Document:

Exhibit 4.38

 Exhibit 4.38 
 EXECUTION 
 FACILITY AGREEMENT 
 made and entered into between 
 ABSA CAPITAL 
 (a division of Absa Bank Limited) 
 and

 GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED 
  

 

 

 TABLE OF CONTENTS 
  

					
	 CLAUSE
	 	 DESCRIPTION
	  	PAGE
	 1.
	 	INTERPRETATION AND PRELIMINARY	  	1
			
	 2.
	 	SUSPENSIVE CONDITIONS	  	16
			
	 3.
	 	FACILITY	  	17
			
	 4.
	 	PURPOSE	  	17
			
	 5.
	 	DRAWDOWNS	  	17
			
	 6.
	 	INTEREST	  	20
			
	 7.
	 	REPAYMENT AND PAYMENTS	  	21
			
	 8.
	 	PREPAYMENT OF THIS FACILITY	  	22
			
	 9.
	 	RENEWAL OF THE FACILITY	  	23
			
	 10.
	 	REPRESENTATIONS AND WARRANTIES	  	24
			
	 11.
	 	UNDERTAKINGS	  	27
			
	 12.
	 	EVENTS OF DEFAULT	  	30
			
	 13.
	 	CONSEQUENCES OF EVENT OF DEFAULT	  	34
			
	 14.
	 	FINANCIAL COVENANTS	  	35
			
	 15.
	 	ACCELERATED REPAYMENT	  	37
			
	 16.
	 	INCREASED COSTS	  	38
			
	 17.
	 	TAXES	  	41
			
	 18.
	 	INDEMNITIES	  	42
			
	 19.
	 	REMEDIES AND WAIVERS	  	43
			
	 20.
	 	CERTIFICATE	  	43
			
	 21.
	 	CESSION AND DELEGATION OF RIGHTS AND OBLIGATIONS	  	44
			
	 22.
	 	NOTICES	  	44

  

 

 

					
			
	 23.
	 	GENERAL	  	46
			
	 24.
	 	GOVERNING LAW AND JURISDICTION	  	48
			
	 25.
	 	DISCLOSURE OF INFORMATION	  	48
			
	 26.
	 	CONFIDENTIALITY	  	48
			
	 27.
	 	COSTS	  	49
		
	ANNEXURE “A” – SUSPENSIVE CONDITIONS	  	
		
	ANNEXURE “B” – DRAWDOWN CONDITIONS	  	
		
	ANNEXURE “C” – DRAWDOWN REFUSAL NOTICE	  	
		
	ANNEXURE “D” – DRAWDOWN NOTICE	  	
		
	ANNEXURE “E” – PREPAYMENT/CANCELLATION NOTICE	  	

  

 

 

	1	INTERPRETATION AND PRELIMINARY 

 The
headings of the clauses in this Agreement are for the purpose of convenience and reference only and shall not be used in the interpretation of nor modify or amplify the terms of this Agreement or any clause hereof. 
  

	 	1.1	In this Agreement, unless a contrary intention clearly appears, words importing: 

  

	 	1.1.1	any one gender include the other two genders; 

  

	 	1.1.2	the singular include the plural and vice versa; and 

  

	 	1.1.3	natural persons include created entities (incorporated or unincorporated) and the state and vice versa. 

  

	 	1.2	The following terms shall have the meanings assigned to them hereunder and cognate expressions shall have corresponding meanings, namely: 

  

	 	1.2.1	“Account” means the bank account in the name of the Borrower to be held with Absa Bank Limited, the details of which will be provided in writing by the Borrower to
the Lender as soon as possible after the Signature Date; 

  

	 	1.2.2	“Advance” means each amount made available to the Borrower under this Agreement by way of a loan, and “Advances” means the aggregate amount thereof
for the time being outstanding; 

  

	 	1.2.3	“Agreement” means this facility agreement together with all the annexures hereto; 

  

 

 
  

 Page 1 

	 	1.2.4	“Applicable Laws” means all applicable South African laws, archives, writs, orders, regulations, judgments and orders of any competent South African court, central
bank or governmental agency or authority in South Africa; 

  

	 	1.2.5	“Available Facility” means, in relation to the Facility, on any date an amount calculated as the difference between the Facility Limit and the aggregate amount of
Advances outstanding under the Facility; 

  

	 	1.2.6	“Availability Period” means the period commencing on the Signature Date and terminating on the day 364 days thereafter, subject to the provisions of clause 2.1, or
such further term as may be agreed in terms of clause 9 provided that if the Commitment is terminated prior to such date in accordance with the provisions of this Agreement, then the Availability Period shall end on such earlier date;

  

	 	1.2.7	“the Borrower” means GFI Mining South Africa (Proprietary) Limited, a limited liability company incorporated and existing under the laws of South Africa with
registration number 2002/031431/07; 

  

	 	1.2.8	“Breakage Costs” means, with respect to any amount prepaid in terms of this Agreement (whether voluntarily or involuntarily), an amount determined by the Lender to
be necessary to compensate the Lender for all (if any) direct expenses and liabilities, and reasonable costs, in each case incurred by, imposed on, levied or asserted against the Lender as a result of such receipt or recovery, or arising out of any
premature termination, unwinding, closing out or modification of any arrangements between the Parties (including any interest rate swap or other derivative transaction) entered into for the purposes of or to facilitate the funding in terms hereof
from time to time; 

  

 

 
  

 Page 2 

	 	1.2.9	“Business Day” means any day (other than a Saturday, Sunday or official public holiday in South Africa, within the meaning of the Public Holidays Act, 1994) on
which banks are open for business in South Africa; 

  

	 	1.2.10	“Change in Law” means any implementation, introduction, abolition, withdrawal or variation of any Applicable Laws, regulation, published practice or concession or
official directive, ruling, request, notice, announcement, guideline by any South African government entity (whether or not having the force of law) or any change in any interpretation, or the introduction or making of any new or further
interpretation, or any new or different interpretation by any South African court, governmental, revenue or other competent authority or compliance with any new or different request or direction (in either case whether or not having the force of
law) from any government entity which affects the banking industry generally; 

  

	 	1.2.11	“Commitment” means the commitment of the Lender to make Advances from time to time up to the Facility Limit during the Availability Period;

  

	 	1.2.12	“Default Interest Rate” means the Prime Rate plus 2% (two percent); 

  

	 	 1.2.13
	 ‘Drawdown Date” means the Business Day specified in a Drawdown Notice upon which any Advance is made or
to be made in terms of clause 5 of this Agreement, subject to the provision that the first drawdown shall be made by the Borrower by no later than the 31st
of December 2007; 

  

	 	1.2.14	“Drawdown Notice” means a notice as envisaged in clause 5 below, duly and fully completed and signed by the Borrower substantially in the form of Annexure
“D”; 

  

 

 
  

 Page 3 

	 	1.2.15	“Drawdown Refusal Notice” means the notice substantially in the form set out in Annexure “C” and issued by the Lender in terms of clause
5.6; 

  

	 	1.2.16	“Encumbrance” means: 

  

	 	1.2.16.1	any mortgage, suretyship, charge, pledge, lien, assignment, hypothecation or cession by way of security, right of set-off or other encumbrance securing any obligation of any person
or any other kind of security interest of any kind whatsoever, or any agreement, whether conditional or otherwise, to create any of the same; 

  

	 	1.2.16.2	any arrangement under which money or claims to, or for the benefit of, a bank or other account may be applied, set-off or made subject to a combination of accounts so as to effect
discharge of any sum owed or payable to any person; or 

  

	 	1.2.16.3	any other type of preferential arrangement (including title transfer and retention arrangements), the effect of which is the creation of security; 

  

	 	1.2.17	“Event of Default” means any one of the events specified in clause 12 below; 

  

	 	1.2.18	“Facility” means the 364 day revolving facility granted by the Lender to the Borrower under this Agreement up to the Facility Limit; 

  

	 	1.2.19	“Facility Limit” means the maximum aggregate amount that can be drawn at any time under the Facility being R 500 000 000.00 (five hundred million Rand);

  

 

 
  

 Page 4 

	 	1.2.20	“Final Repayment Date” means the last day of the Availability Period provided that if such day is not a Business Day, then the Final Repayment Date shall fall on
the immediately succeeding Business Day; 

  

	 	1.2.21	“Finance Documents” means: 

  

	 	1.2.21.1	this Agreement; 

  

	 	1.2.21.2	the Security Document; 

  

	 	1.2.21.3	any other agreement at any time designated a Finance Document in writing by the Parties; and 

  

	 	1.2.21.4	any amendment or supplemental agreement to the Finance Documents referred to in 1.2.21.1 to 1.2.21.3 above (inclusive), as agreed to by the Parties in writing;

  

	 	1.2.22	“Financing Costs” means in relation to the Facility, the aggregate of: 

  

	 	1.2.22.1	all Interest (whether capitalised or accrued), costs and expenses (including, for the avoidance of doubt, any Breakage Costs) payable by the Borrower to the Lender under the Finance
Documents; 

  

	 	1.2.22.2	the amounts (if any) payable by the Borrower to the Lender under clause 15 (Accelerated Repayment), clause 16 (Increased Costs) and clause 17 (Taxes); and 

 

	 	1.2.22.3	any VAT on the amounts referred to in clauses 1.2.22.1 and 1.2.22.2; 

  

 

 
  

 Page 5 

	 	1.2.23	“Financial Statements” means the audited consolidated annual financial statements of the Borrower and the Guarantor, from time to time; 

  

	 	1.2.24	“Financial Year” means the financial year of the Borrower as recorded in the memorandum and articles of association of the Borrower which as at the date of signing
this Agreement begins on 01 July and ends on 30 June of each year; 

  

	 	1.2.25	“Fixed Interest Rate” means the fixed interest rate, expressed as a percentage, agreed to by the Lender and the Borrower from time to time, plus the Margin and
inclusive of bank costs and stamp duty (if applicable); 

  

	 	1.2.26	“Floating Interest Rate” means a floating interest rate, expressed as a percentage, equal to the 1 (one), 3 (three), or 6 (six) month JIBAR, as specified by the
Borrower from time to time plus the Margin and inclusive of bank costs and stamp duty (if applicable) referred to in clause 6; 

  

	 	1.2.27	“GAAP” means generally accepted accounting practice in South Africa; 

  

	 	1.2.28	“Gold Fields” means Gold Fields Limited, a limited liability company incorporated under the laws of South Africa with registration number 1968/04880/06

  

	 	1.2.29	“Gold Fields Group of Companies” means Gold Fields and all of its subsidiaries registered in the Republic of South Africa; 

  

	 	1.2.30	“Guarantee” means the limited guarantee by the Guarantors, jointly and severally, in favour of the Lender as security for the obligations of the Borrower under this
Agreement; 

  

 

 
  

 Page 6 

	 	1.2.31	“Guarantors” means Gold Fields; 

  

	 	1.2.32	“Increased Costs” means, inter alia, any and all additional costs to or a reduction in the after tax return on capital or regulatory capital achieved by the
Lender which is directly attributable to all or part of the Finance Documents and/or to the Lender entering into, performing, maintaining or funding its obligations under the Finance Documents and as more fully set out and provided for under clause
16; 

  

	 	1.2.33	“Indebtedness for Borrowed Money” shall have the meaning given to it in clause 14.2; 

  

	 	1.2.34	“Interest” means the aggregate of all interest payable by the Borrower in respect of the Facility pursuant to this Agreement; 

  

	 	1.2.35	“Interest Cover Ratio” shall have the meaning given to it in clause 14.2; 

  

