fiduciary sale guarantee provided for in item 1.5 above.

**CLAUSE II**.

**TERM**.

2.1. <u>Term. Additional Premium</u>. The Parties resolve to extend the term of the Agreement, from February 20, 2025 to June 30, 2026, such extension being subject to payment, by the Grantee to the Grantors, by June 30, 2025 or by the date of the Exercise Notice, whichever occurs first, of an additional premium in the amount in BRL (Reais)

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equivalent to one million US dollars (US$1,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Additional Premium</u>"). The Additional Premium will be paid by the Grantee to the Grantors, in Brazilian currency, proportional to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. e II</u>. to the Agreement, by wire transfer to the current account of the Grantors indicated in <u>Annex 1.2.</u> to the Agreement.

2.2. <u>Term. Supplementary Premium</u>. If, by June 30, 2026, a Liquidity Event does not materialize, as defined in the new wording of item 2.1.1 of the Agreement, the term established in item 2.1. may be extended for up to two (2) additional periods of 135 days each, upon payment, for each extension, of a supplementary premium in the amount of BRL (Reais) equivalent to three hundred thousand US dollars (US$300,000.00), calculated based on the US$(United States dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Supplementary Premium</u>"). The Supplementary Premium will be paid by the Grantee to the Grantors, in Brazilian currency, proportional to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. e II</u>. to the Agreement, by wire transfer to the current account of the Grantors indicated in <u>Annex 1.2.</u> to the Agreement.

2.3. As a consequence of the new rules established in items 2.1. and 2.2. above, the Parties, by mutual agreement, resolve to amend item 5.1. of the Agreement, which shall come into force with the following new wording:

*"5.1. <u>Term</u>. The provisions of this Agreement shall be valid and effective from the date of its execution until June 30, 2026, extendable as set forth in 4.3. and 4.3.1. above (the "<u>Term</u>"). If, however, by June 30, 2025, or by the date of the Exercise Notice provided for in 3.1. above, whichever occurs first, the Grantee does not make payment to the Grantors of an additional premium in the amount in BRL (Reais) equivalent to one million US dollars (US$1,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, as published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Additional Premium</u>"), the Term established herein shall be considered, for all legal purposes, to have ended on February 20, 2025. The Additional Premium provided for in this item shall be paid by the Grantee to the Grantors, in Brazilian currency, proportional to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. and II</u>. to the Agreement, by making a TED or PIX transfer to the bank accounts held by the Grantors indicated in <u>Annex 1.2</u>. to the Agreement. Before the end of the term provided for in this item, neither Party is permitted to terminate or unilaterally terminate the provisions of this Agreement, except in the cases expressly provided for herein.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1.1. <u>Supplementary Term</u>. If, by the end of the Term established in 5.1. above, a Liquidity Event related to the REA Shares has not yet materialized, as defined in item 2.1.1. above, the Grantee will have the irrevocable and irreversible right to extend the Term of Validity for up to two (2) additional periods of one hundred and thirty-five (135) days each, upon prior payment, for each extension, of a supplementary premium in the lawful* 

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*currency, in the amount of BRL (Reais) equivalent to three hundred thousand US dollars (US$300,000.00), calculated based on the US$(United States dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Supplementary Premium</u>"). The Supplementary Premium (or each Supplementary Premium, if applicable) shall be paid by the Grantee to the Grantors, in Brazilian currency, proportional to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. and II</u>. to the Agreement, by making a TED or PIX transfer to the bank accounts held by the Grantors indicated in <u>Annex 1.2</u>. to the Agreement until the business day immediately prior to the end of the Term.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1.2. <u>Residual Option</u>. Especially in the case provided for in 2.1.5. above, and provided that the Grantee partially exercises the Call Option, this Agreement will be extended for an additional twelve (12) months period, starting from the Exercise Notice date defined in 3.1. below, so that the Grantee has the right to exercise the Residual Option with respect to the Exploration Application, as outlined above".*

**CLAUSE III.**

**DUE DILIGENCE, RATIFICATION AND MISCELLANEOUS**.

3.1. The Parties declare that the Feasibility Study and Due Diligence provided for in "CLAUSE 4. DUE DILLIGENCE AND EXPLORATION RIGHT" were regularly and timely completed by the Grantee, finalized, and therefore resolve, deeming the obligations of the Grantors established in items 4.1 to 4.3 of the Agreement to be satisfied and fulfilled.

3.2. <u>Definitions</u>. All defined terms used in this First Amendment shall have the meaning assigned to them in the Agreement, unless otherwise specifically established in this First Amendment.

3.3. <u>Binding, Ratification and Entire Agreement</u>. This First Amendment shall become an integral part of the Agreement for all legal purposes and effects. All clauses, terms, and conditions set forth in the Agreement that have not been expressly amended by this First Amendment remain in force and are hereby ratified by the Parties. This First Amendment, together with the Agreement, creates the entire agreement among the Parties regarding the matters creating the Call Option, superseding all previously executed documents and understandings previously reached among the Parties.

3.4. <u>Irrevocability</u>. This First Amendment is signed on an irrevocable and irreversible basis, not allowing for withdrawal under any circumstances, and is binding on the Parties and their heirs and successors in any capacity.

3.5. <u>Amendments</u>. Amendments to this First Amendment will only be valid when executed in writing and signed by the legal representatives of all Parties.

3.6. <u>Assignment</u>. The rights and obligations arising from this First Amendment may not be assigned or transferred, in whole or in part, by either Party to third parties other

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than Authorized Assignees, as defined in item 1.4 of the Agreement, except with the prior or express consent of the other Party.

3.7. <u>Honesty and good faith</u>. The Parties mutually and expressly declare that this First Amendment was entered into in compliance with the principles of honesty and good faith, through a free, conscious, and firm expression of the will of the Parties, and in a perfectly equitable relationship.

3.8. <u>Notices</u>. All notifications, notices related to this first Amendment or the Agreement must be in writing and will be deemed received on the delivery date, if delivered in person, on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email. These notices, notifications, and communications will be sent to the addresses indicated in item 7.9 of the Agreement or in this preamble, or to any other address that may be communicated in writing by one Party to the other, by written communication.

3.9. <u>Specific Performance</u>. All commitments and obligations assumed in this First Amendment by the Parties and the Consenting Intervening Parties are subject to specific performance, according to the articles 497, 501 and 815 *et seq.* of the Civil Procedure Code, with this First Amendment serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

3.10. <u>Jurisdiction</u>. The Parties hereby elect the Judicial district of the Capital of the State of São Paulo to resolve any doubts, disputes, or controversies arising from this First Amendment, to the exclusion of any other, however privileged it may be or may become.

3.11. <u>Signatures</u>. The Parties agree that this First Amendment will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure - ICP-Brasil, as provided in article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this First Amendment does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court, as provided in 3.8. above. The Parties further acknowledge that (i.) even if either Party electronically signs this First Amendment in a different location, the place of execution of this First Amendment is, for all purposes, the City of São Paulo, State of São Paulo, as indicated below; and (ii.) the execution date of this First Amendment will be considered, for all intents and purposes, the date indicated below, notwithstanding the date on which the last electronic signature is executed.

In witness whereof, the Parties electronically execute this First Amendment to the Call Option Agreement for Mineral Rights and Other Covenants, through the platform D4Sign, www.d4sign.com.br.

São Paulo, April 1, 2025.

<u>Parties</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Luiz Antônio Vessani | &nbsp;&nbsp;/s/ Marcos de Alencastro Curado |

---

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**TERRA GOYANA MINERADORA LTDA.**

p. Luiz Antônio Vessani and Marcos de Alencastro Curado

&nbsp;&nbsp;/s/ Reinaldo Tito Teixeira Noronha<br>

**BAUTEK MINERAIS INDUSTRIAIS LTDA.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;/s/ Luiz Antônio Vessani<br>

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**

p. Luiz Antônio Vessani

&nbsp;&nbsp;/s/ Reinaldo Tito Teixeira Noronha<br>

**SINTERTEC MINERAIS INDUSTRIAIS LTDA.**

p. Reinaldo Tito Teixeira Noronha

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| | |
|:---|:---|
| &nbsp;&nbsp;/s/ João Paulo Agapito da Veiga | &nbsp;&nbsp;/s/ Renato Aureo de Paula Gonzaga |

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**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga

<u>Consenting Intervening Parties</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Bernardo Sanchez Agapito da Veiga | &nbsp;&nbsp;/s/ Dominic Paul Allen |

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**RARE EARTHS AMERICAS PTY LTD.**

p. Bernardo Sanchez Agapito da Veiga and Dominic Paul Allen

&nbsp;&nbsp;/s/ Marcos de Alencastro Curado<br>

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**

p. Marcos de Alencastro Curado

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| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Marcos de Alencastro Curado Filho | &nbsp;&nbsp;/s/ Luiz Antônio Vessani |

---

**SUPERGRAN MINERAÇÃO LTDA.**

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p. Marcos de Alencastro Curado Filho and Luiz Antônio Vessani

&nbsp;&nbsp;/s/ Reinaldo Tito Teixeira Noronha<br>

**NORTEK PARTICIPAÇÕES LTDA.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;/s/ Reinaldo Tito Teixeira Noronha<br>

**SINTERTEC HOLDING, LTD.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;/s/ Leandro Rocha Scislewski<br>

**LEANDRO ROCHA SCISLEWSKI**

&nbsp;&nbsp;/s/ José Lincoln Gambier Costa<br>

**JOSÉ LINCOLN GAMBIER COSTA**

&nbsp;&nbsp;/s/ Gustavo Alves Guerra<br>

**GUSTAVO ALVES GUERRA**

&nbsp;&nbsp;/s/ Luiz Antonio Vessani<br>

**LUIZ ANTONIO VESSANI**

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## Exhibit 10.10

**Exhibit 10.10.3**

**SECOND AMENDMENT TO THE CALL OPTION AGREEMENT FOR MINERAL RIGHTS AND OTHER COVENANTS**

By this private instrument, and in accordance with the Law, the Parties designated and described below, namely, on one hand,

**TERRA GOYANA MINERADORA LTDA**., limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, salas 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001-25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Terra Goyana</u>";

**BAUTEK MINERAIS INDUSTRIAIS LTDA**., limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, described above, and <u>Marcos de Alencastro Curado Filho</u>, Brazilian citizen, married under full separation of property regime, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Bautek</u>";

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA**., limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, described above, hereinafter referred to simply as "<u>Edem</u>"; and

**SINTERTEC MINERAIS INDUSTRIAIS LTDA**., limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, Sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Sintertec</u>" and, together with Terra Goyana, Bautek and Edem, the "<u>Original Grantors</u>"; and, on the other hand,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA**., limited liability company with head office in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , resident and domiciled in the Capital of the State of Minas Gerais,

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e-mail: , both of them with business address in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, hereinafter referred to as "<u>Grantee</u>", and together with the Grantor, the "<u>Parties</u>", indistinctly; also appearing as the new Grantor and successor to the contractual position previously held by Terra Goyana and Bautek,

**GREEN MINING COMPANY LTDA**., limited liability company with head office in the Capital of the State of Goiás, at Rua João de Abreu, No. 192, quadra F-8, Lote 49-E, 14<sup>th</sup> floor, sala 143-B, Ed. Aton Business Style, Setor Oeste, CEP 74120-110, herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, described above, and <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to as "<u>GMC</u>" and, together with Edem and Sintertec, the "<u>Grantors</u>"; and as Consenting Intervening Parties,

**RARE EARTHS AMERICAS PTY LTD**., a company duly organized and existing under the laws of Australia, registered under ACN number 664.370.254 and under ABN number 84.664.370.254, with head office at Suite 53 , Level 2, 15-15, Labouchere Road, South Perth, WA, 6151, Australia, enrolled with CNPJ under No. 42.031.082/0001-81, e-mail: , herein represented in compliance with its Bylaws by its Directors, Messrs. <u>Dominic Paul Allen</u>, British citizen, businessman, holder of Passport No. , resident and domiciled at , e-mail: , and <u>Bernardo Sanchez Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>REA</u>";

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA**., limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> floor, sala 146-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 07.576.372/0001-00, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to simply as "<u>Santíssima Trindade</u>";

**SUPERGRAN MINERAÇÃO LTDA**., limited liability company with head office in the City of Barro Alto, State of Goiás, at Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, ZIP Code 76390-000, enrolled with CNPJ under No. 09.355.939/0001-43, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Marcos de Alencastro Curado Filho</u>, described above; and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Supergran</u>";

**NORTEK PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Belo Horizonte, State of Minas Gerais, at Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, ZIP Code 31030-220, enrolled with CNPJ under No. 11.249.439/0001-79, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Nortek</u>";

**SINTERTEC HOLDING, LTD**., a company regularly organized and existing under the Laws of the British Virgin Islands, with head office in the City of Road Town, Craigmuir Chambers, Tortola, British Virgin Islands, P.O. Box 71, enrolled with CNPJ under No. 13.872.642/0001-22, e-mail: , herein represented by its legal representative, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sinertec Holding</u>";

**LEANDRO ROCHA SCISLEWSKI**, Brazilian citizen, married under partial community of property regime, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Leandro</u>";

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**JOSÉ LINCOLN GAMBIER COSTA**, Brazilian citizen, married under community property regime, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. ], resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>José Lincoln</u>";

**GUSTAVO ALVES GUERRA**, Brazilian citizen, single, geologist, holder of Identity Card No. , enrolled with CPF under No. ], resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Gustavo</u>";

**LUIZ ANTONIO VESSANI**, described above, hereinafter referred to simply as "<u>Luiz Antonio</u>";

**JOSÉ FLEURY CURADO FILHO**, Brazilian citizen, divorced, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>José Fleury</u>";

**SAGRADA FAMÍLIA PARTICIPAÇÕES LTDA**., limited liability company with head office in the Capital of the State of Goiás, at Rua 3, No. 482, Qd-B.3, Lt-9-E, apt. 200, Condomínio Residencial Solar das Acácias, Setor Oeste, ZIP Code 74115-050, enrolled with CNPJ under No. 23.646.430/0001-80, e-mail: , herein represented in compliance with its Articles of Association by its Director <u>André Alencastro Curado</u>, Brazilian, married under partial community of property regime, businessman, holder of Identity Card (Rg) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Goiás, at , e-mail: , hereinafter referred to simply as "<u>Sagrada Família</u>";

**SAGRADO CORAÇÃO DE JESUS PARTICIPAÇÕES LTDA**., limited liability company with head office in the Capital of the State of Goiás, at Alameda dos Buritis, No. 196, apt. 1701, Residencial Bariani Ortêncio, Setor Central, ZIP Code 74015-080, enrolled with CNPJ under No. 23.556.237/0001-59, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to simply as "<u>Sagrado Coração</u>" and, together with REA, Santíssima Trindade, Supergran, Nortek, Sintertec Holding, Leandro, José Lincoln, Gustavo, Luiz Antonio, José Fleury and Sagrada Família, the "<u>Consenting Intervening Parties</u>";

whereas the Original Grantors and the Grantee entered into, on 02.20.2024, the so-called Call Option Agreement for the Mineral Rights and Other Covenants (hereinafter, the "<u>Agreement</u>"), the purpose of which is the exclusive granting, by the Original Grantors to the Grantee, of a call option of all of the mineral rights represented by (i.) exploration authorizations subject to the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 832.149/2022 and 832.150/2022, with areas of 12.10ha and 61.12ha, respectively, for ilmenite ore, located in the Cities of Poços de Caldas (MG) and Águas da Prata (SP) owned by the Original Grantor Terra Goyana; (ii.) development concession subject to administrative proceeding registered with the ANM under No. 818.865/1971, with an area of 411.10, for the ores bauxite, aluminum and refractory clay, located in the City of Poços de Caldas (MG) owned by the Original Grantor Bautek; (iii.) mining concession subject to administrative proceeding registered with the ANM under No. 830.914/2013, with an area of 120ha, for the ores bauxite, aluminum and refractory clay, located in the City of Caldas (MG) owned by the Grantor Edem; (iv.) development application subject to administrative proceeding registered with the ANM under No. 806.199/1973, with an area of 40.42ha, for bauxite ore, located in the City of Poços de Caldas (MG) owned by the Grantor Sintertec, all of which are described and characterized in <u>Annex I</u>. to the Agreement (hereinafter, the "<u>Rights</u>"); and by (v.) the exploration application subject to the process registered with the ANM under No. 832.221/2021, with an area of 115.63ha, for the refractory clay ore, located in the Cities of Andradas (MG) and Caldas (MG)

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owned by the Grantor Bautek, duly described and characterized in <u>Annex II</u>. of the Agreement (hereinafter, the "<u>Exploration Application</u>" and, together with the Rights, the "<u>Mineral Rights</u>" and the "<u>Call Option</u>", respectively);

whereas, on 04.01.2025, the Original Grantors and the Grantee entered into the so-called First Amendment to the Agreement, through which they changed the value and payment method of the Exercise Price originally provided for in the Agreement, in addition to extending its term, with the establishment of the concepts of Additional Premium and Supplementary Premium, among other modifications (hereinafter, the "<u>First Amendment to the Agreement</u>");

whereas, on 07.03.2025, the Original Grantor Terra Goyana filed with the ANM the Assignment Instruments, whose Electronic SEI Protocol Receipts are included herein as <u>Annex I</u>., aiming to transfer the exploration authorizations that are the subject of the administrative proceedings registered with the ANM under Nos. 832.149/2022 and 832.150/2022 to GMC, a company that will assume the contractual position of "Grantor" previously held by the Original Grantee Terra Goyana in the Agreement and in the First Amendment to the Agreement, as well as that, on 07.08.2025, the Original Grantor Bautek filed with the ANM the Assignment Instruments, whose Electronic SEI Protocol Receipt is included herein as <u>Annex II</u>., aiming to transfer the mining concession that is the subject of the administrative proceedings registered with the ANM under No. 818.865/1971 to GMC, which, subject to the rights and obligations related to the Exploration Application, will also assume the position of "Grantor" previously held by the Original Grantee Bautek in the Agreement and in the First Amendment to the Agreement;

whereas the Parties intend to regulate the aforementioned assignments of contractual positions, as well as to extend the payment date of the Additional Premium provided for in item 2.1 of the First Amendment, as set forth below;

they resolve, by mutual agreement, to enter into this Second Amendment to the Call Option Agreement for Mineral Rights and Other Covenants (hereinafter, the "<u>Second Amendment</u>"), which shall be governed by in accordance with the following clauses and conditions.

**CLAUSE I**.

**ASSIGNMENT**.

1.1. <u>Assignment</u>. By virtue of this Second Amendment and with the express consent of the Grantee, Edem, and Sintertec, Terra Goyana and Bautek irrevocably and irreversibly resolve, for all legal purposes, to transfer the position of <u>GRANTOR</u> they assumed under the Agreement and the First Amendment to the Agreement to GMC, which will hold all rights and obligations inherent in and/or arising from the contractual position previously held by Terra Goyana and Bautek, without interruption in the contractual relationship, except for the obligations set forth in 1.1.1. and 1.1.2. below. For clarification purposes, all references in the Agreement and the First Amendment to Terra Goyana and Bautek, previously the Original Grantors, shall, from this date forward, be interpreted as references to GMC, without any change to the terms originally provided. Likewise, any and all references to the Grantors shall collectively encompass GMC, Edem and Sintertec.

1.1.1.<u>Exploration Application</u>. The Parties acknowledge that the Exploration Application cannot currently be transferred to GMC or, in the event of the Call Option being exercised, directly to the Grantee. Therefore, until the Exploration Application is effectively converted into a exploration authorization in Bautek's name, Bautek, jointly and severally with the Grantors, remains subject to the obligations assumed in item 1.5 of the Agreement. The Parties further agree that if, on the Exercise Date, as defined in item 3.1 of the First Amendment to the Agreement, the Grantee has not yet received the

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Exploration Authorization Grant Notice, the rules regarding the Partial Exercise Price, Residual Option, Residual Exercise Price, and reduction of the Exercise Price set forth in items 2.1.5., 2.1.6, 3.2., and 5.1.2 shall apply "*mutatis mutandis*" of the First Amendment to the Agreement, among others, adjusting them to the assignment of the contractual position formalized in item 1.1. above.

1.1.2.<u>Transfer of Rights</u>. Terra Goyana and Bautek expressly agree that, until the final endorsement of the Assignment Instruments attached hereto as <u>Annex I</u>. and <u>Annex II</u>., with the consequent transfer of the Rights mentioned therein to GMC, they will remain subject to the obligations previously assumed in the Agreement and in the First Amendment to the Agreement, and must sign instruments and submit all documents and/or information required by the ANM or any other authority or private entity, as soon as possible, in order to ensure the full and unrestricted exercise of the Call Option.

1.1.3.<u>Assignment Agreement; Adaptations</u>. In the event that the Grantee exercises the Call Option, as provided for in item 3.1. of the Agreement, as amended by the First Amendment to the Agreement, the draft of the private instrument of the Assignment Agreement for Mineral Rights and Other Covenants, which is included in the Agreement as <u>Annex 3.2.(i.)</u> and is intended to formalize the transfer of the Mineral Rights to the Grantee, under the strict terms set forth in item 3.2 of the Agreement, must be adapted to reflect, "*mutatis mutandis*", the assignment of the contractual position formalized in item 1.1. above, as well as the terms and conditions amended by the First Amendment to the Agreement.

1.1.4.<u>Power of Attorney</u>. In the event that it is not possible for the GMC to comply with the term provided for in item 3.2.1. of the Agreement, as amended in the First Amendment to the Agreement, and in order to enable the implementation of the Call Option and the formalization of the transfer of the Mineral Rights to the Grantee, the GMC hereby grants to the Grantee an irrevocable power of attorney in its own name, the draft of which forms part of this instrument in its <u>Annex 1.1.4.</u>, so that the latter may adopt, on behalf of the GMC, any and all actions necessary to formalize the transfer of the Mineral Rights to its ownership, including the execution of the private instrument of the Mineral Rights Assignment Agreement and Other Covenants, which forms part of the Agreement as its Annex 3.2.(i.), of the respective Instruments of Assignment of Mineral Rights, which form part of the Agreement as its Annexes 3.2.1.(i.) and 3.2.1.(ii.) and of public or private instruments, if applicable, including the transfer forms before the ANM. The power of attorney provided for in this item (a.) is granted in addition to the powers of attorney granted by Terra Goyana and Bautek, which are included in Annexes 3.3.3.(i.) and 3.3.3.(ii.) to the Agreement, and remain fully applicable; and b.) may also be used in the exercise of the Residual Option.

**CLAUSE II**.

**TERM**.

2.1. <u>Term. Additional Premium</u>. The Parties resolve to change the payment term of the Additional Premium, as provided for in item 2.1. of the First Amendment to the Agreement, extending it from June 30, 2025 to July 31, 2025 or until the date of the Exercise Notice, whichever occurs first. As a consequence of the new term established in this item 2.1., the Parties, by mutual agreement, resolve to amend item 5.1. of the Agreement, which shall come into force with the following new wording:

*"5.1. <u>Term</u>. The provisions of this Agreement shall be valid and effective from the date of its execution until June 30, 2026, extendable as set forth in 4.3. and 4.3.1. above (the "<u>Term</u>"). If, however, by July 31, 2025, or by the date of the Exercise Notice provided* 

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*for in 3.1. above, whichever occurs first, the Grantee does not make payment to the Grantors of an additional premium in the amount in BRL (Reais) equivalent to one million US dollars (US$1,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, as published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Additional Premium</u>"), the Term established herein shall be considered, for all legal purposes, to have ended on June 30, 2026. The Additional Premium provided for in this item shall be paid by the Grantee to the Grantors, in Brazilian currency, proportional to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. and II</u>. to the Agreement, by making a TED or PIX transfer to the bank accounts held by the Grantors indicated in <u>Annex 1.2</u>. to the Agreement. Before the end of the term provided for in this item, neither Party is permitted to terminate or unilaterally terminate the provisions of this Agreement, except in the cases expressly provided for herein.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1.1. <u>Supplementary Term</u>. If, by the end of the Term established in 5.1. above, a Liquidity Event related to the REA Shares has not yet materialized, as defined in item 2.1.1. above, the Grantee will have the irrevocable and irreversible right to extend the Term of Validity for up to two (2) additional periods of one hundred and thirty-five (135) days each, upon prior payment, for each extension, of a supplementary premium in the lawful currency, in the amount of BRL (Reais) equivalent to three hundred thousand US dollars (US$300,000.00), calculated based on the US$(United States dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Supplementary Premium</u>"). The Supplementary Premium (or each Supplementary Premium, if applicable) shall be paid by the Grantee to the Grantors, in Brazilian currency, proportional to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. and II</u>. to the Agreement, by making a TED or PIX transfer to the bank accounts held by the Grantors indicated in <u>Annex 1.2</u>. to the Agreement until the business day immediately prior to the end of the Term.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1.2. <u>Residual Option</u>. Especially in the case provided for in 2.1.5. above, and provided that the Grantee partially exercises the Call Option, this Agreement will be extended for an additional twelve (12) months period, starting from the Exercise Notice date defined in 3.1. below, so that the Grantee has the right to exercise the Residual Option with respect to the Exploration Application, as outlined above".*

**CLAUSE III**.

**RATIFICATION AND MISCELLANEOUS**.

3.1. <u>Definitions</u>. All defined terms used in this Second Amendment shall have the meaning provided in the Agreement and in the First Amendment, unless otherwise specifically established in this Second Amendment.

3.2. <u>Binding, Ratification and Entire Agreement</u>. This Second Amendment shall become an integral part of the Agreement for all legal purposes and effects. All clauses, terms, and conditions set forth in the Agreement that have not been expressly amended by this Second Amendment remain in force and are hereby ratified by the Parties. This Second Amendment, together with the Agreement and the First Amendment to the Agreement, creates the entire

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agreement among the Parties regarding the matters creating the Call Option, superseding all previously executed documents and understandings previously reached among the Parties.

3.3. <u>Irrevocability</u>. This Second Amendment is signed on an irrevocable and irreversible basis, not allowing for withdrawal under any circumstances, and is binding on the Parties and their heirs and successors in any capacity.

3.4. <u>Amendments</u>. Amendments to this Second Amendment will only be valid when executed in writing and signed by the legal representatives of all Parties.

3.5. <u>Assignment</u>. The rights and obligations arising from this Second Amendment may not be assigned or transferred, in whole or in part, by either Party to third parties other than Authorized Assignees, as defined in item 1.4. of the Agreement, except with the prior or express consent of the other Party.

3.6. <u>Honesty and good faith</u>. The Parties mutually and expressly declare that this Second Amendment was entered into in compliance with the principles of honesty and good faith, through a free, conscious, and firm expression of the will of the Parties, and in a perfectly equitable relationship.

3.7. <u>Notices</u>. All notifications, notices or communications relating to this Second Amendment will be in writing and will be deemed received on the delivery date, if delivered in person, on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email. These notifications, notices, and communications will be sent to the addresses indicated in item 7.9. of the Agreement or in this preamble, or to any other address that may be communicated in writing by one Party to the other, by written communication.

3.8. <u>Specific Performance</u>. All commitments and obligations assumed in this Second Amendment by the Parties and the Consenting Intervening Parties are subject to specific performance, according to the articles 497, 501 and 815 *et seq.* of the Civil Procedure Code, with this Second Amendment serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

3.9. <u>Jurisdiction</u>. The Parties hereby elect the Judicial district of the Capital of the State of São Paulo to resolve any doubts, disputes, or controversies arising from this Second Amendment, to the exclusion of any other, however privileged it may be or may become.

3.10. <u>Signatures</u>. The Parties agree that this Second Amendment will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure - ICP-Brasil, as provided in article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this Second Amendment does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court, as provided in 3.8. above. The Parties further acknowledge that (i.) if either Party electronically signs this Second Amendment in a different location, the place of execution of this Second Amendment is, for all purposes, the City of São Paulo, State of São Paulo, as indicated below; and (ii.) the execution date of this Second Amendment will be considered, for all intents and purposes, the date indicated below, notwithstanding the date on which the last electronic signature is executed.

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In witness whereof, the Parties electronically execute this Second Amendment to the Call Option Agreement for Mineral Rights and Other Covenants, through the platform D4Sign, www.d4sign.com.br.

São Paulo, SP, July 24, 2025.

<u>Parties</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Luiz Antônio Vessani | &nbsp;&nbsp;/s/ Marcos de Alencastro Curado |

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**TERRA GOYANA MINERADORA LTDA.**

p. Luiz Antônio Vessani and Marcos de Alencastro Curado

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| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Luiz Antônio Vessani | &nbsp;&nbsp;/s/ Marcos de Alencastro Curado Filho |

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**BAUTEK MINERAIS INDUSTRIAIS LTDA.**

p. Luiz Antônio Vessani and Marcos de Alencastro Curado Filho

&nbsp;&nbsp; <br>/s/ Luiz Antônio Vessani<br>

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**

p. Luiz Antônio Vessani

&nbsp;&nbsp;/s/ Reinaldo Tito Teixeira Noronha<br>

**SINTERTEC MINERAIS INDUSTRIAIS LTDA.**

p. Reinaldo Tito Teixeira Noronha

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| | |
|:---|:---|
| &nbsp;&nbsp;/s/ João Paulo Agapito da Veiga | &nbsp;&nbsp;/s/ Renato Aureo de Paula Gonzaga |

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**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga

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| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Luiz Antônio Vessani | &nbsp;&nbsp;/s/ Marcos de Alencastro Curado |

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**GREEN MINING COMPANY LTDA.**

p. Luiz Antônio Vessani and Marcos de Alencastro Curado

<u>Consenting Intervening Parties</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Bernardo Sanchez Agapito da Veiga | &nbsp;&nbsp;/s/ Dominic Allen |

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**RARE EARTHS AMERICAS PTY LTD.**

p. Bernardo Sanchez Agapito da Veiga and Dominic Paul Allen

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&nbsp;&nbsp;/s/ Marcos de Alencastro Curado<br>

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**

p. Marcos de Alencastro Curado

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| | |
|:---|:---|
| &nbsp;&nbsp; <br>/s/ Marcos de Alencastro Curado Filho | &nbsp;&nbsp; <br>/s/ Luiz Antônio Vessani |

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**SUPERGRAN MINERAÇÃO LTDA.**

p. Marcos de Alencastro Curado Filho and Luiz Antônio Vessani

&nbsp;&nbsp; <br>/s/ Reinaldo Tito Teixeira Noronha<br>

**NORTEK PARTICIPAÇÕES LTDA.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;/s/ Reinaldo Tito Teixeira Noronha<br>

**SINTERTEC HOLDING, LTD.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;/s/ Leandro Rocha Scislewski<br>

**LEANDRO ROCHA SCISLEWSKI**

&nbsp;&nbsp;/s/ José Lincoln Gambier Costa<br>

**JOSÉ LINCOLN GAMBIER COSTA**

&nbsp;&nbsp;/s/ Gustavo Alves Guerra<br>

**GUSTAVO ALVES GUERRA**

&nbsp;&nbsp;/s/ Luiz Antonio Vessani<br>

**LUIZ ANTONIO VESSANI**

**JOSÉ FLEURY CURADO FILHO**

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&nbsp;&nbsp;/s/ André Alencastro Curado<br>

**SAGRADA FAMÍLIA PARTICIPAÇÕES LTDA.**

p. André Alencastro Curado

&nbsp;&nbsp;/s/ Marcos de Alencastro Curado<br>

**SAGRADO CORAÇÃO DE JESUS PARTICIPAÇÕES LTDA.**

p. Marcos de Alencastro Curado

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<u>List of Annexes</u>:

Annex I.: Electronic SEI Protocol Receipts related to Instruments of Assignment of Rights owned by Terra Goyana to GMC

Annex II.: Electronic SEI Protocol Receipt related to Instrument of Assignment of Right owned by Bautek to GMC.

Annex 1.2.1.: Draft power of attorney to be granted by GMC to the Grantee.

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<u>Annex I.</u>

to the Second Amendment to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of July 24, 2025.

<u>Electronic SEI Protocol Receipts related to Instruments of Assignment of Rights owned by Terra Goyana to GMC</u>.

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ANM - National Mining Agency

**ELECTRONIC PROTOCOL RECEIPT - SEI No. 48054.832149/2022-75**

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| |
|:---|
| Applicant: |
| GIULIANE KIELLY ALVES NAVES |
| IP Used: |

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Verified Account 07/03/2025 - 11:49:16.462 10.30.0.67

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| |
|:---|
| Registration via individualized biometric validation<br>Registration via digital certificate<br>It has CTDM |
| Unit: |
| ENTRADA-MG |
| Protocol Type: |
| Request Full Assignment of Mineral Exploration Permit |
| Assignor |
| Terra Goyana Mineradora Ltda |
| Interested Third Party: |
| TERRA GOYANA MINERADORA LTDA |
| Relationship between the Applicant and the Interested Party: |
| GIULIANE KIELLY ALVES NAVES, through a Verified Account, Registration via individualized biometric validation, Registration via digital certificate, operating through TERRA GOYANA MINERADORA LTDA. via:<br>Registration as a legal entity employee in the CTDM Single Login for legal entities |
| Relationship between the Applicant and the Interested Third Party: |
| Assignee |
| Green Mining Company Ltda |
| Document Protocols (SEI Number) |
| **Process 48054.832149/2022-75**<br>- Application (17069332)<br>- Corporate Documents (17069333)<br>- Corporate Documents (17069334)<br>- Corporate Documents (17069336)<br>- Corporate Documents (17069339)<br>- Corporate Documents (17069340)<br>- Corporate Documents (17069341)<br>- Public deed or Private instrument of assignment of rights (17069342)<br>- Public deed or Private instrument of assignment of rights (17069343)<br>- Proof of payment of fees (17069344) |

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The user identified above has been previously notified that the protocol implies acceptance of the terms and conditions governing the electronic process, in addition to the provisions of prior accreditation, and the signing of the digital documents and the declaration that the scanned documents are authentic. The user is held civilly, criminally, and administratively liable for misuse. Furthermore, the access levels indicated for the documents would be subject to review by a public official, who may change them at any time without prior notice. The user is solely responsible for:

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the consistency between the data provided and the documents;

the preservation of the paper originals of scanned documents until the right to review the acts performed in the process lapses, so that, if requested, they can be presented for any type of review; the electronic performance of all procedural acts and communications as the user or, through the user, with the entity they may represent;

The observance that procedural acts are considered completed on the date and time of receipt by the Protocol, with those performed up to the last day of the deadline being considered timely, always considering Brasília time, regardless of the time zone;

Periodic consultation of ANM systems to verify receipt of electronic summonses.

The existence of this Receipt, the process, and the documents listed above can be verified on the National Mining Agency's website.

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ANM - National Mining Agency

**ELECTRONIC PROTOCOL RECEIPT - SEI No. 48054.832150/2022-08**

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| |
|:---|
| Applicant: |
| GIULIANE KIELLY ALVES NAVES |
| IP Used: |

---

Verified Account 07/03/2025 - 11:52:18 AM. 728 10.30.0.67

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| |
|:---|
| Registration via individualized biometric validation<br>Registration via digital certificate<br>It has CTDM |
| Unit: |
| ENTRADA-MG |
| Protocol Type: |
| Request Full Assignment of Mineral Exploration Permit |
| Assignor |
| Terra Goyana Mineradora Ltda |
| Interested Third Party: |
| TERRA GOYANA MINERADORA LTDA |
| Relationship between the Applicant and the Interested Party: |
| GIULIANE KIELLY ALVES NAVES, through a Verified Account, Registration via individualized biometric validation, Registration via digital certificate, operating through TERRA GOYANA MINERADORA LTDA. via:<br>Registration as a legal entity employee in the CTDM Single Login for legal entities |
| Relationship between the Applicant and the Interested Third Party: |
| Assignee |
| Green Mining Company Ltda |
| Document Protocols (SEI Number) |
| **Process 48054.832150/2022-08**<br>- Application (17069356)<br>- Corporate Documents (17069358)<br>- Corporate Documents (17069364)<br>- Corporate Documents (17069366)<br>- Corporate Documents (17069368)<br>- Corporate Documents (17069370)<br>- Corporate Documents (17069371)<br>- Public deed or Private instrument of assignment of rights (17069372)<br>- Public deed or Private instrument of assignment of rights (17069374)<br>- Proof of payment of fees (17069375) |

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The user identified above has been previously notified that the protocol implies acceptance of the terms and conditions governing the electronic process, in addition to the provisions of prior accreditation, and the signing of the digital documents and the declaration that the scanned documents are authentic. The user is held civilly, criminally, and administratively liable for misuse. Furthermore, the access levels indicated for the documents would be subject to review by a public official, who may change them at any time without prior notice. The user is solely responsible for:

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the consistency between the data provided and the documents;

the preservation of the paper originals of scanned documents until the right to review the acts performed in the process lapses, so that, if requested, they can be presented for any type of review; the electronic performance of all procedural acts and communications as the user or, through the user, with the entity they may represent;

The observance that procedural acts are considered completed on the date and time of receipt by the Protocol, with those performed up to the last day of the deadline being considered timely, always considering Brasília time, regardless of the time zone;

Periodic consultation of ANM systems to verify receipt of electronic summonses.

The existence of this Receipt, the process, and the documents listed above can be verified on the National Mining Agency's website.

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<u>Annex II.</u>

to the Second Amendment to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of July 24, 2025.

<u>Electronic SEI Protocol Receipt related to Instrument of Assignment of Right owned by Bautek to GMC</u>.

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ANM - National Mining Agency

**ELECTRONIC PROTOCOL RECEIPT - SEI No. 27203.818865/1971-18**

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| | |
|:---|:---|
| Applicant: | Applicant: |
| GIULIANE KIELLY ALVES NAVES | GIULIANE KIELLY ALVES NAVES |
| IP Used: |  |
| &nbsp;&nbsp;Verified Account | 10.30.0.67 |
| Registration via individualized biometric validation<br>Registration via digital certificate<br>It has CTDM | Registration via individualized biometric validation<br>Registration via digital certificate<br>It has CTDM |
| Unit: | Unit: |
| ENTRADA-MG | ENTRADA-MG |
| Protocol Type: | Protocol Type: |
| Request Full Assignment of Development Concession | Request Full Assignment of Development Concession |
| Assignor | Assignor |
| Bautek Minerais Industriais Ltda. | Bautek Minerais Industriais Ltda. |
| Interested Third Party: | Interested Third Party: |
| BAUTEK MINERAIS INDUSTRIAIS LTDA. | BAUTEK MINERAIS INDUSTRIAIS LTDA. |
| Relationship between the Applicant and the Interested Party: | Relationship between the Applicant and the Interested Party: |
| GIULIANE KIELLY ALVES NAVES, through a Verified Account, Registration via individualized biometric validation, Registration via digital certificate, operating through BAUTEK MINERAIS INDUSTRIAIS LTDA., via:<br>Registration as a legal entity employee in the CTDM Single Login for legal entities | GIULIANE KIELLY ALVES NAVES, through a Verified Account, Registration via individualized biometric validation, Registration via digital certificate, operating through BAUTEK MINERAIS INDUSTRIAIS LTDA., via:<br>Registration as a legal entity employee in the CTDM Single Login for legal entities |
| Relationship between the Applicant and the Interested Third Party:<br>Assignee | Relationship between the Applicant and the Interested Third Party:<br>Assignee |
| Green Mining Company Ltda | Green Mining Company Ltda |
| Document Protocols (SEI Number) | Document Protocols (SEI Number) |
| **Process 27203.818865/1971-18**<br>- Application (17122470)<br>- Corporate Documents (17122471)<br>- Corporate Documents (17122475)<br>- Corporate Documents (17122476)<br>- Public deed or Private instrument of assignment of rights (17122477)<br>- Public deed or Private instrument of assignment of rights (17122478)<br>- Public deed or Private instrument of assignment of rights (17122479)<br>- Public deed or Private instrument of assignment of rights (17122480)<br>- Public deed or Private instrument of assignment of rights (17122481)<br>- Proof of fund availability (17122482)<br>- Proof of payment of fees (17122483) | **Process 27203.818865/1971-18**<br>- Application (17122470)<br>- Corporate Documents (17122471)<br>- Corporate Documents (17122475)<br>- Corporate Documents (17122476)<br>- Public deed or Private instrument of assignment of rights (17122477)<br>- Public deed or Private instrument of assignment of rights (17122478)<br>- Public deed or Private instrument of assignment of rights (17122479)<br>- Public deed or Private instrument of assignment of rights (17122480)<br>- Public deed or Private instrument of assignment of rights (17122481)<br>- Proof of fund availability (17122482)<br>- Proof of payment of fees (17122483) |

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The user identified above has been previously notified that the protocol implies acceptance of the terms and conditions governing the electronic process, in addition to the provisions of prior accreditation, and the signing of the digital documents and the declaration that the scanned documents are authentic. The user is held civilly, criminally, and administratively liable for misuse. Furthermore, the access levels indicated for the documents would be subject to review by a public official, who may change them at any time without prior notice. The user is solely responsible for:

------

the consistency between the data provided and the documents;

the preservation of the paper originals of scanned documents until the right to review the acts performed in the process lapses, so that, if requested, they can be presented for any type of review; the electronic performance of all procedural acts and communications as the user or, through the user, with the entity they may represent;

The observance that procedural acts are considered completed on the date and time of receipt by the Protocol, with those performed up to the last day of the deadline being considered timely, always considering Brasília time, regardless of the time zone;

Periodic consultation of ANM systems to verify receipt of electronic summonses.

The existence of this Receipt, the process, and the documents listed above can be verified on the National Mining Agency's website.

------

<u>Annex 1.2.1.</u>

to the Second Amendment to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of July 24, 2025.

<u>Draft Power of Attorney for the transfer of Mineral Rights granted by GMC</u>

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**POWER OF ATTORNEY**

**<u>GRANTOR</u>**: **GREEN MINING COMPANY LTDA**., limited liability company with head office in the Capital of the State of Goiás, at Rua João de Abreu, No. 192, quadra F-8, Lote 49-E, 14<sup>th</sup> floor, Sala 143-B, Ed. Aton Business Style, Setor Oeste, ZIP Code 74120-110, herein represented in compliance with its Articles of Association by its Directors, <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, bearer of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Goiás, at , e-mail: , and <u>Marcos deAlencastro Curado</u> , Brazilian citizen, married under partial community of property regime, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Goiás, at , e-mail: (the "<u>Grantor</u>" or "<u>GMC</u>", indistinctly);

**<u>GRANTEE</u>**: **ALPHA MINERAIS BRAZIL PARTICIPAÇÕES LTDA**., limited liability company with head office in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , resident and domiciled in the Capital of the State of Minas Gerais, e-mail: , both of them with business address in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, (the "<u>Grantee</u>", or "<u>Alpha</u>", indistinctly).

**<u>POWERS</u>**: By this instrument, the Grantor appoints the Grantee as its attorney-in-fact, in the "in its own name" modality, irrevocably and irreversibly, in accordance with the terms set forth in the Call Option Agreement for Mineral Rights and Other Covenants entered into on 02.20.2024, as amended on 04.01.2025 and on this date between, on the one hand, the Grantor, Edem Empresa de Desenvolvimento em Mineração e Participações Ltda. and Sintertec Minerais Industriais Ltda., and, on the other hand, the Grantee (the "<u>Option</u>"), in accordance with the rules of articles 683, 684, 685 and 686 of the Civil Code, with powers to perform any and all acts necessary to formalize the call option for the Mineral Rights, as described and characterized in <u>Annex I</u>. to the Option, and may also (i.) sign individually, in the name and on behalf of the Grantor, any assignment instrument of all the Mineral Rights to the Grantee, including the Assignment Agreement for Mineral Rights and Other Covenants that forms part of the Option as its <u>Annex 3.2.(i.)</u> and the Mineral Rights Assignment Instruments that form part of the Option as its <u>Annexes 3.2.1.(i.) and 3.2.1.(ii.)</u>; and (ii.) perform any and all acts necessary for the endorsement and/or registration of the Assignment Agreement for Mineral Rights and Other Covenants or the Mineral Rights Assignment Instrument referred to in (i.) before the National Mining Agency ("<u>ANM</u>"), notary offices or any other public or private body, being able to proceed in the name and instead of the Grantor to the adoption of any and all actions necessary for the registration of the assignment of the Mineral Rights described and characterized in <u>Annex</u> 

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<u>I</u>. to the Option. (iii.) The Grantee also has, under this Power of Attorney, the power to perform any acts necessary for the faithful and regular performance of this instrument.

**<u>OTHER CHARACTERISTICS OF THE POWER OF ATTORNEY</u>**: (1.) This power of attorney is irrevocable and irreversible, remaining in effect throughout the term of the Option, in accordance with articles 683, 684, 685, and 686, head provision and Sole paragraph. This Power of Attorney was granted "in its own name" to the Grantee as a condition for the execution of the Call Option and its Second Amendment. (2.) Capitalized terms used in this instrument that have not been defined herein shall have the same meaning as such terms in the Option. (3.) The powers granted herein are in addition to the powers granted by the Grantor to the Grantee under the Option or any other documents and do not nullify or revoke such powers. (4.) The Grantor hereby agrees to ratify any act that the Grantee has performed within the scope of the powers granted by this Power of Attorney, when and if requested by the Grantee. (5.) This power of attorney shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

---

| |
|:---|
| São Paulo, SP, [...]. |
| **GREEN MINING COMPANY LTDA.** |
| p. Luiz Antônio Vessani and Marcos de Alencastro Curado |

---

\*\*\*

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## Exhibit 10.11

**Exhibit 10.11**

**TOTAL LEASE AGREEMENT FOR MINERAL RIGHTS UNDER SUSPENSIVE CONDITION**

By this private instrument, and in the best legal form, the Parties designated below and duly qualified, namely,

on the one hand, as Lessor,

**MINERAÇÃO ALTO DA SERRA DE ANDRADAS LTDA.,** a limited liability company headquartered in the municipality of Andradas, Minas Gerais, at Fazenda Lagoinha, s/n, Bairro Campestrinho, ZIP CODE 37795-000, registered with the CNPJ under No. 07.346.404/0001-80, email: , hereby represented in accordance with its Articles of Association, by its Administrators, Mr. <u>José Maurício Fonseca Franco,</u> Brazilian, married, businessman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , and Ms. Nilse A a ecida F anco, Brazilian, married, businesswoman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , hereinafter referred to as "Alto da Serra" or "Lessor", interchangeably;

and, on the other hand, as Lessee,

**ALP ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.,** a limited liability company headquartered in the capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, n.° 530, Vila Gerti udes; ZIP Code 04705-080, registered with the CNPJ under No. 43.093.229/0001-20, email: , herein represented by its Articles of Incorporation, by its Administrator, Mr. João Paulo Agapito da Veiga, Brazilian, single, businessman, holder of Identity Card No. , issued by DETRAN-RJ, registered with the CPF under No. , resident and domiciled in , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, no. 530, Vila Gertrudes, CEP 04705-080, hereinafter referred to as "Alpha" or "Lessee", interchangeably;

also appearing as consenting intervening parties,

JOSÉ **MAURÍCIO FONSECA FRANCO,** as above, email: ; and

**NILSE APARECIDA FRANCO ARMANI,** Brazilian, married, businesswoman, holder of Identity Card No. , registered with the CPF under No. ,resident and domiciled in , email: ;

whereas the Lessor is the sole and legitimate holder of the Mining Right that is the subject of the administrative proceeding registered with the National Mining Agency (the "ANM") under No. 804.059/1971, with Mining Concession Ordinance No. 82.928, published in the Federal Official Gazette (DOU) on December 22, 1978 (the "<u>Mining Concession</u> Ordinance"), for clay, bauxite, and leucite minerals, in an area of 37.5 hectares, located in the municipality of Andradas, MG (the <u>"Mining</u> Right"), whose authorizations and main characteristics are included herein as <u>Annex</u> <u>I</u>.;

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Whereas the Parties shall conduct research in the field of mining law with the aim of assessing the possibility of exploiting rare earths and any associated minerals, such as, among others, niobium and scandium (hereinafter referred to as the "Minerals"), and, if successful, shall arrange for the preparation of (a.) a report, in accordance with the provisions of Article 2 of Decree No. 9,406, dated June 12, 2018 (hereinafter referred to as the "<u>Mining</u> Code"), as well as (b.) an economic utilization plan indicating the possible changes that the mining of these new substances will bring to the original mining plan that resulted in the Mining Concession Ordinance, as provided for in Article 129 of the Annex to Ordinance No. 155, dated May 12, 2016, which approved the consolidation of the rules of the National Department of Mineral Production (the "DNPM" and the <u>"DNPM Normative</u> Code"), which shall be presented, on behalf of the Lessor, to the ANM, for registration of new mineral substances in the original mining concession title;

Considering that, pursuant to Articles 130 et seq. of the Consolidated Rules of the DNPM and other applicable laws and regulations, Mining Rights at the mining concession stage may be wholly or partially leased, regardless of the transfer of ownership of the mining concession to the third party lessee, provided that such agreement is subject to prior approval and registration with the DNPM;

Whereas, subject to the conditions precedent and terms set forth below, the Lessor is interested in leasing the mining concession for the exploitation of Minerals, and the Lessee is interested in leasing the Mining Rights, provided that the Conditions Precedent set forth in item 2.2. below, in particular the amendment to the Ordinance Granting the Mining Right for the inclusion of Minerals;

The Parties hereby agree to enter into this "Total Mining Rights Lease Agreement Subject to Suspensive Condition" (the "Agreement"), which shall be governed by the following terms and conditions.

**1.** **OBJECT.**

1.1<u>Lease of Mining Rights.</u> By this instrument, the Lessee undertakes and agrees, on the Closing Date and provided that the Conditions Precedent set forth in 2.2 below are fulfilled, to lease from the Lessor, and the Lessor, in turn, obligates and undertakes, on the Closing Date, to lease to the Lessee, upon payment of the Remuneration defined in 3.1. below, the Mining Right, in accordance with the current characteristics described in <u>Annex I,</u> for the exploration of the Minerals (hereinafter, the "Lease"), without transferring ownership of the mining concession.

1.1.1<u>Absence of encumbrances.</u> The Mining Rights are free and clear of any encumbrances, liens, attachments, seizures, pledges, liens, or restrictions that may, at present or in the future, affect this Lease.

1.1.2Scope of the Agreement . In addition to the Mining Rights, the Agreement includes all other licenses and authorizations issued by the competent government authorities which, as applicable, shall be transferred to the Lessee after the Closing Date, returning to the Lessor's ownership, through a regular transfer process, upon termination or non-renewal of this Agreement. The Parties agree that (i.) the Lessee is expressly prohibited from directly or indirectly engaging, in any capacity or under any pretext, in activities in the area of Mining Law that are not directly or indirectly related to the exploitation of the Minerals, in accordance with this Agreement; (ii.) the use of water, the removal of vegetation or the exploitation of water resources, even under the pretext of being linked to Mining Law, may only be carried out with the prior and express consent of the Lessor.

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**2.** **CONDITIONS PRECEDING.**

2.1<u>Exclusivity</u>. The Parties hereby enter into this Agreement in an irrevocable and irreversible manner, on an exclusive basis, subject only to the Conditions Precedent set forth in 2.2. below, it being understood that the Assignor shall not, as of this date and throughout the term of this Agreement, (i.) lease, lend, or allow third parties to exploit or use the Mining Right, under any title; (ii.) grant any option to sell, assign, or transfer, under any title, involving all or part of the Mining Right to third parties; (iii.) in any way dispose of, assign or encumber, or promise to dispose of, assign or encumber the Mining Right, in any capacity, to third parties, in whole or in part; or (iv.) enter into any other commitment or contract that directly or indirectly involves the Mining Rights, or is in any way related to them (the "Exclusivity"), under penalty of incurring a fine immediately set between the Parties at ten (10) times the value of the Fixed Advance Payment of the Remuneration provided for in 3.1.1. below, without prejudice to the obligation to indemnify the Lessee for losses and damages and lost profits. Failure by the Lessor to comply with the deadlines indicated in items 2.2.8. and 2.2.9. below shall be considered a breach of the Exclusivity obligation provided for in this item, subject to the penalties provided herein. The Parties acknowledge that the penalty provided for in this item is not excessive and is reasonable to compensate the Lessee for all costs incurred, as of this date, in conducting research in the area of Mining Law.

2.1.1Payment. Considering that the commencement of the Lease (and the payment of the Remuneration provided for in 4.) depends on the implementation of the Conditions Precedent described in 2.2. below, the Parties have agreed that the Lessee shall pay the Lessor the fixed, certain and agreed amount of R$50,000.00 (fifty thousand reais) as an advance payment of the future Lease. The Parties hereby agree that this payment was made by the Lessee on June 12, 2023, by bank transfer to the bank account indicated in <u>Annex</u> <u>2.1.1.</u> The payment provided for in this item is final and will not be refunded in the event of failure to fulfill the Conditions Precedent, as defined below.

2.2With the above conditions. This Agreement shall be effective on the date of its execution and shall remain in effect until the end of the Lease Term, its effectiveness being subject to the cumulative fulfillment of the following conditions precedent, which must be fulfilled by the Parties (unless waived in writing by the Lessee) (the <u>"Conditions</u> Precedent"):

2.2.1Research: completion of research in the area of Mining Law and confirmation of the possibility and feasibility of mining the Minerals, understood as minerals classified as "rare earths" and associated minerals such as, among others, niobium and scandium, within its scope; the research shall be paid for by the Lessee, with the Lessor's support in providing any and all necessary information, as well as in taking all necessary steps and other measures, including the signing of documents or forms, which shall ultimately be reflected in a report to be prepared by a legally qualified professional, in accordance with Article 26 of the Mining Code Regulations;

2.2.2<u>Communication:</u> communication to ANM, by the Lessor, under terms to be defined by mutual agreement between the Parties, regarding the existence, in the area covered by the Mining Law, of mineral substances (the Minerals) not included in the Mining Concession Ordinance, as provided for in Article 34, IV, of the Mining Code Regulations;

2.2.3Economic Utilization Plan: preparation by the Parties of an Economic Utilization Plan for the deposit ("PAE"), signed by a legally qualified professional, accompanied by the respective Technical Responsibility Note ("ART"), indicating the changes that the mining of the minerals will entail to the mining plan originally approved and that resulted in the Mining Concession Ordinance; indicating the changes that the mining of the Minerals will entail to the mining plan originally approved and which resulted in the Mining Concession Ordinance;

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2.2.4<u>Addendum</u> <u>to</u> <u>the Mining Concession:</u> submission by the Lessor to the ANM, under terms to be defined by mutual agreement between the Parties, of the documents referred to in 2.2.1. and 2.2.3., in addition to all other documents and information required by applicable laws and regulations to apply for the amendment of the Mining Concession Ordinance, including the possibility of exploring new substances (the Minerals), followed by the approval of such request by the Ministry of Mines and Energy and the registration, in the margin of the transcription of the Mining Right, of the possibility of mining the Minerals, in accordance with the provisions of Article 129 of the DNPM Regulatory Consolidation;

2.2.5<u>Absence of Material Adverse Effect:</u> absence of materialization, from the date of signing this Agreement until the Closing Date, of any material adverse effect affecting the Parties, understood as any event, circumstance or fact, beyond the control of such Party, such that its consequences cannot be avoided within a reasonable time and which, individually or in conjunction with others of the same nature (i.) adversely and significantly affects the condition (financial or otherwise), properties, assets, liabilities, business, and profitability prospects of such Party and other companies in its business group, considered as a whole; (ii.) significantly impede the ability of such Party to carry out the operations contemplated in this Agreement;

2.2.6<u>Representations:</u> the representations and warranties of the Parties contained in this Agreement are true and correct in all material respects as of the Closing Date, as if they had been made on the Closing Date;

2.2.7Prohibitions: no preliminary injunction or related measure or other order, decree or regulation has been issued by ANM or any other government authority, nor has any law been enacted, imposing limitations on the ability of the Parties to consummate the obligations assumed in this Agreement.

2.2.8<u>Lease Agreement:</u> after fulfilling the conditions precedent set forth in 2.2.1. to 2.2.7. above, or upon written waiver by the Lessee, as the case may be, the Parties shall proceed to sign the Lease Agreement, the draft of which is attached hereto as <u>Annex 2.2.8.</u> (the "<u>Lease</u> Agreement"), within a maximum period of ten (10) days; the Parties declare that (i.) the Lease Agreement provided for in this item is intended solely to meet the conditions imposed by the DNPM Regulatory Consolidation and by the ANM, enabling the registration of the Lease with the regulatory authorities; and (ii.) the obligations and rights that effectively bind the Parties are governed by this Agreement and have not been altered by the Lease Agreement; and

2.2.9ãoedon Adriendaeen o: presentation, by the Lessor, before the ANM, under the terms to be defined by mutual agreement between the Parties and within a maximum period of ten (10) days after fulfillment of the condition precedent provided for in 2.2.8. above, of the request for consent and registration of the Lease Agreement, in addition to all other documents and information required by applicable laws and regulations, including the Lessee's statement that it undertakes to execute the PAE provided for in 2.2.3. above, followed by the approval of such request and the registration, in the margin of the transcription of the Mining Right, of the existence of the Lease, as provided for in Articles 132 et seq. and 137 et seq. of the DNPM Regulatory Consolidation, as amended from time to time.

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2.3<u>Cooperation.</u> The Parties undertake, in good faith and in the interest of ensuring the proper and prompt fulfillment of the Conditions Precedent set forth in this Agreement, to provide any and all information related to Mining Law or to themselves, to execute any and all documents and to perform any and all acts that may be necessary for the performance of the research work and preparation of reports provided for in 2.2.1. and 2.2.3., or for the fulfillment of the other Suspensive Conditions, except for the obligations to pay expenses and costs, which shall be the sole responsibility of the Lessee.

2.3.1<u>Changes in Mining</u> <u>Law</u>. The Lessor hereby undertakes, in the event of any changes to the intrinsic characteristics of Mining Law, at any time and for any reason, including those resulting from enforcement or prosecution measures that may be adopted by any creditors, of any nature or for any reason, to immediately notify the Lessee, in accordance with item 7.9. below, ensuring that the latter has, regardless of any request to that effect, all the information necessary to assess, at any time during the term of this Agreement, the proper fulfillment of the Conditions Precedent.

2.4<u>Closing</u>. If the Conditions Precedent have been cumulatively implemented, or have been waived in writing by the Lessee, as applicable, the Lessee shall be irrevocably obligated to, within a maximum period of ten (10) days, pay the Advance Installment.

Fixed remuneration as provided for in 3.1.1. below. The date on which the existence of the Lease is recorded in the margin of the Mining Right transcription, in accordance with the provisions of Articles 132 et seq. and 137 et seq. of the DNPM Regulatory Consolidation, as amended from time to time, shall be considered, for the purposes of this Agreement, as <u>the "Closing Date."</u>

2.5<u>Authorized Assignees.</u> This Agreement may be assigned by the Lessee, regardless of the Lessor's consent, until the Closing Date, to any company directly or indirectly controlled by the Lessee, or any company subject to common control, directly or indirectly, in relation to the Lessee, as well as to the partners of any of these or to companies of which the companies or individuals indicated in this item are partners (generically, the "Authorized <u>Assignees</u>"), it being understood that (i.) the Authorized Assignees shall always be from the same business group as the Lessee; and (ii.) any and all provisions of this Agreement shall apply in full to the Authorized Assignees. References in this Agreement to the Lessee shall be construed as references to the Lessee and any Authorized Assignees.

**3.** **PRICE AND PAYMENT METHOD.**

3.1<u>Remuneration.</u> The Parties agree that, as consideration for the Lease, the Lessee shall pay the Lessor an initial and advance fixed remuneration, in addition to variable monthly installments, calculated as set forth in items 3.1.1. and 3.1.2. below (<u>the</u> "Remuneration"):

3.1.1<u>Fixed Advance Payment of Remuneration.</u> Within a maximum period of ten (10) days from the Closing Date, the Lessee shall pay to the Lessor, by bank transfer to a bank account held by the Lessor, to be indicated in due course, the amount in Brazilian reais (R$) equivalent to US$1,000,000.00 (one million US dollars), calculated based on the US dollar exchange rate for purchase, as disclosed by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the " <u>Fixed Advance Payment of</u> the Remuneration"). For clarification purposes, the Fixed Advance Payment shall be paid by the Lessee to the Lessor regardless of the commencement of mining of the Minerals and shall be due once only, at the beginning of the term of the Lease.

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3.1.2<u>Variable Monthly Remuneration.</u> The variable monthly remuneration for the Lease shall be payable by the Lessee to the Lessor after the start of mining operations in the Mining Right area (<u>the "Variable Monthly</u> Remuneration"), and shall be calculated using the following formula:

*Variable Monthly Remuneration (-)*

*<u>[Net proceeds from the Exploration of</u>* ***<u>the Mining Right] (x)</u>*** *<u>5%]</u>*

Where:

*<u>Net Revenue</u> <u>from</u> <u>the Exploitation of Mining Rights</u>* (=) The sum of the monthly net revenue, as defined by the federal tax legislation in force, earned by the Lessee from the sale of products produced, sold, and invoiced by the Lessee and which are directly or indirectly derived from the exploitation of Minerals in the area covered by the Mining Rights. The monthly net revenue estimated in this item shall be calculated on a cash basis and deducted exclusively from the following costs and expenses:

indirectly, from the exploitation of Minerals in the Mining Right area. The monthly net revenue provided for in this item shall be calculated on a cash basis and deducted exclusively from the following costs and expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.cancelled sales and returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.discounts granted by the Lessee for any reason, including unconditional discounts and commercial discounts of any nature; in the case of sales to parties related to or connected with the Lessee, for any reason whatsoever, only unconditional and conditional discounts provided for in this item shall be deducted if it is proven that such discounts would also be granted in transactions with unrelated or unconnected parties and if the sale price, after discounts, is compatible with the average market price in the region for each of the products produced, sold, or invoiced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.2<u>Report.</u> For each base month, understood as the period between the first and ninth business day of each calendar month after the start of mining operations in the Mining Right area, the Lessee shall prepare a report containing the following information (the "Report"), which shall be sent to the Lessor, to the email addresses of the Lessor and the Consentors indicated in the preamble hereto, by the 15th day of the following month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Sales revenue earned in the base month in relation to each of the products produced, sold, and invoiced by the Lessee and that are directly or indirectly derived from the exploitation of Minerals in the Mining Right area, calculated in strict accordance with the definition of Net Revenue from the Exploitation of the Mining Right set forth in item 3.1.2. above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Quantity of tons (t) of Minerals produced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Indication of canceled sales and returns, indicating the value of canceled sales and returns due to specific quality problems with the Minerals, if applicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Indication of discounts granted by the Lessee, including commercial discounts of any nature, bonuses, rebates, and similar items, indicating the purchasers of the products produced, sold, and invoiced by the Lessee that benefited from such discounts and expressly mentioning whether or not they belong to the same economic group as the Lessee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Average sale price, in the base month, of the products produced, sold, and invoiced by the Lessee as a result of the mining of Minerals in the Mining Right area Minerals mined in the Mining Right area, in US dollars (USD), after the deductions provided for in (c.) and (d.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.3<u>Term.</u> The installments of the Variable Monthly Lease Payment calculated in accordance with this item 3.1.2. and reflected in the Report shall be paid by the Lessee to the Lessor in relation to each base month, by the 20th day of the following month, by bank transfer to the bank account held by the Lessor, to be indicated in writing in due course.

If, after the Report has been sent, there is a disagreement between the Parties regarding the amount of the Variable Monthly Remuneration for a given base month, the Parties hereby agree that the amount reflected in the Report shall be paid within the term and in the manner referred to in this item, and the Parties shall, in good faith, discuss any differences found and also the term and manner of payment of such differences.

3.1.3<u>Settlement and Default.</u> Proof of bank transfer relating to the Fixed Advance Payment of the Remuneration or to the installments of the Variable Monthly Remuneration, as applicable, to the account indicated in writing by the Lessor, shall grant the Lessee the broadest, most general, and irrevocable discharge in relation to the amount paid. Payment of any installment of the Remuneration after its due date shall constitute the Lessee in default, regardless of any notification, interposition or extrajudicial notice, subjecting it to (i.) a late payment penalty of 10% (ten percent) on the outstanding debt; and (ii.) monetary adjustment by the IPCA from the due date until the date of actual payment of the outstanding balance, without prejudice to the Lessor's right to take appropriate legal measures.

**4.** **TERM.**

4.1<u>Term.</u> The term of the Agreement shall commence on this date and end upon termination of the Lease. The term of the Lease shall be ten (10) years, counted from the date of registration of the Lease Agreement in the margin of the transcription of the Mining Right, as provided for in Article 140 of the DNPM Regulatory Consolidation (the "<u>Lease</u> Term"), which may be extended by mutual agreement between the Parties, subject to the limitations provided for in Article 145 of the DNPM Regulatory Consolidation. the limitations provided for in Article 145 of the DNPM Regulatory Consolidation.

**5.** **OBLIGATIONS OF THE PARTIES.**

5.1<u>Possession</u>. For the purposes of this Agreement, the Lessee shall be Issued in possession of the Mining Right on the Closing Date and may, as of such date, occupy the area of the Mining Right and carry out mining, beneficiation, classification, storage, and other operations inherent to the exploration of the Mineral Resources, including the construction of buildings in appropriate locations, always in accordance with the licenses, permits, and environmental laws in force at the municipal, state, and federal levels. of the Minerals, including the construction of buildings in appropriate locations, always in accordance with the licenses, authorizations, and environmental laws in force at the municipal, state, and federal levels.

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5.1.1Without prejudice to the transfer of possession referred to in 5.1 above, the Parties hereby agree that the advisors hired by the Lessee to conduct research, reports, or any type of assessment may, provided that prior scheduling is made by the Lessor, within a maximum period of five (5) days after such request, have access to the Mining Law areas for on-site inspection, and may also conduct surveys, enter the area with vehicles, equipment or persons, take samples for technical analysis, and conduct all types of research in the area, without exception, in order to conclude, without any doubt, regarding the future mining capacity of the Minerals in the area covered by the Mining Rights.

5.2Lesse's Obligations. The Lessee shall have the following obligations, starting from the beginning of the Lease Term, without prejudice to any other obligations specifically provided for in other items of this Agreement:

5.2.1comply with the rules set forth in Decree-Law No. 227, dated February 28, 1967 (the "Mining Code"), in the Mining Code Regulations and in the DNPM Regulatory Consolidation, as well as the environmental legislation in force, undertaking, in particular, to (i.) mine the Minerals rationally, in order to preserve the best use of the mineral deposits; (ii.) adapting the disposal of tailings; and (iii.) hiring a qualified mining engineer as the technical manager for all activities arising from the Lease, in accordance with Article 47, VI, of the Mining Code;

5.2.2be responsible, at its own expense, to ANM and DNPM for compliance with all formal requirements arising from the legislation applicable to the species, in particular with regard to the payment of administrative fees, including Financial Compensation for Mineral Exploration ("CFEM"), which are directly related to the exploration of the Minerals;

5.2.3be responsible, at its own expense, before the competent government authorities (including SEMAD), for compliance with all requirements necessary to maintain the legality of the Lessee's activity in the area of Mining Law, undertaking to bear the full amount of any administrative penalties that may be imposed as a result of its non-compliance, provided that such requirements have been imposed as a result of the Lessee's actual actions. such requirements have been caused by the Lessee's actual actions;

5.2.4ensure the maintenance and general conservation of the deposits and the Mining Right area throughout the term of the Lease, as well as bear the full cost of repairing any damage caused thereto, compensating the Lessor in the event of any administrative penalties or court judgments that the latter may suffer as a result of non-compliance with provisions relating to Mining Law, caused by intentional or negligent acts or omissions on the part of the Lessee, provided that the procedure set out in item 5.4.1. below is followed;

5.2.5collect all taxes (municipal, state, and federal) and charges of any nature, at the federal, state, and municipal levels, levied on the activities of mineral exploration carried out, whose triggering events occur from the beginning and during the term of the Lease, as well as being responsible for all commercial obligations arising from its mineral mining activities;

5.2.6be civilly and criminally liable to the Lessor and any third parties for any unlawful acts committed by it under civil and criminal law, for accidents of any kind and injuries caused to any person within the area covered by Mining Law, and, in particular, for any environmental damage and crimes caused by it; and

5.2.7make timely payment of the Remuneration provided for in 3.1. above.

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5.3Responsibility. Notwithstanding the joint liability attributed to the Parties in Article 149 of the DNPM Regulatory Consolidation, the Lessee shall be liable to the Lessor for any breach of its obligations under the law and/or this Agreement, as well as for all Losses caused as a result of the activities carried out by the Lessee in the context of the exploitation of the Minerals, as defined in 5.4. below, even if the Lessor is legally considered responsible for such obligations and/or Losses to third parties.

5.4<u>Compensation for Losses.</u> The Lessee undertakes to compensate the Lessor for any loss or contingency of any nature related to the mining of the Minerals covered by this Lease, including but not limited to environmental, labor, tax, regulatory, or punitive contingencies, among others (hereinafter, the "Losses"), and in all cases, the procedures set forth in this item 5.4 shall be adopted.

5.4.1<u>Third Party Claims.</u> Upon becoming aware of any claim made by any third party (<u>the "Third Party</u> Claim"), the Lessor shall notify the Lessee (i.) within one-third (1/3) of the deadline for submission of a defense; or (ii.) where there is no deadline for filing a defense, within ten (10) days of receiving written notice of the Third Party Claim. If the Lessor fails to notify the Lessee within the time limits set forth in this item, and provided that such delay or omission prejudices the Lessee, including, without limitation, the lack of opportunity to present a timely defense, the Lessee shall be released from the obligation to indemnify. The notification provided for herein shall describe in detail the Third Party Claim, including an estimate of the respective Loss if the Third Party Claim is successful.

5.4.2<u>Measures to be taken by the Lessee.</u> Upon receipt of the notification provided for in 5.4.1., the Lessee shall respond in writing: (i.) before two-thirds (2/3) of the deadline for submitting a defense has elapsed; or (ii.) when there is no deadline for submitting a defense, within ten (10) days of receiving the notification. If the Lessee acknowledges its liability to indemnify for any Losses arising from the Third Party Claim, it may settle or conduct the defense of the Third Party Claim, at its own expense and through a lawyer of its choice. In this case, the Lessor may, at its own expense and if it so wishes, participate jointly in the defense of the Third Party Claim. In any case, the Lessor shall provide the Lessee, upon request, with any information and documents it has in relation to the Third Party Claim, in addition to cooperating in a reasonable manner, when requested, to ensure an adequate defense of the Third Party Claim. If the Lessee does not acknowledge its liability for any Losses arising from the Third Party Claim, or does not assume the defense of the Third Party Claim, the Lessor may settle or conduct the defense as it deems appropriate.

5.4.3<u>Final Decision.</u> At the moment when (a.) a decision is rendered by the competent government authority, without any legal remedies available to reform or annul such decision; (b.) an arbitral award is rendered; (c.) an agreement is entered into by the Parties in writing; or (d.) at the time the Lessee agrees with the content of the Third Party Claim (<u>the</u> "<u>Final</u> Decision"), the amount of the Loss shall be paid by the Lessee within ten (10) days after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the Final Decision on the Third Party Claim has been rendered or has occurred, in the event that the Ai iendatária has conducted the defense; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.receipt of notification by the Lessee, whereby the Lessor shall inform the Lessee of the Final Decision on the Third Party Claim, in the event that the Lessor has conducted the defense. In this case, in addition to the amount of the Losses, the Lessee shall reimburse the Lessor for all costs or expenses (proven) involved in conducting the defense, including, but not limited to, attorneys' fees, hiring of experts, among others.

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5.5<u>Obligation to indemnify the Lessor.</u> The Lessor hereby undertakes to indemnify, protect, safeguard, and hold harmless the Lessee and shall also pay on behalf of the Lessee or reimburse the Lessee, as the case may be, for any and all losses incurred by the Lessee as a result of the following circumstances: (a.) any default or failure by the Lessor to comply with or perform any obligation under this Agreement, and/or (b.) any breach, misrepresentation or inaccuracy in relation to the representations and warranties made by the Lessor in this Agreement; and/or (c.) any loss or contingency, of any nature, related to the Lessor (and which is demanded by third parties from the Lessee) or to the Mining Right, provided that it does not arise from the mining of the Minerals by the Lessee. The procedures provided for in 5.4.1. to 5.4.3. above shall apply mutatis mutandis to this item 5.5.

5.5.1<u>Compensation.</u> Without prejudice to the provisions of 5.5. above, the Lessee shall be entitled to deduct the amounts due and unpaid by the Lessor in accordance with the provisions of this item 5.5., including fines and interest, provided that they are proven to have been paid by the Lessee, from the amount of the Fixed Advance Payment or the Variable Monthly Remuneration.

5.6<u>Obligations of the Lessor.</u> Without prejudice to the other obligations specifically provided for in other items of this Agreement, the Lessor undertakes to:

5.6.1provide the Lessee with any and all information related to Mining Law or to itself, execute any and all documents and perform any and all acts necessary for the performance of the research work and preparation of reports provided for in 2.2.1. and 2.2.3., as well as for compliance with the other Suspensive Conditions or for the regular maintenance of the Lease, in accordance with the legislation in force;

5.6.2obtain and maintain valid all licenses, authorizations, registrations, and permits necessary or required for the preservation, performance of authorized research, maintenance, or expansion of the Mining Right, as of the date of signing this Agreement;

5.6.3with regard to environmental and safety issues related to Mining Rights, (i.) comply with all applicable laws and regulations issued by federal, state, and local authorities, (ii.) inform the Lessee of any material adverse events, such as fires, explosions, accidental spills, etc., that affect the Mining Rights; and (iii.) inform the Lessee of any non-compliance with laws or regulations applicable to the Mining Right; and

5.6.4any and all fines, fees, liabilities or contingencies of any nature directly or indirectly related to the Mining Right and pending payment until the Closing Date shall be the sole responsibility of the Lessor, which undertakes to hold the Lessee harmless in relation to any fees, fines, expenses, liabilities or contingencies related to the Mining Right, provided that they are related to events that occurred prior to this date, as provided for in item 5.5. above.

5.7<u>Return.</u> In the event of termination of the Lease and return of the Mining Right by the Lessee to the Lessor, regardless of the reason, (i.) the Lessee undertakes to transfer to the Lessor all licenses and authorizations issued by the competent government authorities, as applicable, and shall be liable for all taxes and fees due during the Term of the Lease, as provided in 5.2. and 5.3. above; and (ii.) the Parties shall prepare the corresponding receipt and inspection document to record the conditions of the deposit and the area where the mining right is located. The Parties further agree that, in this case, all improvements and enhancements that may be built by the Lessee in the area of the Mining Right may be removed by it, at its sole discretion and at its sole expense, to the maximum extent possible and within a period not exceeding thirty (30) days from the end of the Lease Term, provided that any improvements and

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enhancements that cannot be removed shall become part of the property, without any encumbrance to the Lessor and without any right to compensation by the Lessee.

5.8Declarations by the applicant were the following er For all purposes and effects of this Contract, the Lessor makes the following representations and warranties to the Lessee regarding the Mining Right, which are valid, true, and accurate as of this date and shall remain valid, true, and accurate during the term of the Contract and the Lease Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Ownership. The Lessor is the legitimate holder of the Mining Right, the details and individual description of which are incorporated herein as Annex 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.<u>Records.</u> The Lessor declares that the Mining Right is duly registered with the ANM and complies with all rules and regulations set forth in the relevant legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.<u>Licenses and authorizations.</u> The Lessor has always acted in accordance with the legislation applicable to Mining Law and, except for the Simplified Environmental License (LAS/RAS), has the authorizations, permits, registrations, accreditations, permissions, and protocols provided for in federal, state, and municipal legislation or required by public authorities and government agencies in the respective jurisdictions to conduct research and maintain compliance with Mining Law. There are no legal, administrative, contractual, or judicial restrictions on the ownership of the Mining Right, nor are there any judicial or administrative proceedings in which the Lessor is the defendant, plaintiff, or assistant, the merits of which are related to the ownership of the Mining Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.<u>Litigation.</u> (i.) There are no complaints, claims or demands of any nature before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative means of dispute resolution related to Mining Law; (ii.) there are no complaints, arbitration proceedings or other alternative means of dispute resolution related to Mining Law.

dispute resolution, of any nature, which, although not involving Mining Law, may in any way affect it and/or prevent and/or impair the implementation of this Agreement; (iii.) the Lessor is not aware of, has not committed or failed to commit any acts whose practice or omission may prevent or impair the implementation of this Agreement; (iv.) Mining Law is not involved in any pending claims of any nature, as well as arbitration proceedings or other alternative means of dispute resolution; and (v.) the Lessor has not failed to comply with any judgment, order, writ, preliminary injunction, or ruling of any public authority related to Mining Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.<u>Environmental.</u> The Contractor complies with all environmental laws and regulations and further declares that no activity has been conducted in the area of Mining Law that has resulted or would be reasonably likely to result in a violation of applicable environmental laws, so that there are no pending claims before any authority, at any level, nor any citations, subpoenas, directives, orders, and/or notifications of violation of any legal requirement relating to Mining Law or against the Lessor in relation to environmental matters or licenses. The Lessor further declares that it has not entered into or assumed any agreement, nor has any obligation been imposed on it to make any payment, compensation or indemnity to, or as a result of obtaining any license necessary for the development of the Mining Right. Furthermore, the Lessor declares that it has not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring that there are no facts or circumstances that would result in a violation of this

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nature of the applicable legal environmental requirements or claims or demands in this regard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.Si a ão do i eiro. The Lessor declares that there are no encumbrances on the Mining Right, nor any transfer commitments, which is entirely free and clear of any and all real or personal encumbrances, judicial or extrajudicial, legal or conventional mortgages, easements, jurisdiction or pensions, attachments, seizures, litigation, real or personal reipersecutory actions, environmental contingencies, debt and/or liability of any nature, as well as being entirely free of taxes, charges, expenses and debts of any nature, the Lessor further declaring that there are no fines and/or requirements from the competent authorities pending payment or satisfaction, and that the applicable federal, state and municipal regulations and standards have been complied with to date; and Vii. Di 1 a ão Co leta. The information, statements, and/or guarantees provided by the Lessor in relation to the Mining Right, made available by any means, do not contain any falsehood or inaccuracy regarding any relevant act or fact, nor do they omit the existence of any relevant act or fact whose knowledge is necessary to ensure that the statements and obligations assumed in this Agreement are not misleading or subject to misinterpretation. There is no act, fact or situation that affects the transaction covered by this Agreement and that has not been expressly disclosed by the Lessor.

