# EDGAR Filing Document

**Accession Number:** 0001958217
**File Stem:** 0001213900-25-073901
**Filing Date:** 2025-8
**Character Count:** 624957
**Document Hash:** fc29ac1e38273e6351217159403005f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-073901.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001213900-25-073901

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20250811

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lifezone Metals Ltd
- **CENTRAL INDEX KEY:** 0001958217
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41737
- **FILM NUMBER:** 251200073

**BUSINESS ADDRESS:**
- **STREET 1:** 2ND FLOOR ST GEORGE'S COURT
- **STREET 2:** UPPER CHURCH STREET
- **CITY:** DOUGLAS
- **STATE:** Y8
- **ZIP:** IM1 1EE
- **BUSINESS PHONE:** 44 (0)1624 850 500

**MAIL ADDRESS:**
- **STREET 1:** 2ND FLOOR ST GEORGE'S COURT
- **STREET 2:** UPPER CHURCH STREET
- **CITY:** DOUGLAS
- **STATE:** Y8
- **ZIP:** IM1 1EE

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of August 2025**

**Commission File Number: 001-41737**

**Lifezone Metals Limited** 

**2nd Floor, St George's Court,** 

**Upper Church Street,** 

**Douglas, Isle of Man, IM1 1EE**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40- F ☐

**EXPLANATORY NOTE**

On August 11, 2025, Lifezone Metals Limited (the "**Company**") announced that its indirect wholly-owned subsidiary, Kabanga Nickel Limited (the "**Borrower**"), entered into a $60 million secured bridge loan facility agreement (the "**Bridge Loan Facility Agreement**") with Taurus Mining Finance Fund No. 2, L.P. ("**Taurus**"), a leading global provider of structured finance to the mining sector. A copy of that announcement is furnished as Exhibit 99.1 to this report on Form 6-K.

The bridge loan is intended to support advancement of the Kabanga Nickel Project, located in northwest Tanzania, by funding the development of critical early works and infrastructure development as the Company moves toward securing long-term project financing.

As part of the transaction, the Company has issued warrants to Taurus to purchase 2,500,000 of the Company's ordinary shares, exercisable at an exercise price of $5.42 per share. The warrants will expire five years from the date of issuance.

The facility matures on July 31, 2027, and includes an option for the Borrower to extend the maturity date by six months. If the Borrower elects to extend, the Company will be required to issue an additional 1,500,000 warrants to Taurus on substantially the same terms.

The facility is secured by a security interest in the shares that Lifezone Limited, a wholly-owned subsidiary of the Company, holds in the Borrower, and by security interests in other assets relating to the Kabanga Nickel Project, including all of the assets of Borrower. The loan is also guaranteed by other subsidiaries of the Company.

The outstanding amounts under the facility bear interest at an annual rate of 9.25%, payable in arrears quarterly, and the principal amount is repayable in full on the maturity date.

The availability of the first drawdown under the facility is subject to the satisfaction of customary conditions precedent for a transaction of this nature, and the availability of the second drawdown is further subject to Tanzanian-law security being granted over the shares and assets of certain Tanzanian subsidiaries of the Company.

In connection with the Bridge Loan Facility Agreement, the Company and the debenture holders amended certain terms of the outstanding Senior Unsecured Convertible Debentures. Attached as Exhibit 10.2 is the form of Amended and Restated Senior Unsecured Convertible Debenture.

The foregoing descriptions of the Warrant to Purchase Ordinary Shares (the "**Warrant Agreement**") and the Bridge Loan Facility Agreement do not purport to be complete and are subject to, and qualified in their entirety by, the full text of each of the Warrant Agreement and the Bridge Loan Facility Agreement, which are attached hereto as Exhibits 4.1 and 10.1, respectively. Any defined terms used, but not defined, herein have the definition in the Bridge Loan Facility Agreement.

The information in the above Explanatory Note and the attached Exhibit 4.1, 10.1 and 10.2 shall be deemed to be incorporated by reference into the Company's registration statements on Form F-3 (File Nos. [333-272865](https://www.sec.gov/Archives/edgar/data/1958217/000121390024064183/ea0210338-01.htm) and [333-281189](https://www.sec.gov/Archives/edgar/data/1958217/000121390024064152/ea0210339-f3_lifezone.htm)) and Form S-8 (File No. [333-274449](https://www.sec.gov/Archives/edgar/data/1958217/000121390023075676/ea184670-s8_lifezone.htm)) and the related prospectuses, respectively as such registration statements and prospectuses may be amended from time to time, and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

The Bridge Loan Facility Agreement contains representations, warranties, covenants and agreements, which were made only for purposes of such agreement and as of specified dates. In particular, the representations, warranties, covenants and agreements in the Bridge Loan Facility Agreement may be subject to limitations agreed by the parties, including having been modified or qualified by certain confidential disclosures that were made between the parties in connection with the negotiation of the Bridge Loan Facility Agreement, and having been made for purposes of allocating risk among the parties rather than establishing matters as facts. In addition, the parties may apply standards of materiality in a way that is different from what may be viewed as material by investors. Investors are not third-party beneficiaries under the Bridge Loan Facility Agreement and should not rely on the representations, warranties, and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the parties thereto or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of representations and warranties may change after the date of the Bridge Loan Facility Agreement, which subsequent information may or may not be fully reflected in parties' public disclosures. Accordingly, you should not rely on the representations and warranties in the Bridge Loan Facility Agreement as characterizations of the actual state of facts about the parties.

The information in the attached Exhibit 99.1 is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit** | **Description of Exhibit** |
| 4.1 | [Warrant to Purchase Ordinary Shares dated August 8, 2025](ea025102901ex4-1_lifezone.htm). |
| 10.1# | [Bridge Loan Facility Agreement dated August 8, 2025](ea025102901ex10-1_lifezone.htm). |
| 10.2 | [Form of Amended and Restated Senior Unsecured Convertible Debenture](ea025102901ex10-2_lifezone.htm). |
| 99.1 | [Press Release of the Company dated August 11, 2025.](ea025102901ex99-1_lifezone.htm) |

---

# Portions of this exhibit have been omitted as the Company has determined that (i) the omitted information is not material, and (ii) the omitted information is of the type that the Company customarily and actually treats as private and confidential.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **LIFEZONE METALS LIMITED** | **LIFEZONE METALS LIMITED** |
| Date: August 11, 2025 | By: | /s/ Chris Showalter |
|  | Name: | Chris Showalter |
|  | Title: | Chief Executive Officer |

---

## Exhibit 4.1

**Exhibit 4.1**

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

**WARRANT TO PURCHASE ORDINARY SHARES** 

**lIFEZONE mETALS lIMITED** 

Warrant Shares: 2,500,000 Issue Date: August 8, 2025

THIS WARRANT TO PURCHASE ORDINARY SHARES (the "<u>Warrant</u>") certifies that, for value received, Taurus Mining Finance Fund No. 2, L.P. or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time after the Issue Date and on or prior to 5:00 p.m. (New York time) on the date that is the five (5) year anniversary of the Issue Date above, provided that, if such date is not a Trading Day, the date that is the immediately following Trading Day (the "<u>Termination Date</u>") but not thereafter, to subscribe for and purchase from Lifezone Metals Limited, an Isle of Man corporation (the "<u>Company</u>"), up to 2,500,000 ordinary shares (as subject to adjustment hereunder, the "<u>Warrant Shares</u>") of the Company. The purchase price of one ordinary share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is being issued pursuant to that certain Bridge Loan Facility Agreement, dated as of August 8, 2025 among Kabanga Nickel Limited, the Company, Taurus Mining Finance Fund No. 2. L.P. as Arranger and Agent and the financial institutions named therein (the "<u>Bridge Loan Agreement</u>").

<u>Section 1</u>. <u>Definitions</u>. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Bridge Loan 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;a) "<u>Ordinary Share Equivalents</u>" means any securities of the Company or its Subsidiaries which would entitle the holder thereof to acquire at any time Ordinary Shares, including, without limitation, any debt, preferred shares, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary 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;b) "<u>Ordinary Shares</u>" means the ordinary shares in the capital 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;b) "<u>Trading Day</u>" means a day on which the principal Trading Market is open for trading.

&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>Trading Market</u>" means the New York Stock Exchange (or any successor on which the Ordinary Shares are listed or quoted for trading on the date in question).

&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>Transfer Agent</u>" means Continental Stock Transfer & Trust Company, or any success transfer agent for the Ordinary Shares.

<u>Section 2</u>. <u>Exercise</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;a) <u>Exercise of Warrant</u>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Issue Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto as <u>Exhibit A</u> (the "<u>Notice of Exercise</u>"). Within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(e)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United Kingdom bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation as soon as reasonably practicable following the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face 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;b) <u>Exercise Price</u>. The exercise price per Warrant Share under this Warrant shall be **$**5.42, subject to adjustment hereunder (the "<u>Exercise Price</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;c) <u>Cashless Exercise</u>. If at the time of exercise hereof following the Effectiveness Deadline there is no effective registration statement registering, or the prospectus contained therein is not available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

---

| | |
|:---|:---|
| (A) = | as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (x) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (y) the Bid Price of the Ordinary Shares on the principal Trading Market as reported by Bloomberg L.P. ("<u>Bloomberg</u>") as of the time of the Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of "regular trading hours" on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading Day; |

---

(B) = the Exercise Price of this Warrant, as adjusted hereunder; and

(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this Section 2(c).

"<u>Bid Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then listed or quoted on a Trading Market, the bid price of the Ordinary Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTCQB Venture Market ("<u>OTCQB</u>") or the OTCQX Best Market ("<u>OTCQX</u>") is a Trading Market, the volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are then reported on The Pink Open Market operated by the OTC Markets, Inc. ("<u>Pink Market</u>") (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Ordinary Shares so reported, or (d) in all other cases, the fair market value of one Ordinary Share as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on the Trading Market on which the Ordinary Shares is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTCQB or the OTCQX is a Trading Market, the volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are then reported on the Pink Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Ordinary Share so reported, or (d) in all other cases, the fair market value of one Ordinary Share as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall 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;d) <u>Cash Settlement Exercise</u>: If at the time of exercise hereof following the Effectiveness Deadline (i) there is no effective registration statement registering, or the prospectus contained therein is not available for the resale of the Warrant Shares by the Holder and (ii) the applicable Warrants Shares subject to the exercise may not be immediately resold upon a cashless exercise pursuant to Rule 144 under the Securities Act, this Warrant may also be exercised at such time, by means of a "cash settlement" in which the Holder shall be entitled to receive a cash payment of an amount equal to [(A-B)] x (X) as (A), (B) and (X) are defined in Section 2(c) 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;e) <u>Mechanics of Exercise</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i. <u>Delivery of Warrant Shares Upon Exercise</u>. In the event of an exercise other than pursuant to Section 2(d), the Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder's or its designee's balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system ("<u>DWAC</u>") if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 under the Securities Act (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) one (1) Trading Day after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the "<u>Warrant Share Delivery Date</u>"), provided that payment of the aggregate Exercise Price (other than in connection with a cashless exercise) is received by the Company by such date. Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. In the event of an exercise other than pursuant to Section 2(d), if the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Ordinary Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the third Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a Transfer Agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, "<u>Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market with respect to the Ordinary Shares as in effect on the date of delivery of the Notice of Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(e)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(e)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases, Ordinary Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "<u>Buy-In</u>"), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the Ordinary Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Ordinary Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Ordinary Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant for Warrant Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver Warrant Shares upon exercise of the Warrant as required pursuant to the terms 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole Warrant Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Charges, Taxes and Expenses</u>. The issuance and delivery of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto as Exhibit B duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto, and if any portion of this Warrant remains unexercised, a new Warrant in the form hereof shall be delivered by the Company to the assignee. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Closing of Books</u>. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms 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;f) <u>Holder's Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's "affiliates" (as such term is defined in Rule 405 under the Securities Act) ("Affiliates"), and any other persons acting as a group together with the Holder or any of the Holder's Affiliates (such persons, "Attribution Parties")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Warrant Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Ordinary Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(f) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, and the Company shall have no obligation to verify or confirm the accuracy of such determination. For purposes of this Section 2(f), in determining the number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company's most recent periodic or annual report filed with the SEC, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Ordinary Shares was reported. The "Beneficial Ownership Limitation" shall be 4.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Warrant Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(f), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Warrant Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(f) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(f) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

<u>Section 3</u>. <u>Certain Adjustments</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;a) <u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a distribution or distributions on its Ordinary Shares or any other equity or equity equivalent securities payable in Ordinary Shares (which, for avoidance of doubt, shall not include any Warrant Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Ordinary Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of the Ordinary Shares any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&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>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any time that this Warrant is outstanding the Company grants, issues or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of the Ordinary Shares (the "<u>Purchase Rights</u>"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Warrant Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of the Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights (<u>provided</u>, <u>however</u>, that, to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Ordinary Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&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>Pro Rata Distributions</u>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "<u>Distribution</u>"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Warrant Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation in such Distribution (<u>provided</u>, <u>however</u>, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Ordinary Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&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>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another person, (ii) the Company (or any Subsidiary), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the outstanding Ordinary Shares or greater than 50% of the voting power of the ordinary equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another person or group of persons whereby such other person or group acquires greater than 50% of the outstanding Ordinary Shares or greater than 50% of the voting power of the ordinary equity of the Company (each a "<u>Fundamental Transaction</u>"), then following such Fundamental Transaction the Holder shall have the right to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant without regard to any limitations on exercise contained herein (the "<u>Alternate Consideration</u>"). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Ordinary Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder's option, exercisable at any time concurrently with, or within thirty (30) days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of consummation of such Fundamental Transaction; <u>provided</u>, <u>however</u>, that, if the Fundamental Transaction is not within the Company's control, including not approved by the Company's Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor Entity the same type or form of consideration (and in the same proportion), valued at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Ordinary Shares of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Ordinary Shares are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided, further, that if holders of Ordinary Shares of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Ordinary Shares will be deemed to have received shares of the Successor Entity (which Successor Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction and a Holder shall receive shares of the Successor Entity in the amount of the Black Scholes Value. "<u>Black Scholes Value</u>" means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the "OV" function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365-day annualization factor) as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the VWAP immediately preceding the public announcement of the applicable contemplated Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier), (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made within five Trading Days of the Holder's election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Warrant Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term "Company" under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the "Company" shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(d) regardless of (i) whether the Company has sufficient authorized Ordinary Shares for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial 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;e) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

&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>Notice to Holder</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any share capital of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Ordinary Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 10 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. In no event shall any notice provided in this Warrant constitutes, or contains, material non-public information regarding the Company or any of its Subsidiaries.. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 4</u>. <u>Transfer of Warrant</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;a) <u>Transferability</u>. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of Section 20.24 of the Bridge Loan Agreement, this Warrant and all rights hereunder are transferable, in whole or in part, to Affiliates of the Arranger (and related funds) upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. <u>Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.</u> The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant 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;b) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant 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;c) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

&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>Transfer Restrictions</u>. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws, (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, or (iii) otherwise exempt from the registration requirements of the Securities Act and any applicable state securities or blue sky laws, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, provides to the Company an opinion of counsel or other evidence in form and substance reasonably satisfactory to the Company to the effect that the transfer of this Warrant does not require registration 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;e) <u>Representation by the Holder</u>. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

<u>Section 5</u>. <u>Miscellaneous</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;a) <u>No Rights as Shareholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(e)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a "cashless exercise" pursuant to Section 2(c) or to receive cash payments pursuant to Sections 2(d), 2(e)(iv), 2(e)(v), 3(c), or 3(d) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

&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>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate.

&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>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day. The foregoing shall not affect any action or right required to be taken on a Trading Day.

&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>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction 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;e) <u>Jurisdiction</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Bridge Loan 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;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities 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;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant or the Bridge Loan Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&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) <u>Notices</u>. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered to the address of the Holder in the Warrant Register.

&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) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Ordinary Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors 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;j) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant 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;k) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

&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) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&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) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

 

*(Signature Page Follows)*

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

---

| | |
|:---|:---|
| **LIFEZONE METALS LIMITED** | **LIFEZONE METALS LIMITED** |
| By: | [\*\*\*] |
| Name: | [\*\*\*] |
| Title: | [\*\*\*] |

---

**EXHIBIT A**

**NOTICE OF EXERCISE**

To: LIFEZONE METALS LIMITED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States; or

☐ if permitted, the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

The Warrant Shares shall be delivered to the following DWAC Account Number:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Accredited Investor</u>. The undersigned is an "accredited investor" as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

[SIGNATURE OF HOLDER]

Name of Investing Entity: ________________________________________________________________________

*Signature of Authorized Signatory of Investing Entity*: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

**EXHIBIT B**

ASSIGNMENT FORM

 

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)*

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

---

| | |
|:---|:---|
| Name: | |
|  | (Please Print) |
| Address: | |
|  | (Please Print) |
| Phone Number: | |
| Email Address: | |
| Dated: _________________, ______ |  |

---

Holder's Signature:<u>_________________________________________________________________________________</u> <br>Holder's Address: <u>_________________________________________________________________________________</u>

## Exhibit 10.1

**Exhibit 10.1**

Certain information in this document has been omitted pursuant to Regulation S-K, Item (601)(b)(2) because it is both (i) not material, and (ii) of the type that the Company customarily and actually treats as private and confidential. The omissions have been indicated by ("[\*\*\*]").

***Execution version***

---

| |
|:---|
| USD 60,000,000<br>BRIDGE LOAN FACILITY AGREEMENT<br>dated August 8, 2025<br>for<br>**KABANGA NICKEL LIMITED**<br>arranged by<br>**TAURUS MINING FINANCE FUND NO. 2, L.P.**<br>with<br>**TAURUS MINING FINANCE FUND NO. 2, L.P.**<br> acting as Agent |
| **Fasken Martineau LLP**<br> 6th Floor, 100 Liverpool Street, London EC2M 2AT<br> Telephone: +44 20 7917 8500 |

---

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **Clause** | **Clause** | **Page** |
| 1. | Definitions and Interpretation | - 1 - |
| 2. | The Facility | - 25 - |
| 3. | Purpose | - 26 - |
| 4. | Conditions of Utilisation | - 27 - |
| 5. | Utilisation | - 28 - |
| 6. | Repayment | - 30 - |
| 7. | Prepayment and Cancellation | - 31 - |
| 8. | Interest | - 36 - |
| 9. | Interest Periods | - 36 - |
| 10. | Fees | - 37 - |
| 11. | Tax Gross-Up and Indemnities | - 38 - |
| 12. | Increased Costs | - 42 - |
| 13. | Other Indemnities | - 43 - |
| 14. | Mitigation by the Lenders | - 46 - |
| 15. | Costs and Expenses | - 46 - |
| 16. | Guarantee and indemnity | - 48 - |
| 17. | Representations | - 55 - |
| 18. | Information Undertakings | - 67 - |
| 19. | Financial Covenants | - 74 - |
| 20. | General Undertakings | - 76 - |
| 21. | Events of Default | - 94 - |
| 22. | Changes to the Lenders | - 103 - |
| 23. | Changes to the Obligors | - 108 - |
| 24. | Role of the Agent and the Arranger | - 109 - |
| 25. | Conduct of business by the Finance Parties | - 124 - |
| 26. | Sharing among the Finance Parties | - 124 - |
| 27. | Payment Mechanics | - 126 - |
| 28. | Set-Off | - 129 - |
| 29. | Notices | - 129 - |
| 30. | Calculations and Certificates | - 132 - |
| 31. | Partial Invalidity | - 132 - |
| 32. | Remedies and Waivers | - 132 - |
| 33. | Amendments and Waivers | - 133 - |
| 34. | Confidential Information | - 134 - |
| 35. | Bail-In | - 138 - |
| 36. | Counterparts | - 140 - |
| 37. | Governing Law | - 141 - |
| 38. | Enforcement | - 141 - |
| Schedule 1 The Original Parties | Schedule 1 The Original Parties | - 142 - |
| Part I The Obligors | Part I The Obligors | - 142 - |
| Part II The Original Lenders | Part II The Original Lenders | - 143 - |
| Schedule 2 Conditions Precedent | Schedule 2 Conditions Precedent |  |
| Schedule 3 Utilisation Request | Schedule 3 Utilisation Request |  |
| Schedule 4 Form of Transfer Certificate | Schedule 4 Form of Transfer Certificate |  |
| Schedule 5 Form of Assignment Agreement | Schedule 5 Form of Assignment Agreement |  |
| Schedule 6 Form of Compliance Certificate | Schedule 6 Form of Compliance Certificate |  |
| Schedule 7 Group Structure Chart | Schedule 7 Group Structure Chart |  |
| Schedule 8 Disclosure Schedule | Schedule 8 Disclosure Schedule |  |
| Schedule 9 Permitted Minority Investor List | Schedule 9 Permitted Minority Investor List |  |

---

i

**THIS AGREEMENT** is dated August 8, 2025 and made between:

(1) **Kabanga Nickel Limited**, a company duly incorporated and existing under the laws of England and
 Wales with registration number 11815983 and registered office at 22 Chancery Lane, London,
 United Kingdom, WC2A 1LS, as borrower (the "**Borrower** ");

(2) **Lifezone Metals Limited**, a company duly incorporated and existing under the laws of the Isle of
 Man with registration number 020550V and registered office at 2<sup>nd</sup> Floor, St Georges
 Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man, (the "**Parent** ");

(3) **THE PARENT AND EACH OF THE SUBSIDIARIES** of the Parent listed in Part I of Schedule 1 as guarantors
 (the "**Guarantors** ");

(4) **Taurus Mining Finance Fund No. 2, L.P.** as mandated lead arranger (the "**Arranger** ");

(5) **THE FINANCIAL INSTITUTIONS** listed in Part II of Schedule 1 as lenders (the "**Original Lenders** "); and

(6) **Taurus Mining Finance Fund No. 2, L.P.**, as agent of the other Finance Parties and as security
 trustee for the other Secured Parties (the "**Agent** ").

**IT IS AGREED** as follows:

**SECTION 1**

**INTERPRETATION**

**1.** **Definitions and Interpretation** 

1.1 **Definitions** 

In this Agreement:

"**Accounting Principles**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 respect of the Parent, IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 respect of the Borrower, IFRS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 respect of each other Obligor, generally accepted accounting principles in the jurisdiction
 under whose laws that Obligor is incorporated.

"**Affiliate**" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

"**Anti-Corruption Law**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 OECD Convention of 17 December 1997 with respect to measures against corruption of foreign
 public officials and any OECD Guidelines or Action Statements with respect to that OECD Convention;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other law, regulation or rule, and the principles set out in them, relating to anti-bribery,
 kick-backs, anti-corruption, anti-money laundering or similar business practices to which
 any member of the Group or any Finance Party is bound to comply or ensure or procure compliance
 with, including the UK Bribery Act 2010, United States Foreign Corrupt Practices Act of 1977
 any other similar law or regulation in force in any jurisdiction to the extent that the relevant
 member of the Group is required to comply with that law or regulation.

"**Assignment Agreement**" means an agreement substantially in the form set out in Schedule 5 (*Form of Assignment Agreement*) or any other form agreed between the relevant assignor and assignee.

"**Authorisation**" means an authorisation, consent, approval, resolution, licence, certificate, exemption, filing, notarisation or registration.

"**Availability Period**" means the period from and including the date of this Agreement to and including the date falling twelve (12) Months after the Financial Close Date.

"**Available Commitment**" means a Lender's Commitment minus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 amount of its participation in any outstanding Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to any proposed Utilisation, the amount of its participation in any Loans that are
 due to be made on or before the proposed Utilisation Date.

"**Available Facility**" means the aggregate for the time being of each Lender's Available Commitment.

"**Base Case Model**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Initial Base Case Model; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each
 subsequent financial model for the Borrower and the Project as updated and maintained in
 accordance with Clause 18.4 (*Base Case Model and Life of Mine Plan*).

"**Borrower Holdco**" means Lifezone Limited, a company continued and existing under the laws of the Isle of Man with registration number 019369V and registered office at 2nd Floor, St George's Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man.

"**Borrower Holdco Loan**" means the non-interest bearing loan in the principal amount of up to [\*\*\*] made available by the Borrower Holdco as lender to the Borrower pursuant to the intra-group loan agreement dated 15 March 2024.

"**Borrower On-loan**" means the loan in the principal amount of up to [\*\*\*] (as at the date of this Agreement) made available by the Borrower as lender to Tembo Nickel Corporation pursuant to the intra-group loan agreement dated 14 January 2022, as amended and restated on 22 May 2025 and amended from time to time in accordance with Clause 20.6 (*Loans or credit*) or otherwise.

"**Business Combination Agreement**" means the business combination agreement dated 13 December 2022 between, among others, the Parent, Lifezone Holdings, GoGreen Investment Corporation, GoGreen Sponsor 1 LP and Aqua Merger Sub.

"**Business Day**" means a day (other than a Saturday or Sunday) on which banks are open for general business in New York, London, Isle of Man, Dar Es Salaam, Sydney and, in relation to any date for payment or purchase of an amount under the Facility, Singapore.

"**Capital Expenditure**" means any expenditure or obligation in respect of expenditure which, in accordance with the Accounting Principles, is treated as capital expenditure.

"**Code**" means the US Internal Revenue Code of 1986.

"**Commitment**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to an Original Lender, the amount set opposite its name under the heading "Commitment"
 in Part II of Schedule 1 (*The Original Parties*) and the amount of any other Commitment
 transferred to it under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to any other Lender, the amount of any Commitment transferred to it under this Agreement,

to the extent not cancelled, reduced or transferred by it under this Agreement.

"**Compliance Certificate**" means a certificate substantially in the form set out in Schedule 6 (*Form of Compliance Certificate*).

"**Confidential Information**" means all information relating to the Borrower, any Obligor, the Group, the Transaction Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 member of the Group or any of its advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) another
 Finance Party, if the information was obtained by that Finance Party directly or indirectly
 from any member of the Group or any of its advisers,

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 or becomes public information other than as a direct or indirect result of any breach by
 that Finance Party of Clause 34 (*Confidential Information*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
 identified in writing at the time of delivery as non-confidential by any member of the Group
 or any of its advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is
 known by that Finance Party before the date the information is disclosed to it in accordance
 with paragraphs (i) or (ii) above or is lawfully obtained by that Finance Party after that
 date, from a source which is, as far as that Finance Party is aware, unconnected with the
 Group and which, in either case, as far as that Finance Party is aware, has not been obtained
 in breach of, and is not otherwise subject to, any obligation of confidentiality; and

"**Confidentiality Undertaking**" means a confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed between the Borrower and the Agent.

"**Construction Contract (Box Cut Works)**" means the contract entered, or to be entered, between the Borrower or Tembo Nickel Corporation and a contractor in respect of the Project, in form and substance acceptable to the Agent (acting reasonably), as further referred to in lines 81 to 83 of tab "Jul-25 Use of Funds" of the Initial Sources and Uses of Funds.

"**Construction Contract (EPCM)**" means the contract entered, or to be entered, into between the Borrower or Tembo Nickel Corporation and a contractor in respect of the Project, in form and substance acceptable to the Agent (acting reasonably), as further referred to in line 72 of tab "Jul-25 Use of Funds" of the Initial Sources and Uses of Funds.

"**Corrective Action Plan**" means a plan to correct and remedy all material damage and adverse consequences caused by any failure by any Obligor or the Project to comply with any applicable Environmental and Social Standards.

"**Default**" means an Event of Default or any event or circumstance specified in Clause 21 (*Events of Default*) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

"**Delegate**" means any delegate, agent, attorney or co-trustee appointed by the Agent.

"**Disruption Event**" means either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 material disruption to those payment or communications systems or to those financial markets
 which are, in each case, required to operate in order for payments to be made in connection
 with the Facility (or otherwise in order for the transactions contemplated by the Finance
 Documents to be carried out) which disruption is not caused by, and is beyond the control
 of, any of the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 occurrence of any other event which results in a disruption (of a technical or systems-related
 nature) to the treasury or payments operations of a Party preventing that, or any other Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from
 performing its payment obligations under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from
 communicating with other Parties in accordance with the terms of the Finance Documents,

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

"**Dormant Subsidiary**" means a member of the Group which does not trade (for itself or as agent for any person) and does not own, legally or beneficially, assets (including, without limitation, indebtedness owed to it).

"**Effectiveness Deadline**" means, (i) with respect to the resale registration statement for the Warrant Shares (Signing Date), fifteen (15) calendar days after the date the SEC notifies the Parent of "no review" of the registration statement (or, in the event of a "full review" by the SEC, ninety (90) days following the date the SEC notifies the Parent of a "full review"), and (ii) with respect to the resale registration statement for the Warrant Shares (Extension Date), fifteen (15) calendar days after the date the SEC notifies the Parent of "no review" of the registration statement (or, in the event of a "full review" by the SEC, ninety (90) days following the date the SEC notifies the Parent of a "full review").

"**Environment**" means humans, animals, plants and all other living organisms including the ecological systems of which they form part and the following media:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) air
 (including air within natural or man-made structures, whether above or below ground);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) water
 (including territorial, coastal and inland waters, water under or within land and water in
 drains and sewers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) land
 (including land under water).

"**Environmental and Social Standards**" means, together:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Environmental Laws and Social Laws applicable to the Group and the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Equator Principles applicable to the Project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 IFC Performance Standards applicable to the Project.

"**Environmental Contaminant**" means any substance (including any waste) which, alone or in combination with any other, is capable of causing harm to the Environment.

"**Environmental Law**" means any applicable law or regulation which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 pollution or protection of the Environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 conditions of the workplace;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 conditions of the local communities on the site of the Project; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 generation, handling, storage, use, release or spillage of any Environmental Contaminant,

and, where the application any other applicable law or the Equator Principles would impose a greater obligation or standard than any applicable Environmental Law, that applicable law or the Equator Principles will be taken to be an Environmental Law for the purposes of this definition.

"**Environmental or Social Claim**" means any claim arising under or any filed notice or formal investigation in respect of, any Environmental Law or Social Law made against any member of the Group or the Project by any person (including local communities related to the Project) for loss, clean up or remediation or conducted by the regulatory authority responsible for the administration or enforcement of any Environmental Law or Social Law.

"**Environmental or Social Incidents**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 release of any hazardous substance on or within the Project area, or any unanticipated incident,
 accident or circumstance in connection with the Project, which has resulted in or is likely
 to result in significant, severe or irreversible damage to or impact on the Environment,
 or damage, impact or harm to the lives, livelihood, quality of life, health, safety, security
 or property of any person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 incident or accident relating to the Project which has had the following direct or indirect
 impact in any of the categories specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 health: death, major disability or serious health damage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on
 society: destruction of a site or object of cultural or religious significance, permanent,
 serious damage or destruction of community (including local community) assets or infrastructure,
 or any significant and sustained community (including local community) or worker-related
 grievance, protest, action or challenge to the Project; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) material
 damage to the Environment (including the release of an Environmental Contaminant).

"**Environmental or Social Matters**" means the environmental and/or social aspects identified in a Monthly Project Report which, individually or collectively, describe how the Project does not, as at the date of that Monthly Project Report, comply in full with the Equator Principles and the IFC Performance Standards applicable to the Project.

"**Environmental Permits**" means any Authorisation and the filing of any notification, report or assessment required under any Environmental Law for the Project.

"**Equator Principles**" means those principles entitled '*A financial industry benchmark for determining, assessing and managing social and environmental risk in Projects*', dated June 2013 and which are available at www.equator-principles.com, as amended on 1 October 2020 by the update entitled '*EP4*', and as further amended, modified or supplemented from time to time.

"**Event of Default**" means any event or circumstance specified as such in Clause 21 (*Events of Default*).

"**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended from time to time and the rules and regulations promulgated thereunder.

"**Existing Warrant Agreement**" means the warrant agreement dated 20 October 2021 between GoGreen Investments Corporation and Continental Stock Transfer & Trust Company, as warrant agent, as assigned by GoGreen Investments Corporation to the Parent pursuant to an assignment, assumption and amendment agreement dated 5 July 2023 between the Parent, GoGreen Investments Corporation and Continental Stock Transfer & Trust Company, as warrant agent.

"**Expropriation Event**" means any event or circumstance where the authority or ability of any member of the Group to implement the Project or otherwise conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, compulsory acquisition, intervention, confiscation, requisition, restriction or other action by or on behalf of any governmental agency, regulatory or other agency or authority or other person in relation to any member of the Group or any of its assets or the shares in that member of the Group (including without limitation the displacement of all or part of the management of any member of the Group).

"**Extension Fee**" has the meaning given to that term in Clause 10.3 (*Extension Fee*).

"**Extension Request Notice**" has the meaning given to that term in Clause 6.1(b) (*Repayment of Loans*).

"**Facility**" means the bridge loan facility made available under this Agreement as described in Clause 2 (*The Facility*).

"**Facility Office**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 respect of a Lender, the office or offices notified by that Lender to the Agent in writing
 on or before the date it becomes a Lender (or, following that date, by not less than five
 Business Days' written notice) as the office or offices through which it will perform
 its obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 respect of any other Finance Party, the office in the jurisdiction in which it is resident
 for tax purposes.

"**FATCA**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sections
 1471 to 1474 of the Code or any associated regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental
 agreement between the US and any other jurisdiction, which (in either case) facilitates the
 implementation of any law or regulation referred to in paragraph (a) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 agreement pursuant to the implementation of any treaty, law or regulation referred to in
 paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any
 governmental or taxation authority in any other jurisdiction.

"**FATCA Application Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to a "withholdable payment" described in section 1473(1)(A)(i) of the
 Code (which relates to payments of interest and certain other payments from sources within
 the US), 1 July 2014; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to a "passthru payment" described in section 1471(d)(7) of the Code
 not falling within paragraph (a) above, the first date from which such payment may become
 subject to a deduction or withholding required by FATCA.

"**FATCA Deduction**" means a deduction or withholding from a payment under a Finance Document required by FATCA.

"**FATCA Exempt Party**" means a Party that is entitled to receive payments free from any FATCA Deduction.

"**Feasibility Study**" means the definitive feasibility study for the Project, dated 18 July 2025 and prepared by DRA Projects (Pty) Ltd and Sharron Sylvester, and in the form provided to the Agent by the Borrower in accordance with Clause 4.1 (*Initial conditions precedent*).

"**Fee Letter**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 arrangement fee letter dated on or about the date of this Agreement between the Arranger
 and the Parent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other letter or letters entered into from time to time between the Arranger, the Agent or
 a Lender and the Borrower setting out any fees payable in respect of the Facility and designated
 by the Borrower and the Agent as a "Fee Letter".

"**Filing Deadline**" means, (i) with respect to the Warrant Shares (Signing Date), thirty (30) calendar days after the date of this Agreement, and (ii) with respect to the Warrant Shares (Extension Date), thirty (30) calendar days after the Extension Date.

"**Finance Document**" means this Agreement, the Mandate Letter, any Fee Letter, any Compliance Certificate, any Transaction Security Document, any Subordination Agreement, the Side Letter, any Utilisation Request and any other document designated as such by the Agent and the Borrower.

"**Finance Lease**" means any lease or hire purchase contract, a liability under which would, in accordance with the Accounting Principles, be treated as a balance sheet liability.

"**Finance Party**" means the Agent, the Arranger or a Lender.

"**Financial Close Date**" means the date on which the Agent gives notice to the Borrower pursuant to Clause 4.1(a)(*Initial conditions precedent*).

"**Financial Indebtedness**" means any indebtedness for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys
 borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures,
 loan stock or any similar instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 amount of any liability in respect of any Finance Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receivables
 sold or discounted (other than any receivables to the extent they are sold on a non-recourse
 basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 amount raised under any other transaction (including any forward sale or purchase agreement)
 of a type not referred to in any other paragraph of this definition having the commercial
 effect of a borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 derivative transaction entered into in connection with protection against or benefit from
 fluctuation in any rate or price (and, when calculating the value of any derivative transaction,
 only the marked to market value (or, if any actual amount is due as a result of the termination
 or close-out of that derivative transaction, that amount) shall be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary
 letter of credit or any other instrument issued by a bank or financial institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 amount of any liability in respect of any guarantee or indemnity for any of the items referred
 to in paragraphs (a) to (h) above.

"**Framework Agreement**" means the framework agreement for the Project dated 19 January 2021 between the Tanzanian Government and the Borrower (formerly, and at the time of signing, called LZ Nickel Limited).

"**GISTM**" means the Global Industry Standard on Tailings Management published in August 2020 by the International Council on Mining and Metals, the United Nations Environment Programme and the Principles for Responsible Investment, and as further amended, modified or supplemented from time to time.

"**Good Mining Practice**" means the exercise of that degree of skill, care, prudence, operational and financial foresight and operating practice which would reasonably and ordinarily be expected from a skilled and experienced person engaged in (a) the same type of undertaking as the Obligors and (b) the implementation of the Project, in both cases, under the same or similar circumstances, with the exercise of skill, care, prudence, operational and financial foresight and operating practice to be substantially in accordance with internationally recognised best practices in the mining industry.

"**Group**" means each of the Obligors, the Borrower Holdco, Lifezone Holdings and each other Subsidiary of the Parent for the time being, including each of the entities included in the Group Structure Chart.

"**Group (Project)**" means each of the Obligors, the Borrower Holdco, Lifezone Holdings and each of the Services Companies.

"**Group Structure Chart**" means the group structure chart in the form set out in Schedule 7 (*Group Structure Chart*) or as otherwise in the agreed form.

"**Holding Company**" means, in relation to a person, any other person in respect of which it is a Subsidiary.

"**IFC Performance Standards**" means the International Finance Corporation's Performance Standards on Environmental and Social Sustainability dated 1 January 2012 and which are available at www.ifc.org, as amended, modified or supplemented from time to time.

"**IFRS**" means international accounting standards within the meaning of the IAS Regulation 1606/2002 or UK adopted international accounting standards within the meaning of section 474(1) of the Companies Act 2006, in each case, to the extent applicable to the relevant financial statements.

"**Industry Competitor**" means any person or entity (and any of its Affiliates or Related Funds) which is a competitor of a member of the Group (Project) and whose business includes the construction and/or operation of Nickel mines and processing facilities and any controlling shareholder of such persons or entities.

"**Initial Base Case Model**" means the base case financial computer model used to produce financial and cashflow projections for the Borrower and the Project on a Monthly basis for the first three years after the final investment decision and thereafter on an annual basis, as such model shall incorporate the Life of Mine Plan and such other forecasts reasonably acceptable to the Agent and in the form provided to the Agent by the Borrower in accordance with Clause 4.1 (*Initial conditions precedent*).

"**Initial Sources and Uses of Funds**" means the Sources and Uses of Funds in the form provided to the Agent by the Borrower in accordance with Clause 4.1 (*Initial conditions precedent*).

"**Intellectual Property**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 patents, trade marks, service marks, designs, business names, copyrights, database rights,
 design rights, domain names, moral rights, inventions, confidential information, knowhow
 and other intellectual property rights and interests (which may now or in the future subsist),
 whether registered or unregistered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 benefit of all applications and rights to use such assets of each member of the Group (which
 may now or in the future subsist).

"**Interest Period**" means, in relation to a Loan, each period determined in accordance with Clause 9 (*Interest Periods*) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (*Default interest*).

"**Interest Rate**" means 9.25 per cent. per annum.

"**Intra Group Loan**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Borrower Holdco Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Borrower On-loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 other loan, loan note or similar debt instrument between any Obligor as debtor and any other
 Obligor or other member of the Group as creditor.

"**Intra Group Loan Agreement**" means any agreement or document evidencing an Intra Group Loan.

"**Legacy Companies**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Kabanga
 Holdings Limited, a company duly incorporated and existing under the laws of the Cayman Islands
 with registration number 64224 and registered office at PO Box 268, Floor 4, Willow House,
 Cricket Square, Grand Cayman KY1-9010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Romanex
 International Limited, a company duly incorporated and existing under the laws of British
 Columbia with registration number BC0382059 and registered office at Suite 1700, Park Place,
 666 Burrard Street, Vancouver, BC V6C 2X8; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each
 of their Subsidiaries.

"**Legal Reservations**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 principle that equitable remedies may be granted or refused at the discretion of a court
 and the limitation of enforcement by laws relating to insolvency, reorganisation and other
 laws generally affecting the rights of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 time barring of claims under the Limitation Acts, the possibility that an undertaking to
 assume liability for or indemnify a person against non-payment of UK stamp duty may be void
 and defences of set-off or counterclaim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) similar
 principles, rights and defences under the laws of any Relevant Jurisdiction.

"**Lender**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 Original Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 bank, financial institution, trust, fund or other entity which has become a Party as a "Lender"
 in accordance with Clause 22 (*Changes to the Lenders*),

which in each case has not ceased to be a Party as such in accordance with the terms of this Agreement.