	 	1.2.36	“Interest Payment Date” means the interest payment dates to be notified by the Lender to the Borrower in writing prior to the commencement of each Interest Period
depending on the Interest Rate chosen by the Borrower in accordance with clause 6.2, provided that if any such date does not fall on a Business Day, then the succeeding Business Day; 

  

	 	1.2.37	“Interest Period” means the period for which Interest will be payable by the Borrower in respect of each Advance; the Interest Period on an Advance (a) to
which the Fixed Interest Rate applies will be 3 (three) months and (b) to which the Floating Interest Rate applies will be 1 (one), 3 (three) or 6 (six) months depending on the relevant applicable Floating Interest Rate;

  

 

 
  

 Page 7 

	 	1.2.38	“Interest Rate” means the Fixed Interest Rate or the Floating Interest Rate, as the case may be, expressed as a percentage and converted to nacm rate;

  

	 	1.2.39	“JIBAR” means the rate determined on each Interest Payment Date utilising the 1 (one), the 3 (three) or 6 (six) Month Johannesburg Interbank Agreed Rate, as the
case may be, which is the mid rate as polled and published by SAFEX (or its successor-in-title) and which appears on the Reuters Screen SAFEY page at 11:00 am (Johannesburg time), expressed as a yield rate. If no service is available or this rate is
not quoted, “JIBAR”, in relation to the relevant period, will be the arithmetic mean of the mid rates for deposits in South African Rand for the relevant period as supplied to the Lender at its request quoted by the JIBAR Reference Banks
at approximately 11:00 am (Johannesburg time), on that date; 

  

	 	1.2.40	“JIBAR Reference Banks” means the principal Johannesburg offices of the banks who quote mid rates to the South African Futures Exchange from time to time, it being
recorded that as at the Signature Date, the JIBAR Reference Banks are Absa Bank Limited, Rand Merchant Bank (a division of FirstRand Bank Limited), Nedbank Limited and The Standard Bank of South Africa Limited; 

  

	 	1.2.41	“Lender” means Absa Bank Limited (acting through its division Absa Capital), a company with limited liability incorporated in accordance with the laws of South
Africa with registration number 1986/004794/06, a bank duly registered as such in terms of the Banks Act, 1990; 

  

	 	1.2.42	“Margin” means: 

  

	 	1.2.42.1	in relation to the Fixed Interest Rate, 0,70% nacm; and 

  

 

 
  

 Page 8 

	 	1.2.42.2	in relation to the Floating Interest Rate, 0,70% nacm; 

  

	 	1.2.43	“Material Adverse Change” means in relation to the Borrower, or any of the Guarantors or any Material Subsidiary, (as the case may be) an event, circumstance or
matter or combination of events, circumstances or matters which has or will in the reasonable opinion of the Lender to have a material adverse effect on: 

  

	 	1.2.43.1	the ability of the Borrower or any of the Guarantors, as the case may be, to comply with its obligations under the Finance Documents to which it is a party; or

  

	 	1.2.43.2	the business, operations, property, condition (financial or otherwise) or prospects of the Borrower or any Guarantor or any Material Subsidiary, as the case may be, taken as a whole
and includes any substantial restructuring, disposal of material assets or arrangement; or 

  

	 	1.2.43.3	the validity and/or enforceability of the Finance Documents and/or the rights and/or remedies of the Lender thereunder; 

 for the avoidance of doubt, should the Borrower, or any Guarantor or any of its Material Subsidiaries be subject to strike action
(whether such strike is legal or illegal) and such strike has a duration of less than 2 (two) months, the Borrower or such Guarantor or Material Subsidiary shall be deemed to be able to conduct its normal line of business in an ordinary and regular
manner and such circumstances shall not constitute a Material Adverse Change with respect to the relevant Entity. 
  

 

 
  

 Page 9 

	 	1.2.44	“Material Subsidiary” means at any time, any member of the Gold Fields Group of Companies which has turnover exceeding 10% (ten percent) of the consolidated
turnover of the Gold Fields Group of Companies; 

  

	 	1.2.45	“Month” means the period from one date in a calendar month to the date immediately preceding the corresponding date in the subsequent calendar month;

  

	 	1.2.46	“nacm” means nominal annual compounded monthly in arrears; 

  

	 	1.2.47	“Outstandings” means, at any time, the aggregate of all Advances outstanding at that time and any Financing Costs which remain unpaid by the Borrower under this
Agreement; 

  

	 	1.2.48	“Parties” means the Lender and the Borrower; 

  

	 	1.2.49	“Permitted Security Encumbrance” means: 

  

	 	1.2.49.1	any Encumbrance created prior to the Signature Date which: 

  

	 	1.2.49.1.1	is disclosed in the last published Financial Statements and quarterlies; or 

  

	 	1.2.49.1.2	has been disclosed in writing to the Lender prior to the Signature Date; and 

  

	 	1.2.49.1.3	in the case of all Encumbrances referred to under clause 1.2.49.1.1 and clause 1.2.49.1.2, securing only Indebtedness for Borrowed Money outstanding or a Loan available at the
Signature Date if the principal amount or original Loan thereby secured is not increased after the Signature Date; 

  

 

 
  

 Page 10 

	 	1.2.49.2	any title transfer or retention arrangement entered into by any member of the Gold Fields Group of Companies in the normal course of its trading activities and on terms no worse
than the standard terms of the relevant supplier; 

  

	 	1.2.49.3	any netting or set-off arrangement entered into by any member of the Gold Fields Group of Companies in the ordinary course of its banking arrangements (which shall include, for the
avoidance of doubt, those pursuant to hedging arrangements in relation to gold and silver prices, foreign exchange rates and interest rate where such arrangements are entered into for the purpose of providing protection against fluctuation in such
rates or prices in the ordinary course of business), for the purpose of netting debit and credit balances; 

  

	 	1.2.49.4	any lien arising by operation of law and in the ordinary course of trading and not by reason of any default (whether in payment or otherwise); 

  

	 	1.2.49.5	any Encumbrance over or affecting any asset acquired by a member of the Gold Fields Group of Companies after the Signature Date, which Encumbrance is created to finance the
acquisition thereof if the amount thereby secured is equivalent to, or less than, the acquisition price of the asset so acquired and the finance charges related thereto; 

  

	 	1.2.49.6	any Encumbrance over or affecting any asset acquired by any member of the Gold Fields Group of Companies after the 

  

 

 
  

 Page 11 

	 	 
Signature Date where such Encumbrance already existed over such asset as at the date of acquisition and has not been increased in contemplation of, or since
the date of, the acquisition of such asset by such member; 

  

	 	1.2.49.7	any Encumbrance existing as at the Signature Date or any renewal or extension thereof in the case of any company which becomes a member of the Gold Fields Group of Companies after
the Signature Date; 

  

	 	1.2.49.8	any other Encumbrance created or outstanding provided that the aggregate amount secured by all Encumbrances created under this exception must not at any time exceed an amount equal
to 12% (twelve percent) of Tangible Consolidated Net Worth of the Gold Fields Group of Companies; 

  

	 	1.2.49.9	any Encumbrance in favour of a contractor or sub-contractor which is the subject of a bona fide dispute; 

  

	 	1.2.49.10	any Encumbrance of the interest of a member of the Gold Fields Group of Companies in any joint venture, including the revenues and assets derived by such member from such joint
venture or employed by such member in such joint venture, in favour of its co-venturers and/or the manager or operator of the joint venture to secure the due payment of amounts payable under or in respect of such joint venture; or

  

	 	1.2.49.11	any Encumbrance arising in connection with a project financing or any refinancing of a project financing. 

  

	 	1.2.50	“Potential Event of Default” means any event or circumstance which would or could after expiry of a grace period, the giving of notice, the

  

 

 
  

 Page 12 

	 	 
making of any determination, the fulfilment or non-fulfillment of any condition (or any combination of the aforegoing) be an Event of Default in terms of
clause 12; 

  

	 	1.2.51	“Prepayment Notice” means a notice as envisaged in clause 8 below, duly completed and signed by the Borrower substantially in the form of Annexure
“E”; 

  

	 	1.2.52	“Prime Rate” means the publicly quoted basic rate of interest (expressed as a nacm rate) levied by the Lender from time to time on overdraft , calculated on a 365
(three hundred and sixty five) day year, irrespective as to whether or not the year is a leap year and prima facie proven, in the event of there being a dispute in relation thereto and in the absence of manifest error, by a certificate of any
general manager of the Lender (whose qualification or authority need not be proven); 

  

	 	1.2.53	“Security” means the security provided to the Lender by the Guarantors as security for the performance of the Borrower’s obligations to the Lender under this
Agreement in terms of the Security Document, together with any other additional security which the Lender may require from time to time as agreed with the Borrower; 

  

	 	1.2.54	“Security Document” means the Guarantee; 

  

	 	 1.2.55
	 “Signature Date” means the date upon which this Agreement is signed by the Party signing last in time,
it being recorded herein that the Borrower shall be obliged to complete and duly sign the Agreement by the 30th of July 2007, or such later date that the
Lender, in his sole discretion, may allow; 

  

	 	1.2.56	“South Africa” means the Republic of South Africa as constituted by the Constitution of the Republic of South African Act 108 of 1996; 

  

 

 
  

 Page 13 

	 	1.2.57	“Subsidiary” has the meaning given to it in the Companies Act, No.61 of 1973 (as amended): 

  

	 	1.2.58	“Tangible Consolidated Net Worth” shall have the meaning given to it in clause 14.2.3; 

  

	 	1.2.59	“Taxes” means all taxes, charges, imposts, levies, deductions, withholdings or fees of any kind whatsoever, or any amount payable on account of or as security for
any of the aforegoing by whomsoever and on whatsoever imposed, levied, collected, withheld or assessed, and “tax” and “taxation” shall be construed accordingly; 

  

	 	1.2.60	“Total Net Borrowings” shall have the meaning given to it in clause 14.2.4; 

  

	 	1.2.61	“VAT” means value added tax payable as defined in the Value Added Tax Act, 1991, as amended including any similar tax which may be imposed in place thereof from
time to time. 

  

	 	1.3	Unless inconsistent with the context or save where the contrary is expressly indicated in this Agreement: 

  

	 	1.3.1	any reference to an enactment is to that enactment as at the date of signature hereof and as amended or re-enacted from time to time; 

  

	 	1.3.2	if any provision in a definition is a substantive provision conferring rights or imposing obligations on any party, notwithstanding that it is only in the definition clause, effect
shall be given to it as if it were a substantive provision in the body of the Agreement; 

  

 

 
  

 Page 14 

	 	1.3.3	words and expressions defined in a sub-clause shall for the purpose of the clause of which that sub-clause forms part, bear the meaning assigned to such words and expressions in
that sub-clause; 

  

	 	1.3.4	when any number of days is prescribed, same shall be reckoned inclusively of the first and exclusively of the last; 

  

	 	1.3.5	where any act is to be performed on a day which is not a Business Day, such act shall be performed on the Business Day immediately preceding such day; 

  

	 	1.3.6	where figures are referred to in numbers and in words, if there is any conflict between the two, the words shall prevail; 

  

	 	1.3.7	schedules or annexures to this Agreement shall be deemed to be incorporated in and form part of this Agreement; 

  

	 	1.3.8	a reference to a person includes such person’s permitted successors, assigns, transferees or substitutes; 

  

	 	1.3.9	any reference to a document is a reference to that document as amended, novated, ceded or supplemented; 

  

	 	1.3.10	a time of day shall be construed as Johannesburg, South African time; 

  

	 	1.3.11	the expiry or termination of this Agreement shall not affect such of the provisions of this Agreement as expressly provided that they will operate after any such expiry or
termination or which of necessity must continue to have effect after such expiry or termination, notwithstanding that the clauses themselves do not expressly provide for this. 