5.9<u>Cooperation.</u> The Parties undertake to cooperate with each other and provide such assistance as may reasonably be required for the proper performance and fulfillment of the obligations set forth in this Agreement, it being understood that this Agreement has been entered into in the best interests of both Parties, in accordance with the terms and conditions prevailing in the market on the date of its execution.

considering the risks inherent therein. The Parties nevertheless agree and consent that they are independent contractors and that under no circumstances or in any situation shall the existence of a partnership, consortium, joint venture, partnership, or association of any kind or nature between the Lessor and the Lessee be presumed. No provision in this Agreement assigns or will assign to the Lessor the status of partner, distributor, and/or commercial representative of the Lessee, including for the purposes of environmental, civil, tax, or labor law. The Parties further acknowledge that each of them and their partners, collaborators, employees, or contractors are not agents or attorneys-in-fact of the other Party and, consequently, shall not assume any obligations on its behalf, except as provided in this Agreement.

5.10<u>Absence of employment relationship.</u> As a result of this Agreement, under no circumstances or in any situation shall the existence of any employment relationship or labor and social security obligations between the Lessor and the employees and service providers of the Lessee, or between the Lessee and the employees and service providers of the Lessor, be presumed or established. nor shall either Party be liable for the labor and social security obligations and charges of the other. Each Party hereby assumes full responsibility for such obligations, including those of a civil, criminal, tax, and social security nature.

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5.11<u>General statements by the Parties.</u> The Parties hereby declare to each other that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.they are companies duly organized, incorporated, and existing as limited liability companies under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.they are duly represented in this Agreement, in accordance with their articles of incorporation, and their legal representatives signing this Agreement are duly authorized to assume and comply with all obligations herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.are duly authorized and have obtained all corporate or regulatory licenses and authorizations necessary for the execution of this Agreement and the fulfillment of their obligations, having satisfied all legal, statutory, or regulatory requirements necessary for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.the execution of this Agreement by the Parties, as well as the assumption and performance of the obligations hereunder, as applicable, shall not imply (d.1.) any conflict or violation of any provision of the Parties' agreements and/or bylaws; (d.2.) conflict, violation, default, early maturity or termination of any contract or agreement to which the Parties, as applicable, are a party; (d.3.) violation of any applicable law or regulation, or of any decisions or resolutions issued by their deliberative or administrative bodies, which may prevent, delay or impair the performance of the obligations assumed in this Agreement; or (d.4.) any determinations, decisions or orders of any governmental authority, including judicial authorities, to which the Parties, as applicable, are subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.have reviewed this Agreement in its entirety, with the assistance of their attorneys.

**6.** **CONFIDENTIALITY AND SECRECY.**

6.1<u>Confidentiality</u>. The terms and conditions of this Agreement are strictly confidential and may not be disclosed or disclosed in whole or in part by the Parties to any other person or company without the prior written consent of the other Party, except (i.) when the information is in the public domain; (ii.) for the purpose of disclosing such information to directors, employees, consultants, attorneys, or auditors *who* are directly involved in the performance of the Agreement, who shall assume the confidentiality obligation set forth herein; each Party shall be responsible for compliance with such obligation in relation to the persons indicated herein; and (iii.) when its disclosure is ordered by any judicial or administrative authority or any other provisions of law, in which case the party disclosing the information shall notify the other party of such order.

6.1.1<u>Term.</u> The confidentiality obligations set forth in this clause shall remain in effect for a period of one (1) year from the termination of the Agreement.

**7.** **FINAL PROVISIONS.**

7.1<u>Intervention</u>. The Consent Intervening Parties sign this Agreement, in their capacity as partners of the Lessee, expressly authorizing the legal transaction embodied herein.

7.2<u>Irrevocability</u>. This Agreement is entered into on an irrevocable and irrevocable basis, binding the Parties and their successors in any capacity.

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7.3<u>Entire agreement.</u> This Agreement constitutes the entire agreement between the Parties with respect to the matters set forth herein and supersedes any prior documents and understandings between the Parties, in particular the Memorandum of Understanding signed on June 12, 2023.

7.4<u>Amendments.</u> Amendments to this Agreement shall only be valid when made in writing and signed by the legal representatives of all Parties.

7.5<u>Assignment.</u> The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to any third party, except as provided in item 2.5 above.

7.6<u>Waiver, Novation, and Others.</u> The Parties acknowledge that (i.) failure to exercise, the granting of a grace period, tolerance, or delay in exercising any right guaranteed to them by this Agreement or by law shall not constitute a waiver or novation of such rights, nor shall it prejudice their eventual exercise at any time; (ii.) the single or partial exercise of such rights shall not prevent the subsequent exercise of the remainder of such rights or the exercise of any other right; (iii.) the waiver by either Party of any of these rights shall only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and shall not be considered a waiver of any other right conferred by this Agreement; and (v.) the nullity or invalidity of any of the clauses of this Agreement shall not affect the validity and effectiveness of the other clauses and of the instrument itself, in which case the Parties shall and/or the Judge shall promote, within the limits established by law, the replacement of the invalid clause with another that allows the Parties to achieve the practical result initially intended.

7.7<u>Costs.</u> The Parties agree that all costs and expenses incurred in hiring agents, attorneys, auditors, advisors, intermediaries, or consultants for the performance of the operations covered by this Agreement shall be borne exclusively by the respective contracting party.

7.8<u>Notifications.</u> All notifications related to this Agreement shall be made in writing, by registered or certified mail, facsimile, or email, with proof of receipt, or by a notary public or through legal channels, to the address indicated in the preamble of this Agreement or any other address that may be duly indicated in writing.

7.9<u>Taxes.</u> "All taxes and contributions levied on any acts, facts, and/or situations provided for in this Agreement, including those that are subject to withholding by the paying source, shall be borne by the respective taxpayer and/or tax responsible party, as applicable, in accordance with the laws in force in Brazil.

7.10<u>Personal Data Protection.</u> The Parties, in mutual agreement, submit to compliance with the duties and obligations relating to personal data protection and undertake to treat the Personal Data collected under this Agreement, if any, in accordance with applicable law, including, but not limited to, Law No. 12,965, dated April 23, 2014, Decree No. 8,771, dated May 11, 2016 (Marco Civil da Internet), and the provisions of this Agreement. 12,865, dated April 23, 2014, Decree No. 8,771, dated May 11, 2016 (Brazilian Civil Rights Framework for the Internet), Law No. 13,709, dated August 14, 2018 ("LGPD"), as applicable. The Parties shall also ensure that their agents, partners, administrators, and employees comply with the provisions of the legal instruments referred to above relating to data protection, under the terms provided for in the LGPD.

7.10.1Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties shall be liable to the competent authorities for their own acts and omissions that give rise to non-compliance with the applicable legislation and rules.

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7.11<u>Anti-corruption clause. Compliance.</u> For the performance of this Agreement, neither party shall offer, give, or promise to give to anyone, or accept or promise to accept from anyone, either on its own behalf or through another person, any payment, donation, compensation, financial or non-financial advantage or benefit of any kind that constitutes an illegal or corrupt practice under the laws of any country, directly or indirectly related to the subject matter of this Agreement, or even in any other way not related to this Agreement, and shall also ensure that its agents and employees act in the same manner.

7.12<u>Specific Performance.</u> All commitments and obligations hereby assumed by the parties are subject to specific performance, pursuant to Articles 497 and 815 et seq. of the Code of Civil Procedure, with this Agreement serving as an extrajudicial enforcement instrument, pursuant to Article 784, III, also of the Code of Civil Procedure.

7.13<u>Jurisdiction.</u> The jurisdiction of the 4th District Court of the State of São Paulo is hereby elected, to the exclusion of any other, however special, to resolve any disputes related to this Agreement.

And, having thus agreed, the Parties hereby execute this Agreement in two (2) copies, in the presence of the witnesses identified below.

Sao Paulo, August 17, 2023.

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| |
|:---|
| <u>A Lessor</u>:<br>|
| <u>/s/ Jose Maurcio Fonseca Franco</u> <br><u>/s/ Nilse Aparecida Franco Armani</u><br>MINERACAO ALTO DA SERRA D# ANDRADAS LTDA.<br>p. Jose Maurcio Fonseca Franco and Nilse Aparecida Franco Armani<br>|
| <u>Lessee</u>:<br>|
| <u>/s/ Joao Paulo Agapito da Veiga</u><br>ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA |
| Joao Paulo Agapito da Veiga<br>|
| Consenting parties:<br>|
| <u>/s/ Jose Mauricio Fonseca Franco</u><br>JOSE MAURICIO FONSECA FRANCO<br>|
| <u>/s/ NILSE APA RECIDA FRANCO ARMANI</u><br>NILSE APA RECIDA FRANCO ARMANI<br>|

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| | | | |
|:---|:---|:---|:---|
| Witnesses: | Witnesses: | Witnesses: | Witnesses: |
| 1.  | /s/ Luis Henrique G. de Campaso | 2.  | /s/ Karina de Oliveira Lima |
| Name: Luis Henrique G. de Campaso<br>CPF: | Name: Luis Henrique G. de Campaso<br>CPF: | Name: Karina de Oliveira Lima<br>CPF: | Name: Karina de Oliveira Lima<br>CPF: |

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---

| | |
|:---|:---|
| Reedao | Attachments: |
| Annex 1: | Authorizations and Main Characteristics of Mining Rights. |
| Annex 2.1.1: | Bank Account |
| Annex 2.2.8.: | Lease agreement. |

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------

<u>Annex I.</u>

to the Lease Agreement for Total Mining Rights under Suspensive Condition, dated August 17, 2023.

Authorizations and Characteristics of Mining Rights

------

Dados basicos do processo

---

| | |
|:---|:---|
| &nbsp;&nbsp;Case number: | &nbsp;&nbsp;059 |
| &nbsp;&nbsp;NU1: |  |
| &nbsp;&nbsp;SEI access: | &nbsp;&nbsp;27203.804059/1971-62 |
| &nbsp;&nbsp;Area | &nbsp;&nbsp;Click here to access SL. 37.5 |
| &nbsp;&nbsp;(read): | &nbsp;&nbsp;Application for Research Authorization Mining |
| &nbsp;&nbsp;Type of request: | &nbsp;&nbsp;Concession |
| &nbsp;&nbsp;Current phase: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;*Regional* Management / MG |
| &nbsp;&nbsp;Superintendence: UI: | &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Unidade protocolar: | &nbsp;&nbsp;Filing Unit 3 |
| &nbsp;&nbsp;Protocol date: | &nbsp;&nbsp;03/21/197t 00:00:00 |
| &nbsp;&nbsp;Priority date: | &nbsp;&nbsp;03/24/1971 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;**Type of Relationship** | &nbsp;&nbsp;**CPF/CNPJ** | &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Responsibility/<br>Representation** | &nbsp;&nbsp;**Term <br>Lease** | &nbsp;&nbsp;**Term <br>Lease** | &nbsp;&nbsp;**Date** <br>**Start** | &nbsp;&nbsp;**End** |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Holder/<br>Applicant | &nbsp;&nbsp;07.346.404/0001-80 | &nbsp;&nbsp;Alto da Serra de Andradas Mining Ltda | &nbsp;&nbsp;Alto da Serra de Andradas Mining Ltda |  |  |  | &nbsp;&nbsp;09/07/201i |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Technical Manager Descriptive Report | &nbsp;&nbsp;\*\*\*.016.608-\*\* | &nbsp;&nbsp;*Nicol u* Ladislail Ervin Haralyi | &nbsp;&nbsp;*Nicol u* Ladislail Ervin Haralyi |  |  |  | &nbsp;&nbsp;03/24/197t |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Holder\<br>keijuerente | &nbsp;&nbsp;16.730.095/0001- | &nbsp;&nbsp;Andradense Liniita Mining Company | &nbsp;&nbsp;Andradense Liniita Mining Company |  |  |  | &nbsp;&nbsp;03/24/1971 | &nbsp;&nbsp;07/08/2015 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;933.036/2008 | &nbsp;&nbsp;933.036/2008 |  |  |  |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Type of Title** | &nbsp;&nbsp;**Title Status** | &nbsp;&nbsp;**Title Status** | &nbsp;&nbsp;**Publication** | &nbsp;&nbsp;**Publication** | &nbsp;&nbsp;**Publication** | &nbsp;&nbsp;**Expiration Date** |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;82928 | &nbsp;&nbsp;CI..AV <br>GRANT OF I-AVRA | &nbsp;&nbsp;I..avra Ordinance | &nbsp;&nbsp;Granted (prior to loading) | &nbsp;&nbsp;Granted (prior to loading) | &nbsp;&nbsp;12/22 | &nbsp;&nbsp;12/22 | &nbsp;&nbsp;12/22 |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;1408 | &nbsp;&nbsp;ALVR <br>RESEARCH <br>PERMIT | &nbsp;&nbsp;Research Permit | &nbsp;&nbsp;Granted (prior to loading) | &nbsp;&nbsp;Granted (prior to loading) | &nbsp;&nbsp;12/13/1971 | &nbsp;&nbsp;12/13/1971 | &nbsp;&nbsp;12/13/1971 |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Name | &nbsp;&nbsp;Type of use | &nbsp;&nbsp;Type of use | &nbsp;&nbsp;Start date | &nbsp;&nbsp;Start date | &nbsp;&nbsp;Reason for discontinuation | &nbsp;&nbsp;Reason for discontinuation | &nbsp;&nbsp;Reason for discontinuation | &nbsp;&nbsp;Reason for discontinuation |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Bz\lJXlTA | &nbsp;&nbsp;Not specified | &nbsp;&nbsp;Not specified | &nbsp;&nbsp;03/24 | &nbsp;&nbsp;03/24 |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;AkGIÇA | &nbsp;&nbsp;Not | &nbsp;&nbsp;Not | &nbsp;&nbsp;03/24 | &nbsp;&nbsp;03/24 |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;LEUCITA | &nbsp;&nbsp;Not reported | &nbsp;&nbsp;Not reported | &nbsp;&nbsp;March 24, 1971 | &nbsp;&nbsp;March 24, 1971 |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Description | &nbsp;&nbsp;Description | &nbsp;&nbsp;Description | &nbsp;&nbsp;Description | &nbsp;&nbsp;Description | &nbsp;&nbsp;Description | &nbsp;&nbsp;)Date | &nbsp;&nbsp;)Date | &nbsp;&nbsp;)Date |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;473 - CONC LAV/CUNIPRIMENTO REQUIREMENT PROVOKED | &nbsp;&nbsp;473 - CONC LAV/CUNIPRIMENTO REQUIREMENT PROVOKED | &nbsp;&nbsp;473 - CONC LAV/CUNIPRIMENTO REQUIREMENT PROVOKED | &nbsp;&nbsp;473 - CONC LAV/CUNIPRIMENTO REQUIREMENT PROVOKED | &nbsp;&nbsp;473 - CONC LAV/CUNIPRIMENTO REQUIREMENT PROVOKED | &nbsp;&nbsp;473 - CONC LAV/CUNIPRIMENTO REQUIREMENT PROVOKED | &nbsp;&nbsp;t \|08/08/2018 | &nbsp;&nbsp;t \|08/08/2018 | &nbsp;&nbsp;t \|08/08/2018 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;4.70 - CONC LAV/REQUIREMENT Ptfl3LlCAJA | &nbsp;&nbsp;4.70 - CONC LAV/REQUIREMENT Ptfl3LlCAJA | &nbsp;&nbsp;4.70 - CONC LAV/REQUIREMENT Ptfl3LlCAJA | &nbsp;&nbsp;4.70 - CONC LAV/REQUIREMENT Ptfl3LlCAJA | &nbsp;&nbsp;4.70 - CONC LAV/REQUIREMENT Ptfl3LlCAJA | &nbsp;&nbsp;4.70 - CONC LAV/REQUIREMENT Ptfl3LlCAJA | &nbsp;&nbsp;l I 06/01/2018 | &nbsp;&nbsp;l I 06/01/2018 | &nbsp;&nbsp;l I 06/01/2018 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;1738 - CONC LAV/ítAL RETI.F1CADOR REQUIREMENT FOR PRESENTATION | &nbsp;&nbsp;1738 - CONC LAV/ítAL RETI.F1CADOR REQUIREMENT FOR PRESENTATION | &nbsp;&nbsp;1738 - CONC LAV/ítAL RETI.F1CADOR REQUIREMENT FOR PRESENTATION | &nbsp;&nbsp;1738 - CONC LAV/ítAL RETI.F1CADOR REQUIREMENT FOR PRESENTATION | &nbsp;&nbsp;1738 - CONC LAV/ítAL RETI.F1CADOR REQUIREMENT FOR PRESENTATION | &nbsp;&nbsp;1738 - CONC LAV/ítAL RETI.F1CADOR REQUIREMENT FOR PRESENTATION | &nbsp;&nbsp;) 06/11/2018 | &nbsp;&nbsp;) 06/11/2018 | &nbsp;&nbsp;) 06/11/2018 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;1399 - CONC LAV/LICl/NÇA @MBIE. i'IAL PRO'I"OCOLIZADA | &nbsp;&nbsp;1399 - CONC LAV/LICl/NÇA @MBIE. i'IAL PRO'I"OCOLIZADA | &nbsp;&nbsp;1399 - CONC LAV/LICl/NÇA @MBIE. i'IAL PRO'I"OCOLIZADA | &nbsp;&nbsp;1399 - CONC LAV/LICl/NÇA @MBIE. i'IAL PRO'I"OCOLIZADA | &nbsp;&nbsp;1399 - CONC LAV/LICl/NÇA @MBIE. i'IAL PRO'I"OCOLIZADA | &nbsp;&nbsp;1399 - CONC LAV/LICl/NÇA @MBIE. i'IAL PRO'I"OCOLIZADA | &nbsp;&nbsp;)05/ /2016 | &nbsp;&nbsp;)05/ /2016 | &nbsp;&nbsp;)05/ /2016 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;45?- - CONC I AV/TRANSF DIR.EITOS - CWSSÃO TOTAL EFFTIVADA | &nbsp;&nbsp;45?- - CONC I AV/TRANSF DIR.EITOS - CWSSÃO TOTAL EFFTIVADA | &nbsp;&nbsp;45?- - CONC I AV/TRANSF DIR.EITOS - CWSSÃO TOTAL EFFTIVADA | &nbsp;&nbsp;45?- - CONC I AV/TRANSF DIR.EITOS - CWSSÃO TOTAL EFFTIVADA | &nbsp;&nbsp;45?- - CONC I AV/TRANSF DIR.EITOS - CWSSÃO TOTAL EFFTIVADA | &nbsp;&nbsp;45?- - CONC I AV/TRANSF DIR.EITOS - CWSSÃO TOTAL EFFTIVADA | &nbsp;&nbsp;09 | &nbsp;&nbsp;09 | &nbsp;&nbsp;09 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;451 - CONC LAV/TRANSF DIREITOS - CESSÃO TOTAL APROVADA | &nbsp;&nbsp;451 - CONC LAV/TRANSF DIREITOS - CESSÃO TOTAL APROVADA | &nbsp;&nbsp;451 - CONC LAV/TRANSF DIREITOS - CESSÃO TOTAL APROVADA | &nbsp;&nbsp;451 - CONC LAV/TRANSF DIREITOS - CESSÃO TOTAL APROVADA | &nbsp;&nbsp;451 - CONC LAV/TRANSF DIREITOS - CESSÃO TOTAL APROVADA | &nbsp;&nbsp;451 - CONC LAV/TRANSF DIREITOS - CESSÃO TOTAL APROVADA | &nbsp;&nbsp;07/02 | &nbsp;&nbsp;07/02 | &nbsp;&nbsp;07/02 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;436 - CtãNC LAV/Dt3GUJ\4ENTO MISCELLANEOUS PROTOCOLED | &nbsp;&nbsp;436 - CtãNC LAV/Dt3GUJ\4ENTO MISCELLANEOUS PROTOCOLED | &nbsp;&nbsp;436 - CtãNC LAV/Dt3GUJ\4ENTO MISCELLANEOUS PROTOCOLED | &nbsp;&nbsp;436 - CtãNC LAV/Dt3GUJ\4ENTO MISCELLANEOUS PROTOCOLED | &nbsp;&nbsp;436 - CtãNC LAV/Dt3GUJ\4ENTO MISCELLANEOUS PROTOCOLED | &nbsp;&nbsp;436 - CtãNC LAV/Dt3GUJ\4ENTO MISCELLANEOUS PROTOCOLED | &nbsp;&nbsp;05/20/2015 | &nbsp;&nbsp;05/20/2015 | &nbsp;&nbsp;05/20/2015 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;470 - CONC LAV/EXIGÊNCIA I\*UBLlCADA | &nbsp;&nbsp;470 - CONC LAV/EXIGÊNCIA I\*UBLlCADA | &nbsp;&nbsp;470 - CONC LAV/EXIGÊNCIA I\*UBLlCADA | &nbsp;&nbsp;470 - CONC LAV/EXIGÊNCIA I\*UBLlCADA | &nbsp;&nbsp;470 - CONC LAV/EXIGÊNCIA I\*UBLlCADA | &nbsp;&nbsp;470 - CONC LAV/EXIGÊNCIA I\*UBLlCADA | &nbsp;&nbsp;05/20 | &nbsp;&nbsp;05/20 | &nbsp;&nbsp;05/20 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;473 - CONC LAV/CUMPK1MEN'1"t9 REQUIREMENT PROTOCOLED | &nbsp;&nbsp;473 - CONC LAV/CUMPK1MEN'1"t9 REQUIREMENT PROTOCOLED | &nbsp;&nbsp;473 - CONC LAV/CUMPK1MEN'1"t9 REQUIREMENT PROTOCOLED | &nbsp;&nbsp;473 - CONC LAV/CUMPK1MEN'1"t9 REQUIREMENT PROTOCOLED | &nbsp;&nbsp;473 - CONC LAV/CUMPK1MEN'1"t9 REQUIREMENT PROTOCOLED | &nbsp;&nbsp;473 - CONC LAV/CUMPK1MEN'1"t9 REQUIREMENT PROTOCOLED | &nbsp;&nbsp;08 | &nbsp;&nbsp;08 | &nbsp;&nbsp;08 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;436 CONC LAV/DOCUMF.NTO MISCELLANEOUS PROTOCOL | &nbsp;&nbsp;436 CONC LAV/DOCUMF.NTO MISCELLANEOUS PROTOCOL | &nbsp;&nbsp;436 CONC LAV/DOCUMF.NTO MISCELLANEOUS PROTOCOL | &nbsp;&nbsp;436 CONC LAV/DOCUMF.NTO MISCELLANEOUS PROTOCOL | &nbsp;&nbsp;436 CONC LAV/DOCUMF.NTO MISCELLANEOUS PROTOCOL | &nbsp;&nbsp;436 CONC LAV/DOCUMF.NTO MISCELLANEOUS PROTOCOL | &nbsp;&nbsp;03/17 | &nbsp;&nbsp;03/17 | &nbsp;&nbsp;03/17 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;436 - CONC LAV/DOCUMENfO DIVERSO PROTOCOLIZADO | &nbsp;&nbsp;436 - CONC LAV/DOCUMENfO DIVERSO PROTOCOLIZADO | &nbsp;&nbsp;436 - CONC LAV/DOCUMENfO DIVERSO PROTOCOLIZADO | &nbsp;&nbsp;436 - CONC LAV/DOCUMENfO DIVERSO PROTOCOLIZADO | &nbsp;&nbsp;436 - CONC LAV/DOCUMENfO DIVERSO PROTOCOLIZADO | &nbsp;&nbsp;436 - CONC LAV/DOCUMENfO DIVERSO PROTOCOLIZADO | &nbsp;&nbsp;10/Q3/2015 | &nbsp;&nbsp;10/Q3/2015 | &nbsp;&nbsp;10/Q3/2015 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT.à MISCELLANEOUS PROTOCOLIZED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT.à MISCELLANEOUS PROTOCOLIZED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT.à MISCELLANEOUS PROTOCOLIZED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT.à MISCELLANEOUS PROTOCOLIZED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT.à MISCELLANEOUS PROTOCOLIZED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT.à MISCELLANEOUS PROTOCOLIZED | &nbsp;&nbsp;03 | &nbsp;&nbsp;03 | &nbsp;&nbsp;03 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT DI\\*ERSt9 REGISTERED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT DI\\*ERSt9 REGISTERED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT DI\\*ERSt9 REGISTERED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT DI\\*ERSt9 REGISTERED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT DI\\*ERSt9 REGISTERED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT DI\\*ERSt9 REGISTERED | &nbsp;&nbsp;03 | &nbsp;&nbsp;03 | &nbsp;&nbsp;03 |

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------

---

| | |
|:---|:---|
| &nbsp;&nbsp;465 - CoNc LAVn'RANSr DI | &nbsp;&nbsp;11/02/2015 |
| &nbsp;&nbsp;662 - NOTIFICATION OF DEBT PAYMENT MUI..TA | &nbsp;&nbsp;17/06 |
| &nbsp;&nbsp;25 - PAYMENT OF NIULTA MADE-RAL | &nbsp;&nbsp;16106I2Q 14 |
| &nbsp;&nbsp;1713 - CONC LAV/RAL MULTAAPLtCADA | &nbsp;&nbsp;IO/04/20J4 |
| &nbsp;&nbsp;1693 - CONC LAV/RALAUTO FOR NON-DELIVERY OF PUBLIC INFRACTION | &nbsp;&nbsp;3 t/t0/2013 |
| &nbsp;&nbsp;418 - CONC LAV/RAL YEAR OF APIÜSEK1"ADO | &nbsp;&nbsp;26/03/2007 |
| &nbsp;&nbsp;41 - CONC LAV/SUSPENSÃO TÕARAI..HOS LAVRA PROTOCOLIZADO | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;418 - CONC LAV/RALANO l3ASÉ ÃPR SLN"IADO | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;418 - CONC LAV/RAT BASE YEAR PRESENTED | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;418 - CONC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;12/03/1998 |
| &nbsp;&nbsp;418 - CONC LAV/KALANO EASE PRESENTED | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;418 - CONC LAV/RAI.. BASE YEAR PRESENTED | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;418 - CONC LAV/II BASE YEAR PRESENTED | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;418 - Cf.INC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;418 - CONC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;418 - CELIC LAV/RALAN€3 BASE PRESENTED | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;418 - CONC I AV/RAI.. BASE YEAR SUBMITTED | &nbsp;&nbsp;29 |
| &nbsp;&nbsp;517 - CONC LAV/IÜLN"ORIO AKI' 43 COÚS'i"I"I'Ul PkO'l" | &nbsp;&nbsp;05 |
| &nbsp;&nbsp;418 - CtãNC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;418 - CONC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;12/03/1987 |
| &nbsp;&nbsp;415 - C€JNC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;418 - CONC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;415 - CONC LAV/ILALANO J3ASE APPROVED | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;418 - CONC I..AV/RAL YEAR PRESENTED | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;418 - CONC LAV/RALANO BASE PRESENTED | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;418 - CONC LAV/RALANO BASE PRESENTED | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;4 f8 - CONC I.AV/RAL YEAR CASE SUBMITTED | &nbsp;&nbsp;I 4/03/1980 |
| &nbsp;&nbsp;403 - CONC LAV/ISSUE OF POSSESSION REQUESTED | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;418 - CONC LAV/RA.L BASE YEAR PRESENTED | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;403 - CONC LAV/IMISSÀO DE POSSE REQUERIDA | &nbsp;&nbsp;03/14/1979 |
| &nbsp;&nbsp;400 - CCJNC LAV/ORDINANCE MINING CONCESSION PUBLISHED - MME | &nbsp;&nbsp;12/22 |
| &nbsp;&nbsp;350 - REQ LAV/REQFJERIMEN"£O LAVRA I°ROTOCOLIZADO | &nbsp;&nbsp;06/03 |
| &nbsp;&nbsp;299 - AU'I" PLSQ/REL PESQ APPROVED 30A CM PUDL | &nbsp;&nbsp;06/01/1976 |
| &nbsp;&nbsp;283 - OUT PESQ/GUIDE FOR USE REQUEST PROTOCOL | &nbsp;&nbsp;07/26/1974 |
| &nbsp;&nbsp;290 - AUT PESQ/FINAL PESQ REPORT SUBMITTED | &nbsp;&nbsp;10/17/1973 |
| &nbsp;&nbsp;209 - AUT RESEARCH/START OF RESEARCH NOTIFICATION | &nbsp;&nbsp;05/25 |
| &nbsp;&nbsp;201 - AUT PESQ/ALVAE RESEARCH REPORT PUBLISHED | &nbsp;&nbsp;12/13 |
| &nbsp;&nbsp;100 - KEQ RESEARCH/I QUER1MEN"I'O RESEARCH PROTOCOLED | &nbsp;&nbsp;03/24 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;Poligonal |  |
| &nbsp;&nbsp;Processo | &nbsp;&nbsp;804.059/1971 |
| &nbsp;&nbsp;Representacao <br>grafica: | &nbsp;&nbsp;![img233114657_0.jpg](img233114657_0.jpg) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;Area(lia): | &nbsp;&nbsp;37 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;Cota minima(m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Cota maxima (m): | &nbsp;&nbsp;Cota maxima (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;Latitude of mooring point: | &nbsp;&nbsp;-21°57'45"43G | &nbsp;&nbsp;Longitude of mooring point: | &nbsp;&nbsp;Longitude of mooring point: | &nbsp;&nbsp;-46°35'25"412 |
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;Descricao do ponto de amarracao: | &nbsp;&nbsp;PA-116-PPC-BUEIRO DO CORK LAGL ON THE ANDRADAS/POCOS DE CALDAS | &nbsp;&nbsp;Length of azimuth vector (ni) | &nbsp;&nbsp;Length of azimuth vector (ni) | &nbsp;&nbsp;288.00 |
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;Angle Jo xector rte mooring: | &nbsp;&nbsp;39°39'5P"450 | &nbsp;&nbsp;Direction of <br>vector amarracao: | &nbsp;&nbsp;Direction of <br>vector amarracao: | &nbsp;&nbsp;NW |
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Lat | &nbsp;&nbsp;Lat | &nbsp;&nbsp;Longitude | &nbsp;&nbsp;Longitude |
| &nbsp;&nbsp;Poligonais: |  | &nbsp;&nbsp;-21°57'38"228 | &nbsp;&nbsp;-21°57'38"228 | &nbsp;&nbsp;-46°35'31"820 | &nbsp;&nbsp;-46°35'31"820 |
| &nbsp;&nbsp;Poligonais: |  | &nbsp;&nbsp;-21°57'38"228 | &nbsp;&nbsp;-21°57'38"228 | &nbsp;&nbsp;-46°35'57"959 | &nbsp;&nbsp;-46°35'57"959 |
| &nbsp;&nbsp;Poligonais: |  | &nbsp;&nbsp;-2l°57'21"972 | &nbsp;&nbsp;-2l°57'21"972 | &nbsp;&nbsp;-46°35'57"959 | &nbsp;&nbsp;-46°35'57"959 |
| &nbsp;&nbsp;Poligonais: |  | &nbsp;&nbsp;-2l°57'21"973 | &nbsp;&nbsp;-2l°57'21"973 | &nbsp;&nbsp;-46°35'31"820 | &nbsp;&nbsp;-46°35'31"820 |
| &nbsp;&nbsp;Poligonais: |  | &nbsp;&nbsp;-21°57'38"228 | &nbsp;&nbsp;-21°57'38"228 | &nbsp;&nbsp;-46°35'31" | &nbsp;&nbsp;-46°35'31" |
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;ID: |  |  |  |  |

---

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<u>Annex</u> <u>2.2.1.</u>

to the Total Mining Lease Agreement under Suspensive Condition, <br>August 17, 2023.

<u>Bank</u> <u>account</u> <u>details</u> 

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<u>Attachment 2.2.8.</u>

to the Total Mining Rights Lease Agreement under Suspensive Condition,<br>dated August 17, 2923.

<u>Lease Agreement.</u>

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**TOTAL LEASE AGREEMENT FOR MINING RIGHTS**

<u>LESSOR:</u> **MINERAÇÃO ALTO DA SERRA DE ANDRADAS LTDA.,** a business corporation limited liability company headquartered in the municipality of Andradas, Minas Gerais, at Fazenda Lagoinha, s/n, Bairro CampesEinhq, CEP 37795-000, registered with the CNPJ under no. 07.346.404/0001-80, email: , herein represented by its Articles of Incorporation, by its Administrators, Mr. José Maurício Fonseca Franco, Brazilian, married, businessman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , and Ms. Nilse Aparecida Franco Armani, Brazilian, married, businesswoman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , hereinafter referred to as <u>"Alto da</u> Serra" or <u>"Lessor";</u>

<u>LESSEE:</u> **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.,** a business corporation limited liability company headquartered in the State Capital of São Paulo, at Rua Professor José Leite e Oiticica, n.° 530, Vila Gertrudes, CEP 04705-080, registered with the CNPJ under n° 43.093.229/0001-20, email: , herein represented in accordance with its Articles of Association, by its Administrator, Mr. João Paulo Agapito da Veiga, Brazilian, single, businessman, holder of Identity Card No. , issued by DETRAN-RJ, registered with the CPF under No. resident and domiciled in , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, no. 530, Vila Gertrudes, CEP 04705-080, hereinafter referred to as "Alpha" or "Lessee", interchangeably;

<u>AGREEING PARTIES:</u> **JOSÉ MAURÍCIO FONSECA FRANCO,** as above, email: ; **and NILSE APARECIDA FRANCO ARMANI,** as above, email: ;

By this private instrument and in the best legal form, the Lessor and the Lessee, above identified, hereby enter into this Total Mining Rights Lease Agreement (the "Agreement"), based on Articles 130 et seq. of the Annex to Ordinance No. 155, dated May 12, 2016, which approved the consolidation of the rules of the National Department of Mineral Production (the "DNPM"), and other applicable laws and regulations, which shall be governed by the terms and conditions specified below:

7.14. <u>Subject matter.</u> The total lease of the mining rights covered by Administrative Proceeding No. 804.059/1971, registered with the ANM, with Mining Concession Order No. 82928, published in the Federal Official Gazette on December 22, 1978, in an area of 37.5 hectares, located in the municipality of Andradas, MG (the "Mining Right"), for the exploration of rare earths and any associated minerals such as, among others, niobium and scandium (the "Lease"). The Parties declare that this Agreement does not have as its object the outsourcing of mining operations, in whole or in part.

7.15. Reuner %. In consideration for the Lease provided for in 1., the Lessee shall pay to the Lessor, after the start of mining, remuneration corresponding to 5% (five percent) of the net monthly revenue earned by the Lessee from the sale of products produced, **sold**, and invoiced that are directly or indirectly derived from the exploitation of minerals in the area covered by the Mining Right.

7. ld. <u>PAE.</u> The Lessee undertakes to implement the Economic Utilization Plan ("PAE") previously approved by the DNPM.

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7.17. <u>Term.</u> The term of the Lease shall be ten (10) years, counted from the date of registration of this Agreement in the margin of the transcription of the Mining Right, as provided for in Article 140 of the DNPM Regulatory Consolidation.

7.18. Res o b d des. From the date of registration of this Agreement with the DNPM, the Parties shall be jointly and severally liable for all obligations arising from the mining concession in relation to the leased area, for the term of the Agreement.

7.19. Reiso. The Lessor undertakes to file this Agreement with the DNPM for prior consent and approval, as well as to take all necessary measures for the implementation of the registration referred to in this item, in order to enable the Lease.

7.20. <u>Intervention</u>. The Intervening Parties sign this Agreement, in their capacity as partners of the Lessor, expressly authorizing the legal transaction embodied herein.

This Agreement does not alter, replace, or cancel any other understandings or provisions of other documents entered into between the Parties.

This Agreement shall be interpreted and governed by the laws of the Federative Republic of Brazil in force. All disputes, controversies, and/or issues arising from or related to this Agreement shall be definitively resolved in the courts of the State of São Paulo, as mutually agreed by the Parties.

The Parties and Consentants hereby execute this Assignment Agreement in two (2) copies, in the presence of the two witnesses below.

São Paulo, [...].

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---

| |
|:---|
| &nbsp;&nbsp;<u>Assignor:</u> |
| &nbsp;&nbsp;**MINERAÇÃO ALTO DA SERRA DE ANDRADAS LTDA.**<br>Mr. José Maurício Fonseca Franco and Nilse Aparecida Franco Armani |
| &nbsp;&nbsp;<u>Assignee:</u> |
| &nbsp;&nbsp;ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA. <br>p. João Paulo Agapito da Veiga<br>|
| &nbsp;&nbsp;<u>Consenting Intervening Parties:</u> |
| &nbsp;&nbsp;JOSÉ MAURICIO FONSECA FRANCO<br>|
| &nbsp;&nbsp;N ILSE APARECIDA FRANCO ARMANI |

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---

| | |
|:---|:---|
| <u>Witnesses:</u> |  |
| 1.  | 2.  |
| Name<br>CPF | Name:<br>CPF: |

---

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## Exhibit 10.12

**Exhibit 10.12**

**TOTAL LEASE AGREEMENT FOR MINING RIGHTS UNDER SUSPENSIVE CONDITION.**

By this private instrument, and in the best legal form, the Parties, hereinafter designated and duly qualified, namely,

on the one hand, as Lessor,

**MINERAÇÃO ANDRADENSE LTDA.**, a limited liability company headquartered in the municipality of Andradas, Minas Gerais, at Rua Coronel Oliveira, n.° 111, Centro, ZIP Code 37795-000, registered with the CNPJ under No. 16.730.095/0001-39, email:, hereby represented in accordance with its Articles of Incorporation, by its Administrators, Mr. José Maurício Fonseca Franco, Brazilian, married, businessman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , and Mr. Walter de Souza Franco, Brazilian, widower, businessman, holder of Identity Card No. , registered with the CPF under No. resident and domiciled in , hereinafter referred to as "Andradense" or "Lessor", interchangeably;

and, on the other hand, as Lessee,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, a limited liability company headquartered in the city of São Paulo, at Rua Professor José Leite e Oiticica, n.° 530, Vila Gertrudes, ZIP code 04705-080, registered with the CNPJ under No. 43.093.229/0001-20, email:, herein represented in the form of Articles of Incorporation, by its Administrator, Mr. João Paulo Agapito da Veiga, Brazilian, single, businessman, holder of Identity Card RC7 no. , issued by DETRAN-RJ, registered with the CPF under no. , resident and domiciled in , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, no. 530, Vila Gertrudes, CEP 04705-080, hereinafter referred to as "Alpha" or "Lessee", interchangeably;

also appearing as consenting parties,

**JOSÉ MAURÍCIO FONSECA FRANCO**, supra qualified, email: <br> ;

**WALTER DE SOUZA FRANCO**, as above, email:; and

**NILSE APARECIDA FRANCO ARMANI**, Brazilian, married, businesswoman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , email: ; and

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**MINERAÇÃO ALTODA SERRA DE ANDRADAS LTQA.**, a limited liability company headquartered in the Municipality of Andradas, Minas Gerais, at Fazenda Lagoinha, s/n, Bairro Campestrinho, CEP 37795-000, registered with the GNPJ under No. 07.346.404/0001-80, email: , herein represented in accordance with its Articles of Association, by its Administrators, Mr. José Maurício Fonseca Franco and Ms. Nilse Arid F r, as above identified, hereinafter referred to as "Alto da Serra";

Whereas the Lessor is the sole and legitimate holder of the Mining Right that is the subject of the administrative proceeding registered with the National Mining Agency (the "ANM") under No. 800.572/1969, with Mining Concession Order No. 1.237, published in the Official Gazette (DOU) of September 3, 1980 (the "Mining Concession Ordinance"), for clay, bauxite, and leucite minerals, in an area of 160.55 hectares, located in the municipality of Andradas, MG (the "Mining Right"), whose authorizations and main characteristics are included herein as Annex I.;

Whereas the Parties shall conduct research in the field of mining law with the aim of assessing the possibility of exploiting rare earth elements and any associated minerals such as, among others, niobium and scandium (hereinafter referred to as the "Minerals"), and, if successful, shall arrange for the preparation of (a.) a report, in accordance with Article 26 of Decree No. 9,406, dated June 12, 2018 (hereinafter referred to as the "Mining Code Regulations"), as well as (b.) an economic utilization plan indicating the possible changes that the mining of these new substances will entail to the original mining plan that resulted in the Mining Concession Ordinance, in accordance with Article 129 of the Annex to Ordinance No. 155, of May 12, 2016, which approved the consolidation of the rules of the National Department of Mineral Production (the "DNPM" and the "DNPM Regulatory Consolidation"), which shall be submitted, on behalf of the Lessor, to the ANM, for registration of new mineral substances in the original mining concession title;

Whereas, pursuant to Articles 130 et seq. of the Consolidated Rules of the DNPM and other applicable laws and regulations, Mining Rights at the mining concession stage may be wholly or partially leased, regardless of the transfer of ownership of the mining concession to the third party lessee, provided that such agreement is submitted for prior approval and registration with the DNPM;

Whereas, subject to the conditions precedent and terms set forth below, the Lessor is interested in leasing the mining concession for the exploration of the Minerals, and the Lessee is interested in leasing the Mining Rights, provided that the Conditions Precedent set forth in item 2.2 below are met, below, in particular the amendment to the Mining Right Concession Ordinance to include the Minerals;

The Parties hereby agree to enter into this "Total Lease Agreement for Mining Rights under Suspensive Condition" (the "Agreement"), which shall be governed by the following terms and conditions.

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**1.** **SUBJECT MATTER.**

1.1.<u>Lease of Mining Rights</u>. By this instrument, the Lessee undertakes and agrees, on the Closing Date and provided that the Conditions Precedent set forth in 2.2 below are fulfilled, to lease from the Lessor, and the Lessor, in turn, undertakes and agrees, on the Closing date, lease to the Lessee, upon payment of the Remuneration defined in 3.1. below, under Mining Law, in accordance with the current characteristics described in Annex I, for the exploration of the Minerals (hereinafter, the "Lease"), without transfer of ownership of the mining concession.

1.1.1.<u>Absence of encumbrances</u>. Except for the lease agreement between Andradense and Alto da Serra, effective as of November 7, 2017, and expiring on September 15, 2024 (the "Alto da Serra Lease"), the Mining Right is free and clear of any encumbrances, liens, attachments, seizures, pledges, liens, or restrictions that may, on this date or in the future, affect this Lease.

1.1.2.<u>Lease Term</u>. In addition to the Mining Right, the Lease includes all other licenses and authorizations issued by the competent government authorities which, as applicable, shall be transferred to the Lessee after the Closing Date, returning to the Lessor's ownership, through a regular transfer process, upon termination or non-renewal of this Agreement. The Parties agree that (i.) the Lessee is expressly prohibited from directly or indirectly engaging, under any title or pretext, in activities in the area of Mining Law that are not directly or indirectly related to the exploitation of the Minerals, in accordance with this Agreement; (ii.) the use of water, the removal of vegetation or the exploitation of water resources, even under the pretext of being linked to Mining Law, may only be carried out with the prior and express consent of the Lessor.

**2.** **SUSPENSIVE CONDITIONS.**

2.1.<u>Exclusivity</u>. The Parties hereby enter into this Agreement in an irrevocable and irreversible manner, on an exclusive basis, subject only to the Conditions Precedent set forth in 2.2. below, it being understood that Artendante may not, as of this date and throughout the term of this Agreement, (i.) lease, lend or allow third parties to exploit or use the Mining Right, under any title; (ii.) put or offer for sale, lease or transfer, for any reason whatsoever, all or part of the Mining Rights to third parties; (iii.) in any way sell, transfer or encumber, or promise to sell, transfer or encumber the Mining Rights, for any reason whatsoever, to third parties, in whole or in part; (iv.) enter into any other commitment or contract that directly or indirectly involves the Mining Rights, or is in any way related to them (the "Exclusivity"), under penalty of incurring a fine immediately set between the Parties at ten (10) times the value of the Fixed Advance Payment of the Remuneration provided for in 3.1.1., below, without prejudice to the obligation to indemnify the Lessee for losses and damages and lost profits. Failure by the Lessor to comply with the deadlines indicated in items 2.2.9. and 2.2.10. below shall be considered a breach of the Exclusivity obligation provided for in this item, subject to the penalties provided herein. The Parties acknowledge that the penalty provided for in this item is not excessive and is reasonable to compensate the Lessee for all costs incurred, as of this date, in conducting research in the area of Mining Law. The Parties further acknowledge that the Alto da Serra Lease shall not be considered a breach of exclusivity, provided that the conditions set forth in 2.1.1. below are met.

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2.1.1.<u>Alto da Seria Lease</u>. The Consenting Party Alto da Serra declares that it is aware of the existence of this Agreement and, herein, together with the Lessor, assumes the obligation to sign a termination of the Alto da Serra Lease, which must be registered with the fiNPM within a maximum period of 180 (one hundred and eighty) days from the date of signature of this Agreement, under the strict terms provided for in Article 148 of the DNPM Regulatory Consolidation. The Consent Intervening Party Alt9 da Serra also undertakes (i) not to interfere in the research work to be carried out by the Parties and (ii) not to cause any hindrance or damage to the Lessee, under penalty of bearing any losses, damages, and lost profits, as provided for in the legislation in force.

2.1.2.<u>Initial Payment</u>. Considering that the commencement of the Lease (and the payment of the Remuneration provided for in 4.) depends on the implementation of the Conditions Precedent described in 2.2. below, the Parties have agreed that the Lessee shall pay to the Lessor, herein, the fixed, certified, and adjusted amount of R$50,000.00 (fifty thousand reais), as a down payment on the future Lease, by bank transfer to be made to the bank account indicated in Annex 2.1.2. The payment provided for in this item is final and will not be refunded in the event of failure to fulfill the Conditions Precedent, as defined below.

2.2.<u>Conditions Precedent</u>. This Agreement shall become effective on the date of its execution and shall remain in effect until the end of the Lease Term, its effectiveness being subject to the cumulative fulfillment of the following conditions precedent, which must be satisfied by the Parties (unless waived in writing by the Lessee) (the "Conditions Precedent"):

2.2.1.<u>Research</u>: completion of research in the area of Mining Law and confirmation of the possibility and feasibility of mining the Minerals, understood as minerals classified as "rare earth elements" and associated minerals such as, among others, niobium and scandium, in the broadest sense; the research shall be funded by the Lessee, with the support of the Lessor in providing any and all necessary information, as well as in taking all necessary steps and other measures, including the signing of documents or forms, which shall ultimately be reflected in a report to be prepared by a legally qualified professional, in accordance with the provisions of Article 26 of the Mining Code Regulations;

2.2.2.<u>Co-communication</u>: communication to ANM, by the Lessor, under terms to be defined by mutual agreement between the Parties, regarding the existence, in the area covered by the Mining Rights, of mineral substances (the Minerals) not included in the Mining Concession Ordinance, as provided for in Article 34, IV, of the Mining Code Regulations;

2.2.3.<u>Economic Utilization Plan</u>: preparation by the Parties of an Economic Utilization Plan for the deposit ("PAE"), signed by a legally qualified professional, accompanied by the respective Technical Responsibility Note ("ART"), indicating the changes that the mining of the Minerals will entail to the mining plan originally approved and that resulted in the Mining Concession Ordinance;

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2.2.4.<u>Addendum to the Mining Concession</u>: submission by the Lessor, through the ANM, under the terms to be defined by mutual agreement between the Parties, of the documents referred to in 2.2.1. and 2.2.3., in addition to all other documents and information required by applicable legislation and regulations applicable to claim the amendment to the Mining Concession Ordinance, including the possibility of exploring new substances (the Minerals), followed by the approval of such request by the Ministry of Mines and Energy and the registration, in the margin of the transcription of the Mining Right, of the possibility of mining the Minerals, in accordance with the provisions of Article 129 of the DNPM Regulatory Consolidation;

2.2.5.<u>Alto da Serra Lease</u>: registration of the termination of the Alto da Serra Lease with the ANM;

2.2.6.<u>Absence of Material Adverse Effect</u>: absence of materialization, from the date of signing this Agreement until the Closing Date, of any material adverse effect affecting the Parties, as understood, in relation to any of the Parties, any event, circumstance, or fact that is beyond the control of such Party, in such a way that its consequences cannot be avoided within a reasonable time and that, individually or in conjunction with others of the same nature (i.) adversely and significantly affects the condition (financial or otherwise), properties, assets, liabilities, business, and profitability prospects of such Party and other companies in its business group, considered as a whole; (ii.) significantly impede the ability of such Party to carry out the operations contemplated in this Agreement;

2.2.7.<u>Representations</u>: the representations and warranties of the Parties contained in this Agreement are true and correct in all material respects as of the Closing Date, as if they had been made on the Closing Date;

2.2.8.<u>Absence of Restrictions</u>: no preliminary injunction or related measure or other order, decree or regulation has been issued by ANM or any other government authority, nor has any law been enacted, imposing limitations on the ability of the Parties to consummate the obligations assumed herein.

2.2.9.<u>Lease Agreement</u>: after fulfilling the conditions precedent set forth in 2.2.1. to 2.2.8. above, or upon written waiver by the Lessee, as the case may be, the Parties shall proceed to sign the Lease Agreement, the draft of which is attached hereto as Annex 2.2.8. (the "Lease Agreement"), within a maximum period of ten (10) days; the Parties declare that (i.) the Lease Agreement provided for in this item is intended solely to meet the conditions imposed by the DNPM Regulatory Consolidation and by the ANM, enabling the registration of the Lease with the regulatory authorities; and (ii.) the obligations and rights that effectively bind the Parties are governed by this Agreement and have not been altered by the Lease Agreement; and

2.2.10.<u>Registration of the Lease Agreement</u>: submission by the Lessor to the ANM, under the terms to be defined by mutual agreement between the Parties and within a maximum period of ten (10) days after fulfillment of the condition precedent provided for in 2.2.9. above, of a request for approval and registration of the Amendment Agreement, in addition to all other documents and information required by applicable laws and regulations, including a

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statement by the Lessee that it undertakes to execute the PAE provided for in 2.2.3. above, followed by the approval of such request and the registration, in the margin of the transcription of the Mining Right, of the existence of the Lease, in the forms provided for in Articles 132 et seq. and 137 et seq. of the DNPM Regulatory Consolidation, as amended from time to time.

2.3.Coo and ao. The Parties undertake, in good faith and in the interest of ensuring the proper and prompt fulfillment of the Conditions Precedent set forth in this Agreement, to provide any and all information related to Mining Law or to themselves, to execute any and all documents and to perform any and all acts necessary for the performance of the research work and preparation of reports provided for in 2.2.1. and 2.2.3., or for the fulfillment of the other Suspensive Conditions, except for the obligations to pay expenses and costs, which shall be the sole responsibility of the Lessee.

2.3.1.The Lessor hereby undertakes, in the event of any changes to the intrinsic characteristics of the Mining Right, at any time and for any reason, including those resulting from enforcement measures The Lessor hereby undertakes, in the event of any changes in the intrinsic characteristics of the Mining Right, at any time and for any reason, including those resulting from enforcement or persecution measures that may be adopted by any creditors, of any nature or for any reason, to immediately notify the Lessee, in accordance with item 7.9 below, below, ensuring that the latter has, regardless of any request to that effect, all the information necessary to assess, at any time during the term of this Agreement, the proper fulfillment of the Conditions Precedent.

2.4.<u>Closing</u>. If the Precedent Conditions have been cumulatively implemented, or have been waived in writing by the Lessee, as the case may be, the Lessee shall be irrevocably obliged, within a maximum period of ten (10) days, to pay the Fixed Advance Payment of the Remuneration provided for in 3.1.1. below. The date on which the existence of the Lease is registered in the margin of the Mining Right transcription, in accordance with Articles 132 et seq. and 137 et seq. of the DNPM Regulatory Consolidation, as amended from time to time, shall be considered, for the purposes of this Agreement, as the "Closing Date."

2.5.<u>Authorized Assignees</u>. This Agreement may be assigned by the Lessee, regardless of the Lessor's consent, until the Closing Date, to any company directly or indirectly controlled by the Lessee, or any company subject to common control, directly or indirectly, in relation to the Lessee, as well as to the partners of any of these or to companies of which the companies or individuals indicated in this item are partners (generically, the "Authorized Assignees"), provided that (i.) the Authorized Assignees shall always be from the same business group as the Lessee; and (ii.) any and all provisions of this Agreement shall apply in full to the Authorized Assignees. References in this Agreement to the Lessee shall be construed as references to the Lessee and any of the Authorized Assignees.

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**3.** **PRICE AND PAYMENT TERMS.**

3.1.<u>Remuneration</u>. The Parties agree that, in consideration for the Lease, the Lessee shall pay the Lessor an initial and advance fixed remuneration, in addition to variable monthly installments, calculated as set forth in items 3.1.1. and 3.1.2. below (the "Remuneration"):

3.1.1.<u>Fixed Advance Payment</u>. Within a maximum period of ten (10) days from the Closing Date, the Lessee shall pay to the Lessor, by bank transfer to a bank account held by the Lessor, to be indicated in writing in due course, the amount in Brazilian reais (R$), equivalent to US$1,000,000.00 (one million US dollars), calculated based on the US dollar exchange rate for purchase, as disclosed by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "Fixed A d v a n c e Payment of Remuneration"). For clarification purposes, the Fixed Advance Payment shall be paid by the Lessee to the Lessor regardless of the commencement of mining of the Minerals and shall be due once only, at the beginning of the term of the Lease.

3.1.2.<u>Variable Monthly Remuneration</u>. The variable monthly remuneration for the Lease shall be payable by the Lessee to AjTendante after the start of mining operations in the Mining Right area (the "Variable Monthly Remuneration"), and shall be calculated using the following formula:

*Variable Monthly Remuneration (——)<br>[Net Revenue resulting from* ***the Exploration of the*** *Mining* ***Right*** *(x) 5%]*

Where:

*<u>Net Revenue from the Exploitation of Mining Rights</u>* (=) The sum of the monthly net revenue, as defined by federal tax legislation in force, earned by the Lessee from the sale of products produced, sold, and invoiced by the Lessee and which are directly or indirectly derived from the exploitation of Minerals in the Mining Rights area. The monthly net revenue provided for in this item shall be calculated on a cash basis and deducted exclusively from the following costs and expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.cancelled sales and returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.discounts granted by the Lessee for any reason, including unconditional discounts and commercial discounts of any kind; in the case of sales to parties related to or connected with the Lessee, for any reason whatsoever, only unconditional or conditional discounts provided for in this item shall be allowed to be deducted if it is proven that such discounts would also be granted in transactions with unrelated or unrelated parties and if the sales price, after discounts, is compatible with the average market price in the region for each of the products produced, sold, or invoiced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.2.<u>Report</u>. For each base month, understood as the period between the first and last business day of each calendar month after the start of mining in the Mining Right area, the Lessee shall prepare a report containing the following information (the "Report"), which shall be sent to the Lessor, to the email addresses of the Lessor

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and the Consentors indicated in the preamble hereto, by the 15th day of the following month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Sales revenue earned in the base month in relation to each of the products produced, sold, and invoiced by the Lessee and which are directly or indirectly derived from exploitation of the Minerals in the Mining Right area, calculated in strict accordance with the definition of Net Revenue resulting from the Exploitation of the Mining Right contained in item 3.1.2. above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Quantity of tons (t) of Minerals produced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Indication of canceled sales and returns, indicating the value of canceled sales and returns due to specific quality problems with the Minerals, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Indication of discounts granted by the Lessee, including commercial discounts of any nature, bonuses, rebates, and similar items, indicating the purchasers of the products produced, sold, and invoiced by the Lessee who benefited from such discounts and expressly mentioning whether or not they belong to the same economic group as the Lessee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Average sale price, in the base month, of the products produced, sold, and invoiced by the Lessee as a result of mining the Minerals in the Mining Right area Minerals mined in the Mining Right area, in US dollars, after the deductions provided for in (c.) and (d.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.3.<u>Term</u>. The installments of the Variable Monthly Lease Remuneration calculated in accordance with this item 3.1.2. and reflected in the Report shall be paid by the Lessee to the Lessor in relation to each base month, by the 20th day of the following month, by bank transfer to the bank account held by the Lessor, to be indicated in writing in due course. If, after the Report is sent, there is a disagreement between the Parties regarding the amount of the Variable Monthly Remuneration for a given base month, the Parties hereby agree that the amount reflected in the Report shall be paid within the term and in the manner referred to in this item, and the Parties shall, in good faith, discuss any differences found and the term and form of payment of such differences.

3.1.3.<u>Settlement and Default</u>. Proof of bank transfer relating to the Fixed Advance Payment or the Variable Monthly Remuneration installments, as applicable, to the account indicated in writing by the Lessor, shall grant the Lessee the broadest, most general and irrevocable discharge in relation to the amount paid. Payment of any installment of the Remuneration after its due date shall constitute the Lessee in default, regardless of any notification, interposition or extrajudicial notice, subjecting it to (i.) a late payment penalty of 10% (ten percent) on the outstanding debt; and (ii.) monetary adjustment by the IPCA from the due date until the date of actual payment of the outstanding balance, without prejudice to the Lessor's right to take appropriate legal measures.

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**4.** **TERM.**

4.1.<u>Term</u>. The term of the Agreement shall commence on this date and shall end upon termination of the Lease. The term of the Lease shall be ten (10) years, counted from the date of registration of the Lease Agreement in the margin of the transcription of the Mining Right, as provided for in Article 140 of the Consolidated Regulations(the "Lease Term"), and may be extended by agreement between the Parties, subject to the limitations provided for in Article 145 of the DNPM Regulatory Consolidation.

**5.** **OBLIGATIONS OF THE PARTIES.**

5.1.<u>Possession</u>. For the purposes of this Agreement, the Lessee shall be deemed to have taken possession of the Mining Right on the Closing Date and may, as of that date, occupy the area covered by the Mining Right and carry out mining, processing, classification, storage, and other operations inherent to the exploitation of the Minerals, including the construction of buildings in appropriate locations, always in accordance with the licenses, authorizations, and environmental laws in force at the municipal, state, and federal levels.

5.1.1.<u>Preliminary arrangements</u>. Without prejudice to the entry into possession referred to in 5.1. above, the Parties hereby agree that the advisors hired by the Lessee to conduct research, prepare reports or perform any type of assessment may, provided that the Lessor schedules an appointment no later than five (5) days after receiving such request, access the areas covered by the Mining Right for their examination "in loco", and may also conduct surveys, enter the area with vehicles, equipment or personnel, take samples for technical analysis, and conduct all types of research in the area, without exception, in order to conclude, without any doubt, regarding the future mining capacity of the Minerals in the Mining Right area.

5.2.dOnbarì a ões Arrendatar a. The Lessee shall have the following obligations, from the beginning of the Lease Term, without prejudice to others specifically provided for in other items of this Agreement:

5.2.1.comply with the rules set forth in Decree-Law No. 227, dated February 28, 1967 (the "Mining Code"), in the Mining Code Regulations and in the DNPM Regulatory Consolidation, as well as the environmental legislation in force, undertaking, in particular, to (i.) mine the minerals rationally, in order to preserve the best use of the mineral deposits; (ii.) adapting the disposal of tailings; and (iii.) hiring a qualified mining engineer as the technical manager of all activities arising from the Lease, in accordance with Article 47, VI, of the Mining Code;

5.2.2.be responsible, at its own expense, to ANM and DNPM for compliance with all formal requirements arising from the legislation applicable to the species, in particular with regard to the payment of administrative fees, including Financial Compensation for Mineral Exploration ("CFEM"), which are directly related to the exploration of Minerals;

5.2.3.be responsible, at its own expense, to the competent government authorities (including SEMAD), for compliance with all requirements necessary to maintain the legality of the Lessee's activity in the area of Mining Law, undertaking to bear the full amount of any

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administrative penalties that may be imposed as a result of its non-compliance, provided that such requirements have arisen from the effective actions of the Lessee;

5.2.4.ensure the maintenance and general conservation of the deposits and the Mining Right area throughout the term of the Lease, as well as bear the full cost of repairing any damage caused thereto, indemnifying the Lessor in the event of any administrative penalties or judicial convictions that the latter may suffer due to non-compliance with provisions related to Mining Law, motivated by actions or omissions, whether intentional or negligent, by the Lessee, provided that the procedure set forth in item 5.4.1. below is adopted;

5.2.5.collect all taxes (municipal, state, and federal) and charges of any nature, at the federal, state, and municipal levels, levied on the activities of mineral exploration carried out, whose triggering events occur from the beginning and during the term of the Lease, as well as being responsible for all commercial obligations arising from its mineral mining activities;

5.2.6.be civilly and criminally liable to the Lessor and any third parties for any unlawful acts committed by it under civil and criminal law, for accidents of any kind and injuries caused to any person within the area covered by Mining Law, and, in particular, for any environmental damage and crimes caused by it; and

5.2.7.make timely payment of the Remuneration provided for in 3.1. above.

5.3.<u>Liability</u>. Notwithstanding the joint liability attributed to the Parties in Article 149 of the DNPM Regulatory Consolidation, the Lessee shall be liable to the Lessor for any breach of its obligations under the law and/or this Agreement, as well as for all Losses caused as a result of the activities carried out by the Lessee in the context of the exploitation of the Minerals, as defined in 5.4., even if the Lessor is legally considered liable for such obligations and/or Losses to third parties.

5.4.<u>Compensation for losses</u>. The Lessee undertakes to compensate the Lessor for any loss or contingency, of any nature, related to the mining of the Minerals covered by this Lease, including, but not limited to, environmental, labor, tax, regulatory, or punitive contingencies, among others (hereinafter, the "Losses"), and in all cases, the procedures set forth in this item 5.4 shall be adopted.

5.4.1.<u>King indicates Third Party Claims</u>. Upon becoming aware of any claim made by any third party (the "Third Party Claim"), the Lessor shall notify the Lessee (i.) within one-third (1/3) of the deadline for filing a defense; or (ii.) where there is no deadline for filing a defense, within ten (10) days of receiving written notice of the Third Party Claim. If the Lessor fails to notify the Lessee within the time limits set forth in this item, and provided that such delay or omission prejudices the Lessee, including, without limitation, the lack of opportunity to present a timely defense, the Lessee shall be released from the obligation to indemnify. The notification provided for herein shall describe in detail the Third Party Claim, including an estimate of the respective Loss if the Third Party Claim is successful.

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5.4.2.<u>Measures to be taken by the Lessee</u>. Upon receipt of the notification provided for in 5.4.1., the Lessee shall respond in writing: (i.) before the expiry of two-thirds (2/3) of the period for submitting a defense; or (ii.) where there is no period for submitting a defense, within within ten (10) days of receiving the notification. If the Lessee acknowledges its responsibility to indemnify for any Losses arising from the Third Party Claim, it may settle or conduct the defense of the Third Party Claim at its own expense and through a lawyer of its choice. In this case, the Lessor may, at its own expense and if it so wishes, participate jointly in the defense of the Third Party Claim. In any case, the Lessor shall provide the Lessee, upon request, with any information and documents it has in relation to the Third Party Claim, in addition to cooperating in a reasonable manner, when requested, to ensure an adequate defense of the Third Party Claim. If the Lessee does not acknowledge its liability for any Losses arising from the Third Party Claim, or does not assume the defense of the Third Party Claim, the Lessor may settle or conduct the defense as it deems appropriate.

5.4.3.<u>Final Decision</u>. At the moment when (a.) a decision is rendered by the competent government authority, without any legal remedies available to reform or annul such decision; (b.) an arbitral award is rendered; (c.) an agreement is entered into by the Parties in writing; or (d.) at the time the Lessee agrees to the content of the Third Party Claim (the "Final Decision"), the amount of the Loss shall be paid by the Lessee within ten (10) days after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.the Final Decision on the Third Party Claim has been rendered or has occurred, in the event that the Lessee has conducted the defense; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.receipt of notification by the Lessee, through which the Lessor will inform about the Final Decision on the Third Party Claim, in the event that the Lessor has conducted the defense. In this case, in addition to the amount of the Losses, the Lessee shall reimburse the Lessor for all costs or expenses (proven) involved in conducting the defense, including, but not limited to, attorneys' fees, hiring of experts, among others.

5.5.<u>Obligation to indemnify the Lessor</u>. The Lessor hereby undertakes to indemnify, protect, safeguard, and hold harmless the Lessee and shall also pay on behalf of the Lessee or reimburse the Lessee, as the case may be, for any and all losses incurred by the Lessee as a result of or in connection with the following circumstances: (a.) any default or failure by the Lessor to comply with or perform any obligation under this Agreement, and/or (b.) any breach, misrepresentation or inaccuracy in relation to the representations and warranties made by the Lessor in this Agreement; and/or (c.) any loss or contingency, of any nature, related to the Lessor (and which is demanded by third parties from the Lessee) or to the Mining Right, provided that it does not arise from the mining of the Minerals by the Lessee. The procedures set forth in 5.4.1. to 5.4.3. above shall apply to this item 5.5., mutatis mutandis.

5.5.1.<u>Compensation</u>. Without prejudice to the provisions of 5.5. above, the Lessee shall be entitled to deduct the amounts due and unpaid by the Lessor in accordance with the provisions of this item 5.5., including fines and interest, provided that they have been

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proven to have been paid by the Lessee, from the amount of the Fixed Advance Payment or the Variable Monthly Remuneration.

5.6.<u>Obligations of the Lessor</u>. Without prejudice to the other obligations specifically provided for in other items of this Agreement, the Lessor undertakes to:

5.6.1.provide the Lessee with any and all information related to Mining Law or to itself, execute any and all documents and perform any and all acts necessary for the performance of the research work and preparation of reports provided for in 2.2.1. and 2.2.3., as well as for compliance with the other Suspensive Conditions or for the regular maintenance of the Lease, in accordance with the legislation in force;

5.6.2.obtain and maintain valid all licenses, authorizations, registrations, and permits necessary or required for the preservation, performance of authorized research, maintenance, or expansion of the Mining Right, as of the date of signing this Agreement;

5.6.3.with regard to environmental and safety issues related to Mining Rights, (i.) comply with all applicable laws and regulations issued by federal, state, and local authorities, (ii.) inform the Lessee of any material adverse events, such as fires, explosions, accidental spills, etc., that affect the Mining Rights; and (iii.) inform the Lessee of any non-compliance with laws or regulations applicable to the Mining Rights; and

5.6.4.any and all fines, fees, liabilities or contingencies of any nature directly or indirectly related to Mining Law and pending payment as of the Closing Date shall be the sole responsibility of the Lessor, which undertakes to hold the Lessee harmless in relation to any fees, fines, expenses, liabilities or contingencies related to Mining Law, provided that they are related to events that occurred prior to this date, as provided for in item 5.5 above.

5.7.<u>Return</u>. In the event of termination of the Lease and return of the Mining Right by the Lessee to the Lessor, regardless of the cause, (i.) the Lessee undertakes to transfer to the Lessor all licenses and authorizations issued by the competent government authorities, as applicable, and shall be liable for all taxes and fees due during the Term of the Lease, as provided in 5.2. and 5.3. above; and (ii.) the Parties shall draw up the corresponding receipt and inspection document to record the conditions of the deposit and the area where the mining right is located. The Parties further agree that, in this case, all improvements and enhancements that may be built by the Lessee in the area of the Mining Right may be removed by it, at its sole discretion and at its sole expense, to the maximum extent possible and within a period not exceeding thirty (30) days from the end of the Lease Term, provided that any improvements and enhancements that cannot be removed shall become part of the property, without any encumbrance to the Lessor and without any right to compensation by the Lessee.

5.8.<u>Lessor's Representations and Warranties Regarding Mining Rights</u>. For all purposes and effects of this Agreement, the Lessor makes to the Lessee the following representations and warranties relating to the Mining Rights, which are valid, true, and accurate as of the date hereof and shall remain valid, true, and accurate during the term of the Agreement and the Lease Term:

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, which are valid, true, and accurate as of this date and shall remain valid, true, and accurate during the term of the Agreement and the Lease Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Ownership</u>. The Lessor is the legitimate holder of the Mining Rights, the details and individual description of which are set forth in Annex I hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Records</u>. The Lessor declares that the Mining Right is duly registered with the ANM and complies with all rules and regulations set forth in the relevant legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Licenses and authorizations</u>. The Lessor has always acted in accordance with the legislation applicable to Mining Law and, except for the Simplified Environmental License (LAS/RAS), which it has not been able to renew to date due to the failure of the Municipality of Andradas to issue a prior certificate of compliance, a fact of which the Lessee declares to be aware, it has the authorizations, permits, registrations, accreditations, permissions, and protocols provided for in federal, state, and municipal legislation or required by public authorities and government agencies of the respective jurisdictions for conducting research and maintaining the regularity of the Mining Right. There are no legal, administrative, contractual, or judicial restrictions on the ownership of the Mining Right, nor are there any judicial or administrative proceedings in which the Lessor is the defendant, plaintiff, or assistant, the merits of which are related to the ownership of the Mining Right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Litigation</u>. (i.) There are no claims, demands, or lawsuits of any kind before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative dispute resolution methods related to Mining Law; (ii.) there are no claims, arbitration proceedings or other alternative dispute resolution methods of any kind which, although not involving Mining Law, could in any way affect it and/or prevent and/or prejudice the implementation of this Agreement; (iii.) the Lessor is not aware of, has not committed or failed to commit any acts whose practice or omission could prevent or prejudice the implementation of this Agreement; (iv.) Mining Law is not involved in any pending claims of any kind, arbitration proceedings or other alternative dispute resolution methods which could prevent or prejudice the implementation of this Agreement; omission may prevent or impair the implementation of this Agreement; (iv.) Mining Law is not involved in any pending claims of any nature, as well as arbitration proceedings or other alternative means of dispute resolution; and (v.) the Lessor has not failed to comply with any judgment, order, writ, preliminary injunction or ruling of any public authority related to Mining Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Environmental</u>. The Lessor complies with all environmental laws and regulations and further declares that no activity has been conducted in the area covered by the Mining Rights that has resulted or would be reasonably likely to result in a violation of applicable environmental laws, so that there are no pending claims before any authority, at any level, nor any citations, subpoenas, directives, orders, and/or notifications of violation of any legal requirement relating to Mining Law or against the Lessor in relation to environmental matters or licenses. The Lessor further

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declares that it has not entered into or assumed any agreement, nor has any obligation been imposed on it to make any payment, compensation or indemnity to, or as a result of obtaining any license necessary for the development of the Mining Right. Furthermore, the Lessor declares that it has not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring there are no facts or circumstances that would result in such a violation of applicable environmental legal requirements or claims or demands in this regard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>If the D and M were the same</u>. The Lessor declares that there are no encumbrances on the Mining Right, nor any transfer commitments, which is entirely free and clear of any and all real or personal encumbrances, judicial or extrajudicial, legal or conventional mortgages, easements, jurisdiction or pensions, seizures, attachments, litigation, real or personal actions for recovery, environmental contingencies, debt and/or liability of any nature, as well as being entirely free of taxes, charges, expenses and debts of any nature, the Lessor further declaring that there are no fines and/or requirements from the competent authorities pending payment or satisfaction, and that the applicable federal, state and municipal regulations and standards have been complied with to date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Full Disclosure</u>. The information, statements, and/or guarantees provided by the Lessor in relation to the Mining Right, made available by any means, do not contain any falsehood or inaccuracy regarding any relevant act or fact, nor do they omit the existence of any relevant act or fact whose knowledge is necessary to ensure that the statements and obligations assumed in this Agreement are not misleading or subject to misinterpretation. There is no act, fact or situation that affects the transaction covered by this Agreement and that has not been expressly disclosed by the Lessor.

5.9.<u>Cooperation</u>. The Parties undertake to cooperate and provide each other with reasonable assistance and may be required for the proper development and fulfillment of the obligations set forth in this Agreement, it being understood that this Agreement has been entered into in the best interests of both Parties, in accordance with the terms and conditions prevailing in the market on the date of its signing, considering the risks inherent therein. The Parties consent and agree, however, that they are independent contractors and that under no circumstances or in any situation shall the existence of a partnership, consortium, joint venture, partnership, or association of any kind or nature between the Lessor and the Lessee be presumed. No provision in this Agreement assigns or will assign to the Lessor the status of partner, distributor, and/or commercial representative of the Lessee, including for purposes of environmental, civil, tax, or labor law. The Parties further acknowledge that each of them and their partners, employees, or contractors are not agents or attorneys-in-fact of the other Party and, consequently, shall not assume any obligations on its behalf, except as provided in this Agreement.

5.10.<u>Absence of employment relationship</u>. As a result of this Agreement, under no circumstances or in any situation shall the existence of any employment relationship or labor and social security obligations between the Lessor and the employees and service providers of the Lessee, or between the Lessee and the employees and service providers of the Lessor, be presumed

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or established. nor shall either Party be liable for the labor and social security obligations and charges of the other. Each Party hereby assumes full responsibility for such obligations, including those of a civil, criminal, tax, and social security nature.

5.11.<u>General declarations of the Parties</u>. The Parties hereby declare to each other that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.they are duly organized, constituted, and existing limited liability companies under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.they are duly represented in this Agreement, under the terms of their articles of incorporation, and their legal representatives signing this Agreement are duly authorized to assume and comply with all obligations herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.are duly authorized and have obtained all corporate or regulatory licenses and authorizations necessary to enter into this Agreement and to fulfill their obligations, having satisfied all legal, statutory, or regulatory requirements necessary to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.the execution of this Agreement by the Parties, as well as the assumption and fulfillment of the obligations hereunder, as applicable, shall not imply (d.l.) any conflict or violation of any provision of the agreements and/or bylaws of the Parties; (d.2.) conflict, violation, default, early maturity or termination of any contract or agreement to which the Parties, as applicable, are a party, (d.3.) violation of any applicable law or regulation, or of any decisions or resolutions issued by their deliberative or administrative bodies, which may prevent, delay or impair the performance of the obligations assumed in this Agreement; or (d.4.) any determinations, decisions or orders of any governmental authority, including judicial authorities, to which the Parties, as applicable, are subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.have reviewed this Agreement in its entirety, with the assistance of their attorneys.

**6.** **CONFIDENTIALITY AND SECRECY.**

6.1.<u>Confidentiality</u>. The terms and conditions of this Agreement are strictly confidential and may not be disclosed or divulged in whole or in part by the Parties to any other person or company without the prior written consent of the other Party, except (i.) when the information is in the public domain; (ii.) for the purpose of disclosing such information to directors, employees, consultants, lawyers, or auditors who are directly involved in the performance of the Agreement, who shall assume the confidentiality obligation provided herein; each Party shall be responsible for compliance with such obligation in relation to the persons indicated herein; and (iii.) when its disclosure is ordered by any judicial or administrative authority or any other provisions of law, in which case the party disclosing the information shall notify the other party of such order.

6.1.1.<u>Term</u>. The confidentiality obligations set forth in this clause shall remain in effect for a period of one (1) year from the termination of the Agreement.

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**7.** **FINAL PROVISIONS.**

7.1.<u>Intervention</u>. The Intervening Parties José Maurício Fonseca Franco, Walter de Souza Franco, and Nilse A arecida Franco Armani sign this Agreement, in their capacity as partners of the Lessee, expressly authorizing the legal transaction embodied herein.

7.2.<u>Irrevocability</u>. This Agreement is irrevocable and binding, obligating the Parties and their successors in any capacity.

7.3.<u>Entire agreement</u>. This Agreement constitutes the entire agreement between the Parties with respect to the matters set forth herein, superseding any prior documents and understandings between the Parties, in particular the Memorandum of Understanding signed on June 12, 2023.

7.4.<u>Amendments</u>. Amendments to this Agreement shall only be valid when made in writing and signed by the legal representatives of all Parties.

7.5.<u>Assignment</u>. The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to any third party, except as provided in item 2.5 above.

7.6.<u>Waiver, Novation, and Others</u>. The Parties acknowledge that (i.) failure to exercise, granting of a deadline, tolerance, or delay in exercising any right guaranteed to them by this Agreement or by law shall not constitute a waiver or novation of such rights, nor shall it prejudice their eventual exercise at any time; (ii.) the single or partial exercise of such rights shall not prevent the subsequent exercise of the remainder of such rights or the exercise of any other right; (iii.) the waiver by either Party of any of these rights shall only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and shall not be considered a waiver of any other right conferred by this Agreement; and (v.) the nullity or invalidity of any of the clauses of this Agreement shall not affect the validity and effectiveness of the other clauses and of the instrument itself, in which case the Parties and/or the Judge shall, within the limits permitted by law, replace the invalid clause with another that allows the Parties to achieve the practical result initially intended.

7.7.<u>Costs</u>. The Parties agree that all costs and expenses incurred in hiring agents, lawyers, auditors, advisors, intermediaries, or consultants for the performance of the operations covered by this Agreement shall be borne exclusively by the respective contracting party.

7.8.<u>Notifications</u>. All notifications related to this Agreement shall be made in writing, by registered or certified mail, facsimile, or email, with proof of receipt, or by a notary public or through legal channels, to the address indicated in the preamble of this Agreement or any other address that may be duly indicated in writing.

7.9.<u>Taxes</u>. All taxes and contributions levied on any acts, facts, and/or situations provided for in this Agreement, including those that are subject to withholding by the paying source, shall be borne by the respective taxpayer and/or tax responsible party, as applicable, in accordance with the laws in force in Brazil.