"**Life of Mine Plan**" means the life of mine plan for the Project, prepared by the Borrower on the basis of the Feasibility Study, and in the form provided to the Agent by the Borrower in accordance with Clause 4.1 (*Initial conditions precedent*) and as amended from time to time in accordance with this Agreement.

"**Lifezone Holdings**" means Lifezone Holdings Limited, a company duly incorporated and existing under the laws of the Isle of Man with registration number 019856V and registered office at 2<sup>nd</sup> Floor, St Georges Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man.

"**Limitation Acts**" means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.

"**LMA**" means the Loan Market Association.

"**Loan**" means a loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan.

"**Loan to Own/Distressed Investor**" means any person whose (or any of whose Affiliates' or Related Funds') principal business or material activity is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investing
 in distressed debt or the purchase of loans or other debt securities with the intention of
 (or view to) owning the equity or gaining control of a business (directly or indirectly);
 and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) investing
 in equity and/or acquiring control of, or an equity stake in, a distressed business (directly
 or indirectly).

"**Majority Lenders**" means a Lender or Lenders whose Commitments aggregate more than 66⅔ per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66⅔ per cent. of the Total Commitments immediately prior to the reduction).

"**Management and Administrative Services Agreement**" means the management and administrative services agreement for the Project dated 19 January 2021 between the Tanzanian Government, the Borrower (formerly, and at the time of signing, called LZ Nickel Limited), Tembo Nickel Corporation, Tembo Nickel Mining and Tembo Nickel Refining.

"**Mandate Letter**" means the letter dated 26 June 2025 between the Arranger and the Parent.

"**Material Adverse Effect**" means any change or effect which is or could reasonably be expected to be materially adverse to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 financial condition, assets, prospects, operations or business of the Group (Project) taken
 as a whole or the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 ability of an Obligor to perform its obligations under any Transaction Document or any Material
 Licence; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 validity, legality or enforceability of, or the effectiveness or ranking of any Security
 granted or purporting to be granted pursuant to any of, the Transaction Documents or Material
 Licences, or the rights or remedies of any Finance Party under any of the Finance Documents.

"**Material Licence**" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 special mining licence for the Project dated 25 October 2021 (No. SML 651/2021) and issued
 by the Ministry of Minerals of the Tanzanian Government in favour of Tembo Nickel Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 EIA Certificate (No. EC/EIS/824) issued by National Environment Management Council (NEMC)
 on 16 June 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Ruvubu
 River Provisional Water Use Permit (No. 95100766) issued by Ministry of Water, Lake Victoria
 Basin Water Board on 19 September 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) EIA
 Certificate (No. EC/EIA/2023/6288) for resettlement host sites issued by National Environment
 Management Council (NEMC) on 3 September 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 workplace registration license Certificate of Compliance (No. 202 413 001) issued by the
 Occupational Safety and Health Authority (OSHA) in June 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 other Authorisation designated as such by the Borrower and the Agent.

"**Material Project Document**" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Framework Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Shareholders Agreement (Tembo Nickel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Intra Group Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Management and Administrative Services Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Construction Contract (Box Cut Works);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Construction Contract (EPCM); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 other document designated as such by the Agent and the Borrower.

"**Material Project Party**" means each person (other than a member of the Group) who is a party to the Construction Contract (Box Cut Works) or the Constructions Contract (EPCM).

"**Mine**" means the high-grade nickel sulphide underground mine and concentrator located at the Kabanga site in the Ngara District of the Kagera Region in northwest Tanzania comprising the ore body, deposits and stockpiles, the plant, concentrator, crushing, processing, production, storage workshop and administrative facilities, including waste dumps, tailing storage facilities, streams, ponds and dams, and all of the land, real property, all access and road infrastructure relating thereto and required to exploit the relevant deposits, conduct the Mining Operations and to complete, conduct and otherwise implement the Project, in each case as more particularly described in the Material Licences, the Feasibility Study and the Life of Mine Plan.

"**Mining Code**" means the Mining Act, R.E. 2019 in force in Tanzania from time to time.

"**Mining Operations**" means, in connection with the Mine, any and all activities of an operating nature, including exploration, extraction, mining, drilling, blasting, processing, production, maintenance, storage, transportation, disposal, delivery, sales and any other similar activity related to or incidental to such activities.

"**Mining Rights**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 mineral rights described in any Material Licence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 entitlements of any member of the Group (Project) under the provisions of applicable laws
 (including the Mining Code) to conduct exploration, exploitation or mining activities on
 the Project area, or right to hold or retain a mining licence, permit, concession or mineral
 right under applicable laws (including the Mining Code) without a present obligation to conduct
 exploration or mining activities on it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 entitlement of any member of the Group (Project) under the provisions of applicable laws
 to expropriate any lands, rights of way and any other rights to occupy the Project area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 present or future interest from time to time held by or on behalf of any member of the Group
 (Project) in any present or future right, lease, licence, claim, permit or other authority
 which confers or may confer a right to prospect or explore for or mine any metals or minerals
 on the Project area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 present or future renewal, extension, modification, substitution, amalgamation or variation
 of any of the mineral rights described above (whether extending over the same or a greater
 or lesser area); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 present or future application for or interest in any of the above, which confers or which,
 when granted, will confer the same or similar rights.

"**Month**" means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (subject
 to paragraph (c) below) if the numerically corresponding day is not a Business Day, that
 period shall end on the next Business Day in that calendar month in which that period is
 to end if there is one, or if there is not, on the immediately preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 there is no numerically corresponding day in the calendar month in which that period is to
 end, that period shall end on the last Business Day in that calendar month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 an Interest Period begins on the last Business Day of a calendar month, that Interest Period
 shall end on the last Business Day in the calendar month in which that Interest Period is
 to end.

The above rules in paragraphs (a) to (c) will only apply to the last Month of any period.

"**Monthly Project Report**" means each report delivered to the Agent pursuant to Clause 18.5 (*Monthly Project Report*).

"**New Lender**" has the meaning given to that term in Clause 22 (*Changes to the Lenders*).

"**NYSE**" means the New York Stock Exchange.

"**Obligor**" means the Borrower or a Guarantor.

"**OFAC**" means the Department of the Treasury's Office of Foreign Assets Control of the United States of America.

"**Operating Company**" means each of Tembo Nickel Corporation, Tembo Nickel Mining and Tembo Nickel Refining.

"**Original Financial Statements**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to the Parent, the audited consolidated financial statements of the Group for the
 financial year ended 31 December 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to the Borrower and Tembo Nickel Corporation, its audited financial statements for
 its financial year ended 31 December 2024.

"**Original Jurisdiction**" means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated and/or registered as at the date of this Agreement.

"**Parent Convertible Debenture**" means each of the senior unsecured convertible debentures due 27 March 2028 issued by the Parent as part of its USD 50,000,000 offering on 27 March 2024.

"**Party**" means a party to this Agreement.

"**Permitted Reorganisation**" means a solvent reorganisation (including pursuant to a liquidation or winding up) involving the business or assets of, or shares of (or other interests in), any member of the Group (Project) (which does not involve the Borrower merging with any other person) where all of the business, assets and shares of (or other interests in) the relevant member of the Group (Project) continue to be owned directly or indirectly by the Borrower in the same or a greater percentage as prior to such reorganisation, save for the shares of (or other interests in) any member of the Group (Project) which has been merged into another member of the Group (Project) or which has otherwise ceased to exist (including, for example, by way of the solvent winding up of a corporate entity) as a result of a such Permitted Reorganisation.

"**Project**" means the design, development, engineering, construction, equipment, testing, commissioning, management, operation and maintenance of the Mine and the conduct of the Mining Operations at Kabanga.

"**Quarter Date**" means each of 31 March, 30 June, 30 September and 31 December.

"**Receiver**" means a receiver or receiver and manager or administrative receiver of the whole or any part of the Secured Assets.

"**Refinery**" means the hydrometallurgical refinery, including the demonstration plant and associated infrastructure, to be located at Kahama, Tanzania and which will receive and refine ore concentrate from the Mine.

"**Related Fund**" in relation to a fund (the "**first fund**"), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

"**Relevant Jurisdiction**" means, in relation to an Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its
 Original Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 jurisdiction where any asset subject to or intended to be subject to the Transaction Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 jurisdiction where it conducts its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 jurisdiction whose laws govern the perfection of any of the Transaction Security Document
 entered into by it.

"**Relevant Project Financing Transaction**" has the meaning given to that term in Clause 7.2(c).

"**Repayment Date**" means 31 July 2027, as such date may be extended in accordance with and subject to Clause 6.1(b) (*Repayment of Loans*).

"**Repeating Representations**" means all of the representations set out in Clause 17 (*Representations*) other than Clauses 17.7 (*Insolvency*), 17.8 (*Deduction of Tax*), 17.9 (*No filing or stamp taxes*), 17.13 (*Pari passu ranking*), 17.14 (*No proceedings*), 17.15 (*No breach of laws*), 17.17 (*Taxation*), 17.20 (*Security and Financial Indebtedness*), 17.26 (*No immunity*), 17.27 (*Private and commercial acts*), 17.29 (*Project Assets*) and 17.30 (*Project compliance*).

"**Representative**" means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

"**Review Event**" has the meaning given to that term in Clause 20.23 (*Review Event*).

"**Sanctioned Person**" means a person (whether or not having a legal personality) that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) listed
 on a Sanctions List, or directly or indirectly owned, or otherwise controlled within the
 meaning and scope of the relevant Sanctions, by any one or more persons listed on a Sanctions
 List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) located
 or resident in, or incorporated or organised under the laws of, a Sanctioned Territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) directly
 or indirectly owned or controlled (as defined by the relevant Sanctions) by a person referred
 to in paragraph (a) or (b) above or by the government of any Sanctioned Territory; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) otherwise
 a subject of Sanctions.

"**Sanctioned Territory**" means a country, region or territory that is the subject of country-wide, region-wide or territory-wide Sanctions or otherwise with which dealings are restricted or prohibited by any Sanctions.

"**Sanctioned Transaction**" means the use of the proceeds of the Facility, or lending, contributing or otherwise making available such proceeds to any person directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 fund, participate or contribute to, any activities or business of, with or related to (or
 otherwise to make funds available to or for the benefit of) any person who is a Sanctioned
 Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 connection with any trade, business or other activities in any Sanctioned Territory; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 any other manner that could result in any Obligor or other member of the Group, a Finance
 Party or an adviser of the Finance Parties being in breach of any Sanctions, being subject
 to any penalties or restrictive measures being imposed pursuant to Sanctions, or being designated
 as a Sanctioned Person.

"**Sanctions**" means the economic or financial sanctions laws, regulations, trade embargoes or other restrictive measures enacted, administered, implemented and/or enforced from time to time by any of the following (and including through any relevant Sanctions Authority):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 United Nations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 European Union or any member state thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 government of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 government of the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 government of Tanzania; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 African Union.

"**Sanctions Authority**" means any agency or person which is duly appointed, empowered or authorised to enact, administer, implement and/or enforce Sanctions, including (without limitation) OFAC, the United States Department of State or the United States Department of Commerce and His Majesty's Treasury.

"**Sanctions Event**" means the Project, any Obligor, any member of the Group, any direct or indirect shareholder of any Obligor (other than the Parent as long as the Parent remains a public company), any key personnel of any member of the Group or any Material Project Party being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Sanctioned Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 party to a Sanctioned Transaction.

"**Sanctions List**" means any of the lists of designated sanctions targets maintained by a Sanctions Authority from time to time.

"**SEC**" means the United States Securities and Exchange Commission.

"**Secured Assets**" means all of the assets of the Obligors which from time to time are, or are expressed to be, the subject of the Transaction Security.

"**Secured Obligations**" means all obligations at any time due, owing or incurred by any Obligor to any Secured Party under the Finance Documents, whether present or future, actual or contingent (and whether incurred solely or jointly and whether as principal or surety or in some other capacity).

"**Secured Parties**" means each Finance Party from time to time party to this Agreement and any Receiver or Delegate.

"**Securities Act**" means the U.S. Securities Act of 1933, as amended from time, and the rules and regulations promulgated thereunder.

"**Security**" means a mortgage, charge, hypothec, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.

"**Security Agreement (Borrower Assets)**" means the English law security agreement dated on or about the date of this Agreement between the Borrower as chargor, and the Agent, granting first ranking, fixed and floating charges in favour of the Secured Parties over all assets of the Borrower.

"**Security Agreement (Borrower Shares)**" means the English law share charge agreement dated on or about the date of this Agreement between the Borrower Holdco as chargor and the Agent, granting first ranking security in favour of the Secured Parties all shares held by it in the Borrower (being 100 per cent. at the date of this Agreement).

"**Security Agreement (Borrower Shares - Permitted Minority Investor)**" means the security agreement entered or to be entered into pursuant to Clause 20.23 (*Review Event*).

"**Security Agreement (Tembo Nickel Corporation Assets)**" means the Tanzanian law all asset debenture entered or to be entered into between Tembo Nickel Corporation as chargor and the Agent granting first ranking, fixed and floating charges in favour of the Secured Parties over all assets of Tembo Nickel Corporation.

"**Security Agreement (Tembo Nickel Corporation Shares)**" means the Tanzanian law share charge entered or to be entered into between the Borrower as chargor and the Agent granting first ranking security in favour of the Secured Parties over all shares held by it in Tembo Nickel Corporation (being 84 per cent. at the date of this Agreement).

"**Security Agreement (Tembo Nickel Mining Assets)**" means the Tanzanian law all asset debenture entered or to be entered into between Tembo Nickel Mining as chargor and the Agent granting first ranking, fixed and floating charges in favour of the Secured Parties over all assets of Tembo Nickel Mining.

"**Security Agreement (Tembo Nickel Mining Shares)**" means the Tanzanian law share charge entered or to be entered into between Tembo Nickel Corporation as chargor and the Agent granting first ranking security in favour of the Secured Parties over all shares held by it in Tembo Nickel Mining (being 99.98 per cent. at the date of this Agreement).

"**Security Agreement (Tembo Nickel Refining Assets)**" means the Tanzanian law share charge entered or to be entered into between Tembo Nickel Refining as chargor and the Agent granting first ranking, fixed and floating charges in favour of the Secured Parties over all assets of Tembo Nickel Refining.

"**Security Agreement (Tembo Nickel Refining Shares)**" means the Tanzanian law share charge entered or to be entered into between Tembo Nickel Corporation as chargor and the Agent granting first ranking security in favour of the Secured Parties over all shares held by it in Tembo Nickel Refining (being 99.98 per cent. at the date of this Agreement).

"**Services Companies**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) LZ
 Services Limited, a company duly incorporated and existing under the laws of England and
 Wales with registration number 14310284 and registered office at 22 Chancery Lane, London,
 United Kingdom, WC2A 1LS ()"**LZ Services UK** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lifezone
 Asia-Pacific Pty Ltd, a company duly incorporated and existing under the laws of Western
 Australia with registration number 054 129 029 and registered office at 216 St Georges Terrace,
 Perth WA 6000 ()"**LZ Asia-Pacific** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Lifezone
 Services US, LLC, a company duly incorporated and existing under the laws of the State of
 Delaware with state file number 002370134 and registered office at Corporation Trust Center,
 1209 Orange Street, Wilmington, New Castle, Delaware ()"**LZ Services US** ").

"**Shareholders Agreement (Tembo Nickel)**" means the shareholders agreement for Tembo Nickel Corporation dated 19 January 2021 between the Borrower, Tembo Nickel Corporation Holdco and the Tanzanian Government.

"**Side Letter**" means the letter between the Parent and the Arranger dated on or about the date of this Agreement in relation to the Facility.

"**Social Law**" means any law or regulation which relates to an Obligor or the Project and relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) labour;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) social
 security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 regulation of industrial relations (between government, employers and employees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 protection of occupational and public health and safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 regulation of public participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 protection and regulation of ownership of land rights (both formal and traditional), immovable
 goods and intellectual and cultural property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 protection and empowerment of indigenous peoples or ethnic groups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 projection, restoration and promotion of cultural heritage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 other laws and regulations providing for the protection of employees and citizens.

"**Sources and Uses of Funds**" means the sheet setting out in sufficient details acceptable to the Agent the sources and uses of funds for the Project, being a summary of the annual budget for the Project and including all Capital Expenditure and operating costs for the Project, as such sources and uses are confirmed and projected until 31 December 2026 and as the same shall be updated from time to time during the Availability Period on an 18 Month rolling basis in accordance with Clause 18.4 (*Base Case Model and Life of Mine Plan*).

"**Subordination Agreement**" means a subordination agreement entered or to be entered into between any member of the Group and the Finance Parties subordinating any claims and interests of that Group member against any Obligor to the claims and interests of the Finance Parties against that Obligor, in form and substance acceptable to all of the Lenders.

"**Subsidiary**" means any person (referred to as the "**first person**") in respect of which another person (referred to as the "**second person**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has
 the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cast,
 or control the casting of, more than 50 per cent. of the maximum number of votes that might
 be cast at a general meeting of the first person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appoint
 or remove all, or the majority, of the directors or other equivalent officers of the first
 person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) give
 directions with respect to the operating and financial policies of the first person with
 which the directors or other equivalent officers of the first person are obliged to comply;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) holds
 beneficially more than 50 per cent. of the issued share capital of the first person (excluding
 any part of that issued share capital that carries no right to participate beyond a specified
 amount in a distribution of either profits or capital).

"**Tanzania**" means the United Republic of Tanzania.

"**Tanzanian Government**" means the government of Tanzania, together with each agency of such government.

"**Tanzanian Security Documents**" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Security Agreement (Tembo Nickel Corporation Assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Security Agreement (Tembo Nickel Corporation Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Security Agreement (Tembo Nickel Mining Assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Security Agreement (Tembo Nickel Mining Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Security Agreement (Tembo Nickel Refining Assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Security Agreement (Tembo Nickel Refining Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 other document governed by the laws of Tanzania entered into in connection with any of the
 above evidencing or creating Security over any asset to secure any obligation of any Obligor
 to a Secured Party under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 other document governed by the laws of Tanzania designated as such by the Agent and the Borrower.

"**Tax**" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

"**Tembo Nickel Corporation**" means Tembo Nickel Corporation Limited, a limited liability corporation incorporated and existing under the laws of Tanzania, with registered number 149494871 and its registered office at Plot No. 344, Kimbiji House, Toure Drive, Oysterbay, P.O. Box 106119, Dar Es Salaam, Tanzania.

"**Tembo Nickel Mining**" means Tembo Nickel Mining Company Limited, a limited liability corporation incorporated and existing under the laws of Tanzania, with registered number 149495398 and its registered office at Plot No. 344, Kimbiji House, Toure Drive, Oysterbay, P.O. Box 106119, Dar Es Salaam, Tanzania.

"**Tembo Nickel Refining**" means Tembo Nickel Refining Company Limited, a limited liability corporation incorporated and existing under the laws of Tanzania, with registered number 149495460 and its registered office at Plot No. 344, Kimbiji House, Toure Drive, Oysterbay, P.O. Box 106119, Dar Es Salaam, Tanzania.

"**Total Commitments**" means the aggregate of the Commitments being USD 60,000,000 at the date of this Agreement.

"**Transaction Document**" means each Finance Document, each Warrant, each Material Licence and each Material Project Document.

"**Transaction Security**" means the Security created or expressed to be created in favour of the Agent pursuant to the Transaction Security Documents.

"**Transaction Security Document**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Security Agreement (Borrower Assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Security Agreement (Borrower Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on
 and after the date it is executed by each party thereto, each Tanzanian Security Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on
 and after the date it is executed by each party thereto, Security Agreement (Borrower Shares
 - Permitted Minority Investor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 other document evidencing or creating Security over any asset to secure any obligation of
 any Obligor to a Secured Party under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 other document designated as such by the Agent and the Borrower.

"**Transfer Certificate**" means a certificate substantially in the form set out in Schedule 4 (*Form of Transfer Certificate*) or any other form agreed between the Agent and the Borrower.

"**Transfer Date**" means, in relation to an assignment or a transfer, the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate.

"**Unpaid Sum**" means any sum due and payable but unpaid by an Obligor under the Finance Documents.

"**Utilisation**" means a utilisation of the Facility.

"**Utilisation Date**" means the date of a Utilisation, being the date on which the relevant Loan is to be made.

"**Utilisation Request**" means a notice substantially in the form set out in Schedule 3 (*Utilisation Request*).

"**VAT**" means any value added tax or any other sales tax of a similar nature imposed by law from time to time.

"**Warrant Shares**" means the Warrant Shares (Extension Date) and the Warrant Shares (Signing Date).

"**Warrant Shares (Extension Date)**" means the common shares in the share capital of the Parent, issuable upon the due exercise of the Warrants (Extension Date) in accordance with the terms thereof.

"**Warrant Shares (Signing Date)**" means the common shares in the share capital of the Parent, issuable upon the due exercise of the Warrants (Signing Date) in accordance with the terms thereof.

"**Warrants**" means the Warrants (Extension Date) and the Warrants (Signing Date).

"**Warrants (Extension Date)**" means each of the 1,500,000 common share purchase warrants of the Parent to be issued to the Arranger pursuant to Clause 6.1(b) (*Repayment of the Loans*) with an exercise period of 5 years from the issue date and an exercise price equal to 125% of the 30-day VWAP to the date (for the purposes of this definition and the definitions of "Filing Deadline" and "Effectiveness Deadline", the "**Extension Date**") on which the extension to the Repayment Date is effective in accordance with Clause 6.1(b) (*Repayment of the Loans*) (as adjusted pro rata for any issuance of new shares by the Parent as a result of a share split, or bonus issue or for any share consolidation from the Extension Date and during the term); provided, however, that in all cases, the exercise price of the Warrants (Extension Date) will be subject to the rules and policies of the NYSE, or if the common shares cease to be listed on the NYSE, subject to the rules and policies of any other exchange on which the common shares are traded.

"**Warrants (Signing Date)**" means each of the 2,500,000 common share purchase warrants of the Parent issued to the Arranger no later than the date of this Agreement with an exercise period of 5 years from the issue date and an exercise price equal to 125% of the 30-day VWAP to the Financial Close Date (as adjusted pro rata for any issuance of new shares by the Parent as a result of a share split, or bonus issue or for any share consolidation from the Financial Close Date and during the term); provided, however, that in all cases, the exercise price of the Warrants (Signing Date) will be subject to the rules and policies of the NYSE, or if the common shares cease to be listed on the NYSE, subject to the rules and policies of any other exchange on which the common shares are traded.

1.2 **Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 a contrary indication appears, any reference in this Agreement to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 "**Agent** ", the "**Arranger** ", any "**Finance Party** ",
 any "**Lender** ", any "**Obligor** ", any "**Party** ",
 any "**Secured Party**" or any other person shall be construed so as to include
 its successors in title, permitted assigns and permitted transferees to, or of, its rights
 and/or obligations under the Finance Documents and, in the case of the Agent, any person
 for the time being appointed as Agent or Agents in accordance with the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 "**agency**" shall be construed so as to include any governmental, intergovernmental
 or supranational agency, authority, body, central bank, commission, department, ministry,
 organisation, statutory corporation or tribunal (including any political sub-division, national,
 regional or municipal government and any administrative, fiscal, judicial, regulatory or
 self-regulatory body or persons);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 document in "**agreed form**" is a document which is previously agreed in
 writing by or on behalf of the Borrower and the Agent or, if not so agreed, is in the form
 specified by the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**assets** "
 includes present and future properties, revenues and rights of every description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 "**Finance Document**" or a "**Transaction Document**" or any
 other agreement or instrument is a reference to that Finance Document or Transaction Document
 or other agreement or instrument as amended, novated, supplemented, extended or restated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a
 "**group of Lenders**" includes all the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "**guarantee** "
 means (other than in Clause 16 (*Guarantee and indemnity*)) any guarantee, letter of
 credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect,
 actual or contingent, to purchase or assume any indebtedness of any person or to make an
 investment in or loan to any person or to purchase assets of any person where, in each case,
 such obligation is assumed in order to maintain or assist the ability of such person to meet
 its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "**indebtedness** "
 includes any obligation (whether incurred as principal or as surety) for the payment or repayment
 of money, whether present or future, actual or contingent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a
 "**person**" includes any individual, firm, company, corporation, government,
 state or agency of a state or any association, trust, joint venture, consortium, partnership
 or other entity (whether or not having separate legal personality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a
 "**regulation**" includes any regulation, rule, official directive, request
 or guideline (whether or not having the force of law) of any agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) a
 provision of law is a reference to that provision as amended or re-enacted from time to time;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) a
 time of day is a reference to Sydney time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section,
 Clause and Schedule headings are for ease of reference only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless
 a contrary indication appears, a term used in any other Finance Document or in any notice
 given under or in connection with any Finance Document has the same meaning in that Finance
 Document or notice as in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 Default (other than an Event of Default) is "**continuing**" if it has not
 been remedied or waived in writing and a Review Event or an Event of Default is "**continuing** "
 if it has not been waived in writing.

1.3 **Currency symbols and definitions** 

"**$**", "**USD**" and "**dollars**" denote the lawful currency of the United States of America.

1.4 **Third party rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 expressly provided to the contrary in a Finance Document a person who is not a Party has
 no right under the Contracts (Rights of Third Parties) Act 1999 (the "**Third Parties Act**") to enforce or to enjoy the benefit of any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 any term of any Finance Document the consent of any person who is not a Party is not required
 to rescind or vary this Agreement at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 Receiver, Delegate or any person described in paragraph (b) of Clause 24.10 (*Exclusion of liability*) may, subject to this Clause 1.4 and the Third Parties Act, rely on any
 Clause of this Agreement which expressly confers rights on it.

**SECTION 2**

**THE FACILITY**

2. **The Facility** 

2.1 **The Facility** 

Subject to the terms of this Agreement, the Lenders make available to the Borrower a dollar bridge loan facility in an aggregate amount equal to the Total Commitments.

2.2 **Finance Parties' rights and obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 obligations of each Finance Party under the Finance Documents are several. Failure by a Finance
 Party to perform its obligations under the Finance Documents does not affect the obligations
 of any other Party under the Finance Documents. No Finance Party is responsible for the obligations
 of any other Finance Party under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 rights of each Finance Party under or in connection with the Finance Documents are separate
 and independent rights and any debt arising under the Finance Documents to a Finance Party
 from an Obligor is a separate and independent debt in respect of which a Finance Party shall
 be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each
 Finance Party include any debt owing to that Finance Party under the Finance Documents and,
 for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which
 relates to a Finance Party's participation in the Facility or its role under a Finance
 Document (including any such amount payable to the Agent on its behalf) is a debt owing to
 that Finance Party by that Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 Finance Party may, except as specifically provided in the Finance Documents, separately enforce
 its rights under or in connection with the Finance Documents.

2.3 **Obligors' Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Obligor (other than the Borrower) by its execution of this Agreement irrevocably appoints
 the Borrower (acting through one or more authorised signatories) to act on its behalf as
 its agent in relation to the Finance Documents and irrevocably authorises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Borrower on its behalf to supply all information concerning itself contemplated by this Agreement
 to the Finance Parties and to give all notices and instructions, (including, in the case
 of the Borrower, Utilisation Requests), to make such agreements and to effect the relevant
 amendments, supplements and variations capable of being given, made or effected by any Obligor
 notwithstanding that they may affect the Obligor, without further reference to or the consent
 of that Obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each
 Finance Party to give any notice, demand or other communication to that Obligor pursuant
 to the Finance Documents to the Borrower,

and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every
 act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation,
 notice or other communication given or made by the Obligors' Agent or given to the
 Obligors' Agent under any Finance Document on behalf of another Obligor or in connection
 with any Finance Document (whether or not known to any other Obligor and whether occurring
 before or after such other Obligor became an Obligor under any Finance Document) shall be
 binding for all purposes on that Obligor as if that Obligor had expressly made, given or
 concurred with it. In the event of any conflict between any notices or other communications
 of the Obligors' Agent and any other Obligor, those of the Obligors' Agent shall
 prevail.

3. **Purpose** 

3.1 **Purpose** 

The Borrower shall apply all amounts borrowed by it under the Facility towards the payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capital
 Expenditures and operating costs relating to the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest
 accrued on any Loans due and payable in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 other fees, costs and expenses associated with the Facility (including legal fees and expenses,
 stamp duty and similar Taxes, the success fee payable to the Borrower's financial advisor,
 the repayment of the Intra Group Loan between the Borrower Holdco and the Borrower in an
 amount equal to the arrangement fee paid to the Arranger pursuant to the Fee Letter on the
 date of this Agreement, registration fees and all fees and costs payable to the Finance Parties);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Intra
 Group Loans to the Operating Companies to be applied by them towards payment of any of the
 foregoing,

in each case, as described, and in the amounts as set out, in the Sources and Uses of Funds.

3.2 **Monitoring** 

No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

4. **Conditions of Utilisation** 

4.1 **Initial conditions precedent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower may not deliver a Utilisation Request unless the Agent has received all of the documents
 and other evidence listed in Schedule 2 (*Conditions Precedent*) in form and substance
 satisfactory to the Agent. The Agent shall notify the Borrower and the Lenders promptly upon
 being so satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other
 than to the extent that the Majority Lenders notify the Agent in writing to the contrary
 before the Agent gives the notification described in paragraph (a) above, the Lenders authorise
 (but do not require) the Agent to give that notification. The Agent shall not be liable for
 any damages, costs or losses whatsoever as a result of giving any such notification.

4.2 **Further conditions precedent** 

The Lenders will only be obliged to comply with Clause 5.4 (*Lenders' participation*) if on the date of each Utilisation Request and on the proposed Utilisation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 Default or Review Event is continuing or would result from the proposed Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Repeating Representations to be made by each Obligor are true in all material respects.

4.3 **Maximum number of Loans** 

Subject to Clause 5.3(b) (*Currency and amount*), the Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisations, more than five Loans would have been advanced under the Facility.

4.4 **Registration Statement Condition** 

The Borrower may not deliver a second Utilisation Request if a resale registration statement with respect to the Warrant Shares (Signing Date) has not been declared effective by the SEC by the applicable Effectiveness Deadline and remains effective at the time of such Utilisation Request.

**SECTION 3**

**UTILISATION**

5. **Utilisation** 

5.1 **Delivery of a Utilisation Request** 

The Borrower may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request at least 15 Business Days prior the proposed Utilisation Date (or such shorter period agreed to by the Borrower and all of the Lenders).

5.2 **Completion of a Utilisation Request** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Utilisation Request is irrevocable and will not be regarded as having been duly completed
 unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 proposed Utilisation Date is a Business Day within the Availability Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 currency and amount of the Utilisation comply with Clause 5.3 (*Currency and amount*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 proposed Interest Period complies with Clause 9 (*Interest Periods*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 then current Sources and Uses of Funds is attached to the relevant Utilisation Request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in
 respect only of the first Utilisation to occur after the Financial Close Date, the Loan requested
 in the relevant Utilisation Request is no greater than USD 20,000,000, and provided that
 USD 5,000,000 is paid into and retained by the Borrower in a bank account in the United Kingdom
 satisfactory to the Agent and which is subject to Transaction Security for the purposes of
 the Borrower's compliance with Clause 19(b)(*Financial covenants*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in
 respect of the second and any subsequent Utilisation to occur after the Financial Close Date,
 the Agent is satisfied (and has received acceptable documentation or such other evidence
 from the Borrower to confirm such satisfaction) 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;(A) each
 of the Tanzanian Security Documents has been duly and properly executed by all parties thereto
 and any and all actions in connection with the stamping, registration, notice, filing and
 any and all other perfection requirements or conditions specified therein or required under
 Tanzanian laws have been completed in full and the Agent has received certified copies of
 all required Authorisations and a legal opinion from its local counsel in Tanzania in respect
 of the same in form and substance acceptable to all of the Lenders and all share certificates,
 transfers and stock transfer forms or equivalent duly executed by the relevant Obligor in
 blank in relation to the assets subject to or expressed to be subject to the Tanzanian Security
 Documents and other documents of title to be provided under the Tanzanian Security 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;(B) the
 Framework Agreement has been amended on acceptable terms to reflect the agreement of the
 Tanzanian Government, following delivery to it of the Feasibility Study, to the sharing of
 the economic benefits of the Project and the joint financial model prepared by the Borrower
 for the Project in connection with the Framework 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;(C) the
 amount of each such Utilisation is no greater than an amount equal to the next three Months
 of Capital Expenditure and operating costs for the Project to be incurred by the Borrower
 and the Operating Companies in that period in accordance with the then current Sources and
 Uses of Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Only
 one Loan may be requested in each Utilisation Request.

5.3 **Currency and amount** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 currency specified in a Utilisation Request must be dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 amount of the proposed Loan must be an amount which is not more than the Available Facility
 and which is a minimum of USD 10,000,000, or, if less, the Available Facility.

5.4 **Lenders' participation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the conditions set out in this Agreement have been met, each Lender shall make its participation
 in the Loan available by the Utilisation Date through its Facility Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 amount of each Lender's participation in the Loan will be equal to the proportion borne
 by its Available Commitment to the Available Facility immediately prior to making the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Agent shall notify each Lender of the amount of the Loan and the amount of its participation
 in the Loan on receipt of the Utilisation Request.

5.5 **Cancellation of Commitment** 

The Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period.

**SECTION 4**

**REPAYMENT, PREPAYMENT AND CANCELLATION**

6. **Repayment** 

6.1 **Repayment of Loans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to paragraph (b) below, the Borrower shall repay the Loans in full on the Repayment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Borrower has given the Agent written notice (such notice to be given no earlier than 180
 days before the Repayment Date and no later that 45 before the Repayment Date) requesting
 that the Repayment Date be extended to 31 January 2028 (the "**Extension Request Notice** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Agent has confirmed that as at the date of the Extension Request Notice and as at the Repayment
 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;(A) each
 Obligor is in full compliance with its obligations under the Finance Documents and no Default
 or Review Event is continuing; 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;(B) no
 event or circumstance has occurred which the Majority Lenders reasonably believe has or is
 likely to have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Agent has confirmed that, on or before the Repayment 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;(A) the
 Borrower has paid to the Agent the Extension Fee; 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;(B) the
 Borrower has delivered to the Arranger:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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
 Warrants (Extension 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;(2) all
 corporate authorisations or other documents (if any) which the Arranger may reasonably require
 in connection with the issue of the Warrants (Extension 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;&nbsp;&nbsp;&nbsp;&nbsp;(3) a
 legal opinion of Baker McKenzie LLP legal advisers to the Parent in New York (or any other
 New York law adviser to the Parent) as to the offer, sale and issuance of the Warrants (Extension
 Date) being exempt from registration under the Securities Act,

in each case in form and substance satisfactory to the Arranger,

the Repayment Date shall be extended to 31 January 2028.

6.2 **Reborrowing** 

The Borrower may not reborrow any part of the Facility which is repaid.

7. **Prepayment and Cancellation** 

7.1 **Illegality and Sanctions** 

If, (A) in any applicable jurisdiction, it becomes unlawful for any Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so, or (B) a Sanctions Event occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 Lender shall (or, in the case if (B) above, any Lender may) promptly notify the Agent upon
 becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon
 the Agent notifying the Borrower (or, in the case of (B) above, if the relevant Lender so
 specifies in its notice or any subsequent notice), the Available Commitment of that Lender
 will be immediately cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 the extent that the Lender's participation has not been transferred pursuant to paragraph
 (d) of Clause 7.7 (*Right of replacement or repayment and cancellation in relation to a single Lender*), the Borrower shall (in the case of (B) above, if the relevant Lender
 so specifies in its notice or any subsequent notice) repay the Lender's participation
 in the Loans on the last day of the Interest Period for the Loans occurring after the Agent
 has notified the Borrower or, if earlier, the date specified by the Lender in the notice
 delivered to the Agent (being no earlier than the last day of any applicable grace period
 permitted by law) and that Lender's corresponding Commitment shall be immediately cancelled
 in the amount of the participations repaid,

except in the case of a Sanctions Event which has occurred as a result of any Material Project Party becoming a Sanctioned Person or a party to a Sanctioned Transaction and provided that, the Borrower has selected a replacement for that Material Project Party, and where applicable, prepared the relevant Material Project Document, in each case, acceptable to the Lenders, within 30 days of the earlier of: (i) the Agent giving notice to the Borrower, and (ii) the Borrower becoming aware of the Material Project Party becoming a Sanctioned Person or a party to a Sanctioned Transaction, and the Borrower has executed such Material Project Document with such replacement Material Project Party no later than 90 days of the earlier of: (i) the Agent giving notice to the Borrower, and (ii) the Borrower becoming aware of the Material Project Party becoming a Sanctioned Person or a party to a Sanctioned Transaction.

7.2 **Receipt of certain funds** 

The Borrower must apply each of the following amounts received by it or received by any other Obligor or member of the Group in prepayment of the Loans on the date falling 10 Business Days after receipt by it or the relevant member of the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 proceeds (after deducting any reasonable expenses in relation to that claim which are incurred
 by any member of the Group to persons who are not members of the Group) of any insurance
 claim under any insurance policy in connection with the Project (including any political
 risk insurance cover provided in favour of any member of the Group (Project)) other than
 in respect of business interruption cover and except to the extent that the relevant proceeds
 have been or are to be applied in repairing, reinstating or replacing the asset lost or damaged
 in accordance with a plan acceptable to the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 compensation (other than insurance proceeds referred to in paragraph (a) above) payable or
 received in connection with the Project in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Expropriation Event or any other seizure, compulsory acquisition, or any nationalisation,
 intervention, restriction or other action by or on behalf of any governmental, regulatory
 or other person in relation to it or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 release, inhibition, modification, suspension or extinguishment of any rights benefiting
 the Project, or the imposition of any restrictions affecting the Project, or the grant of
 any easement or rights over or affecting the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 refusal, revocation, suspension, modification or imposition of conditions in respect of any
 Authorisation, or any other official order or notice restricting the development, construction
 or operation of the Project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 other sum payable to or received in the nature of damages or compensation (but excluding
 delay or performance liquidated damages or any revenue replacement damages or compensation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 amounts advanced to an Obligor or any other member of the Group from the closing and initial
 utilisation of any one or a combination of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 transaction pursuant to which Financial Indebtedness is incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 transaction involving the sale or delivery of any minerals, or the payment of any consideration
 (in cash, metal or otherwise) measured, quantified or calculated based on, in whole or in
 part, any minerals, pursuant to a streaming transaction, royalty transaction, prepayment
 of metals agreement, metals forward sale or option, or similar transaction, whether secured
 or unsecured, streaming or royalty sale and purchase obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 other transaction having the same or similar effect as any of the transactions in (i) or
 (ii) above

(each a "**Relevant Project Financing Transaction**"),

and provided that the total amount made available for utilisations under the Relevant Project Financing Transaction (individually or in aggregate) is at least [\*\*\*] and the funding under the Relevant Project Financing Transaction is being provided (all or in part) for Capital Expenditure or operating costs in connection with the Project.

7.3 **Change of control** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 the occurrence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 sale of all or substantially all of the assets of the Group whether in a single transaction
 or a series of related transactions,

the Facility will be immediately cancelled and shall immediately cease to be available for further Utilisation and all Loans, accrued interest and other amounts under the Finance Documents, shall become immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes of this Clause 7.3 (*Change of control*):

"**Change of Control**" means, in respect of Lifezone Holdings and the Borrower Holdco (each a "**Relevant Entity**"), the Parent ceases directly or indirectly to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have
 the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) 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;(A) cast,
 or control the casting of, 100% of the maximum number of votes that might be cast at a general
 meeting of the Relevant 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;(B) appoint
 or remove all, or the majority, of the directors or other equivalent officers of the Relevant
 Entity; 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;(C) give
 directions with respect to the operating and financial policies of the Relevant Entity with
 which the directors or other equivalent officers of the Relevant Entity are obliged to comply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) hold
 beneficially 100% of the issued share capital of the Relevant Entity (excluding any part
 of that issued share capital that carries no right to participate beyond a specified amount
 in a distribution of either profits or capital); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) hold
 beneficially 100% of the aggregate principal amount of any Intra Group Loans made to the
 Relevant Entity,

except, in each case, as a result of a Permitted Reorganisation.

7.4 **Tanzanian Security Documents** 

If the Borrower has failed to satisfy the conditions in Clause 5.2(a)(vi) (*Completion of a Utilisation Request*) and issue a second Utilisation Request prior to the expiry of the Availability Period, upon the Agent notifying the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Available Commitments will be immediately cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Borrower shall repay all Loans on the last day of the Interest Period for the Loans occurring
 after the Agent has so notified the Borrower or, if earlier, the date specified by the Lenders
 in the notice delivered to the Agent.