  

 

 
  

 Page 15 

	 	1.3.12	as a result of the terms and conditions of the Agreement having been negotiated by the Parties, the contra proferentum rule shall not be applied in the interpretation hereof.

  

	2	SUSPENSIVE CONDITIONS 

  

	 	2.1	The obligations of the Lender to the Borrower in terms of this Agreement (other than those contained in this clause 2 and in clauses 1 and 20 to 28 (both inclusive) which shall
commence on the Signature Date) are subject to the fulfilment or waiver, confirmed in writing by the Lender to the Borrower, of the suspensive conditions set out in Annexure “A” hereto no later than 2 (two) Business Days
prior to the first Drawdown Date, or such other extended date as may be stipulated in writing by the Lender. 

  

	 	2.2	The obligation of the Lender to make any Advance available to the Borrower pursuant to clause 5, is subject to the further suspensive conditions set out in Annexure
“B”. 

  

	 	2.3	If the suspensive conditions set out in Annexure “A” are not fulfilled or waived prior to the date specified in clause 2.1 or, by any extended date for
fulfilment thereof as may be agreed to in writing by the Lender and the Borrower, the provisions of this Agreement shall not come into force and effect (other than those contained in this clause 2 and in clause 1 and 20 to 28 (both inclusive) which
are binding from the Signature Date) and the Lender and the Borrower shall be restored as near as may be reasonably possible, to the position in which they would have been had this Agreement not been entered into. No party shall have any claim
against the other as a result of the failure of the Agreement coming into effect. 

  

	 	2.4	The fulfilment or waiver of the suspensive conditions set out in Annexure “A” or “Annexure “B” shall be evidenced by way of a written
communication by the Lender to the Borrower advising that same are considered fulfilled or the requirement for the fulfilment thereof or part thereof is waived. 

  

 

 
  

 Page 16 

	 	2.5	The Parties acknowledge that the suspensive conditions set out in Annexures “A” and “B” referred to above have been incorporated in this Agreement
for the benefit of the Lender and may be waived by the Lender in its sole discretion and subject to such conditions as it may stipulate. 

  

	3	FACILITY 

  

	 	3.1	Subject to the terms and conditions of this Agreement, the Lender agrees to make the Facility available to the Borrower during the Availability Period. 

  

	 	3.2	The Lender may in its sole discretion and at the request of the Borrower pursuant to clause 9.3, renew the Facility on the expiry of the then current Availability Period.

  

	4	PURPOSE 

  

	 	4.1	The Borrower shall apply the proceeds of the Facility in the Gold Fields Group of Companies general corporate purposes. 

  

	 	4.2	The Lender shall be entitled, but is not obliged to, monitor or verify the application of any amount borrowed by the Borrower under this Agreement. 

  

	5	DRAWDOWNS 

  

	 	5.1	Subject to the provisions of this Agreement, the Facility may be drawn down in whole or in part during the Availability Period and an Advance will be made by the Lender to the
Borrower on the Drawdown Date, provided that: 

  

	 	5.1.1	no later than 11h00 (Johannesburg time) on the second Business Day prior to the Drawdown Date, or on such other date and time as the Borrower and Lender may agree in writing, the
Lender has received a Drawdown Notice attaching a letter signed by the Borrower confirming that the Drawdown Conditions (as defined in clause 5.1.4) have been met; 

  

 

 
  

 Page 17 

	 	5.1.2	the proposed Drawdown Date is a Business Day within the Availability Period; 

  

	 	5.1.3	the proposed Advance does not exceed the Available Facility; 

  

	 	5.1.4	the Lender is satisfied that the conditions set out in Annexure “B” hereto (“the Drawdown Conditions”) have been fulfilled in form and substance to
its satisfaction; 

  

	 	 5.1.5
	 The first drawdown shall be made by the Borrower by no later than the 31st of December 2007. 

  

	 	5.2	The Lender shall be entitled, in its sole discretion and on such terms and conditions as it may stipulate, to: 

  

	 	5.2.1	extend the relevant period for fulfilment of any or all of the Drawdown Conditions, and/or; 

  

	 	5.2.2	waive fulfilment of any or all of the Drawdown Conditions. 

  

	 	5.3	The Lender shall, within 24 hours of receipt of the Drawdown Notice, notify the Borrower, in writing, whether or not it is satisfied that the Drawdown Conditions have been fulfilled
or if they have been waived, as the case may be, in order to provide the Borrower with an opportunity to rectify such non-fulfilment, if it is capable of rectification. The Drawdown Conditions shall only be considered to have been fulfilled or
waived, as the case may be, when such notice is given. 

  

 

 
  

 Page 18 

	 	5.4	In the event that the Drawdown Conditions have not been timeously fulfilled or waived, as the case may be, the Lender’s obligations under this Agreement to honour any Drawdown
Notice or make any advance shall be suspended until such time as all of such Drawdown Conditions have been fulfilled or waived, as the case may be, provided that the Lender issued a Drawdown Refusal Notice and furnished a copy thereof to the
Borrower by no later than 15H00 on the Business Day prior to the Drawdown Date. 

  

	 	5.5	The Lender may validly act on all information, instructions and requests contained in the Drawdown Notice, without any liability or responsibility to verify or check the accuracy of
such information, provided that the Drawdown Notice is substantially in the form of Annexure “D”. 

  

	 	5.6	Save for the issuance of a Drawdown Refusal Notice, a Drawdown Notice shall be irrevocable and the Borrower shall draw the Advance on the Drawdown Date and, subject to the
provisions of this clause 5, the Lender shall be obliged to make the relevant Advance on such date. 

  

	 	5.7	All Advances drawn under this Agreement shall, in the absence of an express written agreement between the Borrower and the Lender to the contrary, be paid directly into the Account.

  

	 	5.8	If the full amount of the Facility is not drawn on or before the Business Day immediately preceding the last day of the Availability Period, all undrawn parts of this Facility shall
automatically be cancelled on that Business Day. 

  

	 	5.9	The Parties agree that all Advances repaid by the Borrower in accordance with this Agreement may be re-borrowed or redrawn by the Borrower, provided however that such amounts are
redrawn subject to the terms and conditions set out herein and that such re-borrowing does not exceed the Available Facility. 

  

 

 
  

 Page 19 

	6	INTEREST 

  

	 	6.1	The rate of interest on each Advance shall either be the Fixed Interest Rate or Floating Interest Rate, as specified by the Borrower in terms of clause 6.2.

  

	 	6.2	The Borrower shall on each Drawdown Notice to be provided to the Lender in accordance with clause 5, indicate, or if the whole facility has been drawn down, indicate in writing and
not later than 1 (one) Business Day prior to each repaid Interest Payment Date, whether it wishes to pay a Floating Interest Rate or Fixed Interest Rate in respect of the next Interest Period of the advance to be, or which has already been drawn
down, and the Lender shall confirm to the Borrower in the notice referred to in clause 5.3 or on such Interest Payment Date, the Fixed Interest Rate or Floating Rate, as the case may be, for such advance. 

  

	 	6.3	Interest shall from each Drawdown Date accrue on a daily basis on the Advance made at the Interest Rate and shall be calculated on the actual number of days elapsed and on the basis
of a 365 (three hundred and sixty five) day year factor. 

  

	 	6.4	Interest shall be payable in full in arrears on each Interest Payment Date. 

  

	 	6.5	The Lender shall notify the Borrower at least 2 ( two) Business Day before each Interest Payment Date of the amount of Interest payable on the relevant Interest Payment Date,
provided that a failure by the Lender to so notify the Borrower shall not render the Lender liable to the Borrower for any reason or cause of any nature, and shall not relieve the Borrower of any of its liabilities in respect of such Interest.

  

	 	6.6	All Interest shall be paid in full on or before the Final Repayment Date. 

  

 

 
  

 Page 20 

	 	6.7	If the Borrower fails to indicate either the Drawdown Notice or does not otherwise indicate in writing, which interest rate it wishes to pay in respect of the next Interest Period,
the Floating Interest Rate shall apply. 

  

	7	REPAYMENT AND PAYMENTS 

  

	 	7.1	All Advances made by the Lender to the Borrower pursuant to this Agreement shall be repaid by the Borrower in full by no later than the Final Repayment Date.

  

	 	7.2	All payments by the Borrower under this Agreement and any other payment of which the Lender may notify the Borrower in writing, shall be made to the Lender on the due date, into the
following account or such other account as the Lender may in writing notify the Borrower: 

  

			
		
	Account Holder	  	: Absa Project Finance
		
	Bank	  	: Absa Bank Limited
		
	Account Number	  	: 1-903-800-506
		
	Branch	  	: Gandhi Square
		
	Branch Code	  	: 50-30-05

  

	 	7.3	All payments made by the Borrower to the Lender under this Agreement shall be made in full without set-off or counterclaim, in immediately available funds. 

 

	 	7.4	All payments by the Borrower under this Agreement shall be made in full without any deduction or withholding in respect of Tax or otherwise unless the deduction or withholding is
required by law in which event the provisions of clause 17 (Taxes) below shall apply. 

  

	 	7.5	All Outstandings shall have been paid and all the obligations of the Borrower under this Agreement shall have been performed in full by no later than the Final Repayment Date.

  

 

 
  

 Page 21 

	 	7.6	If the Borrower fails to pay on the due date any amount falling due or payable to the Lender under or arising from this Agreement then, without prejudice to such other rights as may
accrue to the Lender consequent upon such failure, each such overdue amount shall bear interest at the Default Interest Rate from the due date to date of payment of such amount in full. 

  

	 	7.7	All payments in respect of all amounts due and payable by the Borrower to the Lender in terms of this Agreement shall only discharge the Borrower’s obligations in respect
thereof when the Lender has been able to establish to its satisfaction that it has received such amounts from the Borrower. It is specifically recorded and agreed that once the Lender has been able to establish to its satisfaction that it has
received such amount from the Borrower, the Borrower’s obligation in terms of this clause 7 shall be deemed to be discharged with effect from the date on which payment was made by the Borrower. A certificate signed by any general manager of the
Borrower to which a copy of any documentation evidencing such payment has been attached, shall be prima facie proof of any such payment. 

  

	8	PREPAYMENT OF THIS FACILITY 

 Voluntary prepayment 
  

	 	8.1	The Borrower may prepay the drawn part of the Facility, in whole or in part, at any time, provided that: 

  

	 	8.1.1	the Borrower shall make payment of Breakage Costs (if any) and accrued Interest then due and payable by the Borrower in respect of the amount to be prepaid under this Agreement;

  

	 	8.1.1.1	if such payment does not fall on an Interest Payment Date in respect of an Advance which carries a Floating Interest Rate; or 

  

 

 
  

 Page 22 

	 	8.1.1.2	if such payment is made at any time prior to the scheduled repayment date of an Advance which carries a Fixed Interest Rate; 

  

	 	8.1.2	the amount to be prepaid shall be a minimum of R10 000 000.00 (ten million Rand) with increments of R5 000 000.00 (five million Rand); and 

  

	 	8.1.3	the Borrower has given the Lender not less than 5 (five) Business Days’ notice, substantially in the form of the Prepayment Notice set out in Annexure
“E” stating the principal amount of the Facility to be prepaid. 

  

	 	8.2	During the 5 (five) Business Day period referred to in clause 8.1.3, the Borrower may not serve a Drawdown Notice purporting to draw all or any part of the amount which is the
subject of such Prepayment Notice. 

  

	9	RENEWAL OF THE FACILITY 

  

	 	9.1	At least 60 (sixty) days prior to the expiry of the Availability Period, the Borrower may request the Lender to renew the Facility for a further 364 (three hundred and sixty-four)
days from the expiry of the then current Availability Period, upon the terms and conditions as agreed to by and between the Lender and the Borrower. 