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7.10.<u>Personal Data Protection</u>. The Parties, in mutual agreement, submit to compliance with the duties and obligations relating to personal data protection and undertake to treat Personal Data collected under this Agreement, if any, in accordance with applicable law, including, but not limited to, Law No. 12,965, dated April 23, 2014, Decree No. 8,771, dated May 11, 2016 (Brazilian Civil Rights Framework for the Internet), Law No. 13,709, dated September 8, 2018 ("LGPD"), as applicable. The Parties shall also ensure that their agents, partners, administrators, and employees comply with the provisions of the legal instruments referred to above relating to data protection, under the terms provided for in the LGPD.

7.10.1.Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties shall be liable to the competent authorities for their own acts and omissions that give rise to non-compliance with applicable laws and regulations.

7.11.<u>Anti-corruption clause</u>. Compliance. For the performance of this Agreement, neither party shall offer, give, or promise to give to anyone, or accept or promise to accept from anyone, either on its own behalf or through another person, any payment, donation, compensation, financial or non-financial advantage or benefit of any kind that constitutes an illegal or corrupt practice under the laws of any country, directly or indirectly related to the subject matter of this Agreement, or even in any other way not related to this Agreement, and shall also ensure that its agents and employees act in the same manner.

7.12.<u>Specific Performance</u>. All commitments and obligations hereby assumed by the parties are subject to specific performance, pursuant to Articles 497 and 815 et seq. of the Code of Civil Procedure, with this Agreement serving as an extrajudicial enforcement instrument, pursuant to Article 784, III, also of the Code of Civil Procedure.

7.13.<u>Jurisdiction</u>. The courts of the State of São Paulo are hereby elected, to the exclusion of any others, however special they may be, to resolve any disputes related to this Agreement.

And, having thus agreed, the Parties hereby execute this Agreement in two (2) copies, in the presence of the witnesses identified below.

São Paulo, August 17, 2023.

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| |
|:---|
| Lessor: |
| <u>/s/ José Maurí Fonseca Franco</u> |
| <u>/s/ Walter de Souza Franco</u> |
| **MINERAÇ E E LTDA.** |
| p. José Maurí Fonseca Franco and Walter de Souza Franco |
| Lessee: |

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| |
|:---|
| <u>/s/ João Paulo Agapito da Veiga</u> |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA**<br>p. João Paulo Agapito da Veiga |
| Consenting Parties: |
| <u>/s/ Josem Auricio Fonseca Franco</u> |
| **JOSEM AURICIO FONSECA FRANCO** |
| <u>/s/ Walter De Souza Franco</u> |
| **WALTER DE SOUZA FRANCO** |
| <u>/s/ Nilse Aparecida Franco Armani</u> |
| **NILSE APARECIDA FRANCO ARMANI** |
| <u>/s/ Mineração Altoda Serra De Andradas Ltqa</u> |
| **MINERAÇÃO ALTODA SERRA DE ANDRADAS LTQA.** |

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| | |
|:---|:---|
| <u>Witnesses;</u> |  |
| 1.<u>/s/ Luis Henrique G. de Campaso</u> | 2.<u>/s/ Karina de Oliveira Lima</u> |
| Name: Luis Henrique G. de Campaso | Name: Karina de Oliveira Lima |
| CPF:  | CPF:  |

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Attachment:

Annex I.: Authorizations and Main Characteristics of Mining Rights.

Annex 2.2.1.: Bank Account

Annex 2.2.8.: Lease Agreement

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<u>Annex I.</u>

to the Lease Agreement for Total Mining Rights under Suspensive Condition, dated August 17, 2023.

Authorizations and Characteristics of Mining Rights

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<u>Annex</u> <u>2.2.1.</u>

to the Total Mining Lease Agreement under Suspensive Condition, <br>August 17, 2023.

Bank account details

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<u>Attachment 2.2.8.</u>

to the Total Mining Rights Lease Agreement under Suspensive Condition,<br>dated August 17, 2923.

<u>Lease Agreement.</u>

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## Exhibit 10.13

**Exhibit 10.13**

**CONTRACT OF TOTAL LEASE OF MINING RIGHTS UNDER SUSPENSIVE CONDITION**

By this private instrument, and in the best legal form, the Parties designated below and duly qualified, namely, on the one hand, as Lessor,

**MINERAÇÃO ANDRADENSE LTDA.,** a limited liability company headquartered in the municipality of Andradas, Minas Gerais, at Rua Coronel Oliveira, no. 111, Centro, ZIP Code 37795-000, registered with the CNPJ under No. 1.6.730.095/0001-39, email: , hereby represented in accordance with its Articles of Incorporation, by its Administrators, Mr. José Maurício Fonseca Franco, Brazilian, married, businessman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , and Mr. Walter de Souza Franco, Brazilian, widower, businessman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , hereinafter referred to as "Andradense" or "Lessor", interchangeably;

and, on the other hand, as Lessee,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.,** a limited liability company headquartered in the State Capital of São Paulo, at Rua Professor José Leite e Oiticica, n.° 530, Vila Gertrudes, CEP 04705-080, registered with the CNPJ under No. 43.093.229/0001-20, email: , hereby represented in accordance with its Articles of Association, by its Administrator, Mr. João Paulo Agapito da Veiga, Brazilian, single, businessman, holder of ID Card No. , issued by DETkAN-RJ, registered with the CPF under No. , resident and domiciled in , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, no. 530, Vila Gertrudes, CEP 04705-080, hereinafter referred to as "Alpha" or "Lessee", interchangeably;

also appearing as consenting interveners,

**JOSÉ MAURÍCIO FONSECA FRANCO**, as above, email:;

**WALTER DE SOUZA FRANCO**, as above, email:; and

**NILSE APARECIDA FRANCO ARMANI**, Brazilian, married, businesswoman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in the city of . Email: ;

Whereas the Lessor is the sole and legitimate holder of the Mining Right that is the subject of the administrative proceeding registered with the National Mining Agency (the "ANM") under No. 808.966/1968, with Mining Concession Ordinance No. 700, published in the Federal Official Gazette (DOU) of June 12, 1980 (the "Mining Concession Ordinance"), for clay and leucite minerals, in an area of 322.29 hectares, located in the Municipality of Andradas, MG (the "Mining Right"), whose authorizations and main characteristics are included herein as Annex I.;

Whereas the Parties shall conduct research in the field of mining law with the aim of assessing the possibility of exploiting rare earths and any associated minerals such as, among others, niobium and scandium (hereinafter referred to as the "Minerals"), and, if successful, shall provide for the preparation of (a.) a report, in accordance with Article 26 of Decree No. 9,406, dated June 12, 2018 (hereinafter referred to as the "Mining Code"), as well as (b.) an economic utilization plan indicating the possible changes that the mining of these new substances will bring to the primary sector, the environment, and the local community, and the measures to be taken to mitigate any adverse impacts on the environment and the local community. the "Mining C o d e Report"), as well as (b.) an economic exploitation plan indicating the

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possible changes that the mining of these new substances will entail to the original mining plan that resulted in the Mining Concession Ordinance, in accordance with the provisions of Article 129 of the Annex to Ordinance No. 155, of May 12, 2016, which approved the consolidation of the rules of the National Department of Mineral Production (the "DNPM" and the "DNPM Regulatory Consolidation"), which shall be submitted, on behalf of the Lessor, to the ANM for registration of new mineral substances in the original mining concession title;

Whereas, pursuant to Articles 130 et seq. of the Consolidated Rules of the DNPM and other applicable laws and regulations, mining rights at the stage of mining concession may be wholly or partially leased, regardless of the transfer of ownership of the mining concession to the lessee, provided that such agreement is subject to prior approval and registration with the DNPM;

Whereas, subject to the conditions precedent and the terms set forth below, the Lessor is interested in leasing the mining concession for the exploitation of minerals, and the Lessee is interested in leasing the mining rights, provided that the conditions precedent set forth in item 2.2 below are met, below, in particular the amendment to the Mining Rights Concession Ordinance to include the Minerals;

The Parties hereby agree to enter into this "Total Mining Rights Assignment Agreement Subject to Suspensive Condition" (the "Agreement"), which shall be governed by the following terms and conditions.

1.**OBATO**.

1.1<u>Lease of Mining Rights</u>. By this instrument, the Lessee undertakes and agrees, on the Closing Date and provided that the Conditions Precedent set forth in 2.2 below are fulfilled, to lease from the Lessor, and the Lessor, in turn, undertakes and agrees, on the Closing Date, to lease to the Lessee, upon payment of the Remuneration defined in 3.1. below, the Mining Right, in accordance with the current characteristics described in Annex I, for the exploration of the Minerals (hereinafter the "Lease"), without transferring ownership of the mining concession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1<u>Absence of encumbrances</u>. The Mining Right is free and clear of any encumbrances, liens, attachments, seizures, pledges, liens, or restrictions that may, on the present date or in the future, affect this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2<u>Scope of the Lease</u>. In addition to the Mining Right, the Lease includes all other licenses and authorizations issued by the competent government authorities which, as applicable, shall be transferred to the Lessee after the Closing Date, returning to the Lessor's ownership, through a regular transfer process, upon termination or non-renewal of this Agreement. The Parties agree that (i.) the Lessee is expressly prohibited from directly or indirectly engaging, for any reason or under any pretext, in activities in the area covered by the Mining Right that are not directly or indirectly related to the exploitation of the Minerals, in accordance with this Agreement; (ii.) the use of water, the removal of vegetation or the exploitation of water resources, even under the pretext of being linked to Mining Rights, may only be carried out with the prior and express consent of the Lessor.

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2.**CONDITIONS PRECEDING**.

2.1<u>Exclusivity</u>. The Parties hereby enter into this Agreement in an irrevocable and irreversible manner, on an exclusive basis, subject only to the Conditions Precedent set forth in 2.2. below, it being understood that the Lessor may not, from this date and throughout the term of this Agreement, (i.) lease, lend or allow third parties to exploit or use the Mining Right, under any title; (ii.) grant any option to sell, assign or transfer, under any title, involving all or part of the Mining Right to third parties; (iii.) in any way alienate, assign or encumber, or promise to alienate, assign or encumber the Mining Right, in any capacity, to third parties, in whole or in part; or (iv.) enter into any other commitment or contract that directly or indirectly involves the Mining Rights, or is in any way related to them (the "Exclusivity"), under penalty of incurring a fine immediately set between the Parties at ten (10) times the value of the Fixed Advance Payment of the Remuneration provided for in 3.1.1. below, without prejudice to the obligation to indemnify the Lessee for losses and damages and lost profits. Failure by the Lessor to comply with the deadlines indicated in items 2.2.8. and 2.2.9. below shall be considered a breach of the Exclusivity obligation provided for in this item, subject to the penalties provided for herein. The Parties acknowledge that the penalty provided for in this item is not excessive and is reasonable to compensate the Lessee for all costs incurred, as of this date, in conducting research in the area of Mining Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1<u>ePa a</u> . Considering that the start of the Lease (and the completion of the payment of the Remuneration provided for in 4.) depends on the implementation of the Conditions Precedent described in 2.2. below, the Parties agree that the Lessee shall pay to the Lessor, herein, the fixed, certain and agreed amount of R$50,000.00 (fifty thousand reais), as a down payment on the future Lease, by bank transfer to be made to the bank account indicated in Annex 2.2.1. The payment provided for in this item is final and will not be refunded in the event of failure to fulfill the Conditions Precedent, as defined below.

2.2<u>Conditions Preceding</u>. This Agreement shall enter into force on the date of its signature and shall remain in force until the end of the Lease Term, its effectiveness being subject to the cumulative implementation of the following conditions precedent, which must be fulfilled by the Parties (unless waived in writing by the Lessee) (the "Conditions Precedent "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1<u>Research</u>: completion of research in the area of Mining Law and confirmation of the possibility and feasibility of exploration of Minerals, understood as minerals classified as "rare earths" and associated minerals such as, among others, niobium and scandium, within its scope; the research shall be funded by the Lessee, with the support of the Lessor in providing any and all necessary information, as well as in taking all necessary steps and other measures, including the signing of documents or forms, which shall ultimately be reflected in a report to be prepared by a legally qualified professional, in accordance with the provisions of Article 26 of the Mining Code Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2<u>Communication</u>: communication to ANM, by the Lessor, under terms to be defined by mutual agreement between the Parties, regarding the existence, in the area covered by the Mining Law, of mineral substances (the Minerals) not included in the Mining Concession Ordinance, as provided for in Article 34, IV, of the Mining Code Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3Economic Utilization Plan: preparation by the Parties of an Economic Utilization Plan for the deposit ("PAE"), signed by a legally qualified professional, accompanied by the respective Technical Responsibility Note ("ART"), indicating the changes that the mining of the Minerals will entail to the mining plan originally approved and that resulted in the Mining Concession Ordinance;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4<u>Addendum to the Mining Concession</u>: submission by the Lessor to the ANM, under terms to be defined by mutual agreement between the Parties, of the documents referred to in 2.2.1. and 2.2.3., in addition to all other documents and information required by applicable laws and regulations to apply for an amendment to the Mining Concession Ordinance, including the possibility of exploring new substances (the Minerals), followed by the approval of such request by the Ministry of Mines and Energy and the registration, in the margin of the transcription of the Mining Right, of the possibility of mining the Minerals, in accordance with the provisions of Article 129 of the DNPM Regulatory Consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5<u>Absence of Material Adverse Effect</u>: absence of materialization, from the date of signing this Agreement until the Closing Date, of any material adverse effect affecting the Parties, understood as any event, circumstance, or fact beyond the control of such Party, such that its consequences cannot be avoided within a reasonable time and which, individually or in conjunction with others of the same nature (i.) adversely and significantly affects the condition (financial or otherwise), properties, assets, liabilities, business, and profitability prospects of such Party and other companies in its business group, considered as a whole; (ii.) significantly impedes the ability of such Party to carry out the operations contemplated in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6Representations: the representations and warranties of the Parties contained in this Agreement are true and correct in all material respects as of the Closing Date, as if they had been made on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7<u>Absence of Prohibitions</u>: no preliminary injunction or related order, decree or regulation has been issued by ANM or any other governmental authority, nor has any law been enacted, imposing limitations on the ability of the Parties to consummate the obligations assumed in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.8<u>Lease Agreement</u>: after fulfilling the conditions precedent set forth in 2.2.1. to 2.2.7. above, or upon written waiver by the Lessee, as applicable, the Parties shall proceed to sign the Lease Agreement, the draft of which is attached hereto as Annex 2.2.8. (the "Lease Agreement"), within a maximum period of ten (10) days; the Parties declare that (i.) the Lease Agreement provided for in this item is intended solely to meet the conditions imposed by the DNPM Regulatory Consolidation and by the ANM, enabling the registration of the Lease with the regulatory authorities; and (ii.) the obligations and rights that effectively bind the Parties are governed by this Agreement and have not been altered by the Lease Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.9<u>Registration of the Lease Agreement</u>: submission by the Lessor to the ANM, under the terms to be defined by mutual agreement between the Parties and within a maximum period of ten (10) days after fulfillment of the condition precedent provided for in 2.2.8. above, of a request for consent and registration of the Lease Agreement, in addition to all other documents and information required by applicable laws and regulations, including a statement by the Lessee that it undertakes to execute the PAE provided for in 2.2.3., above, followed by the approval of such request and the registration, in the margin of the transcription of the Mining Right, of the existence of the Lease, in accordance with Articles 132 et seq. and 137 et seq. of the DNPM Regulatory Consolidation, as amended from time to time.

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2.3<u>Cooperation</u>. The Parties undertake, in good faith and in the interest of ensuring the proper and prompt fulfillment of the Conditions Precedent set forth in this Agreement, to provide any and all information related to Mining Law or to themselves, to execute any and all documents and to perform any and all acts that may be necessary for the performance of the research work and preparation of reports provided for in 2.2.1. and 2.2.3., or for the fulfillment of the other Suspensive Conditions, except for the obligations to pay expenses and costs, which shall be the sole responsibility of the Lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1<u>Changes in Mining Law</u>. The Lessor hereby undertakes, in the event of any changes to the intrinsic characteristics of the Mining Law, at any time and for any reason, including those resulting from enforcement or persecution measures that may be adopted by any creditors, of any nature or for any reason, to immediately notify the Lessee, in accordance with item 7.9. below, ensuring that the latter has, regardless of any request to that effect, all the information necessary to assess, at any time during the term of this Agreement, the proper fulfillment of the Conditions Precedent.

2.4<u>Closing</u>. If the Precedent Conditions have been cumulatively implemented, or have been waived in writing by the Lessee, as per the cash, the Lessee shall be irrevocably obliged, within a maximum period of ten (10) days, to pay the Fixed Advance Payment of the Remuneration provided for in 3.1.1. below. The date on which the existence of the Lease is registered in the margin of the transcription of the Mining Right, in accordance with Articles 132 et seq. and 137 et seq. of the DNPM Regulatory Consolidation, as amended from time to time, shall be considered, for the purposes of this Agreement, as the "Closing Date."

2.5<u>Authorized Assignees</u>. This Agreement may be assigned by the Lessee, regardless of the Lessor's consent, until the Closing Date, to any company directly or indirectly controlled by the Lessee, or any company subject to common control, directly or indirectly, in relation to the Lessee, as well as to the partners of any of these or to companies of which the companies or individuals indicated in this item are partners (generically, the "Authorized Assignees"), provided that (i.) the Authorized Assignees shall always be from the same business group as the Lessee; and (ii.) any and all provisions of this Agreement shall apply in full to the Authorized Assignees. References in this Agreement to the Lessee shall be construed as references to the Lessee and any of the Authorized Assignees.

3.**PRICE AND PAYMENT TERMS**.

3.1<u>Remuneration</u>. The Parties agree that, in consideration for the Lease, the Lessee shall pay the Lessor an initial and advance fixed remuneration, in addition to variable monthly installments, calculated as set forth in items 3.1.1. and 3.1.2. below (the "Remuneration"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1<u>Fixed Advance Payment of Remuneration</u>. Within a maximum period of ten (10) days from the Closing Date, the Lessee shall pay to the Lessor, by bank transfer to a bank account held by the Lessor, to be indicated in writing in due course, the amount in Brazilian reais (R$) equivalent to US$1,000,000.00 (one million US dollars), calculated based on the US dollar exchange rate for purchase, as disclosed by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "Fixed Advance Payment of Remuneration"). For clarification purposes, the Fixed Advance Payment shall be paid by the Lessee to the Lessor regardless of the start of mining of the Minerals and shall be due once only, at the beginning of the term of the Lease.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2<u>Variable Monthly Remuneration</u>. The variable monthly remuneration for the Lease shall be payable by the Lessee to the Lessor after the commencement of mining of the Minerals in the Mining Right area (the "Variable Monthly Remuneration"), and shall be calculated using the following formula:

*Variable Monthly Remuneration (—)*<br>*[Net* ***Revenue*** *resulting from the Exploration of Mineral Right II 1*<br>

Where:

*rRecei eí ida se dta Mining Law* (=) Sum of the monthly net revenue,

as defined by federal tax legislation in force, earned by the Lessee as a result of the sale of products produced, sold, and invoiced by the Lessee and which are directly or indirectly derived from the exploitation of Minerals in the area covered by the Mining Right. The monthly net revenue provided for in this item shall be calculated on a cash basis and deducted exclusively from the following costs and expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.cancelled sales and returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.discounts granted by the Lessee for any reason, including unconditional discounts and commercial discounts of any nature; in the case of sales to parties related to or connected with the Lessee, for any reason whatsoever, only unconditional or conditional discounts provided for in this item shall be allowed if it is proven that such discounts would also be granted in transactions with unrelated or unconnected parties and if the sale price, after discounts, is compatible with the average market price in the region for each of the products produced, sold or invoiced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.2<u>Report</u>. For each base month, understood as the period between the first and last business day of each calendar month after the start of mining in the Mining Right area, the Lessee shall prepare a report containing the following information (the "Report"), which shall be sent to the Lessor, to the email addresses of the Lessor and the Consentors indicated in the preamble hereto, by the 15th day of the following month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Sales revenue earned in the base month in relation to each of the products produced, sold, and invoiced by the Lessee and arising, directly or indirectly, from the exploitation of the Minerals in the Mining Right area, calculated in strict accordance with the definition of Net Revenue from the Exploitation of the Mining Right set forth in item 3.1.2., above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Quantity of tons (t) of Minerals produced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Indication of canceled sales and returns, indicating the value of canceled sales and returns due to specific quality problems with the Minerals, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Indication of discounts granted by the Lessee, including commercial discounts of any nature, bonuses, rebates, and similar items, indicating the purchasers of the products produced, sold, and invoiced by the Lessee who benefited from such discounts and expressly mentioning whether or not they belong to the same economic group as the Lessee; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Average sale price, net of taxes, of the products produced, sold, and invoiced by the Lessee as a result of the mining of Minerals in the Mining Right area, in ÇS$(US dollars), after the deductions provided for in (c.) and (d.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.3<u>Term</u>. The installments of the Variable Monthly Lease Payment calculated in accordance with this item 3.1.2. and reflected in the Report shall be paid by the Lessee to the Lessor in relation to each base month, by the 20th day of the following month, by bank transfer to the Lessor, to be indicated in writing in due course, to the bank account indicated in Annex 2.1.1. If, after the Report has been sent, there is a disagreement between the Parties regarding the amount of the Variable Monthly Remuneration for a given base month, the Parties shall immediately .agree that the amount reflected in the Report shall be paid within the period and in the manner referred to in this item, and the Parties shall, in good faith, discuss any differences found and also the deadline and form of payment of such differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3<u>Settlement and Default</u>. Proof of bank transfer relating to the Fixed Advance Payment or the Variable Monthly Remuneration installments, as applicable, to the account specified in writing by the Lessor, shall grant the Lessee the broadest, most general and irrevocable discharge in relation to the amount paid. Payment of any installment of the Remuneration after its due date shall constitute a default by the Lessee, regardless of any notification, interposition or extrajudicial notice, subjecting it to (i.) a late payment penalty of 10% (ten percent) on the outstanding debt; and (ii.) monetary adjustment by the IPCA from the due date until the date of effective payment of the outstanding balance, without prejudice to the Lessor's right to take appropriate legal measures.

4.**TERM**.

4.1<u>Term</u>. The term of the Agreement shall commence on this date and end upon termination of the Lease. The term of the Lease shall be ten (10) years, counted from the date of registration of the Lease Agreement in the margin of the transcription of the Mining Right, as provided for in Article 140 of the DNPM Regulatory Consolidation (the "Lease Term"), which may be extended by mutual agreement between the Parties, subject to the limitations provided for in Article 145 of the DNPM Regulatory Consolidation. the limitations provided for in Article 145 of the DNPM Regulatory Consolidation.

5.**OBLIGATIONS OF THE PARTIES**.

5.1<u>Possession</u>. For the purposes of this Agreement, the Lessee shall be deemed to have taken possession of the Mining Right on the Closing Date and may, as of that date, occupy the area covered by the Mining Right and carry out mining, processing, classification, storage, and other operations inherent to the exploitation of the Minerals, including the construction of buildings in appropriate locations, always in accordance with the licenses, authorizations, and environmental laws in force at the municipal, state, and federal levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1<u>Preliminary steps</u>. Without prejudice to the transfer of possession referred to in 5.1. above, the Parties hereby agree that the advisors hired by the Lessee to conduct research, prepare reports, etc. may enter the premises for the purpose of performing their duties, provided that they present themselves at the _______ the time of ______________d exit, and that they comply with the rules of the premises and the _______________ tructions.

or any type of assessment may, provided that prior scheduling is made by the Lessor, within a maximum period of five (5) days after such request, have access to the areas of the Mining Right for on-site examination, and may also conduct surveys, enter the area with vehicles,

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equipment, or people, take samples for technical analysis, and conduct all types of research in the area, without exception, in order to conclude, without any doubt, regarding the future mining capacity of the Minerals in the Mining Right area.

5.2<u>dOia i a õ</u>. To be specified. The Lessee shall have the following obligations, from the beginning of the Lease Term, without prejudice to any other obligations specifically provided for in other items of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1comply with the rules set forth in Decree-Law No. 227, dated February 28, 1967 (the "Mining Code"), in the Mining Code Regulations and in the DNPM Regulatory Consolidation, as well as the environmental legislation in force, undertaking, in particular, to (i.) mine the Minerals rationally, in order to preserve the best use of the mineral deposits; (ii.) adapting the disposal of tailings; and (iii.) hiring a qualified mining engineer as the technical manager for all activities arising from the Lease, in accordance with Article 47, VI, of the Mining Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2be responsible, at its own expense, to ANM and DNPM for compliance with all formal requirements arising from the legislation applicable to the species, in particular with regard to the payment of administrative fees, including the Financial Compensation on Mineral Exploration ("CFEM"), which are directly related to the exploration of the Minerals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3be responsible, at its own expense, before the competent government authorities (including SEMAD), for compliance with all requirements necessary to maintain the legality of the Lessee's activity in the area of Mining Law, undertaking to bear the full amount of any administrative penalties that may be imposed as a result of its non-compliance, provided that such requirements have arisen from the actual actions of the Lessee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4ensure the maintenance and general conservation of the deposits and the Mining Right area throughout the term of the Agreement, as well as bear the full cost of repairing any damage caused to them, compensating the Lessor in the event of any administrative penalties or court judgments that the latter may suffer as a result of non-compliance with provisions relating to Mining Law, caused by intentional or negligent acts or omissions on the part of the Lessee, provided that the procedure set out in item 5.4.1. below is followed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.5collect all taxes (municipal, state, and federal) and charges of any nature, at the federal, state, and municipal levels, levied on the activities of mining the Minerals carried out, whose triggering events occur from the beginning and during the term of the Lease, as well as be responsible for all commercial obligations arising from its mining activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.6be civilly and criminally liable to the Lessor and any third parties for any unlawful acts committed by it under the terms of civil and criminal law, for accidents of any kind type and injuries caused to any person within the area covered by Mining Law, and, especially, for any environmental damage and crimes caused; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.7make timely payment of the Remuneration provided for in 3.1. above.

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5.3<u>Liability</u>. Notwithstanding the joint liability attributed to the Parties in Article 149 of the DNPM Regulatory Consolidation, the Lessee shall be liable to the Lessor for any breach of its obligations under the law and/or this Agreement, as well as for all Losses caused as a result of the activities carried out by the Lessee in the context of the exploitation of the Minerals, as defined in 5.4. below, even if the Lessor is legally considered liable for such obligations and/or Losses to third parties.

5.4<u>Compensation for Losses</u>. The Lessee undertakes to compensate the Lessor for any loss or contingency, of any nature, related to the mining of the Minerals covered by this Lease, including but not limited to environmental, labor, tax, regulatory or punitive contingencies, among others (hereinafter referred to as "Losses"), and in all cases, the procedures set forth in this item 5.4 shall be adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1<u>Third Party Claim</u>. Upon becoming aware of any claim made by any third party (the "Third Party Claim"), the Lessor shall notify the Lessee (i.) within one-third (1/3) of the deadline for filing a defense; or (ii.) where there is no deadline for submitting a defense, within ten (10) days of receiving the Third Party Claim in writing. If the Lessor fails to notify the Lessee within the time limits set forth in this item, and provided that such delay or omission prejudices the Lessee, including, without limitation, the lack of opportunity to present a timely defense, the Lessee shall be released from the obligation to indemnify. The notification provided for herein shall describe in detail the Third Party Claim, including an estimate of the respective Loss if the Third Party Claim is successful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2<u>Measures to be taken by the Lessee</u>. Upon receipt of the notification provided for in 5.4.1., the Lessee shall respond in writing: (i.) before two-thirds (2/3) of the deadline for submitting a defense has elapsed; or (ii.) when there is no deadline for submitting a defense, within ten (10) days of receipt of the notification. If the Lessee acknowledges its liability to indemnify for any Losses arising from Third Party Claims, it may settle or conduct the defense of the Third Party Claim at its own expense and through a lawyer of its choice. In this case, the Lessor may, at its own expense and if it so wishes, participate jointly in the defense of the Third Party Claim. In any case, the Lessor shall make available to the Lessee, upon request, any information and documents it has in relation to the Third Party Claim, in addition to cooperating in a reasonable manner, when requested, to ensure an adequate defense of the Third Party Claim. If the Lessee does not acknowledge its liability for any Losses arising from the Third Party Claim, or does not assume the defense of the Third Party Claim, the Lessor may settle or conduct the defense as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.3<u>Final Decision</u>. At the moment when (a.) a decision is rendered by the competent government authority, without any legal remedies available to reform or annul such decision; (b.) an arbitral award is rendered; (c.) a written agreement is entered into by the Parties; or (d.) at the time the Lessee agrees with the content of the Third Party Claim (the "Final Decision"), the amount of the Loss shall be paid by the Lessee within ten (10) days after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.the Final Decision on the Third Party Claim has been rendered or has occurred, in the event that the Lessee has conducted the defense; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Upon receipt of notification by the Lessee, through the Lessor shall inform the Lessee of the Final Decision on the Third Party Claim, in the event that the Lessee has conducted the defense. In this case, in addition to the amount of the Losses, the Lessee shall reimburse the Lessor for all costs or expenses (proven) involved in c o n d u c t i n g the defense, including, but not limited to, attorneys' fees, hiring of experts, among others.

5.5<u>Obligation to indemnify the Lessor</u>. The Lessor hereby undertakes to indemnify, protect, safeguard, and hold harmless the Lessee and shall also pay on behalf of the Lessee or reimburse the Lessee, as the case may be, for any and all losses incurred by the Lessee as a result of or in connection with the following circumstances: (a.) any default or failure by the Lessor to comply with or perform any obligation under this Agreement, and/or (b.) any breach, misrepresentation or inaccuracy in relation to the representations and warranties made by the Lessor in this Agreement; and/or (c.) any loss or contingency, of any nature, related to the Lessor (and which is demanded by third parties from the Lessee) or to the Mining Law, provided that it does not arise from the mining of the Minerals by the Lessee. The procedures provided for in 5.4.1. to 5.4.3. above shall apply mutatis mutandis to this item 5.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1<u>Compensation</u>. Without prejudice to the provisions of 5.5. above, the Lessee shall be entitled to deduct the amounts due and unpaid by the Lessor in accordance with the provisions of this item 5.5., including fines and interest, provided that they have been proven to have been paid by the Lessee, from the amount of the Fixed Advance Payment or the Variable Monthly Remuneration.

5.6<u>Obligations of the Lessor</u>. Without prejudice to the other obligations specifically provided for in other items of this Agreement, the Lessor undertakes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1provide the Lessee with any and all information related to Mining Law or to itself, execute any and all documents and perform any and all acts necessary for the performance of the research work and preparation of reports provided for in 2.2.1. and 2.2.3., as well as for compliance with the other Conditions Precedent or for the regular maintenance of the Lease, in accordance with the legislation in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2obtain and maintain valid all licenses, authorizations, registrations, and permits necessary or required for the preservation, performance of authorized research, maintenance, or expansion of the Mining Right, as of the date of signing this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3with regard to environmental and safety issues related to Mining Rights, (i.) comply with all applicable laws and regulations issued by federal, state, and local authorities, (ii.) inform the Lessee of any material adverse events, such as fires, explosions, accidental spills, etc., that affect the Mining Rights; and (iii.) inform the Lessee of any non-compliance with laws or regulations applicable to the Mining Rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.4any and all fines, fees, liabilities or contingencies of any nature directly or indirectly related to Mining Law and pending payment until the Closing Date shall be the sole responsibility of the Lessor, which undertakes to hold the Lessee harmless in relation to any fees, fines, expenses, liabilities or contingencies related to Mining Law, provided that they are linked to events that occurred prior to this date, as provided for in item 5.5. above.

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5.7<u>Return</u>. In the event of termination of the Lease and return of the Mining Right by the Lessee to the Lessor, regardless of the reason, (i.) the Lessee undertakes to transfer to the Lessor all licenses and authorizations issued by the competent government authorities, as applicable, and shall be liable for all taxes and fees due during the Term of the Lease, as provided in 5.2. and 5.3. above; and (ii.) the Parties shall draw up the corresponding receipt and inspection document to record the conditions of the deposit and the area where the mining right is located. The Parties further agree that, in this case, all improvements and enhancements that may be built by the Lessee in the area of the Mining Right may be removed by it, at its sole discretion and at its sole expense, to the maximum extent possible and within a period not exceeding thirty (30) days from the end of the Lease Term, provided that any improvements and enhancements that cannot be removed shall become part of the property, without any encumbrance to the Lessor and without any right to compensation by the Lessee.

5.8<u>Declarations by the Lessor regarding the e and Mining Law</u>. For all purposes and effects of this Agreement, the Lessor makes to the Lessee the following representations and warranties relating to Mining Law, which are valid, true, and accurate as of this date and shall remain valid, true, and accurate during the term of the Agreement and the Lease Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Ownership</u>. The Lessor is the legitimate holder of the Mining Right, the details and individual description of which are included in this document as Annex I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Registrations</u>. The Lessor declares that the Mining Right is duly registered with the ANM and complies with all rules and regulations set forth in the relevant legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Licenses and authorizations</u>. The Lessor has always acted in accordance with the legislation applicable to Mining Law and, except for the Simplified Environmental License (LAS/RAS), which it has not been able to renew to date due to the failure of the Municipality of Andradas to issue a prior certificate of compliance, a fact of which the Lessee declares to be aware, it has the authorizations, permits, registrations, accreditations, approvals, and protocols provided for in federal, state, and municipal legislation or required by public authorities and government agencies of the respective jurisdictions for the conduct of research and maintenance of the regularity of Mining Rights. There are no legal, administrative, contractual, or judicial restrictions on the ownership of Mining Rights, nor are there any judicial or administrative proceedings in which the Lessor is the defendant, plaintiff, or assistant, whose merits are related to the ownership of Mining Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Litigation</u>. (i.) There are no claims, demands, or lawsuits of any kind pending before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative dispute resolution methods related to Mining Law; (ii.) there are no claims, arbitration proceedings or other alternative dispute resolution methods of any kind which, although not involving Mining Law, could in any way affect and/or prevent and/or prejudice the implementation of this Agreement; (iii.) the Lessor is not aware of, has not committed or failed to commit any acts whose practice or omission could prevent or impair the implementation of this Agreement; (iv.) Mining Law is not involved in any pending claims of any nature, as well as arbitration proceedings or other alternative means of dispute resolution; and (v.) the Lessor has not failed to comply with any judgment, order, writ, preliminary injunction, or ruling of any public authority related to Mining Law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Environmental</u>. The Lessor complies with all environmental laws and regulations and further declares that no activity has been conducted in the area of Mining Law that has resulted or would be reasonably likely to result in a violation of applicable environmental laws, so that there are no pending claims before any authority, at any level, nor any citations, subpoenas, directives, orders, and/or notifications of violation of any legal requirement relating to Mining Law or against the Lessor in relation to environmental matters or licenses. The Lessor further declares that it has not entered into or assumed any agreement, nor has any obligation been imposed on it to make any payment, compensation or indemnity to, or as a result of obtaining any license necessary for the development of the Mining Right. Furthermore, the Lessor declares that it has not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring that there are no facts or circumstances that would result in a violation of this nature of the applicable environmental legal requirements or claims or demands in this regard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Status of Mining Rights</u>. The Lessor declares that there are no encumbrances on the Mining Rights, nor any commitments to transfer them, which are entirely free and clear of any and all real or personal encumbrances, judicial or extrajudicial, legal or conventional mortgages, easements, jurisdiction or pensions, seizures, attachments, litigation, real or personal actions for recovery, environmental contingencies, debt and/or liability of any nature, as well as being entirely free of taxes, charges, expenses and debts of any nature, the Lessor further declaring that there are no fines and/or requirements from the competent authorities pending payment or satisfaction, and that the applicable federal, state and municipal regulations and standards have been complied with to date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Full Disclosure</u>. The information, statements, and/or guarantees provided by the Lessor in relation to the Mining Right, made available by any means, do not contain any misrepresentation or inaccuracy regarding any relevant act or fact, nor do they omit the existence of any relevant act or fact whose knowledge is necessary to render the statements and obligations assumed in this Agreement misleading or open to misinterpretation. There is no act, fact or situation that affects the transaction covered by this Agreement and that has not been expressly disclosed by the Lessor.

5.9<u>Cooperation</u>. The Parties undertake to cooperate and provide each other with such assistance as may reasonably be required for the proper performance and fulfillment of the obligations set forth in this Agreement, it being understood that this Agreement has been entered into in the best interests of both Parties, in accordance with the terms and conditions prevailing in the market on the date of its execution, considering the risks inherent therein. The Parties consent and agree, however, that they are independent contractors and, under no circumstances or in any situation, shall the existence of a partnership, consortium, joint venture, partnership, or association of any kind or nature between the Lessor and the Lessee be presumed. No provision in this Agreement assigns or will assign to the Lessor the status of partner, distributor, and/or commercial representative of the Lessee, including for purposes of environmental, civil, tax, or labor law. The Parties further acknowledge that each of them and their partners, employees, or contractors are not agents or attorneys-in-fact of the other Party and, consequently, will not assume any obligations on its behalf, except as provided in this Agreement.

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5.10<u>Absence of employment relationship</u>. As a result of this Agreement, under no circumstances or in any situation shall the existence of any employment relationship or labor and social security obligations between the Lessor and the employees and service providers of the Lessee, or between the Lessee and the employees and service providers of the Lessor, be presumed or established. nor shall either Party be liable for the labor and social security obligations and charges of the other. Each Party hereby assumes full responsibility for such obligations, including those of a civil, criminal, tax, and social security nature.

5.11<u>General statements by the Parties</u>. The Parties hereby declare to each other that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.they are companies duly organized, incorporated, and existing as limited liability companies under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.they are duly represented in this Agreement, in accordance with their articles of incorporation, and their legal representatives signing this Agreement are duly authorized to assume and comply with all obligations herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.are duly authorized and have obtained all corporate or regulatory licenses and authorizations necessary to enter into this Agreement and to fulfill their obligations, having satisfied all legal, statutory, or regulatory requirements necessary to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.the execution of this Agreement by the Parties, as well as the assumption and fulfillment of the obligations hereby provided, as applicable, shall not imply (d.1.) conflict or violation of any provision of the contracts and/or bylaws of the Parties; (d.2.) conflict, violation, default, early maturity, or termination of any contract or agreement to which the Parties, as applicable, are a party; (d.3.) violation of any applicable law or regulation, or of any decisions or resolutions issued by their deliberative or administrative bodies, which may prevent, delay or impair the performance of the obligations assumed herein Contract; (d.4.) any determinations, decisions or orders of any governmental authority, including judicial authorities, to which the Parties, as applicable, are subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.analyze this Agreement in all its clauses and conditions, assisted by their attorneys.

6.**CONFIDENTIALITY AND SECRECY**.

6.1<u>Confidentiality</u>. The terms and conditions of this Agreement are strictly confidential and may not be disclosed or divulged in whole or in part by the Parties to any other person or company without the prior written consent of the other Party, except (i.) when the information is in the public domain; (ii.) for the purpose of disclosing such information to directors, employees, consultants, lawyers, or auditors who are directly involved in the performance of the Agreement, who shall assume the confidentiality obligation provided herein; each Party shall be responsible for compliance with such obligation in relation to the persons indicated herein; and (iii.) when its disclosure is determined by order of any judicial or administrative authority or any other determination provided for by law, in which case the party disclosing the information shall notify the other party of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1<u>Term</u>. The confidentiality obligations set forth in this clause shall remain in effect for a period of one (1) year from the end of the term of the Agreement.

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7.**FINAL PROVISIONS**.

7.1<u>Intervention</u>. The Consentors sign this Agreement as partners of the Lessee, expressly authorizing the legal transaction set forth herein.

7.2<u>Irrevocability</u>. This Agreement is entered into on an irrevocable and irrevocable basis, binding the Parties and their successors in any capacity.

7.3<u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the Parties with respect to the matters set forth herein, superseding any prior documents and understandings between the Parties, in particular the Memorandum of Understanding signed on June 12, 2023.

7.4<u>Amendments</u>. Amendments to this Agreement shall only be valid when made in writing and signed by the legal representatives of all Parties.

7.5<u>Assignment</u>. The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to any third party, except as provided in item 2.5 above.

7.6<u>Waiver</u>. Novation and Others. The Parties acknowledge that (i.) the failure to exercise, the granting of a term, tolerance, or delay in exercising any right guaranteed to them by this Agreement or by law shall not constitute a waiver or novation of such rights, nor shall it prejudice their eventual exercise at any time; (ii.) the singular or partial exercise of such rights shall not prevent the subsequent exercise of the remainder of such rights or the exercise of any other right; (iii.) the waiver by either Party of any of these rights shall only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and shall not be considered a waiver of any other right conferred by this Agreement; and (v.) the nullity or invalidity of any of the clauses of this Agreement shall not affect the validity and effectiveness of the other clauses and of the instrument itself, in which case the Parties and/or the Judge shall promote, within the limits permitted by law, the replacement of the invalid clause with another that allows the Parties to achieve the practical result initially intended.

7.7<u>Costs</u>. The Parties agree that all costs and expenses incurred in hiring agents, lawyers, auditors, advisors, intermediaries, or consultants for the performance of the operations covered by this Agreement shall be borne exclusively by the respective contracting party.

7.8<u>Notifications</u>. All notifications related to this Agreement shall be made in writing, by registered or certified mail, facsimile, or email, with proof of receipt, or by a notary public or through legal channels, to the address indicated in the preamble of this Agreement or any other address that may be duly indicated in writing.

7.9<u>Taxes</u>. All taxes and contributions levied on any acts, facts, and/or situations provided for in this Agreement, including those that are subject to withholding by the paying source, shall be borne by the respective taxpayer and/or tax responsible party, as applicable, in accordance with the laws in force in Brazil.

7.10<u>Personal Data Protection</u>. The Parties, in mutual agreement, submit to compliance with the duties and obligations relating to personal data protection and undertake to treat the Personal Data collected under this Agreement, if any, in accordance with applicable law, including, but not limited to, Law No. 12,965, dated April 23, 2014, Decree No. 8,771, dated May 11, 2016 (Brazilian Civil Rights Framework for the Internet), Law No. 13,709, dated August 14, 2018 ("LGPD"), as applicable. The Parties shall also ensure that their representatives, partners, administrators, and employees comply with the provisions of the legal

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instruments referred to above relating to the protection of personal data, under the terms provided for in the LGPD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10.1Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties shall be liable to the competent authorities for their own acts and omissions that give rise to non-compliance with applicable laws and regulations.

7.11<u>Anti-corruption clause</u>. Compliance. For the performance of this Agreement, neither party shall offer, give, or promise to give to any person, or accept or promise to accept from any person, either on its own behalf or through another, any payment, donation, compensation, financial or non-financial advantage or benefit of any kind that constitutes an illegal or corrupt practice under the laws of any country, directly or indirectly related to the subject matter of this Contract, or even in any other way not related to this Contract, and shall also ensure that its agents and employees act in the same manner.

7.12<u>And so it is agreed</u>. All commitments and obligations hereby assumed by the parties are subject to specific enforcement, pursuant to Articles 497 and 615 et seq. of the Code of Civil Procedure, with this Agreement serving as an extrajudicial enforcement instrument, pursuant to Article 784, III, also of the Code of Civil Procedure.

7.13<u>Jurisdiction</u>. The courts of the State of São Paulo are hereby elected, to the exclusion of any other, however special, to resolve any disputes related to this Agreement.

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## And, having thus agreed, the Parties hereby execute this Agreement in two (2) copies, in the presence of the witnesses identified below.
São Paulo, August 17, 2023.

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| | |
|:---|:---|
| Lessor:<br>/s/ José Maurí Fonseca Franco |  |
| /s/ Walter de Souza Franco |  |
| **MINERAÇ E E LTDA.** |  |
| p. José Maurí Fonseca Franco and Walter de Souza Franco |  |
| Lessee: |  |
| /s/ João Paulo Agapito da Veiga |  |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA** |  |
| p. João Paulo Agapito da Veiga |  |
| Consenting Parties: |  |
| /s/ Josem Auricio Fonseca Franco |  |
| **JOSEM AURICIO FONSECA FRANCO** |  |
| /s/ Walter De Souza Franco |  |
| **WALTER DE SOUZA FRANCO** |  |
| /s/ Nilse Aparecida Franco Armani |  |
| **NILSE APARECIDA FRANCO ARMANI** |  |
| /s/ Mineração Altoda Serra De Andradas Ltqa |  |
| **MINERAÇÃO ALTODA SERRA DE ANDRADAS LTQA.** |  |
| Witnesses: |  |
| 1./s/ Luis Henrique G. de Campaso | 2./s/ Karina de Oliveira Lima |
| Name: Luis Henrique G. de Campaso<br>CPF:  | Name: Karina de Oliveira Lima<br>CPF:  |

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Attachment:<br>Annex I.: Authorizations and Main Characteristics of Mining Rights.<br>Annex 2.2.1.: Bank Account<br>Annex 2.2.8.: Lease Agreement

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<u>Annex I.</u>

to the Lease Agreement for Total Mining Rights under Suspensive Condition, dated August 17, 2023.

Authorizations and Characteristics of Mining Rights

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<u>Annex</u> <u>2.2.1.</u>

to the Total Mining Lease Agreement under Suspensive Condition, <br>August 17, 2023.

<u>Bank</u> <u>account</u> <u>details</u>

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<u>Attachment 2.2.8.</u>

to the Total Mining Rights Lease Agreement under Suspensive Condition,<br>dated August 17, 2923.

<u>Lease Agreement.</u>

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## Exhibit 10.14

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**Exhibit 10.14**

February 25, 2021

Mr. Joseph W Newbill, Trustee of the Newbill Family Trust dated September 16, 2018

<u>Re: Option to Purchase the land parcels identified as a portion of Parcel 007 22929 and</u> <u>Parcel 007 22930 B located in Talbot County, Georgia</u>

Dear Mr. Joseph W. Newbill,

Following up on our recent conversations regarding a potential option to purchase the above noted land parcels located in Talbot County, Georgia, this letter sets out the terms of our offer to option to purchase the Property, all for your consideration.

Should you agree to the terms of this letter, you are granting Piedmont Rare Earths, LLC **("Piedmont RE")** the exclusive right to conduct exploration, drilling, surveys, technical studies, and permitting of the Property, and potentially exercise an option to purchase the Property, as more fully described herein. If you accept our offer, this letter will constitute a binding agreement between us (this **"Option Agreement").** Under this Option Agreement, commercial mining of the Property by Piedmont RE shall not be permitted during the Option Period. Furthermore, during the Option Period, Piedmont RE 's activities shall not impede Optionor's usual daily use or activities on the Property.

If, during the Option Period, Piedmont RE deems that minerals occur on or within the Property in sufficient qualities and/or quantities, and elects to exercise the option to purchase the Property, then Piedmont RE will enter into a Purchase Agreement with you which is consistent with the terms outlined in this Option Agreement.

**<u>Description of Property</u>**

The Property (approximately 263.66 acres) is located in Talbot County, Georgia, and consists of a portion of Parcel 007 22929 (approximately 250.57 acres) and Parcel 007 22930 B (approximately 13.09 acres), as more particularly described in Schedule "A" attached hereto and incorporated herein by reference (the **"Property").** The Owner of the Property is Joseph W. Newbill, Trustee of the Newbill Family Trust dated September 16, 2018, by vesting deeds recorded in Deed Book 444, Page 172, and Deed Book 444, Page 166, and shown on Plat Book 236, Page 18, and Plat Book 246, Page 11 B. Joseph W Newbill, Trustee of the Newbill Family Trust dated September 16, 2018, is referred to herein as the **"Optionor."** During the Option Period, Piedmont Rare Earths, LLC **("Piedmont RE")** shall have the right to survey the Property (the **"New Survey"),** with the legal description from such survey to be inserted as Schedule "A" to this Option Agreement, and all terms and provisions herein dealing with acreage (including, without limitation, option payments and lease payments) revised to reflect the acreage of the Property as shown on such survey. Piedmont RE acknowledges that a ten (10)-acre portion of Parcel 007 22929 is subject to a life estate interest in favor of Jan Newbill (the "Life Estate Parcel"). The Life Estate Parcel shall not be included in the Property subject to the Option (as defined herein).

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<u>Option Agreement</u>

<u>Option.</u> Under this Option Agreement, Optionor hereby grants Piedmont RE the exclusive and irrevocable right and option to purchase the Property, and the exclusive and irrevocable right to access, enter, occupy and use the Property for the purposes set forth in this Option Agreement **("Option"),** subject to the following terms and conditions and evidenced by the Memorandum of Option attached hereto as Schedule "B" attached hereto and incorporated herein by reference. Piedmont RE has the right to record the Memorandum of Option in the Talbot County Register of Deeds as of the date set forth above.

<u>Payment and Term.</u> The term of the Option will commence on the date all parties sign this Option Agreement and will continue through February 28, 2027, unless the Option is earlier exercised or terminated by Piedmont RE (the **"Option Period").** During the Option Period, Piedmont RE will make option payments (the **"Option Payments")** to Optionor in the amounts and on the schedule set forth below:

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| | |
|:---|:---|
| Within thirty (30) days of signing this Option Agreement | $100 per acre ($26,366.00) $100 |
| On or before February 28, 2022: | per acre ($26,366.00)  |
| On or before February 28, 2023:  | $110 per acre ($29,003.00)  |
| On or before February 28, 2024:  | $110 per acre ($29,003.00)  |
| On or before February 28, 2025:  | $125 per acre ($32,958.00)  |
| On or before February 28, 2026: | $125 per acre ($32,958.00) |

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The Option Payments will not be deducted from future Production Royalty Payments as set forth herein. During the Option Period, Piedmont RE will also pay Optionor a drilling bonus of $1 per foot drilled by Piedmont RE within the Property (the **"Bonus").** The Bonus will be payable annually on or before February 28th of each year and will cover the Bonus amount payable based on core drilling, reverse circulation (RC) drilling, sonic drilling or other commonly used exploration drilling practices completed during the previous calendar year.

In the event Piedmont RE fails to make an Option Payment or Bonus payment within ninety (90) days the due date as set forthherein, Optionor shall be entitled to terminate this Option Agreement and retain any Option Payments made pursuant to this Option Agreement.

<u>Rights Granted to Piedmont RE.</u> During the Option Period, Optionor grants Piedmont RE, its employees, agents, and contractors, the exclusive right to:

&nbsp;&nbsp;&nbsp;&nbsp;(a)enter upon and occupy the Property for all purposes related to exploring for and evaluating all ores, metals, minerals, mineral products and all other materials or substances, whether metallic or non-metallic, of any nature whatsoever found in natural deposits on or under the Property, except hydrocarbons (collectively, the "Mineral Products").

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&nbsp;&nbsp;&nbsp;&nbsp;(b)place, construct, maintain, use, and thereafter remove such temporary structures, facilities, equipment, and other improvements on the Property as may be necessary or useful for the exercise of all of the rights granted to Piedmont RE under this Option Agreement; provided that Piedmont RE shall obtain the approval Optionor as to the location of any structures and facilities (including the location and routing of any proposed drill pads and access roads or trails), such approval not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;(c)conduct such tests and investigations and use such equipment and personnel as Piedmont RE, in its sole discretion, deems necessary to determine the existence, extent, and quality of the Mineral Products on or under the Property. Optionor acknowledges that i) line-cutting will be required on the Property, and ii) multiple holes may be drilled into the Property as a part of such testing; provided that Piedmont RE shall be responsible for maintaining established driveways and, prior to any drilling, Piedmont RE shall deposit sufficient gravel on the driveways so as to prevent the driveways from getting too muddy for regular traffic;

&nbsp;&nbsp;&nbsp;&nbsp;(d)conduct such environmental analysis of the Property as Piedmont RE, in its sole discretion, deems necessary;

&nbsp;&nbsp;&nbsp;&nbsp;(e)survey and/or perform a topographical analysis of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;(f)take or use water, whether surface, underground or artesian which is appurtenant to the Property, or to which the Property is riparian, by any lawful taking or use, except such taking and use may not interfere with Optionors' domestic or agricultural use of such water and provided that Piedmont RE may not use well water except with the explicit permission of Optionor to be obtained before each use and not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;(g)seek rezoning of the Property and/or all permits and approvals related to Piedmont RE's intended exploration use or future mining use of the Property, in which case Optionor will cooperate fully with Piedmont RE's efforts by signing all necessary applications for such rezoning and/or permit approval; provided Optionor will not be required to pay or incur rezoning or permitting costs and Piedmont RE will pay i) any deferred taxes incurred as a result of a change of use caused by any rezoning undertaken by Piedmont RE, and ii) the difference between the current tax rate for the Property and any higher tax rate payable on the Property solely as a result of any rezoning undertaken by Piedmont RE;

&nbsp;&nbsp;&nbsp;&nbsp;(h) make any other evaluations, which, in Piedmont RE's sole discretion, will assist Piedmont RE in deciding whether or not to exercise the Option to purchase the Property.

<u>Survey/Deeds/Property Information.</u> Within five (5) days of execution of this Option Agreement, Optionor shall provide Piedmont RE a copy of any surveys, deeds and other information regarding the Property in Optionor's possession. In addition, Optionor will cooperate with Piedmont RE, at Piedmont RE's expense, in obtaining a title insurance policy (or commitment to issue title insurance) for the Property with such insurer and on such form and with such endorsements as are reasonably satisfactory to Piedmont RE, and in obtaining the New Survey.

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**<u>Indemnity/Insurance</u>**

Piedmont RE will indemnify and hold Optionor harmless from and against all claims (including without limitation any crop, timber or fence damage) arising out of or related to the exercise by Piedmont RE, its employees, agents, or contractors, during the Option Period, of any rights granted in this Option Agreement, with the exception of any claims arising out of the negligence or intentional misconduct of Optionor. Prior to entering onto the Property for evaluation, Piedmont RE must provide Optionor a certificate of comprehensive public liability insurance (including pollution liability coverage) covering all activities to be conducted by Piedmont RE, its agents, contractors and engineers on the Property, with limits not less than $1,000,000 for personal injury to or death of any one person, $2,000,000 for personal injury to or death of any number of persons in any one accident and $1,000,000 for property damage, naming Optionor as an additional insured.

Optionor will indemnify and hold Piedmont RE harmless from and against all claims (including, without limitation, any damage to Piedmont RE's structures, facilities, equipment and other improvements constructed on the Property, and any third party claims made against Piedmont RE) arising out of or related to Optionor's negligence, intentional misconduct or other contributing cause with respect to its actions on the Property during the Option Period, or arising out of or related to those portions of the Property (and the condition of such portions of the Property) that are not impacted by Piedmont RE's activities. Prior to Piedmont RE's entry on the Property for evaluation, Optionor will secure public liability insurance covering the Property and Optionor's activities on the Property, and naming Piedmont RE as an additional insured.

**<u>Compliance with Laws and Regulations</u>**

Piedmont RE will perform all of its operations on the Property in compliance with all applicable federal, state, and local laws and regulations pertaining to such operations, including environmental protection, reclamation, and bonding.

**<u>Restrictions on Piedmont RE's Activities</u>**

Prior to working or drilling within 300 feet of any of the buildings on the Property, Piedmont RE shall inform Optionor, so that Optionor can identify the locations of any wells, water lines, septic tank lines and other utility lines or other obstructions.

**<u>Piedmont RE's Warranty</u>**

Piedmont RE represents and warrants to Optionor that:

&nbsp;&nbsp;&nbsp;&nbsp;(a)Piedmont RE has the right and power to enter into this Option Agreement and to execute and deliver all documents required under this Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b)Piedmont RE will use best efforts to ensure that its undertaking of exploration activities as described in this Option Agreement will be performed in such a manner as to minimize impacts to the timber, crops, surface or groundwater located on the property. In the event Piedmont RE cuts or damages any timber on the Property during the Option Period, Piedmont RE shall compensate Optionor for the Fair Market Value of such timber as determined in accordance with Schedule "C" attached hereto and incorporated herein by reference. Piedmont RE will review all exploration plans with the Optionor in advance of undertaking any activities on the Property during the term of this Option Agreement. Piedmont RE will use best efforts to conduct its activities in compliance with all laws and will maintain all permits in good standing for the nature and type of exploration contemplated in this Option Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;(c)Prior to the submission of any permit application for mining operations, Piedmont RE will submit to and review with the Optionor the contents of the permit application and will demonstrate to the reasonable satisfaction of the Optionor that Piedmont RE's plans have considered the value of Mineral Products contained within the Property, the impacts associated with mining operations, and show responsible and adequate plans for the reclamation and post-mining use of the Property.

In the event of a breach, untruth or inaccuracy in any representation or warranty made herein by Piedmont RE, or default under any covenant or obligations of Piedmont RE, and failure to cure such default within a reasonable time period of at least 90 days, Optionor shall be entitled to terminate this Option Agreement and retain any Option Payments made pursuant to this Option Agreement.

**<u>Optionor's Warranty</u>**

Optionor represents and warrants to Piedmont RE that:

&nbsp;&nbsp;&nbsp;&nbsp;(a)Optionor is the owner of good, fee simple, marketable title to the Property and all mineral rights related to the Property, with the full right to enter into this Option Agreement and convey fee simple title to the Property and all mineral rights related to the Property, free and clear of all leases, liens, charges, options, rights of first refusal and other encumbrances, with the exception of the Life Estate Parcel. During the term of this Option Agreement, Optionor shall not further encumber the Property without the prior written consent of Piedmont RE.

&nbsp;&nbsp;&nbsp;&nbsp;(b)No portion of the Property is in violation of any federal, state, local or administrative order or requirement relating to environmental conditions or hazardous materials; neither Optionor nor any third party has used, manufactured, generated, treated, stored, disposed of, or released any hazardous materials on, under or about the Property; to the actual knowledge of Joseph W. Newbill, there are no storage tanks or wells (whether existing or abandoned) located on, under or about the Property; and Optionor have not received any correspondence or notice from any governmental department or agency regarding actual or suspected presence of hazardous materials on the Property. Optionor shall keep Piedmont RE promptly informed at all times during the term of this Option Agreement with regard to any actual or suspected contamination of the Property by any hazardous materials, and will immediately forward to Piedmont RE any and all correspondence, reports and/or documents Optionor receive with respect to the same.

&nbsp;&nbsp;&nbsp;&nbsp;(c)Optionor is a legally competent individual or a business entity or trust with full right and power to enter into this Option Agreement and to execute and deliver all documents required under this Option Agreement. This Option Agreement and all documents to be executed and delivered hereunder shall at all times be legal, valid and binding obligations of Optionor, enforceable against Optionor in accordance with their respective terms. Optionor has not granted any option or right of first refusal or first opportunity to any party to acquire any interest in the Property.

&nbsp;&nbsp;&nbsp;&nbsp;(d)Optionor use and operation of the Property is in compliance with all laws, and the performance of this Option Agreement by Optionor will not result in the breach of, constitute any default under, or result in the imposition of, any lien or encumbrance upon the Property, under any Agreement or other instrument to which Optionor is a party or by which Optionor or the Property are bound.

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&nbsp;&nbsp;&nbsp;&nbsp;(e)There are no: (1) condemnations affecting or contemplated with respect to the Property; (2) actions, suits or proceedings pending or threatened against Optionor and/or the Property, and Optionor is not aware of any facts that might result in any such action, suit or other proceeding; (3) changes contemplated in any applicable laws, ordinances or restrictions affecting the Property; and/or (4) governmental special assessments, either pending or confirmed, for sidewalk, paving, water, sewer or other improvements on or adjoining the Property, or owners' association assessments (whether special or regular), either pending or confirmed with respect to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;(f)All documents and information delivered/to be delivered by Optionor to in connection with this Option are/will be true, correct and complete copies of such documents, containing no misinformation or material omissions, and are without/will be without material default including any default that would arise by notice or the passage of time.

&nbsp;&nbsp;&nbsp;&nbsp;(g)There are no oral or unrecorded written leases or tenancies on or concerning the Property. During the term of this Option Agreement, Optionor shall not enter into any new lease agreements or other agreements or contracts (recorded or unrecorded) concerning the Property with any third party, offer to extend or renew any existing leases or contracts, or otherwise encumber the Property without the prior written consent of Piedmont RE, except for entering into agreements concerning timber harvest, replanting, controlled burning and other timber management practices.

In the event of a breach, untruth or inaccuracy in any representation or warranty made herein by Optionor, or default under any covenant or obligation of Optionor, as set forth herein, Piedmont RE shall be entitled to a full refund of any Option Payments, and any and all other payments, made to Optionor during the calendar year of such breach or default, and thereafter, and to pursue damages against Optionor.

**<u>Exercise and Expiration</u>**

Piedmont RE may exercise the Option by providing written notice of such exercise (the **"Exercise Notice")** to Optionor prior to expiration of the Option Period and paying any option fees that are then due and payable. Piedmont RE must deliver the Exercise Notice by hand or to the following address:

<br>Attention: Mr. Joseph W Newbill, Trustee of the Newbill Family Trust dated September <br>16, 2018

Upon exercise of the Option, the Parties shall promptly enter into a purchase agreement for the Property as more fully set forth below.

If the Option Period expires without exercise by Piedmont **RE,** then this Option Agreement will terminate, and neither party will have any further rights or obligations under this Option Agreement, except that Piedmont RE will provide Optionor with copies of any written environmental reports, reserve studies, title reports, and surveys of the Property that Piedmont RE has caused to have been prepared, without any representations or warranties regarding the accuracy or completeness thereof. Prior to expiration of the Option Period, Piedmont RE will pay any Bonus that has come due and payable, compensate Optionor for any timber that has been cut or damaged, compensate Optionor for any other damage to the Property during the Option Period, and reclaim surface disturbances caused by its exploration activities on the Property to a condition reasonably suitable for the use to which the affected land was put immediately before the commencement of Piedmont RE's operations on the Property, leaving the Property in substantially the same condition as it was at the beginning of the Option Period, reasonable use, wear and tear from the authorized testing and analysis excepted. Under such circumstances, the indemnification set forth herein will survive for a period of one (1) year from the date the Option Period expires.

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**<u>Purchase Agreement</u>**

<u>Exercise of Option.</u> Upon exercise of the Option, Piedmont RE will agree to purchase all right and title to the Property, including surface and subsurface mineral rights.

<u>Property Purchase.</u> If Piedmont RE elects to purchase the Property, then Optionor and Piedmont RE will enter into a purchase agreement for the Property consistent with this Option Agreement and otherwise as customary for purchase agreements in the jurisdiction in which the Property is located. The purchase price for the Property will be one hundred and twenty five percent (125%) of the `fair market value' of the Property as determined in accordance with Schedule "C" attached hereto and incorporated herein by reference. At closing on the purchase of the Property, Piedmont RE shall pay the agreed upon purchase price of and Optionor will transfer title to the Property and all mineral rights related to the Property to Piedmont RE by general warranty deed, free and clear of all liens, charges and encumbrances, and Optionor will have no further right, title or claim to the Property or the mineral rights related to the Property, other than the Production Royalty as set forth herein, and the right for twelve (12) months following closing to remove standing timber from the Property.

<u>Production Royalty.</u> Optionor will retain a production royalty (the **"Production Royalty")** on the mineral rights to the Property, payable on the production of concentrates or products thereof **("Product")** mined from any part of the Property. Piedmont RE shall pay to Optionor a Production Royalty equal to three percent (3%) of Net Smelter Returns for all Product mined and removed from the Premises and sold and delivered by Piedmont RE.

The Production Royalty will be payable annually on the same schedule as the Option Payments and will cover the Production Royalty payable based on Product produced from the Property during the previous calendar year.

For the purpose of this section, **"Net Smelter Returns"** means the greater of (i) the fair market value of the Product mined from the Premises and sold and delivered (i.e., market rates in arm's length transactions with bona fide third party buyers), or (ii) the amount received by Piedmont RE from any mill, smelter, refinery, reduction works, mint or other purchaser in payment for Product mined from the Premises and sold and delivered, less Allowable Deductions. **"Allowable Deductions"** means, to the extent borne or to be borne by Piedmont RE:

&nbsp;&nbsp;&nbsp;&nbsp;(a)Sales, severance, and other similar taxes and duties (but excluding any taxes on net income).

<u>Rights of First Offer and First Refusal (Production Royalty).</u> Under the Purchase Agreement, Optionor will grant Piedmont RE: i) a `right of first offer' such that if Optionor wishes to sell the Production Royalty or any portion thereof, they must first offer to sell to

Piedmont RE, and a `right of first refusal' such that if Optionor receives a Third Party Offer to purchase the Production Royalty, Optionor must first offer the Production Royalty to Piedmont RE on the same terms and conditions as offered by the third party, and Piedmont RE will have 90 days to accept the offer. If Piedmont RE does not accept the offer from Optionor pursuant to i) above, Optionor may offer the Production Royalty to third parties on terms and conditions no more favorable than those offered to Piedmont RE and only for a period of 90 days. If Piedmont RE does not accept a Third Party Offer pursuant to above, Optionormay sell the Production Royalty to the third party who made the Third Party Offer within 90 days after Piedmont RE rejects the terms of the Third Party Offer.

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**<u>Binding Effect</u>**

This Option Agreement is intended to create a legally binding agreement among the parties enforceable in accordance with its terms and supersedes and replaces all prior agreements among the parties with respect to the subject matter hereof. This Option Agreement is intended to set forth all of the essential, material, and necessary terms on which the parties have agreed with respect to the transaction contemplated herein. The parties intend to be bound by this Option Agreement and acknowledge that there has been a "meeting of the minds" on all of the terms set forth herein. The parties further agree that there are no contingencies to this Option Agreement becoming effective and that the validity and enforceability of this Option Agreement is not subject to any condition precedent. To the extent that any additional, necessary terms to this Option Agreement have been unintentionally omitted, the parties agree to work diligently and in good faith in negotiating any such terms and incorporating the same in an amendment to this Option Agreement. In the event the parties cannot agree on such additional terms, the parties agree to incorporate terms in accordance with common usage and custom in the area in which the Property is located. Until termination or expiration of the Option, this Option Agreement will remain binding and in effect.

**<u>Further Assurances</u>**

Each of the parties agrees to sign all other documents and do all other things that may be necessary to implement and carry out the intent of this Option Agreement.

**<u>Assignment</u>** 

Piedmont RE may assign its rights and obligations under this Option Agreement only upon the prior written consent of Optionor, such consent not to be unreasonably withheld, conditioned or delayed; provided such consent shall not be required for an assignment of this Agreement to any affiliate of Piedmont RE. **In the event** Piedmont RE assigns its interest in this Option Agreement to a third party (whether **affiliated with Piedmont RE** or not), such third party shall deliver an assumption **agreement to the Optionor** acknowledging that such third party shall be bound by the terms and conditions of this Option Agreement from and after the date of assignment. Optionors shall be entitled to assign their rights and obligations under this Option Agreement in connection with transfer of the Property to any family member or for other estate planning purposes including assignment of the terms and conditions of this Agreement under Optionors' last will and testament.

**<u>Governing Law</u>** 

This Option Agreement will be governed by and interpreted in accordance with the laws of the State of Georgia.

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**<u>Piedmont RE Notice Address</u>**

All notices and correspondence to Piedmont RE shall be delivered by hand or to the following address:

Piedmont Rare Earths, LLC <br>Attn: Anastasios Arima <br>32N Main Street Suite 100 <br>Belmont, NC 28012

If you find the above outlined terms of our offer acceptable, please indicate your acceptance and agreement by countersigning this letter in the appropriate place below. Please also sign and notarize the Memorandum of Option attached hereto as Schedule B.

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| |
|:---|
| Yours truly, |
| Piedmont Rare Earths, LLC |
| <u>/s/ Anastasios Arima</u> |
| Anastasios Arima |
| Manager |

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Accepted and agreed to this February. .A.C2021.

---

| |
|:---|
| <u>/s/ Joseph W. Newbill</u> |
| Joseph W Newbill, Trustee of the Newbill Family Trust dated September 16, 2018 |

---

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**SCHEDULE "A" <br>to Option Agreement dated February, 2021, <br>between Joseph W. Newbill, Trustee of the Newbill Family Trust dated September 16,**

 **2018, as Optionor, <br>and Piedmont Rare Earths, LLC**

**PROPERTY DESCRIPTION**

**(To be provided and subject to change based on New Survey)**

BEING a portion of the property conveyed to Joseph W. Newbill, Trustee of the Newbill Family <br>Trust dated September 16, 2018, by Georgia Gift Deed recorded in Deed Book 444, Deed Page <br>172; and

AND:

All of the property conveyed to Joseph W. Newbill, Trustee of the Newbill Family Trust dated September 16, 2018, by Georgia Gift Deed recorded in Deed Book 444, Deed Page 166.

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## Exhibit 10.15

**Exhibit 10.15.1**

**OPTION AND PROJECT EVALUATION AGREEMENT**

THIS OPTION AND PROJECT EVALUATION AGREEMENT (this **"Agreement")** is made and entered into effective as of December 11, 2020 (the **"Effective Date")** by and among Piedmont Rare Earths, LLC, a North Carolina limited liability company **("Piedmont RE"),** U.S. Elements Pty Ltd., an Australian limited liability company ("U.S. **Elements"),** Southeast Metals LLC, a Virginia limited liability company **("SEM"),** Robert B. Cook, James E. Bond, Richard B. Gilliam, and H. Ross Arnold (each a **"Member"** and collectively, the **"Members").** The parties to this Agreement are each referred to as a **"Party"** and collective the **"Parties".**

<u>Background:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Piedmont RE is a wholly-owned subsidiary of U.S. Elements. U.S. Elements plans to list on the Australian Securities Exchange (ASX), a recognized US stock exchange (NYSE, NASDAQ or AMEX), the Toronto Stock Exchange (TSX) or TSX Venture Exchange or the London Stock Exchange **("Exchange"),** either by way of an initial public offering or pursuant to a transaction with an existing listed entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Members collectively own all of the membership interests of SEM as more particularly set forth on <u>Exhibit A</u> (each a **"Membership Interest"** and collectively, the **"Membership Interests").**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.SEM has been engaged in the business of evaluating and exploring various properties for potential commercial development of rare earth metals and other associated minerals (the **"Business").**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Piedmont RE intends to facilitate and expand on the Business during the Option Period (as defined herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Parties desire to enter into this Agreement to (i) grant Piedmont RE the exclusive option to purchase the Membership Interests and thereby acquire 100% of the ownership interests of SEM, (ii) during the Option Period (as defined below), authorize Piedmont RE and its representatives to perform geological survey and exploration work on the Covered Property (as defined below) to determine its suitability for commercial mining and exploitation, (iii) provide Piedmont RE with access to all of the historical data and due diligence materials related to the Business previously developed by SEM or in SEM's possession or control, and (iv) grant Piedmont RE certain other rights with respect to the Covered Property, in each case, on the terms and conditions set forth in the remainder of this Agreement.

NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and upon the terms and subject to the conditions hereinafter set forth, the Parties hereto, intending to be legally bound hereby, hereby agree as follows:

1.**<u>Definitions.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **"Affiliate"** means with respect to any specified Person, any Person that, directly or indirectly, controls, is controlled by, or is under common control with, such specified Person, through one or more intermediaries or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **"Agreement"** has the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **"Alternate Entity"** has the meaning set forth in Section 2(c)(i)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **"Area of Interest"** means any area within 20 miles of the boundary of the Covered Property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **"Business"** has the meaning set forth in Recital C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **"Business Day"** means any day other than a Saturday, a Sunday, or a day on which banks in the State of North Carolina are required or authorized to be closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **"Buyer Conditions Precedent"** has the meaning set forth in Section 3(b)(i)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **"Claim"** means any claim, action, demand, lawsuit, or other proceeding of any nature brought against a Person entitled to indemnification in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **"Closing"** has the meaning set forth in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** **"Closing Date"** has the meaning set forth in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** **"Confidential Information"** has the meaning set forth in Section 9(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** **"Covered Property"** means the SEM Real Property set forth on <u>Exhibit B.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)** **"Disclosing Party"** has the meaning set forth in Section 9(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)** **"Dollars"** or "$" means United States Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(o)** **"Effective Date"** has the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(p)** **"Encumbrance"** means all liens (statutory or otherwise), charges, mortgages, pledges, hypothecations, leases, subleases, occupancy agreements, title retention agreements, adverse interests, title defects, security interests, deed of trust, claims, licenses, rights of way, servitudes, deemed statutory trust for taxes, preferences, priorities, options, warrants, rights of first refusal, rights of first offer, preemptive rights, voting trusts or agreements, proxies, community property interests, security agreements, easements, encroachments, covenants, restrictions, burdens or other encumbrances of any kind or nature whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(q)** **"Exchange"** has the meaning set forth in Recital A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(r)** **"Exercise Date"** has the meaning set forth in Section 2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(s)** **"Governmental Authority"** means (i) the United States of America or any other nation, any state, province, local or other political subdivision thereof, (ii) any entity, agency, instrumentality, commission, department, board, bureau, tribunal, court or authority exercising any executive, legislative, judicial, regulatory or administrative functions of government, whether international, foreign, provincial, domestic, federal, state, province, municipal or local, (iii) any arbitrator or mediator, and (iv) any other agency, body, exchange, authority or organization similar to the foregoing having jurisdiction or regulatory authority over SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(t)** **"Member"** and **"Members"** have the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(u)** **"Membership Interest"** and **"Membership Interests"** has the meaning set forth in Recital B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** **"Mineral Products"** has the meaning set forth in Section 4(a)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(w)** **"Organizational Document"** of any Person means the documents by which such Person (other than an individual) establishes its legal existence or which govern its internal affairs or the rights or obligations of the holders of the equity interests (including the Membership Interests) thereof (including any certificate of formation, certificate of incorporation or other incorporation or formation document, any charters or bylaws, constitution, memorandum and articles of association, other organizational documents, and any operating

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agreements, partnership agreements, shareholders' agreement, investor rights agreement, voting agreement, co-sale agreement, registration rights agreement, drag-along agreement, right of first refusal agreement or other similar documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** **"Option Notice"** has the meaning set forth in Section 2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(y)** **"Option Payments"** has the meaning set forth in Section 5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(z)** **"Option Period"** means the period beginning on the Effective Date and terminating on the earliest to occur of (i) the three (3) year anniversary date of the Effective Date, (ii) the Closing Date, or (iii) the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **"Party"** and **"Parties"** have the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) **"Person"** means an individual, corporation (including any non-profit corporation), general partnership, limited partnership, joint venture, association, limited liability company, trust, estate, unincorporated organization, Governmental Authority, or other entity, enterprise, association, organization, or group in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) **"Piedmont RE"** has the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) **"Piedmont RE Reports"** has the meaning set forth in Section 4(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) **"Pro Rata Share"** has the meaning set forth on <u>Exhibit A.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) **"Property Agreements"** has the meaning set forth in Section 8(e)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) **"Purchase Price"** has the meaning set forth in Section 2(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) **"Purchase Option"** has the meaning set forth in Section 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **"Receiving Party"** has the meaning set forth in Section 9(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) **"Seller Conditions Precedent"** has the meaning set forth in Section 3(b)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) **"SEM"** has the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) **"SEM Real Property"** means all real property owned, leased, or used by SEM, and all other real property for which SEM has the option to purchase, lease or otherwise acquire or use, including but not limited to the Covered Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) **"Transfer"** means the sale, assignment, transfer, lease, or other disposition of the Membership Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) **"U.S. Elements"** has the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) **"USE Share"** means an ordinary fully paid share in the capital of U.S. Elements.

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2.**<u>Purchase Option.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Grant of Purchase Option.*** Subject to and upon the terms and conditions of this Agreement, each Member hereby grants to Piedmont RE the exclusive and continuing option (but not obligation) during the Option Period to purchase all of the Membership Interests, which Membership Interests shall constitute 100% of the ownership interests in SEM (the **"Purchase Option").** The Purchase Option shall be irrevocable for the duration of the Option Period, except as expressly provided for in this Agreement. If Piedmont does not exercise the Purchase Option during the Option Period for any reason, it shall have no further obligation or liability whatsoever to SEM or the Members except as expressly provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Exercise of Purchase Option.*** Piedmont RE may exercise the Purchase Option at any time during the Option Period. In the event Piedmont RE, in its sole and absolute discretion, desires to exercise the Purchase Option, Piedmont RE shall exercise the Purchase Option by delivering written notice of such exercise (the **"Option Notice")** to SEM and/or the Members in the manner provided in Section 12(f). The date on which Piedmont RE issues the Option Notice shall be the **"Exercise Date".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***Purchase Price.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If Piedmont RE exercises its Purchase Option, at Closing Piedmont RE and U.S. Elements (as applicable) shall pay the following consideration for the Membership Interests, with any cash consideration being paid in Dollars in immediately available funds (collectively, the **"Purchase Price"):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)to each Member, its Pro Rata Share of $600,000 less the total amount of Option Payments actually paid by Piedmont RE to SEM on or before the Exercise Date, in cash (the **"First Payment");** and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)to each Member, its Pro Rata Share of $2,000,000, in cash or, at the election of Piedmont RE or U.S. Elements in their sole and absolute discretion, in USE Shares or shares of another entity (an **"Alternate Entity")** that is listed on, or has been conditionally (as evidenced by a conditional listing letter or similar determination from the Exchange) admitted to the official list of, an Exchange (the **"Second Payment").**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)In the event USE is not listed on, or has not been conditionally admitted to the official list of, an Exchange within three (3) months of the Exercise Date (as evidenced by a conditional listing letter or similar determination from the Exchange), or U.S. Elements does not own 100% of Piedmont RE, and Piedmont RE and U.S. Elements wish to pay in USE Shares, USE shares may be accepted upon the agreement of SEM in lieu of the cash payment of $2,000,000.00 in Dollars described in subparagraph (c)(i)(2) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If Piedmont RE or U.S. Elements pays the Second Payment in USE Shares (or shares in an Alternate Entity), such consideration shall be issued to the Members at Closing. The number of shares to be issued to the Members shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)if listed and trading on an Exchange at the time, using the volume weighted average of the shares on that Exchange for the 15 trading days immediately prior to (and excluding) the Closing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if conditionally admitted to an Exchange at the time, or if the issuance is made as part of a back door listing, using the proposed initial public offer price of the shares of U.S. Elements or such Alternate Entity as set out in the initial public offer prospectus of U.S. Elements or such Alternate Entity, or the offer price in the re-compliance prospectus if the issuance is made as part of a back door listing of an Alternate Entity; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)if not conditionally admitted to an Exchange at the time, or U.S. Elements does not own 100% of Piedmont RE, upon the agreement of the parties.