7.5 **Voluntary cancellation** 

The Borrower may, if it gives the Agent not less than 20 Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (but if part, being a minimum amount of USD 10,000,000) of the Available Facility. Any cancellation under this Clause 7.5 shall reduce the Commitments of the Lenders rateably.

7.6 **Voluntary prepayment of Loans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower may, if it gives the Agent not less than 20 Business Days' (or such shorter
 period as the Majority Lenders may agree) prior notice, prepay the whole or any part of any
 Loan on the last day of an Interest Period (but, if in part, being an amount that reduces
 the amount of the Loans by a minimum amount of USD 10,000,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 Loan may only be prepaid after the last day of the Availability Period (or, if earlier, the
 day on which the Available Facility is zero).

7.7 **Replacement or repayment and cancellation in relation to a single Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of
 Clause 11.2 (*Tax gross-up*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 Lender claims indemnification from the Borrower under Clause 11.3 (*Tax indemnity*)
 or Clause 12.1 (*Increased Costs*),

the Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender's participation in the Loans or give the Agent notice of its intention to replace that Lender in accordance with paragraph (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 receipt of a notice of cancellation referred to in paragraph (a) above, the Available Commitment
 of that Lender shall be immediately reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On
 the last day of each Interest Period which ends after the Borrower has given notice of cancellation
 under paragraph (a) above (or, if earlier, the date specified by the Borrower in that notice),
 the Borrower shall repay that Lender's participation in the Loans and that Lender's
 corresponding Commitment shall be immediately cancelled in the amount of the participations
 repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 of the circumstances set out in paragraph (a) above apply to a Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 Obligor becomes obliged to pay any amount in accordance with Clause 7.1 (*Illegality*)
 to any Lender,

the Borrower may, on 30 Business Days' prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer pursuant to Clause 22 (*Changes to the Lenders*) all (and not part only) of its rights and obligations under this Agreement to an Eligible Institution (as defined in paragraph (g) below) which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 22 (*Changes to the Lenders*) for a purchase price in cash payable at the time of the transfer in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding Loans and all accrued interest (to the extent that the Agent has not given a notification under Clause 22.8 (*Pro rata interest settlement*)) and other amounts payable in relation thereto under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 replacement of a Lender pursuant to paragraph (d) above shall be subject to the following
 conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Borrower shall have no right to replace the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither
 the Agent nor any Lender shall have any obligation to find a replacement Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 no event shall the Lender replaced under paragraph (d) above be required to pay or surrender
 any of the fees received by such Lender pursuant to the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph
 (d) above once it is satisfied that it has complied with all necessary "know your customer"
 or other similar checks under all applicable laws and regulations in relation to that transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A
 Lender shall perform the checks described in paragraph (e)(iv) above as soon as reasonably
 practicable following delivery of a notice referred to in paragraph (d) above and shall notify
 the Agent and the Borrower when it is satisfied that it has complied with those checks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Eligible Institution**" means any Lender or other bank, financial institution, trust, fund
 or other entity selected by the Borrower and which, in each case, is not a member of the
 Group or a Sanctioned Person.

7.8 **Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 notice of cancellation or prepayment given by any Party under this Clause 7 shall be
 irrevocable and, unless a contrary indication appears in this Agreement, shall specify the
 date or dates upon which the relevant cancellation or prepayment is to be made and the amount
 of that cancellation or prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 prepayment under this Agreement shall be made together with accrued interest on the amount
 prepaid and without premium or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Borrower may not reborrow any part of the Facility which is prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Borrower shall not repay or prepay all or any part of the Loans or cancel all or any part
 of the Commitments except at the times and in the manner expressly provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No
 amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If
 the Agent receives a notice under this Clause 7 it shall promptly forward a copy of that
 notice to either the Borrower or the affected Lender, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If
 all or part of any Lender's participation in a Loan is repaid or prepaid, an amount
 of that Lender's Commitment (equal to the amount of the participation which is repaid
 or prepaid) will be deemed to be cancelled on the date of repayment or prepayment.

7.9 **Application of prepayments** 

Any prepayment of a Loan pursuant to this Agreement (other than pursuant to Clause 7.7 (*Replacement or repayment and cancellation in relation to a single Lender*)) shall be applied *pro rata* to each Lender's participation in that Loan.

**SECTION 5**

**COSTS OF UTILISATION**

8. **Interest** 

8.1 **Calculation of interest** 

The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the Interest Rate.

8.2 **Payment of interest** 

The Borrower shall pay accrued interest on each Loan on the last day of each Interest Period.

8.3 **Default interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 an Obligor fails to pay any amount payable by it under a Finance Document on its due date,
 interest shall accrue on the overdue amount from the due date up to the date of actual payment
 (both before and after judgment) at a rate which is two and one half (2.5) per cent. per
 annum higher than the rate which would have been payable if the overdue amount had, during
 the period of non-payment, constituted a Loan in the currency of the overdue amount for successive
 Interest Periods, each of a duration selected by the Agent (acting reasonably).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 interest accruing under this Clause 8.3 shall be immediately payable by the Obligor on demand
 by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Default
 interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount
 at the end of each Interest Period applicable to that overdue amount but will remain immediately
 due and payable.

9. **Interest Periods** 

9.1 **Interest Periods** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 the Borrower and the Agent otherwise agree in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 first Interest Period for each Loan commences on the Utilisation Date for that Loan and ends
 on the Quarter Date falling immediately after the relevant Utilisation Date and each subsequent
 Interest Period for each Loan shall be for a duration that ends on the next succeeding Quarter
 Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 two or more Interest Periods end on the same date those Loans will be consolidated into,
 and treated as, a single Loan on the last day of the Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An
 Interest Period for a Loan shall not extend beyond the Repayment Date.

9.2 **Non-Business Days** 

If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

10. **Fees** 

10.1 **Commitment fee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower shall pay to the Agent (for the account of each Lender) a fee computed at the rate
 of two and one half (2.5) per cent. per annum on that Lender's Available Commitment
 for period from the date of this Agreement until expiry of the Availability Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 accrued commitment fee is payable on each Quarter Date which ends during the Availability
 Period, on the last day of the Availability Period and, if cancelled in full, on the cancelled
 amount of the relevant Lender's Commitment at the time the cancellation is effective.

10.2 **Arrangement fee** 

The Borrower shall pay to the Arranger an arrangement fee in the amounts and at the times agreed in the relevant Fee Letter.

10.3 **Extension Fee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower shall, as a condition precedent to the extension requested in the Extension Request
 Notice delivered by the Borrower pursuant to Clause 6.1(b) (*Repayment of Loans*) taking
 effect, pay to the Agent (for the benefit of the Lenders) an extension fee computed at the
 rate of 2.25 per cent. of the Total Commitments as at the date of this Agreement (being USD
 1,350,000)(the "**Extension Fee** "), provided that no Extension Fee shall
 be payable in the event that the Repayment Date is not extended in accordance with Clause
 6.1(b) (*Repayment of Loans*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Borrower has paid the Extension Fee to the Agent and the Repayment Date is not extended
 in accordance with Clause 6.1(b) (*Repayment of Loans*), the Agent (on behalf of the
 Lenders) shall, within 10 Business Days of demand, refund the Borrower an amount equal to
 the Extension Fee.

**SECTION 6**

**ADDITIONAL PAYMENT OBLIGATIONS**

11. **Tax Gross-Up and Indemnities** 

11.1 **Definitions** 

In this Agreement:

"**Protected Party**" means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.

"**Tax Credit**" means a credit against, relief or remission for, or repayment of any Tax.

"**Tax Deduction**" means a deduction or withholding for or on account of Tax from a payment under a Finance Document other than a FATCA Deduction.

"**Tax Payment**" means either the increase in a payment made by an Obligor to a Finance Party under Clause 11.2 (*Tax gross-up*) or a payment under Clause 11.3 (*Tax indemnity*).

Unless a contrary indication appears, in this Clause 11 a reference to "**determines**" or "**determined**" means a determination made in the absolute discretion of the person making the determination.

11.2 **Tax gross-up** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax
 Deduction is required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or
 that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly.
 Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable
 to that Lender. If the Agent receives such notification from a Lender it shall notify the
 Borrower and that Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due
 from that Obligor shall be increased to an amount which (after making any Tax Deduction)
 leaves an amount equal to the payment which would have been due if no Tax Deduction had been
 required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction
 and any payment required in connection with that Tax Deduction within the time allowed and
 in the minimum amount required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Within
 thirty days of making either a Tax Deduction or any payment required in connection with that
 Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance
 Party entitled to the payment evidence reasonably satisfactory to that Finance Party that
 the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant
 taxing authority.

11.3 **Tax indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower shall (within five Business Days of demand by the Agent) pay to a Protected Party
 an amount equal to the loss, liability or cost which that Protected Party determines will
 be or has been (directly or indirectly) suffered for or on account of Tax by that Protected
 Party in respect of a Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph
 (a) above shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 respect to any Tax assessed on a Finance 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;(A) under
 the law of the jurisdiction in which that Finance Party is incorporated or, if different,
 the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for
 tax purposes; 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;(B) under
 the law of the jurisdiction in which that Finance Party's Facility Office is located
 in respect of amounts received or receivable in that jurisdiction,

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 the extent a loss, liability or cost:

&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) is
 compensated for by an increased payment under Clause 11.2 (*Tax gross-up*); 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;(B) relates
 to a FATCA Deduction required to be made by a Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 Protected Party making, or intending to make a claim under paragraph (a) above shall promptly
 notify the Agent of the event which will give, or has given, rise to the claim, following
 which the Agent shall notify the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 Protected Party shall, on receiving a payment from an Obligor under this Clause 11.3, notify
 the Agent.

11.4 **Tax Credit** 

If an Obligor makes a Tax Payment and the relevant Finance Party determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Tax Credit is attributable to an increased payment of which that Tax Payment forms part,
 to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 Finance Party has obtained and utilised that Tax Credit,

the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor. The Obligor, upon the request of the relevant Finance Party, agrees to repay to such Finance Party any portion of such reimbursed amount paid to such Obligor that such Finance Party is required to pay to the relevant governmental agency and agrees to pay any interest, penalties or other charges paid by such Finance Party as a result of, or related to, such payment to such governmental agency. No Finance Party shall be under any obligation to arrange its tax affairs in any particular manner so as to claim any Tax Credit.

11.5 **Stamp taxes** 

The Borrower shall pay and, within five Business Days of demand, indemnify each Secured Party and Arranger against any cost, loss or liability that Secured Party or Arranger incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.

11.6 **VAT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 amounts expressed to be payable under a Finance Document by any Party to a Finance Party
 which (in whole or in part) constitute the consideration for any supply for VAT purposes
 are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly,
 subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any
 Finance Party to any Party under a Finance Document and such Finance Party is required to
 account to the relevant tax authority for the VAT, that Party must pay to such Finance Party
 (in addition to and at the same time as paying any other consideration for such supply) an
 amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate
 VAT invoice to that Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 VAT is or becomes chargeable on any supply made by any Finance Party (the "**Supplier** ")
 to any other Finance Party (the "**Recipient**") under a Finance Document,
 and any Party other than the Recipient (the "**Relevant Party**") is required
 by the terms of any Finance Document to pay an amount equal to the consideration for that
 supply to the Supplier (rather than being required to reimburse or indemnify the Recipient
 in respect of that consideration):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (where
 the Supplier is the person required to account to the relevant tax authority for the VAT)
 the Relevant Party must also pay to the Supplier (at the same time as paying that amount)
 an additional amount equal to the amount of the VAT. The Recipient must (where this paragraph
 (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment
 the Recipient receives from the relevant tax authority which the Recipient reasonably determines
 relates to the VAT chargeable on that supply; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (where
 the Recipient is the person required to account to the relevant tax authority for the VAT)
 the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient
 an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient
 reasonably determines that it is not entitled to credit or repayment from the relevant tax
 authority in respect of that VAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
 a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost
 or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party
 for the full amount of such cost or expense, including such part thereof as represents VAT,
 save to the extent that such Finance Party reasonably determines that it is entitled to credit
 or repayment in respect of such VAT from the relevant tax authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 reference in this Clause 11.6 to any Party shall, at any time when such Party is treated
 as a member of a group for VAT purposes, include (where appropriate and unless the context
 otherwise requires) a reference to the representative member of such group at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 relation to any supply made by a Finance Party to any Party under a Finance Document, if
 reasonably requested by such Finance Party, that Party must promptly provide such Finance
 Party with details of that Party's VAT registration and such other information as is
 reasonably requested in connection with such Finance Party's VAT reporting requirements
 in relation to such supply.

11.7 **FATCA Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to paragraph (c) below, each Party must, within ten (10) Business Days of a reasonable request
 by another Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm
 to that other Party whether it is:

&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
 FATCA Exempt 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;(B) not
 a FATCA Exempt Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supply
 to that other Party all forms, documentation and other information relating to its status
 under FATCA as that other Party reasonably requests for the purposes of that other Party's
 compliance with FATCA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) supply
 to that other Party all forms, documentation and other information relating to its status
 as that other Party reasonably requests for the purposes of that other Party's compliance
 with any other law, regulation, or exchange of information regime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 a Party confirms to another Party pursuant to paragraph (a)(i)(A) above that it is a FATCA
 Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA
 Exempt Party, that Party must notify that other Party reasonably promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraph
 (a) above does not oblige any Finance Party to do anything, and paragraph (a)(iii) above
 does not oblige any other Party to do anything, which would, or could reasonably be anticipated
 to, constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 fiduciary duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
 or other information requested in accordance with paragraph (a)(i) or (a)(ii) above (including,
 for the avoidance of doubt, where paragraph (c) above applies), then that Party will be treated
 for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA
 Exempt Party until the Party in question provides the requested confirmation, forms, documentation
 or other information.

11.8 **FATCA Deduction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Party may make any FATCA Deduction it is required to make by FATCA, and any payment required
 in connection with that FATCA Deduction, and no Party will be required to increase any payment
 in respect of which it makes a FATCA Deduction or otherwise compensate the recipient of the
 payment for that FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Party must promptly, upon becoming aware that it must make a FATCA Deduction (or that there
 is any change in the rate or the basis of a FATCA Deduction), notify the Party to whom it
 is making the payment and, in addition, must notify the Borrower and the Agent and the Agent
 must notify the other Finance Parties.

12. **Increased Costs** 

12.1 **Increased Costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Clause 12.3 (*Exceptions*) the Borrower shall, within five Business Days of a demand
 by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred
 by that Finance Party or any of its Affiliates as a result of (i) the introduction of or
 any change in (or in the interpretation, administration or application of) any law or regulation,
 or (ii) compliance with any law or regulation made after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 this Agreement "**Increased Costs**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's)
 overall capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 additional or increased cost; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 reduction of any amount due and payable under any Finance Document,

which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.

12.2 **Increased Cost claims** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Finance Party intending to make a claim pursuant to Clause 12.1 (*Increased Costs*)
 shall notify the Agent of the event giving rise to the claim, following which the Agent shall
 promptly notify the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate
 confirming the amount of its Increased Costs.

12.3 **Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Clause
 12.1 (*Increased Costs*) does not apply to the extent any Increased Cost is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) attributable
 to a Tax Deduction required by law to be made by an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) attributable
 to a FATCA Deduction required to be made by a Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) compensated
 for by Clause 11.3 (*Tax indemnity*) (or would have been compensated for under Clause
 11.3 (*Tax indemnity*) but was not so compensated solely because any of the exclusions
 in paragraph (b) of Clause 11.3 (*Tax indemnity*) applied); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) attributable
 to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 this Clause 12.3, a reference to a "**Tax Deduction**" has the same meaning
 given to that term in Clause 11.1 (*Definitions*).

13. **Other Indemnities** 

13.1 **Currency indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 any sum due from an Obligor under the Finance Documents (a "**Sum** "), or
 any order, judgment or award given or made in relation to a Sum, has to be converted from
 the currency (the "**First Currency**") in which that Sum is payable into
 another currency (the "**Second Currency**") for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) making
 or filing a claim or proof against that Obligor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtaining
 or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

that Obligor shall as an independent obligation, within five Business Days of demand, indemnify the Arranger and each other Secured Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance
 Documents in a currency or currency unit other than that in which it is expressed to be payable.

13.2 **Other indemnities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower shall (or shall procure that an Obligor will), within five Business Days of demand,
 indemnify the Arranger and each other Secured Party against any cost, loss or liability incurred
 by that Finance Party as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 occurrence of any Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 failure by an Obligor to pay any amount due under a Finance Document on its due date, including
 without limitation, any cost, loss or liability arising as a result of Clause 26 (*Sharing among the Finance Parties*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) funding,
 or making arrangements to fund, its participation in a Loan but not made by reason of the
 operation of any one or more of the provisions of this Agreement (other than by reason of
 default or negligence by that Finance Party alone);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given
 by the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) non-compliance
 with any law or regulation relating to the Project, including any Environmental Law or Environmental
 Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Borrower shall promptly indemnify each Finance Party, each Affiliate of a Finance Party and
 each officer or employee of a Finance Party or its Affiliate, against any cost, loss or liability
 incurred by that Finance Party or its Affiliate (or officer or employee of that Finance Party
 or Affiliate) in connection with or arising out of the use of proceeds under the Facility
 or Transaction Security being taken over the Secured Assets (including but not limited to
 those incurred in connection with any litigation, arbitration or administrative proceedings
 or regulatory enquiry concerning the use of proceeds under the Facility), unless such loss
 or liability is caused by the gross negligence or wilful misconduct of that Finance Party
 or its Affiliate (or employee or officer of that Finance Party or Affiliate). Any Affiliate
 or any officer or employee of a Finance Party or its Affiliate may rely on this Clause 13.2
 subject to Clause 1.4 (*Third party rights*) and the provisions of the Third Parties
 Act.

13.3 **Indemnities to the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower shall promptly indemnify the Agent against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 cost, loss or liability incurred by the Agent (acting reasonably) 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;(A) investigating
 any event which it reasonably believes is a Default;

&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) acting
 or relying on any notice, request or instruction which it reasonably believes to be genuine,
 correct and appropriately authorised; 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;(C) instructing
 lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
 permitted under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 cost, loss or liability (including, without limitation, for negligence or any other category
 of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent's
 gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant
 to Clause 27.10 (*Disruption to payment systems etc.*) notwithstanding the Agent's
 negligence, gross negligence or any other category of liability whatsoever but not including
 any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Obligor jointly and severally shall promptly indemnify the Agent and every Receiver and Delegate
 against any cost, loss or liability incurred by any of them as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 failure by the Borrower to comply with its obligations under Clause 15 (*Costs and expenses*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) acting
 or relying on any notice, request or instruction which it reasonably believes to be genuine,
 correct and appropriately authorised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 taking, holding, protection or enforcement of the Transaction Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 exercise of any of the rights, powers, discretions, authorities and remedies vested in the
 Agent and each Receiver and Delegate by the Finance Documents or by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 default by any Obligor in the performance of any of the obligations expressed to be assumed
 by it in the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) acting
 as Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to
 any of the Secured Assets (otherwise, in each case, than by reason of the relevant Agent's,
 Receiver's or Delegate's gross negligence or wilful misconduct).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 Obligor expressly acknowledges and agrees that the continuation of its indemnity obligations
 under this Clause 13.3 will not be prejudiced by any release under Clause 24.24 (*Releases*)
 or otherwise in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties,
 indemnify itself out of the Secured Assets in respect of, and pay and retain, all sums necessary
 to give effect to the indemnity in this Clause 13.3 and shall have a lien on the Transaction
 Security and the proceeds of the enforcement of the Transaction Security for all moneys payable
 to it.

14. **Mitigation by the Lenders** 

14.1 **Mitigation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate
 any circumstances which arise and which would result in any amount becoming payable under
 or pursuant to, or cancelled pursuant to, any of Clause 7.1 (*Illegality*), Clause 11
 (*Tax gross-up and indemnities*) or Clause 12 (*Increased Costs*) including (but
 not limited to) transferring its rights and obligations under the Finance Documents to another
 Affiliate or Facility Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph
 (a) above does not in any way limit the obligations of any Obligor under the Finance Documents.

14.2 **Limitation of liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower shall promptly indemnify each Finance Party for all costs and expenses reasonably
 incurred by that Finance Party as a result of steps taken by it under Clause 14.1 (*Mitigation*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 Finance Party is not obliged to take any steps under Clause 14.1 (*Mitigation*) if,
 in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to
 it.

15. **Costs and Expenses** 

15.1 **Transaction expenses** 

The Borrower shall promptly on demand pay the Agent and the Arranger the amount of all costs and expenses (including legal fees) reasonably incurred by any of them (and, in the case of the Agent, by any Receiver or Delegate) in connection with the negotiation, preparation, printing, execution and perfection of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Transaction Security, this Agreement and any other documents referred to in this Agreement;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other Finance Documents executed after the date of this Agreement.

15.2 **Amendment costs** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 Obligor requests an amendment, waiver or consent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 amendment is required pursuant to Clause 27.9 (*Change of currency*),

the Borrower shall, within ten Business Days of demand, reimburse the Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agent (and by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement.

15.3 **Advisers' costs and expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower must, within ten Business Days of demand, pay to each of the applicable Finance
 Parties all fees, costs and expenses reasonably incurred in connection with work carried
 out by any advisers appointed by the Arranger or the Agent in relation to the Project and
 the Facility, including ongoing costs for technical and environmental reports contemplated
 by the Finance Documents (including disbursements), together with the costs of all site visits
 made by any Finance Party or any adviser in accordance with this Agreement, including reasonable
 and evidenced travel and accommodation expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other
 than where an Event of Default or a Review Event is continuing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 advisers to be appointed under this Clause: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 costs and expenses to be incurred in excess of USD 5,000 under this Clause,

shall be approved in advance by the Borrower (acting reasonably).

15.4 **Agent's additional remuneration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the event of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Agent being requested by an Obligor or the Majority Lenders to undertake duties which the
 Agent and the Borrower agree to be of an exceptional nature or outside the scope of the normal
 duties of the Agent under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Agent and the Borrower agreeing that it is otherwise appropriate in the circumstances,

the Borrower shall pay to the Agent any additional remuneration that may be agreed between them or determined pursuant to paragraph (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Agent and the Borrower fail to agree upon the nature of the duties or upon the additional
 remuneration referred to in paragraph (a) above or whether additional remuneration is
 appropriate in the circumstances, any dispute shall be determined by an investment bank (acting
 as an expert and not as an arbitrator) selected by the Agent and approved by the Borrower
 or, failing approval, nominated (on the application of the Agent) by the President for the
 time being of the Law Society of England and Wales (the costs of the nomination and of the
 investment bank being payable by the Borrower) and the determination of any investment bank
 shall be final and binding upon the Parties.

15.5 **Enforcement costs** 

The Borrower shall, within three Business Days of demand, pay to the Arranger and each other Secured Party the amount of all costs and expenses (including legal fees) incurred by it in connection with the enforcement of, or the preservation of any rights under, any Finance Document and the Transaction Security and any proceedings instituted by or against the Agent as a consequence of taking or holding the Transaction Security or enforcing these rights.

**SECTION 7**

**GUARANTEE**

16. **Guarantee and indemnity** 

16.1 **Guarantee and indemnity** 

Each Guarantor irrevocably and unconditionally jointly and severally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees
 to each Finance Party punctual performance by the Borrower of all that Borrower's obligations
 under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) undertakes
 with each Finance Party that whenever the Borrower does not pay any amount when due under
 or in connection with any Finance Document, that Guarantor shall immediately on demand pay
 that amount as if it was the principal obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees
 with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable,
 invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance
 Party immediately on demand against any cost, loss or liability it incurs as a result of
 the Borrower not paying any amount which would, but for such unenforceability, invalidity
 or illegality, have been payable by it under any Finance Document on the date when it would
 have been due. The amount payable by a Guarantor under this indemnity will not exceed the
 amount it would have had to pay under this Clause 16 if the amount claimed had been recoverable
 on the basis of a guarantee.

16.2 **Continuing guarantee** 

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any extension of payment, intermediate payment or discharge in whole or in part.

16.3 **Reinstatement** 

If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this Clause 16 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

16.4 **Waiver of defences** 

The obligations of each Guarantor under this Clause 16 will not be affected by an act, omission, matter or thing which, but for this Clause 16, would reduce, release or prejudice any of its obligations under this Clause 16 (without limitation and whether or not known to it or any Finance Party) including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 time, waiver or consent granted to, or composition with, any Obligor or other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 release of any other Obligor or any other person under the terms of any composition or arrangement
 with any creditor of any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to
 perfect, take up or enforce, any rights against, or security over assets of, any Obligor
 or other person or any non-presentation or non-observance of any formality or other requirement
 in respect of any instrument or any failure to realise the full value of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 incapacity or lack of power, authority or legal personality of or dissolution or change in
 the members or status of an Obligor or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 amendment, novation, supplement, extension, restatement (however fundamental and whether
 or not more onerous) or replacement of any Finance Document or any other document or security
 including without limitation any change in the purpose of, any extension (including the extension
 of the Repayment Date) of or any increase in any facility or the addition of any new facility
 under any Finance Document or other document or security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 unenforceability, illegality or invalidity of any obligation of any person under any Finance
 Document or any other document or security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 insolvency or similar proceedings.

16.5 **Immediate recourse** 

Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person (including the Borrower) before claiming from that Guarantor under this Clause 16. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

16.6 **Appropriations** 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) refrain
 from applying or enforcing any other moneys, security or rights held or received by that
 Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply
 and enforce the same in such manner and order as it sees fit (whether against those amounts
 or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold
 in an interest-bearing suspense account any moneys received from any Guarantor or on account
 of any Guarantor's liability under this Clause 16.

16.7 **Deferral of Guarantors' rights** 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 16:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 be indemnified by an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 claim any contribution from any other guarantor of any Obligor's obligations under
 the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 take the benefit (in whole or in part and whether by way of subrogation or otherwise) of
 any rights of the Finance Parties under the Finance Documents or of any other guarantee or
 security taken pursuant to, or in connection with, the Finance Documents by any Finance Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 bring legal or other proceedings for an order requiring any Obligor to make any payment,
 or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking
 or indemnity under Clause 16.1 (*Guarantee and indemnity*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to
 exercise any right of set-off against any Obligor; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to
 claim or prove as a creditor of any Obligor in competition with any Finance Party.

If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 27 (*Payment mechanics*).

16.8 **Release of Guarantors' right of contribution** 

If any Guarantor (a "**Retiring Guarantor**") ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 Retiring Guarantor is released by each other Guarantor from any liability (whether past,
 present or future and whether actual or contingent) to make a contribution to any other Guarantor
 arising by reason of the performance by any other Guarantor of its obligations under the
 Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each
 other Guarantor waives any rights it may have by reason of the performance of its obligations
 under the Finance Documents to take the benefit (in whole or in part and whether by way of
 subrogation or otherwise) of any rights of the Finance Parties under any Finance Document
 or of any other security taken pursuant to, or in connection with, any Finance Document where
 such rights or security are granted by or in relation to the assets of the Retiring Guarantor.

16.9 **Additional security** 

This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.

16.10 **Subordination of claims** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 the purposes of this Clause:

"**Discharge Date**" means the first date on which all Secured Obligations have been fully and finally discharged to the satisfaction of the Agent, whether or not as the result of an enforcement, and the Finance Parties are under no further obligation to provide financial accommodation to any of the Obligors under the Finance Documents.

"**Distress Event**" means any of (aa) the Agent exercising any of its rights under Clause 21.24 (*Acceleration*) or (bb) the enforcement of any Transaction Security.

"**Enforcement Action**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 relation to any Intra Group Liabilities:

&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
 acceleration of any Intra Group Liabilities or the making of any declaration that any Intra
 Group Liabilities are prematurely due and payable;

&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
 making of any declaration that any Intra Group Liabilities are payable on demand;

&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
 making of a demand in relation to any Intra Group Liability that is payable on demand;

&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
 exercise of any right to require any Obligor to acquire any Intra Group Liability;

&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
 exercise of any right of set-off, account combination or payment netting against any Obligor
 in respect of any Intra Group Liabilities: 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;(F) the
 suing for, commencing or joining of any legal or arbitration proceedings against any Obligor
 to recover any Intra Group Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 taking of any steps to enforce or require the enforcement of any Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 entering into of any composition, compromise, assignment or arrangement with any Obligor
 which owes any Intra Group Liabilities, or has given any Security, guarantee or indemnity
 or other assurance against loss in respect of the Intra Group Liabilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 petitioning, applying or voting for, or the taking of any steps (including the appointment
 of any liquidator, receiver, administrator or similar officer) in relation to, the winding
 up, dissolution, administration or reorganisation of any Obligor which owes any Intra Group
 Liabilities, or has given any Security, guarantee, indemnity or other assurance against loss
 in respect of any of the Intra Group Liabilities, or any of such Obligor's assets or
 any suspension of payments or moratorium of any indebtedness of any such Obligor, or any
 analogous procedure or step in any jurisdiction,

except that the taking of any action falling within paragraphs (i)(F) or (iv) above which is necessary (but only to the extent necessary) to preserve the validity, existence or priority of claims in respect of Intra Group Liabilities, including the registration of such claims before any court or governmental authority and the bringing, supporting or joining of proceedings to prevent any loss of the right to bring, support or join proceedings by reason of applicable limitation periods, shall not constitute "**Enforcement Action**".

"**Insolvency Event**" means, in relation to an Obligor, any of the events specified in Clauses 21.6 (*Insolvency*) or 21.7 (*Insolvency proceedings*).

"**Intra Group Liabilities**" means the liabilities owed by any Obligor to any other Obligor in connection with any Intra Group Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 of the Obligors agrees that the Intra Group Liabilities are postponed and subordinated to
 the liabilities owed by the Obligors under the Finance Documents to the Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior
 to the Discharge Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) none
 of the Obligors may amend or waive the terms of any agreement evidencing the terms of the
 Intra Group Liabilities unless the amendment or waiver is (i) of a minor and administrative
 nature and is not prejudicial to the Finance Parties or (ii) to reflect an increase in the
 principal amount of such Intra Group Liabilities which is permitted under the terms of the
 Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no
 Obligor may assign any of its rights or transfer any of its rights and obligations in respect
 of the Intra-Group Liabilities other than to another Obligor party to this Agreement or a
 Subordination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) payments
 in respect of any Intra Group Liabilities may be made by any Obligor only in accordance with
 Clause 20.8 (*Dividends and share redemption*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Obligors may not take, accept or receive the benefit of any Security, guarantee, indemnity
 or other assurance against loss in respect of the Intra-Group Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) none
 of the Obligors shall be entitled to take any Enforcement Action in respect of any of the
 Intra-Group Liabilities save as otherwise permitted in accordance with paragraph (d) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other
 than as permitted or contemplated by this Clause 16.10, if an Obligor receives or recovers:

&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) any
 payment or distribution of, or on account of or in relation to, any of the Intra Group Liabilities;

&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
 amount by way of set-off in respect of any of the Intra Group Liabilities owed to 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;(C) any
 amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) on
 account of, or in relation to, any of the Intra Group Liabilities (aa) after the occurrence
 of a Distress Event or (bb) as a result of any other litigation or proceedings against an
 Obligor (other than after the occurrence of an Insolvency Event in respect of that Obligor);
 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;(2) by
 way of set-off in respect of any of the Intra Group Liabilities owed to it after the occurrence
 of a Distress Event; 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;(D) any
 distribution or payment of, or on account of or in relation to, any of the Intra Group Liabilities
 owed by any Obligor which is made as a result of, or after, the occurrence of an Insolvency
 Event in respect of that Obligor,

that Obligor 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;&nbsp;&nbsp;&nbsp;&nbsp;(1) in
 relation to receipts and recoveries not received or recovered by way of set-off, hold an
 amount of that receipt or recovery equal to the Intra Group Liabilities (or if less, the
 amount received or recovered) on trust for the Agent and promptly pay or distribute that
 amount to the Agent for application in accordance with Clause 27.5 (*Partial payments*)
 and promptly pay or distribute an amount equal to the amount (if any) by which the receipt
 or recovery exceeds the Intra Group Liabilities to the Agent for application in accordance
 with Clause 27.5 (*Partial payments*); 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;(2) in
 relation to receipts and recoveries received or recovered by way of set-off, promptly pay
 an amount equal to that recovery to the Agent for application in accordance with Clause 27.5
 (*Partial payments*),

and if, for any reason, any of the trusts expressed to be created in this Clause should fail or be unenforceable, the affected Obligor will promptly pay or distribute an amount equal to that receipt or recovery to the Agent to be held on trust by the Agent for application in accordance with Clause 27.5 (*Partial payments*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) After
 the occurrence of an Insolvency Event any Obligor owned Intra Group Liabilities may (unless
 otherwise directed by the Agent or unless the Agent has taken, or has given notice that it
 intends to take, action on behalf of that Obligor in accordance with paragraph (g) below)
 exercise any right it may otherwise have in respect of the Obligor owing such Intra Group
 Liabilities to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accelerate
 any of that Obligor's Intra Group Liabilities or declare them prematurely due and payable
 or payable on demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercise
 any right of set-off or take or receive any payment in respect of any Intra Group Liabilities
 of that Obligor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) claim
 and prove in any insolvency process of that Obligor for the Intra Group Liabilities owing
 to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) After
 the occurrence of an Insolvency Event in relation to any Obligor, any other Obligor entitled
 to receive a distribution out of the assets of that Obligor in respect of Intra Group Liabilities
 owed to that other Obligor shall, to the extent it is able to do so, direct the person responsible
 for the distribution of the assets of that Obligor to make that distribution to the Agent
 (or to such other person as the Agent shall direct) until the Secured Obligations have been
 paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To
 the extent that any Intra Group Liabilities are discharged by way of set-off (mandatory or
 otherwise) after the occurrence of an Insolvency Event in relation to the relevant Obligor,
 any other Obligor which benefited from that set-off shall pay an amount equal to the amount
 of the Intra Group Liabilities owed to it which are discharged by that set-off to the Agent
 for application in accordance with Clause 27.5 (*Partial payments*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) After
 the occurrence of an Insolvency Event in relation to any Obligor, each Obligor irrevocably
 authorises the Agent, on its behalf, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) take
 any Enforcement Action (in accordance with the terms of this Agreement) against that Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand,
 sue, prove and give receipt for any or all of that Obligor's Intra Group Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) collect
 and receive all distributions on, or on account of, any or all of that Obligor's Intra
 Group Liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) file
 claims, take proceedings and do all other things the Agent considers reasonably necessary
 to recover that Obligor's Intra Group Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each
 Obligor will do all things that the Agent requests in order to give effect to this Clause
 16.10 and if the Agent is not entitled to take any of the actions contemplated by this Clause
 16.10 or if the Agent requests that an Obligor take that action, undertake that action itself
 in accordance with the instructions of the Agent or grant a power of attorney to the Agent
 (on such terms as the Agent may reasonably require) to enable the Agent to take such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No
 Obligor will exercise any rights which it may have to take the benefit (in whole or in part
 and whether by way of subrogation or otherwise) of any rights under the Finance Documents
 until such time as all of the Secured Obligations have been irrevocably discharged in full.

**SECTION 8**

**REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT**

17. **Representations** 

Each Obligor makes the representations and warranties set out in this Clause 17 to each Finance Party on the date of this Agreement.

17.1 **Status** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 is a limited liability corporation/company or a company limited by shares (as applicable),
 duly incorporated and validly existing under the law of its Original Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 of its Subsidiaries is a limited liability corporation/company (as applicable), duly incorporated
 and validly existing under the law of its jurisdiction of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
 and each of its Subsidiaries has the power to own its assets and carry on its business as
 it is being conducted.

17.2 **Binding obligations** 

Subject to the Legal Reservations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 obligations expressed to be assumed by it in each Transaction Document to which it is a party
 are legal, valid, binding and enforceable obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (without
 limiting the generality of paragraph (a) above), each Transaction Security Document
 to which it is a party creates the security interests which that Transaction Security Document
 purports to create and those security interests are valid and effective.

17.3 **Non-conflict with other obligations** 

The entry into and performance by it of, and the transactions contemplated by, the Transaction Documents and the granting of the Transaction Security do not and will not conflict with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 law or regulation applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its
 or any of the Subsidiaries which are members of the Group (Project)'s constitutional
 documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 agreement or instrument binding upon it or any of the Subsidiaries which are members of the
 Group (Project) or any of its or any of such Subsidiaries' assets or constitute a default
 or termination event (however described) under any such agreement or instrument.

17.4 **Power and authority** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 has the power to enter into, perform and deliver, and has taken all necessary action to authorise
 its entry into, performance and delivery of, the Transaction Documents to which it is a party
 and the transactions contemplated by those Transaction Documents, and in the case of the
 Parent, the Parent has all requisite corporate power and capacity to create, issue and distribute
 the Warrants and to issue the Warrant Shares upon the due exercise of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 limit on its powers will be exceeded as a result of the borrowing, grant of security or giving
 of guarantees or indemnities contemplated by the Transaction Documents to which it is a party.

17.5 **Validity and admissibility in evidence** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 Authorisations and any other acts, conditions or things required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 enable it lawfully to enter into, exercise its rights and comply with its obligations in
 the Transaction Documents to which it is a party, including, in the case of the Parent, all
 consents, approvals, permits, authorisations or filings as may be required under the Exchange
 Act, the Securities Act or any other applicable securities laws, that are necessary for the
 issuance of the Warrants and of the Warrant Shares upon the due exercise of the Warrants;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 make the Transaction Documents to which it is a party admissible in evidence in its Relevant
 Jurisdictions,

have been obtained, effected, done, fulfilled or performed and are in full force and effect except (A) any Authorisation or other act, condition or thing referred to in Clause 17.9 (*No filing or stamp taxes*), which will be promptly obtained, effected, done, fulfilled or performed after the date of this Agreement and (B) such customary post-closing notices or filings required to be submitted within the applicable time frame pursuant to the Exchange Act, the Securities Act or any other applicable securities laws, in connection with the issuance of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 Authorisations (including the Material Licences and the Framework Agreement) required on
 the date this representation is made or repeated from time to time to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) develop
 the Mine and implement the Project in accordance with the Life of Mine Plan, the Feasibility
 Study and Good Mining Practice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) own,
 lease, use, operate or license the Project assets,

have been obtained and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 Authorisations (other than those referred to in paragraphs (a) and (b) above) necessary for
 the conduct of the business, trade and ordinary activities of members of the Group (Project)
 have been obtained or effected and are in full force and effect if failure to obtain or effect
 those Authorisations has or is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It
 is not aware of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 steps taken to cancel, revoke, challenge or annul any Environmental Permit or other Authorisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 circumstances by which an Environmental Permit or other Authorisation will not be obtained,
 effected or in full force and effect by the time it is required to implement the Project;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 circumstances which may lead to a condition or requirement being imposed on an Environmental
 Permit or other Authorisation that the relevant Obligor does not reasonably expect to be
 able to satisfy.

17.6 **Governing law and enforcement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 choice of the law stated to be the governing law of each Transaction Document will be recognised
 and enforced in its Relevant Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 judgment obtained in relation to a Transaction Document in the jurisdiction of the stated
 governing law of that Transaction Document will be recognised and enforced in its Relevant
 Jurisdictions.

17.7 **Insolvency** 

No:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) corporate
 action, legal proceeding or other procedure or step described in Clause 21.7 (*Insolvency proceedings*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) creditors'
 process described in Clause 21.8 (*Creditors' process*),

has been taken or, to its knowledge, threatened in relation to a member of the Group and none of the circumstances described in Clause 21.6 (*Insolvency*) applies to a member of the Group.

17.8 **Deduction of Tax** 

It is not required to make any Tax Deduction (as defined in Clause 11.1 (*Definitions*)) from any payment it may make under any Finance Document, except for any payment made to a Finance Party by a Guarantor incorporated in Tanzania.

17.9 **No filing or stamp taxes** 

Under the law of its Relevant Jurisdictions it is not necessary that the Transaction Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Transaction Documents or the transactions contemplated by the Transaction Documents except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) registration
 of particulars of each of the Security Agreement (Borrower Assets) and the Security Agreement
 (Tembo Nickel Corporation Shares) at Companies House in England and Wales under section 859A
 of the Companies Act 2006 and payment of associated fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) registration
 of particulars of the Security Agreement (Borrower Shares) with the Companies Registry in
 the Isle of Man as required by Isle of Man laws and payment of associated fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) registration
 of particulars of each Tanzanian Security Document (except the Security Agreement (Tembo
 Nickel Corporation Shares) at the Business Registrations and Licensing Agency (BRELA) under
 the Tanzanian Companies Act 2002, and payment of associated fees and taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment
 of stamp duty in respect of each Finance Document executed by an Operating Company,

which registrations, filings, taxes and fees will be made and paid promptly after the date of the relevant Transaction Document and in any event within any period prescribed by applicable law.