  

	 	9.2	The Lender must notify the Borrower in writing within 30 (thirty) days after the date of request for a renewal of the Facility as to whether the Lender is willing to extend the then
current Availability Period for a further 364 (three hundred and sixty-four) days. 

  

	 	9.3	If the Lender, in its sole discretion, agrees to renew the Facility, the Facility will be extended for a further 364 (three hundred and sixty-four) days upon the terms and
conditions as agreed to by and between the Lender and the Borrower. However, if the Lender is not willing to renew the Facility for a further 364 (three hundred and sixty-four) days, the Facility shall terminate on the expiry of the Availability
Period. 

  

 

 
  

 Page 23 

	10	REPRESENTATIONS AND WARRANTIES 

  

	 	10.1	The Borrower represents and warrants to the Lender for the duration of the Agreement that: 

  

	 	10.1.1	it is a limited liability company, duly incorporated and validly existing under the laws of South Africa; 

  

	 	10.1.2	it has full power to enter into and perform all the terms of this Agreement and has taken all necessary statutory and other actions to authorise the borrowings and the performance
of its obligations hereunder; 

  

	 	10.1.3	this Agreement constitutes legal, valid, binding and enforceable obligations of the Borrower, ranking at least pari passu with all other unsecured and unsubordinated
creditors of the Borrower save where other obligations are mandatory preferred by law applying generally to companies in South Africa, and is enforceable against the Borrower in accordance with their terms; 

  

	 	10.1.4	the execution of this Agreement and the exercise of its rights and performance of its obligations hereunder do not and will not contravene or constitute a default under:

  

	 	10.1.4.1	any material agreement, mortgage, bond or other instrument to which it is a party or which is binding upon it or any of its assets or revenues; or 

  

	 	10.1.4.2	its constitutive documents; 

  

 
  

 Page 24 

	 	10.1.5	its Financial Statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) and (in conjunction with the notes thereof) fairly present
its financial condition and the result of its operations at the end of the applicable Financial Year; 

  

	 	10.1.6	all authorisations and approvals required in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by this Agreement, have
been obtained or effected and are in full force and effect; 

  

	 	10.1.7	it is not in breach of any of the material provisions of any law relating to the conduct of its business and activities, including, but not limited to, any Tax law or regulations
and no claims in excess of R100 000 000 (one hundred million Rand) by any relevant governmental authority or body is pending or threatened against it, except to the extent that (i) Payment is being contested in good faith; (ii) it has
maintained adequate reserves for these Taxes; and (iii) payment can be lawfully withheld; 

  

	 	10.1.8	to the best of the Borrower’s knowledge, information and belief and having made due and careful enquiry, no event has occurred which constitutes, or which (with the giving of
notice and/or the lapse of time and/or the fulfilment of any applicable requirement) would constitute, a contravention of, or breach of, or event of default under, any agreement to which the Borrower is a party or which is binding on it or any of
its assets, which contravention, breach or event of default could reasonably be expected to have a Material Adverse Change with respect to the Borrower; 

  

	 	10.1.9	no Event of Default or potential Event of Default has occurred or will occur by virtue of the Borrower performing its obligations under this Agreement except to the extent that a
Potential Event of Default has been disclosed in writing to the Lender. 

  

 

 
  

 Page 25 

	 	10.1.10	it has good title to all of its assets and revenues and has not sold or otherwise disposed of or Encumbered in any way such assets or revenues save for any Permitted Security
Encumbrance; 

  

	 	10.1.11	to the best of its knowledge and belief, having made all due and careful enquiry, it is not presently involved in any suit or legal proceeding, before any court, tribunal,
governmental body, agency or official or any arbitrator which, if adversely determined against it, is likely to have a Material Adverse Change on the Borrower, nor is any such suit or legal proceeding pending or threatened against it;

  

	 	10.1.12	all of the information supplied by it in connection with this Agreement is true, complete and accurate in all material respects and it is not aware of any material facts or
circumstances that have not been disclosed to the Lender; 

  

	 	10.1.13	it has not taken any corporate action nor have any other steps been taken or legal proceedings been instituted or threatened against it for its winding-up, dissolution, liquidation,
administration or for the appointment of a liquidator, trustee or similar officer of it or of any or all of its assets or revenues; 

  

	 	10.1.14	since publication of its last Financial Statements no Material Adverse Change has occurred with respect to the Borrower; 

  

	 	10.1.15	the assets of the Borrower are insured against all risks and to the extent that is usual for companies in the jurisdiction in which it conducts its business and carrying on a
substantially similar business in such jurisdiction as the Borrower, and the relevant insurance policies are in full force and effect. 

  

 

 
  

 Page 26 

	 	10.2	Each warranty set out in clause 10.1 above is: 

  

	 	10.2.1	a separate warranty; 

  

	 	10.2.2	in no way limited or restricted by reference to or inference from the terms of any other warranty; and 

  

	 	10.2.3	for the sole benefit of the Lender. 

  

	11	UNDERTAKINGS 

  

	 	11.1	Information Undertakings 

  

	 	11.1.1	The Borrower undertakes in favour of the Lender that it shall: 

  

	 	11.1.1.1	deliver to the Lender, as soon as the same become available, but in any event within 180 (one hundred and eighty) calendar days after the end of each Financial Year, its Financial
Statements for that Financial Year, prepared in accordance with IFRS, without any material qualifications; 

  

	 	11.1.1.2	procure that each of the Guarantors delivers to the Lender, as soon as same become available, but in any event within 180 (one hundred and eighty) calendar days after the end of
each Financial Year, its Financial Statements for that Financial Year; 

  

	 	11.1.1.3	deliver to the Lender its unaudited consolidated six-monthly management accounts as soon as same become available, but in any event within 60 (sixty) days after such accounts have
been compiled and prepared; 

  

 

 
  

 Page 27 

	 	11.1.2	procure that each of the Guarantors delivers to the Lender its unaudited consolidated six-monthly management accounts as soon as same become available, but in any event within 60
(sixty) days after such accounts have been compiled and prepared; 

  

	 	11.1.3	the Borrower shall, promptly upon becoming aware thereof, inform the Lender of the occurrence of any Event of Default or Potential Event of Default (and the steps, if any, being
taken to remedy it) and, upon receipt of a written request to that effect from the Lender, confirm that, except as previously notified or as notified in such confirmation, so far as it is aware, no Event of Default or Potential Event of Default has
occurred; 

  

	 	11.1.4	the Borrower shall forthwith notify the Lender in writing of any event which it, acting reasonably, would expect would have a Material Adverse Change with respect to the Borrower
(in this regard the Borrower shall not be expected to speculate on whether or not such event in the opinion of the Lender will have such an effect); 

  

	 	11.1.5	The Borrower shall, upon reasonable notice provide the Lender with such other information concerning the business or financial conditions of the Borrower as the Lender may
reasonably request. 

  

	 	11.2	Positive Undertakings 

 The
Borrower undertakes in favour of the Lender, that it shall: 
  

	 	11.2.1	maintain in full force and effect all material authorizations, approvals, licenses and consents required under any Applicable Law to enable it to perform its obligations under this
Agreement; 

  

	 	11.2.2	ensure that its Financial Statements are prepared in accordance with International Financial Reporting Standards (“IFRS”), be audited by an 

  

 

 
  

 Page 28 

	 	 
internationally recognized firm of independent auditors licensed to practice in South Africa, and fairly represent the financial condition of the Borrower
and make full provision for all material liabilities of the Borrower; 

  

	 	11.2.3	maintain in full force and effect all licenses, consents, approvals and authorisations necessary for the conduct of its business at the time that such approvals and authorisations
are required; 

  

	 	11.2.4	procure that its obligations under this Agreement do and will rank at least pari passu with all its other present and future unsecured and unsubordinated obligations, except
those which are mandatorily preferred by law in respect of companies generally. 

  

	 	11.3	Negative Undertakings 

 The Borrower undertakes in
favour of the Lender, without the prior written consent of the Lender, that it shall not: 
  

	 	11.3.1	transfer, cede, license, loan, sell, donate or dispose of in any way, and shall not procure or permit the transfer, cession, licensing, loan, or disposal in any way, of the whole or
any substantial part of its business, undertakings, assets, properties or revenues, other than any disposal: 

  

	 	11.3.1.1	on arm’s length for fair market value; 

  

	 	11.3.1.2	to any Material Subsidiary; 

  

	 	11.3.1.3	of obsolete or redundant assets which are no longer required; 

  

 

 
  

 Page 29 

	 	11.3.1.4	in the ordinary course of the Borrower’s business and for full value; or 

  

	 	11.3.1.5	where the higher of the market value or consideration receivable when aggregated with other disposals by the members of the Gold Fields Group of Companies (other than disposals in
terms of clause 11.3.1.1 through 11.3.1.4) does not exceed 10% (ten percent) of the Tangible Consolidated Net Worth of the Gold Fields Group of Companies. 

  

	 	11.3.2	Each of the undertakings by the Borrower in this clause 11 above: 

  

	 	11.3.2.1	shall remain in full force for the duration of this Agreement; and 

  

	 	11.3.2.2	shall be a separate undertaking and shall in no way be limited or restricted by reference to or inference from the terms of any other undertaking. 

  

	12	EVENTS OF DEFAULT 

  

	 	12.1	An Event of Default shall occur if any of the following events, each of which shall be severable and distinct, occurs (caused by any reason whatsoever, whether or not outside the
control of the Borrower or any other person): 

  

	 	12.1.1	the Borrower or any other member of the Gold Fields Group of Companies fails to pay any amount due under the Finance Documents to which it is a party on the due date, and such
failure is not remedied by payment of the amount due within 5 (five) Business Days of receipt of written notice from the Lender to the Borrower calling upon the Borrower to effect payment; or 

  

 

 
  

 Page 30 

	 	12.1.2	the Borrower or any of the Guarantors breaches any other provision or defaults in the performance of any obligation or undertaking (other than chose referred to in 12.1.1) of any
Finance Document to which it is a party and such breach or default, if capable of remedy, is not remedied within a period of 20 (twenty) Business Days, after such failure; or 

  

	 	12.1.3	any representation, warranty or statement made or repeated or given by the Borrower or any party other than the Lender to the Finance Documents or certificate delivered by it
pursuant thereto or in connection therewith is or proves in the reasonable opinion of the Lender to have been materially incorrect or significantly misleading when made or deemed to be made or repeated or given; or 

  

	 	12.1.4	any Indebtedness for Borrowed Money in excess of R150 000 000 (one hundred and fifty million Rand) of the Borrower or any of the Guarantors or any Material Subsidiary becomes due
and payable prior to its specified maturity date by reason of a breach by the Borrower or any Guarantor or any Material Subsidiary, as the case may be, or is not repaid when due (taking into account any applicable grace period); or

  

	 	12.1.5	any judgment in respect of a claim of more than R100 000 000 (one hundred million Rand) or its equivalent in any other currency, is given against the Borrower or any Guarantor or
any Material Subsidiary or any such person’s assets or revenues and is not discharged or contested within 20 (twenty) Business Days of it being granted; or 

  

	 	12.1.6	the Borrower or any Guarantor or any Material Subsidiary is deemed for the purposes of any Applicable Law to be insolvent or unable to pay its debts as they fall due, or admits
inability to pay its debts as they fall due, or commences negotiations with any of its creditors for the general readjustment, or rescheduling of its Indebtedness for Borrowed Money; or 

  

 

 
  

 Page 31 

	 	12.1.7	any third person takes any bona fide action, steps or proceedings against the Borrower or any Guarantor or any Material Subsidiary: 