3.**<u>Closing of Purchase Option.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Closing Generally.*** If Piedmont RE exercises its Purchase Option, the closing of the purchase and sale of the Membership Interests as described in this Agreement (the **"Closing")** shall be held on or before five (5) days after the satisfaction or waiver of the Conditions Precedent but in no event more than one hundred twenty (120) days following the Exercise Date.(the **"Closing Date").** For purposes of clarity, the Closing Date may extend beyond the Option Period as long as the Option Notice was delivered during the Option Period. Unless otherwise agreed, Closing shall take place by the exchange of signatures by facsimile, electronic mail or other electronic transmission or, if such electronic exchange is not practicable, at the offices of Johnston, Allison & Hord, P.A., 1065 E. Morehead Street, Charlotte, North Carolina, USA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Conditions Precedent.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Closing is conditioned on the satisfaction or waiver of the following **("Buyer Conditions Precedent"):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)there shall have been no material change in the business, results, operations, prospects, condition (financial or otherwise) or assets of SEM as of the Exercise Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)all necessary governmental approvals and consents, if any, for Closing of the Purchase Option shall have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)all shareholder approvals required by law shall have been obtained by U.S. Elements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)all approvals, confirmations, or waivers which are required or U.S. Elements (or, if applicable, an Alternate Entity) requests from an Exchange in relation to its application for admission to the official list of the Exchange (or similar application for an Alternate Entity) shall have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)as of the Closing Date, no law, regulation, or order exists that renders it impossible or impracticable to commercially exploit and mine rare earth metals located on the SEM Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)no material liabilities of SEM exist other than liabilities under the Property Agreements or liabilities which have been incurred in connection with the Business and in compliance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)SEM has the ongoing right to own, occupy, or have the option to purchase all of the SEM Real Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)no uncured breach of warranty or the other terms and provisions of this Agreement by SEM or the Members shall have occurred and be ongoing, other than those covered by a normal and customary indemnification of Piedmont RE or U.S. Elements by SEM.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Buyer Conditions Precedent are for the benefit of U.S. Elements and Piedmont RE and can only be waived by U.S. Elements or Piedmont RE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Closing is conditioned on the satisfaction or waiver of the following conditions precedent **("Seller Conditions Precedent"):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)no uncured breach of warranty or the other terms and provisions of this Agreement, or any applicable Property Agreement, by Piedmont RE or U.S. Elements shall have occurred and be ongoing, other than those covered by a normal and customary indemnification of SEM and the Members by Piedmont RE or U.S. Elements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Payment of the Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Seller Conditions Precedent are for the benefit of SEM and the Members and can only be waived by SEM and the Members.

*(c)****Closing Deliverables.*** On the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) US Elements and Piedmont RE must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)pay or issue (as applicable) to each Member its pro-rata Share of the First Payment and the Second Payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if applicable, register each Member as the holder of the relevant number of USE shares or shares in an Alternate Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SEM must hold a meeting of the Members pursuant to SEM's Organizational Documents and applicable law to attend to the following matters and provide to U.S. Elements and Piedmont RE the documentation evidencing, to the reasonable satisfaction of U.S. Elements and Piedmont RE, the passing of resolutions including duly signed minutes of each meeting convened for such purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the approval of the transfers of the Membership Interests to Piedmont RE and the documenting of Piedmont RE as the sole legal and beneficial owner of the Membership Interests to the extent legally permissible and otherwise in such form as approved by Piedmont RE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the issuance of written confirmation from the Members confirming Piedmont RE as the sole owner of the Membership Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the acceptance of the resignations of all managers and officers of SEM and appointment of Piedmont RE's nominees as managers and officers of SEM (in the manner specified by Piedmont RE in writing prior to Closing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)the revocation of each existing authority to operate any bank account of SEM and the approval of such new authority as may be requested by Piedmont RE before Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)the revocation any existing powers of attorney granted by SEM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)the transaction of any other reasonable business of which Piedmont RE has given notice to SEM prior to Closing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) SEM and the Members must deliver to U.S. Elements and Piedmont RE:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)completed transfers of the Membership Interests in favor of Piedmont RE as transferee duly executed by each Member as transferor, to the extent legally permissible and otherwise in such form as reasonably approved by Piedmont RE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)all registers, resolutions, minute books and other record books and financial records of SEM, including asset registers, management accounts, budgets, ledgers, journals, books of account and other records of SEM, and the common seal, if any, of SEM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)possession of all information on the Mineral Products and title documents relating to the SEM Real Property and other documents held by SEM in connection with the SEM Real Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **if requested by U.S. Elements or Piedmont RE, executed escrow agreements (in the form provided by U.S. Elements or Piedmont RE) to give effect to any ASX imposed escrow in relation to the USE Shares held by the Members.**

(d) ***Rights of Piedmont RE Following Exercise Date.*** During the period following the Exercise Date and before Closing, Piedmont RE shall retain all of the rights and benefits granted to Piedmont RE under Section 4 and continue to pay all obligations related to the Covered Property.

4.**<u>Access and Project Rights of Piedmont RE.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Access to SEM Real Property.*** During the Option Period, in each case subject to the conditions in the applicable Property Agreement, SEM shall grant Piedmont RE and its representatives, as SEM's agent, the sole and exclusive right to enter upon the SEM Real Property for purposes of conducting any and all surveys, tests, sampling and other evaluation as Piedmont RE may elect to perform, in its sole and absolute discretion. Without limiting the generality of the foregoing, during the Option Period, and in each case subject to the conditions in the applicable Property Agreement, Piedmont RE and its employees, agents, and contractors shall have the exclusive and irrevocable right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)access, enter upon, occupy and use the SEM Real Property for all purposes related to exploring for and evaluating all ores, metals, minerals, mineral products and all other materials or substances, whether metallic or non-metallic, of any nature whatsoever found in natural deposits on or under the SEM Real Property and permitted by the applicable Property Agreement **("Mineral Products");**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)place, construct, maintain, use, and thereafter remove such temporary structures, facilities, equipment, and other improvements on the SEM Real Property as may be necessary or useful; provided, however, that, to the extent Piedmont RE elects not to exercise the Purchase Option, the same shall be removed by Piedmont RE at its sole cost and expense not later than sixty (60) days following the sooner of the expiration of the Option Period or any termination of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)conduct such tests, investigations and other activities, and use such equipment and personnel, as, in its sole discretion, deems necessary to determine the existence, extent, and quality of the Mineral Products on or under the SEM Real Property (including drilling or other invasive testing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)conduct such water, air and soil environmental analysis of the SEM Real Property as Piedmont RE, in its sole discretion, deems necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)survey and/or perform a topographical analysis of the SEM Real Property; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)take or use water (whether surface, underground or artesian) which is appurtenant to the SEM Real Property, or to which the SEM Real Property is riparian, by any lawful taking or use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Certain Land Development Rights.*** SEM irrevocably grants to Piedmont RE, for the duration of the Option Period, the sole and exclusive right to exercise all of SEM's rights and options with respect to the Covered Property, including all rights under any Property Agreements, and Piedmont RE shall give SEM notice of any such action. Without limitation, this includes the right to exercise any and all land purchase or lease options with respect to the Covered Property. In connection with such grant to Piedmont RE, SEM shall at any time, and from time to time, execute and deliver, upon the written request of Piedmont RE, further documents and do further acts and things as Piedmont RE may reasonably request to effect the purposes of this Section. SEM hereby irrevocably makes, constitutes, and appoints Piedmont RE as its agent and attorney-in-fact with full power and for the limited purpose of executing, delivering, and performing under, in the name of SEM, any and all agreements, instruments, and other documents in connection with the Covered Property. Piedmont RE shall provide SEM with copies of all documents of any kind which are executed in the name of SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***Access Reports.*** During the Option Period, SEM shall provide to Piedmont RE and its representatives any and all reports, surveys, historical exploration results, and data in SEM's position relating in any way to the SEM Real Property, the Business, Mineral Products that may be located on or under the SEM Real Property, and all other geological attributes of the Covered Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)*** ***Reports and Analyses Prepared by Piedmont RE.*** In the event that Piedmont RE (or any third party on behalf of Piedmont RE) prepares any reports, surveys, historical exploration results, and data relating to the Covered Property, Mineral Products that may be located on or under the Covered Property, and all other geological attributes of the Covered Property, including any and all information obtained or derived by Piedmont RE as a result of its activities as set forth in Section 4(a) (collectively, the **"Piedmont RE Reports"),** (i) all right, title, and interest in and to the Piedmont RE Reports, and all reports, analyses, documents, and all other materials derived therefrom, shall jointly belong to Piedmont RE and SEM, and (ii) the Piedmont RE Reports are hereby deemed to be Piedmont RE's and SEM's Confidential Information. During the Option Period, Piedmont RE shall share all Piedmont RE Reports with SEM; provided that such Piedmont RE Reports shall remain the Confidential Information of Piedmont RE and SEM. Notwithstanding the foregoing, Piedmont RE shall comply with the applicable Property Agreement as to such Piedmont RE Reports related to the Covered Property as to use and ownership of such information. In the event that Piedmont RE does not exercise the Purchase Option within the Option Period, or this Agreement terminates for any reason, all rights and title to Piedmont RE Reports, and any other data related to the Covered Property shall be transferred to SEM at the time of any such termination or end of the Option Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)***Commencing with the date Piedmont RE enters upon any SEM Real Property, Piedmont RE will carry commercially standard insurance with commercially reasonable limits reasonably acceptable to Seller and in compliance with the applicable Property Agreement, including comprehensive public liability insurance covering all activities conducted by Piedmont RE, its agents, contractors and engineers on the Property. Such insurance will have limits of not less than $1,000,000 for personal injury to or death of any one person, $2,000,000 for personal injury to or death of any number of persons in any one accident and $1,000,000 for property damage, and will name SEM as an additional insured. Not less than 5 days before entering any SEM Real Property, Piedmont RE will promptly provide SEM with a certificate of insurance complying with the foregoing.

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5.**<u>Obligations of Piedmont RE.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Annual Option Payments.*** During the Option Period, and as consideration for the Purchase Option, Piedmont RE shall pay to SEM the following amounts (collectively, **"Option Payments")** in Dollars in cash or other immediately available funds to an account designated by SEM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)$25,000 within thirty (30) days of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)$50,000 within one hundred and twenty (120) days of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)$75,000 on the first anniversary date of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)$75,000 on the second anniversary date of the Effective Date.

If Piedmont RE fails to make such Option Payments within thirty (30) Business Days of the payment date set forth above, the Purchase Option shall lapse and terminate; provided, however, Piedmont RE shall have no obligation to make any Option Payments once it has delivered the Option Notice to exercise its Purchase Option.

It is acknowledged and agreed that, as the Members own all of the Membership Interests, such Option Payments paid by Piedmont RE to SEM shall provide substantial economic and other benefits to the Members, and therefore such Option Payments shall be deemed adequate consideration for the Members' grant of the Purchase Options to Piedmont RE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Work Commitment.*** During the Option Period, Piedmont RE, on its own account,

shall make the following expenditures in connection with the Business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)$400,000 during the period beginning on the Effective Date and ending on the first anniversary date of the Effective Date, plus the cost of an airborne geophysical survey of an approximately 25 square mile area centering around Shiloh, Georgia, which survey must be completed by Piedmont RE within six (6) months of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)$500,000 during the period beginning on the first anniversary date of the Effective Date and ending on the second anniversary date of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)$500,000 during the period beginning on the second anniversary date of the Effective Date and ending on the third anniversary date of the Effective Date.

Piedmont RE may (i) pay such amounts directly to third parties to perform services in connection with the Business, (ii) reimburse SEM for expenses incurred by SEM in connection with the Business, and/or (iii) make such expenditures on its own account from internal Piedmont RE resources (or the resources of its Affiliates) and reasonably allocate internal costs and overhead towards the work commitments described in this Section. By way of example, if a Piedmont RE employee is assigned to the Business on a full-time basis for a full month, Piedmont RE may allocate 1/12 of such employee's overhead costs towards its work commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Payment of Lease/Land Option Obligations.*** In addition to the Work Commitment provided in Section 5b hereof, during the Option Period, Piedmont RE shall: (i) pay all rental amounts and/or land purchase option obligations provided in the applicable Property Agreement for the Covered Property or other obligations with respect to the Covered Property, and (ii) otherwise comply with the terms of the applicable Property Agreements (as they relate to the Covered Property). Piedmont RE may pay such amounts directly to owners of the Covered Property or may reimburse SEM for such payments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Additional Properties.*** Piedmont RE agrees to use commercially reasonable efforts to pursue additional properties located within the Area of Interest that could enhance the Business ("Additional Properties"), on commercially reasonable terms and conditions. The Additional Properties shall be purchased or secured in the name of Piedmont RE. During the Option Period, Piedmont RE shall indemnify SEM for any Area of Interest Royalty payments that come due under the Weyerhaeuser Lease described on Exhibit B as a result of Piedmont RE's activities within the Area of Interest. In the event Piedmont RE does not exercise the Purchase Option within the Option Period, and is not pursuing a mineral related project on the Additional Properties, SEM shall have the right of first offer to acquire all of Piedmont RE's rights and interests in the Additional Properties, and any properties acquired under Section 9(c) below, and assume all future liabilities with respect to such properties, in exchange for payment in an amount equal to Piedmont RE's verifiable costs and expenses related to securing and maintaining such property rights and interests and evaluating the Additional Properties. In the event Piedmont RE does not exercise the Purchase Option within the Option Period, and is pursuing a mineral related project on the Additional Properties, Piedmont RE will continue to indemnify SEM for any Area of Interest Royalty payments that come due under the Weyerhaeuser Lease described on Exhibit B, and compensate SEM in cash in Dollars in an amount equal to the First Payment and Second Payment (as defined above).

6.**<u>Obligations of SEM and the Members.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Beginning on the Effective Date and continuing for the duration of the Option Period, SEM and the Members shall provide Piedmont RE with copies of all Organizational Documents and any amendments and restatements to or of the Organizational Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)During the Option Period, neither SEM nor any Member shall, or shall attempt, agree or purport to: (i) create, authorize, designate, reclassify, modify, or issue any class or series of new Membership Interests or any rights, options, warrants, or other securities convertible into or exchangeable for any Membership Interests, to any Person or (ii) voluntarily or involuntarily Transfer all or any of the Membership Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)During the Option Period, neither SEM nor any Member shall permit any Encumbrance upon the Membership Interests or upon the properties or assets of SEM (other than for property interests held by the property owners of the SEM Real Property pursuant to the Property Agreements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)SEM shall be and remain, and the Members shall cause SEM to be and remain, in good standing and duly qualified to do business under the laws of the Commonwealth of Virginia, the State of Georgia, and any other jurisdiction where the nature of the property owned or leased by it or the nature of the business conducted by it makes such qualification necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)SEM shall comply, and the Members shall cause SEM to comply, in all material respects with all applicable laws and permits issued by Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) SEM shall comply, and the Members shall cause SEM to comply, in all material respects with all Property Agreements, including without limitation, as they may be amended, modified, or supplemented from time to time (provided that no such amendment may be made without the consent of Piedmont RE).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) SEM and the Members shall promptly notify Piedmont RE upon obtaining knowledge of such fact of occurrence: (i) of any fact, circumstances, event or action the existence, occurrence, or taking of which has had, or could reasonably be expected to expected to have, individually or in the aggregate, a material adverse effect on SEM or the Business, and (ii) of any material change in zoning or environmental regulations affecting the SEM Real Property to the extent such change may reasonably interfere with the Business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)During the Option Period, the Members shall, and shall cause SEM to: (i) conduct the Business in the ordinary course of business consistent with past practice, and (ii) use reasonable best efforts to maintain and preserve intact the current organization and Business of SEM and to preserve the rights, goodwill, and relationships of its employees, customers, lenders, suppliers, regulators, and others having business relationships with SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)During the Option Period, SEM shall file all applicable tax returns as and when due and shall pay all local, state, and federal taxes owed by SEM not related to the Covered Property.

During the Option Period, SEM covenants that it will not and the Member's covenant that they will ensure that SEM does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)undertake or allow any material change to SEM or its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)enter into any material contract or incur any material liability over the value of US$20,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)dispose of the whole, or any part, of its business or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)vary its capitalization as set forth on Exhibit A, other than varying the percentage ownership among the existing Members, without the prior written consent of Piedmont RE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)declare any dividends or distribute any assets, with the exception of distribution of the Option Payments and Purchase Price to the existing Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)cause to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the business, assets or financial condition of SEM or on the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)In addition, SEM covenants that it will and the Members agree to ensure that SEM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Subject to Piedmont RE's obligations under Section 5(c) above, maintain the Property Agreements in full force and keep them in good standing and free from any liability, or from risk of forfeiture or non-renewal under all applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)observe and perform all stipulations and conditions relating to the Property Agreements (including, without limitation, expenditure conditions prescribed under any applicable laws or regulations) and all statutory obligations relating to activities on the Covered Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)work with Piedmont RE to obtain all necessary governmental approvals and consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)not relinquish any portion of any of the Property Agreements except with the agreement of Piedmont RE, such agreement not to be unreasonably withheld; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) promptly pass to Piedmont RE any notice or communication from any third party or government authority in any way affecting the Property Agreements or the Covered Property.

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7. **<u>Representations of the Members.</u>** Each Member hereby represents and warrants, severally, to Piedmont RE and U.S. Elements solely as to such Member and not with respect to any other Member (on the Effective Date and each day until Closing or the termination of this Agreement), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Member Authority.*** Such Member has the capacity to execute, deliver and perform or consummate the transactions contemplated by this Agreement. This Agreement has been duly and validly executed and delivered by such Member and constitutes the valid and binding obligation of such Member, enforceable against such Member in accordance with their respective terms, except as such enforcement shall be limited by bankruptcy, insolvency, moratorium or similar law affecting creditors' rights generally and subject to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***No Member Conflicts.*** The execution, delivery and performance by such Member of this Agreement, and the consummation by such Member of the transactions contemplated hereby does not and will not violate any provision of any law to which such Member is subject. The execution, delivery and performance by such Member of this Agreement, and the consummation by such Member of the transactions contemplated hereby does not and will not, with or without the giving of notice or the lapse of time, or both, (i) violate or result in a breach of or constitute a default under, conflict with, require the consent of (or notice to) any third party under any contract or permit issued by a Governmental Authority, or (ii) result in the creation or imposition of any Encumbrance of any nature whatsoever upon any of any portion of the Membership Interest held by such Member. No notices to, filings with, or authorizations, consents or approvals of any Governmental Authority or any other Person are necessary for the execution, delivery or performance by such Member of this Agreement or the consummation by such Member of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***Title to Membership Interests.*** Such Member is the record and beneficial owner of the Membership Interest set forth opposite such Member's name on **<u>Exhibit</u>** <u>A,</u> and has good and valid title to his or its Membership Interest, as applicable, free and clear of all Encumbrances other any restrictions imposed by applicable United States securities laws.

8. **<u>Representations of SEM.</u>** SEM hereby represents and warrants to Piedmont RE (on the Effective Date and each day until Closing or the termination of this Agreement) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Organization.*** SEM is a limited liability company, duly formed, validly existing and in good standing under the laws of the Commonwealth of Virginia. SEM has all requisite power and authority to carry on the Business and otherwise to own, lease and operate its properties and carry on its business as it is now being conducted. SEM is duly qualified to do business and is in good standing in the Commonwealth of Virginia, the State of Georgia and in all other jurisdictions where the nature of the property owned or leased by it or the nature of the business conducted by it makes such qualification necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Company Authority.*** SEM has all requisite power and authority to execute, deliver and perform this Agreement and to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by SEM of this Agreement, and the consummation by SEM of the transactions contemplated hereby have been duly authorized by all necessary action on the part of SEM. No other limited liability company proceedings on the part of SEM are necessary to authorize such execution, delivery or performance or to consummate the transactions contemplated by this Agreement. This Agreement has been duly and validly executed and delivered by SEM and constitutes the valid and binding obligation of SEM, enforceable against SEM in accordance with its terms, except as such enforcement shall be limited by bankruptcy, insolvency, moratorium or similar law affecting creditors' rights generally and subject to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***No Company Conflicts.*** The execution, delivery and performance by SEM of this Agreement and the consummation by SEM of the transactions contemplated hereby does not and will not (i) violate any provision of any law to which SEM is subject, or (ii) violate or breach any provision of any Organizational Document of SEM. The execution, delivery and performance by SEM of this Agreement, and the consummation

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by SEM of the transactions contemplated hereby does not and will not, with or without the giving of notice or the lapse of time, or both, (x) violate or result in a breach of or constitute a default under, conflict with, require the consent of (or notice to) any third party under, or result in or permit the termination, cancellation, modification, or amendment of any provision of, or result in or permit the acceleration of the maturity or cancellation of performance of any obligation under any contract (including any Property Agreement) or any permit issued by a Governmental Authority to which SEM is a party or by which SEM may be bound or affected, or (y) result in the creation or imposition of any Encumbrance of any nature whatsoever upon any of the assets or properties of SEM or give to others any interests or rights therein. No notices to, filings with, or authorizations, consents or approvals of any Governmental Authority or any other Person are necessary for the execution, delivery or performance by SEM of this Agreement or the consummation by SEM of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)*** ***Capitalization.*** All of the issued and outstanding Membership Interests have been duly authorized and validly issued, fully paid and non-assessable, and none of the issued and outstanding Membership Interests are subject to or were issued in violation of any applicable securities laws, purchase option, call option, right of first refusal, preemptive right, subscription right or any similar right under any provision of applicable law, the Organizational Documents of SEM or any contract to which SEM is a party. All of the issued and outstanding membership interests of SEM are held of record and beneficially owned by the Members as set forth on <u>Exhibit</u> A, in each case in the class and amounts so indicated thereon. There are no obligations or commitments for SEM to issue any additional membership interests or equity interests beyond those already issued and outstanding. There are no outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, convertible securities, exchange rights, calls, puts, preemptive rights, rights of first refusal, tag-along right, drag-along rights or other contracts, rights, agreements, arrangements or commitments of any character that would require SEM to issue, sell, purchase or otherwise cause to become outstanding, or cause to be repurchased or redeemed, any Membership Interests or any other membership or equity interest in SEM. There are no voting trusts, equityholder agreements, shareholders agreements, proxies or other agreements or understandings in effect with respect to the voting or Transfer of any Membership Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)*** ***Real Property.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SEM does not own any real property. <u>Exhibit</u> **<u>B</u>** sets forth a true, correct and complete list of all written or oral leases, subleases, licenses, option agreements, rights to purchase, rights of first refusal, or other occupancies of the SEM Real Property (including all amendments, extensions, renewals and guaranties with respect thereto) (collectively, the **"Property Agreements")** to which SEM is a party (as lessor, lessee, sublessee, licensee, option holder, or otherwise). SEM has delivered or made available to Piedmont RE a true, correct and complete copy of each of the Property Agreements and all amendments, modifications and supplemental agreements thereto. Each of the Property Agreements is in full force and effect and is valid, binding and enforceable against the SEM and each of the other parties thereto, in accordance with its terms and has not been modified or amended except as disclosed on <u>Exhibit B.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (1) SEM has not received from the other party to any Property Agreement any notice claiming that SEM is in default thereunder for which such default has not been cured; (2) all payments required to be paid by SEM pursuant to the Property Agreements have been paid prior to such payments becoming delinquent; (3) there has not occurred any event which would constitute a breach of or default in the performance of any covenant, agreement or condition contained in any Property Agreement which has not been cured, nor has there occurred any uncured event which with the passage of time or the giving of notice or both would constitute such a breach or default; and (4) SEM has not received any written notice from the other party to any Property Agreement of the termination or proposed termination thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) SEM presently enjoys peaceful and undisturbed possession of the SEM Real Property. There are no matters affecting the right, title and interest of SEM in and to the SEM Real Property which, in the aggregate, would adversely affect the ability to carry on the Business upon the SEM Real Property substantially in the manner in which such operations are currently carried on. No Person other than SEM has any right to use or occupy the SEM Real Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The current use of the SEM Real Property in the conduct of the Business does not violate any Property Agreement in any respect. To the best of its knowledge, SEM is not in violation of any covenant, condition, restriction, easement or order of any Governmental Authority having jurisdiction over the SEM Real Property or the use or occupancy thereof. SEM has not received written notice from any Governmental Authority, with respect to the SEM Real Property, of any violation or claimed violation by SEM of applicable building, zoning, subdivision, conservation, fire, health and safety and other land use and similar applicable laws, rules and regulations, permits, licenses, and certificates of occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f) Compliance with Laws; Permits.*** SEM has been, during the three (3) year period

prior to the Effective Date, and is currently in compliance in all material respects with all applicable laws and permits issued by Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)*** ***Legal Proceedings.*** There are no actions pending or threatened against or by SEM: (A) relating to or affecting the Business or the Membership Interests; or (b) that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such action. There are no outstanding orders of Governmental Authorities and no unsatisfied judgments, penalties or awards against, relating to or affecting the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)*** ***Taxes.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) From and after SEM's date of formation (04/19/2011), SEM has been taxed as a partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All tax returns required to be filed by SEM for any period prior to the Effective Date have been, or will be, timely filed. Such tax returns are, or will be, true, complete, and correct in all respects. All taxes due and owing by SEM (whether or not shown on any tax return) have been, or will be, timely paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) SEM has withheld and paid each tax required to have been withheld and paid in connection with amounts paid or owing to any of its employees, independent contractors, creditors, customers, shareholders or other persons, and has complied with all information reporting and backup withholding provisions of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No extensions or waivers of statutes of limitations have been given or requested with respect to any taxes of SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) All deficiencies asserted, or assessments made, against SEM as a result of any examinations by any taxing authority have been fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) SEM is not a party to any action by any taxing authority. There are no pending or threatened actions by any taxing authority.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) There are no Encumbrances for taxes upon any of the Membership Interests nor is any taxing authority in the process of imposing any Encumbrance for taxes on any of the Membership Interests (other than for current taxes not yet due and payable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)*** ***Full Disclosure.*** No representation or warranty by SEM or the Members in this Agreement and no statement contained in any other document furnished or to be furnished to Piedmont RE pursuant to this Agreement, to the best of the knowledge of SEM or of the Members, contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j)*** ***Subsidiaries:*** SEM does not have any subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(k)*** ***No other operations or assets:*** Other than the Property Agreements, SEM does not have any operations, assets or agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(1) Employees and contractors:*** Other than as disclosed to Piedmont RE, SEM does not have any employees and contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(m)*** ***Liabilities:*** Other than as disclosed to the Piedmont RE, SEM does not have any material liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(n)*** ***Consistency with other agreements:*** The terms of this Agreement are not inconsistent with and do not contravene the provisions of any other agreements or contract to which SEM is a party.

9.**<u>Other Agreements.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Confidentiality.*** From time to time during the term of this Agreement, a Party (as the **"Disclosing Party")** may disclose or make available to another Party (as the **"Receiving Party")** information about its business affairs, products, services, confidential intellectual property, trade secrets, third-party confidential information and other sensitive or proprietary information (collectively, **"Confidential Information").** Confidential Information shall not include information that, at the time of disclosure: (i) is or becomes generally available to and known by the public other than as a result of, directly or by, with, or through any other Person, any breach by the Receiving Party or any of its representatives; (ii) is or becomes available to the Receiving Party on a non-confidential basis from a third-party source, provided that such third party is not and was not prohibited from disclosing such Confidential Information; (iii) was known by or in the possession of the Receiving Party or its representatives before being disclosed by or on behalf of the Disclosing Party; or (iv) was or is independently developed by the Receiving Party without reference to or use, in whole or in part, of any of the Disclosing Party's Confidential Information. The Receiving Party shall: (A) protect and safeguard the confidentiality of the Disclosing Party's Confidential Information with at least the same degree of care as the Receiving Party would protect its own Confidential Information, but in no event with less than a commercially reasonable degree of care; (B) not use the Disclosing Party's Confidential Information, or permit it to be accessed or used, for any purpose other than to exercise its rights or perform its obligations under this Agreement; and (C) not disclose any such Confidential Information to any person or entity, except to the Receiving Party's representatives who need to know the Confidential Information to assist the Receiving Party, or act on its behalf, to exercise its rights or perform its obligations under the Agreement. The Receiving Party shall be responsible for any breach of this Section 9(a) caused by any of its representatives. In the event the Disclosing Party's Confidential Information is required to be disclosed under applicable federal, state or local law, regulation or a valid order issued by a court or Governmental Authority of competent jurisdiction, the Receiving Party shall promptly notify the Disclosing Party of such requirement and reasonably assist the Disclosing Party (at the Disclosing Party's expense) to enable it to obtain a protective order or otherwise take appropriate measures to prevent the disclosure of its Confidential Information. In the event the Disclosing Party is unable to prevent the disclosure of such Confidential Information, the Receiving Party shall disclose only that portion of such Confidential Information that the Receiving Party is legally required to disclose. On the expiration or termination

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of the Agreement, at the Disclosing Party's written request, the Receiving Party shall promptly return, and shall require its representatives to return to the Disclosing Party all copies, whether in written, electronic or other form or media, of the Disclosing Party's Confidential Information, or destroy all such copies and certify in writing to the Disclosing Party that such Confidential Information has been destroyed. Notwithstanding this clause, US Elements and Piedmont RE may use any Confidential Information they require for the purposes of raising capital or pursuing an ASX listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Exclusivity.*** During the Option Period, the Parties agree that Piedmont RE is and shall be the exclusive holder of the Purchase Option. In light of the foregoing, during the Option Period, SEM and/or the Members shall not, directly or by, with, or through any other Person, in any capacity whatsoever: (i) solicit, initiate, entertain, encourage, accept any inquiries, proposals, or offers from any Person other than Piedmont RE for the acquisition of the Membership Interests or to engage in transactions similar to the transactions contemplated hereby; (ii) grant any Person other than Piedmont RE any right or option to purchase the Membership Interests, all or substantially all of the assets of SEM, or otherwise to acquire or succeed to the Business; (iii) grant any Person other than Piedmont RE the right to access the Covered Property for purposes exploring, evaluating, mining, or removing Mineral Products; (iv) except as required by the provisions of any applicable Property Agreement, provide any Person other than Piedmont RE with access to any reports, surveys, historical exploration results, and data relating to the Covered Property, Mineral Products that may be located on or under the Covered Property, and other geological attributes of the Covered Property, or relating to the Business; or (v) otherwise circumvent, avoid, bypass, or obviate the intent of this Agreement and the observance and performance of all the terms and provisions hereof. The Parties agree that this Section shall be strictly construed and the violation of this Section 9(b) shall be an incurable material breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Area of Interest.*** If during the term of this Agreement, SEM or a Member acquires, or proposes to acquire, an interest in any property wholly or partly within the Area of Interest (such person, an **"Acquiring Party"),** then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Acquiring Party must offer the interest in the property to Piedmont RE at a price equal to the total cost incurred or proposed to be incurred by the Acquiring Party to acquire the interest in the property, including adviser costs, duties, legal costs and other costs and expenses of and incidental to the acquisition of the interest **("Price");**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Piedmont RE shall have 20 Business Days from the date of the offer to accept the offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)upon payment of the Price by Piedmont RE, the Acquiring Party must do all things necessary to vest the interest in the property in Piedmont RE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If Piedmont RE does not accept the offer within the period in clause 9(c)(ii), the Acquiring Party may proceed with the relevant interest on its own account or in association with others as it sees fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) *Further Assurances.*** If Piedmont RE exercises the Purchase Option, following the Closing, the Parties shall, and shall cause their respective representatives to, execute and deliver such additional documents, instruments, conveyances, and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.

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10.**<u>Indemnification.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Indemnification by SEM.*** SEM (during the term of this Agreement) shall indemnify, defend, and hold harmless Piedmont RE, U.S. Elements, and their officers, directors, employees, agents, representatives, affiliates, successors, and permitted assigns, from and against any and all losses, damages, liabilities, costs, or expenses arising out of or resulting from any Claim alleging:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)breach by SEM or any Member of any representation, warranty, or covenant set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)negligence or omission of SEM or any Member in connection with the performance of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)violation of applicable law by SEM or any Member in connection with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any default, breach, or violation by SEM or the Members of any Property Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Indemnification by Piedmont RE and U.S. Elements.*** Piedmont RE and U.S. Elements shall indemnify, defend, and hold harmless SEM, the Members, and SEM's officers, managers, employees, agents, representatives, affiliates, successors, and permitted assigns, from and against any and all losses, damages, liabilities, costs, or expenses arising out of or resulting from any Claim alleging:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)breach by Piedmont RE or U.S. Elements of any representation, warranty, or covenant set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)negligence or more culpable act or omission of Piedmont RE or U.S. Elements in connection with the performance of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)violation of applicable law by Piedmont RE or U.S. Elements in connection with this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any loss, claim, cause of action, cost expense or liability incurred in connection with the entry upon or operations conducted by Piedmont RE or U.S. Elements and its representatives upon the SEM Real Property pursuant to Section 4 hereof, including any failure to pay or complete any obligation under, or breach of, the applicable Property Agreement.

11.**<u>Termination.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Events of Termination.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)This Agreement may be terminated at any time by the mutual agreement of all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)This Agreement shall terminate upon the expiration of the Option Period (unless the Option Notice has been given).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)So long as there is no material default on the part of Piedmont RE or U.S. Elements, this Agreement may be terminated by Piedmont RE at any time and for any reason (or for no reason), upon sixty (60) days' notice to SEM, provided, however, that no such termination shall constitute any waiver of any of the obligations of Piedmont RE or U.S. Elements which have already accrued pursuant to the terms of this Agreement..

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)This Agreement may be terminated by Piedmont RE if there has been a breach, inaccuracy in, or failure to perform any representation, warranty, covenant or agreement made by SEM or any Member pursuant to this Agreement, and such breach, inaccuracy, or failure has not been cured by SEM or the Members (as applicable) within thirty (30) days of receipt of written notice of such breach from Piedmont RE. Notwithstanding the foregoing, there shall be no cure period for a breach of Section 9(a) (Confidentiality) or Section 9(b) (Exclusivity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)This Agreement may be terminated by SEM if there has been a breach, inaccuracy in, or failure to perform any representation, warranty, covenant or agreement made by Piedmont RE or U.S. Elements pursuant to this Agreement, and such breach, inaccuracy, or failure has not been cured by Piedmont RE or U.S. Elements (as applicable) within thirty (30) days of receipt of written notice of such breach from SEM. Notwithstanding the foregoing, there shall be no cure period for a breach of Section 9(a) (Confidentiality) or Section 9(b) (Exclusivity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Effects of Termination.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Following the termination of this Agreement, the Parties shall have no further rights, obligations, duties under this Agreement, except pursuant to Section 4 (Access and Project Rights of Piedmont RE), Section 9(a) (Confidentiality), Section 10 (Indemnification), Section 11(b) (Effects of Termination), and Section 12 (Miscellaneous), all of which shall survive the termination of this Agreement. The Parties' indemnification obligations under Section 10 shall survive for a period of twelve (12) months following the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Upon termination of this Agreement, Piedmont RE shall have no further obligations to make Option Payments under Section 5(a), work commitment expenditures under Section 5(b), or rental/land option payments under Section 5(c); provided however, notwithstanding anything herein to the contrary, all reclamation or other obligations incurred pursuant to the applicable Property Agreement due to work and operations of Piedmont RE during the Option Period shall be completed at the expense of Piedmont RE within one hundred twenty (120) days of any such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Following the termination of this Agreement, Piedmont RE shall have thirty (30) days from the date of termination to remove all of its representatives, vehicles, and other property from the Covered Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If this Agreement is terminated due to the uncured breach of one Party, the non-breaching party shall retain all of its rights and remedies at law and in equity.

12.**<u>Miscellaneous.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Entire Agreement.*** This Agreement (including the Exhibits attached hereto) constitutes the entire understanding and agreement of the Parties with respect to the transactions contemplated by this Agreement and supersedes any other agreements, whether written or oral, that may have been made or entered into by or among any of the Parties or any of its respective Affiliates relating to the transactions contemplated hereby or thereby or the subject matter hereof or thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Successors and Assigns.*** The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the Parties hereto; provided, however, that this Agreement may not be assigned by any Party hereto without the prior written consent of the other parties hereto, except that U.S. Elements and Piedmont RE may without the consent of any other Party assign this Agreement (in whole or in part) and their rights and obligations hereunder to one or more Affiliates of U.S. Elements. Any assignment in violation of this Section is be void *ab initio.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***Modification and Waiver.*** No amendment, modification, or alteration of the terms or provisions of this Agreement shall be binding unless the same shall be in writing and duly executed by the Parties. Notwithstanding the foregoing, <u>Exhibit</u> **<u>B</u>** and the corresponding definition of "Covered Property" may be amended by a writing executed solely by SEM and Piedmont RE. Any of the terms or provisions of this Agreement may be waived in writing at any time by the Party that is entitled to the benefits of such waived term or provision. No single waiver of any of the provisions of this Agreement shall be deemed to or shall constitute, absent an express statement otherwise, a continuous waiver of such provision or a waiver of any other provision hereof (whether or not similar). No delay on the part of any Party in exercising any right, power, or privilege hereunder shall operate as a waiver thereof, and no course of dealing between or among the Parties shall be deemed effective to modify, amend or discharge any part of this Agreement or any rights or obligations of any party hereto under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)*** ***Severability.*** Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)*** ***Expenses.*** Except as otherwise expressly provided in this Agreement, all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)*** ***Notices.*** Any notice, request, instruction, or other document to be given hereunder by any Party hereto to any other Party shall be in writing and shall be given by delivery in person, by electronic mail, by overnight courier or by registered or certified mail, postage prepaid (and shall be deemed given when delivered if delivered by hand or by electronic mail, one Business Day after deposited with an overnight courier service if delivered by overnight courier and three days after mailing if mailed), as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Piedmont RE: | 32 N. Main Street<br>Belmont, North Carolina 28012<br>Attn: Anastasios "Taso" Arima,<br>Manager<br>Phone: (347) 899-1522<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*with copy to:* | Johnston, Allison & Hord, P.A.<br>1065 E. Morehead Street<br>Charlotte, NC 28204<br>Attn: Cameron Todd Ware<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to U.S. Elements: | Level 9, 28 The Esplanade<br>Perth, WA, Australia 6000<br>Attn: Greg Swan<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to SEM: | 650 Peter Jefferson Parkway Suite 230<br>Charlottesville, VA 22911<br>Attn: Kermit Anderson<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Robert B. Cook: | c/o Robert B. Cook, Jr.<br>1631 Lauren Lane<br>Auburn, AL 36830 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to James E. Bond: | P.O. Box 299<br>Moorefield, WV 26836<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Richard Gilliam: | 650 Peter Jefferson Parkway Suite 230 <br>Charlottesville, VA 22911<br>Attn: Kermit Anderson<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to H. Ross Arnold: | 1349 W. Peachtree St NE<br>Suite 1990<br>Atlanta, GA 30309<br>Attn: Bart L. Graham<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)*** ***Specific Performance.*** The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they are entitled at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)*** ***Governing Law.*** This Agreement shall be governed by and interpreted and enforced in accordance with the laws of the State of Georgia, without giving effect to any choice of law or conflict of laws rules or provisions (whether of the State of Georgia or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Georgia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)*** ***Venue; Jurisdiction.*** Any suit, action or other proceeding arising out of or relating to this Agreement or any transaction contemplated hereby shall be brought exclusively in the United States District Court for the Northern District of Georgia sitting in Fulton County, Georgia, or in the event (but only in the event) that such court does not have jurisdiction over such action, the state courts located in Fulton County, Georgia, and each of the Parties hereto hereby irrevocably submits to the sole and exclusive jurisdiction of such courts for the purpose of any such suit, action or other proceeding.. Each Party irrevocably and unconditionally waives any objection to the laying of exclusive venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in such courts, and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. Each Party further agrees that service of any process, summons, notice or document by U.S. registered mail to such Party's respective address set forth herein shall be effective service of process for any such action, suit or proceeding. Nothing in this Section however, shall affect the right of any Party to serve legal process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j)*** ***No Third Party Beneficiaries.*** This Agreement is intended and agreed to be solely for the benefit of the Parties and their successors and permitted assigns, and no other party or Person shall be entitled to rely on this Agreement or accrue any benefit, claim, or right of any kind whatsoever pursuant to, under, by, or through this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(k)*** ***Counterparts; Electronic Signatures.*** This Agreement may be executed in multiple counterparts, each of which shall for all purposes be deemed to be an original and all of which shall constitute the same instrument. This Agreement and any amendments hereto, to the extent signed and delivered by electronic transmission in portable document format (pdf), or by other electronic transmission, shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.

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**[Signature Page Follows]**

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IN WITNESS WHEREOF, the Parties have executed this Agreement by their duly authorized representatives as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **<u>PIEDMONT RE:</u>**  | **<u>PIEDMONT RE:</u>**  |
|  |  | Piedmont Rare Earths, LLC  | Piedmont Rare Earths, LLC  |
|  |  | By: | /s/ Anastasios Arima |
|  |  | Name: | Anastasios Arima |
|  |  | Title: | Manager |
|  |  | **<u>U.S. Elements:</u>**  | **<u>U.S. Elements:</u>**  |
|  |  | **U.S. Elements Pty Ltd.** | **U.S. Elements Pty Ltd.** |
|  |  | By: | /s/ Anastasios Arima |
|  |  | Name: | Anastasios Arima |
|  |  | Title:  | Director |
| **<u>SEM:</u>** | **<u>SEM:</u>** | **<u>MEMBERS:</u>** | **<u>MEMBERS:</u>** |
| **Southeast Metal LLC** | **Southeast Metal LLC** |  |  |
| By: | /s/ Robert Cook  |  | /s/ Robert Cook |
| Name: | Robert Cook |  | **Robert Cook** |
| Title: | Co-Manager |  |  |
| By: | /s/ James E. Bond |  | /s/ James E. Bond |
| Name: | James E. Bond |  | **James E. Bond** |
| Title: | Co-Manager |  |  |
|  |  |  | /s/ Richard Gilliam |
|  |  |  | **Richard Gilliam**  |
|  |  |  | /s/ Richard Gilliam |
|  |  |  | **H. Ross Arnold** |

---

------

**<u>EXHIBIT A</u>**

**Capitalization of Southeast Metals LLC**

------

**<u>EXHIBIT B</u>**

**Covered Property**

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## Exhibit 10.15

**Exhibit 10.15.2**

**FIRST AMENDMENT TO OPTION AND PROJECT EVALUATION AGREEMENT**

**THIS FIRST AMENDMENT TO THE OPTION AND PROJECT EVALUATION AGREEMENT** (the "**First Amendment**") is entered into effective December 11, 2023 (the "**Amendment Effective Date**"), by and among Foothills Rare Earths, LLC, f/k/a Piedmont Rare Earths, LLC, a North Carolina limited liability company ("**FRE US**"), Foothills Rare Earths Limited, f/k/a U.S. Elements Pty Ltd., an Australian limited liability company **("FRE"),** Southeast Metals LLC, a Virginia limited liability company ("**SEM**"), Robert B. Cook, James E. Bond, Richard B. Gilliam, and H. Ross Arnold (each a "**Member**" and collectively, the "**Members**"). The parties to this Agreement are each referred to as a "**Party**" and collective the "**Parties**".

WITNESSETH:

WHEREAS the Parties entered into that certain Option and Project Evaluation Agreement (the "**Option**") effective as of December 11, 2020, and

WHEREAS the Parties wish to modify some of the terms of the Option, all as more particularly hereinafter set forth.

NOW THEREFORE, pursuant to the provisions of Section 12(c) of the Option, the Parties hereto, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Section</u> **<u>1(z)</u>**. Section 1(z) of the Option is hereby deleted in its entirety and replaced with the following:

"(z) "**Option Period**" means the period beginning on the Effective Date and terminating on the earliest to occur of (i) August 1, 2025, (ii) the Closing Date, or (iii) the termination of this Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Amendment Effective Date</u>. This First Amendment shall be effective upon the Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Conflict of Terms</u>. In the event of any conflict between the terms of the Option and the terms hereof, the terms of this First Amendment shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>No Further Amendment</u>. Except as amended hereby, the Option has not been further amended or modified, and remains in full force and effect, including but not limited to the obligations of FRE in Section 5(b)(c). This First Amendment shall constitute an amendment of the Option and shall be fully incorporated into and subject to the terms and provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Counterparts</u>. This First Amendment may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed an original, but all of which shall constitute one and the same instrument.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Electronic Signatures</u>. Any counterpart of this First Amendment which is delivered by facsimile transmission or electronic mail shall be deemed the equivalent of an originally signed counterpart and shall be fully admissible in any enforcement proceedings related to this First Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Mutual Representation as to Authority</u>. Each individual whose signature appears below warrants and represents to all parties hereto that such individual has full right and authority to execute this First Amendment in the capacity designated, and further warrants and represents that such signatures are sufficient to bind the party on whose behalf this First Amendment is being executed to the terms and provisions hereof.

[Signatures appear on the following page]

------

IN WITNESS WHEREOF, the Parties have executed this First Amendment by their duly authorized representatives as of the Effective Date.

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| | |
|:---|:---|
| **<u>FRE US:</u>** | **<u>FRE US:</u>** |
| **Foothills Rare Earths, LLC** | **Foothills Rare Earths, LLC** |
| By: | /s/ Anastasios Arima |
| Name  | Anastasios Arima |
| Title:  | Manager |

---

---

| | |
|:---|:---|
| **<u>FRE:</u>** | **<u>FRE:</u>** |
| **Foothills Rare Earths Limited** | **Foothills Rare Earths Limited** |
| By: | /s/ Anastasios Arima |
| Name  | Anastasios Arima |
| Title:  | Director |

---

---

| | |
|:---|:---|
| **<u>SEM</u>:** | **<u>SEM</u>:** |
| **Southeast Metals LLC** | **Southeast Metals LLC** |
| By: | /s/ Bart L. Graham |
| Name: | Bart L. Graham |
| Title:  | Title:  |

---

---

| |
|:---|
| **<u>MEMBERS:</u>** |
| /s/ Robert B Cook |
| **Robert B. Cook** |
| /s/ James E. Bond |
| **James E. Bond** |
| /s/ Richard Gilliam |
| **Richard Gilliam** |
| /s/ H. Ross Arnold |
| **H. Ross Arnold** |

---

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## Exhibit 10.15

**Exhibit 10.15.3**

**SECOND AMENDMENT TO OPTION AND PROJECT EVALUATION AGREEMENT**

THIS SECOND AMENDMENT TO THE OPTION AND PROJECT EVALUATION AGREEMENT (the "Second Amendment") is entered into effective July 17, 2025 (the "Amendment Effective Date"), by and among Foothills Rare Earths, LLC, a North Carolina limited liability company ("FRE US"), Foothills Rare Earths Limited, an Australian limited liability company ("FRE"), Southeast Metals LLC, a Virginia limited liability company ("SEM"), Robert B. Cook, James E. Bond, Richard B. Gilliam, and H. Ross Arnold (each a "Member" and collectively, the "Members"). The parties to this Agreement are each referred to as a "Party" and collective the "Parties".

**WITNESSETH:**

WHEREAS, the Parties entered into that certain Option and Project Evaluation Agreement (the "Option") effective as of December 11, 2020; and

WHEREAS, the Parties entered into that First Amendment to the Option and Project Evaluation Agreement (the "First Amendment") effective as of December 11, 2023; and

WHEREAS, the Parties desire to clarify the names of the parties subject to the Option and ratify such name changes, which were not clearly noted in the First Amendment; and

WHEREAS, FRE US and FRE have been acquired by Rare Earths Americas Ltd, a Cayman Island corporation ("REA"); and

WHEREAS the Parties wish to further modify some of the terms of the Option, all as more particularly hereinafter set forth.

NOW THEREFORE, pursuant to the provisions of Section 12(c) of the Option, the Parties hereto, intending to be legally bound, hereby agree as follows:

1. Parties to the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Piedmont Rare Earths, LLC, defined as Piedmont RE in the Option, amended its Certificate of Authority to change its name to Foothills Rare Earths LLC on April 7, 2021. As such, all references in the Option to Piedmont RE shall be updated to now reference FRE US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.U.S. Elements Pty Ltd, defined as U.S. Elements in the Option, filed a certificate of name change in Australia on June 1, 2022, to change its name to Foothills Rare Earths Limited. As such, all references in the Option to U.S. Elements shall be updated to now reference FRE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.FRE US remains a wholly-owned subsidiary of FRE. As of the Amendment Effective Date, FRE is approximately 95% majority-owned subsidiary of REA. While FRE no

------

**Exhibit 10.15.3**

longer intends to list on a stock exchange, REA plans to list on an Exchange by way of an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Exhibit A attached hereto represents the corporate organization chart of the Parties.

2.<u>Section 1(z)</u>. Section 1(z) of the Option, which was amended by the First Amendment, is hereby deleted in its entirety and replaced with the following:

(z) "Option Period" means the period beginning on the Effective Date and terminating on the earliest to occur of (i) August 1, 2026, (ii) the Closing Date, or (iii) the termination of this Agreement."

3.<u>Section 1(oo)</u>. Section 1(oo) of the Option is hereby deleted in its entirety and replaced with the following:

(oo) "REA Share" means an ordinary fully paid share in the capital of Rare Earths America Ltd., a Cayman Island corporation.

4.<u>Amendments to Sections 2 and 3 to Reflect Acquisition by REA</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All references to USE Share in Sections 2 and 3 shall hereafter refer to REA Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The references to U.S. Elements in Sections 2(c)(ii)(2), 2(c)(ii)(iii), 3(b)(i)(3) and 3(b)(i)(4) are hereby deleted and replaced with Rare Earths Americas Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Section 3(c)(iii)(4) shall be deleted in its entirety without replacement.

5.<u>New Section 3(b)(i)(9)</u>. Section 3 of the Option shall be amended to include a new subsection (b)(i)(9) as follows:

(9) all approvals required under Section 18.1 of the Property Agreement described in Exhibit B of the Option have been obtained.

6.<u>New Section 5(c)</u>. Section 5 of the Option shall be amended to include a new subsection (c) as follows:

(c) FRE US agrees to provide SEM with a written report on a bi-monthly basis outlining all material activities conducted on the Covered Property in connection with mineral exploration. Each report shall include a summary of work performed, dates of such activities, the nature and location of any sampling or drilling, and any preliminary findings or results obtained. Reports shall be delivered to SEM by the 15th day of each calendar month for the preceding two months' activities. FRE US shall make reasonable efforts to ensure the accuracy and completeness of the information provided in such reports.

------

**Exhibit 10.15.3**

7.<u>Updated Notices</u>. Section 12(f) is amended to replace the current contact information for FRE US (formally Piedmont RE) and FRE (U.S. Elements) with one consolidated notice contact and copy as follows:

If to FRE or FRE US: P.O. Box 13

Stony Point, NC 2868

Attn: Don Swartz

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(724) 322-6391

*with copy to*:

Attn: Jennifer Grafton

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(719) 659-8838

8.<u>Amendment Effective Date</u>. This Second Amendment shall be effective upon the Amendment Effective Date.

9.<u>Conflict of Terms</u>. In the event of any conflict between the terms of the Option and the terms hereof, the terms of this Second Amendment shall control.

10.<u>No Further Amendment</u>. Except as amended hereby and in the First Amendment, the Option has not been further amended or modified, and remains in full force and effect, including but not limited to the obligations of FRE in Section 5(b)(c). This Second Amendment shall constitute an amendment of the Option and shall be fully incorporated into and subject to the terms and provisions thereof.

11.<u>Counterparts</u>. This Second Amendment may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed an original, but all of which shall constitute one and the same instrument.

12.<u>Electronic Signatures</u>. Any counterpart of this Second Amendment which is delivered by facsimile transmission or electronic mail shall be deemed the equivalent of an originally signed counterpart and shall be fully admissible in any enforcement proceedings related to this Second Amendment.

13.<u>Mutual Representation as to Authority</u>. Each individual whose signature appears below warrants and represents to all parties hereto that such individual has full right and authority to execute this Second Amendment in the capacity designated, and further warrants and represents that such signatures are sufficient to bind the party on whose behalf this Second Amendment is being executed to the terms and provisions hereof.

[Signatures appear on the following page]

------

**Exhibit 10.15.3**

IN WITNESS WHEREOF, the Parties have executed this Second Amendment by their duly authorized representatives as of the Amendment Effective Date.

---

| | |
|:---|:---|
| FRE US: | FRE US: |
| Foothills Rare Earths, LLC | Foothills Rare Earths, LLC |
| By:  | */s/ Anastasios Arima* |
| Name: | Anastasios Arima |
| Title: | Manager |

---

---

| | |
|:---|:---|
| FRE: | FRE: |
| Foothills Rare Earths Limited | Foothills Rare Earths Limited |
| By:  | */s/ Anastasios Arima* |
| Name: | Anastasios Arima |
| Title: | Director |

---

---

| | |
|:---|:---|
| SEM: | SEM: |
| Southeast Metals LLC | Southeast Metals LLC |
| By:  | */s/ Bart L Graham* |
| Name: | Bart L Graham  |
| Title: | Assistant Manager |

---

---

| |
|:---|
| MEMBERS: |
| */s/ Robert B. Cook* |
| Robert B. Cook |
| */s/ James E. Bond* |
| James E. Bond |
| */s/ Richard Gilliam* |
| Richard Gilliam |
| */s/ H. Ross Arnold* |
| H. Ross Arnold |

---

------

**Exhibit 10.15.3**

**Exhibit A**

![img96192180_0.jpg](img96192180_0.jpg)

------

## Exhibit 10.16

EXECUTION COPY

**Exhibit 10.16**

**MINING LEASE AGREEMENT**

**between**

**WEYERHAEUSER COMPANY**

**and**

**SOUTHEAST METALS, LLC**

**dated to be effective as of**

**October 1**<sup>st</sup>**, 2020**

**GEORGIA RARE EARTH PROJECT**

------

EXECUTION COPY

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 | DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 | GRANT | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Grant | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Reserved Rights | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Use | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Title; Acknowledgment | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 | TERM | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Primary Term | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Extension Term | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0 | PAYMENTS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Annual Rental Payments | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Royalty Payments | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0 | EXPLORATION PLAN, OPERATIONS PLAN, CONDUCT OF OPERATIONS AND STANDARDS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Exploration Plan | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Operations Plan; Conduct of Development, Mining Operations; Performance | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0 | REPORTS AND DATA | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Periodic Disclosure of Data; Quarterly Reports | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Final Report | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Ownership of Data and Disclosure of Data to Third Parties | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Samples | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.0 | ROYALTIES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Production Royalty | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Byproducts Royalty | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Area of Interest Data and Royalty | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.0 | METHOD OF MAKING PAYMENTS | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Payments to Lessor | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Payments to Successors | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.0 | MUTUAL REPRESENTATIONS | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Mutual Representations | 12 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Representation by Lessor | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Representation by Lessee | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.0 | ADDITIONAL OBLIGATIONS OF THE PARTIES | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Compliance with Laws and Regulations | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Right of Access to the Lease Area | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Roads | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Surface Damage and Timber | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | Fires | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | Indemnification | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | Taxes, Assessments and Liens | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 | Reclamation | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 | Lessor Right to Put Portion of Lease Area to Lessee | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 | Cooperation | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.0 | LIENS AND INSURANCE | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Liens | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Insurance | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.0 | ADDITIONAL SECURITY – BOND REQUIREMENTS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | During Exploration Activities | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | During Development and Mining Operations | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.0 | DEFAULT; TERMINATION | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | Default; Termination by Lessor | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | Termination by Lessee | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 | Release | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 | Removal of Property | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.0 | FORCE MAJEURE | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 | Force Majeure | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 | Extension of Term | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 | Notice | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.0 | NOTICES | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 | Notices | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.0 | DISPUTE RESOLUTION | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 | Informal Dispute Resolution | 25 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 | Binding Arbitration | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.0 | CONFIDENTIALITY | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 | Confidentiality of Lease | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 | Confidentiality of Data | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 | Use of Information | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.0 | ASSIGNMENT | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 | No Assignment by Lessee Without Lessor's Consent | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 | Assignment to an Affiliate | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.0 | MISCELLANEOUS | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 | Time Is of the Essence | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 | Attorneys' Fees | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 | Relationship of Parties | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 | Integrated Agreement; Modification | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 | Waiver | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 | Survival | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 | Severability | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.8 | Rule Against Perpetuities | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.9 | Governing Law; Jurisdiction | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.10 | Binding Effect | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.11 | Memorandum | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.12 | Counterparts; Execution | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.13 | Guaranty | 30 |

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**<u>Exhibits</u>:**

Exhibit A - Lease Area Legal Description

Exhibit B - Map of Lease Area

Exhibit C - Map of Area of Interest

Exhibit D - Production and Byproduct Royalty Terms

Exhibit E - Memorandum of Mining Lease Agreement

Exhibit F - Guaranty Agreement

Exhibit G - Forms of Royalty Grant and Agreement

iii

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**MINING LEASE AGREEMENT**

**(Georgia Rare Earth Project)**

This Mining Lease Agreement (this "**Lease**") is entered into to be effective as of October 1<sup>st</sup>, 2020 (the "**Effective Date**") by and between WEYERHAEUSER COMPANY, a Washington corporation ("**Lessor**"), with an address at 220 Occidental Ave. S., Seattle, Washington 98104, and SOUTHEAST METALS, LLC ("**SEM**" or "**Lessee**"), a Virginia limited liability company, with an address at 650 Peter Jefferson Parkway Suite 230, Charlottesville, VA 22911.

**RECITALS**

A. Lessor is the owner of certain lands and mineral interests located in Harris and Talbot Counties, Georgia and more particularly described and depicted in <u>Exhibits A and B,</u> together with certain rights of access to the Lease Area (collectively, the "**Lease Area** ").

B. Lessee desires to lease from Lessor the Lease Area for the purposes of exploring, developing and producing the Rare Earth Elements and Products (defined below) on the Lease Area and Lessor desires to lease the Lease Area to Lessee for such limited purpose on the terms and conditions described herein.

C. As part of the consideration and terms and conditions associated with this Lease, Lessor and Lessee are agreeing to certain royalty payments to Lessor on production of Rare Earth Element Products and Byproducts (defined below) by Lessee and its successors and assigns, including grant of a non-participating overriding royalty interest to Lessor on such production occurring from within a defined Area of Interest (defined below) outside the Lease Area that will survive termination or expiration of this Lease, all as further described herein.

**<u>AGREEMENT</u>**

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee (sometimes referred to individually as a "**Party**" and, collectively, as "**Parties**") agree as follows:

**1.0 DEFINITIONS**

The following defined terms, wherever used in this Lease, shall have the meanings described below:

"**Affiliate**" means any person, limited liability company, partnership, joint venture, corporation, or other form of enterprise which directly or indirectly controls, is controlled by or is under common control with a Party, and for the purposes hereof; and "control" means possession, directly or indirectly, of the power to direct or cause direction of management and policies through ownership of voting securities, contract, voting trust or otherwise, and in the absence of evidence to the contrary, ownership of fifty-one percent (51%) or more of the voting securities of a corporation will constitute "control".

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"**Annual Rental Payments**" shall have the meaning specified in <u>Section 4.1(a)</u>.

"**Area of Interest**" shall mean the geographic area outside the Lease Area in Harris, Talbot, Meriwether, Upson, Pike, Lamar, Monroe, Jasper, and Jones Counties, Georgia and Lee County, Alabama, and is further described and depicted in the attached Exhibit C. Exhibit C includes a map depicting, without any warranty regarding title, the location and boundaries of real property owned by Lessor within the Area of Interest as of the Effective Date.

"**Arm's Length Transaction**" means one between Non-Related Parties in a competitive and open market under conditions requisite to a fair sale, each acting prudently and knowledgeably, and where the selling price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title to the buyer under conditions whereby; (1) the buyer and seller are typically motivated, well informed or advised, and are acting in what they consider their best interest, (2) a reasonable time is allowed for exposure to the market, (3) payment is made in US dollars or in terms of financial arrangements comparable thereto, and (4) the price represents the normal consideration for the material or product sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

"**Binding Arbitration**" means arbitration conducted in accordance with <u>Section 16.2</u>.

"**Byproduct**" shall mean minerals other than Rare Earth Elements that are produced in marketable form as a byproduct of mining Rare Earth Elements.

"**CPI-U**" means the United States Consumer Price Index for All Urban Consumers, U.S. City Average, "All Items" index (the base period 1982-84=100, not seasonally adjusted) as published by the United States Department of Labor, Bureau of Labor Statistics, or such other index which is most consistent therewith, if the CPI-U is no longer published, as may be agreed to by the Parties.

"**Data**" shall mean all factual and interpretative geochemical, geological, geotechnical, engineering, geophysical, metallurgical and resource modeling data (including without limitation ore deposit modeling data), maps, reports and studies, logs of drill holes and results of assaying and sampling, and environmental data collected for permitting pertaining to the Lease Area or Area of Interest generated or obtained by Lessee, its Affiliates, Guarantor or independent contractors or consultants as a result of exploration, development and mining of the Lease Area under this Lease or collected otherwise regarding Rare Earth Elements within the Lease Area or Area of Interest, whether in paper, digital or other form.

"**Development**" means all preparation (other than Exploration Activities) for the removal and recovery of Products, including but not limited to construction and installation of a mill or any other improvements to be used for the mining, handling, milling, processing, or other beneficiation of Products, and including related Environmental Compliance. Development is strictly limited to the rights included in the Lease Area.

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"**Dollars**" or "**$**" means United States currency.

"**Effective Date**" shall have the meaning specified in the Preamble.

"**Environmental Compliance**" means actions performed during or after operations to comply with the requirements of all Environmental Laws or contractual commitments related to reclamation of the Lease Area or other compliance with Environmental Laws.

"**Environmental Laws**" means all applicable Laws aimed at reclamation or restoration of the Lease Area; abatement of pollution; protection of the environment; protection of wildlife, including endangered species; ensuring public safety from environmental hazards; protection of cultural or historic resources; management, storage or control of hazardous materials and substances; releases or threatened releases of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances as wastes into the environment, including without limitation, ambient air, surface water and groundwater; and all other Laws relating to the manufacturing, processing, distribution, use, treatment, storage, disposal, handling or transport of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances or wastes.

"**Exploration Activities**" means all activities directed toward ascertaining the existence, location, quantity, quality or commercial value of deposits of Products, including but not limited to sampling, stream sediment sampling, rock chip sampling, mapping, geologic mapping, geophysical surveying, drilling, drilling related activities, and metallurgical testing and related Environmental Compliance. Exploration Activities shall include all activities associated with the preparation of any feasibility study or pre-feasibility study for possible Development of the Lease Area. Exploration Activities are expressly limited to the rights included in the Lease Area.

"**Exploration Plan**" means an annual written plan including maps, estimated expenditures, a description of Exploration Activities contemplated to be carried out in the Lease Area and proposed reclamation in connection with such Exploration Activities.

"**Extension Term**" shall have the meaning specified in <u>Section 3.2</u>.

"**Fair Market Value**" shall mean the greater of (1) the then current average quarterly selling price of Products, as reported by mineralprices.com or an equivalent publication mutually agreed upon by the Parties, for medium-term contract sales of bulk concentrate standard grade products that are

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being sold by a producer from any processing facility located in the United States in an Arm's Length Transaction, or (2) the "Gross Sales Price" of Products as defined below.

(a) <u>Gross Sales Price - Arm's Length</u>. For Arm's Length Transactions, the Gross Sales Price of Products shall be the price actually charged by Lessee in an Arm's Length Transaction, including the value of any non-cash consideration, F.O.B. railroad cars, trucks or other transport at the time and place of sale without deduction for selling costs, selling commissions, advertising, credit losses, transportation costs, severance tax or any other taxes that might be hereafter imposed, discounts, or any other deductions whatsoever.

(b) <u>Gross Sales Price - Related Party</u>. If any of the Products mined from the Lease Area shall be sold by Lessee at other than an Arm's Length Transaction, or consumed on or off the Lease Area without <u>sale</u> by Lessee, or sold to some entity other than a Non-Related Party, then the Gross Sales Price of such Products shall be the greater of (i) the Gross Sales Price of Arm's Length Transactions completed during the same calendar quarter, or (ii) the Fair Market Value of such Products at the time of sale, or if consumed without sale, at the time of consumptio n, as determined in (1) above.

The Fair Market Value for Byproducts shall mean and be determined the same as for Products as specified above, except substituting "Byproduct" for "Products" each place where "Products" appears above, and "London Metal Exchange" for "mineralprices.com" where "mineralprices.com" appears above.

"**Guarantor**" shall have the meaning specified in <u>Section 19.13</u>.

"**Guaranty**" shall mean the Guaranty Agreement provided by Guarantor pursuant to Section 19.13, the form of which is attached hereto as <u>Exhibit F</u>.

"**Improvements**" shall have the meaning specified in <u>Section 13.4</u>.

"**Indemnified Parties**" shall have the meaning specified in <u>Section 10.6</u>.

"**Law**" or "**Laws**" means all applicable federal, state and local laws (statutory or common), rules, ordinances, regulations, grants, concessions, franchises, licenses, orders, directives, judgments, decrees, and other governmental restrictions, including permits and other similar requirements, whether legislative, municipal, administrative or judicial in nature.

"**Lease**" has the meaning specified in the Preamble.

"**Lease Area**" means the lands and mineral interests owned by Weyerhaeuser included in this Lease and is more particularly described in the attached <u>Exhibit A</u> and depicted in the attached <u>Exhibit B</u>.

"**Lessee**" means Lessee or any assignee of Lessee as permitted by the terms of this Lease.

"**Lessee Parties**" shall have the meaning specified in <u>Section 10.6</u>.

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"**Lease Year**" has the meaning specified in <u>Section 4.1(a).</u>

"**Lessor**" shall have the meaning specified in the Preamble.

"**Liability**" means any and all loss, damages, costs, expenses, damages, penalties, liens, charges, claims, fines, orders, penalties, injuries, environmental cleanup or remediation obligations, demands or liabilities whatsoever, whether direct, contingent or consequential (including reasonable attorneys' fees and court costs through any trial or arbitration and on appeal).

"**Mining Disputes**" shall have the meaning specified in <u>Section 16.1</u>.

"**Mining Operations**" means the extraction and removal of Products, whether by surface or underground mining methods or any other subsurface or surface methods now existing or later developed, including in situ and heap leaching techniques, and the processing and beneficiation of such Products, together with the use of the surface estate for the purpose of producing and recovering the Products on the Lease Area, but only to the extent allowed by the mineral and surface estate rights owned by the Lessor in the Lease Area leased hereunder.

"**Non-Related Party**" means one that is not a subsidiary, parent or other Affiliate of Lessee.

"**Operations Plan**" means a written plan including maps, estimated expenditures, a description of Development and Mining Operations contemplated to be carried out in the Lease Area and proposed reclamation in connection with such Development and Mining Operations.

"**Outside Lease Area Interest**" means any interest in Rare Earth Elements outside the Lease Area that Lessee or its successors or assigns currently has or hereafter acquires in the Area of Interest within the time period of any applicable Rule Against Perpetuities, including without limitation any ownership, leasehold, joint venture, operator, working or other contract or real property interest for Rare Earth Element exploration, development, mining or other operations or activities, but excluding any interest acquired from Lessor.

"**Parties**" means Lessor and Lessee, collectively.

"**Party**" means Lessor or Lessee, individually.

"**Permitted Encumbrances**" means all matters of public record affecting the Lease Area, including, without limitation current and subsequent real estate taxes, the rights of any tenants or lessees, any persons in possession, all outstanding mineral rights or reservations, oil, gas or mineral leases, water districts, water rights, restrictions or reservations, roadways, rights of way, easements, any contracts purporting to limit or regulate the use, occupancy or enjoyment of the Lease Area, and all matters affecting title to the Lease Area which would be disclosed by a thorough physical inspection or an accurate survey of the Lease Area.

"**Primary Term**" shall have the meaning specified in <u>Section 3.1</u>.

"**Processing Facilities Area**" shall have the meaning specified in <u>Section 10.9</u>.

"**Products**" means all ores, minerals and mineral and nonmineral resources and substances that can potentially be produced and sold from the Lease Area that contain any Rare Earth Elements,

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including without limitation substances sold as concentrate, refined product, dore, or direct shipping ore.

"**Reclamation Plan**" shall have the meaning specified in <u>Section 10.8</u>.

"**Regulating Agency**" shall have the meaning specified in <u>Section 12.1</u>.

"**Rare Earth Elements**" means the following chemical elements in the Periodic Table of Elements: lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, and yttrium, whether occurring alone or in combination with one another or other mineral or nonmineral substances.

"**Surface Owner**" means, collectively, any owners of the surface estate of the Lease Area, including (without limitation) Lessor.

"**Term**" shall have the meaning specified in <u>Section 3.2</u>.

**2.0 GRANT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 <u>Grant</u>**. Subject to the Permitted Encumbrances and all other terms and conditions set forth in this Lease, Lessor leases to Lessee the Lease Area for the purpose of Exploration Activities, Development and Mining Operations on and from the Lease Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 <u>Reserved Rights</u>**. The possession by Lessee of the Lease Area shall be sole and exclusive only for the purposes described in <u>Section 2.1</u>, except that Lessor reserves for itself and its successors and assigns the right to use the Lease Area or to lease or otherwise deal with the Lease Area for any and all uses other than the use and rights permitted to Lessee by this Lease, including (without limitation) forestry activities, timber harvest and exploring for, developing or producing all minerals other than Products; *provided* that such use and occupancy does not prevent or interfere in any material respect with Lessee's current or planned use of the Lease Area as described in Lessee's current Exploration Plan or Operations Plan or unduly interfere with Lessee's rights under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 <u>Use</u>**. Lessee shall conduct its activities under this Lease in a manner that will not unreasonably interfere with the rights reserved to Lessor, in compliance with all applicable Laws, including (without limitation) Environmental Laws; and Lessee shall not use the Lease Area in such a manner so as to create a public or private nuisance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 <u>Title; Acknowledgment</u>**. The rights granted to Lessee are limited to those owned by Lessor; *provided*, however, that such rights are limited to those rights, if any, that Lessor lawfully may grant; and *provided further* that Lessor makes no representation or warranty as to the nature and extent of its ownership of the Lease Area or the interpretation by any third party of any Laws or the existence or interpretation of any encumbrances or Indian treaties; and *provided further* that Lessor makes no representation or warranty as to Lessee's ability to obtain any necessary permission from any third party to conduct activities permitted by this Lease. By leasing the Lease Area from Lessor, Lessee acknowledges and agrees for itself and its successors and assigns that (i) Lessee had an opportunity to independently review the condition of title to the

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Lease Area and has been given a reasonable opportunity to inspect the Lease Area either independently or through agents of Lessee's choosing; (ii) any information pertaining to the Lease Area, whether written or oral, provided by Lessor to Lessee, was furnished without warranty by Lessor and that neither Lessor nor its representative have verified the accuracy of any statements or other information therein contained nor the qualifications of the persons preparing such information; (iii) Lessee is responsible to obtain the rights to access the Lease Area from the Surface Owner; and (iv) Lessee is solely responsible for obtaining all permits and licenses, if any are required of or by Lessee to carry on the Exploration Activities, Development and Mining Operations on the Lease Area.

**3.0 TERM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 <u>Primary Term</u>**. This Lease shall be for a primary term of fifteen (15) years ("**Primary Term**") commencing on the Effective Date, unless terminated in accordance with the terms herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 <u>Extension Term</u>**. The Primary Term may be extended by Lessee, by written notice given to Lessor at least six (6) months prior to the expiration of the Primary Term, for two (2) additional five (5) year terms of ("**Extension Term**" and, together with the Primary Term, sometimes referred to herein as the "**Term**") if, during the Primary Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lessee has commenced Mining Operations and achieved production of Products from the Lease Area, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the time of Extension Term commencement, (1) Lessee is not in default under this Lease and all conditions of the Lease are in substantial compliance, including (without limitation) required Annual Rental Payments; and (2) Lessee is in compliance with all required permits and approvals which have been obtained during the Primary Term and such permits and approvals are in full force and effect and in good standing.

**4.0 PAYMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 <u>Annual Rental Payments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term, Lessee shall pay to Lessor the following non-refundable annual rental payments subject to annual adjustment for inflation pursuant to <u>Section 4.1(b)</u> (each, an "**Annual Rental Payment**" and, collectively, the "**Annual Rental Payments**") for each Lease year ("**Lease Year**"), beginning on the Effective Date and thereafter due on each anniversary of the Effective Date of this Lease:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Lease Year** | &nbsp;&nbsp;**Annual Rental Payment** |
| &nbsp;&nbsp;Lease Year 1: | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Lease Year 2: | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Lease Year 3: | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Lease Year 4 and thereafter: | &nbsp;&nbsp;$75000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Annual Rental Payments due to Lessor under this <u>Section 4.1</u> shall be adjusted annually, based on any changes in the CPI-U, using the month of October 2020 as the base month for such adjustments and making such annual adjustment as of each anniversary of the Effective Date of the Lease rounded up to the nearest $100 increment; provided, however, that the annual adjustments to the Annual Rental Payments shall be adjusted upward (and not downward) and shall not result in an Annual Rental Payment less than the Annual Rental Payment in the preceding Lease Year as a result of such adjustment. For example, a $20,000 Annual Rental Payment due December 15, 2021, shall be adjusted upward by the amount of the upward percentage change in the CPI-U established for October 2020 to the CPI-U established for October 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 <u>Royalty Payments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lessee Production Royalty and Byproduct Royalty payments to Lessor (as defined and described in Section 7) shall be due each calendar quarter and subject to adjustment in accordance with the terms set forth in the attached Exhibit D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lessee Area of Interest Royalty payments to Lessor (as defined and described in Section 7) shall be due each calendar quarter and subject to adjustment in accordance with the terms set forth in the attached Exhibit G.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At Lessee's election, Annual Rental Payments due to Lessor in a given Lease Year may be applied to and credited against any Production, Byproduct, and Area of Interest Royalty payments due to Lessor in that in that same Lease Year, but only in that same Lease Year.

**5.0 EXPLORATION PLAN, OPERATIONS PLAN, CONDUCT OF OPERATIONS AND STANDARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 <u>Exploration Plan</u>**. Prior to conducting any Exploration Activities, Lessee shall provide to Lessor, annually, a written Exploration Plan. The Exploration Plan shall comply with any mineral reservation and all applicable Laws, including Environmental Laws, and shall describe reclamation obligations required in connection with the Exploration Activities. Lessor shall have thirty (30) calendar days to review the Exploration Plan and provide any comments or suggestions to Lessee, however, Lessee is under no obligation to institute any comments or suggestions from Lessor other than such guidance as the Lessor believes is required, acting reasonably, for the purposes of reclamation provided that Lessee shall reasonably cooperate to avoid conflicts with Lessor's forestry activities and harvest schedule as required under <u>Section 10.1010.10(a)</u>. After Lessor has had an opportunity to comment on the Exploration Plan, Lessee may enter the Lease Area, but its Exploration Activities shall not materially vary from the Exploration Plan without Lessor's prior written approval, which approval shall not be unreasonably withheld. Lessor may enter upon the Lease Area at any time for any purpose, including without limitation the inspection of Lessee's activities thereon, provided that such entry shall be at Lessor's own risk and expense, and Lessor shall indemnify Lessee from and against any loss, damage, claim or demand by reason of injury to or the presence of Lessor arising from such entry except to the extent such loss, damage, claim or demand is caused by the negligence or willful misconduct of Lessee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 <u>Operations Plan; Conduct of Development, Mining Operations; Performance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to conducting any Development or Mining Operations, Lessee shall provide to Lessor, before the end of the first quarter of each calendar year, a written Operations Plan. Lessor shall have thirty (30) calendar days to review the Operations Plan and provide any comments or suggestions to Lessee. After Lessor has had an opportunity to comment on the Operations Plan, Lessee may enter the Lease Area, but its activities shall not materially vary from the Operations Plan without Lessor's prior written approval, which approval shall not be unreasonably withheld. Lessor may enter upon the Lease Area at any time for any purpose, including without limitation the inspection of Lessee's activities thereon, provided that such entry shall be at Lessor's own risk and expense, and Lessor shall indemnify Lessee from and against any loss, damage, claim or demand by reason of injury to or the presence of Lessor arising from such entry except to the extent such loss, damage, claim or demand is caused by the negligence or willful misconduct of Lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lessee shall have exclusive authority over its operations to be conducted pursuant to provisions hereof and shall be the sole judge of mining methods to be employed; provided, however, that in mining of Products, in selecting Products to be mined, in determining extent of extraction to be realized and otherwise in the conduct of its Development and Mining Operations, Lessee covenants and agrees that it shall conduct its Development and Mining Operations in compliance with its Operations Plan, all applicable Laws, including (without limitation) Environmental Laws, insofar as they apply to the conduct of its Development and Mining Operations and reclamation of the Lease Area following such operations, and in a good and workmanlike manner and consistent with good mining practices customarily used and employed in the metal mining industry by a prudent operator, and Lessee shall reasonably cooperate to avoid conflicts with Lessor's forestry activities and harvest schedule as required under <u>Section 10.10</u>. The term "**good mining practices**" as used herein shall mean those modern mining methods employed by a prudent mining operator of a similar project using modern mining equipment and techniques in the conduct of diligent and aggressive mining operation(s) in an attempt to recover the maximum amount of economically minable and merchantable Products on the Lease Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the covenants and agreements contained in <u>Sections 5.2 (a)</u> and <u>5.2(b)</u> above, Lessee may mine the Lease Area by any method, whether or not now known, and including, but not limited to, surface and underground methods and, may conduct such other activities on the Lease Area related to Development and Mining Operations as Lessee, in its sole discretion, deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Lessee shall timely reclaim the Lease Area in accordance with the requirements of this Lease and of all applicable Environmental Laws and all reclamation plans adopted pursuant to such Environmental Laws. The Term of this Lease shall remain in effect until all reclamation has been completed to the satisfaction of the appropriate regulatory authorities and all sureties posted have been finally released. During the period of time after the cessation of production of Products from the Lease Area, Lessee shall pay to Lessor Annual Rental Payments as provided in <u>Section 4.1(b).</u>

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**6.0 REPORTS AND DATA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 <u>Periodic Disclosure of Data; Quarterly Reports</u>**. If requested, Lessee shall provide material samples, analyses, test results, and the raw data and other information used in any studies done by or for it, and shall authorize its consultants to discuss such studies with Lessor. Upon execution of this Lease, Lessee shall promptly provide Lessor with copies of all existing Data from Exploration Activities conducted on the Lease. In addition, until mining and reclamation in the Lease Area is complete, Lessee shall deliver a quarterly report to Lessor within forty-five (45) days after the end of each calendar quarter containing, for the quarter just completed and the Lease Year to date, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) updated maps showing the status, locations and results of sampling, geologic mapping, geophysical surveys, drilling and associated data and interpretations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) updated maps showing the status and locations of mining features such as working faces, stockpiles, leach pads and all other permitted activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a comparison of actual operations to the Operations Plan, any amendments to the Operations Plan, and any deviations from the Operations Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a comparison of actual exploration to the Exploration Plan, any amendments to the Exploration Plan, and any deviations from the Exploration Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the status of exploration and development related reclamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any metallurgical reports and feasibility studies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other items reasonably requested by Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 <u>Final Report</u>**. Lessee shall within ninety (90) days after the completion or termination of its operations hereunder, furnish Lessor with two (2) copies of a final report summarizing its exploration and mining program. Said report shall contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A final map summary showing the location of all Exploration Activities, Development and Mining Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All reports created or generated, including a topographic map with minimum detail of 1":500' scale, depicting the accurate location of the Exploration Activities, Development and Mining Operations. The reports shall include, to the extent obtained, digital and paper copies of sample location maps, geological mapping, drill hole locations, drill hole logs, geophysical surveys, coordinates for geophysical stations, geochemical analyses, mineralogical analyses, geologic interpretations, and all other Data gathered, obtained and compiled during the course and as a result of its activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All Data reasonably requested by Lessor relating to Exploration Activities, Development and Mining Operations.