17.10 **No default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 Event of Default is continuing or might reasonably be expected to result from the making
 of any Utilisation or the entry into, the performance of, or any transaction contemplated
 by, any Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 other event or circumstance is outstanding which constitutes a default under any other agreement
 or instrument which is binding on it or any of its Subsidiaries or to which its (or any of
 its Subsidiaries') assets are subject which might have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Obligors' entry into the Finance Documents to which they are a party and the transactions
 contemplated by the Finance Documents (including, for the avoidance of doubt, granting of
 the Transaction Security and the guarantee and indemnity pursuant to Clause 16 (*Guarantee and indemnity*)) is permitted without any consent of any party to, and will not constitute
 any default under, the Parent Convertible Debenture and the Parent has advised each of the
 holders of the Parent Convertible Debenture of the transactions contemplated by the Finance
 Documents.

17.11 **No misleading information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 Information was true and accurate in all material respects as at the date it was provided
 or as at the date (if any) at which it is stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 financial projections contained in the Information, the Sources and Uses of Funds and the
 Base Case Model were arrived at after careful consideration and have been prepared on the
 basis of recent historical information and on the basis of reasonable assumptions and are
 consistent with the Life of Mine Plan and the Feasibility Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing
 has occurred or been omitted from the Information and no information has been given or withheld
 that results in the Information being untrue or misleading in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 other written information provided by any member of the Group (Project) (including its advisers)
 to a Finance Party was true, complete and accurate in all material respects as at the date
 it was provided and is not misleading in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Information** ",
 for the purposes of this Clause, means any factual information provided in writing by, or
 on behalf of, the Borrower or any other member of the Group (Project) to the Finance Parties
 in connection with the Obligors, the Group, the Project or the Transaction Documents.

17.12 **Financial statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Its
 Original Financial Statements were prepared in accordance with the Accounting Principles
 consistently applied unless expressly disclosed to the Agent in writing to the contrary before
 the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Its
 Original Financial Statements fairly present its financial condition as at the end of the
 relevant financial year and its results of operations during the relevant financial year
 (consolidated in the case of the Parent) unless expressly disclosed to the Agent in writing
 to the contrary before the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There
 has been no material adverse change in its business or financial condition (or the business
 or consolidated financial condition of the Group, in the case of the Parent) since the date
 of the Original Financial Statements.

17.13 **Pari passu ranking** 

Its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.

17.14 **No proceedings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 litigation, arbitration or administrative proceedings of or before any court, arbitral body
 or agency which, if adversely determined, might reasonably be expected to have a Material
 Adverse Effect has or have (to the best of its knowledge and belief) been started or threatened
 against it or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 judgment or order of a court, arbitral body or agency which might reasonably be expected
 to have a Material Adverse Effect has (to the best of its knowledge and belief (having made
 due and careful enquiry)) been made against it or any of its Subsidiaries.

17.15 **No breach of laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 has not (and none of its Subsidiaries has) breached any law or regulation (including the
 Mining Code) which breach has or is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 labour disputes are current or, to the best of its knowledge and belief (having made due
 and careful enquiry), threatened against any member of the Group which have or are reasonably
 likely to have a Material Adverse Effect.

17.16 **Environmental and social matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 member of the Group (Project) and each Legacy Company is in compliance with Clause 20.13
 (*Environmental compliance*) and to the best of its knowledge and belief (having made
 due and careful enquiry) no circumstances have occurred which would prevent such compliance
 in a manner or to an extent which has or is reasonably likely to have a Material Adverse
 Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It
 has complied in all material respects with all applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Environmental
 Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Environmental
 Permits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Environmental
 and Social Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 development of the Mine and implementation of the Project as contemplated by the Life of
 Mine Plan and the Feasibility Study complies in all material respects with all applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Environmental
 Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Environmental
 and Social Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To
 the best of its knowledge and belief (having made reasonable enquiries), no Environmental or Social Claim has been commenced, made
 or threatened in writing against it which, if adversely determined, would have, or would be reasonably likely to have, a Material
 Adverse Effect, and it is not subject to any judicial or administrative proceeding or order in respect of any Environmental Law or
 Social Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the best of its knowledge and belief (having made reasonable enquiries), there has not been
 any leakage, spillage, release or emission of Environmental Contaminants at or from the Project
 area which contravenes any Environmental Law or any Environmental Permit and has, or would
 be reasonably likely to have, a Material Adverse Effect.

17.17 **Taxation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the disclosures made in Schedule 8 (*Disclosure Schedule*) as at the date of this
 Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 is not (and none of its Subsidiaries) is materially overdue in the filing of any Tax returns
 and it is not (and none of its Subsidiaries is) overdue in the payment of any amount in respect
 of Tax of USD 100,000 (or its equivalent in any other currency) or more; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) claims
 or investigations are being, or are reasonably likely to be, made or conducted against it
 (or any of its Subsidiaries) with respect to Taxes,

except, in each case, in respect of any member of the Group which is not a member of the Group (Project) if the occurrence of such circumstance does not and is not reasonably expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It
 is resident for Tax purposes only in its Original Jurisdiction.

17.18 **Anti-Corruption Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 member of the Group has conducted its businesses in compliance with Anti-Corruption Laws
 and has instituted and maintains as at the date of this Agreement policies and procedures
 designed to promote and achieve compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 member of the Group (nor to the best of its knowledge and belief (having made due and careful
 enquiry) any agent, director, employee or officer of any member of the Group) has made or
 received, or directed or authorised any other person to make or receive, any offer, payment
 or promise to pay, of any money, gift or other thing of value, directly or indirectly, to
 or for the use or benefit of any person, where this violates or would violate, or creates
 or would create liability for it or any other person under, any Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Save
 as disclosed in writing to the Agent prior to the date of this Agreement or in accordance
 with paragraph (a) of Clause 18.5 (*Anti-corruption information*), no member of the
 Group (nor to the best of its knowledge and belief (having made due and careful enquiry)
 any agent, director, employee or officer of any member of the Group) is being investigated
 by any agency, or party to any proceedings, in each case in relation to any Anti-Corruption
 Laws.

17.19 **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 it nor any member of the Group nor, any director, officer, agent, employee or Affiliate of
 any member of the Group or any persons acting on its or their behalf in connection with this
 Agreement is a Sanctioned Person or acts directly or indirectly on behalf of a Sanctioned
 Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 member of the Group is incorporated, located, resident or carrying on a trade or business
 in a Sanctioned Territory, or whose government is, the subject of Sanctions broadly prohibiting
 dealings with such government, country, or territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 Obligor and each other member of the Group is in compliance with all applicable Sanctions
 and is not engaged in, and in the past five years has not engaged in, any activities that
 would reasonably be expected to result in an Obligor or any other member of the Group being
 designated as a Sanctioned Person.

17.20 **Security and Financial Indebtedness** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 Security or Quasi-Security exists over all or any of the present or future assets of any
 member of the Group (Project) other than as permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 member of the Group (Project) has any Financial Indebtedness outstanding other than as permitted
 by this Agreement.

17.21 **Ranking** 

The Transaction Security has or will have the ranking in priority which it is expressed to have in the Transaction Security Documents and it is not subject to any prior ranking or *pari passu* ranking Security.

17.22 **Good title to assets** 

It and each member of the Group (Project) has a good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to implement the Project and to carry on its business as presently conducted.

17.23 **Legal and beneficial ownership** 

Each of the Obligors and the Borrower Holdco is the sole legal and beneficial owner of the respective assets over which it purports to grant Security free from any claims, third party rights or competing interests other than Security permitted under paragraph (c) of Clause 20.3 (*Negative pledge*).

17.24 **Shares and Group** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 shares of each Obligor which are subject to the Transaction Security are fully paid and not
 subject to any option to purchase or similar rights other than, in relation to Tembo Nickel
 Corporation, under the Framework Agreement and the Shareholders Agreement (Tembo Nickel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 constitutional documents of companies whose shares are subject to the Transaction Security
 do not and could not restrict or inhibit any transfer of those shares on creation or enforcement
 of the Transaction Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There
 are no agreements in force which provide for the issue or allotment of, or grant any person
 the right to call for the issue or allotment of, any share or loan capital of any member
 of the Group (Project) (including any option or right of pre-emption or conversion) other
 than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 respect of Tembo Nickel Corporation, the Framework Agreement and the Shareholders Agreement
 (Tembo Nickel); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 respect of the Parent, the Parent Convertible Debenture, the Warrants, the Existing Warrant
 Agreement, the Business Combination Agreement, and any employee incentive plan in effect
 from time to time implemented by the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Group Structure Chart is true, complete and accurate in all material respects and shows the
 following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 member of the Group, including current name and company registration number, its Original
 Jurisdiction (in the case of an Obligor), its jurisdiction of incorporation (in the case
 of a member of the Group which is not an Obligor) and/or its jurisdiction of establishment,
 a list of shareholders (except in respect of the Parent) and indicating whether a company
 is a dormant subsidiary (howsoever defined in its Original Jurisdiction) or is not a company
 with limited liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 minority interests in any member of the Group and any person in which any member of the Group
 holds shares in its issued share capital or equivalent ownership interest of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All
 necessary intra-Group loans, transfers, share exchanges and other steps resulting in the
 final Group structure have been or will be taken in compliance with all relevant laws and
 regulations and all requirements of relevant regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None
 of the Subsidiaries of the Parent trades or has traded (for itself or as agent for any person),
 owns, legally or beneficially, any assets (including, without limitation, any indebtedness
 owed to it by any Obligor), has incurred any liabilities or commitments (actual or contingent,
 present or future) to any Obligor or carries any business or activities, except, in each
 case, for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of LZ Services UK and LZ Services US, the employment of the management personnel
 of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of LZ Asia-Pacific, the employment of technical and managerial personnel of the
 Group and the operation of a laboratory in Perth, Australia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 the case of Lifezone Recycling US, LLC and Lifezone Holdings US, LLC (each, a Delaware limited
 liability company), which manage and intend to operate a recycling refinery project under
 an arrangement with Glencore Ltd (a 5.556% shareholder of Lifezone Recycling US, LLC as at
 the date of this Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 the case of Kelltech Limited (a limited liability company incorporated under the laws of
 Mauritius) and its Subsidiaries, the operation in South Africa of a plant producing platinum
 metal compounds from PGM concentrate using Kelltechnology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each
 member of the Group (other than any member of the Group (Project), any Services Company or
 any of the entities referred to in paragraphs (f)(iii) and (f)(iv) above), including each
 of the Legacy Companies, is a Dormant Subsidiary.

17.25 **No adverse consequences** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 is not necessary under the laws of its Relevant Jurisdictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 order to enable any Finance Party to enforce its rights under any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 reason of the execution of any Finance Document or the performance by it of its obligations
 under any Finance Document,

that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in any of its Relevant Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 Finance Party is or will be deemed to be resident, domiciled or carrying on business in its
 Relevant Jurisdictions by reason only of the execution, performance and/or enforcement of
 any Finance Document.

17.26 **No immunity** 

In any proceedings taken in its jurisdiction of incorporation in relation to the Finance Documents to which it is a party, no member of the Group (Project) will be entitled to claim for itself or any of its assets immunity from suit, execution, attachment or other legal process.

17.27 **Private and commercial acts** 

The execution of the Finance Documents constitutes, and the exercise of its rights and performance of its obligations thereunder will constitute, private and commercial acts done and performed for private and commercial purposes.

17.28 **Mining Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Mining Rights are legal, valid and continuing, and together with all applicable Authorisations
 and the Framework Agreement confer all material rights required to enable the Operating Companies
 to develop the Mine and implement the Project in accordance with the Life of Mine Plan and
 the Feasibility Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Operating Companies and the Borrower are the legal and beneficial holders of the Mining Rights,
 and no person other than the Tanzanian Government pursuant to the Mining Code, the Framework
 Agreement and the Shareholders Agreement (Tembo Nickel) and as a shareholder of Tembo Nickel
 Corporation has any legal or beneficial interest in any of the Mining Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 of the Operating Companies and the Borrower has in all material respects complied with its
 obligations in connection with the Mining Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There
 are no royalties, metal streams, production taxes, net smelter return obligations, net profit
 payments or similar arrangements payable to any person in respect of the Project or any Project
 assets and properties, except for royalties payable pursuant to the Material Licence referred
 to in paragraph (a) of the definition of "Material Licence".

17.29 **Project Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Operating Company and the Borrower has acquired all assets which are necessary as at the
 date this representation and warranty is made or repeated (as the case may be) to develop
 the Mine and implement the Project in accordance with the Life of Mine Plan and the Feasibility
 Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Operating Company and the Borrower has good, valid and marketable title to, or valid leases
 and licenses of, and all appropriate Environmental Permits and other Authorisation to use,
 all assets necessary as at the date this warranty is made or repeated to carry on its business
 as it is presently being conducted and to develop the Mine and implement the Project in accordance
 with the Life of Mine Plan and the Feasibility Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 Operating Company has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) access
 to the Project area; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 other land, real estate, property and other access rights necessary to implement the Project
 in accordance with the Life of Mine Plan and Good Mining Practice free from any Security
 or third party rights (including local communities rights), and any material restrictions
 and onerous covenants.

17.30 **Project compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There
 is no existing event or circumstance which will or is reasonably likely to in any material
 respect prevent, hinder or delay the implementation of the Project as contemplated by the
 Life of Mine Plan and the Project is in compliance in all material respects with all Environmental
 Permits and other Authorisations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 has been no material change in the implementation of the Project from that contemplated in
 Life of Mine Plan and the Feasibility Study, other than a change which has first been approved
 in advance by the Lenders.

17.31 **Expenditure** 

No Capital Expenditure, operating expenditure or any other costs or expenses have been incurred, or committed to be incurred, by any member of the Group in relation to the Project or otherwise other than as expressly set out and included in the Sources and Uses of Funds.

17.32 **Warrants** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Warrants to be issued have been duly authorized for issuance and upon issuance and delivery
 will be validly issued. The Warrants will not be issued in violation of any pre-emptive rights
 or contractual rights to purchase securities granted by the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Warrant Shares, have been duly and validly authorized and reserved for issuance upon exercise
 of the Warrants in accordance with the terms thereof; and the Warrant Shares, will be validly
 issued as fully paid and non-assessable common shares in the share capital of the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 common shares of the Parent are registered pursuant to Section 12(b) of the Exchange Act
 and the Parent has taken no action designed to, or which is likely to have the effect of,
 terminating the registration of its common shares under the Exchange Act, nor has the Parent
 received any notification that the Securities and Exchange Commission is contemplating terminating
 such registration. The Parent is and will remain in compliance in all material respects with
 its reporting requirements pursuant to Section 13(a) under the Exchange Act. The financial
 statements of the Parent included in such reports comply in all material respects with applicable
 accounting requirements and the rules and regulations of the Securities and Exchange Commission
 with respect thereto as in effect at the time of filing. The Parent is, and has no reason
 to believe that it will not continue to be, in compliance in all material respects with the
 listing and maintenance requirements of the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 Obligor is registered or required to register as an "**investment company** "
 within the meaning of the Investment Company Act of 1940.

17.33 **Intellectual Property** 

It and each of its Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 the sole legal and beneficial owner of or has licensed to it on normal commercial terms all
 the Intellectual Property which is material in the context of its business and which is required
 by it in order to carry on its business as it is being conducted and as contemplated in the
 Initial Base Case Model;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) does
 not (nor does any of its Subsidiaries), in carrying on its businesses, infringe any Intellectual
 Property of any third party in any respect which has or is reasonably likely to have a Material
 Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has
 taken all formal or procedural actions (including payment of fees) required to maintain any
 material Intellectual Property owned by it.

17.34 **Pensions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower is not and has not at any time been an employer (for the purposes of sections 38
 to 51 of the Pensions Act 2004) of an occupational pension scheme which is not a money purchase
 scheme (both terms as defined in the Pensions Schemes Act 1993).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Borrower is not or has not at any time been "connected" with or an "associate"
 of (as those terms are used in sections 38 and 43 of the Pensions Act 2004) such an employer.

17.35 **Repetition** 

The Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date of each Utilisation Request and the first day of each Interest Period.

18. **Information Undertakings** 

The undertakings in this Clause 18 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

18.1 **Financial statements** 

The Borrower shall supply to the Agent in sufficient copies for all the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 soon as the same become available, but in any event within 180 days after the end of each
 of its financial years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 audited consolidated financial statements of the Parent for that financial year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 audited consolidated financial statements of the Borrower for that financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 audited consolidated financial statements of Tembo Nickel Corporation for that financial
 year and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
 soon as the same become available, but in any event within 45 days after the end of each
 period ending on a Quarter Date during each of its financial years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 consolidated financial statements of the Parent for the previous quarter period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 financial statements of the Borrower for the previous quarter period.

18.2 **Compliance Certificate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower shall supply to the Agent with each set of financial statements delivered pursuant
 to paragraph (a)(ii) or (b)(ii) of Clause 18.1 (*Financial statements*) a Compliance
 Certificate setting out (in reasonable detail) computations as to compliance with Clause
 19 (*Financial Covenants*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Compliance Certificate shall be signed by two directors of the Borrower and, if required
 to be delivered with the financial statements delivered pursuant to paragraph (a)(ii) of
 Clause 18.1 (*Financial statements*), shall be reported on by the Borrower's auditors
 in the form agreed by the Borrower's auditors.

18.3 **Requirements as to financial statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 set of financial statements delivered by the Borrower pursuant to Clause 18.1 (*Financial statements*) shall be certified by a director of the relevant company as fairly presenting
 its financial condition as at the date as at which those financial statements were drawn
 up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Parent and the Borrower shall procure that each set of financial statements of an Obligor
 delivered pursuant to Clause 18.1 (*Financial statements*) is prepared using the Accounting
 Principles, accounting practices and financial reference periods consistent with those applied
 in the preparation of the Original Financial Statements for that Obligor unless, in relation
 to any set of financial statements, it notifies the Agent that there has been a change in
 the Accounting Principles, the accounting practices or reference periods and its auditors
 (or, if appropriate, the auditors of the Obligor) deliver to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 description of any change necessary for those financial statements to reflect the Accounting
 Principles, accounting practices and reference periods upon which that Obligor's Original
 Financial Statements were prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sufficient
 information, in form and substance as may be reasonably required by the Agent, to enable
 the Lenders to determine whether Clause 19 (*Financial Covenants*) has been complied
 with and make an accurate comparison between the financial position indicated in those financial
 statements and that Obligor's Original Financial Statements.

Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.

18.4 **Base Case Model and Life of Mine Plan** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower shall supply to the Agent an updated Base Case Model, Sources and Uses of Funds
 and Life of Mine Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 an annual basis, with the first such update to be supplied no later than 30 January 2026
 and thereafter no later than the anniversary of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 it is proposing to make any material amendments or changes to the Initial Base Case Model
 or, thereafter, the then current Base Case Model (including to any assumptions in the Base
 Case Model) or the Life of Mine Plan or amendments or changes to the Sources and Uses of
 Funds resulting in a variance (upwards or downwards) of more than 10% of the sources and
 uses of funds for the Project on a 12 Month rolling basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 updated Base Case Model, Life of Mine Plan and Sources and Uses of Funds delivered by the
 Borrower to the Agent in accordance with paragraph (a) above or paragraph (d) below must
 be acceptable to the Lenders (acting reasonably) and the Borrower must not make any material
 amendments or changes, either individually or in aggregate, to the Base Case Model (including
 to any assumptions in the Base Case Model) or to the Life of Mine Plan or any amendments
 or changes to the Sources and Uses of Funds resulting a variance (upwards or downwards) of
 more than 10% of the sources and uses of funds for the Project on a 12 Month rolling basis
 without the approval of all of the Lenders (acting reasonably).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without
 prejudice to paragraph (b) above, the Agent shall notify the Borrower within twenty (20)
 Business Days of receipt of any updated Base Case Model, Life of Mine Plan or Sources and
 Uses of Funds if the Lenders (acting reasonably) do not agree with such proposed amendments
 or changes, either individually or in aggregate, to the Base Case Model (including to any
 assumptions in the Base Case Model), the Life of Mine Plan or the Sources and Uses of Funds
 and agrees to consult in good faith with the Borrower in respect of any dispute between the
 Agent and the Borrower as to any such proposed amendments or changes for period not to exceed
 ten (10) Business Days commencing from the date of such notice by the Agent with a view to
 agreeing any proposed amendments or changes. Notwithstanding the foregoing, until the Agent
 confirms in writing to the Borrower that it has approved an updated Base Case Model, Life
 of Mine Plan or Sources and Uses of Funds which required the consent of the Lenders pursuant
 to paragraph (b) above, the previous Base Case Model, Life of Mine Plan or Sources and Uses
 of Funds delivered to the Agent under this Agreement and approved by the Lenders (acting
 reasonably) will be the Base Case Model, Life of Mine Plan or Sources and Uses of Funds for
 all purposes under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Borrower shall deliver a copy of the then current Base Case Model, Life of Mine Plan and
 Sources and Uses of Funds with each Compliance Certificate delivered in accordance with Clause
 18.2(a) (*Compliance Certificate*).

18.5 **Monthly Project Report** 

The Borrower must supply to the Agent no later than the date falling 15 Business Days after the end of each Month (commencing in the Month on which the first Utilisation occurs), a monthly Project construction and operations report in respect of the relevant Month (in a form approved by the Agent on or before the date of this Agreement or at any time thereafter), such report to include management accounts for the Borrower and details of the application of Facility amounts during the period, compliance with the Environmental and Social Standards together with an update to any Environmental or Social Matters (if any) identified in any previous Monthly Project Report and an update to the Sources and Uses of Funds.

18.6 **Environmental and social matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower must supply to the Agent, promptly upon becoming aware of the relevant matter or,
 as the case may be, promptly upon receipt of the relevant notice, claim or communication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) details
 of any material non-compliance with 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;(A) Environmental
 and Social Standard;

&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) Environmental
 Permit; 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;(C) actions,
 steps, recommendations, guidance or any other form of requirements set out in any Monthly
 Project Report to address any the Environmental or Social Matters,

together in each case with details of the actions which the Borrower has taken, is taking or intends to take in order to rectify such non-compliance alongside timeframes for such rectification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) details
 of any suspension, revocation, cancellation, annulment or amendment of any Environmental
 Permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) details
 of any major incidents, accidents or fatalities at the Project area and details of any event
 resulting in the release or discovery of any Environmental or Social Incident or material
 Environmental Contaminant on the Project area and details of measures taken to mitigate and
 remedy the effects or causes of such events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) details
 of any material community or worker-related protest adversely affecting the Project which
 could reasonably be expected to have a Material Adverse Effect or which could reasonably
 be expected to result in material adverse and negative national or international media attention,
 and as soon as practicable (and in any event within ten (10) Business Days) following any
 such notification the Borrower shall submit to the Agent a report satisfactory to the Lenders
 specifying the outcome of the Borrower's investigation into such protest, and any steps
 taken, or proposed to be taken, by the Borrower to resolve the issues raised in the protest;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) details
 of any Environmental or Social Claim, and any notice or other communication received by it
 in respect of any alleged breach or liability under Environmental Law or Social Law, or any
 circumstances likely to result in any Environmental or Social Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 requested by the Agent, the Borrower shall produce a Corrective Action Plan within fifteen
 (15) Business Days of request (or such longer time period in relation to any request which
 the Borrower and the Agent may agree), in response to any of the events or circumstances
 described in paragraph (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Borrower shall promptly provide such other information on any measures or monitoring undertaken
 by the Borrower or on behalf of the Borrower in compliance with Environmental and Social
 Standards as the Agent may reasonably request.

18.7 **Anti-corruption information** 

Unless such disclosure would constitute a breach of any applicable law or regulation, the Borrower shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly
 upon becoming aware of them, the details of any actual or potential violation by, or creation
 of liability for, any member of the Group or any agent, director, employee or officer of
 any member of the Group (or any counterparty of any such person in relation to any transaction
 contemplated by a Transaction Document) of or in relation to any Anti-Corruption Laws, or
 of any investigation or proceedings relating to the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies
 of any correspondence delivered to, or received from, any regulatory authorities in relation
 to any matter referred to in paragraph (a) above at the same time as they are dispatched
 or promptly upon receipt (as the case may be); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly
 upon request by any Finance Party (through the Agent), such further information relating
 to any matter referred to in paragraphs (a) and (b) above as that Finance Party may reasonably
 require.

18.8 **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Obligor must notify the Agent of any Sanctions Event promptly upon becoming aware of its
 occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly
 upon a request by the Agent, each Obligor must supply to the Agent a certificate signed by
 a director certifying that no Sanctions Event is continuing (or, if a Sanctions Event is
 continuing, specifying the Sanctions Event).

18.9 **Information: miscellaneous** 

The Borrower shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 documents dispatched by each Obligor to its shareholders (or any class of them) or its creditors
 generally at the same time as they are dispatched;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly
 on the same being available to an Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 updates to any studies, tests, reports or similar activities being undertaken by or on behalf
 of any member of the Group in connection with the Feasibility Study;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each
 Base Case Financial Model and Life of Mine Plan updated in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) details
 of any changes or proposed changes to the Sources and Uses of Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) copies
 of any updated resource and reserve reports in respect of the Project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) copies
 of all material agreements and other material documents or instruments entered into by any
 Obligor in connection with the Project and any material Authorisations issued to any Obligor,
 in each case after the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly
 upon becoming aware of them, the details of any litigation, arbitration or administrative
 proceedings which are current, threatened or pending against any member of the Group and
 which might, if adversely determined, have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly
 upon becoming aware of them, the details of any judgment or order of a court, arbitral body
 or agency which is made against any member of the Group and which might have a Material Adverse
 Effect or which would involve a liability, or a potential or alleged liability, exceeding
 USD 250,000 (or its equivalent in any other currency or currencies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly
 upon becoming aware of them, the details of any Review Event, any claims in connection with
 any Material Licence or Material Project Document, approval, consent or any material increase
 in the actual or anticipated construction and operating costs for the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly
 upon receipt of the same, copies of any material notices issued to an Obligor under any Material
 Licence or Material Project Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) promptly
 upon becoming aware of them, the details of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 damage to any Project asset which exceeds USD 250,000 or which might have a Material Adverse
 Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 proposed change in the structure of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 new bank accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 changes to the laws, regulations or conventions of Tanzania which might have a Material Adverse
 Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promptly,
 such information as the Agent may reasonably require about the Secured Assets and compliance
 of the Obligors with the terms of any Transaction Security Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly,
 such further information regarding the financial condition, business and operations of any
 member of the Group (Project) or the Project as any Finance Party (through the Agent) may
 reasonably request.

18.10 **Auditors** 

The Parent shall not and no other Obligor will change its auditors from those retained by it as at the date of this Agreement except with the consent of the Majority Lenders (which consent shall not be unreasonably withheld).

18.11 **Year-end** 

The Parent shall procure that the end of each annual accounting period of each member of the Group falls on 31 December.

18.12 **Notification of default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy
 it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification
 has already been provided by another Obligor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly
 upon a request by the Agent, the Borrower shall supply to the Agent a certificate signed
 by two of its directors or senior officers on its behalf certifying that no Default is continuing
 (or if a Default is continuing, specifying the Default and the steps, if any, being taken
 to remedy it).

18.13 **"Know your customer" checks** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 introduction of or any change in (or in the interpretation, administration or application
 of) any law or regulation made after the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 change in the status of an Obligor (or of a Holding Company of an Obligor) or the composition
 of the shareholders of an Obligor (or of a Holding Company of an Obligor) after the date
 of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 proposed assignment or transfer by a Lender of any of its rights and obligations under this
 Agreement to a party that is not a Lender prior to such assignment or transfer,

obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Lender shall promptly upon the request of the Agent supply, or procure the supply of, such
 documentation and other evidence as is reasonably requested by the Agent (for itself) in
 order for the Agent to carry out and be satisfied it has complied with all necessary "know
 your customer" or other similar checks under all applicable laws and regulations pursuant
 to the transactions contemplated in the Finance Documents.

19. Financial Covenants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent (on a consolidated basis) shall ensure that for so long as any amount is outstanding under
the Finance Documents or any Commitment is in force the Current Ratio shall not be less than 1.1:1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall ensure that from the date of the first Utilisation for so long as any amount is outstanding
under the Finance Documents or any Commitment is in force, the balance of Cash held by the Borrower in it bank accounts which are subject
to Transaction Security (in form and substance satisfactory to the Agent) shall not be less than USD 5,000,000. The Parties agree that
following the initial Cash deposit made in accordance with Clause 5.2(a)(v), (i) the Borrower shall be permitted to transfer such Cash
deposit (or any part thereof) to another bank account in another jurisdiction acceptable to the Agent (acting reasonably), and (ii) the
Borrower will be deemed to have satisfied its obligation under this Clause 19(b) if it holds in its bank accounts: (A) no less than USD
4,000,000 (or its equivalent in USD, Sterling, Australian dollar, euro, Canadian dollar or any other freely tradable and transferable
currency reasonably acceptable to the Agent); and (ii) no more than USD 1,000,000 (or its equivalent in Tanzanian shilling or South African
rand), provided, in each case above, that such bank accounts are subject to Transaction Security in form and substance satisfactory to
the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purposes of paragraphs (a) and (b) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Borrowings**" means, at any time, the aggregate outstanding principal, capital or nominal
amount (and any fixed or minimum premium payable on prepayment or redemption) of any indebtedness of the Parent for or in respect 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;(A) moneys borrowed and debit balances at banks or other financial institutions;

&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 acceptance under any acceptance credit facility or dematerialised equivalent;

&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) any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument
(including the issue of the Parent Convertible Debenture);

&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) any Finance 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;(E) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse
basis);

&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 amount raised under any other transaction (including any forward sale or purchase agreement) of a
type not referred to in any other paragraph of this definition having the commercial effect of a borrowing;

&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 counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter
of credit or any other instrument issued by a bank or financial institution; 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;(H) (without double counting) the amount of any liability in respect of any guarantee or indemnity for any
of the items referred to in paragraphs (A) to (G) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Cash**" means, at any time, the aggregate (on a consolidated basis) of cash denominated
in USD (or its equivalent in Sterling, Australian dollar, euro, Canadian dollar or any other freely tradable and transferable currency
reasonably acceptable to the Agent) in hand or at bank and (in the latter case) credited to an account in the name of any member of the
Group with an account bank acceptable to the Agent and to which such member of the Group is alone beneficially entitled and for so long
as:

&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) that cash is repayable on demand;

&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) repayment of that cash is not contingent on the prior discharge of any other indebtedness of any member
of the Group or of any other person whatsoever or on the satisfaction of any other condition;

&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) there is no Security over that cash except any Permitted Security constituted by a netting or set-off
arrangement entered into by members of the Group in the ordinary course of their banking arrangements; 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;(D) the cash is subject to the Security Agreement (Borrower Assets), freely and immediately available to be
applied in repayment or prepayment of the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Current Ratio**" means the ratio of (A) to (B) where:

&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) is "**Current Assets**" and means the aggregate (on a consolidated basis) of all Cash, inventory,
work in progress, trade and other receivables of the Parent including prepayments in relation to operating items and sundry debtors expected
to be realised within twelve months from the date of computation but **excluding** amounts in respect 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;&nbsp;&nbsp;&nbsp;&nbsp;(1) the amount of any receivables which due more than 180 days from the date of computation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) receivables in relation to Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Exceptional Items and other non-operating items; 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;(4) insurance claims;

&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) is "**Current Liabilities**" and means the aggregate (on a consolidated basis) of all liabilities
(including trade creditors, accruals and provisions) of the Parent expected to be settled within twelve months from the date of computation
but **excluding** amounts in respect 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;&nbsp;&nbsp;&nbsp;&nbsp;(1) any liabilities associated with short and long term Borrowings including principal and interest repayments
and embedded derivatives (as determined in accordance with the Accounting Principles), including all amounts due in accordance 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;(2) liabilities for Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Exceptional Items and other non-operating items; 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;(4) insurance claims.

"**Exceptional Items**" means any exceptional, one off, non-recurring or extraordinary items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The financial covenants set out in paragraph (a) above shall be calculated in accordance with the Accounting
Principles and tested by reference to each of the financial statements delivered pursuant to paragraphs (a)(ii) and (b)(ii) of Clause
18.1 (*Financial statements*) and/or each Compliance Certificate delivered pursuant to Clause 18.2 (*Compliance Certificate*).

20. General Undertakings

The undertakings in this Clause 20 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

20.1 Authorisations

Each Obligor shall (and the Parent shall ensure that each other member of the Group (Project) will) promptly obtain, comply with and do all that is necessary to maintain in full force and effect (and supply certified copies to the Agent) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Authorisation required under any law or regulation of a Relevant Jurisdiction to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enable it to perform its obligations under the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ensure the legality, validity, enforceability or admissibility in evidence of any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) develop the Mine and implement the Project in accordance with the Life of Mine Plan, the Feasibility Study
and Good Mining Practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) own, lease, use, operate or license the Project assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) carry on its business where failure to do so has or is reasonably likely to have a Material Adverse Effect;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Material Licence.

20.2 Compliance with laws

Each Obligor shall (and the Parent shall ensure that each other member of the Group (Project) will) comply in all respects with all laws, including without limitation the Mining Code, to which it may be subject, if failure so to comply would materially impair its ability to perform its obligations under the Transaction Documents.

20.3 Negative pledge

In this Clause 20.3, "**Quasi-Security**" means an arrangement or transaction described in paragraph (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Parent shall ensure that no other member of the Group (Project) will) create
or permit to subsist any Security over any of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Obligor shall (and the Parent shall ensure that no other member of the Group (Project) will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to
or re-acquired by an Obligor or any other member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any other preferential arrangement having a similar effect,

in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi-Security, listed
below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Security or Quasi-Security entered into pursuant to any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its
banking arrangements for the purpose of netting debit and credit balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any payment or close out netting or set-off arrangement pursuant to any hedging transaction entered into
by a member of the Group (Project) for the purpose 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;(A) hedging any risk to which any member of the Group (Project) is exposed in its ordinary course of trading;
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;(B) its interest rate or currency management operations which are carried out in the ordinary course of business
and for non-speculative purposes only,

excluding, in each case, any Security or Quasi-Security under a credit support arrangement in relation to a hedging transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any lien arising by operation of law and in the ordinary course of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Security or Quasi-Security arising under any retention
of title, hire purchase or conditional sale arrangement or arrangements having similar effect in respect of goods supplied to a member
of the Group (Project) in the ordinary course of trading and on the supplier's standard or usual terms and not arising as a result
of any default or omission by any member of the Group (Project);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Security or Quasi-Security over any assets which are subject to a Finance Lease permitted pursuant
to paragraph (b)(iv) of Clause 20.9 (*Financial Indebtedness*) arising as a consequence of any such Finance Lease; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any Security or Quasi-Security not otherwise included in paragraphs (i) to (v) above that has been approved
in writing by the Agent (acting on the instructions of all of the Lenders).

20.4 Disposals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor (and the Parent shall ensure that no other member of the Group) shall enter into a single transaction
or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose
of any asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to any sale, lease, transfer or other disposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) made in the ordinary course of trading of the disposing entity provided that such other sale, lease, transfer
or other disposal is at all times contemplated in the Base Case Model and the Life of Mine Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of assets in exchange for other assets comparable or superior as to type, value and quality (other than
an exchange of a non-cash asset for cash);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) made in the ordinary course of trading of the disposing entity in relation to the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of any asset by a member of the Group (Project) (the "**Disposing Company**") to another member of the Group (Project) (the "**Acquiring Company** "), but if:

&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 Disposing Company is an Obligor, the Acquiring Company must also be an Obligor;

&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 Disposing Company had given Security over the asset, the Acquiring Company must give equivalent Security
over that asset; 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;(C) the Disposing Company is a Guarantor, the Acquiring Company must be a Guarantor guaranteeing at all times
an amount no less than that guaranteed by the Disposing Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) where the higher of the market value or consideration receivable does not exceed USD 5,000,000 (or its
equivalent in another currency or currencies) in any financial year and provided that such other sale, lease, transfer or other disposal
could not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) made by a member of the Group which is not a member of the Group (Project), provided that such disposal
does not, and could not reasonably be expected to, have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) not otherwise included in paragraphs (i) to (vi) above that has been approved in writing by the Agent
(acting on the instructions of all of the Lenders).

20.5 Arm's length basis

No Obligor (and the Parent shall ensure that no other member of the Group (Project)) shall enter into any transaction with any person except on arm's length terms and for full market value.

20.6 Loans or credit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor (and the Parent shall ensure that no other member of the Group (Project)) shall be a creditor
in respect of any Financial Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to any Intra Group Loan provided that such Intra Group Loan is subordinated
on the terms of this Agreement or a Subordination Agreement, secured in favour of the Secured Parties pursuant to a Transaction Security
Document and, in the case of any Intra Group Loan made to a Group member incorporated in
Tanzania, registered with the Bank of Tanzania in accordance with the applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall, in connection with each Utilisation under the Facility, the proceeds of which are
to be on-lent to Tembo Nickel Corporation, amend the principal loan amount under the Borrower On-loan to the extent necessary to reflect
the additional amount of the loan to be made by the Borrower thereunder, and provide the Agent with evidence of due registration of such
amendment with the Bank of Tanzania in accordance with the applicable laws and regulations.

20.7 No guarantees or indemnities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor (and the Parent shall ensure that no other member of the Group (Project)) shall incur or allow
to remain outstanding any guarantee in respect of any obligation of any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a guarantee in favour of the Finance Parties which is included in any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Intra Group Loan which is subordinated on the terms of this Agreement or a Subordination Agreement
and secured in favour of the Secured Parties pursuant to a Transaction Security Document.

20.8 Dividends and share redemption

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor (and the Parent shall ensure that no other member of the Group) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend,
charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) repay or distribute any dividend or share premium reserve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) repay, or make any payments (including of principal, interest, fees or other amounts) in respect of, any
Intra Group Loan or any other Financial Indebtedness owing to any member of the Group or discharge any of the same by way of set-off,
counterclaim or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) pay or allow any member of the Group to pay any management, administrative, advisory, consultancy or other
fee to or to the order of the Parent or any of its Subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so,

each of the above being for the purposes of this Clause 20.8, a "**Distribution**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Distribution by any member of the Group to any Obligor in order to make payments due and payable under
the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Distribution by any member of the Group (Project) to another member of the Group (Project);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Distribution by any member of the Group which is not a member of the Group (Project) to another member
of the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other Distribution set out in the Sources and Uses of Funds, including the repayment of the Intra
Group Loan between the Borrower Holdco and the Borrower from the proceeds of the first Utilisation as set out in Clause 3.1(c) (*Purpose*).

20.9 Financial Indebtedness

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Parent shall ensure that no other member of the Group (Project) will) incur
or allow to remain outstanding any Financial Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to any Financial Indebtedness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) incurred and outstanding under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) incurred and outstanding under any Intra Group Loan, provided that such Intra Group Loan is subordinated
on the terms of this Agreement or a Subordination Agreement and secured in favour of the Secured Parties pursuant to a Transaction Security
Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) incurred and outstanding under each Parent Convertible Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) incurred under Finance Leases of vehicles, plant, equipment or computers contemplated in the Sources and
Uses of Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not otherwise included in paragraphs (i) to (v) above that has been approved in writing by the Agent (acting
on the instructions of all of the Lenders).

20.10 Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor (and the Parent shall ensure that no other member of the Group (Project)) shall enter into
any amalgamation, demerger, merger or corporate reconstruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any sale, lease, transfer or other disposal permitted pursuant to Clause 20.4 (*Disposals*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Permitted Reorganisation.

20.11 Change of business

The Parent shall procure that no substantial change is made to the general nature of the business of the Obligors or any other member of the Group from that carried on at the date of this Agreement.

20.12 Acquisitions and joint ventures

No Obligor (and the Parent shall ensure that no other member of the Group (Project)) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest
in any of them); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) incorporate a company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest
in any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other
entity (for the purposes of this Clause, a "**Joint Venture** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations
of a Joint Venture or maintain the solvency of or provide working capital to any Joint Venture (or agree to do any of the foregoing).