  

	 	12.1.7.1	for compulsory, provisional or final winding-up, liquidation, compromise, administration order, curatorship, judicial management, dissolution, or administration of the Borrower; or

  

	 	12.1.7.2	for the appointment of an administrator, trustee, liquidator, judicial manager or similar officer over any or all of the Borrower’s, assets or revenues; or

  

	 	12.1.7.3	the Borrower or any Guarantor or any Material Subsidiary itself takes any action, steps or proceedings: 

  

	 	12.1.7.3.1	for voluntary or compulsory (provisional or final), winding-up, liquidation, compromise, administration order, curatorship, judicial management, dissolution, or administration in
relation to itself or its assets; or 

  

	 	12.1.7.3.2	for the appointment of a trustee, liquidator, judicial manager or similar officer over any or all of its own assets or revenues; or 

  

	 	12.1.7.4	the Borrower or any Guarantor or any Material Subsidiary, compromises or attempts to compromise with creditors generally (or any significant class of creditors) or a meeting of
creditors is convened by the Borrower or any guarantor or any Material Subsidiary, as the case may be, to consider a proposal for an arrangement or compromise with its creditors generally (or any significant class of creditors); or

  

 

 
  

 Page 32 

	 	12.1.7.5	the Borrower or any Guarantor repudiates its obligations under or any Finance Document to which it is a party; or 

  

	 	12.1.7.6	any attachment, sequestration or execution for an amount in excess of R100 000 000 (one hundred million Rand) is levied against, or an Encumbrance is taken over the whole or a
substantial part of, the property, undertaking or assets of the Borrower or any Guarantor or any Material Subsidiary and such attachment, sequestration, execution or taking possession of, is not set aside within 20 (twenty) Business Days after it
came to the attention of the Borrower or such Guarantor or Material Subsidiary, as the case may be; or 

  

	 	12.1.7.7	subject to clause 11.3.1.5, a sale of a Material Subsidiary occurs without the prior written consent of the Lender; or 

  

	 	12.1.7.8	any other event or series of events occurs which has a Material Adverse Change on the Borrower or any Guarantor or any Material Subsidiary and if, in the opinion of the Lender, such
event or series of events can be remedied or rectified to its satisfaction within a period which the Lender is of the opinion will not prejudice the Lender, it is not so remedied or rectified; 

  

	 	12.1.7.9	any of the financial covenants in clause 14 are breached; or 

  

	 	12.1.7.10	any Permitted Encumbrance created over a material asset being a single income producing asset which contributes not less than 10% (ten percent) towards gross turnover of the Gold
Fields Group of Companies, given by the Borrower or any member of the Gold Fields Group of Companies is enforced unless such enforcement is discharged within 30 (thirty) days of the enforcement action or is subject to a bona fide dispute.

  

 

 
  

 Page 33 

	13	CONSEQUENCES OF EVENT OF DEFAULT 

  

	 	13.1	The occurrence of an Event of Default shall constitute a material breach of this Agreement. 

  

	 	13.2	Upon the occurrence of any Event of Default the Lender may, without prejudice to such other rights or remedies which the Lender may have in terms of the Finance Documents or at law,
without notice to the Borrower: 

  

	 	13.2.1	decline to pay out any amounts then undrawn under this Agreement; and/or 

  

	 	13.2.2	cancel this Agreement in whole or in part; and/or 

  

	 	13.2.3	claim immediate payment of all amounts (including, without limitation, all Outstandings and Breakage Costs (if any) owing (whether due and payable or not) by the Borrower to the
Lender, all of which shall be and become forthwith due and payable; and /or 

  

	 	13.2.4	claim payment of such damages including, costs and other amounts, in consequence of such Event of Default from the Borrower in terms of this Agreement; and/or

  

	 	13.2.5	take all steps which the Lender considers desirable to enforce the Security. 

  

	 	13.3	Upon the occurrence of an Event of Default, Interest shall be calculated and paid on any amount which remains due but unpaid as a result of the occurrence of such Event of Default
at the Default Interest Rate, without prejudice to any other right the Lender may otherwise have as a result of such Event of Default. 

  

 

 
  

 Page 34 

	 	13.4	If an Event of Default has occurred and the Lender is exercising or has exercised any of its rights and remedies under any one or more of clauses 13.2 to 13.2.4 (inclusive), then
the Lender may at any time whilst any Event of Default is continuing and unremedied, elect to exercise any of its other rights and remedies under any of clauses 13.2 to 13.2.4 (inclusive). 

  

	14	FINANCIAL COVENANTS 

  

	 	14.1	The Borrower shall procure that Gold Fields maintains the following financial ratios for the duration of this Agreement: 

  

	 	14.1.1	a ratio of Total Net Borrowings to Tangible Consolidated Net Worth not exceeding 0.40; 

  

	 	14.1.2	minimum Tangible Consolidated Net Worth of R13 000000000.00 (thirteen billion Rand); 

  

	 	14.1.3	a minimum Interest Cover Ratio of 2.5 times: 

  

	 	14.2	For the purposes of this clause 14: 

  

	 	14.2.1	“Indebtedness for Borrowed Money” means any indebtedness incurred (whether as principal or surety) in respect of: 

  

	 	14.2.1.1	monies borrowed; 

  

	 	14.2.1.2	any debenture, bond, note, loan stock or other debt security; 

  

	 	14.2.1.3	acceptance credit facilities to the extent utilised; and 

  

	 	14.2.1.4	capitalised rental payments under leases, which are termed “Financial leases” for the purposes of the Accounting Standards; 

  

 

 
  

 Page 35 

	 	14.2.2	“Interest Cover Ratio” means the ratio of the consolidated earnings before interest and taxation of Gold Fields over the interest expense for that period;

  

	 	14.2.3	“Tangible Consolidated Net Worth” means the amount paid up (or credited as paid up) on the issued share capital and share premium of Gold Fields, plus the
consolidated reserves of the Gold Fields Group of Companies excluding any revaluations made after Gold Field’s most recent financial year and prior to the Signature Date (or less the amount standing to the debit of the consolidated profit and
loss account of Gold Fields), plus the value of compulsory convertible instruments and the amount of subordinated shareholders loans granted by any member of the Gold Fields Group of Companies from time to time, and minus goodwill, all as shown in
the then most recent audited annual consolidated financial statements of Gold Fields; 

  

	 	14.2.4	“Total Net Borrowings” means all outstanding Indebtedness for Borrowed Money of Gold Fields on a consolidated basis, less (a) cash held by any Material
Subsidiary or with any bank, (b) any short-term or current asset investments all as shown in the then most recent audited annual consolidated financial statements of Gold Fields, and (c) the value of compulsory convertible instruments and
the amount of subordinated shareholders loans granted by any member of the Gold Fields Group of Companies from time to time; 

  

	 	14.3	The financial ratios referred to in clause 14.1 shall be measured semi-annually against the Financial Statements and six-monthly management accounts referred to in clauses 11.1.1 to
11.1.2 respectively. The financial results of Gold Fields will be used to measure the financial ratios. 

  

	 	14.4	The Borrower shall procure that the Lender is furnished, in a form acceptable to the Lender on a semi-annual basis with a certificate signed by an executive

  

 

 
  

 Page 36 

	 	 
director of each of the Guarantors stating that the covenants as set out in clause 14.1 have been complied with. Further, the Borrower shall procure that the
Guarantors’ auditors furnish the Lender in a form acceptable to the Lender by no later than 120 (one hundred and twenty days) after the end of each Financial Year with a certificate setting out the calculations of the financial ratios in clause
14.1 and stating that the covenants as set out in clause 14.1 have been complied with. 

  

	15	ACCELERATED REPAYMENT 

  

	 	15.1	If there is: 

  

	 	15.1.1	a Change in Law which renders, will render or may have the effect of rendering the Finance Documents, or anything done or to be done pursuant thereto, illegal, invalid or
unenforceable and the Parties fail in their endeavours to agree to rectify such illegality, invalidity or unenforceability (provided such illegality, invalidity or unenforceability is capable of being rectified), or agree upon alternative acceptable
provisions, within 15 (fifteen) Business Days or such longer period as may be agreed to in writing between the Parties, after receipt by the Borrower of such notice from the Lender advising the Borrower of the relevant change; or

  

	 	15.1.2	a Change in Law which the Lender reasonably expects to occur or has occurred that will, in the reasonable opinion of the Lender, adversely affect or have an adverse effect on the
Lender or any transactions contemplated by the Finance Documents, after the Lender and the Borrower have failed to agree upon an acceptable solution within 15 (fifteen) Business Days of written notice by the Lender to the Borrower,

  

	 	15.1.3	then the Lender shall, in addition to and without prejudice to any other rights the Lender may have in terms of this Agreement or in law and after consultation, in good faith, with
the Borrower, be entitled to cancel this Agreement and the provisions of clause 13.1 and 13.2.5 shall apply mutatis mutandis. 

  

 

 
  

 Page 37 

	 	15.2	The Lender shall provide the Borrower with such reasonable details in writing as to how such Change in Law which the Lender expects to occur or has occurred will adversely affect or
have an adverse effect on the Lender or any transactions contemplated by the Finance Documents, provided that it shall not be under any obligation under this clause to disclose any confidential information relating to its affairs.

  

	16	INCREASED COSTS 

  

	 	16.1	If by reason of: 

  

	 	16.1.1	any Change in Law; and/or 

  

	 	16.1.2	any directive, requirement, request or guideline, (whether or not having the force of law) or change in the interpretation of any directive, requirement, request or guidance now
existing of the South African Reserve Bank or any other fiscal, monetary, regulatory or other authority in South Africa; and/or 

  

	 	16.1.3	any change in banking practice required by any directive, requirement, request or guideline, as it affects or is applied generally by financial institutions; and/or

  

	 	16.1.4	a requirement or a request by any statutory or monetary authority, to pay Taxes or other amounts whatsoever or to maintain special deposits or reserve assets in addition to those
existing at the Signature Date; and/or 

  

 

 
  

 Page 38 

	 	16.1.5	any compliance by the Lender with any additional reserve cash ratio, special deposit or liquidity requirements (or any other similar requirements) in respect of this Agreement;
and/or 

  

	 	16.1.6	any compliance by the Lender with any capital adequacy or similar requirements howsoever arising, including as a result of an increase in the amount of the capital to be allocated
to the amount advanced under this Agreement or of a change of weighting of the commitment under this Agreement; and/or 

  

	 	16.1.7	any liability arises to pay Taxes; 

  

	 	16.1.8	there are any Increased Costs; 

  

	 	16.2	The Lender shall be entitled, but not obliged, to either: 

  

	 	16.2.1	Recalculate the Margin, in relation to both the Fixed Interest Rate as well as the Floating Interest Rate; and/or 

  

	 	16.2.2	Demand from the Borrower, who shall, having received (5) five Business Days notice thereof, promptly pay to the Lender amounts sufficient to indemnify it against such Increased
Costs, whether retrospectively or not: 

  

	 	16.2.2.1	such cost; or 

  

	 	16.2.2.2	such reduction in such rate of return (or proportion of such reduction as is attributable to its obligations hereunder); or 

  

	 	16.2.2.3	such increased cost (or such proportion of such increased cost as is attributable to its funding or maintaining the Loan); 

  

	 	16.2.2.4	such liability; or 

  

 

 
  

 Page 39 

	 	16.2.2.5	such recalculated Margin. 

  

	 	16.2.3	provided, however, that the Lender shall use its reasonable endeavours to mitigate the existence of such Increased Costs. The Lender undertakes, as soon as reasonably possible of it
becoming aware of any matter referred to in clause 16.1 above, to notify the Borrower of such matter. The provisions of this clause shall not apply to costs arising prior to the date of the relevant circumstances specified in clauses 16.1.1 to
16.1.7 (inclusive) above. 