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At Lessor's request, Lessee shall meet with Lessor to review the results of its exploration and mining program at a mutually agreeable time and place. Lessee and Lessor agree to act reasonably and cooperate in such a manner that maximizes the sharing of Data and collaboration among the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 <u>Ownership of Data and Disclosure of Data to Third Parties</u>**. Lessee shall identify those of its employees, representatives, and contractors that are to discuss any Data generated from Exploration Activities, Development and Mining Operations on the Lease Area or within the Area of Interest with Lessor's representatives. All Data generated from Exploration Activities, Development and Mining Operations on the Lease Area or within the Area of Interest shall belong jointly to the Parties hereto during the Term of this Lease and either Party shall have the full and free right to use the Data for its sole interest and benefit, subject to the provisions of Section 17. Lessor shall not hold Lessee liable for the accuracy or completeness of Data provided to Lessor by Lessee, nor shall Lessor hold Lessee liable for any use of or reliance upon Lessee's Data by Lessor. Upon termination, expiration or any assignment of this Lease by Lessee, Lessee shall provide such Data regarding the Lease Area or other properties owned by Lessor to Lessor, and such Data shall become the sole property of Lessor. After such termination, expiration or assignment, each Party shall continue to have the full and free right to use such Data for its sole interest and benefit, subject to the provisions of Section 17. The Parties acknowledge that Lessee has generated by its past activities and is making available to Lessor as part of the consideration for this Lease a substantial Rare Earth Element data base in the Shiloh, Georgia area located generally in the areas of Talbot and Harris Counties, Georgia, and that data base shall be included in the Data subject to the terms and conditions of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 <u>Samples</u>**. Lessee shall inform Lessor of the storage location of all samples obtained from the Lease Area and shall permit Lessor access to observe, study, and/or analyze a portion of each sample obtained. Upon termination of this Lease, Lessee shall give Lessor the option, for a period of sixty (60) days, to take possession of all physical samples.

**7.0 ROYALTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 <u>Production Royalty</u>**. Lessee covenants and agrees to pay Lessor a royalty for Products produced from the Lease Area, at a rate of five percent (5%) of the weighted average quarterly per short ton (2,000 pounds) Fair Market Value of such Products ("**Production Royalty**"), as further described and on the terms set forth in the attached Exhibit D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 <u>Byproducts Royalty</u>**. Lessee covenants and agrees to pay Lessor a royalty for Byproducts produced from the Lease Area, at a rate of five percent (5%) of the per short ton or other applicable weight, volume or other unit measure Fair Market Value of such Byproduct ("**Byproducts Royalty**"), as further described and on the terms set forth in the attached Exhibit D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 <u>Area of Interest Data and Royalty</u>**. As additional consideration, Lessee covenants and agrees to (1) provide Lessor with all data and information currently in the possession or control of or hereafter acquired by Lessee or its successors or assigns pertaining to Rare Earth Elements Exploration Activities, Development, Mining Operations or related activities in the Area of Interest, to be included as Data subject to the terms and conditions of this Lease, and (2) grant and pay Lessor a non-participating overriding royalty of one percent (1%) of Fair Market Value per

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ton of Products and Byproducts produced from any Outside Lease Area Interests in the Area of Interest ("**Area of Interest Royalty**"). Lessor and Lessee further agree that the requirements for the payment of the Area of Interest Royalty shall extend beyond the Term of this Lease for the duration of each Outside Lease Area Interest and be binding on Lessee and its successors and assigns, whether or not the Lease expires or terminates, and that the Area of Interest Royalty shall be conveyed to Lessor by Lessee in a form substantially similar to the form of Royalty Grant and Agreement attached as <u>Exhibit G.1</u>, and executed on the Effective Date. Nothing in this Agreement shall obligate Lessee or any successor or assignee to maintain any Outside Lease Area Interests. Any decision by Lessee to acquire, maintain, terminate or dispose of Outside Lease Area Interests shall remain in Lessee's sole discretion.

**8.0 METHOD OF MAKING PAYMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 <u>Payments to Lessor</u>**. All payments required to be made by Lessee to Lessor under this Lease shall be made as instructed by Lessor by wire transfer of electronic funds pursuant to the wiring instructions to be provided by Lessor upon request. If Lessee makes payment of money due under this Lease later than the due dates provided, Lessee shall pay Lessor interest on such sums at the rate of One and One-Half Percent (1.5%) per month from the due date until paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 <u>Payments to Successors</u>**. Lessee shall not be obligated to recognize any change in the identity of the payee under this Lease until Lessee receives notice and evidence satisfactory to it from Lessor that Lessor's interest in this Lease has been transferred and that payments should be made to the transferee.

**9.0 MUTUAL REPRESENTATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 <u>Mutual Representations</u>**. Each Party represents to the other that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization; Good Standing</u>. It is an entity duly organized and validly existing in the jurisdiction of its incorporation or organization and is qualified to do business and in good standing under the laws of the State of Washington and the State of Georgia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Power and Authority</u>. It has the power and authority and has taken all necessary action to authorize the execution and delivery of this Lease and the other agreements and instruments to be executed and delivered in connection herewith and to undertake the performance by it of its respective obligations hereunder, and has obtained all necessary consents of the applicable governmental and regulatory organizations for entering into this Lease and the performance of its obligations herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Binding Obligations</u>. This Lease, when executed and delivered by each respective Party, shall have been duly executed and delivered on behalf of each such Party and shall constitute valid and binding obligations of each Party enforceable against it in accordance with the terms of this Lease (subject, as to enforcement, to bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or affecting creditors' rights and to the availability of equitable remedies) and will not result in any violation of, or any default under, any other agreement to which such Party or its Affiliates is a Party, including without limitation, any agreement or obligation relating to the Lease Area.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Business Opportunities</u>. Each of the Parties may be engaged on its own behalf and on behalf of persons other than the Parties in the general mining business outside of the Lease Area, and each of the Parties hereby consents to such involvement by the other. Each of the Parties shall have the free and unrestricted right to engage independently in and receive the full benefits of any and all business endeavors, other than the Parties' mining endeavors within the boundaries of the Lease Area under this Lease, and subject to Lessee's Area of Interest Royalty obligations with respect to Outside Lease Area Interests, without consulting the other Party or inviting or allowing the other Party to participate. As an example, and without limiting the generality of the preceding sentences, Lessor shall have the unrestricted right to engage independently in and to receive the full benefits of any and all business endeavors, other than exploration for, Development of and mining of the Products, either within or outside the Lease Area without consulting Lessee; provided that any activity undertaken by Lessor within the Lease Area shall not unreasonably interfere with the rights granted to Lessee hereunder or increase its costs of operations. The legal doctrine of "corporate opportunity" sometimes applied to persons occupying a fiduciary status shall not apply in the case of any endeavor of either Party other than the endeavors within the boundaries of the Lease Area. In particular, neither Party shall have any obligation to the other as to any opportunity to acquire any mining property, interest or right offered to it other than the Lease Area, subject to Lessee's Area of Interest Royalty obligations with respect to Outside Lease Area Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 <u>Representation by Lessor</u>**. Lessor represents to Lessee that with respect to the Lease Area, (i) there are no pending or, to Lessor's actual knowledge (without inquiry) threatened actions, suits, claims, or proceedings, including, without limitation, environmental enforcement actions, and (ii) Lessor has not received any notice of violation or agency claim alleging any violation of any Law, including, without limitation, Environmental Laws, that is currently outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 <u>Representation by Lessee</u>**. Lessee represents to Lessor that none of the funds to be used for payment by Lessee of any payments under this Lease will be subject to 18 U.S.C. §§ 1956-1957 (Laundering of Money Instruments), 18 U.S.C. §§ 981-986 (Federal Asset Forfeiture), 18 U.S.C. §§ 881 (Drug Property Seizure), Executive Order Number 13224 on Terrorism Financing, effective September 24, 2001, or the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107-56 (the "**USA Patriot Act**"). Lessee is not, and will not become, a person or entity with whom U.S. persons are restricted from doing business with or who are restricted from owning or leasing minerals or other real property in the U.S. under the regulations of the Office of Foreign Asset Control ("**OFAC**") of the Department of Treasury (including those named on OFAC's Specially Designated and Blocked Persons list) or under any statute, executive order (including the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), the USA Patriot Act, or other governmental action.

**10.0 ADDITIONAL OBLIGATIONS OF THE PARTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 <u>Compliance with Laws and Regulations</u>**. Lessee shall perform all of its operations in the Lease Area in a good and miner-like manner and in compliance with good mining

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practices (as defined in <u>Section 5.2</u> above), all applicable Laws, including (without limitation) Environmental Laws and Laws relating to forest practices and bonding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 <u>Right of Access to the Lease Area</u>**. Lessee and Lessor shall each designate, from time to time, one or more primary contact persons for coordination of field visits and the exchange of information about ongoing operations. Lessor's representatives designated under this <u>Section 10.2</u> may inspect Lessee's operations by providing reasonable notice to Lessee and finding a mutually agreeable time for such inspection. In the exercise of this right, Lessor shall not interfere with or obstruct such operations. Any such inspection shall be in full compliance with all applicable Laws. During any inspection, the designated Lessee representative will be available to freely exchange information with Lessor's designated representatives, describing the status and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 <u>Roads</u>**. Lessee shall use all roads located within or accessing the Lease Area only for the purposes of conducting its operations under this Lease, in accordance with all Laws, including (without limitation) Environmental Laws affecting the Lease Area, the terms and conditions under any conveyance document or reservation affecting the Lease Area, and any access agreement that may be entered into by Lessee and the Surface Owner. Lessor reserves its rights, for itself and its successors, assigns, and permittees, at any time to cross, re-cross, and use roads located in the Lease Area; provided that such use shall be at Lessor's own risk and expense. During the Term, Lessee shall (1) maintain, at its expense, all roads constructed, reconstructed, or modified by it within or accessing the Lease Area, and (2) shall pay its pro rata share of road maintenance fees for all other roads used by Lessee within or accessing the Lease Area, whether such roads were constructed before or after the Effective Date. This obligation shall likewise apply to any appurtenances to the roads, including culverts, gates, and similar improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4 <u>Surface Damage and Timber</u>**. Lessor retains ownership of all merchantable and premerchantable timber on the Lease Area. For purposes of this Lease, "**merchantable timber**" means stands of timber which, in Lessor's sole judgment, have a higher value for current harvest than their present value for possible future harvest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If timber in a single area exceeding five (5) acres in size or twenty-five (25) trees exceeding six (6) inches in diameter breast height ("**DBH**") must be removed to accommodate Lessee's operations, Lessee shall provide Lessor with twelve (12) months advance notice identifying the timber that requires removal for Lessee's operations ("**designated timber**"). Within sixty (60) days of receiving such notice, Lessor shall notify Lessee whether Lessor considers the timber merchantable or premerchantable, which determination shall be at Lessor's sole discretion. If Lessor considers the designated timber merchantable, Lessor shall harvest the designated timber within twelve (12) months of receiving Lessee's notice. Lessee may request an alternative harvest plan and Lessor shall consider any such request in good faith but has no obligation to grant Lessee's request and may deny Lessee's request in Lessor's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If timber in a single area five (5) acres or less in size or twenty-five (25) tress six (6) inches DBH or less must be removed to accommodate Lessee's operations, Lessee shall provide Lessor with twenty (20) days advance notice identifying the designated timber. Within twenty (20) days of receiving such notice, Lessor shall notify Lessee whether Lessor considers the designated timber merchantable or premerchantable, which determination shall be at Lessor's sole

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discretion. If Lessor considers the designated timber merchantable, Lessor may elect in its sole discretion to: (a) harvest the timber itself; (b) have Lessee fall and buck the timber and deck the logs along a road for removal by Lessor; (c) have Lessee harvest and pay the stumpage price for the timber as determined by Lessor or a third party timber appraiser if Lessee disagrees with Lessor's price; or (d) have Lessee harvest the timber and deliver the logs to a location designated by Lessor, in which case Lessor will reimburse Lessee for reasonable hauling costs. If Lessor elects to have such work done by Lessee, it must be done in accordance with good logging practices, with reasonable care to minimize breakage or other damage to the timber being cut and to remaining timber, and in accordance with Lessor's instructions regarding falling, bucking, yarding, decking, and hauling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If under Sections 10.4(a) and (b) above, Lessor determines that the designated timber is premerchantable, Lessee shall purchase the designated timber at its estimated present value, as determined in Lessor's sole discretion based on the value the timber is expected to have at the time it most likely would be harvested in the ordinary course of Lessor's timber management program, discounted from that time to the present at generally prevailing interest rates for long term borrowings of companies with Lessor's credit rating. After paying for premerchantable timber, Lessee may destroy or salvage the designated timber but must do so with reasonable care to avoid damage to adjoining timber stands not being purchased and included as designated timber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In areas where Lessor is not the surface owner, Lessee shall exercise caution to prevent damage to the surface or timber located thereupon from its activities and shall compensate the Surface Owner for all such damage in accordance with the terms and conditions of any mineral reservation or any other conveyance or reservation instrument affecting the Lease Area and/or any applicable surface use agreement between Lessee and Surface Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5 <u>Fires</u>**. The extinguishing of any fires caused by Lessee's personnel, invitees, agents, or contractors shall be at Lessee's sole cost and shall be subject to the indemnification provisions in this Lease. Lessee shall comply with all Laws pertaining to fire protection and suppression, and take reasonable care to prevent wildfires from igniting on or spreading onto the Lease Area. If a wildfire should occur on or near the Lease Area, Lessee shall immediately notify Lessor, the appropriate government agencies and the Surface Owner, and shall make its onsite equipment and personnel available to help suppress or contain the fire. In addition to any liability for negligence, Lessee shall reimburse Lessor for all damages suffered by Lessor resulting from wildfires caused by Lessee's activities, personnel, invitees, agents, and/or contractors, even if not attributable to negligence by Lessee or its personnel, invitees, agents, and/or contractors; Provided however, that Lessee shall not be liable to Lessor for damages directly resulting solely from either: (a) Lessor's operations, contractors, or personnel; or (b) an act of God.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6 <u>Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Indemnification</u>. Subject to the provisions of this Lease, Lessee assumes responsibility for the work done by Lessee, its Affiliates, servants, employees, subcontractors, agents, grantees, invitees, or independent contractors (collectively, "**Lessee Parties**") on the Lease Area and specifically shall indemnify, defend, and hold Lessor, its Affiliates, and their respective officers, insurers, agents, contractors, employees, licensees, lessees,

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invitees, successors, and assigns (individually and collectively, the "**Indemnified Parties**") harmless for, from and against any Liability that may be asserted against the Indemnified Parties as a result of any action, suit, demand, or proceeding commenced or asserted by any person or entity (including, without limitation, any governmental entity), arising out of or in any manner related to or resulting from Lessee Parties' operations on the Lease Area, including without limitation (a) any violation of applicable Law, including (without limitation) any Environmental Law, in connection with the Lessee Parties' operations on the Lease Area; (b) any breach of Lessee Parties' representations, warranties, or obligations under this Lease; (c) any acts, omissions, activities, or operations hereunder of Lessee Parties; and/or (d) any mining, drilling, and smelting activities by the Lessee Parties on the Lease Area and any products, waste, and byproducts arising therefrom; unless and to the extent such Liability is caused by the negligence or intentional misconduct of the Indemnified Parties. This includes without limitation any claims for: injury to or death of persons; damage to property; nuisance; mechanics' and materialmen's liens; workers' compensation and unemployment taxes; fires; timber trespass; fines and penalties; present release or disposal of hazardous substances, environmental protection and/or natural resource damages, clean ups, surface and subsurface restoration, reclamation, corrective action and claims arising from Lessee Parties' activities hereunder. Lessee shall, at Lessee's own cost and expense, defend (with counsel acceptable to Lessor in its sole and absolute discretion) against any and all actions, suits or other legal proceedings that may be brought or instituted against any of the Indemnified Parties or Lease Area on any such Liability and shall pay or satisfy any judgment or decree that may be rendered against any of the Indemnified Parties or Lease Area in any such action, suit or legal proceeding which may result therefrom. Without limiting the generality of the foregoing, Lessee assumes liability for actions brought by any of the Lessee Parties. Lessee's indemnity obligation hereunder shall not be limited by any workers' compensation, benefits or disability laws and Lessee waives any immunity that Lessee may have under any applicable industrial insurance law or act or similar workers' compensation, benefits or disability laws. Lessee releases and waives all claims against the Indemnified Parties with respect to any claim or injury arising from the operations of Lessee Parties under this Lease and the presence of Lessee Parties on the Lease Area. The foregoing waivers were negotiated mutually by Lessor and Lessee. The provisions of this <u>Section 10.6</u> shall survive termination or expiration of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification Regarding Surface Estate and Timber</u>. Without limiting the generality of the foregoing, Lessee also assumes and agrees to pay and indemnify Indemnified Parties for, from and against all Liabilities of the Indemnified Parties to the Surface Owner resulting from Lessee Parties' operations under this Lease, including any injury or damage to the surface estate and the timber, crops or any improvements located thereupon. Lessee agrees that it shall keep Lessor promptly notified of any claims of damage or injury alleged by the Surface Owner and shall promptly resolve those claims to the satisfaction of the Surface Owner and Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7 <u>Taxes, Assessments and Liens</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payment by Lessee</u>. Lessee hereby agrees to pay promptly before delinquency or upon receipt of an invoice with a copy of the tax statement, all taxes and assessments resulting from Lessee's improvements to, activities on, and Products derived from the Lease Area that may be assessed during the term of this Lease, including, without limitation, any personal or real property taxes, excise tax, severance tax, or environmental tax or fee imposed on or as a result of Lessee's operations. This includes any tax increase due to lands being removed

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from forestland valuation. Lessee shall not permit title to any part of the Lease Area to be lost as the result of Lessee's nonpayment of such taxes and assessments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Protection from Liens</u>. Lessee shall, in a timely manner, pay for all labor performed upon or material furnished to the Lease Area at the request of Lessee and/or its personnel, invitees, contractors and/or agents, and shall keep the Lease Area free and clear from any and all liens of mechanics or materialmen in connection with services performed and materials supplied at Lessee's and/or its personnels', invitees', contractors' and/or agents' request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment by Lessor</u>. If Lessee fails to promptly pay, when due, taxes, mortgages, or other liens levied against the Lease Area and payable by Lessee, Lessor shall have the right (but not the obligation) to pay such past-due amounts and, if it does so, Lessor shall be subrogated to all the rights of the holders thereof and shall be entitled to reimbursement by Lessee for all such payments and for all related costs and expenses paid or incurred by Lessor (including, without limitation, related attorneys' fees), plus interest at the rate of One and One-Half Percent (1.5%) per month, within three (3) months after the same are paid or incurred. Any such payments made by Lessor to remove a lien of Lessee may be deducted from any payments due Lessee under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Contest of Payments</u>. Each Party shall always have the right to contest at its sole expense, in the courts or otherwise, either in its own name or in the name of the other Party, if applicable, the validity or amount of any taxes or assessments levied against it for which it is responsible under this Lease, or to take such other steps or initiate such other proceedings as it may deem necessary to secure a cancellation, reduction, readjustment, or equalization thereof, before it shall be required to pay such taxes or assessments. Any Party undertaking such contest shall give the other Party prior written notice of such contest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Communication Regarding Tax or Other Notices</u>. If requested by the other Party, each Party shall provide the other Party with copies of all receipts evidencing payment of taxes, liens and assessments. It is agreed that if either Party receives tax bills or claims that it believes are the responsibility of the other Party under this Lease, the receiving Party shall promptly forward the same to the other Party for appropriate action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8 <u>Reclamation</u>**. Lessee shall conduct all reclamation of the Lease Area as is required by Laws, including (without limitation) Environmental Laws, and any agreements affecting the Lease Area as of the Effective Date and as of the time that the reclamation activities are conducted, with respect to operations conducted by Lessee. In conducting reclamation activities, Lessee shall reasonably cooperate to avoid conflicts with Lessor's forestry activities and harvest schedule as required under <u>Section 10.10</u>, and Lessee's reclamation obligations under this Lease and right of access to the Lease Area shall not terminate until such reclamation has been completed, as evidenced by the approval of the relevant federal and state authorities as to the release of bonds posted for reclamation by Lessee. Lessee's obligations to indemnify Lessor and to maintain adequate insurance in respect of such operations under this Lease shall continue until such reclamation has been completed and as otherwise provided by this Lease. Lessee shall provide to Lessor a proposed reclamation plan ("**Reclamation Plan**") either as part of the Exploration Plan, Operations Plan or as a stand-alone document. Lessor shall have thirty (30) days to review the Reclamation Plan and provide Lessee with written comments and suggestions; provided, however,

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that if Lessor determines, in Lessor's sole and absolute discretion, that it needs to hire outside consultants to review the Reclamation Plan, Lessor shall have a right to extend such review period for an additional sixty (60) days by written notice to Lessee. Lessee shall reclaim all areas of its operations to the extent necessary to avoid safety hazards and alteration of drainage flows, including installation of water bars where necessary. Lessee shall reclaim the Lease Area pursuant to its Reclamation Plan or as required by applicable Laws, including (without limitation) all Environmental Laws, to the extent the requirements of applicable Laws exceed the provisions of the Reclamation Plan and the applicable Laws are triggered by Lessee's Exploration Activities, Development or Mining Operations. To facilitate proper reclamation, at least thirty (30) days prior to Lessee discontinuing work on the Lease Area, Lessee shall notify Lessor's project manager, so that Lessor may inspect the status of the reclamation activity. Lessor's inspection shall be completed and the results of such inspection shall be provided to Lessee before Lessee's personnel discontinue work in the Lease Area; provided, however, that Lessee shall have timely informed Lessor as to the status of reclamation, as required under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9 <u>Lessor Right to Put Portion of Lease Area to Lessee</u>**. If Lessee describes any portion of the Lease Area as being the recommended site of milling, processing, refining, waste dump, heap leaching or tailings ponds sites, ("**Processing Facilities Area**"), then Lessee shall submit a legal description to Lessor of the Processing Facilities Area. Lessor, after reviewing those legal descriptions and the Commitment to Proceed, and any feasibility study upon which it is based, shall within ninety (90) days before the date of commencement of construction of any of those facilities on the Lease Area have the right to put to Lessee the requirement that Lessee purchase from the Lessor that portion of the Lease Area in the Processing Facilities Area included in that legal description, with Lessor, in its sole discretion, having the option to reserve any or all of its mineral interest. The purchase price of that portion of the Lease Area to be paid to Lessor by Lessee shall be negotiated by the Parties; provided however, if the Parties are unable to agree upon a price within sixty (60) days, the price shall be one hundred and twenty-five percent (125%) of the then current fair market value of those lands in an unimproved state as determined by an appraiser jointly approved by both Parties. If Lessor so elects to put the acquisition of the Processing Facilities Area to Lessee, then Lessee shall be required to forbear the commencement of construction of such facilities and infrastructure until such time as Lessor has delivered a quitclaim deed of such portion of the Lease Area to Lessee and the Parties amend the Lease Area description. Lessor will not unreasonably delay the delivery of the quitclaim deed and shall use best efforts to deliver the same in a timely manner. Prior to execution and delivery of such quitclaim deed, Lessor may also elect, in its sole discretion, to receive a non-participating production royalty on any Products mined, produced and severed from the Lease Area so conveyed to Lessee equal to the same Production Royalty and Byproducts Royalty it would have received under <u>Section 7</u> if this Lease were still in effect for the lands so conveyed to Lessee ("**Put Option Royalty**"); and in this event this non-participating royalty interest shall survive the expiration or termination of this Lease and be conveyed to Lessor by Lessee in a form substantially similar to the form of Royalty Grant and Agreement attached as <u>Exhibit G.2.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10 <u>Cooperation</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lessor agrees to reasonably cooperate with Lessee, when requested by Lessee in writing, in obtaining permits and authorizations related to Exploration Activities, Development or Mining Operations and in conducting Exploration Activities, Development or

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Mining Operations under this Lease. Lessee agrees to reimburse Lessor for all reasonable out-of-pocket expenses incurred by Lessor in conducting requested activities. Lessor shall document such expenses in reasonable detail periodically as they are incurred, but no more frequently than monthly, and provide an invoice for such expenses to Lessee. Lessee will reimburse Lessor for approved expenses within thirty (30) days of receipt of an invoice. In the event Lessee disagrees with an invoice, the provisions of <u>Section 16.1</u> will be applied to resolve the disagreement. Following informal dispute resolution or arbitration as provided in <u>Section 16.1</u>, if payments are not timely made pursuant to the order in arbitration, then Lessor may, upon ten (10) days' written notice, terminate this Lease. In like fashion, should Lessor request Lessee's cooperation in obtaining permits and authorizations related to the Lease Area and for the benefit of Exploration Activities, Development or Mining Operations under this Lease, Lessee shall provide such assistance to Lessor, but Lessor shall not be required to reimburse Lessee for its costs of providing assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties acknowledge and agree that to the extent Lessor owns the surface estate, Lessee has a non-exclusive right to access and use the surface estate subject to Lessor's ownership of the timber as set forth in <u>Section 10.4</u> and the other terms and conditions of this Lease. Accordingly, Lessee shall plan surface operations in a manner and otherwise reasonably cooperate to avoid conflict with Lessor's forestry activities and harvest schedules and other surface use and occupancy. Prior to commencing Exploration Activities, Development and Mining Operations, or reclamation under this Lease, respectively, Lessee shall participate in a pre-work meeting with Lessor's designated representative to review and coordinate Lessee's planned operations and activities under its Exploration Plan, Operations Plan, or Reclamation Plan, respectively, and Lessor's planned forestry activities and other surface use and occupancy. Lessee shall at all times have one or more designated senior employees or consultants associated with the project available to discuss, coordinate, and exchange information regarding Exploration Activities, Development and Mining Operations, or reclamation with designated Lessor representatives.

**11.0 LIENS AND INSURANCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1 <u>Liens</u>**. Lessee shall, in a timely manner, pay for all labor performed upon or material furnished to the Lease Area at the request of Lessee and/or its personnel, invitees, contractors and/or agents and shall keep the Lease Area free and clear from any and all liens of mechanics or material in connection with services performed and materials supplied at Lessee's and/or its personnel's, invitees', contractors' and/or agents' request and free of liens for taxes payable with respect to Lessee's property or operations on the Lease Area; provided, however, that Lessee shall have the right in good faith to contest the validity of any lien, claim or liability, provided Lessee shall immediately inform Lessor if it becomes aware of any occurrence or nonoccurrence that may affect the title to, validity or good standing of the lands or mineral interests within the Lease Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2 <u>Insurance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to commencement of any activity under this Lease, Lessee shall obtain and maintain in full force and effect during the Term of this Lease and during any other period during which Lessee or its successors, Affiliates, personnel, invitees, agents, and/or contractors

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are occupying or working on the Lease Area, at Lessee's sole expense, the following insurance coverages on Lessee's operations, which insurance shall be by companies with a Best's rating of no less than A- VIII and otherwise acceptable to Lessor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Commercial General Liability (occurrence form), covering bodily injury and property damage liability, including contractual, products and completed operations and coverage for explosion, collapse and underground (xcu) with minimum limits of $5,000,000 per occurrence, $5,000,000 Products–Completed Operations Aggregate, and $5,000,000 General Aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Comprehensive Automobile Liability covering owned, hired, and nonowned vehicles with minimum limits of $1,000,000 per person and $1,000,000 per accident for bodily injury and $1,000,000 property damage or combined single limit of at least $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Workers' Compensation or Industrial Accident insurance providing benefits as required by law, including Employer's or Stop-Gap Liability with a minimum limit of $1,000,000 per accident;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Environmental/Pollution Legal Liability with minimum limits of $5,000,000 per claim and $10,000,000 aggregate. Coverage shall be in effect at all times during this Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Whenever conducting logging operations per <u>Section 10.4(b)</u> above, Lessee shall add to its Commercial General Liability insurance, and ensure that its logging contractor carries, Loggers' Property Damage—Broad Form coverage, with the contractual liability exclusion deleted and a limit not less than $1,000,000 per occurrence.

Lessee shall require each subcontractor to provide such insurance as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lessee shall furnish Lessor with Certificates of Insurance evidencing such coverage, and Lessee shall endeavor to require its insurance carriers to give Lessor at least thirty (30) days' written notice prior to any change in, nonrenewal or cancellation of coverage, in whole or in part. Lessor and its Affiliates shall be designated as Additional Insureds evidenced by copy of the Additional Insured Endorsement. If Lessee's insurance carriers refuse to provide such notification, then Lessee shall give such notice to Lessor. Lessee's insurance shall be primary, and all insurance or self-insurance of Lessor and its Affiliates shall be excess of any insurance provided by Lessee. If Lessee desires to self-insure to at least the above levels of coverage, Lessee shall provide information regarding its financial ability to cover such claims. Lessor's approval of self-insurance by Lessee shall not be unreasonably withheld.

**12.0 ADDITIONAL SECURITY – BOND REQUIREMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1 <u>During Exploration Activities</u>**. Prior to conducting any Exploration Activities or Development, Lessee shall provide an escrow account, letter of credit, payment and performance bond, or other security satisfactory to Lessor in an amount to be determined by Lessor at the same time it approves the Exploration Plan. This security shall guarantee prompt payment of all sums and prompt performance of all obligations as they come due under this Lease, including, but not limited to, the fulfillment of Lessee's reclamation obligations, taking into consideration costs of

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reclamation based upon the Exploration Plan and using cost factors of $2,000.00 per drill site, $15.00 per linear foot of temporary access road, and other costs likely to be necessary to reclaim the project. From time to time, Lessor may require that the amount of the security be increased to the extent necessary to cover Lessee's then current obligations under this Lease, consistent with inflation as reflected in the most recent CPI-U. For this purpose, Lessor may periodically elect to retain an independent consultant to evaluate the sufficiency of the amount of any bonds or other forms of surety maintained by Lessee to cover Lessee's activities and operations in accordance with industry standards by providing Lessee ten (10) days prior written notice, and Lessee will reasonably cooperate with such review and evaluation. If Lessee's bonding is determined by Lessor to be insufficient to cover Lessee's then current obligations, Lessee shall obtain and provide Lessor documentation of such additional security or financial assurance within ten (10) days after notice from Lessor of such deficiency, showing compliance with any additional bonding requirements, unless otherwise agreed by the Parties. Lessor shall have the right at any time to require verification of the continued existence and present amount of the bonds or other forms of surety. Lessee shall maintain such security until completion of all its obligations, including reclamation obligations.

Notwithstanding the foregoing, if Lessee establishes to Lessor's satisfaction that the Georgia Environmental Protection Division or its successor agency, or other local, state or federal agency with primary jurisdiction (the "**Regulating Agency**"), has segregated its bonding requirements of Lessee so funding for the Lease Area is specifically earmarked and that the Regulating Agency will separately enforce its bonding requirements as they apply to the Exploration Activities on the Lease Area, then Lessor agrees to waive the additional security provisions of this Section to the extent the Regulating Agency's required bond security amounts exceed the amounts set forth in this <u>Section 12.1</u>. If the Regulating Agency's security amounts are less than the amounts set forth in this <u>Section 12.1</u> then Lessee shall be required to provide an escrow account, letter of credit, payment and performance bond or other security satisfactory to Lessor for any security amounts above those set by the Regulating Agency to comply with the bond requirements required of it in this <u>Section 12.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2 <u>During Development and Mining Operations</u>**. Before commencement of Development or Mining Operations on the Lease Area, Lessee shall establish a fund to be used for anticipated future costs of reclaiming the Lease Area; costs of treating, storing, or disposing of hazardous substances in accordance with all applicable Laws; and costs of otherwise complying with all Environmental Laws and regulations applicable to such operations. The amount required to be set aside in such fund shall take into account any bonds or other forms of surety maintained by Lessee for such purposes pursuant to the requirements of the Regulating Agency. Such fund shall be created in a manner such that Lessor shall either be able to obtain a valid security interest therein or the fund shall not, in the reasonable opinion of a mutually agreeable legal counsel, be subject to the claims of Lessee creditors in a bankruptcy. Such fund shall be maintained in a separate account, trust account, or escrow and not commingled with other monies; shall be withdrawn and used for, and only for, the foregoing purposes; and at all times shall be in an amount sufficient to pay all the foregoing costs if Lessee should discontinue its operations on the Lease Area at any time during the immediately succeeding twelve (12) months. If Lessee establishes to Lessor's satisfaction that the Regulating Agency has segregated its bonding requirements of Lessee so funding for the Lease Area is specifically earmarked and that the Regulating Agency will separately enforce its bonding requirements as they apply to the Development and Mining

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Operations on the Lease Area, then the Parties agree that the Regulating Agency required bond security amount shall become the initial amount of such fund. If the Regulating Agency has not segregated its bonding requirements for the Lease Area, then the initial amount of the fund required to be maintained under this <u>Section 12.2</u> shall be equal to the anticipated total costs of reclamation based on the review of both the Operations Plan and the Reclamation Plan (if different) as they relate to the first-year activity levels as confirmed by a reclamation cost audit and estimate conducted by a firm of environmental engineers reasonably acceptable to both Lessor and Lessee. Thereafter, no less frequently than annually, Lessee shall conduct an on-the-ground environmental audit of the Lease Area, to be performed by a firm of environmental engineers reasonably acceptable to both Lessor and Lessee, and such other investigations as are reasonably necessary to audit the sufficiency of the amount of any bonds or other forms of surety maintained by Lessee and the fund established under this <u>Section 12.2</u>. As a result of such audit the Parties shall agree to such reasonable adjustments as are appropriate to meet the requirements of this <u>Section 12.2</u>, including, without limitation, increases or decreases to any of the foregoing, consistent with inflation as reflected in the most recent CPI-U. In addition to the foregoing annual sufficiency audit, Lessor shall have the right at any time to require verification of the continued existence and present amount of the bonds or other forms of surety and the fund. To the extent permitted by applicable Laws, Lessee shall identify Lessor as a co-beneficiary on any bond or other form of financial security obtained or established pursuant to this <u>Section 12.2</u>.

**13.0 DEFAULT; TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1 <u>Default; Termination by Lessor</u>**. If Lessee, in any material respect, has not complied with any obligation under this Lease, Lessor shall notify Lessee in writing, setting out specifically in what respect it is claimed that Lessee has breached this Lease. If the alleged breach is not cured within ten (10) days with respect to monetary defaults or thirty (30) days with respect to other defaults, after written notice is given or, with respect to defaults which cannot reasonably be cured within thirty (30) days, if Lessee has not within thirty (30) days commenced to cure the nonmonetary breach and thereafter diligently completed such cure, Lessor may suspend Lessee's activities. Suspension shall continue until the default is remedied. If Lessee has not cured the monetary breach within thirty (30) days or nonmonetary breach within one hundred and eighty (180) days after receiving notice, Lessor may terminate this Lease by delivering to Lessee notice of such termination. In the event that Lessor elects to terminate the Lease upon Lessee's default, Lessor shall have all other rights and remedies available at law or in equity, including claims for compensatory and consequential damages with respect to Lessee's default. All of Lessee's obligations to Lessor and third parties survive termination of Lessee's rights under this Lease pursuant to this <u>Section 13.1</u>, until such obligations have been fulfilled. In the event of such termination by Lessor, reclamation work shall be completed by Lessee as soon as practicable, and not more than thirty (30) days, after termination. Insurance coverages shall be maintained until Lessee has completed all reclamation and any other required work on the Lease Area. Lessor's rights to suspend and terminate Lessee's rights under this <u>Section 13.1</u> are in addition to all other available remedies. Notwithstanding the above, Lessor reserves the right to terminate this Lease automatically upon notice to Lessee, without any right to cure hereunder, in any situation where (i) Lessee becomes insolvent; (ii) Lessee files, or consents by answer or otherwise to the filing against it, of a petition of relief or other petition in bankruptcy, for liquidation, or to take advantage of any bankruptcy or insolvency law of any jurisdiction; or (iii) any similar event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2 <u>Termination by Lessee</u>**. Lessee may terminate this Lease by giving Lessor sixty (60) days written notice of such termination, provided that all reclamation work on the Lease Area is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3 <u>Release</u>**. Upon termination of this Lease by either Party, a release, in recordable form, will be executed and recorded by Lessee for the benefit of Lessor, disclaiming Lessee's interest under the Lease in the Lease Area. Upon such termination, all right, title, and interest of Lessee under this Lease shall terminate with respect to the Lease Area and Lessee shall be relieved of all further obligations stated in this Lease, except that Lessee shall remain fully liable for all obligations that expressly or by their nature survive termination, or accrue or arise before termination, including any reclamation required by applicable Law arising from Lessee's operations and under any continuing indemnity provided pursuant to this Lease. Any taxes, assessments, and governmental charges for which Lessee is responsible shall remain the responsibility of Lessee until such time as the improvements, assessments, or governmental charges are removed from the tax rolls and taxes return to the forestland value level unless Lessor has agreed in writing that an improvement or structure may remain on the land in accordance with <u>Section 13.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4 <u>Removal of Property</u>**. Upon any termination or expiration of this Lease, Lessee shall have a period of six (6) months from and after the effective date of termination within which Lessee shall remove from the Lease Area all of its machinery, buildings, structures, facilities, equipment, and other property of every nature and description erected, placed, or situated thereon (herein all collectively called "**Improvements**"), except Lessee shall have no obligation to remove underground supports, track, and pipe placed in shafts, drifts, or openings in the Lease Area; provided, however, that all openings must be sealed. As a further exception to Lessee's removal obligations, Lessee shall not be required to remove any Improvements that are to remain as part of the surface estate in accordance with a written agreement between Lessee and the Surface Owner. Lessee shall remove all such property except to the extent that Lessor, or the Surface Owner, direct Lessee in writing to leave one or more Improvements on the Lease Area. There shall be no obligation for Lessee to remove waste rock, tailings, surface impoundments, etc., but reclamation of such items shall be completed as required in accordance with applicable Laws. Any property of Lessee that Lessee leaves on the Lease Area at Lessor's request shall become the property of Lessor.

**14.0 FORCE MAJEURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1 <u>Force Majeure</u>**. Neither Party hereto shall be liable to the other Party, and neither Party hereto shall be deemed in default under this Lease, for any failure or delay in performing any of its non-monetary covenants and agreements caused by or arising out of any act not within the control of the Party, despite best commercial efforts, including that performance of the covenants violates any law, ordinance, order, rule or regulation of any governmental (civil or military) agency or authority, including all governing bodies claiming jurisdiction over the issuance of permits, opposition or litigation initiated by local or national interest groups opposed to the project, or contrary to any written agreement concerning the Lease Area; provided that lack of funds shall not, in any case, be an event of Force Majeure. Such acts shall include, without limitation, acts of God; acts of the public enemy; riots; fire; severe storms; flood; explosion; government restriction; inability to obtain any permits, authorizations or approvals required from

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regulatory authorities, including environmental protection agencies ("**Force Majeure**"). Any period for performance delayed by Force Majeure shall be extended for a period commensurate with the period of the delay. So far as possible, the Party affected will take all reasonable steps to remedy the delay caused by Force Majeure; provided, however, that nothing contained in this <u>Section 14.1</u> shall require any Party to settle any industrial dispute or to test the constitutionality of any law. No such event of Force Majeure shall excuse Lessee from timely payment of sums required to be paid to Lessor or to third parties under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2 <u>Extension of Term</u>**. If Lessee is prevented from engaging in Exploration Activities, Development or Mining Operations by any event of Force Majeure described in <u>Section 14.1</u>, the time of such delay or interruption shall not be counted against the Term of this Lease, anything in this Lease to the contrary notwithstanding, and this Lease shall be extended while and so long as Lessee is prevented from conducting such operations but in no event for longer than two (2) years from the commencement of an event of Force Majeure. If an event of Force Majeure continues for longer than two (2) years, either Party may terminate this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3 <u>Notice</u>**. If Lessee desires to invoke the provisions of this <u>Section 14</u>, Lessee shall give notice to Lessor of the commencement of the circumstances giving rise to such Force Majeure. During any period of Force Majeure, Lessee will continue to make any payments due to Lessor per the terms and conditions of this Lease.

**15.0 NOTICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1 <u>Notices</u>**. All notices under this Lease, except notice regarding fire suppression, shall be written and given by personal hand delivery, messenger service, overnight courier for next-day delivery, by confirmed facsimile transmission, by certified U.S. mail, postage prepaid, or email with receipt confirmation. All notices regarding fire suppression shall be reported in person or by telephone as soon as possible.

All notices of timber removal, road location approval, access, and fire protection and suppression shall be given by Lessee to:

Weyerhaeuser Company

Brad Murfee

Piedmont Area Manager

375 Riverside Pkwy

Lithia Spring, GA 30122

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229) 234 3180

All other notices shall be addressed or transmitted as follows:

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| | |
|:---|:---|
| **If to Lessor:** | **If to Lessee:** |
| Weyerhaeuser Company<br>Energy and Natural Resources<br>220 Occidental Ave Seattle, WA 98104<br>Attn: David Boyer – Senior<br>Geologist/Metals Manager<br>Telephone: 206-539-4423<br>E-Mail: <br>| Southeast Metals, LLC<br>650 Peter Jefferson Parkway Suite 230, Charlottesville, VA 22911<br>Attn: Kermit Anderson<br>Telephone: (434) 245-1151<br>E-Mail:  |

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All notices shall be effective upon actual receipt if received during the normal business hours of the receiving Party or on the next normal business day of the receiving Party if delivered other than during normal business hours. A Party may change the place to which notice is to be delivered, by giving written notice to the other Party in accordance with this <u>Section 15</u>.

**16.0 DISPUTE RESOLUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1 <u>Informal Dispute Resolution</u>**. Any dispute with respect to the calculation and payment of the Production Royalty, Byproducts Royalty, Area of Interest Royalty, and Put Option Royalty (including but not limited to grade control, processing, and commingling procedures determined under <u>Section 7</u> and <u>Exhibit D, G.1, or G.2</u>) (collectively, the "**Mining Disputes**") shall be subject to the informal dispute resolution meetings described in this <u>Section 16.1</u> and, if such meetings do not result in a resolution of the dispute, shall be submitted to Binding Arbitration described in <u>Section 16.2</u> below. The Parties agree to devote such time, resources, and attention as are needed to attempt in good faith to resolve the Mining Disputes at the earliest time possible. A Party claiming a dispute shall give notice of the dispute within thirty (30) days of the Party's actual knowledge of the act, event, or omission that gives rise to the dispute, unless this Lease provides otherwise. At a minimum, the Parties shall hold two informal meetings within thirty (30) days after notice to attempt in good faith to resolve the disputed issue(s). If the dispute has not been resolved at the first meeting, then at the second meeting each Party shall involve its senior manager with responsibility for the project covered by this Lease. If the informal meetings fail to resolve the dispute, the Party claiming a dispute may, within thirty (30) days after the last meeting, submit any dispute to Binding Arbitration. Any of these time periods may be reasonably extended or shortened by written agreement of the Parties. Unless otherwise agreed among the Parties, each Party shall bear its costs for its own participation in informal dispute resolution processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2 <u>Binding Arbitration</u>**. If the Mining Disputes are not resolved through the process described in <u>Section 16.1</u> above, they shall be resolved through arbitration according to the commercial rules of the American Arbitration Association then in effect, except to the extent that such rules are inconsistent with this <u>Section 16.2</u>; provided, however, that unless otherwise agreed by the Parties, such arbitration shall not be conducted under the auspices of the American Arbitration Association (the "**Binding Arbitration**"). All arbitrations shall occur in Seattle, Washington unless otherwise agreed by the Parties. The award rendered by the arbitrator or arbitrators shall be final, nonappealable and binding as between the Parties and judgment on such award may be entered in any court having jurisdiction. If the amount of the Mining Dispute is less

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than $250,000, and if neither Party is seeking injunctive or other equitable relief: (i) the Mining Dispute will be settled before a single arbitrator; (ii) if the Parties agree on an arbitrator, the arbitration will be held before the arbitrator selected by the Parties; and (iii) if the Parties do not agree on an arbitrator, each Party will designate an arbitrator and the arbitration will be held before a third arbitrator selected by the designated arbitrators. If the amount of the Mining Dispute is $250,000 or more, or if a Party is seeking injunctive or other equitable relief: (i) the Mining Dispute will be settled before three (3) arbitrators; (ii) if the Parties agree on the arbitrators, the arbitration will be held before the arbitrators selected by the Parties; and (iii) if the Parties do not agree on the arbitrators, each Party will designate an arbitrator, the designated arbitrators will select a third arbitrator, and the arbitration will be held before the three arbitrators. The Parties agree that the arbitrators shall be attorneys with at least ten years' relevant experience in the mining industry. Notice of demand for arbitration shall be filed in writing with the other Party and the arbitrator or arbitrators shall be selected within thirty (30) days of such demand. The Parties agree that after such notice has been filed, they shall, before the arbitration hearing, make discovery and disclosure of all matters relevant to the Mining Dispute to the extent required by the rules governing the arbitration. All questions that may arise with respect to the obligation of disclosure and the protection of the disclosed material shall be referred to the arbitrator or arbitrators, whose determination on such issues shall be final and conclusive. Disclosure shall be completed no later than sixty (60) days after filing of the notice of arbitration, unless extended by the arbitrator or arbitrators upon a showing of good cause by either Party to the arbitration. Absent other agreement by the Parties, all arbitration proceedings shall be concluded within ninety (90) days after the notice of demand for arbitration, and the arbitration award shall be rendered within thirty (30) days after the conclusion of the arbitration hearing. The arbitrator or arbitrators shall have no authority to award punitive damages. The arbitrator(s) fees, costs and expenses shall initially be split equally between the Parties. However, the substantially prevailing Party shall be entitled to recovery of its attorneys' fees, costs and disbursements in the arbitration, including the cost of the arbitrator. All disputes other than the Mining Disputes shall be settled in courts of competent jurisdiction, as provided in <u>Section 19.9</u>.

**17.0 CONFIDENTIALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1 <u>Confidentiality of Lease</u>**. Except as provided in <u>Section 19.11</u> and as provided in <u>Section 17.2</u> regarding disclosure to specifically identified third-parties below, neither Party may disclose the terms of this Lease to a third party without the prior written consent of the other Party, which consent shall be at the other Party's sole discretion; provided that either Party may make such disclosures as, in the opinion of its counsel, are required by any applicable Law, stock exchange rule, existing contract, or legal process; provided, however, that in such a case the disclosing Party shall promptly notify the other Party of such request or requirement, so that the other Party may seek an appropriate protective order or waive compliance with this Lease. In the absence of a protective order or the receipt of a waiver, the disclosing Party will give the other Party written notice (unless prohibited by law) of the information to be disclosed, as far in advance as practicable, and exercise all reasonable efforts to obtain reliable assurance that confidential treatment shall be afforded to that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2 <u>Confidentiality of Data</u>**. Each Party agrees to keep all Data relating to this Lease or the Lease Area or other property owned by Lessor disclosed by the other Party pursuant to this Lease confidential and not to disclose such Data to any person or entity other than (i) its Affiliates

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and its and their officers, directors, partners, members, employees, attorneys, accountants, and mining and engineering consultants; or potential purchasers of a Party's interest in the Lease Area or in this Lease, lenders or financial advisors who have a bona fide need to have access to such data, if such potential purchasers, lenders or financial advisors have agreed in writing to be likewise bound by these terms of confidentiality, (ii) such other persons as the Parties jointly agree in writing may receive such Data (which agreement may be withheld for any reason or for no reason), and (iii) as may be required, in the opinion of a Party's counsel, by judicial, administrative, or governmental proceeding whether or not made pursuant to a valid subpoena or applicable order or as otherwise required by law or the rules of any stock exchange, provided that any disclosure made pursuant to law shall be strictly limited in scope and content to the extent possible given the requirements of legal compliance, and subject to each Party's reasonable prior review and revision. The provisions of this <u>Section 17.2</u> shall continue to bind Lessee, but not Lessor, following termination or expiration of this Lease, with respect to all Data relating to this Lease or the Lease Area or other property owned by Lessor. After termination or expiration of this Lease, Lessee shall transfer all such Data to Lessor as provided in Section 6.3 and may not disclose the Data to any third party without the prior written consent of Lessor. Nothing in this Lease shall affect either Party's rights to use, disclose or retain any of the Data and information which (a) is in the public domain or later enters the public domain other than by a breach by either Party or any of its agents of any of the obligations of either Party under this Lease or (b) is disclosed to either Party or the general public by a third party which is in rightful possession of the Data and information in circumstances where the disclosure violated no confidentiality obligations or (c) either Party can show was known to it at the time of disclosure. Nothing in this Section 17.2 shall affect either Party's right to use, disclose or retain Data relating to property or interests within the Area of Interest, but that are outside the Lease Area or other property owned by Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3 <u>Use of Information</u>**. Neither Party makes any representation or warranty of any nature concerning the quality, accuracy, reliability or completeness of the information or Data provided or exchanged under this Lease, and each Party hereby acknowledges that it relies on any Data received from the other Party solely at its own risk. ALL SUCH INFORMATION AND DATA ARE PROVIDED ON AN "AS IS/WHERE IS BASIS," WITHOUT ANY EXPRESS OR IMPLIED WARRANTY WHATSOEVER. Each Party shall provide to the other Party, to the extent feasible, copies for review and comment at least three (3) business days in advance of all public announcements, press releases, and disclosures to third parties, to be issued by such Party regarding this Lease and all matters related to this Lease. Each Party shall act in good faith to accommodate the suggestions of the other Party; provided that each Party shall be entitled to make such announcements and disclosures as are, in the opinion of its counsel, required by law or the rules of any stock exchange. The provision of this <u>Section 17.3</u> shall survive the termination or expiration of this Lease.

**18.0 ASSIGNMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1 <u>No Assignment by Lessee Without Lessor's Consent</u>**. Except as provided in <u>Section 18.2</u>, Lessee shall not assign any portion of its interest in this Lease without Lessor's prior written consent, in its sole discretion. Lessor reserves the right, in its sole discretion, to withhold its consent to such an assignment if the assignment would render the Guaranty Agreement in <u>Exhibit F</u> void. Lessor may consider any attempted assignment without such consent to be void.

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Unless otherwise agreed, Lessee guarantees prompt performance of all obligations under this Lease notwithstanding any prior assignment of its interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2 <u>Assignment to an Affiliate</u>**. Notwithstanding the provisions in <u>Section 18.1</u>, Lessee shall have the right to sell, assign, transfer or otherwise dispose of all or any portion of its interest in this Lease to an Affiliate of Lessee; provided that (i) Lessee provides Lessor written notice of such intent at least thirty (30) days in advance of such assignment; (ii) the Affiliate agrees in writing to accept all terms, conditions, and obligations of this Lease; (iii) any such assignment to an Affiliate shall be in conjunction with an assignment to the same Affiliate of Lessee's rights and obligations under the Lease; and (iv) Lessee and any Guarantor shall remain liable under this Lease.

**19.0 MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1 <u>Time Is of the Essence</u>**. Time is of the essence for each and every provision of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2 <u>Attorneys' Fees</u>**. Should any legal action or proceeding of any nature whatsoever (including any proceeding under the U.S. Bankruptcy Code) be commenced by either Party in order to enforce this Lease or any provision hereof, or in connection with any alleged dispute, breach, default, or misrepresentation in connection with any provision herein contained, the prevailing Party shall be entitled to recover reasonable attorneys' fees and costs incurred in connection with such action or proceeding, including costs of pursuing or defending any legal action, including, without limitation, any appeal, discovery or negotiation and preparation of settlement arrangements, in addition to such other relief as may be granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3 <u>Relationship of Parties</u>**. Nothing contained in this Lease shall be deemed to constitute either Party being the partner of the other or, except as otherwise expressly provided, to constitute either Party being the agent or legal representative of the other or to create any fiduciary relationship between them. It is not the intention of the Parties to create, nor shall this Lease be construed to create, any mining, commercial or other partnership or association. Neither Party shall have any authority to act for or to assume any obligation or responsibility on behalf of the other Party, except as otherwise expressly provided herein, and any liabilities hereunder shall be several and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.4 <u>Integrated Agreement; Modification</u>**. This Lease constitutes the entire agreement and understanding of the Parties with respect to the subject matter and supersedes all prior negotiations and representations. This Lease may not be modified except in writing signed by the Parties hereto. The Parties agree to execute any additional documents reasonably necessary to effectuate the intentions of the provisions and purposes of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.5 <u>Waiver</u>**. Failure of either Party to insist upon the strict performance of any of the terms and conditions hereof, or failure to exercise any rights or remedies provided herein or by Law, or to notify the other Party in the event of breach, shall not release the other Party of any of its obligations under this Lease, nor shall any purported oral modification or rescission of this Lease by either Party operate as a waiver of any of the terms hereof. No waiver by either Party of any breach, default, or violation of any term, warranty, representation, agreement, covenant, right,

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condition, or provision hereof shall constitute waiver of any subsequent breach, default, or violation of the same or other term, warranty, representation, agreement, covenant, right, condition, or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.6 <u>Survival</u>**. The following provisions shall survive termination or expiration of this Lease: Section 7.3 (Area of Interest Royalty); Section 9.0 (Mutual Representations); Section 10.6 (Indemnification); Section 10.8 (Reclamation), Section 13.1 (Default); Section 13.3 (Release); Section 13.4 (Removal of Property); Section 15.0 (Notices); Section 16.0 (Dispute Resolution); Section 17.0 (Confidentiality); Section 19 (Miscellaneous); and any other provisions which by their nature may or must be performed after expiration or termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.7 <u>Severability</u>**. If any provision of this Lease is held to be invalid or unenforceable, such provision shall not affect or invalidate the remainder of this Lease, and to this end the provisions of this Lease are declared to be severable. If such invalidity becomes known or apparent to the Parties, the Parties agree to negotiate promptly in good faith in an attempt to amend such provision as nearly as possible to be consistent with the intent of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.8 <u>Rule Against Perpetuities</u>**. The Parties do not intend that there shall be any violation of the Rule Against Perpetuities, the Rule Against Unreasonable Restraints on the Alienation of Property, or any similar rule. Accordingly, if any right or option to acquire any interest in any real property exists under this Lease, such right or option must be exercised, if at all, so as to vest such interest within time periods permitted by applicable rules. If, however, any such violation should inadvertently occur, the provisions of this Lease shall be revised in such a way as to approximate most closely the intent of the Parties within the limits permissible under such rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.9 <u>Governing Law; Jurisdiction</u>**. To the maximum extent provided by law, this Lease shall be construed and interpreted according to, and governed by, the laws of the State of Georgia and federal law as may be applicable, regardless of the choice of law principles that may apply.

Except as provided in <u>Section 16.2</u>, each of the Parties hereby (i) irrevocably submits to the jurisdiction of the courts of the State of Georgia and the Federal courts of the United States of America in and for Fulton County, Georgia for the purpose of any action or proceeding arising out of this Lease or any of the transactions contemplated by this Lease, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and (iii) agrees that it will not bring any action relating to this Lease or any of the transactions contemplated by this Lease in any court other than an Georgia state court or Federal court in and for Fulton County, Georgia. Each of the Parties hereby consents to and grants any such court jurisdiction over the person of such Party and over the subject matter of any such dispute and agrees that mailing of process or other papers in connection with any such action or proceeding in the manner provided in <u>Section 15</u>, or in such other manner as may be permitted by Law, shall be valid and sufficient service thereof on such Party. Each Party hereby acknowledges and agrees that any controversy that may arise under this Lease is likely to involve complicated and difficult issues, and therefore such Party hereby irrevocably and unconditionally waives any right such Party may have to a trial by jury in respect to any litigation directly or indirectly arising out of or relating to this Lease or any of the ancillary agreements, or the breach, termination or validity of

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this Lease or any of the ancillary agreements, or the transactions contemplated hereby or thereby. Each Party hereby certifies and acknowledges that (i) no representative, agent or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce the foregoing waiver, (ii) such Party understands and has considered the implications of this waiver, (iii) such Party makes this waiver voluntarily, and (iv) such Party has been induced to enter into this Lease and each of the ancillary agreements by, among other things, the mutual waivers and certifications set forth in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.10 <u>Binding Effect</u>**. The provisions of this Lease shall inure to the benefit of and be binding upon the Parties and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.11 <u>Memorandum</u>**. The Parties agree that this Lease shall not be filed or recorded. Upon the execution of this Lease, the Parties will simultaneously execute a Memorandum of Mining Lease, substantially in the form attached as <u>Exhibit E,</u> which shall be recorded if requested by either Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.12 <u>Counterparts; Execution</u>**. This Lease may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument. Each Party may rely upon the signature of each other Party on this Lease that is transmitted by facsimile or email as constituting a duly authorized, irrevocable, actual, current delivery of this Lease with the original ink signature of the transmitting Party. This Lease shall become effective and in full force only when duly and properly executed, authorized and delivered by the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.13 <u>Guaranty</u>**. In the event that Lessee is acquired by or merges with any entity such that Lessee becomes a subsidiary or other Affiliate controlled by the other entity, Lessor at its election may, by providing Notice to Lessee require the other entity to become a guarantor for Lessee's obligations under this Lease ("**Guarantor**") and to, within thirty (30) days after the Notice to Lessee, execute the Guaranty Agreement attached hereto as <u>Exhibit F</u> and delivered an executed, original copy of the Guaranty Agreement to Lessor.

[signatures appear on the following page]

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IN WITNESS WHEREOF, Lessor and Lessee have executed this Lease effective as of the Effective Date.

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|:---|
| **Weyerhaeuser Company** |
| By: <u>/s/ Rehad P. Hossain</u> |
| Name: <u>Rehad P. Hossain</u> |
| Title: <u>VP, Energy & Natural Resources</u> |
| Date Executed: <u>10/1/2020</u> |
| **Southeast Metals, LLC** |
| By: <u>/s/ James E. Bond</u> |
| Name: <u>James E. Bond</u><br>Title: <u>Member</u>  |
| Date Executed: <u>9/26/2020</u> |

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**EXHIBIT A**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**<u>HARRIS AND TALBOT COUNTIES, GEORGIA</u>**

**Those certain Lands and Mineral Interests owned by Lessor:**

[Attached]

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**State of Georgia**

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| &nbsp;&nbsp;*Legal Description* | &nbsp;&nbsp;*WY-Surface Acres* | &nbsp;&nbsp;*WY Net Mineral Acres* |
| &nbsp;&nbsp;**Harris County:**<br>**Tract Name: COMP 31055B**<br>**HR 24:**<br>All that tract or parcel of land containing 249.812 acres, more or less, in Land Lots 256, 257, 258, 284 and 285 of the 22<sup>nd</sup> Land District of Harris County, Georgia, and being more particularly described and shown on that certain plat of survey prepared by Hugh P. Riley dated February 27, 1970, and subsequently revised, said plat being recorded in Plat Book 10, page 146, in the Deed Records of the Clerk of Superior Court of Harris County, Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property.<br>Said tract being more particularly described as follows:<br>All that tract or parcel of land containing 249.812 acres in Land Lots 256, 257, 258, 284 and 285 of the 22<sup>nd</sup> Land District of Harris County, Georgia, more particularly described on plat prepared by Hugh P. Riley dated February 27, 1970 and subsequently revised, said plat being recorded in Plat Book 10, Page 146, Deed Records, Harris County, Georgia as follows: Begin at an iron pin located at the common corner of Land Lots 248, 249, 256 and 257 of said district and go thence along the south line of Land Lot 256 North 89° 1' West 1485.7 feet to a point; thence North 0° 12' West, 2590.05 feet to a point; thence South 89° 47' East 1222.45 feet to a point; thence North 0° 17' West 524.85 feet to a point on the south line of Shiloh Kings Gap Road; thence along said right of way in an easterly direction 1182.10 feet to a point on the northwest line of property now or formerly of Faulkner; thence along said property line South 8° West 510.0 feet to a point; thence | &nbsp;&nbsp;249.812 | &nbsp;&nbsp;249.812 |

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|  | &nbsp;&nbsp;South 82° East 96.8 feet to a point; thence South 8° West 275.04 feet to a point; thence South 82° East 752.18 feet to a point; thence South 37° 46' West 279.10 feet to a point; thence South 82° East 276.85 feet to a point; thence South 52° 14' East 50 feet to a point; thence South 37° 46' West 76.82 feet to a point; thence South 52° 14' East 240.0 feet to a point; thence North 37° 46' East 40.16 feet to a point; thence due East 755.2 feet to a point; thence South 74° 46' East 571.5 feet to a point; thence South 7° 34' East 283.6 feet to a point; thence South 88° 48' East 209.05 feet to a point; thence South 5° 10' East 433.7 feet to a point; thence North 89° 48' West 73.5 feet to a point; thence South 9° 2' West 136.5 feet to a point; thence North 83° 42' East 128.9 feet to a point; thence South 11° 22' East 163.45 feet to a point; thence South 5° 37' East 203.5 feet to a point; thence North 82° 33' West 247.5 feet to a point; thence South 85° 47' West 523.2 feet to a point; thence South 81° 22' West 231.09 feet to a point; thence North 6° 24' 37" West 140.0 feet to a point; thence North 46° 34' 19" West 80.9 feet to a point; thence South 81° 37' 10" West 485.53 feet to a point; thence South 17° 56' 42" West 435.7 feet to a point on the south line of Land Lot 257; thence along said south land lot line North 89° 38' West 1926.19 feet to the iron pin and the point of beginning<br>This is the same property described in a deed from James E. Albright to Georgia Kraft Company dated November 5, 1981, and recorded in Deed Book 107, page 560; and a portion of the property conveyed in a Deed of Amplification from Inland-Rome Inc. to Mead Coated Board, Inc. dated December 14, 1988, and recorded in Deed Book 182, page 472, in the Deed Records of the Clerk of Superior Court of Harris County, Georgia.<br>And being the same property described in a deed from MeadWestVaco Coated Board, LLC to MWV-Land Sales, Inc. dated October 29, 2010 and recorded December 30, 2010 in Deed Book 1168, Page 50, Harris County, Georgia records.<br>|  |
| &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;**Harris County, Georgia** | &nbsp;&nbsp;**249.812** |

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|:---|:---|:---|
| &nbsp;&nbsp;*Legal Description* | &nbsp;&nbsp;*WY-Surface Acres* | &nbsp;&nbsp;*WY Net Mineral Acres* |
| &nbsp;&nbsp;**Talbot County:**<br>**Tract Name: COMP 31013, 31019A and 31025A**<br>**TA-5A and TA-16**<br>All that tract or parcel of land containing 1525.2 acres, more or less, in Land Lots 224, 225, 226, 243, 244, 245, 246, 259, 260 and 261 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly shown and described on that certain plat of survey prepared by Georgia Kraft Company dated September 22, 1958, and recorded in Plat Book G, page 310, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property.<br>This is the same property described and conveyed as Tract 1 in a deed from Junction City Manufacturing Company, Inc. to Interstate Land and Improvement Company dated March 9, 1949, and recorded in Deed Book TT, page 474, and the same property described in a deed from S. P. Dixon to Interstate Land and Improvement Company dated July 22, 1950, and recorded in Deed Book UU, page 371, and a portion of the property conveyed in a Deed of Amplification from Inland-Rome Inc. to Mead Coated Board, Inc. dated July 27, 1989, and recorded in Deed Book 57, page 119, in the Deed of Records of the Clerk of the Superior Court of Talbot County, Georgia.<br>LESS AND EXCEPT all that lot, tract and parcel of land situate, lying and being in Land Lot 259 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly identified as "25.96 acres" on that certain plat of survey entitled "Plat for A. W. and Sylvia Rozell" prepared by Robert A. Moreland on January 30, 2009, and recorded in Plat Book 241, page 16A, in the Office of the Clerk of the Superior Court of Talbot County,  | &nbsp;&nbsp;1314.98 | &nbsp;&nbsp;1314.98 |

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| &nbsp;&nbsp;Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property excepted herefrom.<br>ALSO, LESS AND EXCEPT all that tract or parcel of land lying and being in land Lots 226 and 243 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly described as 169.676 acres on that certain plat of survey recorded in Plat Book 244, page 5, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia, and being the same property described in a Limited Warranty Deed to Jack Phillips Buchanan from MeadWestvaco Coated Board, Inc. dated June 21, 2010, and recorded in Deed Book 331, page 338, in said Clerk's Office.<br>ALSO, LESS AND EXCEPT 14.584 acres, more or less, in Land Lot 243 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly described in a Limited Warranty Deed from MeadWestvaco Coated Board, Inc. to Georgia Power Company dated March 28, 2005, and recorded in Deed Book 246, page 181, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia. |  |
| &nbsp;&nbsp;**Tract Name: COMP 31019B**<br>**TA-24**<br>All that tract or parcel of land containing 98.036 acres, more or less, in Land Lots 262 and 263 of the 22<sup>nd</sup> Land District, in Talbot County, Georgia, and being more particularly shown and described on that certain plat of survey prepared by Georgia Kraft Company dated November 22, 1958, and recorded in Plat Book G, page 326, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property.<br>The above referenced plat indicates a tract of land containing 104.7 Acres, and THERE IS EXCLUDED FROM SAID ACREAGE AND  | &nbsp;&nbsp;98.036 |

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|:---|:---|:---|
|  | &nbsp;&nbsp;NOT HEREBY DESCRIBED that certain tract of land conveyed to Georgia Power Company for a right of way in the year 1981 containing 6.64 acres. Said excepted parcel being conveyed by Georgia Kraft Company to Georgia Power Company by Right of Way Deed recorded in Deed Book 37, Page 221, and being more particularly described as follows:<br>All that tract or parcel of land situate, lying and being in Land Lot 262 of the 22<sup>nd</sup> Land District of Talbot County, Georgia and being more particularly described as follows: Beginning on the dividing line between Land Lots 262 and 279 at a property corner common to lands of Anne Liz Terry and lands of the Grantor herein; thence from said Point of Beginning South 88° 39' East along said dividing line 100.00 feet to a point; thence South 01° 21' West 2885.20 feet to the north right of way line of the Company's existing right of way line previously acquired on its Bartlett's Perry-Manchester Transmission Line; thence South 71° 42' West along said right of way line 106.18 feet to the dividing line between lands of Annie Liz Terry and lands of the Grantor herein; thence North 01° 21' East along said dividing line 2920.91 feet to the Point of Beginning.<br>This is the same property described and conveyed in a deed from Holmes S. Chapman to Interstate Land and Improvement Company dated October 16, 1952, and recorded in Deed Book WW, page 248; and a portion of the property conveyed in a Deed of Amplification from Inland-Rome Inc. to Mead Coated Board, Inc. dated July 27, 1989, and recorded in Deed Book 57, page 119, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia. |  |
| &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;**Talbot County, Georgia** | &nbsp;&nbsp;**1413.016** |

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|:---|:---|:---|
| &nbsp;&nbsp;**Recap of acres in each county:** | &nbsp;&nbsp;**Recap of acres in each county:** | &nbsp;&nbsp;**Recap of acres in each county:** |
|  | &nbsp;&nbsp;**Harris County, Georgia** | &nbsp;&nbsp;**249.812** |
|  | &nbsp;&nbsp;**Talbot County, Georgia** | &nbsp;&nbsp;**1413.016** |
| &nbsp;&nbsp;**Totals** |  | &nbsp;&nbsp;**1662.828** |

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**EXHIBIT B**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**MAP OF LEASE AREA**

[Attached]

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**EXHIBIT B**

![img237732262_0.jpg](img237732262_0.jpg)

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**EXHIBIT C**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project)

**<u>AREA OF INTEREST</u>**

The geographic area outside of the Lease Area comprised of the entirety of the following counties, and as depicted on the attached map labeled "Area of Interest": Harris, Talbot, Meriwether, Upson, Pike, Lamar, Monroe, Jasper, and Jones Counties, Georgia and Lee County, Alabama.

Including, without warranty regarding title, real property owned by Lessor as of the Effective Date within the geographic boundaries of the Area of Interest, depicted and identified as "Weyerhaeuser Properties" on the attached map.

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![img237732262_1.jpg](img237732262_1.jpg)

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**EXHIBIT D**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

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**EXHIBIT D**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1<sup>st</sup>, 2020<br>(Georgia Rare Earth Project)) ("**Mining Lease**")

**<u>PRODUCTION AND BYPRODUCT ROYALTY TERMS AND CONDITIONS</u>**

**1.0 DEFINITIONS**

Unless otherwise defined herein or in the Mining Lease, all capitalized terms shall have the following meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** "**ACH**" shall have the meaning set forth in Section 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** "**Affiliate**" means any person, limited liability company, partnership, joint venture, corporation, or other form of enterprise which directly or indirectly controls, is controlled by or is under common control with a Party, and for the purposes hereof; and "control" means possession, directly or indirectly, of the power to direct or cause direction of management and policies through ownership of voting securities, contract, voting trust or otherwise, and in the absence of evidence to the contrary, ownership of fifty-one percent (51%) or more of the voting securities of a corporation will constitute "control".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** "**Arm's Length Transaction**" means one between Non-Related Parties in a competitive and open market under conditions requisite to a fair sale, each acting prudently and knowledgeably, and where the selling price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title to the buyer under conditions whereby; (1) the buyer and seller are typically motivated, well informed or advised, and are acting in what they consider their best interest, (2) a reasonable time is allowed for exposure to the market, (3) payment is made in US dollars or in terms of financial arrangements comparable thereto, and (4) the price represents the normal consideration for the material or product sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** "**Byproduct**" shall mean minerals other than Rare Earth Elements that are produced in marketable form as a byproduct of mining Rare Earth Elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** "**Effective Date**" shall have the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** "**Fair Market Value**" shall have the meaning set forth in Section 3.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** "**Initial Processing**" shall have the meaning set forth in Section 7.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** "**Lease Area**" means the lands and mineral interests owned by Weyerhaeuser included in the Mining Lease and is more particularly described in the attached <u>Exhibit A</u> and depicted in the attached <u>Exhibit B</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** "**Notices**" shall have the meaning set forth in Section **Error! Reference source not found.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** "**Products**" means all ores, minerals and mineral and nonmineral resources and substances that can potentially be produced and sold from the Lease Area that contain any Rare Earth Elements, including without limitation substances sold as concentrate, refined product, dore, or direct shipping ore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** "**Quarterly Statement**" shall have the meaning set forth in Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12** "**Rare Earth Elements**" means the following chemical elements in the Periodic Table of Elements: lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, and yttrium, whether occurring alone or in combination with one another or other mineral or nonmineral substances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13** "**Royalty**" shall have the meaning set forth in Section 2.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14** "**Sale**" shall have the meaning set forth in Section 4.1.

**2.0 GRANT OF PRODUCTION ROYALTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Grant of Royalty**. Lessee hereby grants and shall pay to Lessor the following royalties (collectively, the "***Royalty***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Production Royalty**. Lessee shall pay to Lessor a production royalty for Products produced from the Lease Area, in the amount of five percent (5%) of the weighted average quarterly per short ton (2,000 pounds) Fair Market Value of such Products ("**Production Royalty**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Byproducts Royalty**. Lessee shall pay to Lessor a royalty for Byproducts produced from the Lease Area, at a rate of five percent (5%) of the per short ton or other applicable weight, volume or other unit measure Fair Market Value of such Byproduct ("**Byproducts Royalty**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 No Milling Obligation**. Lessee may, but is not obligated to, beneficiate, mill, sort, concentrate, refine, smelt, or otherwise process and upgrade any ores, concentrates and other mineral products from the Lease Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 No Royalty in Kind**. The Royalty is a grant to a share of the proceeds of production from the Lease Area. Lessor shall have no right to take, or elect to take, the Royalty or value of the Royalty in kind by physical delivery of ores, concentrates or Products.

**3.0 FAIR MARKET VALUE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Sale of Products**. In the event Lessee sells Products, "**Fair Market Value**" shall mean the greater of (1) the then current average quarterly selling price of Products, as reported by mineralprices.com or an equivalent publication mutually agreed upon by the Parties, for

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medium-term contract sales of bulk concentrate standard grade products that are being sold by a producer from any processing facility located in the United States in an Arm's Length Transaction, or (2) the "**Gross Sales Price**" of Products as defined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Gross Sales Price - Arm's Length**. For Arm's Length Transactions, the Gross Sales Price of Products shall be the price actually charged by Lessee in an Arm's Length Transaction, including the value of any non-cash consideration, F.O.B. railroad cars, trucks or other transport at the time and place of sale without deduction for selling costs, selling commissions, advertising, credit losses, transportation costs, severance tax or any other taxes that might be hereafter imposed, discounts, or any other deductions whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Gross Sales Price - Related Party**. If any of the Products mined from the Lease Area shall be sold by Lessee at other than an Arm's Length Transaction, or consumed on or off the Lease Area without sale by Lessee, or sold to some entity other than a Non-Related Party, then the Gross Sales Price of such Products shall be the greater of (i) the Gross Sales Price of Arm's Length Transactions completed during the same calendar quarter, or (ii) the Fair Market Value of such Products at the time of sale, or if consumed without sale, at the time of consumption, as determined in (1) above.

The Fair Market Value for Byproducts shall mean and be determined the same as for Products as specified above, except substituting "Byproduct" for "Products" each place where "Products" appears above, and "London Metal Exchange" for "mineralprices.com" where "mineralprices.com" appears above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Hedging Profits and Losses Not Included in Fair Market Value**. Notwithstanding any other provision of this Royalty Agreement, Lessee and Lessor intend and agree that for purposes of determination of the Royalty due hereunder, Fair Market Value shall include the proceeds received by Lessee from the sale and delivery of Product, including delivery made pursuant to a forward sales contract; but shall not include any profits, losses or transaction costs for any futures trading or commodity options trading or any other price hedging, price protection, derivative or speculative arrangements which may involve the possible delivery of Products produced from the Lease Area.