20.13 Environmental compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor must (and the Parent shall ensure that each other member of the Group (Project) will) comply
in all material respects with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the terms of the Environmental and Social Standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Environmental Permit necessary (at the relevant time) for the development of the Mine and the implementation
of the Project as contemplated by the Life of Mine Plan and the Feasibility Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent must (and shall procure that the Borrower and each Operating Company shall) address in full
the Environmental or Social Matters identified in any Monthly Project Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Obligor must in all material respects implement the Project in accordance with all applicable Environmental
and Social Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Obligor must take all reasonable actions to prevent the Project area from being materially affected
by Environmental Contaminants, other than Environmental Contaminants which arise in accordance with, and do not breach, Environmental
Law or an Environmental Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Obligor must in relation to Environmental or Social Incidents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) respond to any Environmental or Social Incident and other non-compliances with Environmental Laws and
Social Laws as required by Environmental and Social Standards through a Corrective Action Plan (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) respond to releases of Environmental Contaminants and other non-compliances with Environmental Laws and
Social Laws as required by Environmental and Social Standards through a Corrective Action Plan (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) respond to any protests or challenges to the Project or its construction, permitting or operation in accordance
with Environmental and Social Standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) provide complete access to the Agent of all details in relation to any Environmental or Social Incident.

20.14 Anti-Corruption Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Parent shall ensure that no other member of the Group will) directly or indirectly
use the proceeds of the Facility for any purpose which would breach any Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor shall (and the Parent shall ensure that no other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct its businesses in compliance with Anti-Corruption Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain policies and procedures designed to promote and achieve compliance with such laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) take all reasonable and prudent steps to ensure that each of its agents, directors, employees and officers
comply with such laws.

20.15 Sanctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Obligors shall not (and the Parent shall ensure that no other member of the Group will), directly
or indirectly, use the proceeds of the Facility or allow these proceeds to be used in any Sanctioned Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor shall (and the Parent shall ensure that each other member of the Group will) ensure that
it shall not use any revenue or benefit derived from any activity or dealing with a Sanctioned Person for the purpose of discharging amounts
owing to any Finance Party in respect of any Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Obligors shall (and the Parent shall ensure that each other member of the Group will) implement and
maintain appropriate safeguards designed to prevent any action that would be contrary to Clauses (a) or (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Obligor shall (and the Parent shall ensure that each other member of the Group will) maintain in
effect policies and procedures reasonably designed to ensure compliance by it with applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Obligor shall (and the Parent shall ensure that each other member of the Group will) promptly upon
becoming aware of the same, supply to the Agent details of any claim, action, suit, proceedings or investigation against it with respect
to Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Obligor must promptly notify the Agent of any breach or potential breach of this Clause 20.15 of
which it becomes aware, and must co-operate with the Agent and provide the Agent with all information that is reasonably requested by
the Agent for the purpose of assessing the Finance Parties' potential liability under Sanctions arising in connection with any breach
or potential breach of that kind.

20.16 Taxation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall (and the Parent shall ensure that each other member of the Group will) pay and discharge
all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such payment is being contested in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) adequate reserves are being maintained for those Taxes and the costs required to contest them which have
been disclosed in its latest financial statements delivered to the Agent under Clause 18.1 (*Financial statements*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such payment can be lawfully withheld and failure to pay those Taxes does not have or is not reasonably
likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No member of the Group (Project) may change its residence for Tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) supply to the Agent, promptly upon becoming aware of any developments or, as the case may be, promptly
upon receipt of any notice, claim or communication, in relation to the matters disclosed in Schedule 8 (*Disclosure Schedule*)(such
matters the "**Outstanding Tax Matters** "), details of such development and copies of any such notice, claim or communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) actively engage in good faith with the TRA and other relevant authorities and use its reasonable endeavours
to resolve the Outstanding Tax Matters as soon as possible and if the tax liabilities under the Outstanding Tax Matters are not waived
or otherwise resolved within 45 days of the date of the first Utilisation and/or fully satisfied within 60 days of the date of the first
Utilisation, provide to the Agent (in form and substance acceptable to the Agent, acting reasonably) a proposal setting out how it intends
to resolve the Outstanding Tax Matters and to fund the tax liabilities thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) include and maintain adequate liabilities, including provisions, in line with generally accepted accounting
principles in the Financial Statements with respect to the Outstanding Tax Matters and the costs required to settle them and disclose
such reserves in its Financial Statements delivered to the Agent under Clause 18.1 (*Financial Statements*).

20.17 Insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall maintain insurances and, if applicable, reinsurances, on and in relation to its business
and assets relating to the Project and the Project against those risks to the extent as is usual for companies carrying on the same or
substantially similar business and otherwise in accordance with Good Mining Practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All insurances referred to in paragraph (a) above must be with reputable independent insurance companies
or underwriters and on terms acceptable to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall, within six (6) Months of the date of this Agreement: (i) provide to the Agent evidence,
satisfactory to the Agent, that appropriate insurances have been put in place in compliance with the requirements set out in paragraphs
(a) and (b) above, and (ii) deliver to the Agent copies of the relevant insurance policies, in form and substance satisfactory to the
Agent.

20.18 Pari passu ranking

Each Obligor shall ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least *pari passu* with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.

20.19 Access

If a Default or Review Event is continuing or the Agent reasonably suspects a Default or Review Event is continuing or may occur, each Obligor shall, and the Borrower shall ensure that each Obligor will, permit the Agent and/or accountants or other professional advisers and contractors of the Agent free access at all reasonable times and on reasonable notice at the risk and cost of the Obligor or the Borrower to (a) the premises, assets, books, accounts and records of each Obligor and (b) meet and discuss matters with management of the Group.

20.20 Intellectual Property

Each Obligor shall (and the Parent shall procure that each other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) preserve and maintain the subsistence and validity of the Intellectual Property necessary for the business
of the relevant member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use reasonable endeavours to prevent any infringement in any material respect of the Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make registrations and pay all registration fees and taxes necessary to maintain the Intellectual Property
in full force and effect and record its interest in that Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not use or permit the Intellectual Property to be used in a way or take any step or omit to take any step
in respect of that Intellectual Property which may materially and adversely affect the existence or value of the Intellectual Property
or imperil the right of any member of the Group to use such property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not discontinue the use of the Intellectual Property,

where failure to do so, in the case of paragraphs (a) and (b) above, or, in the case of paragraphs (d) and (e) above, such use, permission to use, omission or discontinuation, is reasonably likely to have a Material Adverse Effect.

20.21 Conduct of the Project

Each Obligor must ensure that the Mine is developed and the Project is implemented in all material respects in accordance with the Life of Mine Plan, the Feasibility Study, Good Mining Practice, the Material Documents, the Material Licences and all other Authorisations, Environmental Permits, laws and regulations applicable to the Project.

20.22 Expenditure and Material Project Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Parent shall ensure that no other member of the Group (Project) will) incur,
or enter into an agreement to incur, any Capital Expenditure, operating expenditure or any other expenditure, investment, costs or expenses
other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as expressly set out and included in the Sources and Uses of Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) expenditure not contemplated in the Sources and Uses of Funds or the Base Case Model but which, in the
reasonable opinion of the Borrower, is required to be incurred, in accordance with Good Mining Practice, to avoid or mitigate the risk
of injury from or material damage to the Project and provided that the Borrower provides to the Agent promptly (i) notice of the event
or circumstance giving rise to such expenditure and (ii) details of the amount of such expenditure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Obligor will make any amendment, change, variation or supplement to the Sources and Uses of Funds resulting
in a variance (upwards or downwards), individually or cumulatively, of more than 10% of the sources and uses of funds whether for the
Project on a 12 Month rolling basis without the prior written consent of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent shall ensure that all bank accounts of each member of the Group (Project) are at all times
subject to valid Security under the Transaction Security Documents and shall not open
any bank accounts after the date of this Agreement without the prior written consent of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Obligor must duly and punctually perform, comply with and observe its material obligations under
each Material Project Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Obligor must take the action that a prudent, diligent and reasonable person would take to endeavour
to cause each party to a Material Project Document to observe its obligations in connection with that Material Project Document, and if
that party fails to perform those obligations in any material respect, must take the action that a prudent, diligent and reasonable person
would take to enforce its rights arising from that failure, unless the Agent otherwise agrees in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Obligor may, without the prior consent of the Agent, permit or agree to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the suspension, waiver, repudiation, revocation, annulment or cancellation of the whole of, or any material
provision of, a Material Project Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as expressly required under the Finance Documents, the assignment or transfer of a Material Project
Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other party to a Material Project Document assigning or transferring that party's rights or obligations
under that Material Project Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the termination of a Material Project Document for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No Obligor may permit or allow any material variation or amendment to any Material Project Document unless
such variation, amendment, supplement or waiver is required by applicable law or the prior written consent of the Agent has been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No Obligor may settle or compromise, without the prior written consent of the Agent, any claim in connection
with any Material Project Documents for damages, warranty or other breach where the value of the claim exceeds<br>
USD 100,000.

20.23 Review Event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of a Review Event, the Borrower and the Agent shall discuss in good faith for a period
of 30 days commencing on the earlier of (i) the date of the Review Event, and (ii) the date on which the Borrower gives notice to the
Agent that a Review Event has occurred, such changes to the terms of the Facility and the Finance Documents and such changes to, or such
additional, Transaction Security as are required by the Lenders as a consequence of the occurrence of that Review Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If no agreement is reached between the Borrower and the Lenders at the end of the 30-day period referred
to in paragraph (a) above, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of the Review Event referred to in paragraph (c)(i) and (c)(iii) to (c)(iv) below, an Event
of Default will occur; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of the Review Event referred to in paragraph (c)(ii) below, if the Lenders are satisfied (in
their sole discretion) that the Borrower:

&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) has engaged in the discussions referred to in paragraph (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;(B) has engaged with the Tanzanian Government in good faith to remedy such Review Event; 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;(C) can demonstrate that progress which is acceptable to the Agent has been made within that 30-day period,

(with (A), (B) and (C) for the purposes of this paragraph (b)(ii) being the "**Extension Conditions**"),

such 30-day period may be extended by an additional 30-day period on two consecutive occasions provided that the Extension Conditions are satisfied for each such period to be extended), and an Event of Default will occur if no final agreement is reached between the Borrower and the Lenders at the end of such extended period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purposes of this Clause, a "**Review Event**" will occur immediately if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of the Parent:

&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) its shares cease to be listed on the NYSE;

&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) it shares are suspended from trading on the NYSE for 10 or more consecutive trading days; 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;(C) any person or group of persons acting in concert gains direct or indirect control of the Parent (a "**Parent Change of Control** "): or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent (acting reasonably) determines (and notifies the Borrower accordingly in writing) that any action
or inaction by, or on behalf of, any agency of the Tanzanian Government that is not an Expropriation Event will, or is reasonably likely
to, either:

&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) materially restrict, limit, impede or otherwise adversely affect the implementation of the Project; 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;(B) delay the closing of any long term financing for the Project (including any Relevant Project Financing
Transaction (as defined in Clause 7.2(d)) beyond the Repayment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at any time the Borrower Holdco and any Permitted Minority Investor (acting together) ceases directly
or indirectly 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;(A) have the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) 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;&nbsp;&nbsp;&nbsp;&nbsp;(1) cast, or control the casting of, less than 100% of the maximum number of votes that might be cast at a
general meeting of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) appoint or remove all, or the majority, of the directors or other equivalent officers of the Borrower;
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;(3) give directions with respect to the operating and financial policies of the Borrower with which the directors
or other equivalent officers of the Borrower are obliged to comply;

&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) hold beneficially and, at any time after the Borrower Holdco receives from His Majesty's
 Revenue and Customs the duly stamped stock transfer form dated 18 July 2025 relating to the 74,000 ordinary shares of the Borrower
 transferred by BHP Billiton (UK) DDS Limited to the Borrower Holdco, legally 100% of the issued share capital of the Borrower (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); 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;(C) hold beneficially 100% of the aggregate principal amount of any Intra Group Loans made to the Borrower;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any third party that is not a member of the Group (Project), has acquired, or has announced that it intends
to acquire, an option to acquire a direct or indirect interest of more than 50.1% in, or otherwise to control either the Borrower or Tembo
Nickel Corporation.

For the purposes of this Clause

&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) "**control**" of the Parent 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;(1) the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to (AA) cast,
or control the casting of, more than 50.1% of the maximum number of votes that might be cast at a general meeting of the Parent; (BB)
appoint or remove all, or the majority, of the directors or other equivalent officers of the Parent; or (CC) give directions with respect
to the operating and financial policies of the Parent with which the directors or other equivalent officers of the Parent are obliged
to comply; 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;(2) the holding beneficially of more than 50.1% TBC% of the issued share capital of the Parent (excluding
any part of that issued share capital that carries no right to participate beyond a specified amount
in a distribution of either profits or capital); or the holding beneficially of more than 50.1% TBC% of the aggregate principal amount
of the Intra Group Loans.

&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) "**acting in concert**" means, a group of persons who, pursuant to an agreement or understanding
(whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in the Parent or the Intra
Group Loans by any of them, either directly or indirectly, to obtain or consolidate control of the Parent.

&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) "**Permitted Minority Investor**" means any third party investor which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) individually holds beneficially less than 20% of the issued share capital of the Borrower (which shall
include any options to acquire share capital of the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) when aggregated with the beneficial holdings of each other Permitted Minority Investor, holds beneficially
less than 40% of the issued share capital of the Borrower (which shall include any options to acquire share capital of the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) is not a Sanctioned Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) is included on the Permitted Minority Investor List; 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;(5) subject to paragraph (d) below, has granted a Security Interest in favour of the Agent pursuant to a security
agreement (the "**Security Agreement (Borrower Shares - Permitted Minority Investor**") over all of its shareholding and
any shareholder loans in the Borrower on the same or substantially the same terms as the Security Interest created under the Security
Agreement (Borrower Shares) and has delivered all documents to the Agent required under such Security Agreement (Borrower Shares - Permitted
Minority Investor.

&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) "**Permitted Minority Investor List**" means the list of potential third party investors
agreed by the Borrower and the Agent and set out in Schedule 9 (*Permitted Minority Investor List*), as amended from time to time
as agreed between the Borrower and the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A third party investor may be a "**Permitted Minority Investor**" if it has satisfied all
of the conditions set out in paragraphs (1), (2), (3) and (4), but not the condition set out in (5) if, prior to any share capital of
any sort (including any options) in the Borrower being held by such third party investor, the Borrower prepays in full the Loans, together
with all accrued and unpaid interest and any other amounts owed to the Finance Parties in connection with the Finance Documents.

20.24 Warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent will ensure that the Warrants and Warrant Shares are duly and validly authorised and issued.
The Parent will ensure that, at all times prior to the expiry date of the Warrants (Signing Date), a sufficient number of Warrant Shares
(Signing Date) are allotted and reserved for issuance upon the exercise of such Warrants and to the extent the Borrower has exercised
its right under rights under Clause 6.1(b) (*Repayment of Loans*) to extend the Repayment Date, at all times prior to the expiry
date of the Warrants (Extension Date), a sufficient number of Warrant Shares (Extension Date) are allotted and reserved for issuance upon
the exercise such Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent will use its commercially reasonable efforts to (i) cause the Warrant Shares (Signing Date)
to be listed for trading on the NYSE as of the date of this Agreement; and (ii) cause the Warrant Shares (Extension Date) to be listed
for trading on the NYSE no later than the issue date of the Warrants (Extension Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent, to the extent it shall be required to do so in order for the Warrant Shares to be sold pursuant
to Rule 144 promulgated under the Securities Act, will use its commercially reasonable efforts to (i) timely file the reports required
to be filed by it under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144, and (ii) make and keep
public information available as those terms are understood and defined in Rule 144, all to the extent required from time to time to enable
the Arranger to sell Warrant Shares without registration under the Securities Act within the limitations of the exemption provided by
Rule 144.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On or before the applicable Filing Deadline, the Company will file a registration statement with the SEC
registering for resale the applicable Warrant Shares, and will use commercially reasonable efforts to have such registration statement(s)
declared effective by the SEC no later than the applicable Effectiveness Deadline and to keep such registration statement(s) effective
at all times until the earlier of (i) the Arranger owns no Warrants or Warrant Shares, and (ii) one year following the expiration of the
exercise period of the applicable Warrants (the "**Effectiveness Period** "). The Arranger shall complete and furnish to the
Parent a customary selling shareholder questionnaire on a date that is not less than five (5) Business Days prior to the filing date of
the applicable registration statement contemplated by this Section 20.24(d). The Parent shall bear all expenses relating to the procedures
set forth in this Section 20.24(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Warrants shall provide for "cashless exercise" in the event that, at any time after the
Effectiveness Deadline, a registration statement is not filed, effective and available for the resale of the applicable Warrant Shares
upon exercise of the applicable Warrants. If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree
that in accordance with Section 3(a)(9) of the Securities Act,
the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares will
be tacked on to the holding period of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In addition, the Warrants shall provide the Arranger with the option, in the event that, at any time after
the Effectiveness Deadline, (i) a registration statement is not filed, effective and available for the resale of the applicable Warrant
Shares upon exercise of the applicable Warrants, and (ii) the applicable Warrant Shares may not be immediately resold upon a cashless
exercise pursuant to Rule 144 under the Securities Act, to require a cash settlement payment from the Parent in an amount equal to the
actual share price of the relevant Warrant Shares at closing on the Business Day immediately before it exercises its option minus the
exercise price set out in relevant Warrants, multiplied by the number of Warrants being exercised by the Arranger.

20.25 GISTM

The Borrower shall (and the Parent shall procure that each Obligor shall) comply in all respects with the GISTM with respect to the Mine and the Mining Operations.

20.26 Parent Convertible Debentures

The Parent shall not, at any time prior to the Discharge Date, without the prior written consent of the Agent (acting on the instructions of all Lenders) exercise its early redemption rights with respect to any of its Financial Indebtedness under any Parent Convertible Debenture.

20.27 Share capital

No Obligor shall (and the Parent shall ensure that no other member of the Group (Project) will) issue any shares, enter into any agreement which provide for the issue or allotment of, or grant to any person the right to call for the issue or allotment of, any share or loan capital of any member of the Group (Project) (including any option or right of pre-emption or conversion), except for an issue of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ordinary shares by the Parent to the investors, paid for in full in cash upon issue and which by their
terms are not redeemable and where (i) such shares are of the same class and on the same terms as those initially issued by the Parent
and (ii) such issue does not lead to a Parent Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shares by a member of the Group (Project) which is a Subsidiary to its immediate Holding Company for non-cash
consideration where (if the existing shares of the Subsidiary are the subject of the Transaction Security) the newly-issued shares also
become subject to the Transaction Security on the same terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) share capital by the Borrower to a Permitted Minority Investor and which is subject to a Security Agreement
(Borrower Shares - Permitted Minority Investor) (subject to Clause 20.23(d)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) share capital by the Parent under and in accordance with the Parent Convertible Debenture, the Warrants,
the Existing Warrant Agreement, the Business Combination Agreement and any employee incentive plan in effect from time to time implemented
by the Parent.

20.28 Further assurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall (and the Parent shall procure that each other member of the Group (Project) will) promptly
do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the
Agent may reasonably specify (and in such form as the Agent may reasonably require in favour of the Agent or its nominee(s)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to perfect the Security created or intended to be created under or evidenced by the Transaction Security
Documents or for the exercise of any rights, powers and remedies of the Agent or the Finance Parties provided by or pursuant to the Finance
Documents or by law; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to facilitate the realisation of the assets which are, or are intended to be, the subject of the Transaction
Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor shall (and the Parent shall procure that each other member of the Group (Project) will) take
all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation,
perfection, protection or maintenance of any Security conferred or intended to be conferred on the Agent or the Finance Parties by or
pursuant to the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without prejudice to the generality of paragraphs (a) and (b) above, each Obligor shall (and the Parent
shall ensure that each other member of the Group (Project) will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within the relevant timeframe, comply with any notice it receives pursuant to Part 21A of the Companies
Act 2006 from any company incorporated in the United Kingdom whose shares are the subject of the Transaction Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly provide the Security Agent with a copy of that notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the provision of Clause 5.2(a)(vi)(A)(*Completion of a Utilisation Request*) which
requires that the Borrower effects the Security under the Tanzanian Security Documents as a condition precedent to the second Utilisation,
the Borrower shall use its reasonable endeavours to complete all the actions and do all things required under Clause 5.2(a)(vi)(A)(*Completion of a Utilisation Request*) as soon as reasonably practicable after the Financial Close Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of Tembo Nickel Mining and Tembo Nickel Refining shall ensure that, on or before the date of the
second Utilisation, its Articles of Association are amended to provide that the Proportionate Interest (as defined therein) is (i) in
respect of the Class A Shares (as defined therein), 99.98% and (ii) in respect of the Class B Shares (as defined therein),
0.02%, together with any necessary consequential changes, and shall promptly deliver to the Agent a copy of the amended Articles of Association
evidencing the same.

21. Events of Default

Each of the events or circumstances set out in Clause 21 is an Event of Default (save for Clause 21.24 (*Acceleration*)).

21.1 Non-payment

An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Disruption Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment is made within two Business Days of its due date.

21.2 Financial Covenants and other obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any requirement of Clause 19 (*Financial Covenants*) is not satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Obligor does not comply with any provision of any Transaction Security Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Obligor does not comply with, or there is a breach of, any undertaking in Clauses 3.1 (*Purpose*),
18 (*Information Undertakings*), 20.3 (*Negative pledge*), 20.4 (*Disposals*), 20.8 (*Dividends and share redemption*),
20.9 (*Financial indebtedness*), 20.11 (*Change of business*), 20.14 (*Anti-Corruption Laws*), 20.15 (*Sanctions*),
Clause 20.27 (*Share capital*) or 20.24 (*Warrants*).

21.3 Other obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Obligor does not comply with any provision of the Finance Documents (other than those referred to in
Clause 21.1 (*Non-payment*) and Clause 21.2 (*Financial covenants and other obligations*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy
and is remedied within 15 Business Days of the earlier of: (A) the Agent giving notice to the Borrower, and (B) the Borrower becoming
aware of the failure to comply.

21.4 Misrepresentation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or
 any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any
material respect when made or deemed to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under paragraph (a) above will occur if the events or circumstances giving rise to
or causing the misrepresentation or misstatement are capable of remedy and are remedied within 15 Business Days of the earlier of: (A)
the Agent giving notice to the Borrower, and (B) the Borrower becoming aware of the failure to comply.

21.5 Cross default

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Financial Indebtedness of any member of the Group (Project) is not paid when due nor within any originally
applicable grace period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Financial Indebtedness of any member of the Group (Project)is declared to be or otherwise becomes
due and payable prior to its specified maturity as a result of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any commitment for any Financial Indebtedness of any member of the Group (Project) is cancelled or suspended
by a creditor of any member of the Group as a result of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any creditor of any member of the Group (Project) becomes entitled to declare any Financial Indebtedness
of any member of the Group (Project) due and payable prior to its specified maturity as a result of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Event of Default will occur under this Clause 21.5 if the aggregate amount of Financial Indebtedness
or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than USD 500,000 (or its equivalent in any
other currency or currencies).

21.6 Insolvency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A member of the Group or a Material Project Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is unable or admits inability to pay its debts as they fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) suspends making payments on any of its debts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of
its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The value of the assets of any member of the Group or a Material Project Party is less than its liabilities
(taking into account contingent and prospective liabilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A moratorium is declared in respect of any indebtedness of any member of the Group or a Material Project
Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Event of Default will occur under this Clause 21.6 (*Insolvency*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of a Material Project Party if the Borrower has selected a replacement for that Material Project
Party, and where applicable, the prepared relevant Material Project Document, in each case, acceptable to the Lenders, within 30 days
of the occurrence of the event or circumstance giving rise to the Default and executed such Material Project Document with such replacement
Project Party no later than 90 days of the occurrence of the event or circumstance giving rise to the Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect to a member of the Group which is not a member of the Group (Project) unless the occurrence
of the event or circumstance giving rise to the Default under this Clause 21.6 (*Insolvency*) has or might reasonably be expected
to have a Material Adverse Effect.

21.7 Insolvency proceedings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group or a Material Project
Party (other than a solvent liquidation or reorganisation of any member of the Group which is not a member of the Group (Project));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a composition, compromise, assignment or arrangement with any creditor of any member of the Group or a
Material Project Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group
which is not a member of the Group (Project)), receiver, administrative receiver, administrator, compulsory manager or other similar officer
in respect of any member of the Group or a Material Project Party or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enforcement of any Security over any assets of any member of the Group or a Material Project Party,

or any analogous procedure or step is taken in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Clause 21.7 shall not apply to any winding-up petition which is frivolous or vexatious and is discharged,
stayed or dismissed within 45 days of commencement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Event of Default will occur under this Clause 21.7 (*Insolvency proceedings*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of a Material Project Party if the Borrower has selected a replacement for that Material Project
Party, and where applicable, the prepared relevant Material Project Document, in each case, acceptable to the Lenders, within 30 days of the
occurrence of the event or circumstance giving rise to the Default and executed such Material Project Document with such replacement Project
Party no later than 90 days of the occurrence of the event or circumstance giving rise to the Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect to a member of the Group which is not a member of the Group (Project) unless the occurrence
of the event or circumstance giving rise to the Default under this Clause 21.7 (*Insolvency proceedings*) has or might reasonably
be expected to have a Material Adverse Effect.

21.8 Creditors' process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction
affects any asset or assets of a member of the Group or a Material Project Party and is not discharged within 45 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default will occur under this Clause 21.8 (*Creditors' process*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of a Material Project Party if the Borrower has selected a replacement for that Material Project
Party, and where applicable, the prepared relevant Material Project Document, in each case, acceptable to the Lenders, within 30 days
of the occurrence of the event or circumstance giving rise to the Default and executed such Material Project Document with such replacement
Project Party no later than 90 days of the occurrence of the event or circumstance giving rise to the Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect to a member of the Group which is not a member of the Group (Project) unless the occurrence
of the event or circumstance giving rise to the Default under this Clause 21.8 (*Creditors' process*) has or might reasonably
be expected to have a Material Adverse Effect.

21.9 Failure to comply with court judgment or arbitral award

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any member of the Group fails to comply with or pay by the required time any sum due from it under any
final judgment or any final order made or given by a court or arbitral tribunal or other arbitral body, in each case of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under paragraph (a) above will occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the aggregate liability under that judgment or order is less than USD 500,000 (or its equivalent in
any other currency or currencies); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect to a member of the Group which is not a member of the Group (Project) unless the occurrence
of the event or circumstance giving rise to the Default under this Clause 21.9 has or might reasonably be expected to have a Material
Adverse Effect.

21.10 Review Event

Following the occurrence of a Review Event, no agreement is reached between the Borrower and the Lenders at the end of the relevant period referred to in Clause 20.23 (*Review Event*).

21.11 Unlawfulness and invalidity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is or becomes unlawful for an Obligor to perform any of its obligations under the Transaction Documents
or any Transaction Security created or expressed to be created or evidenced by the Transaction Security Documents ceases to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any obligation or obligations of any Obligor under any Transaction Documents are not (subject to the Legal
Reservations) or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely
affects the interests of the Lenders under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Transaction Document ceases to be in full force and effect or any Transaction Security ceases to be
legal, valid, binding, enforceable or effective or is alleged by a party to it (other than a Finance Party) to be ineffective.

21.12 Repudiation and rescission of agreements

An Obligor (or any other relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document or any of the Transaction Security or evidences an intention to rescind or repudiate a Transaction Document or any Transaction Security.

21.13 Cessation of business

Any member of the Group suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business, provided that no Event of Default shall occur under this Clause 21.13 in respect to a member of the Group which is not a member of the Group (Project) unless the occurrence of the event or circumstance giving rise to the Default under this Clause 21.13 (*Cessation of business*) has or might reasonably be expected to have a Material Adverse Effect

21.14 Audit qualification

The auditors of the Group qualify the audited annual consolidated financial statements of the Parent.

21.15 Litigation

Any litigation, arbitration, administrative, governmental, regulatory or other investigation, proceeding or dispute is commenced or threatened, or any judgment or order of a court, arbitral body or agency is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to the Transaction Documents or the transactions contemplated in the Transaction Documents;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise against any member of the Group or its assets (or against the directors of any member of the
Group),

which (in each case) is reasonably likely to be adversely determined and, if adversely determined, will have or is reasonably likely to have a Material Adverse Effect.

21.16 Expropriation, abandonment and suspension

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Expropriation Event occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The whole or a substantial part of the Mine, the Mine's assets, the Project, or the Project's
assets are lost, transferred or forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The whole or a substantial part of the Mine or the Mine's assets is damaged in circumstances not
covered by insurance in sufficient amounts to mitigate in full the effects such damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parent or the Borrower abandons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the implementation of the Project; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the construction of all or a material part of the Mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The operation of all or a material part of the Mine or the Project is suspended for a period exceeding
thirty (30) consecutive days (except for any stoppage or disruption or suspension which relates to repair and maintenance of the Mine
or any part of it, or is imposed as a result of an accident, health and safety hazard or environmental condition at the Mine or the Project,
provided that the latter continues for no longer that 45 consecutive days).

21.17 Convertibility/Transferability

Any foreign exchange law is amended, enacted or introduced or is reasonably likely to be amended, enacted or introduced in Tanzania that (in the opinion of the Majority Lenders):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has or is reasonably likely to have the effect of prohibiting, or restricting or delaying in any material
respect any payment that any Obligor is required to make pursuant to the terms of any of the Transaction Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is materially prejudicial to the interests of the Finance Parties under or in connection with any of the
Transaction Documents.

21.18 Material Licences and Material Project Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Material Licence or the Framework Agreement is terminated, cancelled, suspended or revoked (whether
wholly or in part).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any restrictions or adverse conditions are imposed on any Material Licence or the Framework Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Material Licence or the Framework Agreement is modified or varied in a way that is adverse in any
material respect to the interests of the relevant member or members of the Group (Project) or is materially prejudicial to the interests
of the Finance Parties under or in connection with any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Material Licence expires and is not renewed on substantially the same terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A party to a Material Project Document does not comply with any of its obligations under a Material Project
Document, and such non-compliance (i) gives another party (other than an Obligor) a right to terminate that Material Project Document
or (ii) otherwise has, or is reasonably likely to have, a Material Adverse Effect.

21.19 Environmental and social matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Environmental Contaminant is discovered or released on the Project area which has or is reasonably
likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Environmental or Social Claim is brought against any member of the Group which if adversely determined
individually or in the aggregate can reasonably be expected to result in a material and adverse impact on the implementation or operation
of the Project in accordance with the Environmental and Social Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Environmental or Social Incident occurs and the Lenders (acting reasonably) determine such Environmental
or Social Incident as incapable of remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An Environmental or Social Incident for which a Corrective Action Plan has been provided occurs and either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Lenders (acting reasonably) reject such Corrective Action Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the actions set out in such Corrective Action Plan are not complied within the timeframes set out therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Finance Party becomes subject to any material liability or obligation under any Environmental Law
applicable to the Project, other than as a result of any act or omission of that Finance Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Finance Party's rights under any Finance Document are subordinated to the rights of any other party
or are otherwise adversely affected by an Environmental Law applicable to the Project, other than as a result of any act or omission of
that Finance Party.

21.20 Moratorium

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A moratorium is called on payments by borrowers in relation to, or by third parties under guarantees of,
or pursuant to enforcement of Security for, External Indebtedness (as defined in paragraph
(b) below) by Tanzanian entities generally or a class thereof to which any Obligor belongs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"External Indebtedness"** means all indebtedness which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is denominated or payable (or, at the option of the payee, creditor or holder thereof, may be payable)
in any currency other than the lawful currency of Tanzania; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) was not originally incurred or assumed under an agreement or instrument made with or issued to creditors
substantially all of whom were residents of Tanzania or entities having their head office or principal place of business within the territory
of Tanzania.

21.21 Political and economic risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A deterioration occurs in the political or economic situation generally in Tanzania, or an act of war
or hostilities, invasion, armed conflict or act of foreign enemy, revolution, insurrection, insurgency or threat thereof occurs in or
involving Tanzania, unless (in any such case) this does not and will not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any law is passed, enacted, promulgated, amended, enacted or introduced or is reasonably likely to be
passed, enacted, promulgated, amended, enacted or introduced in Tanzania that (in the opinion of the Majority Lenders) has or is reasonably
likely to have the effect of prohibiting, or restricting or delaying in any material respect the ability of any member of the Group (Project)
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) export nickel produced from the Mine and processed at the Refinery; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pay, transmit or otherwise transfer the proceeds of nickel sales to offshore bank accounts; provided for
greater certainty that, no Event of Default will occur under this Clause 21.21 (*Political and economic risk*) if the Borrower is
required under Tanzanian law to first pay, transmit or otherwise transfer the proceeds of nickel sales to an onshore bank account but
is permitted to, and promptly upon receipt transfers such proceeds to offshore bank accounts.

21.22 Change of Control of Obligors

There is a change in any direct or indirect ownership interest of an Obligor (other than the Parent or the Borrower) after the date of this Agreement.

21.23 Material adverse change

Any event or circumstance occurs which the Majority Lenders reasonably believe has or is reasonably likely to have a Material Adverse Effect.

21.24 Warrants – cash settlement payment option

The Parent does not pay on the due date any amount payable pursuant to a Warrant in respect of the cash settlement payment option of the Arranger (as referred to in Clause 20.24(f) (*Warrants*)) at the place and in the currency in which it is expressed to be payable.

21.25 Acceleration

On and at any time after the occurrence of an Event of Default which is continuing, the Agent may, and shall if so directed by the Majority Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cancel the Available Commitment of each Lender whereupon each such Available Commitment shall immediately
be cancelled and the Facility shall immediately cease to be available for further utilisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable
on demand by the Agent on the instructions of the Majority Lenders; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise any or all of its rights, remedies, powers or discretions under the Finance Documents.

**SECTION 9**

**CHANGES TO PARTIES**

22. Changes to the Lenders

22.1 Assignments and transfers by the Lenders

Subject to this Clause 22, a Lender (the "**Existing Lender**") may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assign any of its rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer by novation any of its rights and obligations,

to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the "**New Lender**").

22.2 Conditions of assignment or transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The consent of the Borrower is required for an assignment or transfer by an Existing Lender, unless the
assignment or transfer is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to another Lender or an Affiliate of any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to a fund which is a Related Fund of that Existing Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to a securitisation or funding vehicle where the Existing Lender remains a lender of record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) made at a time when an Event of Default is continuing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) made at a time when a Sanctions Event is continuing, except in the case of a Sanctions Event which has
occurred as a result of any Material Project Party becoming a Sanctioned Person or a party to a Sanctioned Transaction and provided that,
the Borrower has selected a replacement for that Material Project Party, and where applicable, prepared the relevant Material Project
Document, in each case, acceptable to the Lenders, within 30 days of the earlier of: (i) the Agent giving notice to the Borrower, and
(ii) the Borrower becoming aware of the Material Project Party becoming a Sanctioned Person or a party to a Sanctioned Transaction, and
the Borrower has executed such Material Project Document with such replacement Material Project Party no later than 90 days of the earlier
of: (i) the Agent giving notice to the Borrower, and (ii) the Borrower becoming aware of the Material Project Party becoming a Sanctioned
Person or a party to a Sanctioned Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) below, the consent of the Borrower to an assignment or transfer must not be unreasonably
withheld or delayed. The Borrower will be deemed to have given its consent five Business Days after the Existing Lender has requested
it unless consent is expressly refused by the Borrower within that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless such assignment or transfer is made when an Event of Default or a Sanctions Event is continuing,
no assignment or transfer shall be made to any Industry Competitor or a Loan to Own/Distressed Investor unless the prior written consent
of the Borrower (which may be given, withheld, conditioned or delayed in its sole and absolute discretion and shall not, under any circumstances,
be deemed given) is obtained:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An assignment will only be effective on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the
New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance
Parties and the other Secured Parties as it would have been under if it had been an Original Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) performance by the Agent of all necessary "know your customer" or other similar checks under
all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify
to the Existing Lender and the New Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A transfer will only be effective if the procedure set out in Clause 22.4 (*Procedure for transfer*)
is complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes
its Facility Office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor
would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 11 (*Tax gross-up and indemnities*) or Clause 12 (*Increased Costs*),

then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This paragraph (f) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for
the avoidance of doubt, that the Agent has authority to execute on its behalf
any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on
or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that
decision to the same extent as the Existing Lender would have been had it remained a Lender.

22.3 Limitation of responsibility of Existing Lenders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes
no responsibility to a New Lender for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents, the Transaction
Security or any other documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the financial condition of any Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the performance and observance by any Obligor or any other member of the Group of its obligations under
the Transaction Documents or any other documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the accuracy of any statements (whether written or oral) made in or in connection with any Transaction
Document or any other document,

and any representations or warranties implied by law are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each New Lender confirms to the Existing Lender, the other Finance Parties and the Secured Parties that
it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied
exclusively on any information provided to it by the Existing Lender in connection with any Transaction Document or the Transaction Security;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related
entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in any Finance Document obliges an Existing Lender to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 22; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by any Obligor of its obligations under the Transaction Documents or otherwise.

22.4 Procedure for transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the conditions set out in Clause 22.2 (*Conditions of assignment or transfer*) a transfer
is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Transfer Certificate delivered
to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after
receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered
in accordance with the terms of this Agreement, execute that Transfer Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender
and the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations in relation to the transfer to such New Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Clause 22.8 (*Pro rata interest settlement*), on the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights
and obligations under the Finance Documents and in respect of the Transaction Security each of the Obligors and the Existing Lender shall
be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their
respective rights against one another under the Finance Documents and in respect of the Transaction Security shall be cancelled (being
the "**Discharged Rights and Obligations** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights
against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed
and/or acquired the same in place of that Obligor and the Existing Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Agent, the Arranger, the New Lender and the other Lenders shall acquire the same rights and assume
the same obligations between themselves and in respect of the Transaction Security as they would have acquired and assumed had the New
Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent
the Agent, the Arranger and the Existing Lender shall each be released from further obligations to each other under the Finance Documents;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the New Lender shall become a Party as a "Lender".

22.5 Procedure for assignment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the conditions set out in Clause 22.2 (*Conditions of assignment or transfer*) an
 assignment may be effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing
Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a
duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with
the terms of this Agreement, execute that Assignment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender
and the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations in relation to the assignment to such New Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Clause 22.8 (*Pro rata interest settlement*), on the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and
in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations
owed by it (the "**Relevant Obligations**") and expressed to be the subject of the release in the Assignment Agreement (and
any corresponding obligations by which it is bound in respect of the Transaction Security); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent
to the Relevant Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Lenders may utilise procedures other than those set out in this Clause 22.5 to assign their rights under
the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause 22.4 (*Procedure for transfer*), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent
obligations by a New Lender) **provided that** they comply with the conditions set out in Clause 22.2 (*Conditions of assignment or transfer*).

22.6 Copy of Transfer Certificate or Assignment Agreement to the Borrower

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrower a copy of that Transfer Certificate or Assignment Agreement.

22.7 Security over Lenders' rights

In addition to the other rights provided to Lenders under this Clause 22, each Lender may, without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any charge, assignment or other Security granted to any holders (or trustee or representatives of holders)
of obligations owed, or securities issued, by that Lender as security for those obligations or securities,

except that no such charge, assignment or Security shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) require any payments to be made by an Obligor other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

22.8 Pro rata interest settlement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Agent has notified the Lenders that it is able to distribute interest payments on a "pro rata
basis" to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 22.4 (*Procedure for transfer*)
or any assignment pursuant to Clause 22.5 (*Procedure for assignment*) the Transfer Date of which, in each case, is after the date
of such notification and is not on the last day of an Interest Period):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any interest or fees in respect of the relevant participation which are expressed to accrue by reference
to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date ()"**Accrued Amounts**") and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day
of the current Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts,
so that, for the avoidance of doubt:

&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) when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender;
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;(B) the amount payable to the New Lender on that date will be the amount which would, but for the application
of this Clause 22.8, have been payable to it on that date, but after deduction of the Accrued Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Clause 22.8 references to "**Interest Period**" shall be construed to include a reference
to any other period for accrual of fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 22.8 but which
does not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining whether the agreement of any specified
group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote
of Lenders under the Finance Documents.

23. Changes to the Obligors

23.1 Assignments and transfer by Obligors

No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents without the prior written consent of the Agent.

**SECTION 10**

**THE FINANCE PARTIES**

24. Role of the Agent and the Arranger

24.1 Appointment of the Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Arranger and the Lenders appoints the Agent to act as its agent under and in connection with
the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent declares that it holds the Transaction Security on trust for the Secured Parties on the terms
contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Secured Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction
Security or to exercise any right, power, authority or discretion arising under the Transaction Security Documents except through the
Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the Arranger and the Lenders authorises the Agent to perform the duties, obligations and responsibilities
and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance
Documents together with any other incidental rights, powers, authorities and discretions.