  

	 	16.3	The Lender shall provide the Borrower such reasonable details as to how such Increased Cost has been suffered, provided that it shall not be under any obligation under this clause
16 to disclose any information relating to its affairs or to that of any financier, which it in its sole and absolute discretion determines is confidential, commercially sensitive or the disclosure of which would be contrary to any of its or such
financier’s usual policies and no failure to disclose any such information shall limit its rights hereunder. 

  

	 	16.4	If and to the extent that there is an Increased Cost to be paid by the Borrower under clause 16.1 above, subject to the Borrower having paid to the Lender the Increased Costs
incurred from the due date, specified in clause 16.2.2, to date of payment, the Borrower shall, on not less than 5 (five) Business Days’ prior notice to the Lender be entitled to terminate this Agreement and prepay the Outstandings (including
Breakage Costs (if any)) provided that such notice shall be given within 10 (ten) Business Days from the date of demand by the Lender for payment of the Increased Costs. 

  

	 	16.5	The Parties’ rights, benefits and obligations arising from the provisions of this clause 16 in respect of any liability to pay Taxes shall survive the expiry by effluxion of
time or earlier termination of this Agreement for any reason and shall be enforceable by any party, its successors and assignees. 

  

 

 
  

 Page 40 

	 	16.6	For the sake of clarity it is recorded that clause 16.1 shall not apply to any Increased Cost attributable to any change in the rate of tax on the overall net income of the Lender.

  

	17	TAXES 

  

	 	17.1	Stamp Duty 

 The Borrower shall pay
all stamp and other similar duties and Taxes to which this Agreement may be subject or give rise. 
  

	 	17.2	Gross Up 

 All payments by the
Borrower under this Agreement shall be made free and clear of and without deduction for or on account of any Taxes, except to the extent that the Borrower is required by law to make payment subject to any Taxes. If any Tax or amounts in respect of
tax must be withheld or deducted, or any other deductions must be made, from any amounts payable or paid by the Borrower under this Agreement, the Borrower shall pay such additional amounts as may be necessary to ensure that the Lender receives a
net amount equal to the full amount which it would have received had payment not been made subject to Tax or any other deduction. If any Tax is imposed or levied on the Lender and the Borrower is required to withhold or deduct any such Tax on behalf
of the Lender, any tax credit received in the hands of the Lender as a result of such withholding or deduction shall be refunded by the Lender to the Borrower. 
  

 

 
  

 Page 41 

	 	17.3	Tax Receipts 

 All Taxes required
by law to be deducted or withheld by the Borrower from any amounts paid or payable under this Agreement shall be paid by the Borrower when due and it shall, within 15 (fifteen) days of the payment being made, deliver to the Lender evidence
satisfactory to the Lender (including all relevant Tax receipts) that the payment has been duly remitted to the appropriate authority. 
  

	18	Value Added Tax 

 The amounts stated
in this Agreement to be payable by the Borrower are exclusive of VAT and accordingly the Borrower, shall pay, against delivery of appropriate supporting documentation on demand any VAT properly chargeable in respect of any transactions contemplated
by this Agreement. 
  

	19	INDEMNITIES 

  

	 	19.1	The Borrower hereby indemnifies and holds the Lender harmless against any and all losses, liabilities, claims, damages, penalties, judgments, disbursements, costs and expenses
(including all legal costs on the attorney and own client scale) to which the Lender becomes subject to, which directly or indirectly arises from or relates to: 

  

	 	19.1.1	enforcement of the Finance Documents against the Borrower; 

  

	 	19.1.2	any breach by the Borrower of any representations, warranty, covenants or other agreement contained in or contemplated by this Agreement; 

  

	 	19.1.3	the occurrence and continuance of any Event of Default; 

  

 

 
  

 Page 42 

	 	19.1.4	the receipt or recovery by the Lender of all or any overdue amounts. 

  

	 	19.2	The provisions of clause 19.1 shall not apply to any losses, liabilities, claims, damages, penalties, judgments, disbursements, costs and expenses which have resulted from the gross
negligence or wilful misconduct on the part of the Lender. 

  

	20	REMEDIES AND WAIVERS 

 No failure by
the Lender to exercise, nor any delay by the Lender in exercising, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further exercise thereof or the exercise
of any other right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law. 
  

	21	CERTIFICATE 

 A certificate signed
by any general manager of the Lender (whose appointment or authority as such it shall not be necessary to prove), certifying any amount outstanding in terms of this Agreement or the relevant portion thereof which has become due and payable
(including rates of Interest and other charges applicable thereto) shall be prima facie proof of the matters stated for all purposes, including for the purposes of furnishing further particulars, obtaining provisional sentence and obtaining
judgment against the Borrower. 
  

 

 
  

 Page 43 

	22	CESSION AND DELEGATION OF RIGHTS AND OBLIGATIONS 

  

	 	22.1	The Lender may at any time cede all or any or part of its rights and/or delegate any of its obligations under all or any or part of this Agreement to any other entity within the
Absa Group without the Borrower’s prior consent or to any other financial institution or to any other person with the Borrower’s prior written consent, which consent shall not be unreasonably withheld. 

  

	 	22.2	To the extent that any cession by the Lender to a party referred to in clause 22.1 above results in a splitting of claims, the Borrower hereby consents to such splitting of claims.

  

	 	22.3	The Borrower shall not cede, pledge, assign, transfer, make over, hypothecate, novate or in any way alienate or encumber its rights under this Agreement without the Lender’s
prior written approval. 

  

	23	NOTICES 

  

	 	23.1	The Parties choose as their place where notices may be given for all purposes under this Agreement in respect of notices or other documents or communications of whatsoever nature
including service of process in respect of the Borrower, the following addresses: 

  

					
	23.1.1	  	            the Lender            	  	 ABSA CAPITAL (a division of Absa Bank Limited)
 Arlene Roelofse
 Head : Documentation Management
 Telephone No: (011) 350-2615
 Facsimile No: (01l) 350-7461

  

 

 
  

 Page 44 

					
	23.1.2	  	            the Borrower        	  	 GFI Mining South Africa (Proprietary)
 Limited

24 St Andrews Road
 Parktown
 Johannesburg
 Telephone No: (011) 644 2480
 Facsimile No: (011) 484 6349
 Attention: Mr Rudolph
Jordaan

  

	 	23.2	Any notice or communication required or permitted to be given in terms of this Agreement shall be valid and effective only if in writing but it shall be competent to give notice by
facsimile. 

  

	 	 23.3
	 Any Party may by written notice to the other Party change the physical address chosen or facsimile number
vis-à-vis that Party to another physical address or facsimile number in South Africa, provided that the change shall become effective on the 7th Business Day from the deemed receipt of the notice by the addressee. 

  

	 	23.4	Any notice to a Party: 

  

	 	 23.4.1
	 sent by courier in a correctly addressed envelope to it at its chosen address shall be deemed to have been received on
the 3rd Business Day after sending (unless the contrary is proved); or 

  

	 	23.4.2	delivered by hand to a responsible person during ordinary business hours at its chosen address shall be deemed to have been received on the day of delivery; or

  

	 	23.4.3	sent by facsimile to its chosen facsimile number during ordinary business hours shall be deemed to have been received on the date of transmission, provided that any such notice
given by facsimile is telephonically confirmed by Parties to such notice during business hours to such on the same day. 

  

 

 
  

 Page 45 

	 	23.5	Notwithstanding anything to the contrary herein contained a written notice or communication actually received by a Party shall be an adequate written notice or communication to it
notwithstanding that it was not sent to or delivered at its chosen address, provided such party provides confirmation in writing that it has actually received such written notice or communication to the Party from whom the written notice or
communication was received. 

  

	24	GENERAL 

  

	 	24.1	This Agreement constitutes the whole agreement between the Parties relating to the subject matter hereof. 

  

	 	24.2	No amendment or consensual cancellation of this Agreement or any provision or term thereof or of any agreement or other document issued or executed pursuant to or in terms of this
Agreement and no settlement of any disputes arising under this Agreement and no extension of time, waiver or relaxation or suspension of any of the provisions or terms of this Agreement or of any agreement or other document issued pursuant to or in
terms of this Agreement shall be binding unless recorded in a written document signed by the Parties. 

  

	 	24.3	No extension of time or waiver or relaxation of any of the provisions or terms of this Agreement or any agreement, bill of exchange or other document issued or executed pursuant to
or in terms of this Agreement, shall operate as an estoppel against any Party in respect of its rights under this Agreement, nor shall it operate so as to preclude such Party thereafter from exercising its rights strictly in accordance with this
Agreement. Any such extension, waiver or relaxation or suspension which is so given or made shall be strictly construed as relating strictly to the matter in respect whereof it was made or given. 

  

 

 
  

 Page 46 

	 	24.4	No Party shall be bound by any express or implied term, representation, warranty, promise or the like not recorded herein, whether it induced the contract or not.

  

	 	24.5	Each provision in this Agreement is severable, the one from the other, and if at any time any provision is or becomes or is found to be illegal, invalid, defective or unenforceable
for any reason by any competent court, the remaining provisions shall be of full force and effect and shall continue to be of full force and effect. 

  

	 	24.6	Each Party warrants that it is acting as a principal and not as an agent for an undisclosed principal. 

  

	 	24.7	The expiry or termination of this Agreement shall not prejudice the rights of any Party thereto in respect of any breach or non-performance by any Party of any of the terms or
conditions hereof during the tenure of this Agreement. 

  

	 	24.8	All notices or communications under or in connection with this Agreement shall be in the English language. 

  

	 	24.9	The Parties shall perform (or procure the performance of) all further acts and things, and execute and deliver (or procure the execution and delivery of) such further documents, as
may be required by law or as may be necessary or desirable to implement and/or give effect to this Agreement and the transactions contemplated thereby. 

  

	 	24.10	This Agreement may be executed in counterparts each of which when read together, shall constitute one and the same document. 

  

 

 
  

 Page 47 

	25	GOVERNING LAW AND JURISDICTION 

  

	 	25.1	The validity of this Agreement, its interpretation, the respective rights and obligations of the Parties and all other matters arising in any way out of this Agreement shall be
determined in accordance with the laws of South Africa. 

  

	 	25.2	Each Party hereby irrevocably submits in any legal proceeding or dispute relating to this Agreement to the non-exclusive jurisdiction of Witwatersrand Local Division of the High
Court of South Africa. 

  

	26	DISCLOSURE OF INFORMATION 

 Subject
to compliance with clause 27 (Confidentiality), the Lender may disclose to any person with whom it is proposing to enter, or has entered into, any kind of transfer, participation or other agreement in relation to this Agreement: 
  

	 	26.1	a copy of the Finance Documents; and 

  

	 	26.2	any information which the Lender has acquired under or in connection with any of the Finance Documents. 

  

	27	CONFIDENTIALITY 

  

	 	27.1	Each of the Parties to this Agreement agrees to, and shall procure that its respective directors, officers, employees, servants and agents, shall keep confidential and not to
disclose to any person (save as hereinafter provided) any confidential or proprietary information, management accounts, computer records, specifications, formulae, evaluations, methods, processes, technical descriptions, reports and other data,
records, drawings and information in respect of the business operations or affairs of any Party, provided to or acquired by it pursuant 

  

 

 
  

 Page 48 

	 	 
to or arising from the terms or performance of this Agreement or any other Finance Document (including without limitation any such documents or information
supplied in the course of proceedings under the disputes resolution procedure under any Finance Document or during any negotiations of any Finance Document) together (“the Confidential Information”). 