**4.0 MANNER OF PAYMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Royalty Payments**. Royalties shall accrue at the time of sale of Products from the Lease Area or time that the Product is consumed without sale by Lessee and in the amount as provided in Section 3.0 above. For purposes of this Section 4.1, "**Sale**" means the date on which Lessee receives payment for the sale of Products. Royalty payments shall become due and payable quarterly on the fifteenth (15th) day of the month following the last day of the calendar quarter in which the same accrue. Royalty payments shall be by check, ACH (as defined below) or wire transfer, and shall be accompanied by a settlement sheet showing the quantities and grades of Products produced from the Lease Area for sale or processing, proceeds of sale, costs, and other pertinent information in sufficient detail to explain the calculation of the Royalty payment ("**Quarterly Statement**").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Depository Bank**. Upon written request of Lessee, Lessor shall designate a bank to act as Lessor's agent to receive from Lessee all payments payable under the terms hereof, and all such payments may be made by paying or tendering the same to Lessor, or to the bank for Lessor's credit, which bank shall continue as the depository for all Royalty payments, subject only to the subsequent provisions in this Section 4.2. All charges of such depository bank shall be for Lessor's account. A single payment or tender to said depository bank shall be made by (i) mailing or by delivering a check, (ii) electronic exchange of funds between accounts held at U.S. financial institutions through the Automated Clearing House network ("**ACH**"), or (iii) wire transfer, and such a payment shall effectively and for all purposes whatsoever constitute full payment of the amount thereof to Lessor to the same extent as if made directly. In the event Lessor fails to name said bank upon the request of Lessee, or in the event such bank (or any successor bank) should fail, liquidate or be succeeded by another bank, or for any reason fail or refuse to accept royalties, or should Lessor desire to designate another depository bank, then Lessee shall not be held in default for failure to make payment or tender of payments until thirty (30) days after said persons shall deliver to Lessee a proper, recordable instrument naming a bank as agent to receive such payments or tenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Objections to Payments**. All Royalty payments shall be considered final and in full satisfaction of all obligations of Lessee with respect thereto unless Lessor gives Lessee written notice describing and setting forth a specific objection to the calculation thereof within ninety (90) days after receipt by Lessor of the Quarterly Statement herein provided for. If Lessor objects to a particular Quarterly Statement as herein provided, Lessor shall, for a period of thirty (30) days after Lessor's receipt of notice of such objection, have the right to have Lessee's accounts and records relating to calculation of the Quarterly Statement in question audited by a certified public accountant acceptable to Lessor and to Lessee and subject to mutually acceptable confidentiality protection. Lessee shall account for any deficits or excess in the payment made to Lessor pursuant to the Quarterly Statement in question which may be confirmed by such an audit by adjusting the next Quarterly Statement following completion of such audit to account for such deficits or excess. If the variation between the amount of a particular Royalty payment made to Lessor hereunder as calculated by the audit provided for herein exceeds five percent (5%), Lessee shall pay all costs of such audit. If such variation is five percent (5%) or less, Lessor shall pay all costs of such audit. For the purpose of determining the amount of royalties payable hereunder, all figures, accounts, and records used in connection with the calculation of royalties shall be determined in accordance with generally accepted accounting principles and from accounts maintained by Lessee in connection with its operations of the Lease Area. Failure on the part of Lessor to make a claim on Lessee for adjustment in such 90-day period shall establish the correctness of the particular Quarterly Statement and preclude the filing of exceptions to such Quarterly Statement or making of claims for adjustment to such Quarterly Statement, and in the absence of fraud, Lessor expressly waives any claim or cause of action with respect to such Quarterly Statement.

**5.0 COMMINGLING OF ORES**

Lessee shall have the right of mixing or commingling, either underground, at the surface, or at the Lease Area, any ores, mine waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds containing minerals mined or extracted from any sources or mining properties with any similar substances derived from other sources, lands or properties; provided that Lessee shall weigh and sample such ores, products or compounds in accordance with sound

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mining and metallurgical practice for moisture and metal content before the same are so mixed or commingled. In computing the Royalty, ownership of the Product shall be allocated between Lease Area ore and other ore on the basis of the metal content and weight of the concentrate from each ore.

**6.0 SAMPLING, ASSAY, AND ANALYSIS**

Any determination of weight, volume, moisture content, amenability, or pay metal content, and any sampling and analysis shall be made in accordance with sound mining and metallurgical practices and standard sampling and analysis procedures prevailing in the Rare Earth Element mining and milling industry. Lessor shall have the right to have a representative present at the time samples are taken. Lessor shall be furnished at Lessor's request with a portion of all samples taken for analysis of ore, leachates, pregnant liquors, or pregnant slurries or other compounds or products owned by Lessee processed on or off the Lease Area. Split samples shall by retained by Lessee for later analysis by an independent referee selected by mutual agreement of the parties and, in the event of a dispute concerning Lessee's assay of samples, Royalty payments shall be based on the assay results determined by the independent referee. All statements or reports wherein Lessee's assay of samples are set forth shall be conclusively presumed to be true and correct, unless, within sixty (60) days after such statements or reports are delivered to Lessor, Lessor makes written objection thereto and demands an assay by the independent referee; and unless such objection and demand is made within such sixty-day period, Lessee shall have no duty to preserve the split samples after the end of such sixty-day (60) period. The cost of the independent referee shall be paid by the party whose assay shows the greatest variance from that of the independent referee.

**7.0 WASTE ROCK, SPOIL AND TAILINGS**

Except for the Royalty payable on products provided here or as otherwise provided in the Mining Lease, Lessor shall have no rights, title or interest in all residue or tailings remaining after Initial Processing (defined below) and minerals from the Lease Area, or any subsequent processing of ores, such or other products or compounds of minerals provided, that, if any tailings, residues, waste rock, dumps, spoiled leach materials, or other waste materials are process or reprocessed at any time while the property of Lessee and result in the production of Rare Earth Element Products or Byproducts, such Rare Earth Elements or Byproducts shall be subject to the Royalty and the further terms of this Royalty Agreement. "**Initial Processing**" shall mean all processing of ores, mine waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds of mineral prior to the time any residue thereof shall be first deposited in a tailings containment facility. Lessee shall not be liable for mineral values lost in mining or processing pursuant to sound mining and metallurgical engineering practices. The Royalty shall be payable only on Products.

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**8.0 THIRD PARTY CLAIMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 Third Party Claims**. If any person or entity not a party asserts a claim of ownership in Products or a claim to a share in any mine ores, minerals, waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds of minerals, or a claim for money on account of production of minerals, Lessee at its sole discretion after written notice to Lessor, may suspend its obligation to pay the Royalty, and in lieu thereof may deposit in an interest-bearing account payments equivalent to the Royalty which may otherwise become due Lessor. Such deposit or deposits shall remain in such interest-bearing account until the claim or controversy is resolved or settled by final court decision, by arbitration, negotiation, or otherwise.

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**EXHIBIT E**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**FORM OF MEMORANDUM OF MINING LEASE AGREEMENT**

[Form attached]

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**<u>MEMORANDUM OF MINING LEASE</u>**

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| &nbsp;&nbsp;**Owner's Name and Current Mailing Address**<br>Weyerhaeuser Company<br>220 Occidental Ave S<br>Seattle, WA 98104<br>|  |
| &nbsp;&nbsp;**After recording return to:** |  |
|  | &nbsp;&nbsp;This space reserved for recorder's use. |
| &nbsp;&nbsp;**MEMORANDUM OF MINING LEASE AGREEMENT** | &nbsp;&nbsp;**MEMORANDUM OF MINING LEASE AGREEMENT** |

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NOTICE IS HEREBY GIVEN that Weyerhaeuser Company, a Washington corporation, whose address is 220 Occidental Ave S., Seattle, Washington 98104 ("Lessor"), and South East Metals, LLC, a Virginia limited liability company, whose address is 650 Peter Jefferson Parkway Suite 230, Charlottesville, VA 22911 ("Lessee"), have entered into a Mining Lease Agreement (the "Lease"), dated to be effective as of October 1st, 2020 (the "Effective Date"), with respect to certain lands and mineral interests included in the Lease Area (all as defined in the Lease) and more particularly described in <u>Exhibit A</u> to this Memorandum.

The primary term of the Lease is 15 years from the Effective Date, unless terminated in accordance with the terms of the Lease. The Lease also provides Lessee with the option to extend the Lease beyond the primary term.

The Lease is incorporated herein by this reference and made a part hereof. Copies of the Lease are in the possession of the parties at the addresses identified above. If there is any inconsistency between this Memorandum and the Lease, the Lease shall govern.

Dated this ____ day of____, 20xx but effective as of the Effective Date.

[*Signatures and acknowledgements appear on the following pages*]

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|:---|
| **Weyerhaeuser Company** |
| By: |
| Name: |
| Title: |

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| **Southeast Metals, LLC** |
| By: |
| Name: |
| Title: |

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**ACKNOWLEDGEMENTS**

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|:---|:---|
| STATE OF WASHINGTON |) |
|  | : ss. |
| COUNTY OF  |) |

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On this ____ day of _______________, 20xx, personally appeared before me, a Notary Public, in and for the state and county aforesaid, ______________________________, a<br>______________________________ of Weyerhaeuser Company, a Washington corporation, who acknowledged that he executed the Memorandum of Mining Lease Agreement on behalf of said corporation for the purposes expressed therein.

NOTARY PUBLIC <br> Residing at:  

My commission expires:<br>

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|:---|:---|
| STATE OF  |) |
|  | : ss. |
| COUNTY OF  |) |

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On this ____ day of _______________, 20xx, personally appeared before me, a Notary Public, in and for the state and county aforesaid, ______________________________, a<br>______________________________ of Southeast Metals, LLC, a Virginia limited liability company who acknowledged that he executed the Memorandum of Mining Lease Agreement on behalf of said company for the purposes expressed therein.

NOTARY PUBLIC <br> Residing at:  

My commission expires:<br>

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Exhibit A

Attached to Memorandum of Mining Lease Agreement

Lease Area

[Attached]

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<u>Exhibit A</u>

**State of Georgia**

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| &nbsp;&nbsp;*Legal Description* | &nbsp;&nbsp;*WY-Surface Acres* | &nbsp;&nbsp;*WY Net Mineral Acres* |
| &nbsp;&nbsp;**Harris County:**<br>**Tract Name: COMP 31055B**<br>**HR 24:**<br>All that tract or parcel of land containing 249.812 acres, more or less, in Land Lots 256, 257, 258, 284 and 285 of the 22<sup>nd</sup> Land District of Harris County, Georgia, and being more particularly described and shown on that certain plat of survey prepared by Hugh P. Riley dated February 27, 1970, and subsequently revised, said plat being recorded in Plat Book 10, page 146, in the Deed Records of the Clerk of Superior Court of Harris County, Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property.<br>Said tract being more particularly described as follows:<br>All that tract or parcel of land containing 249.812 acres in Land Lots 256, 257, 258, 284 and 285 of the 22<sup>nd</sup> Land District of Harris County, Georgia, more particularly described on plat prepared by Hugh P. Riley dated February 27, 1970 and subsequently revised, said plat being recorded in Plat Book 10, Page 146, Deed Records, Harris County, Georgia as follows: Begin at an iron pin located at the common corner of Land Lots 248, 249, 256 and 257 of said district and go thence along the south line of Land Lot 256 North 89° 1' West 1485.7 feet to a point; thence North 0° 12' West, 2590.05 feet to a point; thence South 89° 47' East 1222.45 feet to a point; thence North 0° 17' West 524.85 feet to a point on the south line of Shiloh Kings Gap Road; thence along said right of way in an easterly direction 1182.10 feet to a point on the northwest line of property now or formerly of Faulkner; thence along said property line South 8° West 510.0 feet to a point; thence South 82° East 96.8 feet to a point; East 96.8 feet to a point; thence South 8° West 275.04 feet to a  | &nbsp;&nbsp;249.812 | &nbsp;&nbsp;249.812 |

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|  | &nbsp;&nbsp;point; thence South 82° East 752.18 feet to a point; thence South 37° 46' West 279.10 feet to a point; thence South 82° East 276.85 feet to a point; thence South 52° 14' East 50 feet to a point; thence South 37° 46' West 76.82 feet to a point; thence South 52° 14' East 240.0 feet to a point; thence North 37° 46' East 40.16 feet to a point; thence due East 755.2 feet to a point; thence South 74° 46' East 571.5 feet to a point; thence South 7° 34' East 283.6 feet to a point; thence South 88° 48' East 209.05 feet to a point; thence South 5° 10' East 433.7 feet to a point; thence North 89° 48' West 73.5 feet to a point; thence South 9° 2' West 136.5 feet to a point; thence North 83° 42' East 128.9 feet to a point; thence South 11° 22' East 163.45 feet to a point; thence South 5° 37' East 203.5 feet to a point; thence North 82° 33' West 247.5 feet to a point; thence South 85° 47' West 523.2 feet to a point; thence South 81° 22' West 231.09 feet to a point; thence North 6° 24' 37" West 140.0 feet to a point; thence North 46° 34' 19" West 80.9 feet to a point; thence South 81° 37' 10" West 485.53 feet to a point; thence South 17° 56' 42" West 435.7 feet to a point on the south line of Land Lot 257; thence along said south land lot line North 89° 38' West 1926.19 feet to the iron pin and the point of beginning<br>This is the same property described in a deed from James E. Albright to Georgia Kraft Company dated November 5, 1981, and recorded in Deed Book 107, page 560; and a portion of the property conveyed in a Deed of Amplification from Inland-Rome Inc. to Mead Coated Board, Inc. dated December 14, 1988, and recorded in Deed Book 182, page 472, in the Deed Records of the Clerk of Superior Court of Harris County, Georgia.<br>And being the same property described in a deed from MeadWestVaco Coated Board, LLC to MWV-Land Sales, Inc. dated October 29, 2010 and recorded December 30, 2010 in Deed Book 1168, Page 50, Harris County, Georgia records. |  |
| &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;**Harris County, Georgia** | &nbsp;&nbsp;**249.812** |

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| &nbsp;&nbsp;*Legal Description* | &nbsp;&nbsp;*WY-Surface Acres* | &nbsp;&nbsp;*WY Net Mineral Acres* |
| &nbsp;&nbsp;**Talbot County:**<br>**Tract Name: COMP 31013, 31019A and**<br>**31025A**<br>**TA-5A and TA-16**<br>All that tract or parcel of land containing 1525.2 acres, more or less, in Land Lots 224, 225, 226, 243, 244, 245, 246, 259, 260 and 261 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly shown and described on that certain plat of survey prepared by Georgia Kraft Company dated September 22, 1958, and recorded in Plat Book G, page 310, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property.<br>This is the same property described and conveyed as Tract 1 in a deed from Junction City Manufacturing Company, Inc. to Interstate Land and Improvement Company dated March 9, 1949, and recorded in Deed Book TT, page 474, and the same property described in a deed from S. P. Dixon to Interstate Land and Improvement Company dated July 22, 1950, and recorded in Deed Book UU, page 371, and a portion of the property conveyed in a Deed of Amplification from Inland-Rome Inc. to Mead Coated Board, Inc. dated July 27, 1989, and recorded in Deed Book 57, page 119, in the Deed of Records of the Clerk of the Superior Court of Talbot County, Georgia.<br>LESS AND EXCEPT all that lot, tract and parcel of land situate, lying and being in Land Lot 259 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly identified as "25.96 acres" on that certain plat of survey entitled "Plat for A. W. and Sylvia Rozell" prepared by Robert A. Moreland on January 30, 2009, and recorded in Plat Book 241, page 16A, in the Office of the Clerk of the Superior Court of Talbot County,  | &nbsp;&nbsp;1314.98 | &nbsp;&nbsp;1314.98 |

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| &nbsp;&nbsp;Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property excepted herefrom.<br>ALSO, LESS AND EXCEPT all that tract or parcel of land lying and being in land Lots 226 and 243 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly described as 169.676 acres on that certain plat of survey recorded in Plat Book 244, page 5, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia, and being the same property described in a Limited Warranty Deed to Jack Phillips Buchanan from MeadWestvaco Coated Board, Inc. dated June 21, 2010, and recorded in Deed Book 331, page 338, in said Clerk's Office.<br>ALSO, LESS AND EXCEPT 14.584 acres, more or less, in Land Lot 243 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly described in a Limited Warranty Deed from MeadWestvaco Coated Board, Inc. to Georgia Power Company dated March 28, 2005, and recorded in Deed Book 246, page 181, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia. |  |
| &nbsp;&nbsp;**Tract Name: COMP 31019B**<br>**TA-24**<br>All that tract or parcel of land containing 98.036 acres, more or less, in Land Lots 262 and 263 of the 22<sup>nd</sup> Land District, in Talbot County, Georgia, and being more particularly shown and described on that certain plat of survey prepared by Georgia Kraft Company dated November 22, 1958, and recorded in Plat Book G, page 326, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property.<br>The above referenced plat indicates a tract of land containing 104.7 Acres, and THERE IS EXCLUDED FROM SAID ACREAGE AND  | &nbsp;&nbsp;98.036 |

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|  | &nbsp;&nbsp;NOT HEREBY DESCRIBED that certain tract of land conveyed to Georgia Power Company for a right of way in the year 1981 containing 6.64 acres. Said excepted parcel being conveyed by Georgia Kraft Company to Georgia Power Company by Right of Way Deed recorded in Deed Book 37, Page 221, and being more particularly described as follows:<br>All that tract or parcel of land situate, lying and being in Land Lot 262 of the 22nd Land District of Talbot County, Georgia and being more particularly described as follows: Beginning on the dividing line between Land Lots 262 and 279 at a property corner common to lands of Anne Liz Terry and lands of the Grantor herein; thence from said Point of Beginning South 88° 39' East along said dividing line 100.00 feet to a point; thence South 01° 21' West 2885.20 feet to the north right of way line of the Company's existing right of way line previously acquired on its Bartlett's Perry-Manchester Transmission Line; thence South 71° 42' West along said right of way line 106.18 feet to the dividing line between lands of Annie Liz Terry and lands of the Grantor herein; thence North 01° 21' East along said dividing line 2920.91 feet to the Point of Beginning.<br>This is the same property described and conveyed in a deed from Holmes S. Chapman to Interstate Land and Improvement Company dated October 16, 1952, and recorded in Deed Book WW, page 248; and a portion of the property conveyed in a Deed of Amplification from Inland-Rome Inc. to Mead Coated Board, Inc. dated July 27, 1989, and recorded in Deed Book 57, page 119, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia. |  |
| &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;**Talbot County, Georgia** | &nbsp;&nbsp;**1413.016** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Recap of acres in each county: | &nbsp;&nbsp;Recap of acres in each county: | &nbsp;&nbsp;Recap of acres in each county: |
|  | &nbsp;&nbsp;**Harris County, Georgia** | &nbsp;&nbsp;**249.812** |
|  | &nbsp;&nbsp;**Talbot County, Georgia** | &nbsp;&nbsp;**1413.016** |
| &nbsp;&nbsp;**Totals** |  | &nbsp;&nbsp;**1662.828** |

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**EXHIBIT F**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**<u>GUARANTY AGREEMENT</u>**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DATED**: | &nbsp;&nbsp;, 20xx |  |
| &nbsp;&nbsp;**FROM**: | &nbsp;&nbsp;XXXXX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;("**Guarantor**") |
| &nbsp;&nbsp;**IN FAVOR OF**: | &nbsp;&nbsp;WEYERHAEUSER COMPANY, a Washington corporation, and its Affiliates (together, "**Weyerhaeuser**")<br>220 Occidental Ave. S<br>Seattle, Washington 98104 | &nbsp;&nbsp;WEYERHAEUSER COMPANY, a Washington corporation, and its Affiliates (together, "**Weyerhaeuser**")<br>220 Occidental Ave. S<br>Seattle, Washington 98104 |
| &nbsp;&nbsp;**REGARDING**: | &nbsp;&nbsp;SOUTHEAST METALS, LLC, a Virginia limited liability company "**SEM**")<br>650 Peter Jefferson Parkway Suite 230, Charlottesville, VA 22911 | &nbsp;&nbsp;SOUTHEAST METALS, LLC, a Virginia limited liability company "**SEM**")<br>650 Peter Jefferson Parkway Suite 230, Charlottesville, VA 22911 |

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**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Weyerhaeuser and SEM entered into that certain Mining Lease Agreement of even date herewith (the "**Lease**") pursuant to which SEM leases from Weyerhaeuser certain lands and mineral interests in Harris and Talbot Counties, Georgia and more particularly described in the Lease, to which Lease this Agreement is attached as *Exhibit F*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Guarantor is the parent company of SEM and the execution and delivery of the Lease and SEM's performance thereunder will benefit Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. As an inducement to Weyerhaeuser to enter into and continue the Lease after Guarantor becoming the parent company of SEM, as more fully described therein, and as a material part of the consideration for the Lease, the undersigned, for good and valuable consideration, hereby agrees as follows:

**AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** INCORPORATION OF RECITALS

The above recitals are true and correct and incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** GUARANTY

Guarantor unconditionally and irrevocably guarantees to Weyerhaeuser (i) the full and prompt payment when due or whenever payment may become due under the terms of the Lease, including (without limitation) Annual Rental Payments, Production Royalty, Byproduct Royalty,

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and Area of Interest Royalty Payments (as those terms are defined in the Lease), and all other charges, expenses and costs of every kind or nature, which are or may be due now or in the future under the terms of the Lease, any agreements or documents related to the Lease, or any other transaction between Weyerhaeuser and SEM directly or indirectly related to the Lease; and (ii) the complete and timely performance, fulfillment, satisfaction and observance of all duties, obligations, terms and conditions of the Lease, rules and regulations and related obligations arising by reason of the Lease, and required to be performed, satisfied or observed by SEM. The Lease, and all agreements and documents related to the Lease are hereinafter referred to, collectively, as the "**SEM Documents**". Guarantor acknowledges and agrees that one or more of Weyerhaeuser's Affiliates may be a party to one or more of the SEM Documents; therefore, any and all references to Weyerhaeuser herein shall apply with full force and effect to any Weyerhaeuser Affiliate party to one or more of the SEM Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** COVERAGE OF GUARANTY

This Guaranty extends to any and all liability which SEM has or may have to Weyerhaeuser by reason of the SEM Documents, or surviving the expiration or early termination of the SEM Documents. This Guaranty extends to failure of payment or performance by any successor or assignee of SEM, and to any extensions or renewals of the SEM Documents and to any term established by reason of the holdover of SEM. This Guaranty shall not be in any way affected by any indulgences granted by Weyerhaeuser to SEM or any modifications or amendments to the SEM Documents granted by Weyerhaeuser. Receipt by Weyerhaeuser of rent or any other payments with knowledge of the breach of any provision of the SEM Documents shall not be deemed a waiver of such breach nor have any effect on this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** PERFORMANCE GUARANTY

In the event that SEM fails to perform, satisfy or observe the terms and conditions of the SEM Documents, rules and regulations, and related obligations required to be performed, satisfied or observed by SEM, the Guarantor will promptly and fully perform, satisfy and observe the obligation or obligations in the place of SEM. Guarantor shall pay, reimburse and indemnify Weyerhaeuser for any and all damages, costs, expenses, losses and other liabilities arising or resulting from the failure of SEM to perform, satisfy or observe any of the terms and conditions of the SEM Documents, rules and regulations and related obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** CONTINUING GUARANTY

This Guaranty shall be continuing. Without notice to or further assent from the Guarantor, Weyerhaeuser may waive or modify any of the terms or conditions of the SEM Documents, any rules and regulations or related SEM obligations; or compromise, settle or extend the time of payment of any amount due from SEM or the time of performance of any obligation of SEM. These actions may be taken by Weyerhaeuser without discharging or otherwise affecting the obligations of Guarantor. This Guaranty shall continue to apply to any future lease between Weyerhaeuser and SEM which replaces the original Lease. SEM need not provide Guarantor with any notice of default or demand for payment. Guarantor hereby waives diligence, presentment, demand, all notices (including notice of dishonor, presentment, acceptance and default), and the benefit of any statute of limitations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** SECURITY

This Guaranty shall remain in full force and effect, and the Guarantor shall be fully responsible, without regard to any security deposit or other collateral, for the performance of the terms and conditions of the SEM Documents, or the receipt, disposition, application, or release of any bonding, security deposit or other collateral, now or hereafter held by or for Weyerhaeuser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** UNCONDITIONAL OBLIGATIONS

This Guaranty shall not be affected by: (a) the validity or enforceability of any obligation of SEM or Guarantor; (b) any amendment, renewal, waiver, compromise, or new agreement, including but not limited to, the grant of a security interest to Weyerhaeuser by SEM, or interruption in relations between and/or among SEM, Guarantor, and Weyerhaeuser; (c) relief granted pursuant to any statute now or hereafter in force; (d) any setoff, counterclaim or any circumstances which might constitute a defense or discharge of a Guarantor; or (e) any modification of the Lease Area (as defined in the Lease). The liability of Guarantor is direct, immediate, absolute, continuing, unconditional, primary and unlimited. Weyerhaeuser shall not be required to pursue any remedies it may have against SEM, against any other person or entity who is liable (primarily or otherwise) for performance of the SEM Documents, or against any security deposit, bond or other collateral as a condition to enforcement of this Guaranty. Nor shall Guarantor be discharged or released by reason of the discharge or release of SEM, such other person or entity, or any collateral, for any reason, including a discharge in bankruptcy, receivership or other proceedings, a disaffirmation or rejection of the SEM Documents by a trustee, custodian, or other representative in Bankruptcy, a stay or other enforcement restriction, or any other reduction, modification, impairment or limitations of the liability of SEM or any remedy of Weyerhaeuser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** BINDING EFFECT; TRANSFER OF OWNERSHIP INTEREST IN LESSEE

This Guaranty is binding upon the Guarantor, its heirs, legal representatives, successors and assigns, and is binding upon and shall inure to the benefit of Weyerhaeuser, its successors and assigns. No assignment or delegation by the Guarantor shall release the Guarantor of its obligations under this Guaranty. Weyerhaeuser may assign this Guaranty in connection with an assignment of Weyerhaeuser's interest in the SEM Documents, in which event the assignee of Weyerhaeuser shall have the right to enforce this Guaranty as if originally named as "Weyerhaeuser" herein. Guarantor agrees that so long as this Guaranty is in force, Guarantor shall not dispose of its interest in SEM (other than to Guarantor's Affiliates) without Weyerhaeuser's consent, which consent shall not be unreasonably withheld, and this Guaranty shall not be discharged, limited, or reduced except upon complete performance of the duties, obligations, and liabilities of SEM guaranteed hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** MODIFICATIONS

This Guaranty may not be modified orally, but only by a writing signed by both the Guarantor and Weyerhaeuser. Modifications include any waiver, change, discharge, modification, or termination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** ATTORNEY FEES

In the event of litigation to enforce or interpret this Guaranty (including any proceeding that may be brought in the U.S. Bankruptcy Court), the prevailing party shall be entitled to recover, in addition to all other costs, damages, and awards, its reasonable costs and attorney fees, both at and in preparation for trial and any appeal or review (including in connection with any petition for review), such amounts to be set by the court(s) before which the matter is heard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** REMEDIES CUMULATIVE

No remedy granted herein to Lessor is intended to be exclusive of any other available remedy or remedies, but each and every remedy granted under this Guaranty shall be cumulative and shall be in addition to every other remedy given under this Guaranty, now or hereafter existing at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** GOVERNING LAW, VENUE:

This Guaranty shall be interpreted under and enforced in accordance with the laws of the State of Washington. Guarantor, Lessor and Lessee hereby (i) irrevocably submit to the jurisdiction of the courts of the State of Washington and the Federal courts of the United States of America in and for King County, Washington for the purpose of any action or proceeding arising out of this Guaranty; (ii) agree that they will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any court; and (iii) agree that they will not bring any action relating to this Guaranty in any court other than an Washington state court or Federal court in and for King County, Washington. Each of the parties hereby consents to and grants any such court jurisdiction over the person of such party and over the subject matter of any such dispute and agrees that mailing of process or other papers in connection with any such action or proceeding to the addresses of parties listed in any manner permitted by law shall be valid and sufficient service thereof on such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** INSOLVENCY OF SEM

If, as and when SEM or any entity comprising SEM becomes insolvent (defined below), Guarantor shall be deemed to have absolutely waived and released any claim or other right which Guarantor may now or hereafter acquire against SEM that arises from the existence, payment, performance or enforcement of the obligations of Guarantor under this Guaranty, including (without limitation) any right of subrogation, reimbursement, setoff, exoneration, contribution or indemnification, regardless of whether such claim arises in equity or under contract, statute or common law (such rights and claims are hereinafter collectively referred to as "**Claims**"). Such waiver and release of Claims shall be effective as of the date that SEM becomes insolvent and shall remain in force and effect throughout the period of SEM's insolvency. As used herein, the term "insolvent" shall have the meaning ascribed to it in the Federal Bankruptcy Code, as amended from time to time (as amended, the "**Code**"), and shall include any presumption of insolvency mandated by the Code that is not overcome.

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The Guarantor has duly signed this Guaranty Agreement effective on the date and year stated above.

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| | |
|:---|:---|
| **GUARANTOR** | **GUARANTOR** |
| South East Metals | South East Metals |
| By: |  |
|  | Name: |
|  | Title: |

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**<u>EXHIBIT G</u>**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**FORM OF ROYALTY GRANT AND AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Area of Interest Royalty**

[Attached]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Put Option Royalty**

[Attached]

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**EXHIBIT G-1**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project) ("**Mining Lease**"))

**<u>AREA OF INTEREST ROYALTY GRANT AND AGREEMENT</u>**

THIS AREA OF INTEREST ROYALTY GRANT AND AGREEMENT ("**Royalty Agreement**") is made and entered into effective October 1st, 2020, by and between South East Metals, LLC, a Virginia limited liability company ("**SEM**" or "**Grantor**"), the address of which is 650 Peter Jefferson Parkway Suite 230, Charlottesville, Virginia 22911, and Weyerhaeuser Company, a Washington corporation ("**Weyerhaeuser**" or "**Royalty Holder**"), the address of which is 220 Occidental Ave. S., Seattle, Washington 98104. Grantor and Royalty Holder are sometimes referred to individually as a "**Party**" and, collectively, as "**Parties**").

**<u>RECITALS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Weyerhaeuser, as the owner of certain lands and mineral interests located in Harris and Talbot Counties, Georgia, has entered into that certain mining lease dated October 1st, 2020 with SEM for the exploration, development and production of Rare Earth Elements and Products and certain rights of access (the "**Mining Lease**"), concerning the interests and area included in the Mining Lease, as more particularly described in the Mining Lease (the "**Lease Area**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. As part of the consideration and terms and conditions associated with the Mining Lease, SEM desires to grant and pay to Weyerhaeuser a non-participating overriding royalty on Products and Byproducts produced by SEM or its successors or assigns from production occurring from each of the property interests within the Area of Interest as defined in Section 1.0 outside the Lease Area ("**Outside Lease Area Interest**" or "**OLA Interest**") situated within the Area of Interest and more particularly described and depicted in Exhibits A and B ("**Area of Interest**") under the terms and conditions of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Parties intend for the rights and obligations in this Royalty Agreement to survive the Mining Lease and remain in effect with respect to the OLA Interest for the duration of any interest of SEM or its successor and assigns in any OLA Interest, and to any Products or Byproducts produced by SEM or its successors and assigns from any OLA Interest, unless earlier terminated by mutual agreement of the Parties.

**<u>AGREEMENT</u>**

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties agree as follows:

**1.0 DEFINITIONS**

Unless otherwise defined, all capitalized terms shall have the following meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** "**ACH**" shall have the meaning set forth in Section 4.1.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** "**Affiliate**" means any person, limited liability company, partnership, joint venture, corporation, or other form of enterprise which directly or indirectly controls, is controlled by or is under common control with a Party, and for the purposes hereof; and "control" means possession, directly or indirectly, of the power to direct or cause direction of management and policies through ownership of voting securities, contract, voting trust or otherwise, and in the absence of evidence to the contrary, ownership of fifty-one percent (51%) or more of the voting securities of a corporation will constitute "control".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** "**Area of Interest**" shall mean the geographic area outside the Lease Area in Harris, Talbot, Meriwether, Upson, Pike, Lamar, Monroe, Jasper, and Jones Counties, Georgia and Lee County, Alabama, and is further described and depicted in the attached Exhibits A and B. Exhibit B includes a map depicting, without any warranty regarding title, the location and boundaries of real property owned by Weyerhaeuser within the Area of Interest as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** "**Arm's Length Transaction**" means one between Non-Related Parties in a competitive and open market under conditions requisite to a fair sale, each acting prudently and knowledgeably, and where the selling price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title to the buyer under conditions whereby; (1) the buyer and seller are typically motivated, well informed or advised, and are acting in what they consider their best interest, (2) a reasonable time is allowed for exposure to the market, (3) payment is made in US dollars or in terms of financial arrangements comparable thereto, and (4) the price represents the normal consideration for the material or product sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** "**Byproduct**" shall mean minerals other than Rare Earth Elements that are produced in marketable form as a byproduct of mining Rare Earth Elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** "**Data**" shall mean all factual and interpretative geochemical, geological, geotechnical, engineering, geophysical, metallurgical and resource modeling data (including without limitation ore deposit modeling data), maps, reports and studies, logs of drill holes and Royalty Agreement or the OLA Interest generated or obtained by Grantor, its Affiliates, or independent contractors or consultants as a result of exploration, development and mining of the OLA Interest or collected otherwise, regarding Rare Earth Elements within the Area of Interest, whether in paper, digital or other form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** "**Development**" means all preparation (other than Exploration Activities) for the removal and recovery of Products, including but not limited to construction and installation of a mill or any other improvements to be used for the mining, handling, milling, processing, or other beneficiation of Products, and including related Environmental Compliance. Development is strictly limited to the rights included in the OLA Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** "**Dollars**" or "**$**" means United States currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** "**Effective Date**" shall have the meaning set forth in the introductory paragraph.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** "**Environmental Compliance**" means actions performed during or after operations to comply with the requirements of all Environmental Laws or contractual commitments related to reclamation of the OLA Interest or other compliance with Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** "**Environmental Laws**" means all applicable Laws aimed at reclamation or restoration of the OLA Interest; abatement of pollution; protection of the environment; protection of wildlife, including endangered species; ensuring public safety from environmental hazards; protection of cultural or historic resources; management, storage or control of hazardous materials and substances; releases or threatened releases of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances as wastes into the environment, including without limitation, ambient air, surface water and groundwater; and all other Laws relating to the manufacturing, processing, distribution, use, treatment, storage, disposal, handling or transport of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances or wastes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12** "**Exploration Activities**" means all activities directed toward ascertaining the existence, location, quantity, quality or commercial value of deposits of Products, including but not limited to sampling, stream sediment sampling, rock chip sampling, mapping, geologic mapping, geophysical surveying, drilling, drilling related activities, and metallurgical testing and related Environmental Compliance. Exploration Activities shall include all activities associated with the preparation of any feasibility study or pre-feasibility study for possible Development of the OLA Interest. Exploration Activities are expressly limited to the rights included in the OLA Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13** "**Fair Market Value**" shall have the meaning set forth in Section 3.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14** "**Initial Processing**" shall have the meaning set forth in Section 7.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15** "**Law**" or "**Laws**" means all applicable federal, state and local laws (statutory or common), rules, ordinances, regulations, grants, concessions, franchises, licenses, orders, directives, judgments, decrees, and other governmental restrictions, including permits and other similar requirements, whether legislative, municipal, administrative or judicial in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16** "**Lease Area**" means the lands and mineral interests owned by Weyerhaeuser included in the Mining Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17** "**Mining Lease**" has the meaning specified in the Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18** "**Mining Operations**" means the extraction and removal of Products, whether by surface or underground mining methods or any other subsurface or surface methods now existing or later developed, including in situ and heap leaching techniques, and the processing and beneficiation of such Products, together with the use of the surface estate for the purpose of producing and recovering the Products on the OLA Interest, but only to the extent allowed by the mineral and surface estate rights owned by Grantor in the OLA Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19** "**Non-Related Party**" means one that is not a subsidiary, parent or other Affiliate of SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.20** "**Notices**" shall have the meaning set forth in Section 10.6.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.21** "**Outside Lease Area Interest**" or "**OLA Interest**" means any interest in Rare Earth Elements outside the Lease Area that SEM or its successors or assigns currently has or hereafter acquires in the Area of Interest within the time period of any applicable Rule Against Perpetuities, including without limitation any ownership, leasehold, joint venture, operator, working or other contract or real property interest for Rare Earth Element exploration, development, mining or other operations or activities, but excluding any interest acquired from Royalty Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.22** "**Products**" means all ores, minerals and mineral and nonmineral resources and substances that can potentially be produced and sold from the OLA Interest that contain any Rare Earth Elements, including without limitation substances sold as concentrate, refined product, dore, or direct shipping ore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23** "**Quarterly Statement**" shall have the meaning set forth in Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.24** "**Rare Earth Elements**" means the following chemical elements in the Periodic Table of Elements: lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, and yttrium, whether occurring alone or in combination with one another or other mineral or nonmineral substances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.25** "**Royalty**" shall have the meaning set forth in Section 2.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.26** "**Sale**" shall have the meaning set forth in Section 4.1.

**2.0 GRANT OF AREA OF INTEREST ROYALTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Grant of Royalty**. Grantor hereby grants and shall pay to Royalty Holder a nonparticipating overriding royalty of one percent (1%) of Fair Market Value per ton of Products and Byproducts produced from each OLA Interest (the "**Royalty**"). Grantor agrees to provide Royalty Holder with a list and description of the OLA Interests subject to the Royalty quarterly prior to production from any OLA Interest, and with any applicable payment and Quarterly Statement provided pursuant to Section 4.1 upon commencement of production from any OLA Interest. The Parties further agree that the rights and obligations in this Royalty Agreement shall survive the Mining Lease and remain in effect with respect to the OLA Interest for the duration of any interest of SEM or its successor and assigns in any OLA Interest, and to any Products or Byproducts produced by SEM or its successors and assigns from any OLA Interest, unless earlier terminated by mutual agreement of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Data**. Grantor agrees to provide Royalty Holder with all data and information currently in the possession or control of or hereafter acquired by Grantor or its successors or assigns pertaining to Rare Earth Elements Exploration Activities, Development, Mining Operations or related activities in each OLA Interest, to be included as Data subject to the terms and conditions of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 No Milling Obligation**. Grantor may, but is not obligated to, beneficiate, mill, sort, concentrate, refine, smelt, or otherwise process and upgrade any ores, concentrates and other mineral products from any OLA Interest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 No Burden on Ores; No Royalty in Kind**. The Royalty is a grant to a share of the proceeds of production from each OLA Interest. The Royalty is not intended, and nothing in this Royalty Agreement shall be interpreted, to grant to Royalty Holder any legal or beneficial ownership rights to or a burden upon any ores, concentrates or products located or produced from any OLA Interest. Royalty Holder shall have no right to take, or elect to take, the Royalty or value of the Royalty in kind by physical delivery of ores, concentrates or Products.

**3.0 FAIR MARKET VALUE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Sale of Products**. In the event Grantor sells Products, "**Fair Market Value**" shall mean the greater of (1) the then current average quarterly selling price of Products, as reported by mineralprices.com or an equivalent publication mutually agreed upon by the Parties, for medium-term contract sales of bulk concentrate standard grade products that are being sold by a producer from any processing facility located in the United States in an Arm's Length Transaction, or (2) the "**Gross Sales Price**" of Products as defined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Gross Sales Price - Arm's Length**. For Arm's Length Transactions, the Gross Sales Price of Products shall be the price actually charged by Grantor in an Arm's Length Transaction, including the value of any non-cash consideration, F.O.B. railroad cars, trucks or other transport at the time and place of sale without deduction for selling costs, selling commissions, advertising, credit losses, transportation costs, severance tax or any other taxes that might be hereafter imposed, discounts, or any other deductions whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Gross Sales Price - Related Party**. If any of the Products mined from an OLA Interest shall be sold by Grantor at other than an Arm's Length Transaction, or consumed on or off the OLA Interest without sale by Grantor, or sold to some entity other than a Non-Related Party, then the Gross Sales Price of such Products shall be the greater of (i) the Gross Sales Price of Arm's Length Transactions completed during the same calendar quarter, or (ii) the Fair Market Value of such Products at the time of sale, or if consumed without sale, at the time of consumption, as determined in (1) above.

The Fair Market Value for Byproducts shall mean and be determined the same as for Products as specified above, except substituting "Byproduct" for "Products" each place where "Products" appears above, and "London Metal Exchange" for "mineralprices.com" where "mineralprices.com" appears above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Hedging Profits and Losses Not Included in Fair Market Value**. Notwithstanding any other provision of this Royalty Agreement, Grantor and Royalty Holder intend and agree that for purposes of determination of the Royalty due hereunder, Fair Market Value shall include the proceeds received by Grantor from the sale and delivery of Products, including delivery made pursuant to a forward sales contract; but shall not include any profits, losses or transaction costs for any futures trading or commodity options trading or any other price hedging, price protection, derivative or speculative arrangements which may involve the possible delivery of Products produced from the OLA Interest.

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**4.0 MANNER OF PAYMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Royalty Payments**. Royalties shall accrue at the time of sale of Products from the OLA Interest or time that the Product is consumed without sale by Grantor and in the amount as provided in Section 3.0 above. For purposes of this Section 4.1, "**Sale**" means the date on which Grantor receives payment for the sale of Products. Royalty payments shall become due and payable quarterly on the fifteenth (15th) day of the month following the last day of the calendar quarter in which the same accrue. Royalty payments shall be by check, ACH (as defined below) or wire transfer, and shall be accompanied by a settlement sheet showing the quantities and grades of Products produced from the OLA Interest for sale or processing, proceeds of sale, costs, and other pertinent information in sufficient detail to explain the calculation of the Royalty payment ("**Quarterly Statement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Depository Bank**. Upon written request of Grantor, Royalty Holder shall designate a bank to act as Royalty Holder's agent to receive from Grantor all payments payable under the terms hereof, and all such payments may be made by paying or tendering the same to Royalty Holder, or to the bank for Royalty Holder' credit, which bank shall continue as the depository for all Royalty payments, subject only to the subsequent provisions in this Section 4.1. All charges of such depository bank shall be for Royalty Holder's account. A single payment or tender to said depository bank shall be made by (i) mailing or by delivering a check, (ii) electronic exchange of funds between accounts held at U.S. financial institutions through the Automated Clearing House network ("**ACH**"), or (iii) wire transfer, and such a payment shall effectively and for all purposes whatsoever constitute full payment of the amount thereof to Royalty Holder to the same extent as if made directly. In the event Royalty Holder fails to name said bank upon the request of Grantor, or in the event such bank (or any successor bank) should fail, liquidate or be succeeded by another bank, or for any reason fail or refuse to accept royalties, or should Royalty Holder desire to designate another depository bank, then Grantor shall not be held in default for failure to make payment or tender of payments until thirty (30) days after said persons shall deliver to Grantor a proper, recordable instrument naming a bank as agent to receive such payments or tenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Objections to Payments**. All Royalty payments shall be considered final and in full satisfaction of all obligations of Grantor with respect thereto unless Royalty Holder gives Grantor written notice describing and setting forth a specific objection to the calculation thereof within ninety (90) days after receipt by Royalty Holder of the Quarterly Statement herein provided for. If Royalty Holder objects to a particular Quarterly Statement as herein provided, Royalty Holder shall, for a period of thirty (30) days after Royalty Holder's receipt of notice of such objection, have the right to have Grantor's accounts and records relating to calculation of the Quarterly Statement in question audited by a certified public accountant acceptable to Royalty Holder and to Grantor and subject to mutually acceptable confidentiality protection. Grantor shall account for any deficits or excess in the payment made to Royalty Holder pursuant to the Quarterly Statement in question which may be confirmed by such an audit by adjusting the next Quarterly Statement following completion of such audit to account for such deficits or excess. If the variation between the amount of a particular Royalty payment made to Royalty Holder hereunder as calculated by the audit provided for herein exceeds five percent (5%), Grantor shall pay all costs of such audit. If such variation is five percent (5%) or less, Royalty Holder shall pay all costs of such audit. For the purpose of determining the amount of royalties payable hereunder, all figures, accounts, and records used in connection with the calculation of royalties shall be determined in accordance with

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generally accepted accounting principles and from accounts maintained by Grantor in connection with its operations of the OLA Interest. Failure on the part of Royalty Holder to make a claim on Grantor for adjustment in such 90-day period shall establish the correctness of the particular Quarterly Statement and preclude the filing of exceptions to such Quarterly Statement or making of claims for adjustment to such Quarterly Statement, and in the absence of fraud, Royalty Holder expressly waives any claim or cause of action with respect to such Quarterly Statement.

**5.0 COMMINGLING OF ORES**

Grantor shall have the right of mixing or commingling, either underground, at the surface, or at the OLA Interest, any ores, mine waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds containing minerals mined or extracted from any sources or mining properties with any similar substances derived from other sources, lands or properties; provided that Grantor shall weigh and sample such ores, products or compounds in accordance with sound mining and metallurgical practice for moisture and metal content before the same are so mixed or commingled. In computing the Royalty, ownership of the Product shall be allocated between OLA Interest ore and other ore on the basis of the metal content and weight of the concentrate from each ore.

**6.0 SAMPLING, ASSAY, AND ANALYSIS**

Any determination of weight, volume, moisture content, amenability, or pay metal content, and any sampling and analysis shall be made in accordance with sound mining and metallurgical practices and standard sampling and analysis procedures prevailing in the Rare Earth Element mining and milling industry. Royalty Holder shall have the right to have a representative present at the time samples are taken. Royalty Holder shall be furnished at Royalty Holder's request with a portion of all samples taken for analysis of ore, leachates, pregnant liquors, or pregnant slurries or other compounds or products owned by Grantor processed on or off each OLA Interest. Split samples shall by retained by Grantor for later analysis by an independent referee selected by mutual agreement of the parties and, in the event of a dispute concerning Grantor's assay of samples, Royalty payments shall be based on the assay results determined by the independent referee. All statements or reports wherein Grantor's assay of samples are set forth shall be conclusively presumed to be true and correct, unless, within sixty (60) days after such statements or reports are delivered to Royalty Holder, Royalty Holder makes written objection thereto and demands an assay by the independent referee; and unless such objection and demand is made within such sixty-day period, Grantor shall have no duty to preserve the split samples after the end of such sixty-day (60) period. The cost of the independent referee shall be paid by the party whose assay shows the greatest variance from that of the independent referee.

**7.0 WASTE ROCK, SPOIL AND TAILINGS**

Except for the Royalty payable on Products provided herein, Royalty Holder shall have no rights, title or interest in all residue or tailings remaining after Initial Processing (defined below) and minerals from each OLA Interest, or any subsequent processing of ores, such or other products or compounds of minerals; provided, that, if any tailings, residues, waste rock, dumps, spoiled leach materials, or other waste materials are process or reprocessed at any time while the property of Grantor and result in the production of Rare Earth Element Products or Byproducts, such Rare

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Earth Element Products or Byproducts shall be subject to the Royalty and the further terms of this Royalty Agreement. "**Initial Processing**" shall mean all processing of ores, mine waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds of mineral prior to the time any residue thereof shall be first deposited in a tailings containment facility. Grantor shall not be liable for mineral values lost in mining or processing pursuant to sound mining and metallurgical engineering practices. The Royalty shall be payable only on Products and Byproducts.

**8.0 ACCESS TO OLA INTEREST**

Subject to the confidentiality provisions of this Royalty Agreement, any consent required from any landowner or other third party, and all health and safety requirement imposed by Grantor, Royalty Holder and its representatives shall, at their sole risk and expense, upon reasonable advance notice to and prior approval from Grantor have access to operations conducted by or on behalf of Grantor on each OLA Interest for the purposes of viewing or inspecting the same, provided that Royalty Holder and its representatives shall indemnify Grantor or any claims, losses or damages that arise out of or result from Royalty Holder's presence or activities at each OLA Interest.

**9.0 CONFIDENTIALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 Confidentiality of Royalty Agreement**. Except as provided in Section 10.2 and Section 10.10, neither Party may disclose the terms of this Royalty Agreement to a third party without the prior written consent of the other Party, which consent shall be at the other Party's sole discretion; provided that either Party may make such disclosures as, in the opinion of its counsel, are required by any applicable Law, stock exchange rule, existing contract, or legal process; provided, however, that in such a case the disclosing Party shall promptly notify the other Party of such request or requirement, so that the other Party may seek an appropriate protective order or waive compliance with this Royalty Agreement. In the absence of a protective order or the receipt of a waiver, the disclosing Party will give the other Party written notice (unless prohibited by law) of the information to be disclosed, as far in advance as practicable, and exercise all reasonable efforts to obtain reliable assurance that confidential treatment shall be afforded to that information.

**10.0 GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 Time Is of the Essence**. Time is of the essence for each and every provision of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Applicable Law**. To the maximum extent provided by law, this Royalty Agreement shall be construed and interpreted according to, and governed by, the laws of the State of Georgia and federal law as may be applicable, regardless of the choice of law principles that may apply.

Each of the Parties hereby (i) irrevocably submits to the jurisdiction of the courts of the State of Georgia and the Federal courts of the United States of America in and for Fulton County, Georgia for the purpose of any action or proceeding arising out of this Royalty Agreement or any of the transactions contemplated by this Royalty Agreement, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and (iii) agrees that it will not bring any action relating to this Royalty Agreement or any of the

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transactions contemplated by this Royalty Agreement in any court other than a Georgia state court or Federal court in and for Fulton County, Georgia. Each of the Parties hereby consents to and grants any such court jurisdiction over the person of such Party and over the subject matter of any such dispute and agrees that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 10.6, or in such other manner as may be permitted by law, shall be valid and sufficient service thereof on such Party. Each Party hereby acknowledges and agrees that any controversy that may arise under this Royalty Agreement is likely to involve complicated and difficult issues, and therefore such Party hereby irrevocably and unconditionally waives any right such Party may have to a trial by jury in respect to any litigation directly or indirectly arising out of or relating to this Royalty Agreement or any of the ancillary agreements, or the breach, termination or validity of this Royalty Agreement or any of the ancillary agreements, or the transactions contemplated hereby or thereby. Each Party hereby certifies and acknowledges that (i) no representative, agent or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce the foregoing waiver, (ii) such Party understands and has considered the implications of this waiver, (iii) such Party makes this waiver voluntarily, and (iv) such Party has been induced to enter into this Royalty Agreement and each of the ancillary agreements by, among other things, the mutual waivers and certifications set forth in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 Waiver**. Failure of either Party to insist upon the strict performance of any of the terms and conditions hereof, or failure to exercise any rights or remedies provided herein or by law, or to notify the other Party in the event of breach, shall not release the other Party of any of its obligations under this Royalty Agreement, nor shall any purported oral modification or rescission of this Royalty Agreement by either Party operate as a waiver of any of the terms hereof. No waiver by either Party of any breach, default, or violation of any term, warranty, representation, agreement, covenant, right, condition, or provision hereof shall constitute waiver of any subsequent breach, default, or violation of the same or other term, warranty, representation, agreement, covenant, right, condition, or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4 Rule Against Perpetuities**. The Parties do not intend that there shall be any violation of the Rule Against Perpetuities, the Rule Against Unreasonable Restraints on the Alienation of Real Property, or any similar rule. Accordingly, if any right or option to acquire any interest in any real property exists under this Royalty Agreement, such right or option must be exercised, if at all, so as to vest such interest within time periods permitted by applicable rules. If, however, any such violation should inadvertently occur, the provisions of this Royalty Agreement shall be revised in such a way as to approximate most closely the intent of the Parties within the limits permissible under such rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5 Severability**. If any provision of this Royalty Agreement is held to be invalid or unenforceable, such provision shall not affect or invalidate the remainder of this Royalty Agreement, and to this end the provisions of this Royalty Agreement are declared to be severable. If such invalidity becomes known or apparent to the Parties, the Parties agree to negotiate promptly in good faith in an attempt to amend such provision as nearly as possible to be consistent with the intent of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6 Notices**. All notices under this Royalty Agreement ("**Notices**"), shall be written and given by personal hand delivery, messenger service, overnight courier for next-day delivery, by

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confirmed facsimile transmission, by certified U.S. mail, postage prepaid, or email with receipt confirmation, and shall be addressed respectively as follows:

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| | |
|:---|:---|
| **If to Grantor:** | **If to Grantor:** |
| ATTN: Kermit Anderson | ATTN: Kermit Anderson |
| South East Metals, LLC | South East Metals, LLC |
| 650 Peter Jefferson Parkway Suite 230 | 650 Peter Jefferson Parkway Suite 230 |
| Charlottesville, Virginia 22911 | Charlottesville, Virginia 22911 |
| Phone: | 434 245 1151 |
| E-mail: |  |

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| | |
|:---|:---|
| **If to Royalty Holder:** | **If to Royalty Holder:** |
| ATTN: David Boyer | ATTN: David Boyer |
| Weyerhaeuser Company | Weyerhaeuser Company |
| 220 Occidental Ave. S. | 220 Occidental Ave. S. |
| Seattle, Washington 98104 | Seattle, Washington 98104 |
| Phone: | 206 539 4423 |
| E-mail: |  |

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All notices shall be effective upon actual receipt if received during the normal business hours of the receiving Party or on the next normal business day of the receiving Party if delivered other than during normal business hours. A Party may change the place to which notice is to be delivered, by giving written notice to the other Party in accordance with this Section 10.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7 Integrated Agreement; Modification**. This Royalty Agreement constitutes the entire agreement and understanding of the Parties with respect to the subject matter and supersedes all prior negotiations and representations. This Royalty Agreement may not be modified except in writing signed by the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8 Relationship of Parties**. Nothing contained in this Royalty Agreement shall be deemed to constitute either Party being the partner of the other or, except as otherwise expressly provided, to constitute either Party being the agent or legal representative of the other or to create any fiduciary relationship between them. It is not the intention of the Parties to create, nor shall this Royalty Agreement be construed to create, any mining, commercial or other partnership or association. Neither Party shall have any authority to act for or to assume any obligation or responsibility on behalf of the other Party, except as otherwise expressly provided herein, and any liabilities hereunder shall be several and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9 Assignment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Assignment by Grantor Without Royalty Holder's Consent**. Except as provided in Section 10.9(b), Grantor shall not assign any portion of its interest in this Royalty Agreement without Royalty Holder's prior written consent, in its sole discretion; provided that Grantor may assign or transfer its interest, in whole or in part, in this Royalty Agreement to a third party in conjunction with assignment or transfer of an assignment to the same third party of

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Grantor's interest in the OLA Interest to which the assignment of the Royalty Agreement interest applies, or in any security assignment or transfer in favor of any lender without the prior consent of the Royalty Holder provided that (a) Grantor provides written notice of such assignment within thirty (30) days of such assignment in accordance with Section 10.6, and (b) the assignee agrees in writing to accept all terms, conditions, and obligations of this Royalty Agreement. Royalty Holder may consider any attempted assignment requiring Royalty Holder's consent herein that is completed without such consent to be void. Unless otherwise agreed, Grantor guarantees prompt performance of all obligations under this Royalty Agreement notwithstanding any prior assignment of its interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Assignment to an Affiliate**. Notwithstanding the provisions in Section 10.9(a), Grantor shall have the right to sell, assign, transfer or otherwise dispose of all or any portion of its interest in this Royalty Agreement to an Affiliate of Grantor; provided that (i) Grantor provides Royalty Holder written notice of such intent at least thirty (30) days in advance of such assignment; (ii) the Affiliate agrees in writing to accept all terms, conditions, and obligations of this Royalty Agreement; (iii) any such assignment to an Affiliate shall be in conjunction with an assignment to the same Affiliate of Grantor's rights in the OLA Interest to which the assignment of the Royalty Agreement interest applies; and (iv) Grantor and any guarantor shall remain liable under this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10 Further Assurances**. Each Party hereto shall take such actions and execute such documents reasonably requested by any other Party hereto to enable such requesting party to enjoy the intended rights and benefits hereof. The Parties agree that at Royalty Holder's election, the Parties shall record this agreement or a memorandum in a form acceptable to both Parties with respect to any OLA Interests to which the Royalty applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11 Third Parties**. Nothing herein expressed or implied is intended or shall be construed to confer upon or give to any person or entity other than the parties and their successors or assigns, any rights or remedies under or by reason of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12 Attorneys' Fees**. Should any legal action or proceeding of any nature whatsoever (including any proceeding under the U.S. Bankruptcy Code) be commenced by either Party in order to enforce this Royalty Agreement or any provision hereof, or in connection with any alleged dispute, breach, default, or misrepresentation in connection with any provision herein contained, the prevailing Party shall be entitled to recover reasonable attorneys' fees and costs incurred in connection with such action or proceeding, including costs of pursuing or defending any legal action, including, without limitation, any appeal, discovery or negotiation and preparation of settlement arrangements, in addition to such other relief as may be granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13 Binding Effect**. The provisions of this Royalty Agreement shall inure to the benefit of and be binding upon the Parties and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.14 Counterparts**. This Royalty Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument. Each Party may rely upon the signature of each other Party on this Royalty Agreement that is transmitted by facsimile or email as constituting a duly authorized, irrevocable, actual, current delivery of this Royalty Agreement with the original ink

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signature of the transmitting Party. This Royalty Agreement shall become effective and in full force only when duly and properly executed, authorized and delivered by the Parties hereto.

[***Signatures appear on the following page***]

IN WITNESS WHEREOF, Grantor and Royalty Holder have executed this Royalty Agreement effective as of the Effective Date.

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| |
|:---|
| **GRANTOR**<br>**Southeast Metals, LLC** |
| By: |
| Name:  |
| Title:  |
| Date Executed:  |
| **ROYALTY HOLDER:**<br>**Weyerhaeuser Company** |
| By: |
| Name:  |
| Title:  |
| Date Executed:  |

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**EXHIBIT A**

(Attached to and made a part of<br>Royalty Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**AREA OF INTEREST DESCRIPTION**

[Attached]

The geographic area outside of the Lease Area comprised of the entirety of the following counties, and as depicted on the attached map labeled "Area of Interest": Harris, Talbot, Meriwether, Upson, Pike, Lamar, Monroe, Jasper, and Jones Counties, Georgia and Lee County, Alabama.

Including, without warranty regarding title, real property owned by Lessor as of the Effective Date within the geographic boundaries of the Area of Interest, depicted and identified as "Weyerhaeuser Properties" on the attached map.

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**EXHIBIT B**

(Attached to and made a part of<br>Royalty Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**MAP OF AREA OF INTEREST**

[Attached]

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![img237732262_2.jpg](img237732262_2.jpg)

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**EXHIBIT G-2**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project) ("**Mining Lease**"))

**<u>ROYALTY GRANT AND AGREEMENT</u>**

THIS ROYALTY GRANT AND AGREEMENT ("**Royalty Agreement**") is made and entered into effective , 20__, by and between South East Metals, LLC, a Virginia limited liability company ("**SEM**" or "**Grantor**"), the address of which is 650 Peter Jefferson Parkway Suite 230, Charlottesville, Virginia 22911, and Weyerhaeuser Company, a Washington corporation ("**Weyerhaeuser**" or "**Royalty Holder**"), the address of which is 220 Occidental Ave. S., Seattle, Washington 98104. Grantor and Royalty Holder are sometimes referred to individually as a "**Party**" and, collectively, as "**Parties**").

**<u>RECITALS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Weyerhaeuser, as the owner of certain lands and mineral interests located in Harris and Talbot Counties, Georgia, entered into that certain mining lease dated October 1st, 2020 with SEM for the exploration, development and production of Rare Earth Elements and Products, Byproducts and certain rights of access (the "**Mining Lease**"), concerning the interests and area included in the Mining Lease, as more particularly described in the Mining Lease (the "**Lease Area**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Pursuant to the Mining Lease, SEM has identified a portion of the Lease Area for the site of milling, processing, refining, waste dump, heap leaching or tailings ponds sites as more particularly described in <u>Exhibit A</u> attached hereto ("**Processing Facilities Area**"), and Weyerhaeuser has decided to sell and convey the Processing Facilities Area to SEM and has also elected to receive a non-participating overriding royalty on any Products or Byproducts mined, produced and severed from the Processing Facilities Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Accordingly, SEM desires to grant and pay to Weyerhaeuser a non-participating overriding royalty on any Products or Byproducts mined, produced and severed from the Processing Facilities Area equal to the same Production Royalty and Byproducts Royalty that Weyerhaeuser would have received under the Mining Lease if the Mining Lease were still in effect for the lands conveyed to SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Parties intend for the rights and obligations in this Royalty Agreement to survive the Mining Lease and remain in effect and run with the land with respect to the Processing Facilities Area, unless and until terminated by mutual agreement of the Parties.

**<u>AGREEMENT</u>**

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties agree as follows:

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**1.0 DEFINITIONS**

Unless otherwise defined, all capitalized terms shall have the following meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** "**ACH**" shall have the meaning set forth in Section 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** "**Affiliate**" means any person, limited liability company, partnership, joint venture, corporation, or other form of enterprise which directly or indirectly controls, is controlled by or is under common control with a Party, and for the purposes hereof; and "control" means possession, directly or indirectly, of the power to direct or cause direction of management and policies through ownership of voting securities, contract, voting trust or otherwise, and in the absence of evidence to the contrary, ownership of fifty-one percent (51%) or more of the voting securities of a corporation will constitute "control".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** "**Arm's Length Transaction**" means one between Non-Related Parties in a competitive and open market under conditions requisite to a fair sale, each acting prudently and knowledgeably, and where the selling price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title to the buyer under conditions whereby; (1) the buyer and seller are typically motivated, well informed or advised, and are acting in what they consider their best interest, (2) a reasonable time is allowed for exposure to the market, (3) payment is made in US dollars or in terms of financial arrangements comparable thereto, and (4) the price represents the normal consideration for the material or product sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** "**Byproduct**" shall mean minerals other than Rare Earth Elements that are produced in marketable form as a byproduct of mining Rare Earth Elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** "**Data**" shall mean all factual and interpretative geochemical, geological, geotechnical, engineering, geophysical, metallurgical and resource modeling data (including without limitation ore deposit modeling data), maps, reports and studies, logs of drill holes and results of assaying and sampling, and environmental data collected for permitting pertaining to the Royalty Agreement or the Processing Facilities Area generated or obtained by Grantor, its Affiliates, or independent contractors or consultants as a result of exploration, development and mining of the Processing Facilities Area or collected otherwise, regarding Rare Earth Elements within the Processing Facilities Area, whether in paper, digital or other form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** "**Dollars**" or "**$**" means United States currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** "**Effective Date**" shall have the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** "**Fair Market Value**" shall have the meaning set forth in 3.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** "**Initial Processing**" shall have the meaning set forth in Section 7.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** "**Law**" or "**Laws**" means all applicable federal, state and local laws (statutory or common), rules, ordinances, regulations, grants, concessions, franchises, licenses, orders,

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directives, judgments, decrees, and other governmental restrictions, including permits and other similar requirements, whether legislative, municipal, administrative or judicial in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** "**Mining Lease**" has the meaning specified in the Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12** "**Non-Related Party**" means one that is not a subsidiary, parent or other Affiliate of SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13** "**Notices**" shall have the meaning set forth in Section 10.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14** "**Processing Facilities Area**" has the meaning specified in the Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15** "**Products**" means all ores, minerals and mineral and nonmineral resources and substances that can potentially be produced and sold from the Processing Facilities Area that contain any Rare Earth Elements, including without limitation substances sold as concentrate, refined product, dore, or direct shipping ore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16** "**Quarterly Statement**" shall have the meaning set forth in Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17** "**Rare Earth Elements**" means the following chemical elements in the Periodic Table of Elements: lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, and yttrium, whether occurring alone or in combination with one another or other mineral or nonmineral substances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18** "**Royalty**" shall mean the Royalty as defined in Section 2.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19** "**Sale**" shall have the meaning set forth in Section 4.1.

**2.0 GRANT OF ROYALTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Grant of Royalty**. Grantor hereby grants and shall pay to Royalty Holder the following non-participating production royalties (collectively, the "***Royalty***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Production Royalty**. Grantor shall pay to Royalty Holder a royalty in the amount of five percent (5%) of the weighted average quarterly per short ton (2,000 pounds) Fair Market Value of such Products produced from the Processing Facilities Area ("**Production Royalty**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Byproducts Royalty**. Grantor shall pay to Royalty Holder a royalty for Byproducts produced from the Processing Facilities Area, at a rate of five percent (5%) of the per short ton or other applicable weight, volume or other unit measure Fair Market Value of such Byproduct ("**Byproducts Royalty**").

The Parties further agree that the rights and obligations in this Royalty Agreement shall survive the Mining Lease and remain in effect and run with the land with respect to the Processing Facilities Area unless and until terminated by mutual agreement of the Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 No Royalty in Kind**. The Royalty is a grant to a share of the proceeds of production from the Processing Facilities Area. Royalty Holder shall have no right to take, or elect to take, the Royalty or value of the Royalty in kind by physical delivery of ores, concentrates or Products or Byproducts.

**3.0 FAIR MARKET VALUE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Sale of Products**. In the event Grantor sells Products, "**Fair Market Value**" shall mean the greater of (1) the then current average quarterly selling price of Products, as reported by mineralprices.com or an equivalent publication mutually agreed upon by the Parties, for medium-term contract sales of bulk concentrate standard grade products that are being sold by a producer from any processing facility located in the United States in an Arm's Length Transaction, or (2) the "**Gross Sales Price**" of Products as defined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Gross Sales Price - Arm's Length**. For Arm's Length Transactions, the Gross Sales Price of Products shall be the price actually charged by Grantor in an Arm's Length Transaction, including the value of any non-cash consideration, F.O.B. railroad cars, trucks or other transport at the time and place of sale without deduction for selling costs, selling commissions, advertising, credit losses, transportation costs, severance tax or any other taxes that might be hereafter imposed, discounts, or any other deductions whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Gross Sales Price - Related Party**. If any of the Products mined from the Processing Facilities Area shall be sold by Grantor at other than an Arm's Length Transaction, or consumed on or off the Processing Facilities Area without sale by Grantor, or sold to some entity other than a Non-Related Party, then the Gross Sales Price of such Products shall be the greater of (i) the Gross Sales Price of Arm's Length Transactions completed during the same calendar quarter, or (ii) the Fair Market Value of such Products at the time of sale, or if consumed without sale, at the time of consumption, as determined in (1) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Sale of Byproducts**. The Fair Market Value for Byproducts shall mean and be determined the same as for Products as specified above in Section 3.1, except substituting "Byproduct" for "Products" each place where "Products" appears above, and "London Metal Exchange" for "mineralprices.com" where "mineralprices.com" appears above in Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Hedging Profits and Losses Not Included in Fair Market Value**. Notwithstanding any other provision of this Royalty Agreement, Grantor and Royalty Holder intend and agree that for purposes of determination of the Royalty due hereunder, Fair Market Value shall include the proceeds received by Grantor from the sale and delivery of Product or Byproducts, including delivery made pursuant to a forward sales contract; but shall not include any profits, losses or transaction costs for any futures trading or commodity options trading or any other price hedging, price protection, derivative or speculative arrangements which may involve the possible delivery of Products or Byproducts produced from the Processing Facilities Area.

**4.0 MANNER OF PAYMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Royalty Payments**. Royalties shall accrue at the time of sale of Products or Byproducts from the Processing Facilities Area or time that the Product or Byproduct is consumed without sale by Grantor and in the amount as provided in Section 3.0 above. For purposes of this

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Section 4.1, "**Sale**" means the date on which Grantor receives payment for the sale of Products or Byproducts. Royalty payments shall become due and payable quarterly on the fifteenth (15th) day of the month following the last day of the calendar quarter in which the same accrue. Royalty payments shall be by check, ACH (as defined below) or wire transfer, and shall be accompanied by a settlement sheet showing the quantities and grades of Products or Byproducts produced from the Processing Facilities Area for sale or processing, proceeds of sale, costs, and other pertinent information in sufficient detail to explain the calculation of the Royalty payment ("**Quarterly Statement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Depository Bank**. Upon written request of Grantor, Royalty Holder shall designate a bank to act as Royalty Holder's agent to receive from Grantor all payments payable under the terms hereof, and all such payments may be made by paying or tendering the same to Royalty Holder, or to the bank for Royalty Holder' credit, which bank shall continue as the depository for all Royalty payments, subject only to the subsequent provisions in this Section 4.2. All charges of such depository bank shall be for Royalty Holder's account. A single payment or tender to said depository bank shall be made by (i) mailing or by delivering a check, (ii) electronic exchange of funds between accounts held at U.S. financial institutions through the Automated Clearing House network ("**ACH**"), or (iii) wire transfer, and such a payment shall effectively and for all purposes whatsoever constitute full payment of the amount thereof to Royalty Holder to the same extent as if made directly. In the event Royalty Holder fails to name said bank upon the request of Grantor, or in the event such bank (or any successor bank) should fail, liquidate or be succeeded by another bank, or for any reason fail or refuse to accept royalties, or should Royalty Holder desire to designate another depository bank, then Grantor shall not be held in default for failure to make payment or tender of payments until thirty (30) days after said persons shall deliver to Grantor a proper, recordable instrument naming a bank as agent to receive such payments or tenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Objections to Payments**. All Royalty payments shall be considered final and in full satisfaction of all obligations of Grantor with respect thereto unless Royalty Holder gives Grantor written notice describing and setting forth a specific objection to the calculation thereof within ninety (90) days after receipt by Royalty Holder of the Quarterly Statement herein provided for. If Royalty Holder objects to a particular Quarterly Statement as herein provided, Royalty Holder shall, for a period of thirty (30) days after Royalty Holder's receipt of notice of such objection, have the right to have Grantor's accounts and records relating to calculation of the Quarterly Statement in question audited by a certified public accountant acceptable to Royalty Holder and to Grantor and subject to mutually acceptable confidentiality protection. Grantor shall account for any deficits or excess in the payment made to Royalty Holder pursuant to the Quarterly Statement in question which may be confirmed by such an audit by adjusting the next Quarterly Statement following completion of such audit to account for such deficits or excess. If the variation between the amount of a particular Royalty payment made to Royalty Holder hereunder as calculated by the audit provided for herein exceeds five percent (5%), Grantor shall pay all costs of such audit. If such variation is five percent (5%) or less, Royalty Holder shall pay all costs of such audit. For the purpose of determining the amount of royalties payable hereunder, all figures, accounts, and records used in connection with the calculation of royalties shall be determined in accordance with generally accepted accounting principles and from accounts maintained by Grantor in connection with its operations of the Processing Facilities Area. Failure on the part of Royalty Holder to make a claim on Grantor for adjustment in such 90-day period shall establish the correctness of the particular Quarterly Statement and preclude the filing of exceptions to such Quarterly Statement

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or making of claims for adjustment to such Quarterly Statement, and in the absence of fraud, Royalty Holder expressly waives any claim or cause of action with respect to such Quarterly Statement.

**5.0 COMMINGLING OF ORES**

Grantor shall have the right of mixing or commingling, either underground, at the surface, or at the Processing Facilities Area, any ores, mine waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds containing minerals mined or extracted from any sources or mining properties with any similar substances derived from other sources, lands or properties; provided that Grantor shall weigh and sample such ores, products or compounds in accordance with sound mining and metallurgical practice for moisture and metal content before the same are so mixed or commingled. In computing the Royalty, ownership of the Product or Byproduct shall be allocated between Processing Facilities Area ore and other ore on the basis of the metal content and weight of the concentrate from each ore.

**6.0 SAMPLING, ASSAY, AND ANALYSIS**

Any determination of weight, volume, moisture content, amenability, or pay metal content, and any sampling and analysis shall be made in accordance with sound mining and metallurgical practices and standard sampling and analysis procedures prevailing in the Rare Earth Element mining and milling industry. Royalty Holder shall have the right to have a representative present at the time samples are taken. Royalty Holder shall be furnished at Royalty Holder's request with a portion of all samples taken for analysis of ore, leachates, pregnant liquors, or pregnant slurries or other compounds or products owned by Grantor processed on or off the Processing Facilities Area. Split samples shall by retained by Grantor for later analysis by an independent referee selected by mutual agreement of the parties and, in the event of a dispute concerning Grantor's assay of samples, Royalty payments shall be based on the assay results determined by the independent referee. All statements or reports wherein Grantor's assay of samples are set forth shall be conclusively presumed to be true and correct, unless, within sixty (60) days after such statements or reports are delivered to Royalty Holder, Royalty Holder makes written objection thereto and demands an assay by the independent referee; and unless such objection and demand is made within such sixty-day period, Grantor shall have no duty to preserve the split samples after the end of such sixty-day (60) period. The cost of the independent referee shall be paid by the party whose assay shows the greatest variance from that of the independent referee.

**7.0 WASTE ROCK, SPOIL AND TAILINGS**

Except for the Royalty payable on Products or Byproducts provided herein, Royalty Holder shall have no rights, title or interest in all residue or tailings remaining after Initial Processing (defined below) and minerals from the Processing Facilities Area, or any subsequent processing of ores, such or other products or compounds of minerals provided, that, if any tailings, residues, waste rock, dumps, spoiled leach materials, or other waste materials are process or reprocessed at any time while the property of Grantor and result in the production of Rare Earth Element Products or Byproducts, such Rare Earth Elements Products or Byproducts shall be subject to the Royalty and the further terms of this Royalty Agreement. "**Initial Processing**" shall mean all processing of ores, mine waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds

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of mineral prior to the time any residue thereof shall be first deposited in a tailings containment facility. Grantor shall not be liable for mineral values lost in mining or processing pursuant to sound mining and metallurgical engineering practices. The Royalty shall be payable only on Products and Byproducts.

**8.0 ACCESS TO PROCESSING FACILITIES AREA**

Subject to the confidentiality provisions of this Royalty Agreement and all health and safety requirement imposed by Grantor, Royalty Holder and its representatives shall, at their sole risk and expense, upon reasonable advance notice to and prior approval from Grantor have access to operations conducted by or on behalf of Grantor on the Processing Facilities Area for the purposes of viewing or inspecting the same, provided that Royalty Holder and its representatives shall indemnify Grantor or any claims, losses or damages that arise out of or result from Royalty Holder's presence or activities at the Processing Facilities Area.

**9.0 CONFIDENTIALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 Confidentiality of Royalty Agreement**. Except as provided in Section 10.2 and Section 10.10, neither Party may disclose the terms of this Royalty Agreement to a third party without the prior written consent of the other Party, which consent shall be at the other Party's sole discretion; provided that either Party may make such disclosures as, in the opinion of its counsel, are required by any applicable Law, stock exchange rule, existing contract, or legal process; provided, however, that in such a case the disclosing Party shall promptly notify the other Party of such request or requirement, so that the other Party may seek an appropriate protective order or waive compliance with this Royalty Agreement. In the absence of a protective order or the receipt of a waiver, the disclosing Party will give the other Party written notice (unless prohibited by law) of the information to be disclosed, as far in advance as practicable, and exercise all reasonable efforts to obtain reliable assurance that confidential treatment shall be afforded to that information.

**10.0 GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 Time Is of the Essence**. Time is of the essence for each and every provision of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Applicable Law**. To the maximum extent provided by law, this Royalty Agreement shall be construed and interpreted according to, and governed by, the laws of the State of Georgia and federal law as may be applicable, regardless of the choice of law principles that may apply.