24.2 Instructions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to paragraph (e) below, or unless a contrary indication appears in a Finance Document, exercise
or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to
it 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;(A) all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; 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;(B) in all other cases, the Majority Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(i) above (or if the relevant Finance Document stipulates the matter is a decision for any Lender or group of Lenders in accordance with
instructions given to it by that Lender or group of Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority
Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that
Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority
or discretion. The Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under
the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the
Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties save
for the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders
until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that
contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying
with those instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Paragraph (a)(i) above shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where a Finance Document requires the Agent to act in a specified manner or to take a specified action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of any provision which protects the Agent's own position in its personal capacity as opposed
to its role of Agent for the Secured Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of the exercise of the Agent's discretion to exercise a right, power or authority under any
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;(A) Clause 24.28 (*Order of application*); 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;(B) Clause 24.31 (*Permitted deductions*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the
best interest of the Lenders and all other Secured Parties or, in respect of the Transaction Security, as it considers in its discretion
to be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent)
in any legal or arbitration proceedings relating to any Finance Document.

24.3 Duties of the Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy of
any document which is delivered to the Agent for that Party by any other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without prejudice to Clause 22.6 (*Copy of Transfer Certificate or Assignment Agreement to the Borrower*),
paragraph (b) above shall not apply to any Transfer Certificate or any Assignment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or
check the adequacy, accuracy or completeness of any document it forwards to another Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating
that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable
to a Finance Party (other than the Agent or the Arranger) under this Agreement it shall promptly notify the other Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance
Documents to which it is expressed to be a party (and no others shall be implied).

24.4 Role of the Arranger

Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in connection with any Finance Document.

24.5 No fiduciary duties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in any Finance Document constitutes the Agent or the Arranger as a trustee or fiduciary of any
other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Agent nor the Arranger shall be bound to account to any Lender or other Secured Party for
any sum or the profit element of any sum received by it for its own account.

24.6 Business with the Group

The Agent and the Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group.

24.7 Rights and discretions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assume 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;(A) any instructions received by it from the Majority Lenders, any Lender or any group of Lenders are duly
given in accordance with the terms of the Finance 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;(B) unless it has received notice of revocation, that those instructions have not been revoked; 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;(C) if it receives any instructions to act in relation to the Transaction Security, that all applicable conditions
under the Finance Documents for so acting have been satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) rely on a certificate from any person:

&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) as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that 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;(B) to the effect that such person approves of any particular dealing, transaction, step, action or thing,

as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders)
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default has occurred (unless it has actual knowledge of a Default arising under Clause 21.1 (*Non-payment*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any notice or request made by the Borrower (other than a Utilisation Request or Selection Notice) is made
on behalf of and with the consent and knowledge of all the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors
or other professional advisers or experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agent may
at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers
instructed by the Lenders) if the Agent in its reasonable opinion deems this to be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other
professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any damages, costs
or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent, any Receiver and any Delegate may act in relation to the Finance Documents and the Transaction
Security through its officers, employees and agents and shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be liable for any error of judgment made by any such person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission
or default on the part of any such person,

unless such error or such loss was directly caused by the Agent's, Receiver's or Delegate's gross negligence or wilful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information
it reasonably believes it has received as agent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the
Arranger is obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law or regulation
or a breach of a fiduciary duty or duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend
or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or
the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity
against, or security for, such risk or liability is not reasonably assured to it.

24.8 Responsibility for documentation

None of the Arranger, the Agent, any Receiver nor any Delegate is responsible or liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent,
an Obligor or any other person in or in connection with any Transaction Document or the transactions contemplated in the Transaction Documents
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction
Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Transaction
Security or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Transaction Document or the Transaction Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any determination as to whether any information provided or to be provided to any Secured Party is non-public
information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.

24.9 No duty to monitor

The Agent shall not be bound to enquire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether or not any Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as to the performance, default or any breach by any Party of its obligations under any Transaction Document;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether any other event specified in any Transaction Document has occurred.

24.10 Exclusion of liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document
excluding or limiting the liability of the Agent, any Receiver or Delegate), none of the Agent, any Receiver nor any Delegate will not
be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising
as a result of taking or not taking any action under or in connection with any Finance Document or the Transaction Security, unless directly
caused by its gross negligence or wilful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection
with, any Finance Document or the Transaction Security or any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with, any Finance Document or the Transaction Security, other than by reason of its gross negligence
or wilful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to
any person, any diminution in value or any liability whatsoever (including, without limitation, for negligence or any other category of
liability whatsoever but not including any claim based on the fraud of the Agent) arising 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;(A) any act, event or circumstance not reasonably within its control; 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;(B) the general risks of investment in, or the holding of assets in, any jurisdiction,

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any shortfall which arises on the enforcement or realisation of the Transaction Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Party (other than the Agent, that Receiver or that Delegate (as applicable)) may take any proceedings
against any officer, employee or agent of the Agent, a Receiver or a Delegate in respect of
any claim it might have against the Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer,
employee or agent in relation to any Finance Document or any Transaction Security and any officer, employee or agent of the Agent, a Receiver
or a Delegate may rely on this paragraph (b) subject to Clause 1.4 (*Third party rights*) and the provisions of the Third Parties
Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent will not be liable for any delay (or any related consequences) in crediting an account with
an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably
practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for
that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this Agreement shall oblige the Agent or the Arranger to carry out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "know your customer" or other checks in relation to any person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any check on the extent to which any transaction contemplated by this Agreement might be unlawful for
any Lender or other Secured Party or for any Affiliate of any Lender or other Secured Party,

on behalf of any Lender or other Secured Party and each Lender and other Secured Party confirms to the Agent and the Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without prejudice to any provision of any Finance Document excluding or limiting the liability of the
Agent, any Receiver or Delegate, any liability of the Agent, any Receiver or Delegate arising under or in connection with any Finance
Document or the Transaction Security shall be limited to the amount of actual loss which has been finally judicially determined to have
been suffered (as determined by reference to the date of default of the Agent, Receiver or Delegate (as the case may be) or, if later,
the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known
to the Agent, Receiver or Delegate (as the case may be) at any time which increase the amount of that loss. In no event shall the Agent,
any Receiver or Delegate be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special,
punitive, indirect or consequential damages, whether or not the Agent, Receiver or Delegate (as the case may be) has been advised of the
possibility of such loss or damages.

24.11 Lenders' indemnity to the Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender shall (in the proportion that its Commitments bear to the Total Commitments for the time
 being (or, if the Total Commitments are zero, immediately prior to their being reduced to zero)), indemnify the Agent and every
 Receiver and every Delegate, within three Business Days of demand, against any cost, loss or liability (including, without
 limitation, for negligence or any other category of liability whatsoever)
incurred by any of them (otherwise than by reason of the relevant Agent's, Receiver's or Delegate's gross negligence or wilful misconduct)
(or, in the case of any cost, loss or liability pursuant to Clause 27.10 (*Disruption to payment systems etc.*) notwithstanding the
Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the
Agent) in acting as Agent, Receiver or Delegate under, or exercising any authority conferred under, the Finance Documents (unless the
relevant Agent, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for
any payment that Lender makes to the Agent pursuant to paragraph (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which
the Lender claims reimbursement relates to a liability of the Agent to an Obligor.

24.12 Resignation of the Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may resign and appoint one of its Affiliates as successor by giving notice to the Lenders and
the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Alternatively the Agent may resign by giving 30 days' notice to the Lenders and the Borrower, in which
case the Majority Lenders (after consultation with the Borrower) may appoint a successor Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within
20 days after notice of resignation was given, the retiring Agent (after consultation with the Borrower) may appoint a successor Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Agent wishes to resign because (acting reasonably)
it has concluded that it is no longer appropriate for it to remain as agent and the Agent is entitled to appoint a successor Agent under
paragraph (c) above, the Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed
successor Agent to become a party to this Agreement as Agent) agree with the proposed successor Agent amendments to this Clause 24 and
any other term of this Agreement dealing with the rights or obligations of the Agent consistent with then current market practice for
the appointment and protection of corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement
which are consistent with the successor Agent's normal fee rates and those amendments will bind the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The retiring Agent shall, at its own cost, make available to the successor Agent such documents and
 records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as
 Agent under the Finance Documents. The Borrower shall, within five Business Days of demand, reimburse the retiring Agent for the
 amount of all costs and expenses (including legal
fees) properly incurred by it in making available such documents and records and providing such assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent's resignation notice shall only take effect upon the appointment of a successor and the transfer
of all the Transaction Security to that successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation
in respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain entitled to the benefit of
Clause 13.3 (*Indemnity to the Agent*) and this Clause 24 (and any agency fees for the account of the retiring Agent shall cease
to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations
amongst themselves as they would have had if such successor had been an original Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) After consultation with the Borrower, the Majority Lenders may, by notice to the Agent, require it to
resign in accordance with paragraph (b) above. In this event, the Agent shall resign in accordance with paragraph (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Agent must resign in accordance with paragraph (b) above (and, to the extent applicable, must use
reasonable endeavours to appoint a successor Agent under paragraph (c) above) if on or after the date which is three (3) months before
the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent fails to respond to a request under Clause 11.7 (*FATCA Information*) and a Finance Party
reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information supplied by the Agent under Clause 11.7 (*FATCA Information*) indicates that the
Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be)
a FATCA Exempt Party on or after that FATCA Application Date,

and (in each case) a Finance Party reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and that Finance Party, by notice to the Agent, requires it to resign.

24.13 Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In acting as agent for the Finance Parties and trustee for the Secured Parties, the Agent shall be regarded
as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If information is received by another division or department of the Agent, it may be treated as confidential
to that division or department and the Agent shall not be deemed to have notice of it.

24.14 Relationship with the Lenders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Clause 22.8 (*Pro rata interest settlement*), the Agent may treat the person shown in
its records as Lender at the opening of business (in the place of the Agent's principal office as notified to the Finance Parties from
time to time) as the Lender acting through its Facility Office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) entitled to or liable for any payment due under any Finance Document on that day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day,

unless it has received not less than five Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Lender may, by notice to the Agent, appoint a person to receive on its behalf all notices, communications,
information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address,
fax number and (where communication by electronic mail or other electronic means is permitted under Clause 29.5 (*Electronic communication*))
electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each case,
the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address,
fax number, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause 29.2
(*Addresses*) and paragraph (a)(ii) of Clause 29.5 (*Electronic communication*) and the Agent shall be entitled to treat such
person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.

24.15 Credit appraisal by the Secured Parties

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Transaction Document, each Lender and other Secured Party confirms to the Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Transaction Document including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the financial condition, status and nature of each member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Transaction
Security and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction
Document or the Transaction Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether that Lender or other Secured Party has recourse, and the nature and extent of that recourse, against
any Party or any of its respective assets under or in connection with any Transaction Document, the Transaction Security, the transactions
contemplated by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Transaction Document or the Transaction Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the adequacy, accuracy or completeness of any information provided by the Agent, any Party or by any other
person under or in connection with any Transaction Document, the transactions contemplated by any Transaction Document or any other agreement,
arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the right or title of any person in or to, or the value or sufficiency of any part of the Secured Assets,
the priority of any of the Transaction Security or the existence of any Security affecting the Secured Assets.

24.16 Deduction from amounts payable by the Agent

If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.

24.17 Reliance and engagement letters

The Agent may obtain and rely on any certificate or report from any Obligor's auditor and may enter into any reliance letter or engagement letter relating to that certificate or report on such terms as it may consider appropriate (including, without limitation, restrictions on the auditor's liability and the extent to which that certificate or report may be relied on or disclosed).

24.18 No responsibility to perfect Transaction Security

The Agent shall not be liable for any failure to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) require the deposit with it of any deed or document certifying, representing or constituting the title
of any Obligor to any of the Secured Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability
or admissibility in evidence of any Transaction Document or the Transaction Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) register, file or record or otherwise protect any of the Transaction Security (or the priority of any
of the Transaction Security) under any law or regulation or to give notice to any person of the execution
of any Transaction Document or of the Transaction Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) take, or to require any Obligor to take, any step to perfect its title to any of the Secured Assets or
to render the Transaction Security effective or to secure the creation of any ancillary Security under any law or regulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) require any further assurance in relation to any Transaction Security Document.

24.19 Insurance by Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent shall not be obliged:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to insure any of the Secured Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to require any other person to maintain any insurance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to verify any obligation to arrange or maintain insurance contained in any Finance Document.

and the Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where the Agent is named on any insurance policy as an insured party, it shall not be liable for any damages,
costs or losses to any person as a result of its failure to notify the insurers of any material fact relating to the risk assumed by such
insurers or any other information of any kind, unless the Majority Lenders request it to do so in writing and the Agent fails to do so
within fourteen days after receipt of that request.

24.20 Custodians and nominees

The Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person.

24.21 Delegation by the Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or otherwise
to any person for any period, all or any right, power, authority or discretion vested in it in its capacity as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That delegation may be made upon any terms and conditions (including the power to sub-delegate) and subject
to any restrictions that the Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit in the interests
of the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for any damages,
costs or losses incurred by reason of any misconduct, omission or default on the part of, any such delegate or sub-delegate.

24.22 Additional Agents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or
as a co-trustee jointly with it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if it considers that appointment to be in the interests of the Secured Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for the purposes of conforming to any legal requirement, restriction or condition which the Agent deems
to be relevant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for obtaining or enforcing any judgment in any jurisdiction,

and the Agent shall give prior notice to the Borrower and the Secured Parties of that appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those
given to the Agent under or in connection with the Finance Documents) and the duties, obligations and responsibilities that are given
or imposed by the instrument of appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The remuneration that the Agent may pay to that person, and any costs and expenses (together with any
applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of this Agreement,
be treated as costs and expenses incurred by the Agent.

24.23 Acceptance of title

The Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any Obligor may have to any of the Secured Assets and shall not be liable for, or bound to require any Obligor to remedy, any defect in its right or title.

24.24 Releases

Upon a disposal of any of the Secured Assets pursuant to the enforcement of the Transaction Security by a Receiver or the Agent, the Agent is irrevocably authorised (at the cost of the Obligors and without any consent, sanction, authority or further confirmation from any other Secured Party) to release, without recourse or warranty, that property from the Transaction Security and to execute any release of the Transaction Security or other claim over that asset and to issue any certificates of non-crystallisation of floating charges that may be required or desirable.

24.25 Winding up of trust

If the Agent, with the approval of the Lenders, determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all of the Secured Obligations and all other obligations secured by the Transaction Security Documents
have been fully and finally discharged; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances
or provide other financial accommodation to any Obligor pursuant to the Finance Documents,

then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the trusts set out in this Agreement shall be wound up and the Agent shall release, without recourse or
warranty, all of the Transaction Security and the rights of the Agent under each of the Transaction Security Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Agent which has resigned pursuant to Clause 24.12 (*Resignation of the Agent*) shall release,
without recourse or warranty, all of its rights under each Transaction Security Document.

24.26 Powers supplemental to Trustee Acts

The rights, powers, authorities and discretions given to the Agent under or in connection with the Finance Documents shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Agent by law or regulation or otherwise.

24.27 Disapplication of Trustee Acts

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Agent in relation to the trusts constituted by this Agreement. Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent permitted by law and regulation, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act.

24.28 Order of application

All amounts from time to time received or recovered by the Agent pursuant to the terms of any Finance Documents or in connection with the realisation or enforcement of all or any part of the Transaction Security shall be held by the Agent on trust to apply them at any time as the Agent (in its discretion) sees fit, to the extent permitted by applicable law, in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in discharging any sums owing to the Agent (in its capacity as such), any Receiver or any Delegate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in payment or distribution to the other Secured Parties, for application towards the discharge of all
sums due and payable by any Obligor under any of the Finance Documents in accordance with Clause 27.5 (*Partial payments*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if none of the Obligors is under any further actual or contingent liability under any Finance Document,
in payment or distribution to any person to whom the Agent is obliged to pay or distribute in priority to any Obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the balance, if any, in payment or distribution to the relevant Obligor.

24.29 Investment of proceeds

Prior to the application of the proceeds of the Transaction Security in accordance with Clause 24.28 (*Order of application*) the Agent may, at its discretion, hold all or part of those proceeds in one or more interest bearing suspense or impersonal accounts in the name of the Agent with any financial institution (including itself) and for so long as the Agent thinks fit (the interest being credited to the relevant account) pending the application from time to time of those monies at the Agent's discretion in accordance with the provisions of Clause 24.28 (*Order of application*).

24.30 Currency conversion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purpose of, or pending the discharge of, any of the Secured Obligations the Agent may convert
any moneys received or recovered by the Agent from one currency to another, at the spot rate at which the Agent is able to purchase the
currency in which the Secured Obligations are due with the amount received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the
amount of the due currency purchased after deducting the costs of conversion.

24.31 Permitted deductions

The Agent shall be entitled (a) to set aside by way of reserve amounts required to meet and (b) to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required by any law or regulation to make from any distribution or payment made by it under this Agreement, and to pay all Taxes which may be assessed against it in respect of any of the Secured Assets, or as a consequence of performing its duties or exercising its rights, powers, authorities and discretions, or by virtue of its capacity as Agent under any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

24.32 Good discharge

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any distribution or payment to be made in respect of the Secured Obligations by the Agent may be made
to the Lenders and any distribution or payment made in that way shall be a good discharge, to the extent of that payment or distribution,
by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent is under no obligation to make payment to the Lenders in the same currency as that in which
any Unpaid Sum is denominated.

24.33 Amounts received by Obligors

If any of the Obligors receives or recovers any amount which, under the terms of any of the Finance Documents, should have been paid to the Agent, that Obligor will hold the amount received or recovered on trust for the Agent and promptly pay that amount to the Agent for application in accordance with the terms of this Agreement.

24.34 Representation of the Arranger in connection with the Warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Arranger is, as of the date of the date of this Agreement, and will be, as of date of the issue of
the Warrants (Extension Date), an "*Accredited Investor*" as defined in Rule 501 of Regulation D promulgated under
the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Arranger acknowledges and agrees that at no time was it presented with or solicited by any publicly
issued or circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer,
sale, exchange, and/or purchase of the Warrants.

25. Conduct of business by the Finance Parties

No provision of this Agreement will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner
it thinks fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax.

26. Sharing among the Finance Parties

26.1 Payments to Finance Parties

If a Finance Party (a "**Recovering Finance Party**") receives or recovers any amount from an Obligor other than in accordance with Clause 27 (*Payment mechanics*) or Clause 24.28 (*Order of application*) to and including Clause 24.33 (*Amounts received by Obligors*) (a "**Recovered Amount**") and applies that amount to a payment due under the Finance Documents then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery
to the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 27
(*Payment mechanics*), without taking account of any Tax which would be imposed on the Agent in
relation to the receipt, recovery or distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent
an amount (the "**Sharing Payment**") equal to such receipt or recovery less any amount which the Agent determines may be
retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 27.5 (*Partial payments*).

26.2 Redistribution of payments

The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the "**Sharing Finance Parties**") in accordance with Clause 27.5 (*Partial payments*) towards the obligations of that Obligor to the Sharing Finance Parties.

26.3 Recovering Finance Party's rights

On a distribution by the Agent under Clause 26.2 (*Redistribution of payments*) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.

26.4 Reversal of redistribution

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary
to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party
is required to pay) (the "**Redistributed Amount** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Obligor.

26.5 Exceptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Clause 26 shall not apply to the extent that the Recovering Finance Party would not, after making
any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering
Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it notified that other Finance Party of the legal or arbitration proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but
did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

**SECTION 11**

**ADMINISTRATION**

27. Payment Mechanics

27.1 Payments to the Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on
the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the
relevant currency in the place of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Payment shall be made to such account in the principal financial centre of the country of that currency
and with such bank as the Agent, in each case, specifies.

27.2 Distributions by the Agent

Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 27.3 (*Distributions to an Obligor*) and Clause 27.4 (*Clawback and pre-funding*) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency.

27.3 Distributions to an Obligor

The Agent may (with the consent of the Obligor or in accordance with Clause 28 (*Set-off*)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

27.4 Clawback and pre-funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not
obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish
to its satisfaction that it has actually received that sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to be the
case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange
contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment
to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Agent has notified the Lenders that it is willing to make available amounts for the account of
a Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to be the case that
it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent shall notify the Borrower of that Lender's identity and the Borrower to whom that sum was made
available shall on demand refund it to the Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Lender by whom those funds should have been made available or, if that Lender fails to do so, the
Borrower to whom that sum was made available, shall on demand pay to the Agent the amount (as certified by the Agent) which will indemnify
the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.

27.5 Partial payments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable
by an Obligor under the Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance
Documents in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **first**, in or towards payment pro rata of any unpaid amounts owing to the Agent under the Finance
Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **secondly**, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid
under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **thirdly**, in or towards payment pro rata of any principal due but unpaid under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **fourthly**, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii)
to (a)(iv) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraphs (a) and (b) above will override any appropriation made by an Obligor.

27.6 No set-off by Obligors

All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

27.7 Business Days

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall
be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest
is payable on the principal or Unpaid Sum at the rate payable on the original due date.

27.8 Currency of account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraphs (b) and (c) below, USD is the currency of account and payment for any sum due from
an Obligor under any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs,
expenses or Taxes are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amount expressed to be payable in a currency other than USD shall be paid in that other currency

27.9 Change of currency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised
by the central bank of any country as the lawful currency of that country, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reference in the Finance Documents to, and any obligations arising under the Finance Documents in,
the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent
(after consultation with the Borrower); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any translation from one currency or currency unit to another shall be at the official rate of exchange
recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Agent (acting
reasonably).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Borrower) specifies to be necessary, be amended to comply with any generally accepted conventions
and market practice in the relevant banking market and otherwise to reflect the change in currency.

27.10 Disruption to payment systems etc.

If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Borrower that a Disruption Event has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent may, and shall if requested to do so by the Borrower, consult with the Borrower with a view
to agreeing with the Borrower such changes to the operation or administration of the Facility as the Agent may deem necessary in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall not be obliged to consult with the Borrower in relation to any changes mentioned in paragraph
(a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree
to such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above
but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any such changes agreed upon by the Agent and the Borrower shall (whether or not it is finally determined
that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of
the Finance Documents notwithstanding the provisions of Clause 33 (*Amendments and Waivers*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value
or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever
but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant
to or in connection with this Clause 27.10; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

28. Set-Off

A Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

29. Notices

29.1 Communications in writing

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by electronic mail or letter.

29.2 Addresses

The address and electronic mail address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Borrower or any other Obligor, that identified with its name below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of each Lender, that notified in writing to the Agent on or prior to the date on which it
becomes a Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Agent, that identified with its name below,

or any substitute address or electronic mail address or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days' notice.

29.3 Delivery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will only be effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if by way of electronic mail, when received in legible form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if by way of letter, when it has been left at the relevant address or five Business Days after being deposited
in the post postage prepaid in an envelope addressed to it at that address,

and, if a particular department or officer is specified as part of its address details provided under Clause 29.2 (*Addresses*), if addressed to that department or officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any communication or document to be made or delivered to the Agent will be effective only when actually
received by the Agent and then only if it is expressly marked for the attention of the department or officer identified with the Agent's
signature below (or any substitute department or officer as the Agent shall specify for this purpose).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All notices from or to an Obligor shall be sent through the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any communication or document made or delivered to the Borrower in accordance with this Clause will be
deemed to have been made or delivered to each of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above,
after 5:00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

29.4 Notification of address and electronic mail address

Promptly upon changing its address or electronic mail address, the Agent shall notify the other Parties.

29.5 Electronic communication

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any communication or document to be made or delivered by one Party to another under or in connection with
the Finance Documents may be made or delivered by electronic mail or other electronic means (including, without limitation, by way of
posting to a secure website) if those two Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notify each other in writing of their electronic mail address and/or any other information required to
enable the transmission of information by that means; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notify each other of any change to their address or any other such information supplied by them by not
less than five Business Days' notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any such electronic communication or delivery as specified in paragraph (a) above to be made between
an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified
to the contrary, this is to be an accepted form of communication or delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any such electronic communication or document as specified in paragraph (a) above made or delivered
by one Party to another will be effective only when actually received (or made available) in readable form and in the case of any electronic
communication or document made or delivered by a Party to the Agent only if it is addressed in such a manner as the Agent shall specify
for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any electronic communication or document which becomes effective, in accordance with paragraph (c) above,
after 5:00 p.m. in the place in which the Party to whom the relevant communication or document is sent or made available has its address
for the purpose of this Agreement shall be deemed only to become effective on the following day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any reference in a Finance Document to a communication being sent or received or a document being delivered
shall be construed to include that communication or document being made available in accordance with this Clause 29.5.

29.6 English language

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice given under or in connection with any Finance Document must be in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other documents provided under or in connection with any Finance Document must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in English; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if not in English, and if so required by the Agent, accompanied by a certified English translation and,
in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

30. Calculations and Certificates

30.1 Accounts

In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are *prima facie* evidence of the matters to which they relate.

30.2 Certificates and determinations

Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.

30.3 Day count convention and interest calculation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any interest, commission or fee accruing under a Finance Document will accrue from day to day and the
amount of any such interest, commission or fee is calculated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the basis of the actual number of days elapsed and a year
of 360 days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to paragraph (b) below, without rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate amount of any accrued interest, commission or fee which is, or becomes, payable by an Obligor
under a Finance Document shall be rounded to 2 decimal places.

31. Partial Invalidity

If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

32. Remedies and Waivers

No failure to exercise, nor any delay in exercising, on the part of any Finance Party or Secured Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document on the part of any Finance Party or Secured Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law.

33. Amendments and Waivers

33.1 Required consents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Clause 33.2 (*All Lender matters*) and Clause 33.3 (*Other exceptions*), any term
of the Finance Documents (other than the Mandate Letter) may be amended or waived only with the consent of the Majority Lenders and the
Obligors and any such amendment or waiver will be binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause
33. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraph (c) of Clause 22.8 (*Pro rata interest settlement*) shall apply to this Clause 33.

33.2 All Lender matters

An amendment or waiver of any term of any Finance Document that has the effect of changing or which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the definition of "Majority Lenders" in Clause 1.1 (*Definitions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an extension to the date of payment of any amount under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a reduction in the Interest Rate or a reduction in the amount of any payment of principal, interest, fees
or commission payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a change in currency of payment of any amount under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an increase in any Commitment or the Total Commitments, an extension of the Availability Period or any
requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably under the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a change to the Borrower or the Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any provision which expressly requires the consent of all the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Clause 2.2 (*Finance Parties' rights and obligations*), Clause 5.1 (*Delivery of the Utilisation Request*), Clause 7.1 (*Illegality*), Clause 7.9 (*Application of prepayments*), Clause 22 (*Changes to the Lenders*),
Clause 23 (*Changes to the Obligors*), Clause 26 (*Sharing among the Finance Parties*), this Clause 33, the governing law of
any Finance Document or Clause 38.1 (*Jurisdiction of English courts*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the nature or scope of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the guarantee and indemnity granted under Clause 16 (*Guarantee and indemnity*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Secured Assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the manner in which the proceeds of enforcement of the Transaction Security are distributed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the release of any guarantee and indemnity granted under Clause 16 (*Guarantee and indemnity*)
or of any Transaction Security,

shall not be made without the prior consent of all the Lenders.

33.3 Other exceptions

An amendment or waiver which relates to the rights or obligations of the Agent or the Arranger (each in their capacity as such) may not be effected without the consent of the Agent or the Arranger, as the case may be.

34. Confidential Information

34.1 Confidentiality

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 34.2 (*Disclosure of Confidential Information*) and Clause 34.3 (*Disclosure to numbering service providers)*, and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.

34.2 Disclosure of Confidential Information

Any Finance Party may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional
advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any
person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature
and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement
to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise
bound by requirements of confidentiality in relation to the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its
rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent and, in
each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one
or more Finance Documents and/or one or more Obligors and to any of that person's
Affiliates, Related Funds, Representatives and professional advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) appointed by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive
communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation,
any person appointed under paragraph (b) of Clause 24.14 (*Relationship with the Lenders*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to whom information is required or requested to be disclosed by any court of competent jurisdiction or
any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant
to any applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may
do so) pursuant to Clause 22.7 (*Security over Lenders' rights*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) who is a Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) with the consent of the Borrower,

in each case, such Confidential Information as that Finance Party shall consider appropriate if:

&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 relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information
is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking
if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential
Information;

&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 relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given
has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential
Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;

&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 relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information
is to be given is informed of its confidential nature and
that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform
if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above
applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation,
in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to
be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider
to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA
Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking
agreed between the Borrower and the relevant Finance Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to any rating agency (including its professional advisers) such Confidential Information as may be required
to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the
Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some
or all of such Confidential Information may be price-sensitive information.

34.3 Disclosure to numbering service providers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Finance Party may disclose to any national or international numbering service provider appointed by
that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more Obligors
the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) names of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) country of domicile of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) place of incorporation of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Clause 37 (*Governing law*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the names of the Agent and the Arranger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) date of each amendment and restatement of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) amount of Total Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) currency of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) type of Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) ranking of Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Repayment Date for the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) changes to any of the information previously supplied pursuant to paragraphs (i) to (xii) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) such other information agreed between such Finance Party and the Borrower,

to enable such numbering service provider to provide its usual syndicated loan numbering identification services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility
and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users
of its services in accordance with the standard terms and conditions of that numbering service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower represents that none of the information set out in paragraphs (i) to (xiv) of paragraph (a)
above is, nor will at any time be, unpublished price-sensitive information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent shall notify the Borrower and the other Finance Parties of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facility
and/or one or more Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more
Obligors by such numbering service provider.

34.4 Entire agreement

This Clause 34.4 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

34.5 Inside information

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.

34.6 Notification of disclosure

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of
Clause 34.2 (*Disclosure of Confidential Information*) except where such disclosure is made to any of the persons referred to in
that paragraph during the ordinary course of its supervisory or regulatory function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon becoming aware that Confidential Information has been disclosed in breach of this Clause 34.

34.7 Continuing obligations

The obligations in this Clause 34 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve months from the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date on which all amounts payable by the Obligors under or in connection with this Agreement have
been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which such Finance Party otherwise ceases to be a Finance Party.

35. Bail-In

35.1 Contractual recognition of bail-in

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Bail-In Action in relation to any such liability, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued
but unpaid interest) in respect of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or part of, any such liability into shares or other instruments of ownership that
may be issued to, or conferred on, it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a cancellation of any such liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In
Action in relation to any such liability.

35.2 Bail-in definitions

In this Clause 35:

"**Article 55 BRRD**" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

"**Bail-In Action**" means the exercise of any Write-down and Conversion Powers.

"**Bail-In Legislation**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55
BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the United Kingdom, the UK Bail-In Legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law
or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or
regulation.

"**EEA Member Country**" means any member state of the European Union, Iceland, Liechtenstein and Norway.

"**EU Bail-In Legislation Schedule**" means the document described as such and published by the Loan Market Association (or any successor person) from time to time.

"**Resolution Authority**" means any body which has authority to exercise any Write-down and Conversion Powers.

"**UK Bail-In Legislation**" means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

"**Write-down and Conversion Powers**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time,
the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to cancel, transfer
or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment
firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument
under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is
to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers
under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to any other applicable Bail-In Legislation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that
is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to
cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises,
to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any
such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any similar or analogous powers under that Bail-In Legislation.

36. Counterparts

Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document.

**SECTION 12**

**GOVERNING LAW AND ENFORCEMENT**

37. Governing Law

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

38. Enforcement

38.1 Jurisdiction of English courts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The courts of England have non-exclusive jurisdiction to settle any dispute arising out of or in connection
with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation
arising out of or in connection with this Agreement) (a "**Dispute** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that the courts of England are the most appropriate and convenient courts to settle
Disputes and accordingly no Party will argue to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding paragraphs (a) and (b) above, no Finance Party or Secured Party shall be prevented from
taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties and
Secured Parties may take concurrent proceedings in any number of jurisdictions.

38.2 Service of process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than
the Borrower):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) irrevocably appoints the Borrower as its agent for service of process in relation to any proceedings before
the English courts in connection with any Finance Document (and the Borrower by its execution of this Agreement, accepts that appointment);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) agrees that failure by an agent for service of process to notify the relevant Obligor of the process will
not invalidate the proceedings concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any person appointed as an agent for service of process is unable for any reason to act as agent for
service of process, the Borrower (on behalf of all the Obligors) must immediately (and in any event within five days of such event taking
place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose.

**This Agreement has been executed as a deed on the date stated at the beginning of this Agreement.**

**Schedule 1**

**The Original Parties**

**Part I<br> The Obligors**

---

| | |
|:---|:---|
| **Name of Borrower** | **Registration number (or equivalent, if any)** |
|  | <br> **Original Jurisdiction**<br>|
| KABANGA NICKEL LIMITED | 11815983 (England and Wales) |

---

---

| | |
|:---|:---|
| **Name of Guarantor** | **Registration number (or equivalent, if any)** |
|  | <br> **Original Jurisdiction**<br>|
| LIFEZONE METALS LIMITED | 020550V (Isle of Man) |
| TEMBO NICKEL CORPORATION LIMITED | 149494871 (Tanzania)<br>|
| TEMBO NICKEL MINING COMPANY LIMITED | 149495398 (Tanzania) |
| TEMBO NICKEL REFINING COMPANY LIMITED | 149495460 (Tanzania) |
| LZ SERVICES LIMITED | 14310284 (England and Wales) |

---

**Part II**

**The Original Lenders**

---

| | |
|:---|:---|
| **Name of Original Lender** | **Commitment** |
| **Taurus Mining Finance Fund No. 2, L.P.** | **USD 60,000,000** |

---

**SIGNATURES**

---

| |
|:---|
| **THE BORROWER** |
| EXECUTED as a DEED by |
| **KABANGA NICKEL LIMITED** |
| acting by: |
| Address: |
| Email: |
| Attention of: |

---

---

| |
|:---|
| **THE PARENT** |
| EXECUTED as a DEED by |
| **LIFEZONE METALS LIMITED** |
| acting by: |
| Address: |
| Email: |
| Attention of: |

---

**THE GUARANTORS**

---

| | |
|:---|:---|
| EXECUTED as a DEED by | COMPANY SEAL |
| **TEMBO NICKEL CORPORATION LIMITED** |  |
| acting by: |  |
| <br> Address: |  |
| Email: |  |
| Attention of: |  |
| BEFORE ME |  |
| Name: |  |
| Signature: |  |
| Address: |  |
| Designation: |  |

---

---

| | |
|:---|:---|
| EXECUTED as a DEED by | COMPANY SEAL |
| **TEMBO NICKEL MINING COMPANY LIMITED** |  |
| acting by: |  |
| <br> Address: |  |
| Email: |  |
| Attention of: |  |
| BEFORE ME |  |
| Name: |  |
| Signature: |  |
| Address: |  |
| Designation: |  |

---

---

| | |
|:---|:---|
| EXECUTED as a DEED by | COMPANY SEAL |
| **TEMBO NICKEL REFINING COMPANY LIMITED** |  |
| acting by: |  |
| <br> Address: |  |
| Email: |  |
| Attention of: |  |
| BEFORE ME |  |
| Name: |  |
| Signature: |  |
| Address: |  |
| Designation: |  |

---

---

| |
|:---|
| EXECUTED as a DEED by |
| **LZ SERVICES LIMITED** |
| acting by: |
| Address: |
| Email: |
| Attention of: |

---

---

| |
|:---|
| [\*\*\*] |
| Name: [\*\*\*] |
| Status: Authorised Signatory |

---

---

| | |
|:---|:---|
| Address: | Corporations Trust Center, |
|  | 1209 Orange St, Wilmington, |
|  | DE, 19801, USA |
| Email: [\*\*\*] | Email: [\*\*\*] |

---

Attention: Brad Cowdroy, Mark Cook,

Tim Woolaver and Megan Lui

---

| |
|:---|
| [\*\*\*] |
| Name: [\*\*\*] |
| Status: Authorised Signatory |

---

---

| | |
|:---|:---|
| Address: | Corporations Trust Center, |
|  | 1209 Orange St, Wilmington, |
|  | DE, 19801, USA |
| Email: [\*\*\*] | Email: [\*\*\*] |

---

Attention: [\*\*\*]

---

| |
|:---|
| [\*\*\*] |
| Name: [\*\*\*] |
| Status: Authorised Signatory |

---

---

| | |
|:---|:---|
| Address: | Corporations Trust Center, |
|  | 1209 Orange St, Wilmington, |
|  | DE, 19801, USA |
| Email: [\*\*\*] | Email: [\*\*\*] |

---

Attention: [\*\*\*]

## Exhibit 10.2

**Exhibit 10.2** 

**LIFEZONE METALS LIMITED**

**AMENDED AND RESTATED SENIOR UNSECURED CONVERTIBLE DEBENTURE DUE MARCH 27, 2028**

**DEBENTURE**

---

| | |
|:---|:---|
| **CERTIFICATE NUMBER: CD-[●]** | **<br>PRINCIPAL AMOUNT: US$[●]** |

---

**LIFEZONE METALS LIMITED**, a company limited by shares incorporated under the laws of the Isle of Man with company number 020550V and having its registered office at Commerce House, 1 Bowring Road, Ramsey IM8 2LQ, Isle of Man (the "**Borrower**"), for value received, hereby acknowledges itself indebted and promises to pay to or to the order of [●] as nominee for [●] (hereinafter referred to as the "**Lender**" or the "**Debentureholder**"), the principal amount of [●] dollars (US$[●]) (the "**Principal Amount**") in lawful money of the United States of America in the manner hereinafter provided at the foregoing address of the nominee, or at such other place or places as the Lender may designate by notice in writing to the Borrower, on March 27, 2028 (the "**Maturity Date**"), or such earlier date as the Principal Amount may become due and payable, and to pay interest to the Lender on the Principal Amount outstanding from time to time owing hereunder to the date of payment as hereinafter provided, both before and after maturity or demand, default and judgment. The Debentures are issued at a discount equal to 1.5% of the aggregate Principal Amount of the Debentures (the "**OID**").

Effective as of the date hereof, this Debenture amends, re-evidences, restates, replaces and supersedes the senior unsecured convertible debenture certificate number CD-[·] issued by the Borrower to the Debentureholder dated March 27, 2024 (the "**Original Debenture**"). Upon execution of this Debenture, the Original Debenture shall be amended and restated, as of the date hereof without novation, all amounts outstanding under and in respect of the Original Debenture shall continue to be outstanding under this Debenture and all obligations under the Original Debenture shall continue as obligations under this Debenture. It is the intent of the Borrower and the Debentureholder that this Debenture shall not constitute a novation of the outstanding obligations and liabilities existing under the Original Debenture or evidence payment of all or any part of such outstanding obligations and liabilities and that this Debenture restates in its entirety the Original Debenture as amended hereby.

Commencing on the Registration Effective Date (as defined herein), the Debentureholder has the right, from time to time and at any time prior to 5:00 p.m. (New York time) on the earlier of: (i) the third Business Day (as defined herein) immediately preceding the Maturity Date; (ii) the Business Day immediately preceding the Mandatory Conversion Date (as defined herein); and (iii) the Business Day prior to any repurchase of the Debenture in accordance with the terms hereof, to convert all or any portion of the outstanding Principal Amount into Shares (as defined herein), at a price, with respect to the Principal Amount, equal to the Conversion Price (as defined herein), subject to adjustment in certain events, together with any accrued and unpaid interest owing thereon on the Conversion Date (as defined herein).

Subject to the terms and conditions of this Debenture, unless the Lender exercises the Conversion Right (as defined herein), the Borrower exercises the Mandatory Conversion Right (as defined herein) attached to this Debenture or there is any repurchase of the Debenture in accordance with the terms hereof, the Principal Amount owing, or the portion of the Principal Amount which has yet to be converted, together with any accrued and unpaid interest owing thereon and all other amounts now or hereafter payable hereunder (collectively, the "**Obligations**") shall be due and payable on the Maturity Date in accordance with the terms hereof. This Debenture is issued subject to the terms and conditions appended hereto as Schedule A.

*(signature page follows)*

IN WITNESS WHEREOF, the Borrower has caused this Debenture to be executed as a deed by a duly authorized officer and takes effect and is delivered on the date stated below.

DATED for reference this ___ day of August, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**LIFEZONE METALS LIMITED** (acting by two authorized signatories)

---

| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: Properly authorized representative |
| By: |  |
|  | Name: |
|  | Title: Properly authorized representative |

---

**ACKNOWLEDGEMENT** 

IN WITNESS WHEREOF, the Debentureholder hereby acknowledges, confirms, and consents to the amendment and restatement of the Original Debenture as set out in this Debenture and further acknowledges that this Debenture supersedes the Original Debenture and the Original Debenture will have no further force and effect upon the issuance of this Debenture.