  

	 	27.2	Notwithstanding the provisions of clause 27.1 above, either Party shall be entitled to disclose the whole or any part of the Confidential Information to (i) any assignee or
transferee or any prospective assignee or transferee or any other person with whom it may enter contractual obligations in relation to funding or supporting its commitments under any Finance Documents, any of its or their respective directors,
officers, employees, servants, subcontractors, agents, Lender’s advisers or Borrower’s advisers to the extent necessary to enable it or them to perform (or to cause to be performed) or to enforce any of its or their rights or obligations
under this Agreement and all related documents (as the case may be) to assess whether or not to become the lender, provided that the recipient of such information enters into a similar written undertaking to that contained in this clause 27,
(ii) any governmental authority, agency or entity required by any law, regulation, directive or decree, and (iii) any other person required in terms of the Promotion of Access to Information Act, 2002, provided that the Party required to
provide such information shall notify the other Party in writing prior to such disclosure. 

  

	28	COSTS 

  

	 	28.1	Each Party shall bear its own costs and expenses in connection with the preparation, drafting and negotiation of this Agreement. 

  

	 	28.2	The Borrower shall forthwith on demand pay to the Lender the amount of all costs and expenses (including legal fees) incurred by it: 

  

	 	28.2.1	in connection with the enforcement, or the preservation of any rights under this Agreement; or 

  

 

 
  

 Page 49 

	 	28.2.2	in investigating any possible default which is established to be an Event of Default, irrespective of whether or not the Lender takes any action in respect of same.

  

	 	28.3	The Lender undertakes to use its reasonable endeavours to mitigate any costs and expenses to be incurred in respect of any steps taken referred to in 28.2.1 and 28.2.1 above.

 Signed at Johannesburg this 21st
 day of August 2007 
  

							
	AS WITNESSES	 		 	
				
	1.	 	 

	 		 	
				
	2.	 	 

	 		 	For: ABSA CAPITAL (a division of
Absa Bank Limited)
				
		 		 		 	 

		 		 		 	who warrants that he is duly authorised hereto
				
		 		 		 	 

		 		 		 	who warrants that he is duly authorised hereto

  

 

 
  

 Page 50 

 Signed at Parktown this 21st day of AUGUST 2007 
  

							
	AS WITNESSES	 		 	
				
	1.	 	 

	 		 	
		 		 		 	 For: GFI MINING SOUTH AFRICA
 (PROPRIETARY)
LIMITED

	2.	 	  
	 		 	
		 		 		 	 

		 		 		 	who warrants that he is duly authorised hereto
				
		 		 		 	  

		 		 		 	who warrants that he is duly authorised hereto

  

 

 
  

 Page 51 

 ANNEXURE “A” 
 SUSPENSIVE CONDITIONS 
 All of the suspensive conditions detailed in this Annexure “A” shall be fulfilled
in form and substance to the satisfaction of the Lender: 
  

	1	receipt by the Lender of certified copies of the Memorandum and Articles of Association and Certificate of Incorporation of the Borrower and each of the Guarantors;

  

	2	receipt by the Lender of a certified copy of a resolution of the board of directors of the Borrower and each of the Guarantors: 

  

	 	2.1	approving the terms of the Finance Documents to which it is a party and resolving that it executes such agreements; 

  

	 	2.2	authorising a specified person or persons to execute those agreements on its behalf; 

  

	 	2.3	authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices to be signed and/or dispatched by it under or in connection with the
Finance Documents; and 

  

	 	2.4	in the case of the Borrower, confirming that the borrowing of the capital in full would not cause any borrowing limit binding on the Borrower to be exceeded;

  

	3	the Lender shall be satisfied with the terms and conditions and shall be in possession of an original of the Security Document duly executed by each of the Parties thereto, the
Lender shall have received evidence satisfactory to it that the Security Document has become unconditional except for any condition relating to this Agreement; 

  

	4	receipt by the Lender from the Borrower and each of the Guarantors of a certificate from a duly authorised officer setting out the names, officers and signatures of the person

  

 

 
  

 Page 1 

	 	 
authorised to sign, on behalf of the Borrower and each of the Guarantors, any document to be delivered by or on behalf of the Borrower and each of the
Guarantors pursuant to the Facility Documents; and 

  

	5	receipt by the Lender from the Borrower of written confirmation that the Account has been opened in the name of the Borrower and setting out the details of the Account;

  

	6	no Material Adverse Change has occurred with respect to the Borrower and/or any of the Guarantors. 

  

 

 
  

 Page 2 

 ANNEXURE “B” 
 DRAWDOWN CONDITIONS 
 The drawdown of any Advance under this Agreement shall be subject to the fulfilment of the
following Conditions to Drawdown, by no later than 2 (two) Business Days prior to such drawdown: 
  

	1.	Drawdown Notice 

 The Lender shall
have received the relevant Drawdown Notice in respect of an Advance in accordance with this Agreement. 
  

	2.	No Default 

 On both the date of the
Drawdown Notice and the Drawdown Date, an Event of Default shall not have occurred, be continuing or, in the reasonable opinion of the Lender, be likely to occur as a result of making such Advance. 
  

	3.	Representations and Warranties 

 On
both the date of the Drawdown Notice and the Drawdown Date the representations and warranties made in clause 10 of this Agreement shall be true and accurate in all material respects. 
  

	4.	Other Events Stopping Payments 

 No
Drawdown Refusal Notice shall have been issued by the Lender in terms of clause 5.6 of this Agreement which is in effect and has not been withdrawn, and no other event has occurred under any Finance Document which, in the opinion of the Lender, has
resulted or may result in any payment or drawdown under any Finance Document being stopped. 
  

 

 

	5.	Material Adverse Change 

 On both
the date of the Drawdown Notice and the Drawdown Date no Material Adverse Change shall have occurred or in the reasonable opinion of the Lender be likely to occur with respect to the Borrower and/or any of the Guarantors as a result of the making of
such Advance. 
  

 

 

 ANNEXURE “C” 
 DRAWDOWN REFUSAL NOTICE 
  

			
	To:	  	[Borrower]
		
	Date	  	

 Dear Sirs 
 FACILITY AGREEMENT DATED BETWEEN ABSA CAPITAL (A DIVISION OF ABSA BANK LIMITED) AND GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED (“THE AGREEMENT”) DRAWDOWN REFUSAL NOTICE NUMBER
                     
  

	1	We refer to clause              of the Agreement. Terms defined in the Agreement have the same meanings in this
Drawdown Refusal Notice. 

  

	2	We issue this Drawdown Refusal Notice with the following specifications: 

  

	 	2.1	date upon which draw was due to be made:                    

  

	 	2.2	amount of draw which was due to be made:                    

  

	3	We confirm that: 

  

	 	3.1	on the date of this Drawdown Refusal Notice, the provisions of clause              of the Agreement have not been
complied with by the Borrower; [and/or] 

  

	 	3.2	the suspensive conditions to drawdowns on the Facility as specified in Annexure “B” to the Agreement, have not been satisfied in that [detail of non-compliance to
be provided] 

  

	
	Yours faithfully
	
	  

	For and on behalf of:
	ABSA CAPITAL (a division of Absa Bank Limited)

  

 

 
  

 Page 1 

 ANNEXURE “D” 
 DRAWDOWN NOTICE 
  

			
	To:	  	[Lender]
		
	Date:                     	  	

 Dear Sirs 
 FACILITY AGREEMENT ENTERED INTO BETWEEN ABSA CAPITAL (A DIVISION OF ABSA BANK LIMITED) AND GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED (“THE AGREEMENT”) – DRAWDOWN NUMBER
                     
  

	1	We refer to clause 5 of the Agreement. Terms defined in this Agreement have the same meanings in this Drawdown Notice. 

  

	 	1.1	We wish to borrow Advances with the following specifications: 

  

	 	1.2	drawdown date:                      

  

	 	1.3	amount:                      

  

	 	1.4	interest rate: fixed rate/floating rate 

  

	2	We confirm that: 

  

	 	2.1	the proceeds of the Advance drawn pursuant to this Drawdown Notice shall be applied exclusively in accordance with the terms of this Agreement and in particular (but without
limitation) the terms of clause 4 thereof; and 

  

	 	2.2	on the date of this Drawdown Notice, on the Drawdown Date and immediately after the making of the Advance to which this Drawdown Notice relates the conditions to drawdowns specified
in Annexure “B” of the Agreement, have been satisfied. 

  

 

 
  

 Page 1 

	3	Lender Authorisation: [To be completed by the Lender after signature by the Borrower of this drawdown notice and authorisation of advance to be drawn] 

  

					
	Advance Number:	 	  
	  	
		 	(first or subsequent	  	

					
			
	Amount of Advance:	 	  
	  	

					
		
	 Other fees, costs and/or expenses
 of the Lender, including Lender’s
	  	

					
	Advisers:	 	  
	  	

					
			
	Lender’s signature to certify the	 		  	

					
	Amounts set out above:	 	  
	  	

  

	
	Yours faithfully
	
	  

	For and on behalf of:
	GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED

  

 

 
  

 Page 2 

 ANNEXURE “E” 
 PREPAYMENT NOTICE 
  

			
	To: Absa Capital (a division of Absa Bank Limited)	  	
		
	Date:                     	  	

 Dear Sirs 
 FACILITY AGREEMENT DATED ENTERED INTO BETWEEN ABSA CAPITAL (A DIVISION OF ABSA BANK LIMITED) AND GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED. (“THE FACILITY AGREEMENT”) – PREPAYMENT NOTICE 
  

	1	We refer to clause                      and specifically to clause
                     of the Agreement. Terms defined in the Agreement have the same meanings in this Prepayment Notice.

  

	2	We wish to issue this Prepayment Notice with the following specifications: 

  

	 	2.1	amount of drawn Facility to date:                    

  

	 	2.2	amount of drawn Facility to be: 

  

	 	2.2.1	Prepaid in terms of this Prepayment Notice:                    

  

	3	We confirm that we shall make payment of Breakage Costs (if any) and all other amounts now due and payable by us in connection with the amount to be prepaid under the Agreement.

  

	
	Yours faithfully
	
	  

	For and on behalf of:
	GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED

  

 

 
  

 Page 1 

 FACILITY AGREEMENT 
 BETWEEN 
 ABSA BANK LIMITED 
 (ACTING THROUGH ITS DIVISION) 
 ABSA CORPORATE AND MERCHANT BANK)

 AND 
 GFL MINING
SERVICES LIMITED 
 (AGREEMENT) 
 We
hereby confirm that the account A as defined in (the Agreement) has been opened in the name of GFL Mining Services Limited, details of which are set out below: 
  

			
	GFL Mining Services	  	
		
	 Account Number         :
	  	2000-005706-103
		
	 Type of Account         :
	  	Call Deposit
	
	Held at ABSA Corporate & Merchant Bank Eloff Street

  

	
	

	N J HOLLAND

  

 Page 1 of 1 

 EXECUTION 
 GUARANTEE 
 GFI Mining South Africa (Proprietary) Limited, a limited liability company incorporated in accordance
with the laws of the Republic of South Africa with registration number 2002/031431/07 (“GFI Mining South Africa”), its successors-in-title, permitted cessionaries and/or assigns has entered into a Loan Agreement with Absa Bank
Limited (acting through its division Absa Capital), with registration number 1986/004794/06 and its successors-in-title, permitted cessionaries and/or assigns (“Absa”) on or about the date of this Guarantee (“the Loan
Agreement”), a copy of which is attached hereto. 
 Gold Fields Limited, a limited liability company incorporated and existing under the laws of the
Republic of South Africa, with registration number 1968/04880/06, having its principal place of business at 24 St. Andrews Road, Parktown 2193, South Africa, (“Gold Fields”) (the “Guarantor”), has agreed to guarantee to
and in favour of Absa including, for the avoidance of doubt, (its successors-in-title, permitted cessionaries and/or assigns) the due and punctual performance and payment in full by GFI Mining South Africa of all obligations and liabilities which
GFI Mining South Africa may now have or have incurred and from time to time hereafter have or incur to Absa in terms of or arising from or pursuant to the Loan Agreement in all cases, on the terms and subject to the conditions set out herein.