Each of the Parties hereby (i) irrevocably submits to the jurisdiction of the courts of the State of Georgia and the Federal courts of the United States of America in and for Fulton County, Georgia for the purpose of any action or proceeding arising out of this Royalty Agreement or any of the transactions contemplated by this Royalty Agreement, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and (iii) agrees that it will not bring any action relating to this Royalty Agreement or any of the transactions contemplated by this Royalty Agreement in any court other than a Georgia state court or Federal court in and for Fulton County, Georgia. Each of the Parties hereby consents to and grants any such court jurisdiction over the person of such Party and over the subject matter of any such dispute and agrees that mailing of process or other papers in connection with any such action

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or proceeding in the manner provided in Section 10.6, or in such other manner as may be permitted by law, shall be valid and sufficient service thereof on such Party. Each Party hereby acknowledges and agrees that any controversy that may arise under this Royalty Agreement is likely to involve complicated and difficult issues, and therefore such Party hereby irrevocably and unconditionally waives any right such Party may have to a trial by jury in respect to any litigation directly or indirectly arising out of or relating to this Royalty Agreement or any of the ancillary agreements, or the breach, termination or validity of this Royalty Agreement or any of the ancillary agreements, or the transactions contemplated hereby or thereby. Each Party hereby certifies and acknowledges that (i) no representative, agent or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce the foregoing waiver, (ii) such Party understands and has considered the implications of this waiver, (iii) such Party makes this waiver voluntarily, and (iv) such Party has been induced to enter into this Royalty Agreement and each of the ancillary agreements by, among other things, the mutual waivers and certifications set forth in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 Waiver**. Failure of either Party to insist upon the strict performance of any of the terms and conditions hereof, or failure to exercise any rights or remedies provided herein or by law, or to notify the other Party in the event of breach, shall not release the other Party of any of its obligations under this Royalty Agreement, nor shall any purported oral modification or rescission of this Royalty Agreement by either Party operate as a waiver of any of the terms hereof. No waiver by either Party of any breach, default, or violation of any term, warranty, representation, agreement, covenant, right, condition, or provision hereof shall constitute waiver of any subsequent breach, default, or violation of the same or other term, warranty, representation, agreement, covenant, right, condition, or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4 Rule Against Perpetuities**. The Parties do not intend that there shall be any violation of the Rule Against Perpetuities, the Rule Against Unreasonable Restraints on the Alienation of Real Property, or any similar rule. Accordingly, if any right or option to acquire any interest in any real property exists under this Royalty Agreement, such right or option must be exercised, if at all, so as to vest such interest within time periods permitted by applicable rules. If, however, any such violation should inadvertently occur, the provisions of this Royalty Agreement shall be revised in such a way as to approximate most closely the intent of the Parties within the limits permissible under such rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5 Severability**. If any provision of this Royalty Agreement is held to be invalid or unenforceable, such provision shall not affect or invalidate the remainder of this Royalty Agreement, and to this end the provisions of this Royalty Agreement are declared to be severable. If such invalidity becomes known or apparent to the Parties, the Parties agree to negotiate promptly in good faith in an attempt to amend such provision as nearly as possible to be consistent with the intent of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6 Notices**. All notices under this Royalty Agreement ("**Notices**"), shall be written and given by personal hand delivery, messenger service, overnight courier for next-day delivery, by confirmed facsimile transmission, by certified U.S. mail, postage prepaid, or email with receipt confirmation, and shall be addressed respectively as follows:

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| |
|:---|
| **If to Grantor:** |
| ATTN: Kermit Anderson |
| South East Metals, LLC |
| 650 Peter Jefferson Parkway Suite 230 |
| Charlottesville, Virginia 22911 |
| Phone: |
| Facsimile: |
| E-mail: |

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| |
|:---|
| **If to Royalty Holder:** |
| ATTN: |
| Weyerhaeuser Company |
| 220 Occidental Ave. S. |
| Seattle, Washington 98104 |
| Phone: |
| Facsimile:  |
| E-mail: |

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All notices shall be effective upon actual receipt if received during the normal business hours of the receiving Party or on the next normal business day of the receiving Party if delivered other than during normal business hours. A Party may change the place to which notice is to be delivered, by giving written notice to the other Party in accordance with this Section 10.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7 Integrated Agreement; Modification**. This Royalty Agreement constitutes the entire agreement and understanding of the Parties with respect to the subject matter and supersedes all prior negotiations and representations. This Royalty Agreement may not be modified except in writing signed by the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8 Relationship of Parties**. Nothing contained in this Royalty Agreement shall be deemed to constitute either Party being the partner of the other or, except as otherwise expressly any fiduciary relationship between them. It is not the intention of the Parties to create, nor shall this Royalty Agreement be construed to create, any mining, commercial or other partnership or association. Neither Party shall have any authority to act for or to assume any obligation or responsibility on behalf of the other Party, except as otherwise expressly provided herein, and any liabilities hereunder shall be several and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9 Assignment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Assignment by Grantor Without Royalty Holder's Consent**. Except as provided in Section 10.9(b), Grantor shall not assign any portion of its interest in this Royalty Agreement without Royalty Holder's prior written consent, in its sole discretion; provided that Grantor may assign or transfer its interest in this Royalty Agreement to a third party in conjunction with assignment or transfer of the Processing Facilities Area land, or in any security assignment or transfer in favor of any lender without the prior consent of the Royalty Holder provided that (a)

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Grantor provides written notice of such assignment within thirty (30) days of such assignment in accordance with Section 10.6, and (b) the assignee agrees in writing to accept all terms, conditions, and obligations of this Royalty Agreement. Royalty Holder may consider any attempted assignment requiring Royalty Holder's consent herein that is completed without such consent to be void. Unless otherwise agreed, Grantor guarantees prompt performance of all obligations under this Royalty Agreement notwithstanding any prior assignment of its interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Assignment to an Affiliate**. Notwithstanding the provisions in Section 10.9(a), Grantor shall have the right to sell, assign, transfer or otherwise dispose of all or any portion of its interest in this Royalty Agreement to an Affiliate of Grantor; provided that (i) Grantor provides Royalty Holder written notice of such intent at least thirty (30) days in advance of such assignment; (ii) the Affiliate agrees in writing to accept all terms, conditions, and obligations of this Royalty Agreement; (iii) any such assignment to an Affiliate shall be in conjunction with an assignment to the same Affiliate of Grantor's rights in the Processing Facilities Area to which the assignment of the Royalty Agreement interest applies; and (iv) Grantor and any guarantor shall remain liable under this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10 Further Assurances**. Each Party hereto shall take such actions and execute such documents reasonably requested by any other Party hereto to enable such requesting party to enjoy the intended rights and benefits hereof. The Parties agree that at Royalty Holder's election, the Parties shall record this agreement or a memorandum in a form acceptable to both Parties with respect to any Processing Facilities Areas to which the Royalty applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11 Third Parties**. Nothing herein expressed or implied is intended or shall be construed to confer upon or give to any person or entity other than the parties and their successors or assigns, any rights or remedies under or by reason of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12 Attorneys' Fees**. Should any legal action or proceeding of any nature whatsoever (including any proceeding under the U.S. Bankruptcy Code) be commenced by either Party in order to enforce this Royalty Agreement or any provision hereof, or in connection with any alleged dispute, breach, default, or misrepresentation in connection with any provision herein contained, the prevailing Party shall be entitled to recover reasonable attorneys' fees and costs incurred in connection with such action or proceeding, including costs of pursuing or defending any legal action, including, without limitation, any appeal, discovery or negotiation and preparation of settlement arrangements, in addition to such other relief as may be granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13 Binding Effect**. The provisions of this Royalty Agreement shall inure to the benefit of and be binding upon the Parties and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.14 Counterparts**. This Royalty Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument. Each Party may rely upon the signature of each other Party on this Royalty Agreement that is transmitted by facsimile or email as constituting a duly authorized, irrevocable, actual, current delivery of this Royalty Agreement with the original ink signature of the transmitting Party. This Royalty Agreement shall become effective and in full force only when duly and properly executed, authorized and delivered by the Parties hereto.

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[***Signatures appear on the following page***]

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IN WITNESS WHEREOF, Grantor and Royalty Holder have executed this Royalty Agreement effective as of the Effective Date.

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| |
|:---|
| **GRANTOR**<br>**Southeast Metals, LLC** |
| By: |
| Name:  |
| Title:  |
| Date Executed:  |
| **ROYALTY HOLDER:**<br>**Weyerhaeuser Company** |
| By: |
| Name:  |
| Title:  |
| Date Executed:  |

---

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**EXHIBIT A**

(Attached to and made a part of<br>Royalty Grant and Agreement dated effective __________ XXXX xx, 20xx<br>(Georgia Rare Earth Project))

Processing Facilities Area<br>Legal Description

[To be inserted]

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## Exhibit 10.17

**Exhibit 10.17**

**REA MANAGEMENT COMPANY, LLC EMPLOYMENT AGREEMENT**

**EMPLOYMENT AGREEMENT** (this "<u>Agreement</u>") dated as of August 14, 2025, between REA Management Company, LLC, a Texas limited liability company (the "<u>Company</u>"), and Donald Swartz (the "<u>Employee</u>").

**WHEREAS,** the Company desires to employ the Employee as the Chief Executive Officer and President of the Company; and

**WHEREAS,** the Company and the Employee desire to enter into this Agreement as to the terms of the Employee's employment with the Company.

**NOW, THEREFORE,** in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **POSITION AND DUTIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Employment Term (as defined in <u>Section 2</u> hereof), the Employee shall serve as the Chief Executive Officer and President of the Company. In this capacity, the Employee shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such other duties, authorities and responsibilities as may reasonably be assigned to the Employee that are not inconsistent with the Employee's position as Chief Executive Officer and President of the Company. The Employee's principal place of employment with the Company shall be the Company's offices in Colorado, <u>provided</u> that the Employee understands and agrees that the Employee may be required to travel from time to time for business purposes. The Employee is permitted to work remotely on a schedule mutually agreed upon between Employee and the Company, provided the Employee is able to complete his or her duties under this Agreement. The Employee shall report directly to the board of directors of the Member of the Company (the "<u>Board</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Employment Term, the Employee shall devote all of the Employee's business time, energy, business judgment, knowledge and skill and the Employee's best efforts to the performance of the Employee's duties with the Company, <u>provided</u> that the foregoing shall not prevent the Employee from (i) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board, other for profit companies, (ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing the Employee's passive personal investments so long as such activities in the aggregate do not interfere or conflict with the Employee's duties hereunder or create a potential business or fiduciary conflict.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **EMPLOYMENT TERM.** The Company agrees to employ the Employee pursuant to the terms of this Agreement, and the Employee agrees to be so employed, for an indefinite period commencing retroactively as of August 1, 2025 (the "<u>Effective Date</u>"). The period of time between the Effective Date and the termination of the Employee's employment hereunder shall be referred to herein as the "<u>Employment Term</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **BASE SALARY.** The Company agrees to pay the Employee a base salary at an annual rate of not less than $350,000, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Employee's base salary shall be subject to annual review by the Board (or a committee thereof) and may be adjusted from time to time by the Board. The base salary as determined herein and adjusted from time to time shall constitute "<u>Base</u> <u>Salary</u>" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **BONUSES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) ANNUAL BONUS.** During the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the Company's annual bonus plan as may be in effect from time to time (the "<u>Annual Bonus</u>") based on a target bonus opportunity of at least 75% of the Employee's Base Salary (the "<u>Target Bonus</u>"), upon the attainment of one or more pre-established performance goals established by the Board or the Company's Compensation Committee (the "<u>Committee</u>") in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) IPO/ CORPORATE TRANSACTION BONUS.** If an initial public offering or corporate transaction occurs during the Employment Term, the Company will pay a special, onetime bonus of 100% of your Base Salary, payable thirty (30) days following the completion of the initial public offering or the closing of the corporate transaction. Any bonus earned or paid pursuant to this Section 4(b) shall not be deemed as a further short-term incentive arrangement. "Corporate Transaction" means any transaction pursuant to which any third party acquires an ownership interest of more than 50% in the Company's outstanding common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) STOCK INCENTIVE PLAN**. You will be eligible to participate in the Company's securities-based compensation plans, and will receive long-term incentive compensation in such dollar amounts and subject to vesting and performance conditions as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **EMPLOYEE BENEFITS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) BENEFIT PLANS.** During the Employment Term, the Employee shall be eligible to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Employee's participation will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) VACATIONS.** During the Employment Term, the Employee shall be entitled to unlimited PTO. Vacation may be taken at such times and intervals as the Employee determines, subject to the business needs of the Company and prior approval of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) BUSINESS AND ENTERTAINMENT EXPENSES.** Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Employee shall be reimbursed in accordance with the Company's expense reimbursement policy, for all reasonable out-of-pocket business and entertainment expenses incurred and paid by the Employee during the Employment Term and in connection with the performance of the Employee's duties hereunder, including all travel expenses, parking, cell phone, laptop and home office, and entertainment expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. AT-WILL EMPLOYMENT.** The nature of your employment at the Company is and will continue to be "at will," meaning that either the Company or you may terminate this Agreement and your employment at any time, with or without notice, with or without cause, and for any reason or for no reason, subject to the obligations upon termination as provided in the Severance Plan (as defined below). Any statement or representation to the contrary is ineffective unless put into a writing executed on behalf of the Company by an authorized officer. We do ask, however, that you give thirty (30) days' notice if you decide to terminate your employment. Upon any termination of your employment, except as otherwise provided for in this Agreement, no further payments by the Company to you will be due other than: (i) accrued but unpaid salary through the applicable date of your termination; (ii) any other accrued benefits to which you may be entitled pursuant to the terms of benefit plans in which you participate at the time of such termination (excluding any employee benefit plan providing for severance or similar benefits), in accordance with the terms contained therein; (iii) any then unpaid amounts for the reimbursement of business expenses submitted in accordance with the Company's policies and procedures; and (iv) in the event of a termination on account of your death or disability only, a pro-rata Annual Bonus that would otherwise have been earned in respect of the fiscal year in which such termination occurred, pro-rated to reflect the number of days you were employed during such fiscal year (which amount shall be paid at such time annual bonuses are paid to other similarly situated senior executives of the Company, but in no event later than the date that is two and one-half (2<sup>1</sup>/2) months following the last day of the fiscal year in which such termination occurred).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. SEVERANCE PLAN.** The Company hereby acknowledges that you are eligible to participate in any future severance plan adopted by the Company (the "Severance Plan") in accordance with the terms and conditions as in effect from time to time. In consideration for your opportunity to participate in the Severance Plan, you hereby acknowledge and agree that you are no longer eligible to participate in any other severance plans, programs policies or practices of the Company. The Company intends to put in place a Severance Plan by December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. RETURN OF COMPANY PROPERTY.** On the date of the Employee's termination of employment with the Company for any reason (or at any time prior thereto at the Company's request), the Employee shall return all property belonging to the Company or its affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. COOPERATION.** Upon the receipt of reasonable notice from the Company (including outside counsel), the Employee agrees that while employed by the Company and thereafter, the Employee will respond and provide information with regard to matters in which theEmployee has knowledge as a result of the Employee's employment with the Company, and will provide reasonable assistance to the Company, its affiliates and their respective representatives in defense of any claims that may be made against the Company or its affiliates, and will assist the Company and its affiliates in the prosecution of any claims that may be made by the Company or its affiliates, to the extent that such claims may relate to the period of the Employee's employment with the Company (collectively, the "Claims"). The Employee agrees to promptly inform the Company if the Employee becomes aware of any lawsuits involving Claims that may be filed or threatened against the Company or its affiliates. The Employee also agrees to promptly inform the Company (to the extent that the Employee is legally permitted to do so) if the Employee is asked to assist in any investigation of the Company or its affiliates (or their actions) or another party attempts to obtain information or documents from the Employee (other than in connection with any litigation or other proceeding in which the Employee is a party-in-opposition) with respect to matters the Employee believes in good faith to relate to any investigation of the Company or its affiliates, in each case, regardless of whether a lawsuit or other proceeding has then been filed against the Company or its affiliates with respect to such investigation, and shall not do so unless legally required. During the pendency of any litigation or other proceeding involving Claims, the Employee shall not communicate with anyone (other than the Employee's attorneys and tax and/or financial advisors and except to the extent that the Employee determines in good faith is necessary in connection with the performance of the Employee's duties hereunder) with respect to the facts or subject matter of any pending or potential litigation or regulatory or administrative proceeding involving the Company or any of its affiliates without giving prior written notice to the Company or the Company's counsel. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Employee for all reasonable out-of-pocket travel, duplicating or telephonic expenses incurred by the Employee in complying with this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. WHISTLEBLOWER PROTECTION.** Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to impede the Employee (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. The Employee does not need the prior authorization of the Company to make any such reports or disclosures and the Employee shall not be not required to notify the Company that such reports or disclosures have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. NO ASSIGNMENTS.** This Agreement is personal to each of the parties hereto. Except as provided in this <u>Section 11</u> hereof, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company, <u>provided</u> that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the

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Company would be required to perform it if no such succession had taken place. As used in this Agreement, "<u>Company</u>" shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. NOTICE**. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Employee:

At the address (or to the email) shown in the books <br>and records of the Company.

If to the Company:

REA Management Company, LLC

4245 N Central Expy, #492, Dallas, TX 75205

Email:

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. SECTION HEADINGS; INCONSISTENCY.** The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. SEVERABILITY.** The provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. COUNTERPARTS.** This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. INDEMNIFICATION.** The Company hereby agrees to indemnify the Employee and hold the Employee harmless against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney's fees), losses, and damages resulting from the Employee's good faith performance of the Employee's duties and obligations with the Company. This obligation shall survive the termination of the Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. LIABILITY INSURANCE.** The Company shall cover the Employee under directors' and officers' liability insurance both during and, while potential liability exists, after the term of this Agreement in the same amount and to the same extent as the Company covers its other officers and directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. GOVERNING LAW; JURISDICTION**. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Texas (without regard to its choice of law provisions). Each of the parties agrees that any dispute between the parties shall be resolved only in the courts of the State of Texas or the United States District Court for the Northern District of Texas and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, each of the parties hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement or the Employee's employment by the Company or any affiliate, or for the recognition and enforcement of any judgment in respect thereof (a "<u>Proceeding</u>"), to the exclusive jurisdiction of the courts of the State of Texas, the court of the United States of America for the Northern District of Texas, and appellate courts having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and determined in such Texas State court or, to the extent permitted by law, in such federal court, (b) consents that any such Proceeding may and shall be brought in such courts and waives any objection that the Employee or the Company may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the Employee's employment by the Company or any affiliate of the Company, or the Employee's or the Company's performance under, or the enforcement of, this Agreement, (d) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at the Employee's or the Company's address as provided in <u>Section 12</u> hereof, and (e) agrees that nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the laws of the State of Texas.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. MISCELLANEOUS.** No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Employee and such officer or director as may be designated by the Board or the Committee. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the Employee and the Company with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. REPRESENTATIONS.** The Employee represents and warrants to the Company that (a) the Employee has the legal right to enter into this Agreement and to perform all of the obligations on the Employee's part to be performed hereunder in accordance with its terms, and (b) the Employee is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Employee from entering into this Agreement or performing all of the Employee's duties and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. TAX MATTERS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **WITHHOLDING.** The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **SECTION 409A COMPLIANCE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively "<u>Code Section 409A</u>") and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Employee by Code Section 409A or damages for failing to comply with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean

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"separation from service." Notwithstanding anything to the contrary in this Agreement, if the Employee is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such "separation from service" of the Employee, and (B) the date of the Employee'sdeath, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <u>Section 23(b)(ii)</u> (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Employee, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of Code Section 409A, the Employee's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

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**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date first written above.

**REA MANAGEMENT COMPANY, LLC**

By: /s/ Jennifer Grafton

Name: Jennifer Grafton Title: Secretary

**EMPLOYEE**

/s/ Donald Swartz

Donald Swartz

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## Exhibit 10.18

**Exhibit 10.18**

**REA MANAGEMENT COMPANY, LLC EMPLOYMENT AGREEMENT**

**EMPLOYMENT AGREEMENT** (this "<u>Agreement</u>") dated as of August 5, 2025, between REA Management Company, LLC, a Texas limited liability company (the "<u>Company</u>"), and Joseph Dwyer (the "<u>Employee</u>").

**WHEREAS,** the Company desires to employ the Employee as the Chief Financial Officer and Treasurer of the Company; and

**WHEREAS,** the Company and the Employee desire to enter into this Agreement as to the terms of the Employee's employment with the Company.

**NOW, THEREFORE,** in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **POSITION AND DUTIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Employment Term (as defined in <u>Section 2</u> hereof), the Employee shall serve as the Chief Financial Officer and Treasurer of the Company. In this capacity, the Employee shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such other duties, authorities and responsibilities as may reasonably be assigned to the Employee that are not inconsistent with the Employee's position as Chief Financial Officer and Treasurer of the Company. The Employee's principal place of employment with the Company shall be the Company's offices in Colorado, <u>provided</u> that the Employee understands and agrees that the Employee may be required to travel from time to time for business purposes. The Employee is permitted to work remotely on a schedule mutually agreed upon between Employee and the Company, provided the Employee is able to complete his or her duties under this Agreement. The Employee shall report directly to the Chief Executive Officer of the Company (the "<u>CEO</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Employment Term, the Employee shall devote all of the Employee's business time, energy, business judgment, knowledge and skill and the Employee's best efforts to the performance of the Employee's duties with the Company, <u>provided</u> that the foregoing shall not prevent the Employee from (i) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board, other for profit companies, (ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing the Employee's passive personal investments so long as such activities in the aggregate do not interfere or conflict with the Employee's duties hereunder or create a potential business or fiduciary conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **EMPLOYMENT TERM.** The Company agrees to employ the Employee pursuant

to the terms of this Agreement, and the Employee agrees to be so employed, for an indefinite

period commencing as of August 1, 2025 (the "<u>Effective Date</u>"). The period of time between the Effective Date and the termination of the Employee's employment hereunder shall be referred to herein as the "<u>Employment Term</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **BASE SALARY.** The Company agrees to pay the Employee a base salary at an

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annual rate of not less than $235,000, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Employee's base salary shall be subject to annual review by the Board (or a committee thereof) and may be adjusted from time to time by the Board. The base salary as determined herein and adjusted from time to time shall constitute "<u>Base</u> <u>Salary</u>" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **BONUSES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) ANNUAL BONUS.** During the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the Company's annual bonus plan as may be in effect from time to time (the "<u>Annual Bonus</u>") based on a target bonus opportunity of at least 40% of the Employee's Base Salary (the "<u>Target Bonus</u>"), upon the attainment of one or more pre-established performance goals established by the Board or the Company's Compensation Committee (the "<u>Committee</u>") in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) STOCK INCENTIVE PLAN**. You will be eligible to participate in the Company's securities-based compensation plans, and will receive long-term incentive compensation in such dollar amounts and subject to vesting and performance conditions as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **EMPLOYEE BENEFITS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) BENEFIT PLANS.** During the Employment Term, the Employee shall be eligible to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Employee's participation will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) VACATIONS.** During the Employment Term, the Employee shall be entitled to unlimited PTO. Vacation may be taken at such times and intervals as the Employee determines, subject to the business needs of the Company and prior approval of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) BUSINESS AND ENTERTAINMENT EXPENSES.** Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Employee shall be reimbursed in accordance with the Company's expense reimbursement policy, for all reasonable out-of-pocket business and entertainment expenses incurred and paid by the Employee during the Employment Term and in connection with the performance of the Employee's duties hereunder, including all travel expenses, parking, cell phone, laptop and home office, and entertainment expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **AT-WILL EMPLOYMENT.** The nature of your employment at the Company is

and will continue to be "at will," meaning that either the Company or you may terminate this Agreement and your employment at any time, with or without notice, with or without cause, and for any reason or for no reason, subject to the obligations upon termination as provided in the Severance Plan (as defined below). Any statement or representation to the contrary is ineffective unless put into a writing executed on behalf of the Company by an authorized officer. We do ask,

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however, that you give thirty (30) days' notice if you decide to terminate your employment. Upon any termination of your employment, except as otherwise provided for in this Agreement, no further payments by the Company to you will be due other than: (i) accrued but unpaid salary through the applicable date of your termination; (ii) any other accrued benefits to which you may be entitled pursuant to the terms of benefit plans in which you participate at the time of such termination (excluding any employee benefit plan providing for severance or similar benefits), in accordance with the terms contained therein; (iii) any then unpaid amounts for the reimbursement of business expenses submitted in accordance with the Company's policies and procedures; and (iv) in the event of a termination on account of your death or disability only, a pro-rata Annual Bonus that would otherwise have been earned in respect of the fiscal year in which such termination occurred, pro-rated to reflect the number of days you were employed during such fiscal year (which amount shall be paid at such time annual bonuses are paid to other similarly situated senior executives of the Company, but in no event later than the date that is two and one-half (2<sup>1</sup>/2) months following the last day of the fiscal year in which such termination occurred).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. SEVERANCE PLAN.** The Company hereby acknowledges that you are eligible to participate in any future severance plan adopted by the Company (the "Severance Plan") in accordance with the terms and conditions as in effect from time to time. In consideration for your opportunity to participate in the Severance Plan, you hereby acknowledge and agree that you are no longer eligible to participate in any other severance plans, programs policies or practices of the Company. The Company intends to put in place a Severance Plan by December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. RETURN OF COMPANY PROPERTY.** On the date of the Employee's termination of employment with the Company for any reason (or at any time prior thereto at the Company's request), the Employee shall return all property belonging to the Company or its affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. COOPERATION.** Upon the receipt of reasonable notice from the Company (including outside counsel), the Employee agrees that while employed by the Company and thereafter, the Employee will respond and provide information with regard to matters in which theEmployee has knowledge as a result of the Employee's employment with the Company, and will provide reasonable assistance to the Company, its affiliates and their respective representatives in defense of any claims that may be made against the Company or its affiliates, and will assist the Company and its affiliates in the prosecution of any claims that may be made by the Company or its affiliates, to the extent that such claims may relate to the period of the Employee's employment with the Company (collectively, the "Claims"). The Employee agrees to promptly inform the Company if the Employee becomes aware of any lawsuits involving Claims that may be filed or threatened against the Company or its affiliates. The Employee also agrees to promptly inform the Company (to the extent that the Employee is legally permitted to do so) if the Employee is asked to assist in any investigation of the Company or its affiliates (or their actions) or another party attempts to obtain information or documents from the Employee (other than in connection with any litigation or other proceeding in which the Employee is a party-in-opposition) with respect to matters the Employee believes in good faith to relate to any investigation of the Company or its affiliates, in each case, regardless of whether a lawsuit or other proceeding has then been filed against the Company or its affiliates with respect to such investigation, and shall not do so unless legally required. During the pendency of any litigation or other proceeding involving Claims, the

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Employee shall not communicate with anyone (other than the Employee's attorneys and tax and/or financial advisors and except to the extent that the Employee determines in good faith is necessary in connection with the performance of the Employee's duties hereunder) with respect to the facts or subject matter of any pending or potential litigation or regulatory or administrative proceeding involving the Company or any of its affiliates without giving prior written notice to the Company or the Company's counsel. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Employee for all reasonable out-of-pocket travel, duplicating or telephonic expenses incurred by the Employee in complying with this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. WHISTLEBLOWER PROTECTION.** Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to impede the Employee (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. The Employee does not need the prior authorization of the Company to make any such reports or disclosures and the Employee shall not be not required to notify the Company that such reports or disclosures have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. NO ASSIGNMENTS.** This Agreement is personal to each of the parties hereto. Except as provided in this <u>Section 11</u> hereof, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company, <u>provided</u> that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "<u>Company</u>" shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. NOTICE**. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Employee:

At the address (or to the email) shown in the books <br>and records of the Company.

If to the Company:

REA Management Company, LLC

4245 N Central Expy, #492, Dallas, TX 75205

Email:

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or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. SECTION HEADINGS; INCONSISTENCY.** The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. SEVERABILITY.** The provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. COUNTERPARTS.** This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. INDEMNIFICATION.** The Company hereby agrees to indemnify the Employee and hold the Employee harmless against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney's fees), losses, and damages resulting from the Employee's good faith performance of the Employee's duties and obligations with the Company. This obligation shall survive the termination of the Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. LIABILITY INSURANCE.** The Company shall cover the Employee under directors' and officers' liability insurance both during and, while potential liability exists, after the term of this Agreement in the same amount and to the same extent as the Company covers its other officers and directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. GOVERNING LAW; JURISDICTION**. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Texas (without regard to its choice of law provisions). Each of the parties agrees that any dispute between the parties shall be resolved only in the courts of the State of Texas or the United States District Court for the Northern District of Texas and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, each of the parties hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement or the Employee's employment by the Company or any affiliate, or for the recognition and enforcement of any judgment in respect thereof (a "<u>Proceeding</u>"), to the exclusive jurisdiction of the courts of the State of Texas, the court of the United States of America for the Northern District of Texas, and appellate courts having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and determined in such Texas State court or, to the extent permitted by law, in such federal court, (b) consents that any such Proceeding may and shall be brought in such courts and waives any objection that the Employee or the Company may now or

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thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the Employee's employment by the Company or any affiliate of the Company, or the Employee's or the Company's performance under, or the enforcement of, this Agreement, (d) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at the Employee's or the Company's address as provided in <u>Section 12</u> hereof, and (e) agrees that nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the laws of the State of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. MISCELLANEOUS.** No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Employee and such officer or director as may be designated by the Board or the Committee. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the Employee and the Company with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. REPRESENTATIONS.** The Employee represents and warrants to the Company that (a) the Employee has the legal right to enter into this Agreement and to perform all of the obligations on the Employee's part to be performed hereunder in accordance with its terms, and (b) the Employee is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Employee from entering into this Agreement or performing all of the Employee's duties and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. TAX MATTERS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) WITHHOLDING.** The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) SECTION 409A COMPLIANCE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively "<u>Code Section 409A</u>") and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Employee by Code Section 409A or damages for failing to comply with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean "separation from service." Notwithstanding anything to the contrary in this Agreement, if the Employee is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such "separation from service" of the Employee, and (B) the date of the Employee'sdeath, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <u>Section 23(b)(ii)</u> (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Employee, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)For purposes of Code Section 409A, the Employee's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

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**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date first written above.

**REA MANAGEMENT COMPANY, LLC**

By: /s/ Donald Swartz

Name: Donald Swartz

Title: Chief Executive Officer

**EMPLOYEE**

/s/ Joseph Dwyer

Name: Joseph Dwyer

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## Exhibit 10.19

**Exhibit 10.19**

**REA MANAGEMENT COMPANY, LLC EMPLOYMENT AGREEMENT**

**EMPLOYMENT AGREEMENT** (this "<u>Agreement</u>") dated as of July 31, 2025, between REA Management Company, LLC, a Texas limited liability company (the "<u>Company</u>"), and Jennifer Grafton (the "<u>Employee</u>").

**WHEREAS,** the Company desires to employ the Employee as the Chief Operating Officer, General Counsel and Secretary of the Company; and

**WHEREAS,** the Company and the Employee desire to enter into this Agreement as to the terms of the Employee's employment with the Company.

**NOW, THEREFORE,** in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **POSITION AND DUTIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Employment Term (as defined in <u>Section 2</u> hereof), the Employee shall serve as the Chief Operating Officer, General Counsel and Secretary of the Company. In this capacity, the Employee shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such other duties, authorities and responsibilities as may reasonably be assigned to the Employee that are not inconsistent with the Employee's position as Chief Operating Officer, General Counsel and Secretary of the Company. The Employee's principal place of employment with the Company shall be the Company's offices in Colorado, <u>provided</u> that the Employee understands and agrees that the Employee may be required to travel from time to time for business purposes. The Employee is permitted to work remotely on a schedule mutually agreed upon between Employee and the Company, provided the Employee is able to complete his or her duties under this Agreement. The Employee shall report directly to the Chief Executive Officer of the Company (the "<u>CEO</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Employment Term, the Employee shall devote all of the Employee's business time, energy, business judgment, knowledge and skill and the Employee's best efforts to the performance of the Employee's duties with the Company, <u>provided</u> that the foregoing shall not prevent the Employee from (i) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board, other for profit companies, (ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing the Employee's passive personal investments so long as such activities in the aggregate do not interfere or conflict with the Employee's duties hereunder or create a potential business or fiduciary conflict. Pursuant to Section 1(b)(i) herein, the Employee is expressly permitted to serve on the board of directors of Dakota Gold Corporation and Farmland Partners Inc.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **EMPLOYMENT TERM.** The Company agrees to employ the Employee pursuant to the terms of this Agreement, and the Employee agrees to be so employed, for an indefinite period commencing as of August 1, 2025 (the "<u>Effective Date</u>"). The period of time between the Effective Date and the termination of the Employee's employment hereunder shall be referred to herein as the "<u>Employment Term</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **BASE SALARY.** The Company agrees to pay the Employee a base salary at an annual rate of not less than $300,000, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Employee's base salary shall be subject to annual review by the Board (or a committee thereof) and may be adjusted from time to time by the Board. The base salary as determined herein and adjusted from time to time shall constitute "<u>Base</u> <u>Salary</u>" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **BONUSES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) ANNUAL BONUS.** During the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the Company's annual bonus plan as may be in effect from time to time (the "<u>Annual Bonus</u>") based on a target bonus opportunity of at least 50% of the Employee's Base Salary (the "<u>Target Bonus</u>"), upon the attainment of one or more pre-established performance goals established by the Board or the Company's Compensation Committee (the "<u>Committee</u>") in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) STOCK INCENTIVE PLAN**. You will be eligible to participate in the Company's securities-based compensation plans, and will receive long-term incentive compensation in such dollar amounts and subject to vesting and performance conditions as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **EMPLOYEE BENEFITS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) BENEFIT PLANS.** During the Employment Term, the Employee shall be eligible to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Employee's participation will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) VACATIONS.** During the Employment Term, the Employee shall be entitled to unlimited PTO. Vacation may be taken at such times and intervals as the Employee determines, subject to the business needs of the Company and prior approval of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) BUSINESS AND ENTERTAINMENT EXPENSES.** Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Employee shall be reimbursed in accordance with the Company's expense reimbursement policy, for all reasonable out-of-pocket business and entertainment expenses incurred and paid by the Employee during the Employment Term and in connection with the performance of the Employee's duties hereunder, including all travel expenses, parking, cell phone, laptop and home office, and entertainment expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **AT-WILL EMPLOYMENT.** The nature of your employment at the Company is and will continue to be "at will," meaning that either the Company or you may terminate this. Agreement and your employment at any time, with or without notice, with or without cause, and for any reason or for no reason, subject to the obligations upon termination as provided in the Severance Plan (as defined below). Any statement or representation to the contrary is ineffective unless put into a writing executed on behalf of the Company by an authorized officer. We do ask, however, that you give thirty (30) days' notice if you decide to terminate your employment. Upon any termination of your employment, except as otherwise provided for in this Agreement, no further payments by the Company to you will be due other than: (i) accrued but unpaid salary through the applicable date of your termination; (ii) any other accrued benefits to which you may be entitled pursuant to the terms of benefit plans in which you participate at the time of such termination (excluding any employee benefit plan providing for severance or similar benefits), in accordance with the terms contained therein; (iii) any then unpaid amounts for the reimbursement of business expenses submitted in accordance with the Company's policies and procedures; and (iv) in the event of a termination on account of your death or disability only, a pro-rata Annual Bonus that would otherwise have been earned in respect of the fiscal year in which such termination occurred, pro-rated to reflect the number of days you were employed during such fiscal year (which amount shall be paid at such time annual bonuses are paid to other similarly situated senior executives of the Company, but in no event later than the date that is two and one-half (2<sup>1</sup>/2) months following the last day of the fiscal year in which such termination occurred).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. SEVERANCE PLAN.** The Company hereby acknowledges that you are eligible to participate in any future severance plan adopted by the Company (the "Severance Plan") in accordance with the terms and conditions as in effect from time to time. In consideration for your opportunity to participate in the Severance Plan, you hereby acknowledge and agree that you are no longer eligible to participate in any other severance plans, programs policies or practices of the Company. The Company intends to put in place a Severance Plan by December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. RETURN OF COMPANY PROPERTY.** On the date of the Employee's termination of employment with the Company for any reason (or at any time prior thereto at the Company's request), the Employee shall return all property belonging to the Company or its affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. COOPERATION.** Upon the receipt of reasonable notice from the Company (including outside counsel), the Employee agrees that while employed by the Company and thereafter, the Employee will respond and provide information with regard to matters in which theEmployee has knowledge as a result of the Employee's employment with the Company, and will provide reasonable assistance to the Company, its affiliates and their respective representatives in defense of any claims that may be made against the Company or its affiliates, and will assist the Company and its affiliates in the prosecution of any claims that may be made by the Company or its affiliates, to the extent that such claims may relate to the period of the Employee's employment with the Company (collectively, the "Claims"). The Employee agrees to promptly inform the Company if the Employee becomes aware of any lawsuits involving Claims that may be filed or threatened against the Company or its affiliates. The Employee also agrees to

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promptly inform the Company (to the extent that the Employee is legally permitted to do so) if the Employee is asked to assist in any investigation of the Company or its affiliates (or their actions) or another party attempts to obtain information or documents from the Employee (other than in connection with any litigation or other proceeding in which the Employee is a party-in-opposition) with respect to matters the Employee believes in good faith to relate to any investigation of the Company or its affiliates, in each case, regardless of whether a lawsuit or other proceeding has then been filed against the Company or its affiliates with respect to such investigation, and shall not do so unless legally required. During the pendency of any litigation or other proceeding involving Claims, the Employee shall not communicate with anyone (other than the Employee's attorneys and tax and/or financial advisors and except to the extent that the Employee determines in good faith is necessary in connection with the performance of the Employee's duties hereunder) with respect to the facts or subject matter of any pending or potential litigation or regulatory or administrative proceeding involving the Company or any of its affiliates without giving prior written notice to the Company or the Company's counsel. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Employee for all reasonable out-of-pocket travel, duplicating or telephonic expenses incurred by the Employee in complying with this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. WHISTLEBLOWER PROTECTION.** Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to impede the Employee (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. The Employee does not need the prior authorization of the Company to make any such reports or disclosures and the Employee shall not be not required to notify the Company that such reports or disclosures have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. NO ASSIGNMENTS.** This Agreement is personal to each of the parties hereto. Except as provided in this <u>Section 11</u> hereof, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company, <u>provided</u> that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "<u>Company</u>" shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. NOTICE**. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following

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the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Employee:

At the address (or to the email) shown in the books <br>and records of the Company.

If to the Company:

REA Management Company, LLC

4245 N Central Expy, #492, Dallas, TX 75205

Email:

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. SECTION HEADINGS; INCONSISTENCY.** The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. SEVERABILITY.** The provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. COUNTERPARTS.** This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. INDEMNIFICATION.** The Company hereby agrees to indemnify the Employee and hold the Employee harmless against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney's fees), losses, and damages resulting from the Employee's good faith performance of the Employee's duties and obligations with the Company. This obligation shall survive the termination of the Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. LIABILITY INSURANCE.** The Company shall cover the Employee under directors' and officers' liability insurance both during and, while potential liability exists, after the term of this Agreement in the same amount and to the same extent as the Company covers its other officers and directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. GOVERNING LAW; JURISDICTION**. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Texas (without regard to its choice of law provisions). Each of the parties agrees that any dispute between the parties shall be resolved only in the courts of the State of Texas or the United States District Court for the Northern District of Texas and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, each of the parties hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement or the Employee's employment by the Company or any affiliate, or for the recognition and enforcement of any judgment in respect thereof (a "<u>Proceeding</u>"), to the exclusive jurisdiction of the courts of the State of Texas, the court of the United States of America for the Northern District of Texas, and appellate courts having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and determined in such Texas State court or, to the extent permitted by law, in such federal court, (b) consents that any such Proceeding may and shall be brought in such courts and waives any objection that the Employee or the Company may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the Employee's employment by the Company or any affiliate of the Company, or the Employee's or the Company's performance under, or the enforcement of, this Agreement, (d) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at the Employee's or the Company's address as provided in <u>Section 12</u> hereof, and (e) agrees that nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the laws of the State of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. MISCELLANEOUS.** No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Employee and such officer or director as may be designated by the Board or the Committee. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the Employee and the Company with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. REPRESENTATIONS.** The Employee represents and warrants to the Company that (a) the Employee has the legal right to enter into this Agreement and to perform all of the obligations on the Employee's part to be performed hereunder in accordance with its terms, and (b) the Employee is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Employee from entering into this Agreement or performing all of the Employee's duties and obligations hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. TAX MATTERS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) WITHHOLDING.** The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) SECTION 409A COMPLIANCE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively "<u>Code Section 409A</u>") and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Employee by Code Section 409A or damages for failing to comply with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean "separation from service." Notwithstanding anything to the contrary in this Agreement, if the Employee is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such "separation from service" of the Employee, and (B) the date of the Employee'sdeath, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <u>Section 23(b)(ii)</u> (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Employee, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or

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in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)For purposes of Code Section 409A, the Employee's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

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**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date first written above.

**REA MANAGEMENT COMPANY, LLC**

---

| | |
|:---|:---|
| By: | /s/ Donald Swartz  |

---

Name: Donald Swartz

Title: Chief Executive Officer

---

| | |
|:---|:---|
| **EMPLOYEE** | **EMPLOYEE** |
| /s/ Jennifer Grafton | /s/ Jennifer Grafton |
| Name: | Jennifer Grafton |

---

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## Exhibit 10.20

**Exhibit 10.20**

<u>CONTRACTSERVICE PROVISION</u>  

CONTRACTOR:

ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA, legal entity registered with the CNPJ under No. 43.093.229/0001-20, headquartered at Rua Professor José Leite e Oiticica, 530, Sala 04, Vila Gertrudes, São Paulo/SP, CEP: 04.705-080, hereby represented by João Paulo Agapito da Veiga, Brazilian, single, entrepreneur, registered with the CPF under No. , hereinafter referred to as simply CONTRACTOR.

and on the other hand,

CONTRACTOR:

RENATO ÁUREO DE PAULA GONZAGA - ME ., trade name RGX PARTNERS, a private legal entity registered with the CNPJ under No. 46.604.771/0001-99, with headquarters at Alameda Oscar Niemeyer, 804, apt. 1302, TI, B. Vale do Sereno, Nova Lima/MG, Cep 34.006-049, hereby represented by Renato Áureo de Paula Gonzaga, Brazilian, economist, married, registered with the CPF under No. , hereinafter referred to simply as CONTRACTOR.

The CONTRACTING PARTY and the CONTRACTED PARTY have between themselves, as fair and agreed, the this Service Agreement, which will be governed by the following Clauses and conditions:

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CLAUSE 1 - PREAMBULAR CONSIDERATIONS

1.1 - CONTRACTING PARTY and CONTRACTED PARTY shall be referred to herein PARTIES and, individually, PARTY.

1.2 - The CONTRACTED PARTY declares that it is a company with a wide range of experience in the area of financial consulting, presenting, for this purpose, expertise and knowledge necessary for the provision of the services herein contracted, declaring that holds all the qualifications, authorizations and documentation relevant to its attainment.

1.3 - The parties undertake to submit to the Principle of Good Faith, signing also the commitment to carry out with zeal, collaboration and proactivity the activities necessary for the realization of the object of this contract, acting together with ethics in defense of all interests arising from the transactions that result from it.

CLAUSE 2 - OBJECT OF THE CONTRACT

2.1 - The OBJECT of this contract is the provision of services of Consulting, execution of financial operations, application and management of resources in cash related to the development of rare earth mining projects and other commodities that may be of interest to the CLIENT.

2.2 - The scope of services also includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 - Carry out planning, economic and financial, structural and of the CONTRACTING PARTY's human resources, involving, but not limiting, to: strategic planning, budget analysis, projection of financial scenarios and forecasts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 - Develop, identify and exploit new opportunities for new business related to the minerals of interest to the Contracting Party and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 - Implement systems and controls to improve management business.

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CLAUSE 3 - REMUNERATION AND FORM OF PAYMENT

3.1 - For the services set forth in this contract, the CONTRACTING PARTY will pay the CONTRACTED the amount of R$27,750.00 (twenty-seven thousand, seven hundred and fifty reais) until the 5th business day of the month following the service provided, upon bank transfer to the account owned by the CONTRACTED PARTY indicated, and the deposit receipt is valid as proof of payment of the obligations contracted in this agreement.

3.2 - In the event of delay in the payment of services, item 3.1, due to sole fault of the CONTRACTING PARTY, a fine of 2% (two percent) will be levied on the amount due, in addition to interest of 1% (one percent) per month, pro rata die, until the effective date payment.

3.3 - Additional expenses related to the services contracted herein, such as travel, lodging and food will be reimbursed by the CONTRACTING PARTY upon presentation of valid receipts (invoices) at with the payment of services, according to item 3.1, if it is not for it Anticipated.

CLAUSE 4 - EFFECTIVE PERIOD

4.1 - This contract is entered into for a period of 12 (twelve) months, which is valid starts on 06/01/2023 and ends on 06/01/2024, and may be extended for an equal period or, according to another period of time than the PARTIES freely to wake up.

CLAUSE 5 - CONFIDENTIALITY

5.1 - The PARTIES acknowledge that, in the course of the collaboration related to the mining projects and the strategic asset development plan, confidential information may be shared between them, obliging the CONTRACTED PARTY to maintain confidentiality about the business and technical information that has access, by any means, and to other dealings arising from the object of this contract.

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5.2 - For purposes of this agreement, "Confidential Information" includes, but is not limited to, limit to, data, documents, plans, strategies, reports, analyses, information technical, financial and commercial information, information on contracts with third parties, documents of the CONTRACTING PARTY or third parties related to him/her, as well as any other information identified as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 - Information related to a identified or identifiable person or legal entity, such as: name, identity document, CPF number, CNPJ number, address, telephone, e-mail, IP address and their respective sensitive data.

5.3 - The CONTRACTOR agrees to maintain the absolute confidentiality of the so-called technical and business "confidential information", or other in which the Client so designates, as well as take all reasonable steps to protect it from unauthorized disclosure.

5.4 - The CONTRACTOR undertakes to use the "confidential information" solely for the purposes of this Agreement and not to disclose, reproduce, transmit or use such information for any other purpose without prior authorization, and express expression of the CONTRACTING PARTY.

5.5 - The obligation of "confidentiality" does not apply to information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1 - were in the public domain at the time they were shared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.2 - are duly authorized by the CONTRACTING PARTY sharing with third parties involved in the project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.3 - became public domain after sharing, without breach of this clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.4 - were already known to the receiving PARTY before sharing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.5 - Were obtained from third parties legally without restrictions of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.6 - Must be disclosed in accordance with legal or regulatory requirements.

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5.6 - The obligation of confidentiality established in this contract will persist even if after its completion or termination, for a period of 05 (five) years.

CLAUSE 6 - INTELLECTUAL PROPERTY

6.1 - For the purposes of this contract and the provision of services arising from it, "Intellectual Property" is understood as all industrial property rights and intellectual produced by the SERVICE PROVIDER, including, but not limited to: copyrights, trademarks, patents, industrial designs, processes and geological survey and mapping methods, trade secrets, know-how, computer programs, databases, inventions, discoveries, creations, works and any other form of legally protected intellectual property.

6.2 - The CONTRACTED PARTY, hereby, acknowledges that all rights of "Intellectual Property" described in item 6.1 and that are related to the Services provided under this Agreement are the exclusive property of CONTRACTING PARTY, assigning and transferring to him/her all related rights, at which time the CONTRACTING PARTY holds full ownership and the exploitation rights of said "Intellectual Property".

6.3 - The CONTRACTED PARTY acknowledges and accepts that the CONTRACTING PARTY will have the exclusive right to use, exploit, modify, sublicense, register, and protect the "Intellectual Property" transferred to him/her, at his/her convenience, within the scope of their activities or related to them, or even outside them.

6.4 - The CONTRACTED PARTY declares and accepts that it will not use, disclose or Exploitation of the rights protected by this Clause, unless expressly authorized of the CONTRACTING PARTY, under penalty of incurring the fine described in Clause 10, item 10.3.

CLAUSE 7 - OBLIGATIONS OF THE CONTRACTING PARTY

7.1 - Provide the SERVICE PROVIDER, with clarity and precision, with the information perhaps requested and inherent to the fulfillment of the object of the contract.

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7.2 - Communicate to the SERVICE PROVIDER, in writing, the occurrence of any failure or malfunction of the services performed, specifying the type of defect, providing all the necessary data and information for the respective sanitation, if applicable, and thus the CONTRACTED PARTY must promote the due correction within a maximum period of 03 (three) days.

7.3 - Promote the payments due due to this contract in the form and dates scheduled.

CLAUSE 8 - OBLIGATIONS OF THE CONTRACTOR

8.1 - Faithfully perform the services described in Clause 2 and its sub-items, always within the usual good technique and standards, as well as respecting the norms, the technical specifications, the safety conditions applicable to the provision of services of this kind, to be subject to all the legislation applicable to the species, whether federal, state or municipal, as well as all determinations of the agencies competent of the Public Administration and other inspection entities.

8.2 - Ensure that the financial and economic operations of the CONTRACTING PARTY are carried out within the standards determined by Brazilian legislation, as well as how to ensure the correct payment of taxes and other contributions to which subject to the activity of the CONTRACTING PARTY.

8.3 - Promote and supervise the effective allocation of financial resources,

8.4 - Request the CONTRACTING PARTY at least 7 (seven) days in advance equipment, materials, tools and supplies necessary to carry out the contracted services.

8.5 - Be responsible for the correct use of all equipment, materials and inputs provided by the CONTRACTING PARTY, and must bear the financial burdens and obligations of any damages caused to them due to their misuse or the costs of repairing them.

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8.6 - Be responsible for any damage caused to the furniture and materials of which has possession and that is the result of misuse or inappropriate use, and the costs of this repair or replacement to be withheld or deducted from the values due under this contract.

8.7 - Return to the CONTRACTED PARTY all materials, furniture, inputs and tools that are in your possession and use, as well as providing all data and information related to the contracted services, including "information confidential property" and "intellectual property" of the CONTRACTING PARTY, after or terminated the contract.

8.8 - Immediately cease the use of the "Intellectual Property" and return all documents, materials and information related thereto in the event of termination of this contract, for whatever reason.

8.9 - Perform the services contracted herein autonomously, being responsible, from now on, for any judicial or administrative proceedings proposed, and related to this contract, whether civil, environmental, tax or labor, being subject to compensation to the CONTRACTING PARTY any convictions that may arise suffer, if he has not competed for it.

8.10 - Be responsible for any damages that the CONTRACTING PARTY or third parties may suffer as a result of his acts or omissions, including his agents or employees, in the exercise of the duties imposed on them by this contract.

8.11 - Promote the corresponding and punctual payment of all contributions, other taxes levied on the activities arising from this contract and to be responsible for their tax regularity.

8.12 - Issue invoices for services performed at least 5 years in advance days of their respective expiration.

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CLAUSE 9 - ABSENCE OF BOND AND NON-EXCLUSIVITY

9.1 - This contract does not create any form of association, partnership, joint venture or employment relationship, and each party must assume and bear its obligations tax, social security and labor laws.

9.2 - This contract does not generate exclusivity for any of the PARTIES, and the free to contract services with other companies, respecting, however, the duty of confidentiality, as established in Clause 5.

CLAUSE 10 - TERMINATION, FINES AND PENALTIES

10.1 - The PARTIES may, by mutual consent and with prior notice of 90 (ninety) days, terminate this contract, in which case no burdens, charges or penalties, except for the fulfillment of obligations still pending, including those arising from payment to the CONTRACTOR.

10.2 - This contract may be terminated without prior notice, only upon written communication, in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 - Breach of contract by any of the PARTIES;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 - Inability of the CONTRACTED PARTY with the specific rules of the provision of services and object of this contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3 - Unforeseeable circumstances or force majeure.

10.3 - In the event of termination of this contract by the CONTRACTING PARTY, without fair reason, he/she will be fined in the amount equivalent to 03 (three) times the monthly value of this contract.

10.4 - If the CONTRACTED PARTY violates the duty of secrecy and "Property" Intellectual" listed in Clause 5 and Clause 6 will be imposed on him/her a penalty of fine in the amount of R$83,250.00 (eighty-three thousand, two hundred and fifty reais), in addition to the immediate termination of the contract, losing the right to receive any outstanding

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amounts, without prejudice to the determination of any damages caused by the Unauthorized disclosure.

10.5 - Bankruptcy, insolvency, request for judicial reorganization, intervention, liquidation or dissolution of any one of the PARTIES, or even the configuration of a pre-bankruptcy situation or pre-insolvency, including with overdue and protested securities, or enforcement actions that compromise the financial soundness and maintenance of the business object of this contract.

10.6 - The CONTRACTING PARTY may determine the stoppage of services for reason of a relevant technical nature or even, in the case of non-compliance and/or disobedience to legal determinations or non-compliance with clauses described herein.

CLAUSE 11 - GENERAL PROVISIONS

11.1 - The PARTIES are prohibited from assigning or transferring to third parties, in whole or in part, the rights and obligations arising from this contract, except with the prior consent, in writing, from the other PARTY.

11.2 - The mere tolerance by the PARTIES in relation to non-compliance with Any of the terms set forth in this Agreement shall not be construed as WAIVER OF THE CLAUSES AND CONDITIONS AGREED HEREIN.

11.3 - Any changes to this contract shall be made by means of an amendment contractual, duly signed by both PARTIES and by 02 (two) Witnesses.

11.4 - This contract shall be governed and interpreted in accordance with the Civil Code.

11.5 - The PARTIES agree to accept the electronic signature as a valid means and effective in formalizing and binding this agreement, as well as any amendments, additions or documents related to it, and the use of the signature is valid as proof of the free and express manifestation of the parties, not being physical presence or handwritten signatures required.

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11.6 - The PARTIES agree that all communication related to this agreement will be carried out through any of the available communication channels, including but not limited to email, physical mail, telephone or any other appropriate electronic means.

11.7 - This contract constitutes the sole and entire agreement between the PARTIES, replacing all other documents, letters, memos, emails, conversations through WhatsApp or proposals between the PARTIES, as well as the oral understandings maintained between them and prior to the present date.

11.8 - Any disputes arising from this contract will be submitted to the jurisdiction of the District of Belo Horizonte/MG, the PARTIES renouncing any other, for more privileged as he is.

In testimony of your agreement to the terms and conditions and conditions established, the PARTIES sign this Service Agreement at 03 (three) copies of the same content and form, together with two witnesses.

Belo Horizonte, June 01, 2023.

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| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/Alpha Minerals Brazil Participacoes LTDA</u> | &nbsp;&nbsp;/s/ Renato Aureo de Paula Gonzaga |
| &nbsp;&nbsp;ALPHAMINERALS BEA PART. Limited liability company. | &nbsp;&nbsp;RENATO AUREO DE PAULA GONZAGA |
| &nbsp;&nbsp;1) Witness | &nbsp;&nbsp;2) Witness |

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## Exhibit 10.21

**Exhibit 10.21**

<u>AGREEMENTPROVISION OF SERVICES</u>  

**CONTRACTING PARTY:**

ALPHA MINERALS BRAZIL PARTICIPAÇOES LTDA, a private legal entity, registered with the CNPJ under no. 43.063.229/0001-20, headquartered at Rua Professor José Leite e Oitlclca, 530, Room 04, Vila Gertrudes, São Paulo/SP, ZIP CODE: 04.705-080, hereby represented by João Paulo Agaplto da Veiga, Brazilian, single, businessman, registered with the CPF under No. , hereinafter referred to simply as CONTRACTING PARTY.

and on the other hand,

**CONTRACTED PARTY:**

FALCON CONSULTING ADMINISTRATIVE SERVICES SOLE PROPRIETORSHIP LTDA., trade name Falcon Consulting, a private legal entity registered with the CNPJ under number 42.458.753/0001-95, with headquarters at Rua Maria Quitéria, 23, apt. 402, B. Ipanema, Rio de Janeiro/RJ, hereby represented by João Paulo Agapito da Veiga, Brazilian, single, administrator, registered with the CPF under No. , hereinafter referred to simply as CONTRACTED PARTY.

The CONTRACTING PARTY and CONTRACTED PARTY hereby agree to the following <u>Service Agreement</u>, which shall be governed by the following terms and conditions:

**CLAUSE 1 - PREAMBLE**

1.1 - CONTRACTING PARTY and CONTRACTED PARTY shall be referred to herein as PARTIES and, individually, as PARTY.

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1.2 - The CONTRACTED PARTY declares that it is a company with extensive experience in the field of business management consulting, presenting, for this purpose, expertise and knowledge in providing the services hereby contracted, declaring that it holds all the qualifications, authorizations, and documentation relevant to their performance.

1.3 - The parties undertake to abide by the Principle of Good Faith, further committing to perform with diligence, collaboration, and proactivity the activities necessary to fulfill the purpose of this agreement, acting jointly and ethically in defense of all interests arising from the transactions arising therefrom.

**CLAUSE 2 - PURPOSE OF THE AGREEMENT**

2.1 - The PURPOSE of this agreement is to provide consulting and advisory services in business management, including planning, organization, coordination, control, and strategic support for administrative, operational, and commercial areas related to projects of interest to the CONTRACTING PARTY.

2.2 - The scope of services also includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 - Development and monitoring of action plans and organizational goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 - Review and improvement of internal processes and operational flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 - Defining and monitoring performance indicators, as well as supporting the structuring of teams and functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 - Advising on strategic and institutional management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 - Implementation of governance and compliance practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6 - Support in the development and control of internal policies.

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**CLAUSE 3 - REMUNERATION AND FORM OF PAYMENT**

3.1 - For the services agreed upon in this contract, the CONTRACTING PARTY shall pay the CONTRACTED PARTY the amount of R$11,250.00 (eleven thousand, two hundred and fifty reais) by the 5th business day of the month following the service provided, by bank transfer to the account held by the CONTRACTED PARTY, as indicated by the latter, with the deposit slip serving as proof of discharge of the obligations contracted in this agreement.

3.2 - In the event of late payment for services, item 3.1, due to the sole fault of the CONTRACTING PARTY, a penalty of 2% (two percent) will be applied to the amount due, in addition to interest of 1% (one percent) per month, pro rata, until the date of actual payment.

3.3 - Additional expenses related to the services contracted herein, such as travel, accommodation, and meals, shall be reimbursed by the CONTRACTING PARTY upon presentation of valid receipts (invoices) together with payment for the services, in accordance with item 3.1, if not paid in advance by the CONTRACTING PARTY.

**CLAUSE 4 - TERM OF VALIDITY**

4.1 - This agreement is entered into for a term of 12 (twelve) months, beginning on January 1, 2024 and ending on December 31, 2024, and may be extended for an equal period or for another period of time freely agreed upon by the PARTIES.

**CLAUSE 5 - CONFIDENTIALITY**

5.1 - The PARTIES acknowledge that, in the course of their collaboration on mining projects and the strategic asset development plan, confidential information may be shared between them, and the CONTRACTED PARTY undertakes to maintain confidentiality regarding the business and technical information to which it has access, by any means, and other negotiations arising from the subject matter of this agreement.

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5.2 - For the purposes of this agreement, "Confidential Information" includes, but is not limited to, data, documents, plans, strategies, reports, analyses, technical, financial, and commercial information, information about contracts with third parties, documents belonging to the CONTRACTING PARTY or third parties related to it, as well as any other information identified as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1 - Information related to an identified or identifiable person, whether physical or such as name, identity document, CPF number, CNPJ number, address, telephone number, email address, IP address, and their respective sensitive data.**

5.3 - The CONTRACTED PARTY agrees to maintain absolute confidentiality of technical and business "confidential information," or other information designated as such by the CONTRACTING PARTY, as well as to take all reasonable measures to protect it from unauthorized disclosure.

5.4 - The CONTRACTED PARTY undertakes to use the "confidential information" exclusively for the purposes of this contract and not to disclose, reproduce, transmit, or use such information for any other purpose without the prior and express authorization of the CONTRACTING PARTY.

5.5 - The obligation of "confidentiality" does not apply to information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1 - was in the public domain at the time it was shared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.2 - is duly authorized by the CONTRACTING PARTY their sharing with third parties involved in the project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.3 - have become public knowledge after sharing, without violating this clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.4 - were already known to the receiving PARTY prior to sharing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.5 - were obtained from third parties legally without confidentiality restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.6 - must be disclosed in accordance with legal or regulatory requirements,

5.6 - The confidentiality obligation established in this agreement shall remain in effect even after its conclusion or termination, for a period of five (5) years.

**CLAUSE 6 - INTELLECTUAL PROPERTY**

6.1 - For the purposes of this agreement and the provision of services arising therefrom, "<u>Intellectual Property</u>" shall be understood to mean all industrial and intellectual property rights produced by the(a) CONTRACTED PARTY, including, but not limited to: copyrights, trademarks, patents, industrial designs, geological research and mapping processes and methods, trade secrets, know-how, computer programs, databases, inventions, discoveries, creations, works, and any other form of legally protected intellectual property.

6.2 - The CONTRACTED PARTY hereby acknowledges that all "<u>Intellectual Property</u>" rights described in item 6.1 and related to the services provided under this contract are the exclusive property of the(a) CONTRACTING PARTY, assigning and transferring to it all related rights, at which point the CONTRACTING PARTY shall hold full ownership and exploitation rights to said "<u>Intellectual Property</u>."

6.3 - The CONTRACTED PARTY acknowledges and accepts that the CONTRACTING PARTY shall have the exclusive right to use, exploit, sublicense, register, and protect the "Intellectual Property" transferred to it, at its convenience, within the scope of its activities or related to them, or even outside them sublicense, register, and protect the "<u>Intellectual Property</u>" transferred to it, at its convenience, within the scope of its activities or related to them, or even outside them.

6.4 - The CONTRACTED PARTY declares and accepts that it will not use, disclose, or exploit the rights protected by this <u>Clause</u>, unless expressly authorized by the CONTRACTING PARTY, under penalty of incurring the fine described in <u>Clause 10</u>, item 10.3.

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**CLAUSE 7 - CONTRACTOR'S OBLIGATIONS**

7.1 - Provide the CONTRACTED PARTY, clearly and accurately, with any information requested and inherent to the fulfillment of the object of the contract.

7.2 - Notify the CONTRACTED PARTY in writing of any failure or malfunction of the services performed, specifying the type of defect and providing all data and information necessary for its correction, if applicable, and the **CONTRACTED PARTY** shall make the necessary correction within a maximum period of three (3) days.

7.3 - Make the payments due under this agreement in the manner and on the dates agreed upon agreed

**CLAUSE 8 - OBLIGATIONS OF THE CONTRACTED PARTY**

8.1 - Faithfully perform the services described in <u>Clause 2</u> and its sub-items, always in accordance with good practice and usual standards, as well as complying with the rules, technical specifications, the safety conditions applicable to the provision of services of this kind, comply with all applicable legislation, whether federal, state, or municipal, as well as all determinations of the competent bodies of the Public Administration and other supervisory entities.

8.2 - Submit to the CONTRACTING PARTY a report of all activities carried out, indicating the start and end of each one.

8.3 - Request from the CONTRACTING PARTY, at least seven (7) days in advance, the equipment, materials, tools, and supplies necessary to perform the contracted services.

8.4 - Be responsible for the correct use of all equipment, materials, and supplies provided by the CONTRACTOR, bearing the financial and legal costs of any damage caused to them due to misuse or the costs related to their repair.

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8.5 - Be responsible for any damage caused to furniture and materials in their possession resulting from misuse or inappropriate use, and the costs of repair or replacement may be retained or deducted from the amounts due under this contract.

8.6 - Return to the CONTRACTED PARTY all materials, furniture, supplies, and tools in your possession and use, as well as provide all data and information related to the contracted services, including "<u>confidential information</u>" and "<u>intellectual property</u>" of the CONTRACTING PARTY, upon termination or expiration of the contract.

8.7 - Immediately cease use of the "<u>Intellectual Property</u>" and return all documents, materials, and information related thereto in the event of termination of this agreement, for any reason whatsoever.

8.8 - Perform the services contracted herein independently, assuming responsibility, as of now, for any legal or administrative proceedings brought in relation to this agreement, whether civil, environmental, tax, or labor, and being liable to compensate the CONTRACTING PARTY for any convictions it may suffer if it has not agreed to do so.

8.9 - Be liable for any damages that the CONTRACTING PARTY or third parties may suffer as a result of its acts or omissions, including those of its agents or employees, in the performance of its duties under this contract.

8.10 - Promote the corresponding and timely collection of all contributions and other taxes levied on the activities arising from this contract and be responsible for its tax compliance.

8.11 - Issue invoices for services rendered at least five days prior to their respective due date.

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**CLAUSE 9 - ABSENCE OF EMPLOYMENT RELATIONSHIP AND NON-EXCLUSIVITY**

9.1 - This agreement does not create any form of association, partnership, joint venture, or employment relationship, and each party shall assume and bear its own tax, social security, and labor obligations.

9.2 - This agreement does not grant exclusivity to either PARTY, and each party is free to contract services with other companies, while respecting the duty of confidentiality, as set forth in <u>Clause 5</u>.

**CLAUSE 10 - TERMINATION, FINES, AND PENALTIES**

10.1 - The PARTIES may, by mutual consent and <u>with</u> thirty (30) days' prior <u>notice</u>, terminate this contract, in which case no fees, charges, or penalties shall apply, except for the fulfillment of any outstanding contractual obligations, including those arising from payment to the CONTRACTED PARTY.

10.2 - This contract may be terminated <u>without prior notice</u>, only by written communication, in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1 - Breach of contract by either PARTY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.2 - Inability of the CONTRACTED PARTY to comply with the specific rules for the provision of services and the subject matter of this contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.3 - Fortuitous event or force majeure.

10.3 - If this contract is terminated by the CONTRACTING PARTY without just cause, a fine equivalent to three (3) times the monthly value of this contract will be applied.

10.4 - If the CONTRACTED PARTY violates the duty of <u>confidentiality</u> and "<u>Intellectual Property</u>" related to <u>Clause 5</u> and <u>Clause 6</u> a fine of R$33,750.00 (thirty-three thousand, seven hundred and fifty reais) will be imposed, in addition to the immediate termination of the contract, losing the right to receive any outstanding amounts, without prejudice to the assessment of any damages caused by unauthorized disclosure.

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10.5 - Bankruptcy, insolvency, request for judicial reorganization, intervention, liquidation, or dissolution of either PARTY, or the occurrence of a pre-bankruptcy or pre-insolvency situation, including overdue and protested securities, or enforcement actions that compromise the financial soundness and maintenance of the business covered by this agreement, shall also constitute grounds for termination of this agreement.

10.6 - The **CONTRACTING PARTY** may determine the suspension of services for reasons of relevant technical order or, in the event of non-compliance and/or disobedience to legal determinations or non-compliance with the contractual clauses described in this instrument.

**CLAUSE 11 - GENERAL PROVISIONS**

11.1 - The PARTIES **are prohibited** from assigning or **transferring to third parties, in whole or in part, the rights and obligations arising from this contract, except with the written consent of the other PARTY.**

11.2 **- The** mere **tolerance** by the PARTIES **of any non-compliance with** the terms agreed in this **contract shall not be interpreted as a waiver of** the clauses **and conditions agreed upon in this instrument.**

11.3 - Any amendments to this agreement must be made by means of a contractual addendum, duly signed by both PARTIES and by two (2) witnesses.

11.4 - This agreement shall be governed and interpreted in accordance with the Civil Code.

11.5 - The PARTIES agree to accept the electronic signature as a valid and effective means of formalizing and binding this contract, as well as any amendments, addenda, or documents related to it, with the use of the electronic signature serving as proof of the free and express manifestation of the parties, without the need for physical presence or handwritten signatures.

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11.6 - The PARTIES agree that all communication related to this contract shall be carried out through any of the available communication channels, including, but not limited to, email, postal mail, or any other appropriate electronic means or any other appropriate electronic means.

11.7 - This agreement constitutes the sole and entire agreement between the PARTIES, superseding all oth memoranda, emails, WhatsApp conversations, or proposals between the PARTIES, as well as any oral understandings between them prior to this date.

11.8 - Any disputes arising from this contract shall be submitted to the jurisdiction of the District of Belo Horizonte/MG, with the PARTIES waiving any other jurisdiction, however privileged it may be.

In witness whereof, the PARTIES sign this Service Agreement in two (2) copies of equal content and form, together with two witnesses.

Belo Horizonte, January 1, 2024.

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| | |
|:---|:---|
| &nbsp;&nbsp;/s/ João Paulo Agapito da Veiga | &nbsp;&nbsp;/s/ João Paulo Agaplto da Veiga |
| &nbsp;&nbsp;ALPHA MINE FLS BRAZIL PART LTDA. | &nbsp;&nbsp;FALCON CONSULTING SERV. ADM. SOC. UNIP LTDA. |
| &nbsp;&nbsp;1) Witness | &nbsp;&nbsp;2) Witness |

---

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## Exhibit 10.22

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**Exhibit 10.22**

**RARE EARTHS AMERICAS, INC.**

**INDEMNIFICATION AGREEMENT**

This Agreement ("Agreement") is made and entered into as of the day of , 2025, by and between Rare Earths Americas, Inc., a Texas corporation (the "Company"), and [Name] ("Indemnitee"), who is a director or executive officer of the Company.

<u>RECITALS</u>

A.Highly competent and experienced persons are reluctant to serve corporations as officers and directors unless they are provided with adequate protection through insurance and indemnification against claims and actions against them arising out of their service to and activities on behalf of the Company.

B.The Board of Directors of the Company (the "Board") has determined that the inability to attract and retain such persons would be detrimental to the best interests of the Company and its shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future.

C.The Board has also determined that it is reasonable, prudent and necessary for the Company, in addition to purchasing and maintaining directors' and officers' liability insurance (or otherwise providing for adequate arrangements of self-insurance), contractually to obligate itself to indemnify such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be adequately protected.

D.Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified to the fullest extent permitted by law.

E.Article VII of the bylaws of the Company provides for indemnification of directors to the fullest extent permitted by law. The indemnification rights in this Agreement are intended to be in addition to those provided in the bylaws of the Company.

In consideration of the foregoing and the mutual covenants herein contained, and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereby agree as follows:

**ARTICLE I**. **Certain Definitions**

As used herein, the following words and terms shall have the following respective meanings (whether singular or plural):

"Claim" means an actual or threatened claim or request for relief that was, is or may be made by reason of anything done or not done by Indemnitee in, or by reason of any event or occurrence related to, Indemnitee's Corporate Status.

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"Corporate Status" means the status of a person who is, becomes, was or may deemed to be or to have been a director, controlling person, officer, employee, agent or fiduciary of the Company or is, becomes or was serving at the request of the Company as a director, controlling person, officer, partner, member, shareholder, venturer, proprietor, trustee, employee, agent, fiduciary or similar functionary of another foreign or domestic corporation, partnership, limited liability company, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise. For purposes of this Agreement, the Company agrees that Indemnitee's service on behalf of or with respect to any Subsidiary of the Company shall be deemed to be at the request of the Company.

"Disinterested Director" with respect to any request by Indemnitee for indemnification hereunder, means a director of the Company who at the time of the vote is not a named defendant or respondent in the Proceeding in respect of which indemnification is sought by Indemnitee.

"Exchange Act" means the Securities Exchange Act of 1934.

"Expenses" means all attorneys' fees and disbursements, retainers, accountant's fees and disbursements, private investigator fees and disbursements, court costs, transcript costs, fees and expenses of experts, witness fees and expenses, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements, costs or expenses of the types customarily incurred in connection with prosecuting, defending (including affirmative defenses and counterclaims), preparing to prosecute or defend, investigating, settling, appealing (including the premium, security for, and other costs relating to any cost bonds, supersedeas bonds or other appeal bonds or their equivalent), being or preparing to be a witness in, or participating in or preparing to participate in (including on appeal) a Proceeding or in connection with a Claim, and all judgments, penalties (including excise or similar taxes), fines, amounts paid in settlement, and all interest or finance charges attributable to any thereof. Should any payments by the Company under this Agreement be determined to be subject to any federal, state or local income or excise tax, "Expenses" shall also include such amounts as are necessary to place Indemnitee in the same after-tax position (after giving effect to all applicable taxes) as Indemnitee would have been in had no such tax been determined to apply to such payments.

"Incumbent Board" means the individuals who, as of the date of this Agreement, constitute the Board and any other individual who becomes a director of the Company after that date and whose election or appointment by the Board or nomination for election by the Company's shareholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board.

"Independent Counsel" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither contemporaneously is, nor in the five years theretofore has been, retained to represent: (a) the Company or Indemnitee in any matter material to either such party (other than as

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Independent Counsel under this Agreement or similar agreements), (b) any other party to the Proceeding giving rise to a claim for indemnification hereunder, or (c) the beneficial owner, directly or indirectly, of securities of the Company representing 5% or more of the combined voting power of the Outstanding Company Voting Securities (other than, in each such case, with respect to matters concerning the rights of Indemnitee under this Agreement or of other indemnitees under other indemnification agreements). Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"Independent Directors" means the directors on the Board that are independent directors as defined in Section 303A of the New York Stock Exchange Listed Company Manual or successor provision, or, if the Company's common stock is not then quoted on the New York Stock Exchange, that qualify as independent, disinterested, or a similar term as defined in the rules of the principal securities exchange or inter-dealer quotation system on which the Company's common stock is then listed or quoted.

"Person" means any individual, entity or group (within the meaning of Sections 13(d)(3) and 14(d)(2) of the Exchange Act).

"Proceeding" means any threatened, pending or completed action, suit, arbitration, investigation, inquiry, alternate dispute resolution mechanism, administrative or legislative hearing, or any other proceeding (including any securities laws action, suit, arbitration, alternative dispute resolution mechanism, hearing or procedure) whether civil, criminal, administrative, arbitrative or investigative and whether or not based upon events occurring, or actions taken, before the date hereof, and any appeal in or related to any such action, suit, arbitration, investigation, hearing or proceeding and any inquiry or investigation (including discovery), whether conducted by or in the right of the Company or any other Person, that Indemnitee in good faith believes could lead to any such action, suit, arbitration, alternative dispute resolution mechanism, hearing or other proceeding or appeal thereof.

"Subsidiary" means, with respect to any Person, any corporation or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.

"TBCA" means the Texas Business Corporation Act and any successor statute thereto (including the Texas Business Organization Code) when such successor statute becomes applicable to the Company, as either of them may from time to time be amended.

"Voting Securities" means any securities that vote generally in the election of directors, in the admission of general partners, or in the selection of any other similar governing body.

**ARTICLE II**. **Services by Indemnitee**

Indemnitee is serving as an officer or director of the Company. Indemnitee and the Company each acknowledge that they have entered into this Agreement as a means of inducing Indemnitee to serve,

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or continue to serve, the Company in such capacities. Indemnitee may at any time and for any reason resign from such position or positions (subject to any other contractual obligation or any obligation imposed by operation of law). The Company shall have no obligation under this Agreement to continue Indemnitee in any such position or positions.

**ARTICLE III**. **Indemnification**

Section 3.1 <u>General</u>. Subject to the provisions set forth in Article IV, the Company shall indemnify, and advance Expenses to, Indemnitee to the fullest extent permitted by applicable law in effect on the date hereof and to such greater extent as applicable law may hereafter from time-to-time permit. The other provisions set forth in this Agreement are provided in addition to and as a means of furtherance and implementation of, and not in limitation of, the obligations expressed in this Article III. No requirement, condition to or limitation of any right to indemnification or to advancement of Expenses under this Article III shall in any way limit the rights of Indemnitee under Article VII.

Section 3.2 <u>Additional Indemnity of the Company</u>. Indemnitee shall be entitled to indemnification pursuant to this Section 3.2 if, by reason of anything done or not done by Indemnitee in, or by reason of any event or occurrence related to (or arising in part out of), Indemnitee's Corporate Status, Indemnitee is, was or becomes, or is threatened to be made, a party to, or witness or other participant in any Proceeding. Pursuant to this Section 3.2, Indemnitee shall be indemnified against any and all Expenses, losses, claims, damages, liabilities, judgments, penalties (including excise or similar taxes), fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of any such Expenses, losses, claims, damages, liabilities, judgments, penalties (including excise or similar taxes), fines and amounts paid in settlement), joint or several, actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any Claim, issue or matter therein. Notwithstanding the foregoing, the obligations of the Company under this Section 3.2 shall be subject to the condition that no determination (which, in any case in which Independent Counsel is involved, shall be in a form of a written opinion) shall have been made pursuant to Article IV that Indemnitee would not be permitted to be indemnified under applicable law. Nothing in this Section 3.2 shall limit the benefits of Section 3.1, Section 3.3 or any other Section hereunder.

Section 3.3 <u>Advancement of Expenses</u>. The Company shall pay all Expenses reasonably incurred by, or in the case of retainers to be incurred by, or on behalf of Indemnitee (or, if applicable, reimburse Indemnitee for any and all Expenses reasonably incurred by Indemnitee and previously paid by Indemnitee) in connection with any Claim or Proceeding (including any amount actually paid in settlement of such Claim or Proceeding), whether brought by the Company or otherwise, in advance of any determination respecting entitlement to indemnification pursuant to Article IV hereof (and shall continue to pay such Expenses after such determination and until it shall ultimately be determined (in a final adjudication by a court from which there is no further right of appeal or in a final adjudication of an arbitration pursuant to Section 5.1 if Indemnitee elects to seek such arbitration) that Indemnitee is not entitled to be indemnified by the Company against such Expenses) within 10 days after the receipt by the Company of a written request from Indemnitee requesting such payment or payments from time to

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time, whether prior to or after final disposition of such Proceeding. Any such payment by the Company is referred to in this Agreement as an "Expense Advance." Any dispute as to the reasonableness of the incurrence of any Expense shall not delay an Expense Advance by the Company, and the Company agrees that any such dispute shall be resolved only upon the disposition or conclusion of the underlying Claim or Proceeding against Indemnitee. Indemnitee hereby undertakes and agrees that Indemnitee will reimburse and repay the Company without interest for any Expense Advances to the extent that it shall ultimately be determined (in a final adjudication by a court from which there is no further right of appeal or in a final adjudication of an arbitration pursuant to Section 5.1 if Indemnitee elects to seek such arbitration) that Indemnitee is not entitled to be indemnified by the Company against such Expenses. Indemnitee shall not be required to provide collateral or otherwise secure the undertaking and agreement described in the prior sentence. The Company shall make all advances pursuant to this Section 3.3 without regard to the financial ability of Indemnitee to make repayment and without regard to the prospect of whether Indemnitee may ultimately be found to be entitled to indemnification under the provisions of this Agreement.

Section 3.4 <u>Indemnification for Additional Expenses</u>. Subject to any limitations of applicable law, the Company shall indemnify Indemnitee against any and all costs and expenses (of the types described in the definition of Expenses in Article I) and, if requested by Indemnitee, shall (within 10 days of that request) advance those costs and expenses to Indemnitee, that are incurred by Indemnitee in connection with any claim asserted against, or action brought by, Indemnitee for (i) indemnification or an Expense Advance by the Company under this Agreement or any other agreement or provision of the Company's articles of incorporation or bylaws now or hereafter in effect relating to any Claim or Proceeding, (ii) recovery under any directors' and officers' liability insurance policies maintained by the Company, or (iii) enforcement of, or claims for breaches of, any provision of this Agreement, in each of the foregoing situations regardless of whether Indemnitee ultimately is determined to be entitled to that indemnification, expense payment (whether as an advance or reimbursement), insurance recovery, enforcement, or damage claim, as the case may be and regardless of whether the nature of the proceeding with respect to such matters is judicial, by arbitration, or otherwise.

Section 3.5 <u>Partial Indemnity</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, fines, penalties (including excise or similar taxes), and amounts paid in settlement of a Claim or Proceeding but not, however, for all of the amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any or all Claims or Proceedings, or in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection therewith.

**ARTICLE IV**. **Procedure for Determination of Entitlement to Indemnification**

Section 4.1 <u>Request by Indemnitee</u>. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request for indemnification containing a brief description of any matter for which indemnification is then sought under this Agreement. The request shall be given in accordance

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with the notice provisions of Section 7.10 hereof. The Secretary or an Assistant Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. In addition, Indemnitee shall provide the Company, following the Company's request, with such documentation and information as is reasonably available to Indemnitee and that the Company may reasonably require to determine whether and to what extent Indemnitee is entitled to indemnification.

Section 4.2 <u>Determination of Request</u>. Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 4.1 hereof, a determination, if required by applicable law, with respect to whether Indemnitee is permitted under applicable law to be indemnified shall be made in accordance with the terms of Section 4.4, in the specific case as follows, by the manner determined by the Board from among the following choices (subject, in the case of clause (iv), to the agreement of Indemnitee):

(i) by the Board by a majority vote of the Disinterested Directors, regardless of whether the Disinterested Directors constitute a quorum of the Board, or

(ii) by a majority vote of a committee of the Board, if (A) the committee is designated by a majority vote of the Disinterested Directors, regardless of whether the Disinterested Directors constitute a quorum of the Board, and (B) the committee consists solely of one or more Disinterested Directors, or

(iii) by Independent Counsel selected by the Board or a committee of the Board by a vote as set forth in clauses (i) or (ii) of this paragraph (b), or if such vote is not obtainable and such a committee cannot be established, by a majority vote of all directors of the Board (unless such a procedure is not permitted by applicable law), or

(iv) if Indemnitee and the Company agree, by the shareholders of the Company in a vote that excludes the shares held by directors who are not Disinterested Directors.