**DATED** as of August _______, 2025.

---

| | |
|:---|:---|
| **[·]** |  |
| By: |  |
|  | Authorized Signatory |

---

*(See terms and conditions attached hereto)*

**Schedule A – Terms and Conditions for Amended and Restated Senior Unsecured Convertible Debentures**

**Article 1 – Interpretation**

**Section 1.1 Definitions**

In this Debenture, the following terms shall have the following meanings:

(1) **"Applicable Laws"** means all applicable laws, rules, regulations, policies, statutes, ordinances, codes, orders, consents, decrees, judgments, decisions, rulings, awards of any governmental authority and the terms and conditions of any Authorizations, including any judicial or administrative interpretation thereof.

(2) **"Authorization"** means any regulatory approval, licence, permit, approval, consent, certificate, registration, filing or other authorization of or issued by any governmental authority, including any material licenses required in respect of the operation of the Borrower and Subsidiaries' business;

(3) **"BHP"** means BHP Billiton (UK) DDS Limited;

(4) **"Borrower"** means Lifezone Metals Limited;

(5) **"Business"** means the business of the Borrower and its Subsidiaries as currently carried on which includes but is not limited to exploration and evaluation activities, mining activities, provision and supply of metals, clean energy transition ventures, licensing of intellectual property including (but not limited to) hydromet technology (which means the hydrometallurgical concentrate processing technology that has been developed, and intended to be developed further, based on the intellectual property of the Borrower and its Subsidiaries (which includes certain patents and proprietary information in relation to such technology)), and undertakings in the metals recycling industry;

(6) **"Business Day"** means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York, United States and London, United Kingdom are authorized by law to close;

(7) "**Calculation Date**" means the date falling five Business Days before each Interest Payment Date;

(8) **"Capital Lease"** means a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with the accounting standards applicable to such lessee;

(9) "**Capital Reorganisation**" has the meaning attributed thereto in Section 4.3(5);

(10) **"Change of Control"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any transaction (whether by purchase, merger or otherwise) whereby a Person or Persons acting jointly
or in concert (within the meaning of Applicable Laws) directly or indirectly acquires the right to cast, at a general meeting of shareholders
of the Borrower, more than 50% of the votes attached to the Shares that may be ordinarily cast at a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower's arrangement, amalgamation, consolidation or merger with or into any other Person,
or any merger of another Person into the Borrower, unless the holders of voting securities of the Borrower immediately prior to such arrangement,
amalgamation, consolidation or merger hold securities representing 50% or more of the voting control or direction in the Borrower or the
successor entity upon completion of the arrangement, amalgamation, consolidation or merger; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any conveyance, transfer, sale lease or other disposition of all or substantially all of the Borrower's
and the Borrower's subsidiaries' assets and properties, taken as a whole, to another arm's length Person.

For greater certainty, BHP's exercise of the T2 Option to increase its ownership in Kabanga Nickel Limited shall not constitute a Change of Control;

(11) **"Change of Control Notice"** has the meaning attributed thereto in Section 3.5;

(12) **"Closing Date"** means the closing date of the Offering;

(13) "**Conversion Date**" has the meaning attributed thereto in Section 4.1;

(14) **"Conversion Price"** means US$8.00 per Share, subject to adjustment in certain events;

(15) **"Conversion Right"** has the meaning attributed thereto in Section 4.1;

(16) **"Current Market Price"** has the meaning attributed thereto in Section 4.3(2);

(17) **"Debentureholders"** means, collectively, the holders of the Debentures;

(18) **"Debentures"** means the amended and restated senior unsecured convertible debenture and any other debentures substantially on the same terms as the Original Debenture issued by the Borrower under the Offering, each consisting of US$1,000 principal amount senior unsecured convertible debenture maturing on the Maturity Date and any other debentures substantially on the same terms as this debenture issued by the Borrower;

(19) "**dividends paid in the ordinary course**" has the meaning attributed thereto in Section 4.3(3);

(20) **"Event of Default"** has the meaning attributed thereto in Section 6.1;

(21) **"Exchange"** means the New York Stock Exchange or such other stock exchange as approved by the holder of the Debentures on which the Shares are listed and posted for trading;

(22) "**Final Investment Decision**" means an irrevocable and unconditional decision to proceed with the construction of the facilities necessary to proceed with mining operations in respect of the Kabanga Nickel Deposit at Kabanga in Ngara District, Kagera Region, Tanzania including the facilities for the extraction and on-site concentration of minerals.

(23) "**Indebtedness**" has the meaning attributed thereto in Section 7.1;

(24) **"Interest Payment Date"** means March 30, June 30, September 30 and December 30 of each year commencing June 30, 2024, as well as the Maturity Date, and the date on which this Debenture is redeemed or converted in whole or in part;

(25) "**Interest Shares**" has the meaning attributed thereto in Section 2.4;

(26) "**Issue Date**" has the meaning attributed thereto in Section 4.2(1);

(27) **"Kabanga Project"** means the anticipated future mining operations in respect of the Kabanga Nickel Deposit at Kabanga in Ngara District, Kagera Region, Tanzania, including: (a) the extraction and on-site concentration of minerals, and (b) mineral concentrate refining and processing operations to be conducted at a multi-mineral processing facility in Tanzania, and (c) related infrastructure;

(28) **"Lender" means** [●];

(29) **"Lien"** means, with respect to any Person, any encumbrance or title defect of whatsoever kind or nature, regardless of form, whether or not registered or registrable and whether or not consensual or arising by law (statutory or otherwise), including any mortgage, lien, charge, pledge or security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property of such Person, whether fixed or floating, or any assignment, lease, option, right of pre-emption, privilege, encumbrance, easement, servitude, right of way, restrictive covenant, right of use or any other right or claim of any kind or nature whatsoever which affects ownership or possession of, or title to, any interest in, or right to use or occupy such property or assets;

(30) **"Mandatory Conversion Date"** has the meaning given to such term in Section 3.7;

(31) **"Mandatory Conversion Right"** means the right attached to this Debenture which permits the Borrower to redeem the Principal Amount into Shares in accordance with Section 3.7;

(32) **"Material Subsidiaries"** means the material subsidiaries of the Borrower, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lifezone
 Holdings Limited, a wholly owned subsidiary incorporated under the laws of the Isle of Man;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lifezone
 Limited, an indirect wholly owned subsidiary incorporated under the laws of the Isle of Man;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Kabanga
 Nickel Limited, a subsidiary incorporated under the laws of the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Tembo
 Nickel Corporation Limited, incorporated under the laws of the United Republic of Tanzania;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Tembo
 Nickel Mining Company Limited, incorporated under the laws of the United Republic of Tanzania;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Tembo
 Nickel Refining Company Limited, incorporated under the laws of the United Republic of Tanzania.

(33) **"Maturity Date"** means March 27, 2028;

(34) **"Merger"** means any transaction (whether by way of consolidation, amalgamation, merger, transfer, sale or lease) whereby all or substantially all of the Borrower's assets would become the property of any other Person, or, in the case of any such consolidation, amalgamation or merger, of the continuing corporation or other entity resulting therefrom;

(35) **"Offering"** means the offering of Debentures in the aggregate principal amount of US$**[ ]** to be issued and sold by the Borrower, as announced in the Borrower's press release dated March 21 2024;

(36) **"OID"** has the meaning attributed thereto on the cover page of this Debenture;

(37) **"Per Share Cost"** has the meaning attributed thereto in Section 4.3(2);

(38) **"Permitted Acquisition"** means, with respect to any Person, any transaction by which such Person acquires as a going concern the business of, or all or substantially all of the assets of any corporation or other business entity or division thereof or any other person, whether through purchase of assets, purchase of shares or other equity interests, amalgamation, merger, joint venture or otherwise, but in each case only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Event of Default is continuing on the date of the acquisition or would occur as a result of such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Person or Persons from whom the acquisition is made are at arm's length to such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the relevant business is related to the strategic objectives of the business carried on by such Person;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the aggregate purchase price for the acquisition (including any direct or indirect payments made to any
of the vendors in connection therewith) does not exceed the fair market value of the business or assets being acquired;

(39) **"Permitted Encumbrances"** has the meaning given to such term in Section 6.2(2);

(40) **"Permitted Secured Debt"** means, with respect to the Borrower or its Subsidiaries, any non-convertible (other than as set out in subsection (d) below) Secured Debt of the Borrower or its Subsidiaries that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) incurred or assumed by the Borrower or its Subsidiaries in connection with offtake and/or marketing rights
arrangements relating to the Kabanga Project, which entail facilitating a contract between the Kabanga Project and an end customer for
the monetisation of product produced by the Kabanga Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) project financing incurred or assumed by the Borrower or its Subsidiaries in connection with the development
and construction of the nickel mine and refinery and the related infrastructure relating to the Kabanga Project, provided that such Secured
Debt is for aggregate gross proceeds of not less than US$450 million and is made available to the Kabanga Nickel Limited (or its Subsidiaries)
in connection with and for the purpose of facilitating a positive Final Investment Decision in respect of the Kabanga Project with a customary
security package;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the bridging or short-term loan facility agreement with Taurus Mining Finance Fund No. 2, L.P. incurred
or assumed by the Borrower or its Subsidiaries in relation to the Kabanga Project in the maximum aggregate amount of $60 million plus
accrued and unpaid interest, fees, costs and expenses thereon as announced by the borrower in August 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) convertible or non-convertible indebtedness incurred or assumed by the Borrower or the Subsidiaries to
a development finance institution, including the International Finance Corporation (IFC), the African Finance Corporation (AFC), the Development
Finance Corporation (DFC), or the European Bank Reconstruction and Development (EBRD) and similar organisations or sovereign wealth fund
in the normal course of Business, provided that in the case of convertible **indebtedness** such debt is issued: (i) with a conversion price not lower than Conversion Price; (ii) with an interest rate not higher than the interest
of the Debentures; and (iii) with a term of maturity not less than one (1) year after the Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) owing by either a Subsidiary to the Borrower or to another Subsidiary of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) incurred or assumed by the Borrower or its Subsidiaries in connection with the purchase of real or personal
property in the ordinary course of the Borrower's or its Subsidiaries' business, provided that the applicable Lien extends
only to such property and its proceeds, and secures an amount not exceeding the purchase price of such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a Capital Lease obligation of the Borrower
 or its Subsidiaries **,** including, without limitation,
 any indebtedness incurred for the purchase or lease of specifically identified equipment,
 for which a purchase money security interest is granted ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) incurred or assumed by the Borrower or its Subsidiaries in connection with a Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) incurred or assumed by the Borrower or its Subsidiaries in connection with any arrangement, undertaking
or partnership with Glencore plc or its subsidiaries in respect of a precious metals recycling project that may utilise the hydromet technology
of the Borrower or its Subsidiaries, and the construction of a commercial-scale recycling facility intended to deliver refined metals,
provided that the applicable Lien extends only to such property and its proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) incurred by the Borrower or its Subsidiaries in connection with any extension, renewal or refinancing
of any of the foregoing provided that the applicable outstanding principal amount is not increased; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a guarantee or other contingent obligation in respect of (a) to (h) above.

(41) **"Permitted Subordinated Debt"** means any and all indebtedness incurred or assumed by the Borrower or its Subsidiaries after the date of issue of this Debenture in respect of which all obligations of payment and performance, together with all security interests or collateral granted as security for payment and performance, are fully postponed and subordinated to the indebtedness owed to the holder of this Debenture, and for greater certainty shall include guarantees or other contingent obligations of the Borrower or of its Subsidiaries for any indebtedness that would otherwise constitute "Permitted Subordinated Debt" for the purpose of this definition;

(42) **"Person"** means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, or a government or agency or political subdivision thereof;

(43) "**PIK Interest**" has the meaning attributed thereto in Section 2.4(2);

(44) "**PIK Interest Payment Date**" **means the second anniversary of the Closing Date;**

(45) **"Principal Shares"** has the meaning attributed thereto in Section 2.1;

(46) **"Registration Effective Date"** means date that the Registration Statement and any amendment is declared effective by the SEC registering the resale of all Shares issuable under the terms of the Debentures (including Principal Shares and Interest Shares) or upon conversion of the Debentures at then prevailing market prices (and not fixed prices);

(47) **"Registration Statement"** means the Form F-3 registration statement of the Borrower registering the resale of all Shares issuable upon conversion of the Debentures under Rule 415 under the *United States Securities Act of 1933*, as amended;

(48) **"Rights Offering"** has the meaning attributed thereto in Section 4.3(2);

(49) **"Rights Period"** has the meaning attributed thereto in Section 4.3(2);

(50) **"SEC"** means the United States Securities and Exchange Commission;

(51) **"Secured Debt"** means, with respect to any Person, any obligation of such Person for borrowed money that is secured in any manner by any Lien on any real or personal property of such Person;

(52) **"Shares"** means the subordinate voting shares in the capital of the Borrower or the voting shares of the continuing corporation or other resulting issuer formed as a result of a Merger;

(53) "**SOFR**" means a rate equal to the daily average of the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the Federal Reserve Bank of New York's (or any successor's) website in each case on or about 5:00 p.m. (New York City time) for the period from each applicable Interest Payment Date to and excluding each applicable Calculation Date;

(54) "**SOFR Floor**" means a rate of interest equal to 3.0% per annum;

(55) "**Special Distribution**" has the meaning attributed thereto in Section 4.3(3);

(56) **"Subscription Agreement"** means the subscription agreement entered into between the Lender and Borrower dated March 21, 2024 in respect of the purchase and sale of the Debentures;

(57) **"Subsidiary"** means any one of and "**Subsidiaries**" means collectively the subsidiaries of the Borrower, consisting of any corporation or other business entity in which the Borrower or one or more of its Subsidiaries, now or in the future, owns, directly or indirectly, sufficient equity or voting interests to enable it or them (as a group) to elect a majority of the directors (or Persons performing similar functions) of such entity, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by the Borrower or one or more of its Subsidiaries;

(58) **"T2 Option"** means the Investment Option Agreement dated October 14, 2022, as amended on February 8, 2023, among Kabanga Nickel Limited, BHP and Lifezone Limited which grants BHP indirect ownership of 51% of total voting and economic equity rights in Tembo Nickel Corporation Limited, with the option, if exercised, leading to BHP owning 60.71% of Kabanga Nickel Limited's total voting and equity rights;

(59) **"Taxes"** means any present or future income and other taxes, levies, rates, royalties, deductions, withholdings, assessments, fees, dues, duties, imposts and other charges of any nature whatsoever, together with any interest and penalties, additions to tax and other additional amounts, levied, assessed or imposed by any governmental authority;

(60) **"trading day"** means a day on which the Exchange is open for trading (or if the Borrower's Shares are not then listed on an Exchange, such other recognized stock exchange or quotation system on which the Shares may trade or be quoted);

(61) **"VWAP"** means the daily volume weighted average trading price of the Shares for the applicable period (which must be calculated utilizing days in which the Shares actually trade) on the Exchange; and

**Section 1.2 Headings**

The inclusion of headings in this Debenture is for convenience of reference only and shall not affect the construction or interpretation hereof.

**Section 1.3 Currency**

Unless otherwise indicated, all amounts in this Debenture are stated and shall be paid in currency of the United States of America.

**Section 1.4 Number, Gender and Persons**

Unless the context otherwise requires, words importing the singular in number only shall include the plural and vice versa, words importing the use of gender shall include the masculine, feminine and neuter genders and words importing persons shall include individuals, corporations, partnerships, associations, trusts, unincorporated organizations, governmental bodies and other legal or business entities.

**Section 1.5 Severability**

If any provision of this Debenture is determined by a Court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such determination shall not impair or affect the validity, legality or enforceability of the remaining provisions hereof, and each such provision shall be interpreted in such a manner as to render them valid, legal and enforceable to the greatest extent permitted by Applicable Laws. Each provision of this Debenture is declared to be separate, severable and distinct.

**Section 1.6 Entire Agreement**

This Debenture, including any schedules attached hereto, and the Subscription Agreement constitute the entire agreement between the Borrower and the Lender relating to the subject matter hereof, and supersedes all prior agreements, representations, warranties, statements, promises, information, arrangements, understandings, conditions or collateral agreements, whether oral or written, express or implied, with respect to the subject matter hereof.

**Article 2 – Payment of Principal, Interest and Other Considerations**

**Section 2.1 Repayment of Principal**

Subject to the terms and conditions hereof, the Principal Amount outstanding on this Debenture, together with any accrued and unpaid interest owing thereon, shall be repaid by the Borrower to the Lender on the Maturity Date, (i) in cash or (ii) with the prior written consent of the Lender, in its sole and absolute discretion, by the issue of the equivalent value in Shares (the "**Principal Shares**") at a price per Principal Share equal to a 7.5% discount to the VWAP of the Shares on the Exchange for the five (5) trading days preceding the Maturity Date.

**Section 2.2 Interest Payable**

Interest on the Principal Amount outstanding under this Debenture, and interest on any accrued and unpaid interest and PIK Interest owing thereon, shall be at the rate equal to SOFR plus four percent (4.00%) per annum, calculated on each Calculation Date and accrued quarterly in arrears and shall be payable on each Interest Payment Date. Interest shall be computed on the basis of a 360-day year composed of twelve 30-day months. If the SOFR would be less than the SOFR Floor, the SOFR will be deemed to be the SOFR Floor for the purpose of this Debenture. For greater certainty, such interest shall be payable before, during or after the occurrence of an Event of Default. The June 30, 2024 interest payment will represent accrued interest from the Closing Date to June 30, 2024.

**Section 2.3 Additional Interest Payable in Event of Default**

If any Event of Default shall occur for any reason, except for such Event of Default that can be cured by the Borrower within seven (7) days from the date notice is provided to the Lender in accordance with Section 7.1(1)(b) or as otherwise permitted by the Lender, additional interest on the Principal Amount outstanding under this Debenture and with respect to overdue principal and interest, shall be payable at the rate of five percent (5.00%) per annum, calculated and payable quarterly, not in advance, from the date of the occurrence of an Event of Default, and shall be paid on the applicable Interest Payment Dates during the period that an Event of Default is continuing.

**Section 2.4 Method of Paying of Interest**

(1) For the period commencing on the Closing Date and ending on the Registration Effective Date, the Borrower shall satisfy its obligation to pay interest on the Debentures on each Interest Payment Date in cash in lawful money of the United States of America.

(2) For the period following the Registration Effective Date and ending on the second anniversary of the Closing Date (the "**PIK Interest Payment Date**"), the Borrower shall (for so long as the VWAP of the Shares is above US$4.00 for the five (5) trading days preceding the applicable Calculation Date) satisfy its obligation to pay interest on the Debentures on each Interest Payment Date, (i) as to two-thirds (2/3) of the applicable interest payment in cash, which shall accrue (the "**PIK Interest**") to the Principal Amount outstanding of the Debentures on each Interest Payment Date until the PIK Interest Payment Date, and (ii) as to one third (1/3) of the applicable interest payment by the issue of the equivalent value in Shares (the "**Interest Shares**") at a price per Interest Share equal to a 7.5% discount to the VWAP of the Shares on the Exchange for the five (5) trading days preceding the applicable Interest Payment Date. In the event that the VWAP of the Shares for the five (5) trading days preceding the applicable Calculation Date is US$4.00 or below, the Borrower shall satisfy its obligation to pay interest on the Debentures on the applicable Interest Payment Date in cash in lawful money of the United States of America.

(3) The Borrower shall pay all accrued and unpaid PIK Interest, together with accrued and unpaid interest thereon, on the PIK Interest Payment Date in cash in lawful money of the United States of America.

(4) For the period commencing immediately after the PIK Interest Payment Date, the Borrower shall satisfy its obligation to pay interest on the Debentures on an applicable Interest Payment Date in cash in lawful money of the United States of America.

(5) On each Calculation Date, the Borrower shall provide the Lender with its written calculation of the amount of accrued and unpaid interest on the Principal Amount due and payable on the applicable Interest Payment Date and a per diem amount thereon. If at any time a dispute arises between the Lender and the Borrower with respect to the amount of accrued and unpaid interest due and payable on an Interest Payment Date, such dispute will be conclusively determined by such firm of independent chartered accountants as may be selected by the Borrower and approved by the Lender, acting reasonably, and any such determination will be binding on the Borrower and the Lender. The Borrower will provide such auditors or accountants with access to all necessary records of the Borrower and will be responsible for any costs associated with their review.

**Section 2.5 Rank**

The Debentures will constitute direct unsecured obligations of the Borrower. Each Debenture will rank *pari passu* with each other Debenture in right of payment of unsecured principal and interest (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, in priority to all other indebtedness of the Borrower incurred after completion of the Offering, other than (i) the Permitted Secured Debt and (ii) Permitted Subordinated Debt incurred under Section 6.2(1).

**Article 3 – Redemption or Purchase of Debenture**

**Section 3.1 Early Redemption by the Borrower**

The Borrower shall not be permitted to redeem or repay this Debenture prior to the Maturity Date without the prior written consent of the Debentureholder, in its sole and absolute discretion, except that at any time on or after: (i) the exercise of the T2 Option by BHP in full, or (ii) the second anniversary of the Closing Date, the Borrower shall, in its sole discretion, have the right to, upon not less than thirty (30) days prior written notice to the Lender, purchase the Debentures at a purchase price payable in cash equal to 105% of the Principal Amount thereof plus accrued and unpaid interest to the Maturity Date as if the Principal Amount outstanding under the Debentures remained outstanding until the Maturity Date.

**Section 3.2 Early Redemption by the Debentureholder**

The Debentureholder shall, in its sole discretion, have the right to require the Borrower to, upon not less than thirty (30) days prior written notice to the Borrower, repurchase the Debentures at a purchase price, payable in cash, equal to 100% of the Principal Amount thereof, plus all accrued and unpaid interest if the Registration Effective Date has not occurred on or before March 1, 2025.

**Section 3.3 Registration Effective Date Penalty**

(1) In the event that the Registration Statement is not declared effective by August 30, 2024 (the "**Event Date**"), then, in addition to any other rights the Debentureholder may have under this Debenture, the Subscription Agreement and Applicable Laws, the Borrower shall be obligated to pay to the Debentureholder liquidated damages equal to 1.0% of the aggregate Principal Amount of the Debentures in cash in lawful money of the United States of America on or before the third Business Day of September, 2024.

(2) In the event that the Registration Statement is not declared effective on the last Business Day of each successive month following the Event Date, then, in addition to any other rights the Debentureholder may have under this Debenture, the Subscription Agreement and Applicable Laws, the Borrower shall be obligated to pay to the Debentureholder liquidated damages equal to an additional 1.0% of the aggregate Principal Amount of the Debentures in cash for each month that the registration statement is not declared effective, payable not later than the third Business Day of the following month.

(3) For greater certainty, the payment of liquidated damages by the Borrower to the Debentureholder in accordance with Section 3.3(1) and Section 3.3(2) shall not reduce the Principal Amount or interest due under this Debenture.

**Section 3.4 Redemption, Exchange or Conversion if Change of Control**

(1) The Borrower shall notify the Debentureholder of a pending Change of Control or Merger in accordance with Section 3.5 and the Debentureholder shall, in its sole discretion, have the right to require the Borrower to (i) if the Change of Control or Merger occurs prior to the first anniversary of the Closing Date, purchase the Debentures at a purchase price payable in cash equal to 120% of the principal amount thereof plus accrued and unpaid interest to the Maturity Date; or (ii) if the Change of Control or Merger occurs after the first anniversary of the Closing Date and prior to the second anniversary of the Closing Date, purchase the Debentures at a purchase price payable in cash equal to 115% of the principal amount thereof plus accrued and unpaid interest to the Maturity Date; or (iii) if the Change of Control or Merger occurs after the second anniversary of the Closing Date, purchase the Debentures at a purchase price payable in cash equal to 110% of the principal amount thereof plus accrued and unpaid interest to the Maturity Date, in each case as if the Principal Amount outstanding under the Debentures remained outstanding until the Maturity Date.

**Section 3.5 Notice of Change of Control**

Upon the occurrence of any event constituting or reasonably likely to constitute a Change of Control or Merger, the Borrower shall give written notice to the Lender of such Change of Control or Merger as soon as reasonably possible prior to the effective date of any such Change of Control or Merger and in any event, not later than thirty (30) days after the consummation of a Change of Control or Merger (the "**Change of Control Notice**").

**Section 3.6 Purchases for Cancellation**

The Borrower will have the right at any time and from time to time to purchase the Debentures in the market, by tender, or by private contract.

**Section 3.7 Mandatory Conversion Right**

(1) Commencing on the Registration Effective Date, upon and subject to the terms and conditions hereinafter set forth, including Section 4.4, the Borrower shall have the right (the "**Mandatory Conversion Right**"), at any time prior to the Maturity Date, to require the Debentureholder to convert all but not less than all of the Principal Amount outstanding under all the Debenture issued under the Offering at the Conversion Price if the VWAP of the Shares is greater than a 50% premium to the Conversion Price in any fifteen (15) trading days during any period of thirty (30) consecutive trading days of the Shares on the Exchange. For greater certainty, for purposes of the Mandatory Conversion Right trading days shall not include any trading day on which the Shares issuable upon conversion of the Debentures would be subject to restrictions on resale in the United States of America or on the Exchange.

(2) The Mandatory Conversion Right may be exercised by the Borrower by delivering not more than 60 days' and not less 30 days' advance written notice (the "**Mandatory Conversion Notice**") to the Debentureholder. The Mandatory Conversion Notice shall provide that the Mandatory Conversion Right is being exercised, shall specify the Principal Amount to be converted, shall specify the fifteen (15) trading days on the Exchange on which the VWAP of the Shares equaled or exceeded a 50% premium to the Conversion Price, shall state the amount of accrued and unpaid interest due and payable by the Borrower to the Lender, and shall set out the date (the "**Mandatory Conversion Date**") on which the conversion shall occur and the amount of accrued and unpaid due and payable interest is to be paid. The Mandatory Conversion Right shall be deemed to have been effected immediately prior to the close of business on the Mandatory Conversion Date. On the Mandatory Conversion Date, provided the amount of accrued and unpaid interest, have been paid to the Lender this Debenture shall be cancelled. With the Mandatory Conversion Notice, the Borrower shall provide the Lender with its written calculation of the amount of accrued and unpaid interest on the Principal Amount which is the subject of the Mandatory Conversion Right pursuant to the Mandatory Conversion Notice, up to the date of that Mandatory Conversion Notice and a per diem amount thereon. For greater certainty, the Mandatory Conversion Right may only be exercised by the Borrower if the Shares issuable upon conversion of the Debentures are not subject to any restrictions on resale in the United States of America or on the Exchange.

**Article 4 – Conversion**

**Section 4.1 Conversion Right.**

(1) Upon and subject to the terms and conditions hereinafter set forth, the Lender shall have the right (the "**Conversion Right**"), but not the obligation, at any time, and from time to time, up to and including earlier of: (a) the third Business Day immediately preceding the Maturity Date; (b) the Business Day immediately preceding the Mandatory Conversion Date; and (c) the Business Day prior to any repurchase of the Debenture in accordance with the terms hereof, to notify the Borrower that it wishes to convert, for no additional consideration, all or any part of the Principal Amount of this Debenture (the "**Converted Debenture Amount**") (i) into that number of fully paid and non-assessable Shares that is equal to the Converted Debenture Amount divided by the Conversion Price in effect on the Issue Date (as hereinafter defined), provided that the Lender must convert the Principal Amount of this Debenture in a minimum amount of US$50,000, unless the principal amount remaining is less than US$50,000 in which case, the entire remaining amount shall be converted, and (ii) accrued and unpaid interest on the Principal Amount being converted in the same proportion of cash and Shares in accordance with Section 2.4. For greater certainty, if the Lender is electing to convert all or a portion of the Principal Amount, then the applicable amount of accrued and unpaid interest on the Principal Amount being converted must be paid by the Borrower up to, but excluding, the applicable date of conversion (the "**Conversion Date**") in accordance with Article 2.

(2) The Conversion Right shall extend only to the maximum number of whole Shares into which the Principal Amount of this Debenture or any part thereof may be converted in accordance with this Section 4.1. Fractional interests in Shares shall be adjusted in the manner provided in Section 4.4.

**Section 4.2 Conversion Procedure**

(1) The Conversion Right may be exercised by the Lender by completing and signing the notice of conversion (the "**Conversion Notice**") attached hereto as Schedule B and delivering the Conversion Notice and this Debenture to the Borrower. The Conversion Notice shall provide that the Conversion Right is being exercised, shall specify the Principal Amount being converted and shall set out the date (the "**Issue Date**") on which Shares are to be issued upon the exercise of the Conversion Right (such date to be immediately after the Conversion Notice is issued and in any event within three (3) Business Days after the day the Conversion Notice is issued). The conversion shall be deemed to have been effected immediately prior to the close of business on the Issue Date and the Shares issuable upon conversion shall be deemed to be issued as fully paid and non-assessable at such time. On the Issue Date, the required number of Shares shall be issued and accrued and unpaid interest shall be paid to the Lender. If less than all of the Principal Amount of this Debenture is the subject of the Conversion Right, then on the Issue Date, the Borrower shall deliver to the Lender a replacement Debenture in the form hereof in the principal amount of the unconverted principal balance hereof, and this Debenture shall be cancelled. If the Conversion Right is being exercised in respect of the entire Principal Amount of this Debenture, this Debenture shall be cancelled. With the Conversion Notice, the Lender shall provide the Borrower with its written calculation of the amount of accrued and unpaid interest on the Principal Amount which is the subject of the Conversion Right pursuant to the Conversion Notice, up to the date of that Conversion Notice and a per diem amount thereon.

**Section 4.3 Adjustment of Conversion Price**

The Conversion Price in effect at any date shall be subject to adjustment from time to time as follows:

(1) If and whenever at any time prior to the Maturity Date, the Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subdivide or re-divide the outstanding Shares into a greater number of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reduce, combine or consolidate the outstanding Shares into a smaller number of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue Shares (or securities convertible into or exchangeable for Shares) to the holders of all or substantially
all of the outstanding Shares by way of stock dividend other distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make a distribution on its outstanding Shares payable in Shares or securities exchangeable for or convertible
into Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) make a distribution to all or substantially all of the holders of Shares of any other class of shares,
rights, options or warrants, evidences of indebtedness or assets,

the Conversion Price in effect on the effective date of such subdivision, re-division, reduction, combination or consolidation or on the record date for such issue of Shares (or securities convertible into or exchangeable for Shares) by way of a stock dividend or other distribution, as the case may be, shall, in the case of the events referred to in Sections 4.3(1)(a), (c), (d) and (e) above, be decreased in proportion to the increase in the number of outstanding Shares resulting from such subdivision, re-division or dividend (including, in the case where securities convertible into or exchangeable for Shares are issued, the number of Shares that would have been outstanding had such securities been converted into or exchanged for Shares on such effective or record date) or shall, in the case of the events referred to in Section 4.3(1)(b) above, be increased in proportion to the decrease in the number of outstanding Shares resulting from such reduction, combination or consolidation on such effective or record date. Such adjustment shall be made successively whenever any event referred to in this Section 4.3(1) shall occur. Any such issue of Shares (or securities convertible into or exchangeable for Shares) by way of a stock dividend or other distribution shall be deemed to have been made on the record date for the stock dividend or other distribution for the purpose of calculating the number of outstanding Shares under Sections 4.3(2) and (3); to the extent that any such securities are not converted into or exchanged for Shares prior to the expiration of the conversion or exchange right, the Conversion Price shall be readjusted effective as at the date of such expiration to the Conversion Price which would then be in effect based upon the number of Shares actually issued on the exercise of such conversion or exchange right.

(2) If and whenever at any time prior to the Maturity Date, the Borrower shall fix a record date for the issuance of rights, options or warrants to all or substantially all the holders of its outstanding Shares entitling them, for a period expiring not more than forty-five (45) days after such date of issue (such period from the record date to the date of expiry being referred to in this Section 4.3(2) as the "**Rights Period**"), to subscribe for or purchase Shares (or securities convertible into or exchangeable for Shares) (such subscription price per Share (inclusive of any cost of acquisition of securities exchangeable for or convertible into Shares in addition to any direct cost of Shares) being referred to in this Section 4.3(2) as the "**Per Share Cost**"), the Borrower shall give written notice to the Lender with respect thereto (any of such events herein referred to as a "**Rights Offering**"), and the Lender shall have fifteen (15) days after receipt of such notice to elect to convert any or all of the Principal Amount of this Debenture into Shares at the then applicable Conversion Price and otherwise on terms and conditions set out in this Debenture. If the Lender elects to convert any or all of the Principal Amount of this Debenture, such conversion shall occur immediately prior to the record date for the issuance of such rights, options or warrants. If the Lender elects not to convert any of the Principal Amount of this Debenture, there shall continue to be an adjustment to the Conversion Price as a result of the issuance of such rights, options or warrants, in the manner hereinafter provided. The Conversion Price will be adjusted effective immediately after the end of the Rights Period to a price determined by multiplying the Conversion Price in effect immediately prior to the end of the Rights Period by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the numerator of which is the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of Shares outstanding as of the record date for the Rights Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number determined by dividing the product of the Per Share Cost 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;(A) where the event giving rise to the application of this Section 4.3(2) was the issue of rights, options
or warrants to the holders of Shares under which such holders are entitled to subscribe for or purchase additional Shares, the number
of Shares so subscribed for or purchased during the Rights Period, 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;(B) where the event giving rise to the application of this Section 4.3(2) was the issue of rights, options
or warrants to the holders of Shares under which such holders are entitled to subscribe for or purchase securities exchangeable for or
convertible into Shares, the number of Shares for which those securities so subscribed for or purchased during the Rights Period could
have been exchanged or into which they could have been converted during the Rights Period,

by the Current Market Price (as hereinafter defined) of the Shares as of the record date for the Rights Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case described in subparagraph 4.3(2)(a)(ii)(A), the number of Shares outstanding, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case described in subparagraph 4.3(2)(a)(ii)(B), the number of Shares that would be outstanding
if all the Shares described in subparagraph 4.3(2)(a)(ii)(B) had been issued,

as at the end of the Rights Period.

"**Current Market Price**" of the Shares at any date, means the VWAP at which the Shares have traded on the Exchange or, if the Shares are not listed on any stock exchange, then on the over-the-counter market, for any twenty (20) consecutive trading days selected by the Borrower commencing not later than forty-five (45) trading days and ending no later than five (5) trading days before such date; provided, however, if such Shares are not traded during such forty-five (45) day period for at least twenty (20) consecutive trading days, the simple average of the following prices established for each of twenty (20) consecutive trading days selected by the Borrower commencing not later than forty-five (45) trading days before such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the average of the bid and ask prices for each day on which there was no trading, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the closing price of the Shares for each day that there was trading,

or in the event that at any date the Shares are not listed on the Exchange or on the over-the-counter market, the current market price shall be as determined by the directors of the Borrower or such firm of independent chartered accountants as may be selected by the directors of the Borrower, acting reasonably, and in good faith in their sole discretion for these purposes, the weighted average price for any period shall be determined by dividing the aggregate sale prices during such period by the total number of Shares sold during such period.

Any Shares owned by or held for the account of the Borrower or its Subsidiaries or affiliate of the Borrower will be deemed not to be outstanding for the purpose of any such computation under this Section 4.3(2).

If by the terms of the rights, options or warrants referred to in this Section 4.3(2), there is more than one purchase, conversion or exchange price per Share, the aggregate price of the total number of additional Shares offered for subscription or purchase, or the aggregate conversion or exchange price of the convertible securities so offered, will be calculated for purposes of the adjustment on the basis of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the lowest purchase, conversion or exchange price per Share, as the case may be, if such price is applicable
to all Shares which are subject to the rights, options or warrants, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the average purchase, conversion or exchange price per Share, as the case may be, if the applicable price
is determined by reference to the number of Shares acquired.

To the extent that any adjustment in the Conversion Price occurs pursuant to this Section 4.3(2) as a result of the fixing by the Borrower of a record date for the distribution of rights, options or warrants referred to in this Section 4.3(2), the Conversion Price will be readjusted immediately after the expiration of any relevant exchange, conversion or exercise right to the Conversion Price which would then be in effect based upon the number of Shares actually issued and remaining issuable after such expiration, and will be further readjusted in such manner upon expiration of any further such right.

If the Lender has exercised its Conversion Right in accordance herewith during the Rights Period, the Lender will, in addition to the Shares to which it is otherwise entitled upon such exercise, be entitled to that number of additional Shares equal to the result obtained when the difference, if any, between the Conversion Price in effect immediately prior to, and the Conversion Price in effect immediately following the end of such Rights Offering pursuant to this Section 4.3(2), is multiplied by the number of Shares received upon the exercise of the Conversion Right during such period, and the resulting product is divided by the Conversion Price as adjusted for such Rights Offering pursuant to this Section 4.3(2); provided that no fractional Shares will be issued. Such additional Shares will be deemed to have been issued to the Lender immediately following the end of the Rights Period and a certificate for such additional Shares will be delivered to the Lender within ten Business Days following the end of the Rights Period.

(3) If and whenever at any time prior to the Maturity Date, the Borrower shall fix a record date for the making of a distribution to all or substantially all the holders of its outstanding Shares of (i) shares of any class other than Shares (or other than securities convertible into or exchangeable for Shares), or (ii) rights, options or warrants (other than rights, options or warrants referred to in Section 4.3(2)), or (iii) evidences of its indebtedness, or (iv) assets (other than dividends paid in the ordinary course) then, in each such case, the Borrower shall give written notice to the Lender with respect thereto, and the Lender shall have fifteen (15) days after receipt of such notice to elect to convert any or all of the Principal Amount of this Debenture into Shares at the then applicable Conversion Price and otherwise on terms and conditions set out in this Debenture. If the Lender elects to convert any or all of the Principal Amount of this Debenture, such conversion shall occur immediately prior to the record date for the making of such distribution. If the Lender elects not to convert any of the Principal Amount of this Debenture, there shall continue to be an adjustment to the Conversion Price as a result of the making of such distribution, (herein referred to as a "**Special Distribution**") determined in the manner hereafter set out. In this Section 4.3(3) the term "**dividends paid in the ordinary course**" shall include the value of any securities or other property or assets distributed in lieu of cash dividends paid in the ordinary course at the option of shareholders.

The Conversion Price will be adjusted effective immediately after such record date to a price determined by multiplying the Conversion Price in effect on such record date by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the numerator of which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the product of the number of Shares outstanding on such record date and the Current Market Price of the
Shares on such record date; less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate fair market value (as determined by action by the directors of the Borrower, acting reasonably)
to the holders of the Shares of such securities or property or other assets so issued or distributed in the Special Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which is the number of Shares outstanding on such record date multiplied by the Current
Market Price of the Shares on such record date.

Any Shares owned by or held for the account of the Borrower or its Subsidiaries or affiliate of the Borrower will be deemed not to be outstanding for the purpose of any such computation.

(4) In the case of any reclassification of, or other change in, the outstanding Shares pursuant to a Merger, if the Lender elects not to redeem this Debenture in accordance with Section 3.1, the Lender may elect, prior to the effective date of such Merger, to convert any or all of the Principal Amount of this Debenture into Shares at the then applicable Conversion Price and otherwise on terms and conditions set out in this Debenture. To exercise such right the Lender must provide a notice in writing to the Borrower no later than seven (7) days prior to the effective date of such Merger, failing which the Lender's right to convert this Debenture as a consequence of such Merger shall cease. If the Lender elects to convert any or all of the Principal Amount of this Debenture, such conversion shall occur immediately prior to the effective date of such Merger. If the Lender elects not to convert any of the Principal Amount of this Debenture, the Conversion Price in effect after the effective date of such Merger shall be increased or decreased, as the case may be, in proportion to any decrease or increase in the number of outstanding Shares resulting from such Merger so that the Lender, upon exercising the Conversion Right after the effective date of such Merger, will be entitled to receive the aggregate number of Shares or other securities, if any, which the Lender would have been entitled to receive as a result of such Merger if, on the effective date thereof, the Lender had been the registered holder of the number of Shares to which the Lender was theretofore entitled upon exercise of the Conversion Right.