If it is so determined that Indemnitee is permitted to be indemnified under applicable law, payment to Indemnitee shall be made within 10 days after such determination. Nothing contained in this Agreement shall require that any determination be made under this Section 4.2 prior to the disposition or conclusion of a Claim or Proceeding against Indemnitee; provided, however, that Expense Advances shall continue to be made by the Company pursuant to, and to the extent required by, the provisions of Article III. Indemnitee shall cooperate with the person or persons making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person or persons making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification), and the Company shall indemnify and hold harmless Indemnitee therefrom.

Section 4.3 <u>Independent Counsel</u>. If the determination of entitlement to indemnification is to be made by Independent Counsel, the Company shall give written notice to Indemnitee, within 10 days after

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receipt by the Company of Indemnitee's request for indemnification, specifying the identity and address of the Independent Counsel selected in accordance with Section 4.2(iii). Such notice to Indemnitee or the Company, as the case may be, shall be accompanied by a written affirmation of the Independent Counsel so selected that it satisfies the requirements of the definition of "Independent Counsel" in Article I and that it agrees to serve in such capacity and (ii) Indemnitee or the Company, as the case may be, may, within seven days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection. Any objection to the selection of Independent Counsel pursuant to this Section 4.3 may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of the definition of "Independent Counsel" in Article I, and the objection shall set forth with particularity the factual basis of such assertion. If such written objection is timely made, the Independent Counsel so selected may not serve as Independent Counsel unless and until a court of competent jurisdiction (the "Court") has determined that such objection is without merit. In the event of a timely written objection to a choice of Independent Counsel, the party originally selecting the Independent Counsel shall have seven days to make an alternate selection of Independent Counsel and to give written notice of such selection to the other party, after which time such other party shall have five days to make a written objection to such alternate selection. If, within 30 days after submission of Indemnitee's request for indemnification pursuant to Section 4.1, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court for resolution of any objection that shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Court or by such other person as the Court shall designate, and the person with respect to whom an objection is so resolved or the person so appointed shall act as Independent Counsel under Section 4.2(iii). The Company shall pay any and all fees and expenses reasonably incurred by such Independent Counsel in connection with acting pursuant to Section 4.2, and the Company shall pay all fees and expenses reasonably incurred incident to the procedures of this Section 4.3, regardless of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 5.1, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

Section 4.4 <u>Presumptions and Effect of Certain Proceedings</u>.

(a) Indemnitee shall be presumed to be entitled to indemnification under this Agreement upon submission of a request for indemnification under Section 4.1, and the Company shall have the burden of proof in overcoming that presumption in reaching a determination contrary to that presumption. Such presumption shall be used by Independent Counsel (or other person or persons determining entitlement to indemnification) as a basis for a determination of entitlement to indemnification unless the presumption is overcome by the Company's providing information sufficient to overcome such presumption by clear and convincing evidence or unless the investigation, review and analysis of Independent Counsel (or such other person or persons) convinces Independent Counsel by clear and convincing evidence that the presumption should not apply.

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(b) If the person or persons empowered or selected under Article IV of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within 60 days after receipt by the Company of the request by Indemnitee therefor, the determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating to such determination; and provided, further, that the 60-day limitation set forth in this Section 4.4(b) shall not apply and such period shall be extended as necessary (i) if within 30 days after receipt by the Company of the request for indemnification under Section 4.1 Indemnitee and the Company have agreed, and the Board has resolved to submit such determination to the shareholders of the Company pursuant to Section 4.2(iv) for their consideration at an annual meeting of shareholders to be held within 90 days after such agreement and such determination is made thereat, or a special meeting of shareholders is called within 30 days after such receipt for the purpose of making such determination, such meeting is held for such purpose within 60 days after having been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 4.2(iii) of this Agreement, in which case the applicable period shall be as set forth in Section 5.1.

(c) The termination of any Proceeding or of any Claim, issue or matter by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) by itself adversely affect the rights of Indemnitee to indemnification or create a presumption that Indemnitee failed to meet any particular standard of conduct, that Indemnitee had any particular belief, or that a court has determined that indemnification is not permitted by applicable law. Indemnitee shall be deemed to have been found liable in respect of any Claim or Proceeding, issue or matter only after Indemnitee shall have been so adjudged by the Court after exhaustion of all appeals therefrom.

**ARTICLE V**. **Certain Remedies of Indemnitee**

Section 5.1 <u>Indemnitee Entitled to Adjudication in an Appropriate Court</u>. If (a) a determination is made pursuant to Article IV that Indemnitee is not entitled to indemnification under this Agreement; (b) there has been any failure by the Company to make timely payment or advancement of any amounts due hereunder (including any Expense Advances); or (c) the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 4.2(iii) and such determination shall not have been made and delivered in a written opinion within 90 days after the latest of (i) such Independent Counsel's being appointed, (ii) the overruling by the Court of objections to such counsel's selection, or (iii) expiration of all periods for the Company or Indemnitee to object to such counsel's selection, Indemnitee shall be entitled to commence an action seeking an adjudication in the Court of Indemnitee's entitlement to such indemnification or advancements due hereunder, including Expense Advances. Alternatively, Indemnitee, at Indemnitee's option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the commercial arbitration rules of the American Arbitration Association. Indemnitee shall commence such action seeking an adjudication or an award in arbitration within 180

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days following the date on which Indemnitee first has the right to commence such action pursuant to this Section 5.1, or such right shall expire. The Company agrees not to oppose Indemnitee's right to seek any such adjudication or award in arbitration and it shall continue to pay Expense Advances pursuant to Section 3.3 until it shall ultimately be determined (in a final adjudication by a court from which there is no further right of appeal or in a final adjudication of an arbitration pursuant to this Section 5.1 if Indemnitee elects to seek such arbitration) that Indemnitee is not entitled to be indemnified by the Company against such Expenses.

Section 5.2 <u>Adverse Determination Not to Affect any Judicial Proceeding</u>. If a determination shall have been made pursuant to Article IV that Indemnitee is not entitled to indemnification under this Agreement, any judicial proceeding or arbitration commenced pursuant to this Agreement shall be conducted in all respects as a de novo trial or arbitration on the merits, and Indemnitee shall not be prejudiced by reason of such initial adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Agreement, Indemnitee shall be presumed to be entitled to indemnification or advancement of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proof in overcoming such presumption and to show by clear and convincing evidence that Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

Section 5.3 <u>Company Bound by Determination Favorable to Indemnitee in any Judicial Proceeding or Arbitration</u>. If a determination shall have been made or deemed to have been made pursuant to Article IV that Indemnitee is entitled to indemnification, the Company shall be irrevocably bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Article V and shall be precluded from asserting that such determination has not been made or that the procedure by which such determination was made is not valid, binding and enforceable.

Section 5.4 <u>Company Bound by the Agreement</u>. The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Article V that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

**ARTICLE VI**. **Contribution**

Section 6.1 <u>Contribution Payment</u>. To the extent the indemnification provided for under any provision of this Agreement is determined (in the manner hereinabove provided) not to be permitted under applicable law, then in the event Indemnitee was, is, or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, a Proceeding by reason of anything done or not done by Indemnitee in, or by reason of any event or occurrence related to (or arising in part out of), Indemnitee's Corporate Status, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount of any and all Expenses, judgments, fines, penalties (including excise or similar taxes), or amounts assessed against or incurred or paid by Indemnitee on account of such Proceeding and any and all amounts paid in settlement of that Proceeding (including all interest, assessments, and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties (including excise or similar taxes), or amounts paid in settlement)

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for which such indemnification is not permitted ("Contribution Amounts"), in such proportion as is appropriate to reflect the relative fault with respect to the subject matter of the Proceeding giving rise to the Contribution Amounts of Indemnitee, on the one hand, and of the Company and any and all other parties (including officers and directors of the Company other than Indemnitee) who may be at fault with respect to such matter (collectively, including the Company, the "Third Parties") on the other hand.

Section 6.2 <u>Relative Fault</u>. The relative fault of the Third Parties and Indemnitee shall be determined (i) by reference to the relative fault of Indemnitee as determined by the court or other governmental agency assessing the Contribution Amounts or (ii) to the extent such court or other governmental agency does not apportion relative fault, by the Independent Counsel (or such other party that makes a determination under Article IV) after giving effect to, among other things, the relative intent, knowledge, access to information, and opportunity to prevent or correct the subject matter of the Proceedings and other relevant equitable considerations of each party. The Company and Indemnitee agree that it would not be just and equitable if contribution pursuant to this Section 6.2 were determined by pro rata allocation or by any other method of allocation that does take account of the equitable considerations referred to in this Section 6.2.

**ARTICLE VII**. **Miscellaneous**

Section 7.1 <u>Non-Exclusivity</u>. The rights of Indemnitee to receive indemnification and advancement of Expenses under this Agreement shall be in addition to, and shall not be deemed exclusive of, any other rights Indemnitee shall have under the TBCA or other applicable law, the certificate of formation or bylaws of the Company, any other agreement, vote of shareholders or a resolution of directors, or otherwise. Accordingly, no amendment or alteration of the certificate of formation or bylaws of the Company or any provision thereof shall adversely affect Indemnitee's rights hereunder. To the extent that there is a change in the TBCA or other applicable law (whether by statute or judicial decision) that allows greater indemnification by agreement than would be afforded currently under the Company's articles of incorporation or bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by virtue of this Agreement the greater benefit so afforded by such change. Any amendment, alteration or repeal of the TBCA that adversely affects any right of Indemnitee shall be prospective only and shall not limit or eliminate any such right with respect to any Proceeding involving any occurrence or alleged occurrence of any action or omission to act that took place before such amendment or repeal.

Section 7.2 <u>Insurance and Subrogation</u>.

(a) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, agents or fiduciaries of the Company or for individuals serving at the request of the Company as directors, officers, partners, members, venturers, proprietors, trustees, employees, agents, fiduciaries or similar functionaries of another foreign or domestic corporation, partnership, limited liability company, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise, Indemnitee shall be covered by such policy or policies as a named or described insured

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in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee, agent or fiduciary under such policy or policies.

(b) In the event of any payment by the Company under this Agreement for which reimbursement is available under any insurance policy or policies obtained by the Company, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee under such insurance policy or policies, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights, provided that all Expenses relating to such action shall be borne by the Company.

(c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under the Company's certificate of formation or bylaws or any insurance policy, contract, agreement or otherwise.

(d) The Company will advise the Board of any proposed material reduction in the coverage for Indemnitee to be provided by the Company's directors' and officers' liability insurance policy and will not affect such a reduction with respect to Indemnitee without the prior approval of at least 80% of the Independent Directors of the Company.

Section 7.3 <u>Certain Settlement Provisions</u>. The Company shall have no obligation to indemnify Indemnitee under this Agreement for amounts paid in settlement of a Proceeding or Claim without the Company's prior written consent. The Company shall not settle any Proceeding or Claim in any manner that would impose any fine, Expense, limitation or other obligation on Indemnitee, or disparage Indemnitee or contain an admission of wrongdoing by Indemnitee, without Indemnitee's prior written consent. Neither the Company nor Indemnitee shall unreasonably withhold their consent to any proposed settlement (it being agreed that Indemnitee's refusal to consent to a proposed settlement that would in any manner impose any fine, Expense, limitation or other obligation on Indemnitee, or disparage Indemnitee or contain an admission of wrongdoing by Indemnitee, would not be unreasonable).

Section 7.4 <u>Duration of Agreement</u>. This Agreement shall continue for so long as Indemnitee serves as an officer or director of the Company or, at the request of the Company, as a director, officer, partner, member, venturer, proprietor, trustee, employee, agent, fiduciary or similar functionary of another foreign or domestic corporation, partnership, limited liability company, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise, and thereafter shall survive until and terminate upon the later to occur of: (a) the expiration of 20 years after the latest date that Indemnitee shall have ceased to serve in any such capacity; (b) the final termination of all pending Proceedings in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Article IV relating thereto; or (c) the expiration of all statutes of limitation applicable to possible Claims or Proceedings arising out of Indemnitee's Corporate Status.

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Section 7.5 <u>Notice by Each Party</u>. Indemnitee shall promptly notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document or communication relating to any Proceeding or Claim for which Indemnitee may be entitled to indemnification or advancement of Expenses hereunder; provided, however, that any failure of Indemnitee to so notify the Company shall not adversely affect Indemnitee's rights under this Agreement except to the extent the Company shall have been materially prejudiced as a direct result of such failure. The Company shall promptly notify Indemnitee in writing as to the pendency of any Proceeding or Claim that may involve a claim against Indemnitee for which Indemnitee may be entitled to indemnification or advancement of Expenses hereunder.

Section 7.6 <u>Amendment</u>. This Agreement may not be modified or amended except by a written instrument executed by or on behalf of each of the parties hereto.

Section 7.7 <u>Waivers</u>. The observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

Section 7.8 <u>Entire Agreement</u>. This Agreement and the documents expressly referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby, including any prior indemnification agreements, are expressly superseded by this Agreement.

Section 7.9 <u>Severability</u>. If any provision of this Agreement (including any provision within a single section, paragraph or sentence) or the application of such provision to any Person or circumstance, shall be judicially declared to be invalid, unenforceable or void, such decision will not have the effect of invalidating or voiding the remainder of this Agreement or affect the application of such provision to other Persons or circumstances, it being the intent and agreement of the parties that this Agreement shall be deemed amended by modifying such provision to the extent necessary to render it valid, legal and enforceable while preserving its intent, or if such modification is not possible, by substituting therefor another provision that is valid, legal and unenforceable and that achieves the same objective. Any such finding of invalidity or unenforceability shall not prevent the enforcement of such provision in any other jurisdiction to the maximum extent permitted by applicable law.

Section 7.10 <u>Notices</u>. All notices and other communications hereunder shall be in writing and shall be deemed given upon (a) transmitter's confirmation of a receipt of a facsimile transmission if during normal business hours of the recipient, otherwise on the next business day, (b) confirmed delivery of a standard overnight courier or when delivered by hand or (c) the expiration of five business days after

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the date mailed by U.S. certified or registered mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at such other addresses for a party as shall be specified by like notice):

If to the Company, to it at:

Rare Earths Americas, Inc.

Attn: Corporate Secretary

250 Fillmore Street, Suite 150

Denver, CO 80206

By Email:

legal@rareearthsamericas.com

If to Indemnitee, to Indemnitee at:

[Indemnitee address]

or to such other address or to such other individuals as any party shall have last designated by notice to the other parties. All notices and other communications given to any party in accordance with the provisions of this Agreement shall be deemed to have been given when delivered or sent to the intended recipient thereof in accordance with and as provided in the provisions of this Section 7.10.

Section 7.11 <u>Governing Law</u>. This Agreement shall be construed in accordance with and governed by the laws of the State of Texas without regard to the principles of conflict of laws.

Section 7.12 <u>Certain Construction Rules</u>.

(a) The article and section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. As used in this Agreement, unless otherwise provided to the contrary, (1) all references to days shall be deemed references to calendar days and (2) any reference to a "Section" or "Article" shall be deemed to refer to a section or article of this Agreement. The words "hereof," "herein" and "hereunder" and words of similar import referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation." Unless otherwise specifically provided for herein, the term "or" shall not be deemed to be exclusive. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

(b) For purposes of this Agreement, references to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to any employee benefit plan; references to "serving at the request of the Company" shall include any service as a director, officer, employee or agent of the Company that imposes duties on, or involves services by,

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such director, nominee, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner the person reasonably believed to be in the interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interest of the Company" for purposes of this Agreement and the TBCA.

(c) This Agreement is the result of negotiations among and has been reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto.

Section 7.13 <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart.

Section 7.14 <u>Certain Persons Not Entitled to Indemnification</u>. The Company shall not be obligated pursuant to the terms of this Agreement:

(a) To indemnify Indemnitee if (and to the extent that) a court or arbitration body having jurisdiction in the matter shall ultimately determine (in a final adjudication by a court from which there is no further right of appeal or in a final adjudication of an arbitration) that such indemnification is not lawful; or

(b) To indemnify Indemnitee for the payment to the Company of profits pursuant to Section 16(b) of the Exchange Act, or Expenses incurred by Indemnitee for Proceedings in connection with such payment under Section 16(b) of the Exchange Act.

Section 7.15 **<u>INDEMNIFICATION FOR NEGLIGENCE, GROSS NEGLIGENCE, ETC</u>. WITHOUT LIMITING THE GENERALITY OF ANY OTHER PROVISION HEREUNDER, IT IS THE EXPRESS INTENT OF THIS AGREEMENT THAT INDEMNITEE BE INDEMNIFIED AND EXPENSES BE ADVANCED REGARDLESS OF INDEMNITEE'S ACTS OF NEGLIGENCE, GROSS NEGLIGENCE, INTENTIONAL OR WILLFUL MISCONDUCT OR THEORIES OF STRICT LIABILITY TO THE EXTENT THAT INDEMNIFICATION AND ADVANCEMENT OF EXPENSES IS ALLOWED PURSUANT TO THE TERMS OF THIS AGREEMENT AND UNDER APPLICABLE LAW.**

Section 7.16 <u>Mutual Acknowledgments</u>. Both the Company and Indemnitee acknowledge that in certain instances, applicable law (including applicable federal law that may preempt or override applicable state law) or public policy may prohibit the Company from indemnifying the directors of the Company under this Agreement or otherwise. For example, the Company and Indemnitee acknowledge that the U.S. Securities and Exchange Commission has taken the position that indemnification of directors, officers and controlling Persons of the Company for liabilities arising under federal securities laws is against public policy and, therefore, unenforceable. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company's right under public policy to indemnify Indemnitee. In addition, the

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Company and Indemnitee acknowledge that federal law prohibits indemnifications for certain violations of the Employee Retirement Income Security Act of 1974, as amended.

Section 7.17 <u>Enforcement</u>. The Company agrees that its execution of this Agreement shall constitute a stipulation by which it shall be irrevocably bound in any court or arbitration in which a proceeding by Indemnitee for enforcement of Indemnitee's rights hereunder shall have been commenced, continued or appealed, that its obligations set forth in this Agreement are unique and special, and that failure of the Company to comply with the provisions of this Agreement will cause irreparable and irremediable injury to Indemnitee, for which a remedy at law will be inadequate. As a result, in addition to any other right or remedy Indemnitee may have at law or in equity with respect to breach of this Agreement, Indemnitee shall be entitled to injunctive or mandatory relief directing specific performance by the Company of its obligations under this Agreement. The Company agrees not to seek, and agrees to waive any requirement for the securing or posting of, a bond in connection with Indemnitee's seeking or obtaining such relief.

Section 7.18 <u>Successors and Assigns</u>. All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators, legal representatives.

Section 7.19 <u>Period of Limitations</u>. No legal action shall be brought and no cause of action shall be asserted by or on behalf of the Company or any affiliate of the Company against Indemnitee or Indemnitee's spouse, heirs, executors, or personal or legal representatives after the expiration of two years from the date of accrual of that cause of action, and any claim or cause of action of the Company or its affiliate shall be extinguished and deemed released unless asserted by the timely filing of a legal action within that two-year period; provided, however, that for any claim based on Indemnitee's breach of fiduciary duties to the Company or its shareholders, the period set forth in the preceding sentence shall be three years instead of two years; and provided, further, that, if any shorter period of limitations is otherwise applicable to any such cause of action, the shorter period shall govern.

[SIGNATURE PAGE TO FOLLOW]

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IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the date first above written.

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|:---|
| RARE EARTHS AMERICAS, INC. |
| By: |
| Name: |
| Title: |
| INDEMNITEE: |
| [Name] |

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## Exhibit 10.23

**Exhibit 10.23**

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| &nbsp;&nbsp;**LOAN AGREEMENT** | &nbsp;&nbsp;**CONTRATO DE MÚTUO** |
| &nbsp;&nbsp;For this particular agreement, and in the best form of the Law, the parties hereinafter referred and qualified, namely | &nbsp;&nbsp;Pelo presente instrumento particular, e na melhor forma de Direito, as Partes adiante designadas e qualificadas, a saber, |
| &nbsp;&nbsp;on the one hand, as Lender, | &nbsp;&nbsp;de um lado, na qualidade de Mutuante, |
| &nbsp;&nbsp;**BRAZIL ROYALTY CORP PARTICIPATES E INVESTIMENTOS LTDA**., a limited liability company incorporated under the laws of Brazil, with its headquarters in the Capital of the State of Minas Gerais, at Turim Street, No. 59, 3<sup>rd</sup> floor, Avante Empresarial Business Complex, Santa Lucia Neighborhood, Zip Code 30360-552, enrolled with the CNPJ under No. 45.637.852/0001-22, herein represented pursuant to its Articles of Association (the "<u>Lender</u>"); | &nbsp;&nbsp;**BRAZIL ROYALTY CORP PARTICIPAÇÕES E INVESTIMENTOS LTDA**., sociedade empresária limitada constituída no Brasil, com sede na Capital do Estado de Minas Gerais, na Rua Turim, n.º 59, 3º andar, Condomínio Avante Empresarial, Bairro Santa Lúcia, CEP 30360-552, inscrita no CNPJ n.º 45.637.852/0001-22, neste ato representada na forma de seu Contrato Social (a "<u>Mutuante</u>"); |
| &nbsp;&nbsp;and, on the other hand, as Borrower; | &nbsp;&nbsp;e, de outro lado, na qualidade de Mutuária, |
| &nbsp;&nbsp;**ALPHA MINERALS BRAZIL PARTICIPATES LTDA**., a limited liability company incorporated under the laws of Brazil, with its headquarters in the Capital of the State of Minas Gerais, at Turim Street, No. 59, 3<sup>rd</sup> floor, Avante Empresarial Business Complex, Santa Lucia Neighborhood, Zip Code 30360-552, enrolled with the CNPJ under No. 43.093.229/0001-20, herein represented pursuant to its Articles of Association (the "<u>Borrower</u>"); | &nbsp;&nbsp;**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA**., sociedade empresária limitada constituída no Brasil, com sede na Capital do Estado de Minas Gerais, na Rua Turim, n.º 59, 3º andar, Condomínio Avante Empresarial, Bairro Santa Lúcia, CEP 30360-552, inscrita no CNPJ sob o n.º. 43.093.229/0001-20, neste ato representada na forma de seu Contrato Social (a "<u>Mutuária</u>"); |
| &nbsp;&nbsp;WHEREAS, that the Lender transferred funds to the Borrower, as loans, through bank transfers or direct payments of expenses of the Borrower, on its behalf and order, which are indicated in a spreadsheet that is part of this agreement in its <u>Appendix I</u>., and that on the present date the balance of the Borrower's debt in favor of the Lender is BRL3,729,208.32 (three million, seven hundred and twenty-nine thousand, two hundred and eight Brazilian Reais and thirty-two cents); | &nbsp;&nbsp;considerando que a Mutuante disponibilizou recursos em favor da Mutuária, a título de mútuo, por meio da realização de transferências bancárias ou de pagamentos diretos de despesas da Mutuária, por sua conta e ordem, os quais estão indicados em planilha que integra o presente como seu <u>Anexo I</u>., e que, na presente data, o saldo da dívida da Mutuária em favor da Mutuante totaliza R$3.279.208,32 (três milhões, duzentos e setenta e nove mil, duzentos e oito reais e trinta e dois centavos); |
| &nbsp;&nbsp;WHEREAS, that the Lender intends to make additional resources available in favor of the Borrower from this date, also as a loan, so that the total balance loaned may be up to R$6,105,000.00 (six million one hundred and five thousand Brazilian Reais); | &nbsp;&nbsp;considerando que a Mutuante tem a intenção de disponibilizar recursos adicionais em favor da Mutuária a partir da presente data, também a título de mútuo, de modo que o saldo total mutuado seja de até R$6.105.000 (seis milhões, cento e cinco mil reais); |
| &nbsp;&nbsp;WHEREAS, that the Parties intend to consolidate all the payments previously made by the Lender in favor of the Borrower, as well as to regulate the rules applicable to the loan and its payment; | &nbsp;&nbsp;considerando que as Partes têm a intenção de consolidar todos os pagamentos até então realizados pela Mutuante em favor da Mutuária, bem assim de disciplinar as regras aplicáveis ao mútuo e a seu pagamento; |

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| &nbsp;&nbsp;now, THEREFORE, in consideration of the mutual promises and covenants set forth in this Loan Agreement (the "<u>Loan Agreement</u>"), the Parties agree as follows: | &nbsp;&nbsp;resolvem, de comum acordo, celebrar o presente Contrato de Mútuo (o "<u>Contrato de Mútuo</u>"), que será regido pelas seguintes cláusulas e condições: |
| &nbsp;&nbsp;**1. LOAN.** | &nbsp;&nbsp;**1. MÚTUO.** |
| &nbsp;&nbsp;1.1. <u>Loan Amount</u>. By means of this Loan Agreement, the Borrower agrees and declares that, from August 1st, 2024 to the present date, it has received from the Lender the total and certain amount of R$3,729,208.32 (three million, seven hundred and twenty-nine thousand, two hundred and eight Brazilian Reais and thirty-two cents), in the amounts and on the dates indicated in the spreadsheet that is part of this Loan Agreement as its <u>Appendix I</u>., which, added to the resources to be made available as of the present date, respecting the global limit of R$6,105,000.00 (six million one hundred and five thousand Brazilian Reais), will be hereinafter referred to as the "<u>Loan Amount</u>" (the "<u>Loan</u>"). The amount of the Tax on Credit, Exchange and Insurance Transactions, or related to Securities or Bonds (the "<u>IOF</u>", in the Brazilian acronym) is also part of the Loan Amount for all purposes of Brazilian Law and this Loan Agreement. The Loan Amount was or will be made available by the Lender by means of bank transfers to a bank account held by the Borrower or paid to third parties, on its behalf and order, as may be defined by mutual agreement between the Parties. | &nbsp;&nbsp;1.1. <u>Empréstimo</u>. Pelo presente Contrato de Mútuo, a Mutuária concorda e declara que, desde o dia 1º de agosto de 2024 até a presente data, recebeu da Mutuante o valor total, líquido e certo de R$3.279.208,32 (três milhões, duzentos e setenta e nove mil, duzentos e oito reais e trinta e dois centavos), nos valores e datas indicados na planilha que integra o presente Contrato de Mútuo como seu Anexo I., o qual, somado aos recursos a serem disponibilizados a partir da presente data, respeitado o limite global de R$6.105.000 (seis milhões, cento e cinco mil reais), será doravante denominado o "<u>Valor do Empréstimo</u>" (o "Empréstimo"). O valor do Imposto sobre Operações de Crédito, Câmbio e Seguro, ou relativas a Títulos ou Valores Mobiliários (o "IOF") também integra o Valor do Empréstimo para todos os fins de direito e do presente Contrato de Mútuo. O Valor do Empréstimo foi ou será disponibilizado pela Mutuante por meio de transferências bancárias para conta corrente de titularidade da Mutuária ou pagos a terceiros, por sua conta e ordem, conforme vier a ser definido de comum acordo entre as Partes. |
| &nbsp;&nbsp;1.2. <u>Remuneration</u>. The Loan Amount described in item 1.1. above shall be subject to monetary restatement calculated by the variation of the CDI, applied "pro rata dies", from the date of disbursement by the Lender until the date of the respective settlement by the Borrower (the "<u>Remuneration</u>"). The Loan Amount is not subject to other interest or additions. | &nbsp;&nbsp;1.2. <u>Remuneração</u>. Sobre o Valor do Empréstimo descrito no item 1.1., supra, será devida atualização monetária calculada pela variação do CDI, aplicada, "pro rata dies", desde a data de desembolso pela Mutuante até a data da respectiva liquidação pela Mutuária (a "<u>Remuneração</u>"). O Valor do Empréstimo não está sujeito à incidência de outros juros ou acréscimos. |
| &nbsp;&nbsp;**2. MATURITY AND PAYMENT.** | &nbsp;&nbsp;**2. VENCIMENTO E FORMA DE PAGAMENTO.** |

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| &nbsp;&nbsp;2.1. <u>Maturity</u>. The Loan Amount shall be paid in full to Lender in R$(Brazilian Reais), through a deposit into the Lender's bank account to be indicated in writing in due course on the earliest of the following dates to occur (the "<u>Maturity Date</u>"): <br>(i) December 31st, 2026; <br>(ii) five (5) business days after the sale or transfer of a controlling interest in the controlling company of the Borrower; or <br>(iii) five (5) business days after the sale or transfer of a controlling interest in the Borrower. | &nbsp;&nbsp;2.1. <u>Vencimento</u>. O Valor do Empréstimo deverá ser integralmente restituído à Mutuante, em R$(Reais), por meio de depósito em conta bancária da Mutuante a ser oportunamente indicada, por escrito, na primeira das seguintes datas (a "<u>Data de Vencimento</u>"): <br>(i) 31 de dezembro de 2026; <br>(ii) 5 (cinco) dias úteis após a venda ou transferência do controle acionário da controladora da Mutuária; e <br>(iii) 5 (cinco) dias úteis após a venda ou transferência do controle acionário da Mutuária |
| &nbsp;&nbsp;2.1.1. <u>Maturity on a non-business day</u>. In the event that the maturity of the Loan Amount occurs on a day that is not a business day, it is hereby established by the Parties that the term provided for in 2.1. will be extended to the subsequent business day. For the purposes of the provisions of this item 2.1.1., a business day shall be considered any day other than a Saturday, Sunday or a day on which commercial banks are required or authorized by law to remain closed in the Capital of the State of Minas Gerais.  | &nbsp;&nbsp;2.1.1. <u>Vencimento em dia não útil</u>. Na hipótese de o vencimento do Valor do Empréstimo ocorrer em dia que não seja dia útil, fica desde logo estabelecido pelas Partes que o termo previsto em 2.1. será prorrogado para o dia útil subsequente. Para fins do disposto neste item 2.1.1., será considerado dia útil qualquer dia que não um sábado, domingo ou um dia em que os bancos comerciais estão obrigados ou autorizados por lei a permanecerem fechados na Capital do Estado de Minas Gerais.  |
| &nbsp;&nbsp;2.2. <u>Delay</u>. In the event of delay in payment of the Loan Amount, the amount due and unpaid by the Borrower to the Lender, without prejudice to the incidence of Remuneration until the full settlement of any outstanding balances, shall be increased by (i.) interest of 1% (one percent) per month, calculated, "pro rata dies", on the amount in arrears, from the due date until the date of actual payment, as well as (ii.) a late payment fine of 5% (five percent).  | &nbsp;&nbsp;2.2. <u>Atraso</u>. Em caso de atraso no pagamento do Valor do Empréstimo, a importância devida e não paga pela Mutuária à Mutuante, sem prejuízo da incidência da Remuneração até a efetiva liquidação integral de quaisquer saldos em aberto, será acrescida de (i.) juros de mora de 1% (um por cento) ao mês, calculados, "pro rata dies", sobre o montante em atraso, desde a data de vencimento até a data do efetivo pagamento, bem como (ii.) multa moratória de 5% (cinco por cento)  |
| &nbsp;&nbsp;2.3. <u>Settlement</u>. For all legal purposes and effects, the presentation of bank receipts for the bank transfers relating to the payment of the Loan Amount, plus the Remuneration, to the bank account held by the Lender, as informed in item 2.1. above, shall imply the granting, by the Lender to the Borrower, of the broadest, most general, irrevocable and irreversible settlement as to the receipt of the refund of the Loan Amount and the Remuneration to which it is entitled, to no longer demand or discuss anything in this regard, at any time.  | &nbsp;&nbsp;2.3. <u>Quitação</u>. Para todos os fins e efeitos legais, a apresentação dos comprovantes bancários de realização das transferência bancárias relativas ao pagamento do Valor do Empréstimo, acrescido da Remuneração, para a conta bancária de titularidade da Mutuante, conforme informada no item 2.1., supra, implicará na outorga, pela Mutuante à Mutuária, da mais ampla, geral, irrevogável e irretratável quitação quanto ao recebimento da restituição do Valor do Empréstimo e da Remuneração a que faz jus, para mais nada exigir ou discutir a esse título, a qualquer tempo.  |

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| &nbsp;&nbsp;2.4. <u>Taxes</u>. All charges, fees or expenses of the loan or resulting from this Loan Agreement, in particular the IOF or any other taxes to be withheld, shall be borne exclusively by the Borrower. Any amounts due under this Loan Agreement shall be paid in full and shall be adjusted (gross-up) to eliminate the effects of any fees or withholdings that may be applied to such payment.  | &nbsp;&nbsp;2.4. <u>Tributos</u>. Todos os encargos, taxas ou despesas do empréstimo ou resultantes deste Contrato de Mútuo, em especial o IOF ou quaisquer outros tributos a serem retidos na fonte, serão suportados exclusivamente pela Mutuária. Quaisquer montantes devidos nos termos deste Contrato de Mútuo deverão ser pagos integralmente e deverão ser ajustados (gross-up) para eliminar os efeitos de quaisquer taxas ou retenções que possam ser aplicadas em tal pagamento.  |
| &nbsp;&nbsp;**3. TRANSFER OF THE OBLIGATION TO PAY THE LOAN AMOUNT.** | &nbsp;&nbsp;**3. TRANSFERÊNCIA DA OBRIGAÇÃO DE**<br>**PAGAMENTO DO VALOR DO EMPRÉSTIMO.** |
| &nbsp;&nbsp;3.1. <u>Novation of Debt</u>. The Lender hereby agrees that the obligation to pay the Loan Amount, as set forth in SECTION 2. above, may be novated by the Borrower to a company incorporated under the laws of the Cayman Islands named RARE EARTHS AMERICAS LTD., or by any other company that may act as a partner or controlling company of the Borrower, in which case the Lender must manifest its express agreement with respect to the deed of novation that may be executed specifically for this purpose (the "<u>Deed of Novation</u>"). The Lender is also aware that (i.) RARE EARTHS AMERICAS LTD. shall only be obliged to make the payment of the Loan Amount, in the manner that may be established in the Deed of Novation, if there is the implementation of an initial public offering of its own shares or the execution of any other transaction involving its shares that results in the raising of funds in an amount exceeding A$20,000,000.00 (twenty million Australian dollars, or the equivalent in other currencies, and in this case, (ii.) the receipt of the Loan Amount may be in R$(Reais) or through the receipt of shares in an amount equivalent to the Loan Amount, duly increased by the Remuneration, at the sole discretion of the Lender.  | &nbsp;&nbsp;3.1. <u>Novação da Dívida</u>. A Mutuante desde logo concorda que a obrigação de pagamento do Valor do Empréstimo, nos moldes estabelecidos na CLÁUSULA 2., supra, poderá ser novada pela Mutuária e transferida para sociedade incorporada segundo as leis das Ilhas Cayman denominada RARE EARTHS AMERICAS LTD., ou por qualquer outra empresa que venha a atuar como sócia ou controladora da Mutuária, devendo, neste caso, manifestar sua expressa concordância em relação ao instrumento particular de novação de dívidas que vier a ser celebrado especificamente para este fim (the "<u>Instrumento de</u> <u>Novação de Dívida</u>"). A Mutuante tem ciência, ainda, de que (i.) a RARE EARTHS AMERICAS LTD. somente será obrigada a realizar o pagamento do Valor do Empréstimo, nos moldes que vierem a ser estabelecidos no Instrumento de Novação de Dívida, se houver a implementação de uma oferta pública inicial de suas próprias ações ou a celebração de qualquer outra transação envolvendo suas ações que resulte na captação de recursos em montante superior a A$20,000,000.00 (vinte milhões de dólares australianos, ou o equivalente em outras moedas, bem assim que, neste caso, (ii.) o recebimento do Valor do Empréstimo poderá ser em R$(Reais) ou mediante o recebimento de ações em valor equivalente ao Valor do Empréstimo, devidamente acrescido da Remuneração, a exclusivo critério da Mutuante.  |
| &nbsp;&nbsp;**4. MISCELLANEOUS.** | &nbsp;&nbsp;**4. DISPOSIÇÕES GERAIS.** |
| &nbsp;&nbsp;4.1. <u>Entire Agreement</u>. This Loan Agreement constitutes the entire agreement among the Parties pertaining to the subject matter hereof and supersedes all prior agreements, negotiations, discussions and understandings, written or oral, among the Parties.  | &nbsp;&nbsp;4.1. <u>Acordo Integral</u>. Este Contrato de Mútuo constitui o acordo integral entre as Partes referente ao assunto nele tratado e substitui todos os acordos, negociações, discussões e entendimentos anteriores, escritos ou orais, entre as Partes.  |

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| &nbsp;&nbsp;4.2. <u>Amendments</u>. This Loan Agreement may only be amended in written and shall be executed by both Parties. | &nbsp;&nbsp;4.2. <u>Alterações</u>. Qualquer alteração a qualquer disposição deste Contrato de Mútuo deverá ser formalizada, por escrito, e assinada por ambas as Partes.  |
| &nbsp;&nbsp;4.3. <u>No Set-Off</u>. All amounts due under or in connection with this Loan Agreement shall be paid in full without any set-off or counterclaim, whether arising under this Loan Agreement or otherwise.  | &nbsp;&nbsp;4.3. <u>Vedação à compensação</u>. Todos os valores devidos sob ou em conexão com este Contrato de Mútuo serão pagos integralmente sem qualquer compensação ou reconvenção, seja decorrente deste Contrato de Mútuo ou de outra forma.  |
| &nbsp;&nbsp;4.4. <u>Succession and Assignment</u>. This Loan Agreement shall be binding on and inure to the benefit of the Parties and their respective successors and assignees. Except with the prior written consent of the other Party or in the event previously authorized in CLAUSE 3., above, a Party shall not have the right to assign or otherwise transfer its rights and obligations under this Loan Agreement.  | &nbsp;&nbsp;4.4. <u>Sucessão e Cessão</u>. Este Contrato de Mútuo vincula as Partes e seus respectivos sucessores e cessionários. É vedado a qualquer das Partes ceder ou de outra forma transferir seus direitos e obrigações decorrentes deste Contrato de Mútuo, salvo mediante a prévia anuência por escrito da outra Parte ou na hipótese previamente autorizada na CLÁUSULA 3., supra.  |
| &nbsp;&nbsp;4.5. <u>Applicable law</u>. This Loan Agreement shall be governed by and construed in accordance with the Law of the Federative Republic of Brazil.  | &nbsp;&nbsp;4.5. <u>Legislação aplicável</u>. O presente Contrato de Mútuo será regido e interpretado de acordo com as leis da República Federativa do Brasil.  |
| &nbsp;&nbsp;4.6. <u>Language</u>. This Loan Agreement is written simultaneously in English and Portuguese. In the event of any contradiction, the Portuguese version shall prevail.  | &nbsp;&nbsp;4.6. <u>Idioma</u>. O presente Contrato de Mútuo é redigido simultaneamente em inglês e em português. No caso de qualquer divergência, a versão em idioma português prevalecerá.  |
| &nbsp;&nbsp;4.7. <u>Waiver</u>. The failure by any Party to enforce at any time any of the provisions of this Loan Agreement shall in no way be construed to be a waiver of any such provision unless such waiver is acknowledged in writing, nor shall such failure affect the validity of this Loan Agreement or any part thereof or the right of a Party to enforce each and every provision. No waiver of a breach of this Loan Agreement shall be held to be a waiver of any other or subsequent breach.  | &nbsp;&nbsp;4.7. <u>Renúncia</u>. A falha de qualquer Parte em fazer cumprir, a qualquer momento, qualquer uma das disposições deste Contrato de Mútuo, não será de forma alguma interpretada como uma renúncia de qualquer disposição, a menos que tal renúncia seja reconhecida por escrito, nem tal falha afetará a validade deste Contrato de Mútuo ou qualquer parte dele ou o direito de uma Parte de fazer cumprir cada disposição. Nenhuma renúncia de uma violação a este Contrato de Mútuo será considerada uma renúncia a qualquer outra violação subsequente.  |
| &nbsp;&nbsp;4.8. <u>Severability</u>. If any provision of this Loan Agreement is wholly or partially invalid, this Loan Agreement shall be interpreted as if the invalid provision had not been a part hereof so that the invalidity shall not affect the validity of the remainder of this Loan Agreement which shall be construed as if this Loan Agreement had been executed without the invalid portion.  | &nbsp;&nbsp;4.8. <u>Independência das Disposições Contratuais</u>. Se qualquer disposição deste Contrato de Mútuo for considerada total ou parcialmente inválida, este Contrato de Mútuo será interpretado como se a disposição inválida não tivesse sido parte dele, de modo que a invalidade não afetará a validade do restante deste Contrato de Mútuo, que será interpretado como se este Contrato de Mútuo tivesse sido executado sem a parte inválida.  |

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| &nbsp;&nbsp;4.9. <u>Notices</u>. Any communication or notices in connection hereof shall be sent by registered mail (with return receipt requested), by electronic mail (with confirmation of receipt) or by hand delivery (against written acknowledgement of receipt) to the addresses mentioned above, or to such other address as may have been communicated by one Party to the other Party.  | &nbsp;&nbsp;4.9. <u>Notificações</u>. Quaisquer comunicações ou notificações relacionadas ao presente Contrato de Mútuo deverão ser enviadas por carta registrada (com aviso de recebimento), email (com confirmação de recebimento) ou por entrega mediante recibo, nos endereços indicados no preâmbulo, ou em qualquer outro endereço que venha a ser informado por uma Parte à outra.  |
| &nbsp;&nbsp;4.10. <u>Specific Performance</u>. The Parties acknowledge that any breach of this Loan Agreement may cause the other Party irreparable harm for which damages are not an adequate remedy. The Parties agree that, in the event of any such breach, in addition to other remedies at law or in equity that the injured Party may have, the injured Party shall be entitled to seek specific performance, pursuant to the Brazilian Code of Civil Procedure.  | &nbsp;&nbsp;4.10. <u>Execução Específica</u>. As Partes reconhecem que qualquer violação a este Contrato de Mútuo pode causar à outra Parte prejuízos irreparáveis para os quais a mera imputação de perdas e danos não são uma solução adequada. As Partes concordam que, no caso de qualquer violação, além de outras soluções legais ou de equidade que a Parte prejudicada possa ter, a Parte prejudicada terá o direito de buscar execução específica, de acordo com o Código de Processo Civil Brasileiro.  |
| &nbsp;&nbsp;4.11. <u>Cumulative Performance</u>. The rights and remedies of the Parties under this Loan Agreement are cumulative and are in addition to and not in substitution for any rights or remedies provided by applicable law.  | &nbsp;&nbsp;4.11. <u>Execução Cumulativa</u>. Os direitos e recursos das Partes sob este Contrato de Mútuo são cumulativos e adicionais, e não substituem quaisquer direitos ou medidas previstos na legislação aplicável.  |
| &nbsp;&nbsp;4.12. <u>Extrajudicial Enforcement Instrument</u>. This Loan Agreement constitutes an extrajudicial enforcement instrument (título executivo extrajudicial) for all the purposes and effects of the Brazilian Code of Civil Procedure.  | &nbsp;&nbsp;4.12. <u>Título Executivo Extrajudicial</u>. Este Contrato de Mútuo constitui título executivo extrajudicial para todos os fins e efeitos do Código de Processo Civil Brasileiro.  |
| &nbsp;&nbsp;4.13. <u>Jurisdiction</u>. With the exclusion of any other, however privileged they can be, the Parties have elected the Courts of the City of Belo Horizonte, State of Minas Gerais, to settle any conflicts of interpretation or application of the terms of this Loan Agreement.  | &nbsp;&nbsp;4.13. <u>Jurisdição</u>. Com a exclusão de qualquer outro, por mais privilegiado que possa ser, as partes elegem o Foro da Cidade de Belo Horizonte, Estado de Minas Gerais, para dirimir quaisquer conflitos de interpretação ou aplicação dos termos deste Contrato de Mútuo.  |

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| &nbsp;&nbsp;4.14. <u>Electronic Signature</u>. The Parties agree that this Loan Agreement may be electronically signed, in accordance with D4Sign, DocuSign, CertiSign or similar authentication procedures, even if it does not use a digital certificate issued in the ICP-Brasil standard, which the Parties recognize the legality, validity and legitimacy to legally constitute rights and obligations among themselves, as authorized by Article 10, §2º, of Provisional Measure No. 2,200-2 and by Article 784, §4º, of the Brazilian Code of Civil Procedure. The Parties also agree that the electronic signature of this Loan Agreement under the terms above does not prejudice its feasibility, and should be considered, for all legal purposes, as an extrajudicial enforcement order.  | &nbsp;&nbsp;4.14. <u>Assinatura eletrônica</u>. As Partes concordam que o presente Contrato de Mútuo poderá ser assinado eletronicamente, de acordo com os procedimentos de autenticação D4Sign, DocuSign, CertiSign ou similares, ainda que não utilize certificado digital emitido no padrão ICPBrasil, ao qual as Partes reconhecem a legalidade, validade e legitimidade para constituir juridicamente direitos e obrigações entre si, conforme autorizado pelo artigo 10, §2º, da Medida Provisória nº 2.200-2, e pelo artigo 784, §4º, do Código de Processo Civil Brasileiro. As Partes concordam, ainda, que a assinatura eletrônica deste Contrato de Mútuo nos termos acima não prejudica a sua exequibilidade, devendo ser considerado, para todos os efeitos legais, como título executivo extrajudicial.  |
| &nbsp;&nbsp;4.15. <u>Effective Date</u>. This Loan Agreement is effective for all Parties as of the date indicated therein, even if one or more Parties sign it by electronic means at a later date. In addition, even if any of the Parties electronically signs this instrument in a different place, the place of execution of this Loan Agreement is, for all purposes, the City of Belo Horizonte, Minas Gerais, as indicated below.  | &nbsp;&nbsp;4.15. <u>Data de vigência</u>. Este Contrato de Mútuo entra em vigor para todas as Partes a partir da data nele indicada, mesmo que uma ou mais Partes o assinem por meios eletrônicos em uma data posterior. Além disso, mesmo que qualquer uma das partes assine eletronicamente este instrumento em um local diferente, o local de assinatura deste Contrato de Mútuo é, para todos os fins, a Cidade de Belo Horizonte, Minas Gerais, conforme indicado abaixo.  |
| &nbsp;&nbsp;The Parties hereto have caused this Loan Agreement to be executed as of this date.  | &nbsp;&nbsp;E, por estarem assim justas e contratadas, as Partes firmam o presente Contrato de Mútuo nesta data.  |

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Belo Horizonte, June 2<sup>nd</sup>, 2025. Belo Horizonte, 02 de junho de 2025.

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

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| &nbsp;&nbsp;<u>/s/ João Paulo Agapito da Veiga</u><br>Name/Nome: João Paulo Agapito da Veiga<br>Title/Cargo: Officer/Administrador | &nbsp;&nbsp;<u>/s/ Renato Aureo de Paula Gonzaga</u><br>Name/Nome: Renato Aureo de Paula Gonzaga<br>Title/Cargo: Officer/Administrador |

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**BRAZIL ROYALTY CORP PARTICIPAÇÕES E INVESTIMENTOS LTDA.**

&nbsp;&nbsp;<u>/s/ Julia Sanchez Agapito da Veiga</u><br>Name/Nome: Julia Sanchez Agapito da Veiga<br>Title/Cargo: Officer/Administrador<br>

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<u>Appendix I.<br>Anexo I.</u>

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## Exhibit 10.24

**Exhibit 10.24.1**

Dated July 15, 2025

(1)**BRAZIL ROYALTY CORP PARTICIPAÇÕES E INVESTIMENTOS LTDA**

(2)**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

(3)**RARE EARTHS AMERICAS LTD.**

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**DEED OF NOVATION**

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in respect of an amount owing pursuant to a loan agreement dated 2 June 2025 entered into between (i) Alpha Minerals Brazil Participações Ltda. and (ii) Brazil Royalty Corp Participações E Investimentos Ltda

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**CONTENTS**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Clause** | &nbsp;&nbsp;&nbsp; **Clause** | &nbsp;&nbsp;&nbsp;**Page** | &nbsp;&nbsp;&nbsp;**Page** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;&nbsp;INTERPRETATIONS | &nbsp;&nbsp;&nbsp;INTERPRETATIONS | &nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;&nbsp;EFFECTIVE DATE | &nbsp;&nbsp;&nbsp;EFFECTIVE DATE | &nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;&nbsp;NOVATION | &nbsp;&nbsp;&nbsp;NOVATION | &nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;&nbsp;CONDITION | &nbsp;&nbsp;&nbsp;CONDITION | &nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;&nbsp;REPAYMENT | &nbsp;&nbsp;&nbsp;REPAYMENT | &nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;&nbsp;PARTIAL RELEASE OF OBLIGATIONS | &nbsp;&nbsp;&nbsp;PARTIAL RELEASE OF OBLIGATIONS | &nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;&nbsp;GOVERNING LAW AND JURISDICTION | &nbsp;&nbsp;&nbsp;GOVERNING LAW AND JURISDICTION | &nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;SIGNATORIES | &nbsp;&nbsp;&nbsp;SIGNATORIES | &nbsp;&nbsp;&nbsp;SIGNATORIES | &nbsp;&nbsp;&nbsp;4 |

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**THIS DEED** is dated July 15, 2025

**PARTIES**

**(1)** **BRAZIL ROYALTY CORP PARTICIPAÇÕES E INVESTIMENTOS LTDA**, a limited liability company incorporated under the laws of Brazil, with its headquarters in the Capital of the State of Minas Gerais, at Turim Street, No. 59, 3rd floor, Avante Empresarial Business Complex, Santa Lúcia Neighborhood, Zip Code 30360-552, enrolled with the CNPJ under No. 45.637.852/0001-22 (**Lender**);

**(2)** **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.,** a limited liability company incorporated under the laws of Brazil, with its headquarters in the Capital of the State of Minas Gerais, at Turim Street, No. 59, 3rd floor, Avante Empresarial Business Complex, Santa Lúcia Neighborhood, Zip Code 30360-552, enrolled with the CNPJ under No. 43.093.229/0001-20 (**Original Borrower**); and

**(3)** **RARE EARTHS AMERICAS LTD.,** an exempted company incorporated under the laws of the Cayman Islands with the registered number 419111, whose registered office is at c/o Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, George Town, Grand Cayman, Cayman Islands, KY1-1106 (**New Borrower**).

**BACKGROUND**

(A)The Lender and the Original Borrower are parties to a loan agreement dated 2 June 2025 (**Loan Agreement**).

(B)Pursuant to clause 3 of the Loan Agreement, the parties seek to transfer by novation the obligation to pay the Loan Amount together with the Remuneration (**Repayment**), pursuant to the Loan Agreement from the Original Borrower to the New Borrower upon satisfaction of the Condition (as defined below).

(C)Notwithstanding this deed, the Original Borrower shall remain fully responsible to the Lender for all obligations pursuant to the Loan Agreement, other than the Repayment, following the Effective Date (as defined below).

**AGREED TERMS**

**1.** **INTERPRETATIONS**

Except as otherwise defined herein, words and expressions defined in the Loan Agreement shall have the same meaning when used in this deed.

**2.** **EFFECTIVE DATE**

2.1.The novation of the obligation to pay the Loan Amount and Remuneration (the Remuneration to be calculated in accordance with clause 1.2 of the Loan Agreement) shall be effective on the date of the satisfaction of the Condition (**Effective Date**).

**3.** **NOVATION**

3.1.With effect from the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Original Borrower transfers its obligation to pay the Loan Amount together with the Remuneration under the Loan Agreement to the New Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the New Borrower agrees to discharge the Loan Amount together with the Remuneration on the terms of this deed ((a) and (b) together, the **Novation**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Lender agrees to continue to perform the Loan Agreement and be bound in its terms in every way to the Original Borrower, other than in respect of the Repayment; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Parties will enter into an amendment agreement to the Loan Agreement, acknowledging the Novation and the New Borrower as the responsible party for the payment of the Loan Amount.

3.2.The provisions of the Loan Agreement will continue in full force and effect.

**4.** **CONDITION**

4.1.Pursuant to clause 3.1 of the Loan Agreement, the Lender agrees that the New Borrower is only obliged to discharge the Loan Amount if the New Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)implements an initial public offering of its own shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)executes any other transaction involving its shares that results in the raising of funds equal to an amount exceeding A$20,000,000.00 (twenty million Australian dollars, or the equivalent in other currencies,

(**Condition**).

4.2.The Condition may only be waived in writing by the New Borrower and will be effective only to the extent specifically set out in that waiver.

4.3.If the Condition is not satisfied or waived by 8pm on 31 December 2026, the Original Borrower shall pay the Loan Amount directly to the Lender, as set forth in the Loan Agreement.

**5.** **REPAYMENT**

5.1.Following the Effective Date, the Lender shall give notice to the New Borrower specifying whether it elects for the Repayment to be satisfied either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in cash in R$(Reais) to be satisfied in accordance with clause 2.1 of the Loan Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)by the issue and allotment of shares in the capital of the New Borrower to the Lender, credited as fully paid, equal in market value to an amount equal to the Loan Amount plus the Remuneration,

(**Notice of Election**).

5.2.The Repayment shall be made on the Maturity Date in accordance with clause 2.1 of the Loan Agreement or on the date which is five business days after the Lender has issued the Notice of Election, whichever is later.

**6.** **PARTIAL RELEASE OF OBLIGATIONS**

6.1.Subject to the Condition of clause 4.3, the Lender and the Original Borrower will release each other from all future obligations to the other in respect of the Repayment under the Loan Agreement.

6.2.Notwithstanding this deed, the Original Borrower shall remain fully responsible to the Lender for all obligations pursuant to the Loan Agreement, other than the Repayment, following the Effective Date.

6.3.Nothing in this deed shall affect or prejudice any claim or demand that the Lender or the Original Borrower may have against the other under or in connection with the Repayment pursuant to the Loan Agreement arising before the Effective Date.

**7.** **GOVERNING LAW AND JURISDICTION**

7.1.This deed shall be governed and construed in all respects by Cayman Islands law.

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7.2.Any dispute arising under or in connection with this agreement shall be subject to the non-exclusive jurisdiction of the Cayman Islands courts, to which the parties to this agreement hereby submit.

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

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**IN WITNESS WHEREOF** the Parties have duly executed this Deed on the date stated at the beginning of it.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**EXECUTED AS A DEED** for and on behalf of **RARE EARTHS AMERICAS LTD.** | &nbsp;&nbsp;&nbsp;&nbsp;))) | &nbsp;&nbsp;By: <u>/s/ Donald Swartz</u><br>Name: Donald Swartz<br>Position: Director |

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Page 4 of 7

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| | | |
|:---|:---|:---|
| **EXECUTED AS A DEED** for and on behalf of **BRAZIL ROYALTY CORP PARTICIPAÇÕES E INVESTIMENTOS LTDA** | &nbsp;&nbsp;&nbsp;&nbsp;))) | &nbsp;&nbsp;By: <u>/s/ Julia Sanchez Agapito da Veiga</u><br>Name: Julia Sanchez Agapito da Veiga<br>Position: Manager |
| **EXECUTED AS A DEED** for and on behalf of **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** | &nbsp;&nbsp;&nbsp;&nbsp;))) | &nbsp;&nbsp;By: <u>/s/ Joao Paulo Agapito da Veiga</u><br>Name: Joao Paulo Agapito da Veiga<br>Position: Manager |
| **EXECUTED AS A DEED** for and on behalf of **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** | &nbsp;&nbsp;&nbsp;&nbsp;))) | &nbsp;&nbsp;By: <u>/s/ Renato Aureo de Paula Gonzaga</u><br>Name: Renato Aureo de Paula Gonzaga<br>Position: Director |

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Page 5 of 7

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## Exhibit 10.24

**Exhibit 10.24.2**

**Amendment No. 1 to the Deed of Novation (Repayment Mechanics)**

This Amendment No. 1 to the Deed of Novation dated July 15<sup>th</sup>, 2025 (this "<u>Amendment</u>"), is dated November 06, 2025, and made by and among:

**(1)** **BRAZIL ROYALTY CORP PARTICIPAÇÕES E INVESTIMENTOS LTDA**., a limited liability company incorporated under the laws of Brazil, with its headquarters in the Capital of the State of Minas Gerais, at Turim Street, No. 59, 3rd floor, Avante Empresarial Business Complex, Santa Lúcia Neighborhood, Zip Code 30360-552, enrolled with the CNPJ under No. 45.637.852/0001-22 (the "<u>Lender</u>**"**);

**(2)** **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA**., a limited liability company incorporated under the laws of Brazil, with its headquarters in the Capital of the State of Minas Gerais, at Turim Street, No. 59, 3rd floor, Avante Empresarial Business Complex, Santa Lúcia Neighborhood, Zip Code 30360-552, enrolled with the CNPJ under No. 43.093.229/0001-20 (the "<u>Original Borrower</u>**"**); and

**(3)** **RARE EARTHS AMERICAS INC**., a company incorporated under the laws of Texas, United States of America, with the registered number 806250942 and with its registered office at 4245 N. Central Expy, #492, Dallas, State of Texas, United States of America, TX 75205, resulting from the redomiciliation of Rare Earths Americas Ltd., a company previously incorporated under the laws of the Cayman Islands, with the registered number 419111 (the "<u>New Borrower</u>" and, together with the Lender and the Original Borrower, the "<u>Parties</u>").

Reference is made to the Deed of Novation concluded between the Parties on July 15<sup>th,</sup> 2025 (the "<u>Deed of Novation</u>"), which regulates the renegotiation of payment terms and novation of the Loan Agreement entered into the Lender and the Original Borrower on June 2<sup>nd</sup>, 2025 (the "<u>Loan Agreement</u>"). For the avoidance of doubt, the amendment to Clause 5 set out below corrects a drafting error in the Deed of Novation and is intended solely to reflect the Parties' original agreed intent.

**1.** **INTERPRETATION**.

1.1.Capitalized terms used but not specifically defined in this Amendment shall have the meanings given in the Deed of Novation and in the Loan Agreement, as applicable.

**2.** **AMENDMENT TO CLAUSE 5**.

2.1.Effective from the date of this Amendment and taking the rules that the Parties intend to implement for repayment obligations into consideration, specifically the valuation criteria of the shares to be

------

issued by the New Borrower to the Lender, if this is the case, the CLAUSE 5. REPAYMENT of the Deed of Novation shall be entirely amended to read as follows:

*"****5. REPAYMENT****.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1 <u>Repayment Election</u>. Following the Effective Date, the Lender shall give a written notice to the New Borrower (with a copy to the Original Borrower) specifying, at its sole discretion, whether it elects for the Repayment to be satisfied either:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) in cash in R$(Reais), in accordance with clause 2.1 of the Loan Agreement; or*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) by the issuance and allotment of shares in the capital of the New Borrower to the Lender, converting the Loan Amount into validly issued, fully paid common shares of the New Borrower, at a fixed conversion price of USD 6.55 (six US dollars and fifty-five cents) per share.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.2 <u>Exercise of election</u>. The notice referred to in 5.1. may relate to all or part of the Loan Amount, and the Lender may also choose to receive part of the Loan amount as per item 5.1.(a) and part as per 5.1.(b), at its sole discretion.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.3 <u>Settlement in cash</u>. In the event that Lender elects the Repayment option set out in 5.1.(a) for part or all of the Loan Amount, the payment in cash must be made by the New Borrower within a maximum of ten (10) business days following receipt of the election notice.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.4. <u>Conversion Mechanics</u>. In the event that Lender elects the Repayment option set out in 5.1.(b) for part or all of the Loan Amount, the following rules shall be applicable:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) The number of shares to be issued upon conversion shall be equal to the Loan Amount (expressed in USD) divided by USD 6.55, rounded to the nearest whole share.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) The Loan Amount originally expressed in R$(Brazilian Reais) shall be converted into USD using the arithmetic average of the buy and sell "PTAX" exchange rates (taxa de câmbio de referência) published by the Brazilian Central Bank (the "Banco Central do Brasil") for the USD on the Business Day immediately preceding the conversion date.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii) The New Borrower shall use reasonable efforts to obtain any corporate authorization required for the issuance of shares referred to in 5.1(b) within 10 Business Days following receipt of the election notice and shall comply with applicable securities laws.*

*The Parties shall cooperate in good faith to implement the conversions contemplated hereby, enabling the settlement of an equity conversion in the shortest possible time.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv) The shares issued shall be free and clear of all encumbrances and shall have the same rights as New Borrower's then outstanding ordinary shares.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.5 <u>Taxes</u>. All payments under this Clause 5 shall be made free and clear of, and without deduction or withholding, any taxes, except as required by law. If any deduction or withholding is required by law, the New Borrower shall make such deduction or withholding and pay the amount required to the relevant authority. The Parties shall reasonably cooperate to provide forms or certifications to reduce or eliminate any such withholding, if this is the case".*

**3.** **AMENDMENT TO CLAUSE 7**.

3.1.Effective from the date of this Amendment and taking the redomiciliation of the New Borrower into account, the CLAUSE 7. GOVERNING LAW AND JURISDICTION of the Deed of Novation shall be entirely amended to read as follows:

*"****7. GOVERNING LAW AND JURISDICTION****.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. This deed shall be governed and construed in all respects by Laws of the State of Texas, United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. Any dispute arising under or in connection with this agreement shall be subject to the non-exclusive jurisdiction of Texas courts, to which the parties to this agreement hereby submit".

3.2.The parties hereby agree that the change in governing law and jurisdiction set forth above does not constitute, and shall not be construed as, a novation, discharge, or release of any obligations, rights, claims, or security interests under the Deed of Novation, the Loan Agreement, or any related document, all of which continue in full force and effect. All acts, notices, consents, waivers, elections, and other actions taken prior to the effectiveness of this clause remain valid and binding.

**4.** **RATIFICATION**.

4.1.All clauses, terms and conditions of the Deed of Novation that have not been expressly amended by this Amendment remain in full force and effect and are hereby ratified by the Parties.

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**IN WITNESS WHEREOF** the Parties have duly executed this Deed on the date stated at the beginning of it.

**SIGNATORIES**

**SIGNED** for and on behalf of **Brazil Royalty Corp Participações e Investimentos Ltda.**

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| | |
|:---|:---|
| By:  | /s/ Julia Sanchez Agapito da Veiga |
| Name: | Julia Sanchez Agapito da Veiga |
| Title: | Manager |
| Date: | November 6, 2025 |

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**SIGNED** for and on behalf of **Alpha Minerals Brazil Participações Ltda.**

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| | |
|:---|:---|
| By:  | /s/ Carla Cristina de Carvalho |
| Name: | Carla Cristina de Carvalho |
| Title: | Director |
| Date: | November 6, 2025 |

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**SIGNED** for and on behalf of **Alpha Minerals Brazil Participações Ltda.**

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| | |
|:---|:---|
| By:  | /s/ Svetlana Igorevna Nefedova |
| Name: | Svetlana Igorevna Nefedova |
| Title: | Director |
| Date: | November 6, 2025 |

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**SIGNED** for and on behalf of **Rare Earths Americas Inc.**

---

| | |
|:---|:---|
| By:  | /s/ Donald Swartz |
| Name: | Donald Swartz |
| Title: | Director |
| Date: | November 6, 2025 |

---

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## Exhibit 10.25

**Exhibit 10.25**

**RARE EARTHS AMERICAS, INC. EMPLOYMENT AGREEMENT**

**EMPLOYMENT AGREEMENT** (this "<u>Agreement</u>") dated as of January 26, 2026, between Rare Earths Americas, Inc., a Texas corporation (the "<u>Company</u>"), and Cheryl Kerr (the "<u>Employee</u>").

**WHEREAS,** the Company desires to employ the Employee as the Chief Accounting Officer and Treasurer of the Company; and

**WHEREAS,** the Company and the Employee desire to enter into this Agreement as to the terms of the Employee's employment with the Company.

**NOW, THEREFORE,** in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **POSITION AND DUTIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Employment Term (as defined in <u>Section 2</u> hereof), the Employee shall serve as the Chief Accounting Officer and Treasurer of the Company. In this capacity, the Employee shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such other duties, authorities and responsibilities as may reasonably be assigned to the Employee that are not inconsistent with the Employee's position as Chief Accounting Officer and Treasurer of the Company. The Employee's principal place of employment with the Company shall be the Company's offices in Colorado, <u>provided</u> that the Employee understands and agrees that the Employee may be required to travel from time to time for business purposes. The Employee is permitted to work remotely on a schedule mutually agreed upon between Employee and the Company, provided the Employee is able to complete his or her duties under this Agreement. The Employee shall report directly to the Chief Executive Officer of the Company (the "<u>CEO</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Employment Term, the Employee shall devote all of the Employee's business time, energy, business judgment, knowledge and skill and the Employee's best efforts to the performance of the Employee's duties with the Company, <u>provided</u> that the foregoing shall not prevent the Employee from (i) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board, other for profit companies, (ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing the Employee's passive personal investments so long as such activities in the aggregate do not interfere or conflict with the Employee's duties hereunder or create a potential business or fiduciary conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **EMPLOYMENT TERM.** The Company agrees to employ the Employee pursuant to the terms of this Agreement, and the Employee agrees to be so employed, for an indefinite period commencing as of January 26, 2026 (the "<u>Effective Date</u>"). The period of time between the Effective Date and the termination of the Employee's employment hereunder shall be referred to herein as the "<u>Employment Term</u>."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **BASE SALARY.** The Company agrees to pay the Employee a base salary at an annual rate of not less than $250,000, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Employee's base salary shall be subject to annual review by the Board (or a committee thereof) and may be adjusted from time to time by the Board. The base salary as determined herein and adjusted from time to time shall constitute "<u>Base</u> <u>Salary</u>" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **BONUSES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) ANNUAL BONUS.** During the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the Company's annual bonus plan as may be in effect from time to time (the "<u>Annual Bonus</u>") based on a target bonus opportunity of at least 40% of the Employee's Base Salary (the "<u>Target Bonus</u>"), upon the attainment of one or more pre-established performance goals established by the Board or the Company's Compensation Committee (the "<u>Committee</u>") in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) STOCK INCENTIVE PLAN**. You will be eligible to participate in the Company's securities-based compensation plans, and will receive long-term incentive compensation in such dollar amounts and subject to vesting and performance conditions as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) ONBOARDING GRANT**. As an inducement grant to join the Company, the Employee shall receive 21,581 restricted stock units subject to both performance and time vesting, as provided for in the form of Restricted Stock Unit Agreement under the 2025 Equity Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **EMPLOYEE BENEFITS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) BENEFIT PLANS.** During the Employment Term, the Employee shall be eligible to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Employee's participation will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) VACATIONS.** During the Employment Term, the Employee shall be entitled to unlimited PTO. Vacation may be taken in accordance with the Unlimited PTO Policy, subject to the business needs of the Company and prior approval of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) BUSINESS AND ENTERTAINMENT EXPENSES.** Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Employee shall be reimbursed in accordance with the Company's expense reimbursement policy, for all reasonable out-of-pocket business and entertainment expenses incurred and paid by the Employee during the Employment Term and in connection with the performance of the Employee's duties hereunder, including all travel expenses, parking, cell phone, laptop and home office, and entertainment expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. AT-WILL EMPLOYMENT.** The nature of your employment at the Company is and will continue to be "at will," meaning that either the Company or you may terminate this Agreement and your employment at any time, with or without notice, with or without cause, and for any reason or for no reason, subject to the obligations upon termination as provided in the Severance Plan (as defined below). Any statement or representation to the contrary is ineffective unless put into a writing executed on behalf of the Company by an authorized officer. We do ask, however, that you give thirty (30) days' notice if you decide to terminate your employment. Upon any termination of your employment, except as otherwise provided for in this Agreement, no further payments by the Company to you will be due other than: (i) accrued but unpaid salary through the applicable date of your termination; (ii) any other accrued benefits to which you may be entitled pursuant to the terms of benefit plans in which you participate at the time of such termination (excluding any employee benefit plan providing for severance or similar benefits), in accordance with the terms contained therein; (iii) any then unpaid amounts for the reimbursement of business expenses submitted in accordance with the Company's policies and procedures; and (iv) in the event of a termination on account of your death or disability only, a pro-rata Annual Bonus that would otherwise have been earned in respect of the fiscal year in which such termination occurred, pro-rated to reflect the number of days you were employed during such fiscal year (which amount shall be paid at such time annual bonuses are paid to other similarly situated senior executives of the Company, but in no event later than the date that is two and one-half (2<sup>1</sup>/2) months following the last day of the fiscal year in which such termination occurred).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. SEVERANCE PLAN.** The Company hereby acknowledges that you are eligible to participate in any future severance plan adopted by the Company (the "Severance Plan") in accordance with the terms and conditions as in effect from time to time. In consideration for your opportunity to participate in the Severance Plan, you hereby acknowledge and agree that you are no longer eligible to participate in any other severance plans, programs policies or practices of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. RETURN OF COMPANY PROPERTY.** On the date of the Employee's termination of employment with the Company for any reason (or at any time prior thereto at the Company's request), the Employee shall return all property belonging to the Company or its affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. COOPERATION.** Upon the receipt of reasonable notice from the Company (including outside counsel), the Employee agrees that while employed by the Company and thereafter, the Employee will respond and provide information with regard to matters in which theEmployee has knowledge as a result of the Employee's employment with the Company, and will provide reasonable assistance to the Company, its affiliates and their respective representatives in defense of any claims that may be made against the Company or its affiliates, and will assist the Company and its affiliates in the prosecution of any claims that may be made by the Company or its affiliates, to the extent that such claims may relate to the period of the Employee's employment with the Company (collectively, the "Claims"). The Employee agrees to promptly inform the Company if the Employee becomes aware of any lawsuits involving Claims that may be filed or threatened against the Company or its affiliates. The Employee also agrees to promptly inform the Company (to the extent that the Employee is legally permitted to do so) if the Employee is asked to assist in any investigation of the Company or its affiliates (or their actions) or another party

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attempts to obtain information or documents from the Employee (other than in connection with any litigation or other proceeding in which the Employee is a party-in-opposition) with respect to matters the Employee believes in good faith to relate to any investigation of the Company or its affiliates, in each case, regardless of whether a lawsuit or other proceeding has then been filed against the Company or its affiliates with respect to such investigation, and shall not do so unless legally required. During the pendency of any litigation or other proceeding involving Claims, the Employee shall not communicate with anyone (other than the Employee's attorneys and tax and/or financial advisors and except to the extent that the Employee determines in good faith is necessary in connection with the performance of the Employee's duties hereunder) with respect to the facts or subject matter of any pending or potential litigation or regulatory or administrative proceeding involving the Company or any of its affiliates without giving prior written notice to the Company or the Company's counsel. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Employee for all reasonable out-of-pocket travel, duplicating or telephonic expenses incurred by the Employee in complying with this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. WHISTLEBLOWER PROTECTION.** Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to impede the Employee (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. The Employee does not need the prior authorization of the Company to make any such reports or disclosures and the Employee shall not be not required to notify the Company that such reports or disclosures have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. NO ASSIGNMENTS.** This Agreement is personal to each of the parties hereto. Except as provided in this <u>Section 11</u> hereof, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company, <u>provided</u> that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "<u>Company</u>" shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. NOTICE**. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Employee:

At the address (or to the email) shown in the books <br>and records of the Company.

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If to the Company:

Rare Earths Americas, Inc.

250 Fillmore St Suite 150, Denver, CO 80206

Email:

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. SECTION HEADINGS; INCONSISTENCY.** The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. SEVERABILITY.** The provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. COUNTERPARTS.** This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. INDEMNIFICATION.** The Company hereby agrees to indemnify the Employee and hold the Employee harmless against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney's fees), losses, and damages resulting from the Employee's good faith performance of the Employee's duties and obligations with the Company. This obligation shall survive the termination of the Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. LIABILITY INSURANCE.** The Company shall cover the Employee under directors' and officers' liability insurance both during and, while potential liability exists, after the term of this Agreement in the same amount and to the same extent as the Company covers its other officers and directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. GOVERNING LAW; JURISDICTION**. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Texas (without regard to its choice of law provisions). Each of the parties agrees that any dispute between the parties shall be resolved only in the courts of the State of Texas or the United States District Court for the Northern District of Texas and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, each of the parties hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement or the Employee's

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employment by the Company or any affiliate, or for the recognition and enforcement of any judgment in respect thereof (a "<u>Proceeding</u>"), to the exclusive jurisdiction of the courts of the State of Texas, the court of the United States of America for the Northern District of Texas, and appellate courts having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and determined in such Texas State court or, to the extent permitted by law, in such federal court, (b) consents that any such Proceeding may and shall be brought in such courts and waives any objection that the Employee or the Company may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the Employee's employment by the Company or any affiliate of the Company, or the Employee's or the Company's performance under, or the enforcement of, this Agreement, (d) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at the Employee's or the Company's address as provided in <u>Section 12</u> hereof, and (e) agrees that nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the laws of the State of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. MISCELLANEOUS.** No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Employee and such officer or director as may be designated by the Board or the Committee. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the Employee and the Company with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. REPRESENTATIONS.** The Employee represents and warrants to the Company that (a) the Employee has the legal right to enter into this Agreement and to perform all of the obligations on the Employee's part to be performed hereunder in accordance with its terms, and (b) the Employee is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Employee from entering into this Agreement or performing all of the Employee's duties and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. TAX MATTERS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) WITHHOLDING.** The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) SECTION 409A COMPLIANCE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated

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thereunder (collectively "<u>Code Section 409A</u>") and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Employee by Code Section 409A or damages for failing to comply with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean "separation from service." Notwithstanding anything to the contrary in this Agreement, if the Employee is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such "separation from service" of the Employee, and (B) the date of the Employee'sdeath, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <u>Section 23(b)(ii)</u> (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" for purposes of Code Section 409A,

(A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Employee,

(B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of Code Section 409A, the Employee's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred

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compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **RARE EARTHS AMERICAS, INC.** | **RARE EARTHS AMERICAS, INC.** |
| By: | /s/ Jennifer Grafton |
| Name: | Jennifer Grafton |
| Title: | COO, General Counsel and Secretary |
| **EMPLOYEE** | **EMPLOYEE** |
|  | /s/ Cheryl Kerr |
| Name: | Cheryl Kerr |

---

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## Exhibit 10.26

**Exhibit 10.26**

**ASSIGNMENT AND ASSUMPTION AGREEMENT**

This ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Agreement") is made and entered into as of January 1, 2026, by and among Rare Earths Americas, Inc., a Texas corporation ("Successor"), and Donald Swartz ("Employee").

**WHEREAS**, Employee entered into that certain Employment Agreement dated as of August 14, 2025 with REA Management Company, LLC (the "Employment Agreement"); and

**WHEREAS**, REA Management Company, LLC merged with and into the Successor as of 11:59 p.m. on December 31, 2025; and

**WHEREAS**, Successor has acquired all or substantially all of the business and/or assets of REA Management Company, LLC; and

**WHEREAS**, pursuant to Section 11 of the Employment Agreement, Successor desires to affirmatively assume all of the rights and obligations under the Employment Agreement.

**NOW, THEREFORE**, in consideration of the mutual promises contained herein and other good and valuable consideration, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Assumption.** In accordance with Section 11 of the Employment Agreement, Successor hereby expressly assumes and agrees to perform the Employment Agreement in the same manner and to the same extent that REA Management Company, LLC would be required to perform it if no such succession had taken place. Successor shall hereafter be deemed the "Company" as defined in the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Employee Consent.** To the extent required by Section 11 of the Employment Agreement, Employee hereby consents to this assignment and assumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Governing Law.** This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, consistent with Section 20 of the Employment Agreement.

**[REST OF PAGE LEFT INTENTIONALLY BLANK]**

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**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **Rare Earths Americas, Inc.** | **Rare Earths Americas, Inc.** |
| By: | /s/ Daniel Shribman |
| Name: | Daniel Shribman |
| Title: | Chairman of the Board |
| **EMPLOYEE:** | **EMPLOYEE:** |
| /s/ Donald Swartz | /s/ Donald Swartz |
| Donald Swartz | Donald Swartz |

---

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## Exhibit 10.27

**Exhibit 10.27**

**ASSIGNMENT AND ASSUMPTION AGREEMENT**

This ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Agreement") is made and entered into as of January 1, 2026, by and among Rare Earths Americas, Inc., a Texas corporation ("Successor"), and Jennifer Grafton ("Employee").

**WHEREAS**, Employee entered into that certain Employment Agreement dated as of July 31, 2025 with REA Management Company, LLC (the "Employment Agreement"); and

**WHEREAS**, REA Management Company, LLC merged with and into the Successor as of 11:59 p.m. on December 31, 2025; and

**WHEREAS**, Successor has acquired all or substantially all of the business and/or assets of REA Management Company, LLC; and

**WHEREAS**, pursuant to Section 11 of the Employment Agreement, Successor desires to affirmatively assume all of the rights and obligations under the Employment Agreement.

**NOW, THEREFORE**, in consideration of the mutual promises contained herein and other good and valuable consideration, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Assumption.** In accordance with Section 11 of the Employment Agreement, Successor hereby expressly assumes and agrees to perform the Employment Agreement in the same manner and to the same extent that REA Management Company, LLC would be required to perform it if no such succession had taken place. Successor shall hereafter be deemed the "Company" as defined in the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Employee Consent.** To the extent required by Section 11 of the Employment Agreement, Employee hereby consents to this assignment and assumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Governing Law.** This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, consistent with Section 20 of the Employment Agreement.

**[REST OF PAGE LEFT INTENTIONALLY BLANK]**

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**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **Rare Earths Americas, Inc.** | **Rare Earths Americas, Inc.** |
| By: | /s/ Daniel Shribman |
| Name: | Daniel Shribman |
| Title: | Chairman of the Board |
| **EMPLOYEE:** | **EMPLOYEE:** |
| /s/ Jennifer Grafton | /s/ Jennifer Grafton |
| **Jennifer Grafton** | **Jennifer Grafton** |

---

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