(5) In the case of any reclassification of, or other change in, the outstanding Shares (other than a change referred to in Section 4.3(1), Section 4.3(2), Section 4.3(3) or 4.3(4) hereof), the Conversion Price shall be adjusted in such manner, if any, and at such time, as the Board of Directors of the Borrower determines to be appropriate on a basis consistent with the intent of this Section 4.3; provided that if at any time a dispute arises with respect to adjustments provided for in this Article 4, such dispute will be conclusively determined by the auditors of the Borrower or if they are unable or unwilling to act, by such other firm of independent chartered accountants as may be selected by action by the directors of the Borrower, acting reasonably, and any such determination will be binding on the Borrower and the Lender. The Borrower will provide such auditors or accountants with access to all necessary records of the Borrower. If and whenever at any time after the date hereof there is a reclassification or redesignation of the Shares outstanding at any time or change of the Shares into other shares or into other securities (other than as set out in Section 4.3(1), (2), (3) or (4)), or a consolidation, amalgamation or merger of the Borrower with or into any other corporation or other entity (other than a consolidation, amalgamation or merger which does not result in any reclassification or redesignation of the outstanding Shares or a change of the Shares into other shares and other than as set forth in Section 4.3(4)), or a transfer of the undertaking or assets of the Borrower as an entirety or substantially as an entirety to another corporation or other entity (any of such events being called a "**Capital Reorganisation**"), the Lender, upon the exercising the Conversion Right, after the effective date of such Capital Reorganization, will be entitled to receive in lieu of the number of Shares to which the Lender was theretofore entitled upon such exercise, the aggregate number of shares, other securities or other property, if any, which the Lender would have been entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, the Lender had been the registered holder of the number of Shares to which such Lender was theretofore entitled upon exercise of the Conversion Right. If determined appropriate by action of the directors of the Borrower, appropriate adjustments will be made as a result of any such Capital Reorganization in the application of the provisions set forth in this Section 4.3 with respect to the rights and interests thereafter of the Lender to the end that the provisions set forth in this Section 4.3 will thereafter correspondingly be made applicable as nearly as may reasonably be in relation to any shares, other securities or other property thereafter deliverable upon the exercise of the Conversion Right. Any such adjustment must be made by and set forth in an amendment to this Debenture approved by action by the directors of the Borrower, acting reasonably, and will for all purposes be conclusively deemed to be an appropriate adjustment.

(6) In any case in which this Section 4.3 shall require that an adjustment shall become effective immediately after a record date for an event referred to herein, the Borrower may defer, until the occurrence of such event, issuing to the Lender before the occurrence of such event, the additional Shares issuable upon such conversion by reason of the adjustment required by such event before giving effect to such adjustment; provided, however, that the Borrower shall deliver to the Lender an appropriate instrument evidencing the Lender's right to receive such additional Shares upon the occurrence of the event requiring such adjustment and the right to receive any distributions made on such additional Shares declared in favour of holders of record of Shares on and after the Issue Date or such later date as the Lender would, but for the provisions of this Section 4.3(6), have become the holder of such additional Shares pursuant to Section 4.3(2).

(7) The adjustments provided for in this Section 4.3 are cumulative and shall apply to successive subdivisions, redivisions, reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment under the provisions of this Section, provided that, notwithstanding any other provision of this Section, no adjustment of the Conversion Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Conversion Price then in effect; provided, however, that any adjustments which by reason of this Section 4.3(7) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.

**Section 4.4 Limitations on Conversions**

The Debentureholder shall not have the right or obligation to convert any portion of the Debenture or otherwise receive Shares hereunder to the extent that after giving effect to such conversion or receipt of Shares, such Debentureholder, together with any Person acting jointly or in concert with it including for greater certainty any of its affiliates, would beneficially own, or exercise control or direction over more than 4.9% of the number of Shares outstanding immediately after giving effect to such conversion or receipt of Shares (with such percentage beneficial ownership, control or direction being calculated in accordance with the applicable provisions of Applicable Laws).

**Section 4.5 No Requirement to Issue Fractional Shares**

The Borrower shall not be required to issue fractional Shares upon the conversion of the Debenture pursuant to this Article 4. If any fractional interest in a Share, would, except for the provisions of this Section 4.5, be deliverable upon the conversion of any amount hereunder, the number of Shares to be issued shall be rounded down to the nearest whole Share.

**Section 4.6 Borrower to Have Shares Available**

The Borrower covenants with the Lender that it will at all times keep and make available out of its authorised Shares, solely for the purpose of issue upon exercise of the Conversion Right, and have available to allot to the Lender, such number of Shares as shall then be issuable upon the conversion of this Debenture. The Borrower covenants with the Lender that all Shares which shall be so issuable shall be duly and validly issued as fully paid and non-assessable upon issuance.

**Section 4.7 Certificate as to Adjustment**

The Borrower shall from time to time, immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 4.3, deliver an officer's certificate to the Lender specifying the nature of the event requiring the same and the amount of the adjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Subject to the dispute resolution procedure in subsection 4.3(5), such certificate shall be binding and determinative of the adjustment to be made, absent manifest error.

**Section 4.8 Shareholder of Record**

For all purposes, on the Issue Date the Lender shall be deemed to have become the holder of record of the Shares into which the Principal Amount of this Debenture (or a portion thereof) is converted in accordance with Section 4.2.

**Section 4.9 Resale Restrictions, Leg ending and Disclosure**

By its acceptance hereof the Lender acknowledges that this Debenture and the Shares issuable upon conversion hereof will be subject to certain resale restrictions under applicable securities laws, and the Lender agrees to comply with all such restrictions and laws. The Lender further acknowledges and agrees that all Share certificates will bear any legends required by the Exchange, provided that such legend shall not be required on Share certificates issued at any time following the Registration Effective Date. The Lender acknowledges that the Borrower will be required to provide to the applicable securities regulatory authorities the identity and other personal information of the Lender and its principals and the Lender hereby agrees thereto.

**Article 5 – RIGHTS OF DEBENTUREHOLDER**

**Section 5.1 Distribution on Dissolution, Etc.**

Subject to Applicable Law and the rights of any holders of any Permitted Secured Debt ranking rateably or in priority to the Lender, upon any sale, in one transaction or a series of transactions, of all, or substantially all, of the assets of the Borrower or distribution of the assets of the Borrower upon any dissolution or winding-up or total liquidation of the Borrower, whether in bankruptcy, liquidation, re-organization, insolvency, receivership or other similar proceedings or upon an assignment to or for the benefit of creditors of the Borrower or otherwise any payment or distribution of assets of the Borrower, whether in cash, property or security, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee of or for the benefit of creditors or other liquidating agent of the Borrower making such payment or distribution, directly to the holder of the Debentures or their representatives, to the extent necessary, to pay all obligations pursuant to the Debentures in full.

**Section 5.2 Certificate Regarding Creditors**

Upon any payment or distribution of assets of the Borrower referred to in Section 5.1 above, the Debentureholder shall be entitled to rely upon a certificate of the trustee in bankruptcy, receiver, assignee of or for benefit of creditors, liquidator or other liquidating agent of the Borrower making such payment or distribution, delivered to the Debentureholder, for the purpose of ascertaining the persons entitled to participate in such distribution, and other indebtedness of the Borrower, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Section 5.2.

**Section 5.3 Rights of Debentureholder Reserved**

Nothing contained in this Article 5 or elsewhere in this Debenture is intended to or shall impair, as between the Borrower and the Debentureholder, the obligation of the Borrower, which is absolute and unconditional, to pay to the Debentureholder the Principal Amount and interest on the Debenture, as and when the same shall become due and payable in accordance with their terms, nor shall anything herein prevent the Debentureholder from exercising all remedies otherwise permitted by Applicable Law upon default under this Debenture.

**Section 5.4 Payment of Debenture Permitted**

Nothing contained in this Debenture shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prevent the Borrower from making payments of the Principal Amount, interest and other amounts to the Debentureholder
under this Debenture as herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prevent the conversion of this Debenture into Shares as herein provided or as otherwise permitted according
to law, including in connection with a bankruptcy, reorganization, insolvency, or other arrangement with creditors, of the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) prevent the redemption of this Debenture by the Borrower as herein provided or as otherwise permitted
according to law.

**Section 5.5 Debentures to Rank *Pari Passu***

The Debentures issued by the Borrower, once issued and granted, rank *pari passu* with each other and each Debentureholder shall be equally and proportionately entitled to the benefits hereof as if all of the Debentures had been issued, granted and negotiated simultaneously.

**Article 6 – Covenants of the Borrower**

**Section 6.1 Positive Covenants**

The Borrower covenants and agrees that:

(1) **Minimum Working Capital.** The Borrower shall at all times maintain a minimum positive working capital of not less US$3,000,000 calculated in accordance with International Financial Reporting Standards consistent with practice as of the date hereof.

(2) **Minimum Cash Balance.** The Borrower shall at all times maintain a minimum available positive cash or near cash balance of not less US$1,000,000.

(3) **Maintain Corporate Existence.** Each of the Borrower and its Material Subsidiaries shall maintain its corporate existence, and preserve its rights, powers, licenses and privileges which are necessary or material to the conduct of its business, and not materially change the nature of its business;

(4) **Compliance with Laws.** Each of the Borrower and its Subsidiaries shall comply in all material respects with all Applicable Laws, rules, governmental restrictions and regulations;

(5) **Maintain Books and Records.** The Borrower shall, and shall cause each of its Subsidiaries to, keep adequate and accurate records and books of account in which complete entries will be made reflecting all financial transactions and prepare its financial statements in accordance with generally accepted accounting principles;

(6) **Payment of Taxes.** Each of the Borrower and its Subsidiaries shall pay and discharge promptly all Taxes assessed or imposed upon it or its property as and when the same become due and payable save and except where it contests in good faith the validity thereof by proper legal proceedings;

(7) **Payment of Obligations.** The Borrower shall pay all principal, interest and other amounts owing to the Lender hereunder promptly when due;

(8) **Performance of Covenants.** The Borrower shall promptly perform and satisfy all covenants and obligations to be performed by it under this Debenture;

(9) **Insurance.** Each of the Borrower and its Subsidiaries shall maintain in force insurance policies with reputable insurance companies with respect to its properties and business against such casualties and contingencies, of such types, on such terms and in such amounts as is customary in the case of entities engaged in the same or a similar business and similarly situated;

(10) **Maintain Listing**. Following the Registration Effective Date, the Borrower shall use reasonable commercial efforts to maintain the listing of the Shares on the Exchange and to maintain the Borrower's status in accordance with the requirements of Applicable Laws; and

(11) **Notice of Event of Default.** The Borrower shall promptly, and in any event within five (5) Business Days after a responsible officer of the Borrower becoming aware, give notice to the Lender of the existence of any Event of Default.

**Section 6.2 Negative Covenants**

The Borrower covenants and agrees that, without the prior written consent of the holders of more than 51% of the aggregate principal amount of Debentures then outstanding:

(1) **Indebtedness.** Except for other Debentures issued pursuant to the Offering, the Borrower shall not, and shall not permit its Subsidiaries, to assume any additional indebtedness other than (i) Permitted Secured Debt, (ii) Permitted Subordinated Debt, without the prior written consent of the holders of more than 51% of the aggregate principal amount of Debentures then outstanding, such consent not to be unreasonably withheld, provided such additional indebtedness shall be fully postponed and subordinated to the indebtedness owed to and security held by the holder of this Debenture; and (iii) trade indebtedness, obligations and liabilities, income taxable payable, accounts payable and other accrued liabilities incurred in the ordinary course of business;

(2) **Encumbrances.** The Borrower shall not, and shall not permit its Subsidiaries to, create, assume or permit to exist any Lien on any assets or property, other than (i) such Liens as existed on the date hereof; (ii) Liens imposed by any governmental authority for any Taxes not yet due and delinquent or which are being contested in good faith; (iii) Liens granted after the date hereof to secure Permitted Secured Debt and Permitted Subordinated Debt incurred under or assumed by the Borrower or its Subsidiaries after the date hereof under Section 6.2(1); (iv) Liens existing on any property or assets prior to the acquisition thereon by the Borrower or any of its Subsidiaries, provided that such Lien was not created in contemplation of, and the principal amount secured has not increased in contemplation of or since, such acquisition; (v) any Lien in respect of any interest rate swap, option, cap, collar or floor agreement or any foreign currency swap agreement or other similar agreement or arrangement designed to protect the Borrower or any of its Subsidiaries against fluctuations in interest or foreign currency rates or in respect of any commodity option, swap or in the price of such commodity or in respect of hedging any similar risk to which the Issuer or any Subsidiary is exposed in the ordinary course of its business; (vi) any Lien arising under any retention of title, hire purchase, consignment or conditional sale arrangement (including any finance lease) or arrangements having similar effect in respect of goods supplied to the Borrower or any of its Subsidiaries in the ordinary course of business and on the supplier's standard or usual terms and not arising as a result of any default or omission by the Issuer or any of its Subsidiaries; or (vii) any Lien arising by operation of law, which was not contemplated by the Borrower or any of its Subsidiaries (collectively, the "**Permitted Encumbrances**");

(3) **Distributions.** The Borrower shall not declare, pay or make any dividend or other distribution on any shares in the capital of the Borrower or authorize the repurchase of any shares in the capital of the Borrower;

(4) **Guarantees.** The Borrower shall not become liable under any guarantees or otherwise become a surety for the indebtedness of another Person without the prior written consent of the Lender, other than (i) in the ordinary course of business, or (ii) in connection with Permitted Secured Debt, Permitted Subordinated Debt, or any other debt incurred or assumed by the Borrower or its Subsidiaries under Section 6.2(1);

(5) **Related Party Transactions.** The Borrower shall not enter into any contract or transaction with any related party except for (a) the purchase and/or sale of goods and/or services at fair market value or with Subsidiaries; (b) the issuance of securities of the Borrower on the same terms as offered to non-related parties; (c) amendments to the terms of previously issued securities that are approved by the Exchange; (d) internal reorganizations that are not otherwise prohibited hereunder; and (e) providing equity-based compensation to employees, officers or directors, or persons occupying similar roles;

(6) **Dispositions.** Subject to Section 6.2(9), none of the Borrower or any of its Subsidiaries shall, without the prior written consent of the Lender, sell, transfer or otherwise dispose of any property (including shares of Subsidiaries), other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obsolete or worn-out property no longer used in the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) inventory, receivables or other property sold or disposed of in the ordinary course of business at fair
market value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) property (including shares of Subsidiaries) sold or disposed of for fair market value to Persons at arm's
length to the Borrower provided that (i) no Event of Default is continuing on the date of such sale or would occur as a result of such
sale and (ii) the cash component of the aggregate proceeds of such sale is not less than 75% of such proceeds;

(7) **Change in Nature of Business.** The Borrower shall not, nor will it permit any of its Subsidiaries to, engage to any material respect in any lines of business other than the Business conducted by the Borrower and its Subsidiaries at the date hereof;

(8) **Investments.** The Borrower shall not, nor will it permit any of its Subsidiaries to, make any investment in any Person, whether by acquisition of shares, indebtedness or other securities, or by loan, guarantee, advance, capital contribution or otherwise, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investments made prior to the date hereof, and any roll-over, renewal or extension thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) investments in Subsidiaries of the Borrower and investments in entities in which Subsidiaries of the Borrower
are a general or limited partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) deposit accounts with and certificates of deposit and other instruments issued by banks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) obligations of or guaranteed by the governments of the United States of America or any state thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) security deposits with utilities, governmental authorities and other like Persons in the ordinary course
of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Permitted Acquisitions.

(9) **Mergers.** The Borrower shall not enter into any Merger unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the continuing corporation or other entity formed by the applicable consolidation, amalgamation or merger,
or the Person that acquires by transfer, sale or lease all or substantially all of the assets of the Borrower, as the case may be, executes
and delivers to the Lender its assumption in writing of the due and punctual performance and observance of each covenant and condition
of this Debenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Event of Default is continuing on the date of such transaction or would occur as a result of such transaction.

**Article 7 – Events of Default**

**Section 7.1 Events of Default**

(1) Any of the following shall constitute an Event of Default under this Debenture (each an "**Event of Default**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Principal Amount owing hereunder shall not be paid when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Borrower fails to pay when due any interest or other amount owing by the Borrower to the Lender
within five (5) days of being due in case of administrative or technical error;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Borrower breaches any representation contained herein, fails to make any payment or to observe,
perform or comply with any term, covenant, condition or obligation of the Borrower contained herein or is otherwise in default of any
of the provisions contained herein (other than referred in subparagraphs (a) and (b) of this Section 7.1) and such default,
if capable of being remedied, is not remedied within thirty (30) days after the Borrower receives written notice of such default from
the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower defaults in the performance of or compliance with any covenant, condition or term in the
Subscription Agreement and such default remains unremedied for a period of thirty (30) Business Days after Borrower receives written notice
of such default from the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if any representation or warranty of the Borrower or the Subsidiaries in this Debenture or the Subscription
Agreement proves to be untrue in any material respect as at such time as such representation and warranty was made by the Borrower or
the Subsidiaries and such default remains unremedied for a period of thirty (30) Business Days after Borrower receives written notice
of such default from the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if the Borrower shall generally fail to pay, or admit in writing its inability or unwillingness to pay,
debts as they become due or if a decree or order of a court having jurisdiction is entered adjudging the Borrower a bankrupt or insolvent,
and any such decree or order continues unstayed and in effect for a period of thirty (30) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if the Borrower shall apply for, consent to or acquiesce in the appointment of a trustee, receiver, or
other custodian for the Borrower or for a substantial part of the property thereof, or make a general assignment for the benefit of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if the Borrower shall in the absence of such application, consent or acquiescence, become subject to the
appointment of a trustee, receiver, or other custodian for the Borrower or for a substantial part of the property thereof, or have a distress,
execution, attachment, sequestration or other legal process levied or enforced on or against a substantial part of the property of the
Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Borrower shall permit or suffer to exist the commencement of any bankruptcy, reorganization, debt
arrangement or other case or proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding,
in respect of the Borrower and, if any such case or proceeding is not commenced by the Borrower, such case or proceeding, if contested
by the Borrower is not dismissed within thirty (30) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any event occurs in relation to the Borrower which is similar or analogous to those set out in Section 7.1(1)(f)
to Section 7.1(1)(i) under the laws of any applicable jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) there is a disposition or expropriation of all or substantially all of the property of the Borrower or
any of its Subsidiaries, other than in accordance with Section 6.2(6);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Borrower fails to pay any judgment rendered against it in excess of US$500,000 within twenty (20)
Business Days of such judgment being rendered, unless the Borrower is actively pursuing an appeal of such judgment and has obtained a
stay of enforcement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Borrower fails to purchase the Debentures upon the occurrence of a Change of Control in accordance
with Section 3.2 and in accordance with the instructions of a Debentureholder within ten (10) Business Days of the completion of
such Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any notes, debentures, bonds or other indebtedness for money borrowed having an aggregate principal amount
of at least US$500,000 (or its equivalent in any other currency or currencies determined at the then current exchange rate) or more (hereinafter
called "**Indebtedness**") of the Borrower shall become prematurely repayable following default, or steps are taken to
enforce any security therefor, or the Borrower defaults in the repayment of any such Indebtedness at the maturity thereof or (in the case
of Indebtedness due on demand) on demand, or, in either case, at the expiration of any applicable grace period therefor, (if any) or any
guarantee of or indemnity in respect of any Indebtedness of others given by the Borrower shall not be honored when due and called upon;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Borrower extends or maintains outstanding any loans, advances, guarantees, (direct or indirect) or
other financial support to any "insider" as defined under Applicable Laws or Exchange requirements, without the prior written
consent of the holders of more than 51% of the aggregate principal amount of Debentures then outstanding.

(2) If an Event of Default described in (h), (g), (i) or (j) shall occur, the entire unpaid Principal Amount of this Debenture, and accrued interest on this Debenture shall become immediately due and payable without any declaration or other act on the part of the Lender. Immediately upon the occurrence of any Event of Default described in (a), (b), (c), (d), (e), (k), (l), (m), (n) or (o), or upon failure to pay this Debenture on the Maturity Date, the Lender, upon notice to the Borrower, may proceed to protect, enforce, exercise and pursue any and all rights and remedies available to the Lender under this Debenture, or at law or in equity.

(3) If any other Event of Default shall occur for any reason, whether voluntary or involuntary, and be continuing, the Lender may by notice to the Borrower declare all or any portion of the outstanding Principal Amount of this Debenture and accrued interest on this Debenture to be due and payable, whereupon the full unpaid amount of this Debenture which shall be so declared due and payable shall be and become immediately due and payable without further notice, demand or presentment.

**Section 7.2 Waiver of Default**

Upon the occurrence of any Event of Default hereunder the holders of the Debentures shall have the power by requisition in writing by the holders of more than 51% of the aggregate principal amount of Debentures then outstanding, to instruct all of the Debentureholders to waive any Event of Default and all of the Debentureholders shall thereupon be deemed to have waived the Event of Default upon such terms and conditions as shall be prescribed in such requisition.

**Article 8 – Mutilation, Loss, Theft or Destruction of Debenture Certificate**

In case this Debenture certificate shall become mutilated or be lost, stolen or destroyed, the Borrower, shall issue and deliver, a new replacement Debenture certificate upon surrender and cancellation of the mutilated Debenture certificate or, in the case of a lost, stolen or destroyed Debenture certificate, in lieu of and in substitution for the same. In the case of loss, theft or destruction, the applicant for a substituted Debenture certificate shall furnish to the Borrower such evidence of the loss, theft or destruction of the Debenture certificate as shall be satisfactory to the Borrower in its discretion and shall also furnish an indemnity and surety bond satisfactory to the Borrower in its discretion. The applicant shall pay all reasonable expenses incidental to the issuance of any substituted Debenture certificate.

**Article 9 – General**

**Section 9.1 Taxes, etc.**

All payments made by the Borrower to the Lender under this Debenture shall be made free and clear of, and without deduction for or on account of, any Taxes now or hereafter imposed by any official body in any jurisdiction. If any Taxes are required to be withheld or deducted from any amounts payable by the Borrower to the Lender hereunder, the Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within the time period for payment permitted by Applicable Law, pay to the appropriate governmental body
the full amount of such Taxes and any additional Taxes in respect of the payment required under Section 9.1(b) hereof and make such
reports and filings in connection therewith in the manner required by Applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pay to the Lender an additional amount which (after deduction of all Taxes incurred by reason of the payment
or receipt of such additional amount) will be sufficient to yield to the Lender the full amount which would have been received by it had
no deduction or withholding been made.

Upon the request of the Lender, the Borrower shall furnish to the Lender the original or a certified copy of a receipt for (or other satisfactory evidence as to) the payment of each of the Taxes (if any) payable in respect of such payment. If the Lender receives a refund of any Taxes with respect to which the Borrower has paid any additional amount under this Section 9.1, the Lender shall pay over such refund to the Borrower. Nothing herein is intended to require payment by the Borrower to or for the Lender in respect of any Taxes payable by the Lender in respect of Taxes on the Lenders' own income, capital, capital gains, dividends, or other earnings realized pursuant to payments made pursuant to the terms of this Debenture.

**Section 9.2 Notice**

Any demand, notice, direction or other communication to be made or given hereunder (in each case, "**Communication**") shall be in writing and shall be made or given by personal delivery, by courier or email transmission, or sent by registered mail, charges prepaid, addressed to the Borrower and the Lender respectively as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Borrower:

Lifezone Metals Limited

Address: Commerce House, 1 Bowring Road, Ramsey IM8 2LQ, Isle of Man

Email: chris.showalter@lifezonemetals.com, with a copy at all times to legal@lifezonemetals.com

Attention: Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Lender:

[●]

Address: [●]

Email: [●]

Attention: [●]

or any substitute address or email address or department or officer as the Borrower or the Lender may notify to the other by not less than five (5) Business Days' notice. Any such notice shall take effect, in the case of a letter, at the time of delivery, or in the case of email transmission, at the time of despatch (unless a delivery failure notification is received by the sender within 12 hours of sending such Communication, in which case such notice shall be deemed not to have taken effect).

**Section 9.3 Merger of Borrower**

By its acceptance hereof, each of the Borrower and the Lender acknowledges and agrees that in the event a Merger occurs, then all references herein to the Borrower shall extend to and include the entity resulting therefrom or which thereafter will carry on the business of the Borrower.

**Section 9.4 Set-off**

All payments in respect of the obligations of the Borrower under this Debenture shall be paid by the Borrower in accordance with this Debenture without any deduction or withholding (whether in respect of any set-off, counterclaim or otherwise whatsoever) unless the deduction or withholding is required by law.

**Section 9.5 Amendments**

Except as otherwise provided herein, this Debenture may not be amended or otherwise modified except by an instrument in writing executed by the Borrower and the Lender.

**Section 9.6 Waivers**

The Lender shall not, by any act, delay, omission or otherwise, be deemed to have expressly or impliedly waived any of its rights, powers and/or remedies unless such waiver shall be in writing and executed by an authorized officer of the Lender. Any such waiver shall be enforceable only to the extent specifically set forth therein. A waiver by the Lender of any right, power and/or remedy on any one occasion shall not be construed as a bar to or waiver of any such right, power and/or remedy which the Lender would otherwise have on any future occasion, whether similar in kind or otherwise.

**Section 9.7 Registration of Debentures**

The Borrower shall cause to be kept at the head office of the Borrower in Ramsey, Isle of Man a register in which shall be entered the name and latest known address of the Debentureholder. Such register shall at all reasonable times during regular business hours of the Borrower be open for inspection by the Debentureholder. The Borrower shall not be charged with notice of or be bound to see to the performance of any trust, whether express, implied, or constructive, in respect of this Debenture and may act on the direction of the Lender, whether named as trustee or otherwise, as though the Lender were the beneficial owner of this Debenture.

**Section 9.8 Transfer of Debenture**

No transfer of this Debenture shall be valid unless made in accordance with Applicable Laws and the terms of the Subscription Agreement. If the Lender intends to transfer this Debenture or any portion thereof, it shall deliver to the Borrower the transfer form attached to this Debenture as Schedule C, duly executed by the Lender. Upon compliance with the foregoing conditions and the surrender by the Lender of this Debenture, the Borrower shall execute and deliver to the applicable transferee a new Debenture registered in the name of the transferee. If less than the full Principal Amount of this Debenture is transferred, the Lender shall be entitled to receive, in the same manner, a new Debenture certificate registered in its name evidencing the portion of the Principal Amount of this Debenture not so transferred. Prior to registration of any transfer of this Debenture, the Lender and the applicable transferee shall be required to provide the Borrower with necessary information and documents, including certificates and statutory declarations, as may be required to be filed under Applicable Laws.

**Section 9.9 Release and Discharge**

If the Lender exercises all Conversion Rights attached to this Debenture pursuant to Article 4 hereof or if the Borrower pays all of the Obligations in full to the Lender in cleared funds, the Lender shall release this Debenture and the Borrower shall be, and shall be deemed to have, discharged of all its obligations under this Debenture. The Lender shall then, at the request of the Borrower execute and deliver all such releases and further assurances as may be reasonably required in this regard.

**Section 9.10 Successors and Assigns**

This Debenture shall enure to the benefit of the Lender and its successors and assigns, and shall be binding upon the Borrower and its successors and permitted assigns.

**Section 9.11 Time**

Time shall be of the essence of this Debenture.

**Section 9.12 Governing Law**

This Debenture, and any non-contractual obligations arising out of or in connection with it, shall be governed by, and construed in accordance with, English law. The courts of England have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Debenture and any non-contractual obligations arising out of or in connection with it and accordingly any legal action or proceedings arising out of or in connection with this Debenture or any such obligations may be brought in such courts. The Borrower and the Lender irrevocably waive any objection which it might now or hereafter have to the courts of England being nominated as the forum to hear and determine any such legal action or proceedings and agrees not to claim that any such court is not a convenient or appropriate forum.

**Section 9.13 Service of Process**

The Borrower agrees that the process by which any proceedings are commenced in England pursuant to Section 9.12 may be served on it by being delivered to Kabanga Nickel Limited at 22 Chancery Lane, London, United Kingdom, WC2A 1LS (with a copy at all times to legal@lifezonemetals.com). Such service shall be deemed completed on delivery to such appointee (whether or not it is forwarded to and received by the Borrower) and shall be valid until such time as the Lender has received prior written notice that such appointee has ceased to act in such capacity. If such person is not or ceases to be effectively appointed to accept service of process on behalf of the Borrower, the Borrower shall promptly inform the Lender if it becomes aware of such circumstances and, on the written demand of the Lender, appoint a further person in England to accept service of process on the Borrower's behalf. Nothing in this section shall affect the right of the Lender to serve process in any other manner permitted by law.

**Section 9.14 Indemnity**

The Borrower hereby agrees to indemnify, defend and hold harmless the Lender and its affiliates (including any of their respective directors, officers, employees, agents, advisors, representatives and controlling persons) (each of the foregoing, and the Lender and its affiliates a "**Covered Person**") from and against all claims, demands, liabilities, reasonable costs, and expenses, damages, losses, suits, proceedings and actions, whether judicial, administrative, investigative or otherwise, of whatever nature, known or unknown, liquidated or unliquidated, asserted by the shareholders of the Borrower, by other securityholders of the Borrower, by the Borrower or by third parties in connection with the Debentures which may be incurred or become payable by a Covered Person arising out of or resulting from (i) the amendments to the terms of the Original Debenture (but excluding at all times any claims, demands, suits, proceedings and actions brought by any Covered Person against any other Covered Person); or (ii) any violation of any applicable law or regulation by the Borrower or any person used by the Borrower for the purposes of this Debenture (other than one caused as a consequence of a breach by the Lender of its obligations to the Borrower under this Debenture).

**Section 9.15 Further Assurances**

The Borrower shall forthwith, at its own expense and from time to time, do or file, or cause to be done or filed, all such things and shall execute and deliver all such documents, agreements, opinions, certificates and instruments reasonably requested by the Lender or its counsel as may be necessary or desirable to complete the transactions contemplated by this Debenture and carry out its provisions and intention.

**Schedule B – Conversion Notice**

**TO: LIFEZONE METALS LIMITED (the "Borrower")**

Pursuant to the Amended and Restated Senior Unsecured Convertible Debenture (the "**Debenture**") of the Borrower issued to the undersigned on [●] August, 2025, the undersigned hereby notifies you that US$________________ of the principal amount outstanding under the Debenture shall be converted into Shares of the Borrower and is hereby owing to the undersigned by the Borrower, all in accordance with the terms of the Debenture on ________________, 20___.

The certificates representing the Shares to be issued shall be registered as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Address for Delivery** | **Number of Shares** |

---

  <br> (Print name as name is to appear on Share Certificate)

**DATED this _____ day of ___________________, 20__.**

---

| | |
|:---|:---|
| **[NAME]** | **[NAME]** |
| By: |  |
|  | Name: |
|  | Title: |

---

**Schedule C – Form of Transfer**

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to:

---

| |
|:---|
| (Name) |
| (Address) |

---

(the "**Transferee**"), of $_______________ principal amount of Amended and Restated Senior Unsecured Convertible Debenture of Lifezone Metals Limited issued on _____________________, 2025 registered in the name of the undersigned on the register of Debentures represented by the attached Debenture, and irrevocably appoints _________________________ as the attorney of the undersigned to transfer to the Transferee the said principal amount of the Debenture on the books or register of transfer, with full power of substitution.

DATED the ________ day of _____________________, __________.

---

| | |
|:---|:---|
| **[NAME]** | **[NAME]** |
| By: |  |
|  | Name: |
|  | Title: |

---

**Note to Debentureholder:** In order to transfer the Debenture, this transfer form must be delivered to Lifezone Metals Limited.

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**Lifezone Metals Secures $60 Million Bridge Loan from Taurus Mining Finance**

![](ex99-1_002.jpg)

**Funding for Early Works and Execution Readiness Following Completion of Kabanga Nickel Project Feasibility Study**

August 11, 2025

**New York (USA)** – Lifezone Metals Limited's (**NYSE: LZM**) Chief Executive Officer, Chris Showalter, today announced that Lifezone's wholly-owned subsidiary, Kabanga Nickel Limited, has entered into a $60 million bridge loan facility agreement with Taurus Mining Finance Fund No. 2, L.P. (**Taurus**), a leading global provider of structured finance to the mining sector.

The facility will support the advancement of the Kabanga Nickel Project, located in north-west Tanzania, by funding the development of critical early works and infrastructure development as the Company moves toward securing long-term project financing.

**Mr. Showalter stated:** "This announcement further demonstrates the preparation and strategic steps Lifezone has taken in anticipation of consolidating 100% ownership of Kabanga Nickel Limited, which we completed last month. The support from Taurus, a respected and experienced mining finance partner, reflects the strength of our project and our team's ability to deliver. With the Feasibility Study now complete, Taurus's funding enables us to advance critical early-stage development while progressing the competitive process underway with Standard Chartered to select additional strategic investment partners. In parallel, we are advancing the project financing process with Societe Generale, as we work toward a comprehensive funding solution for the Kabanga Nickel Project."

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![](ex99-1_001.jpg)

**Strategic importance of the facility**

The senior secured bridge loan is a key step in Lifezone's broader financing strategy to advance the Kabanga Nickel Project towards production. It provides essential funding to maintain project momentum during the execution readiness phase, bridging the period between Feasibility Study completion and Final Investment Decision, expected in mid-2026.

The loan bears interest at a rate of 9.25% per annum on drawn amounts, payable quarterly. It is subject to an arrangement fee of 2.25% and a commitment fee of 2.5% per annum on undrawn amounts. The loan is secured by a security interest in the shares that Lifezone indirectly holds in Kabanga Nickel Limited and security interests in other assets relating to the Kabanga Nickel Project. The loan is also guaranteed by other subsidiaries of Lifezone. As part of the transaction, Lifezone Metals issued 2.5 million warrants to Taurus, exercisable at an exercise price of $5.42 per share. The warrants will expire five years from the date of issuance.

Availability of borrowings under the facility is subject to the satisfaction of customary conditions precedent. The facility has a scheduled maturity date of July 31, 2027, with an option available to Kabanga Nickel Limited to extend the term by an additional six months.

In connection with the bridge loan facility agreement, the Company and the debentureholders amended certain terms of the Company's current outstanding Senior Unsecured Convertible Debentures.

**Supporting a world-class nickel, copper and cobalt project**

The Kabanga Nickel Project is believed to be one of the world's largest and highest-grade development-ready nickel, copper and cobalt sulfide deposits. Highlights of the Feasibility Study Technical Report Summary, filed on July 18, 2025 (refer to the Company's EDGAR profile, investor relations website and July 18, 2025 news release), include:

 

*Project metrics shown on a 100% basis – the Kabanga Nickel Project is 84% owned by Lifezone and 16% by the Government of Tanzania.*

● 18-year life of mine mining operation with total ore production of 52.2 million tonnes (100% basis; Lifezone attributable is: 43.9 million tonnes) grading 1.98% nickel, 0.27% copper and 0.15% cobalt.

● 3.4 million tonnes per annum concentrator, producing a high-grade nickel, copper, and cobalt concentrate grading 17.5% nickel, as an intermediate product for downstream processing, and containing a total of 902,000 tonnes of nickel, 134,000 tonnes of copper and 69,000 tonnes of cobalt over the life of mine.

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![](ex99-1_001.jpg)

● Low all-in sustaining costs averaging $3.36 per pound of payable nickel contained in concentrate, net of copper and cobalt by-product credits. Based on analysis provided by CRU International Ltd, Kabanga will fall within the first quartile of the global nickel cost curve.

● Pre-production capital costs of $942 million, including 9.7% contingency. Total life of mine capital of $2.49 billion includes pre-production capital costs, contingency, capitalized operational expenditures, growth capital, sustaining and closure costs. Life of mine revenue from sales totals $14.1 billion, net of realization costs, with after-tax free cash flow of $4.6 billion.

● After-tax net present value of $1.58 billion using an 8.0% discount rate and after-tax internal rate of return of 23.3%, based long-term consensus metal prices of $8.49 per pound nickel, $4.30 per pound copper, and $18.31 per pound cobalt.

**Contact**

---

| | |
|:---|:---|
| <br> **Investor Relations – North America**<br> Evan Young<br> SVP: Investor Relations & Capital Markets<br> evan.young@lifezonemetals.com | **Investor Relations – Europe**<br> Ingo Hofmaier<br> Chief Financial Officer<br> ingo.hofmaier@lifezonemetals.com |

---

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**Social Media**

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**About Lifezone Metals**

Lifezone Metals (NYSE: LZM) is committed to delivering cleaner and more responsible metals production and recycling. Through the application of our Hydromet Technology, we offer the potential for lower energy consumption, lower emissions and lower cost metals production compared to traditional smelting.

Our Kabanga Nickel Project in Tanzania is believed to be one of the world's largest and highest-grade development-ready nickel sulfide deposits. By pairing it with our Hydromet Technology, we are working to unlock a new source of nickel, copper and cobalt for the global battery metals markets and to empower Tanzania to achieve in-country beneficiation.

Through our US-based recycling partnership, we are working towards applying our Hydromet Technology to the recovery of platinum, palladium and rhodium from responsibly sourced spent automotive catalytic converters. Our process is expected to be cleaner and more efficient than conventional smelting and refining methods, supporting a circular economy for precious metals.

www.lifezonemetals.com

LZM SECURES BRIDGE LOAN 2025 08 11 3

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**Forward-Looking Statements**

Certain statements made herein are not historical facts but may be considered "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 regarding, amongst other things, the plans, strategies, intentions and prospects, both business and financial, of Lifezone Metals Limited and its subsidiaries.

Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements may be accompanied by words such as "believes," "estimates," "expects," "predicts," "projects," "forecasts," "may," "might," "will," "could," "should," "would," "seeks," "plans," "scheduled," "possible," "continue," "potential," "anticipates" or "intends" "or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters; provided that the absence of these does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future results of Lifezone Metals, future opportunities for Lifezone Metals, including the efficacy of Lifezone Metals' hydrometallurgical technology (Hydromet Technology) and the development of, and processing of mineral resources at, the Kabanga Nickel Project, our approach to environmental stewardship, social responsibility, safety and governance (ESG), and other statements that are not historical facts.

These statements are based on the current expectations of Lifezone Metals' management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lifezone Metals and its subsidiaries. These statements are subject to a number of risks and uncertainties regarding Lifezone Metals' business, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic, political and business conditions, including but not limited to economic and operational disruptions; global inflation and cost increases for materials and services; capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; changes in government regulations, legislation and rates of taxation; inflation; changes in exchange rates and the availability of foreign exchange; fluctuations in commodity prices; delays in the development of projects and other factors; the outcome of any legal proceedings that may be instituted against Lifezone Metals; our ability to obtain additional capital, including use of the debt market, future capital requirements and sources and uses of cash; the risks related to the rollout of Lifezone Metals' business, the efficacy of the Hydromet Technology, and the timing of expected business milestones; the acquisition of, maintenance of and protection of intellectual property; Lifezone's ability to achieve projections and anticipate uncertainties (including economic or geopolitical uncertainties) relating to our business, operations and financial performance, including: expectations with respect to financial and business performance, future operating results, financial projections and business metrics and any underlying assumptions; expectations regarding product and technology development and pipeline and market size; events relating to environmental issues, social responsibility, safety and/or governance matters, expectations regarding product and technology development and pipeline; future acquisitions, partnerships, or other relationships with third parties; maintaining key strategic relationships with partners and customers; the timing and significance of contractual relationships; the effects of competition on Lifezone Metals' business; the ability of Lifezone Metals to execute its growth strategy, the development and processing of the mineral resources at the Kabanga Nickel Project; obtaining additional capital, including use of the debt market, future capital requirements, and sources and uses of cash; manage growth profitably and retain its key employees; the ability of Lifezone Metals to reach and maintain profitability; enhancing future operating and financial results; complying with laws and regulations applicable to Lifezone Metals' business; Lifezone Metals' ability to continue to comply with applicable listing standards of the NYSE; our ability to comply with applicable laws and regulations, stay abreast of accounting standards, or modified or new laws and regulations applying to our business, including privacy regulation; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission (SEC); meeting future liquidity requirements and complying with restrictive covenants related to long-term indebtedness; and dealing effectively with litigation, complaints, and/or adverse publicity.

LZM SECURES BRIDGE LOAN 2025 08 11 4

![](ex99-1_001.jpg)

The foregoing list of risk factors is not exhaustive. There may be additional risks that Lifezone Metals presently does not know or that Lifezone Metals currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide Lifezone Metals' expectations, plans or forecasts of future events and views as of the date of this communication. Lifezone Metals anticipates that subsequent events and developments will cause Lifezone Metals' assessments to change.

These forward-looking statements should not be relied upon as representing Lifezone Metals' assessments as of any date subsequent to the date of this communication. You should not place undue reliance on forward-looking statements in this communication, which are based upon information available to us as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. In all cases where historical performance is presented, please note that past performance is not a credible indicator of future results.

Except as otherwise required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data, or methods, future events, or other changes after the date of this communication.

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