 Consequently the Guarantor hereby irrevocably agrees and undertakes as follows: 
  

	1	GUARANTEE AND INDEMNITY 

  

	 	1.1	The Guarantor hereby irrevocably and unconditionally: 

  

	 	1.1.1	as a primary obligation, and not as surety and co-principal debtor, undertakes with Absa (including, for the avoidance of doubt its 

					
		  	

	  	

  

 Page 1 

	 	 
successors-in-title, permitted cessionaries and/or assigns) that, whenever GFI Mining South Africa does not pay any amount in respect of the Guaranteed
Obligations when due under the Loan Agreement, it shall immediately on first demand by Absa pay that amount as if it were the primary obligor in respect thereof; and 

  

	 	1.1.2	indemnifies Absa (including, for the avoidance of doubt, its successors- in-title, permitted cessionaries and/or assigns) immediately on demand against any loss or liability
suffered by Absa if any Guaranteed Obligation is or becomes unenforceable, invalid or illegal; the amount of loss or liability under this indemnity will be equal to the amount Absa would otherwise have been entitled to recover in respect of such
Guaranteed Obligation. 

  

	 	1.2	For the avoidance of doubt, it is recorded and agreed between the Parties: 

  

	 	1.2.1	that the Guarantor shall as a primary obligation be liable to fulfil or perform that part of the Guaranteed Obligations when due, or becoming due, by GFI Mining South Africa and
Absa shall not be obliged before exercising any of its rights or powers or remedies conferred upon it by this Guarantee or by law: 

  

	 	1.2.1.1	to make any demand or to take any action or obtain any judgement in any court against GFI Mining South Africa; 

  

	 	1.2.1.2	to make or file any claim or proof in the winding-up or dissolution of GFI Mining South Africa; or 

  

	 	1.2.1.3	to enforce or seek to enforce any other security as may have been granted to it; and 

					
		 	

	  	

  

 Page 2 

	 	1.2.2	that Absa shall not be obliged to declare an Event of Default nor exercise its rights under the Loan Agreement; and 

  

	 	1.2.3	that should an Event of Default have occurred, Absa shall be entitled on written demand to the Guarantor to demand payment of the Outstandings together with any arrear interest
thereon and Breakage Costs (if any) calculated in terms of the Loan Agreement and any and all fees due but unpaid to Absa in relation to the Facility (less any amounts paid by the Guarantor in terms of this Guarantee). 

  

	2	INTERPRETATION 

  

	 	2.1	The headings of the clauses in this Guarantee are for the purpose of convenience and reference only and shall not be used in the interpretation of nor modify the terms of this
Guarantee or any clause hereof. 

  

	 	2.2	Terms used but not defined in this Guarantee shall have the meanings given to them in the Loan Agreement. In addition, unless the context requires otherwise, the words and
expressions set forth below shall bear the following meanings: 

  

	 	2.2.1	“Guarantee” means this irrevocable and unconditional guarantee given by the Guarantor in favour of Absa; 

  

	 	2.2.2	“Guaranteed Obligations” means all present and future moneys and liabilities (whether actual or contingent and whether owed jointly or severally or in any other
capacity whatsoever) which are now, or may hereafter become owing by GFI Mining South Africa to Absa (including, for the avoidance of doubt, its successors-in-title, permitted cessionaries and/or assigns) in terms of the Loan Agreement together with
all 

					
		 	

	  	

  

 Page 3 

	 	 
damages, and all costs, charges and expenses reasonably incurred by Absa in connection with the breach by GFI Mining South Africa of its obligations under
the Loan Agreement and which Absa is entitled to recover from GFI Mining South Africa in terms of the Loan Agreement, including all items which would be Guaranteed Obligations but for the winding up, absence of legal personality or incapacity of GFI
Mining South Africa or any statute of limitation and a reference to “Guaranteed Obligation” shall be to any one or more of the “Guaranteed Obligations” as the context requires; 

  

	 	2.2.3	“Parties” means Absa and the Guarantor and “Party” means any one of them; 

  

	 	2.2.4	“Signature Date” means the date of the signature of the Party last signing this Guarantee in time; 

  

	 	2.2.5	“Termination Date” means the date upon which Absa advises the Guarantor in writing in terms of clause 2.2 that all of GFI Mining South Africa’s obligations in
respect of the Guaranteed Obligations have been fully discharged or performed in full; 

  

	3	TERM OF GUARANTEE 

  

	 	3.1	This Guarantee shall be a continuing Guarantee and shall commence on the Signature Date and remain in operation until the Termination Date. 

  

	 	3.2	Absa shall advise the Guarantor in writing as soon as reasonably possible but not later than 10 (ten) Business Days after the date on which the Guaranteed Obligations have been
fully discharged or performed in full by GFI Mining South Africa. 

					
		 	

	  	

  

 Page 4 

	4	SPECIAL PROVISIONS 

  

	 	4.1	All admissions and acknowledgements of indebtedness by GFI Mining South Africa pursuant to the Loan Agreement shall bind the Guarantor. 

  

	 	4.2	This Guarantee is in addition to, and does not prejudice, nor is it prejudiced by, any other security now or hereafter held by Absa in relation to the obligations of GFI Mining
South Africa under the Loan Agreement. This Guarantee is not conditional upon other security being held by Absa or any other person. 

  

	 	4.3	Absa may, without prejudice to its rights in terms of this Guarantee and without notice to, or consent from, the Guarantor grant any indulgence, give extension of time or make any
other concession to, or compound or make any other arrangement with, GFI Mining South Africa. The liability of the Guarantor shall not be affected by such indulgences, extensions of time, concessions, compounding or arrangements, or by any dealing
which, but for the provisions of this clause 4.3, might operate as a discharge of the Guarantor from the whole or any part of their obligations under this Guarantee. 

  

	 	4.4	If the Loan Agreement is amended or varied in any manner whatsoever, this Guarantee shall apply in respect of the Loan Agreement as amended or varied, provided that the Guarantor
has consented to such amendment and/or variation in writing. 

  

	 	4.5	If any payment having the effect of reducing or discharging the Guarantor’s liability under this Guarantee is set aside or reversed or refunded for any reason, the Guarantor
will remain liable to Absa in terms of this Guarantee for the discharge of any obligation arising from or revised by the occurrence of any such event, even if it takes place after the termination of the Guarantor’s liability in terms of this
Guarantee in other respects. 

					
		 	

	  	

  

 Page 5 

	 	4.6	The Guarantor shall not be entitled to revoke this Guarantee before the Guaranteed Obligations have been fully discharged. 

  

	 	4.7	The Guarantor acknowledges that it is fully acquainted with the contents, meaning and import of the Loan Agreement and GFI Mining South Africa’s obligations thereunder.

  

	 	4.8	Notwithstanding any indication to the contrary herein, this Guarantee does not constitute a suretyship and shall be construed as a primary undertaking giving rise to a principal
obligation by the Guarantor. 

  

	 	4.9	Neither the obligations of the Guarantor herein contained nor the rights, powers and remedies conferred upon Absa in respect of this Guarantee shall be discharged, impaired or
otherwise affected by: 

  

	 	4.9.1	the winding-up, sequestration, dissolution, administration or reorganisation of GFI Mining South Africa or any change in GFI Mining South Africa’s status, function, control or
ownership; 

  

	 	4.9.2	any of the obligations of GFI Mining South under the Loan Agreement, or any security granted by GFI Mining South Africa or any other person pursuant to the Loan Agreement, being or
becoming illegal, invalid, unenforceable or ineffective in any respect; 

  

	 	4.9.3	time or other indulgence being granted or agreed to be granted to GFI Mining South Africa, by Absa in respect of the Loan Agreement or in respect of any security granted pursuant to
the Loan Agreement; 

  

	 	4.9.4	any amendment to, or any variation, waiver or release of, any of the Guaranteed Obligations or any security thereunder; 

  

					
		 	

	  	

  

 Page 6 

	 	4.9.5	any failure to take in full any security now or hereafter agreed to be taken in relation to the Loan Agreement; 

  

	 	4.9.6	any failure to realise in full the value of, or any release, discharge, exchange or substitution of, any security taken pursuant to the Loan Agreement; or 

 

	 	4.9.7	any other act, event or omission which, but for this clause 4.9, might operate to discharge, impair or otherwise affect any of the obligations of the Guarantor in terms of this
Guarantee or any of the rights, powers or remedies conferred upon Absa by law. 

  

	5	SUBROGATION 

 Notwithstanding any
payments which may be made hereunder by the Guarantor, the Guarantor shall not be subrogated to the rights of Absa with respect to the Guaranteed Obligations, and shall not seek reimbursement of such payments from GFI Mining South Africa, until the
Guaranteed Obligations have been fully paid. 
  

	6	CURRENCY AND PLACE OF PAYMENT 

 All
payments to be made hereunder by the Guarantor shall be made without set-off, any deduction or counterclaim, in the same currency, being South African Rands, as the Guaranteed Obligations to such account or accounts in the Republic of South Africa
as Absa may nominate in writing from time to time. 
  

	7	REPRESENTATION AND WARRANTIES 

  

	 	7.1	The Guarantor hereby represents and warrants to Absa that: 

  

	 	7.1.1	it is a limited liability company, duly incorporated and validly existing under the laws of South Africa; 

					
		 	

	  	

  

 Page 7 

	 	7.1.2	it has full power to enter into and perform all the terms of this Guarantee and has taken all necessary statutory and other actions to authorise and the performance of its
obligations hereunder; 

  

	 	7.1.3	constitutes legal, valid, binding and enforceable obligations of the Borrower, ranking at least pari passu with all other unsecured and unsubordinated creditors of the
Borrower save where other obligations are mandatory preferred by law applying generally to companies in South Africa, and is enforceable against the Borrower in accordance with their terms; 

  

	 	7.1.4	the execution of this Guarantee and the exercise of its rights and performance of its obligations hereunder do not and will not contravene or constitute a default under:

  

	 	7.1.4.1	any material agreement, mortgage, bond or other instrument to which it is a party or which is binding upon it or any of its assets or revenues; or 

  

	 	7.1.4.2	its constitutive documents; 

  

	 	7.1.5	its Financial Statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) and (in conjunction with the notes thereof) fairly present
its financial condition and the result of its operations at the end of the applicable Financial Year; 

					
		 	

	  	

  

 Page 8 

	 	7.1.6	all authorisations and approvals required in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by this Guarantee, have
been obtained or effected and are in full force and effect; 

  

	 	7.1.7	it is not in breach of any of the material provisions of any law relating to the conduct of its business and activities, including, but not limited to, any Tax law or regulations
and no claims in excess of R100 000 000 (one hundred million Rand) by any relevant governmental authority or body is pending or threatened against it, except to the extent that (i) Payment is being contested in good faith; (ii) it has
maintained adequate reserves for these Taxes; and (iii) payment can be lawfully withheld; 

  

	 	7.1.8	to the best of the Guarantor’s knowledge, information and belief and having made due and careful enquiry, no event has occurred which constitutes, or which (with the giving of
notice and/or the lapse of time and/or the fulfilment of any applicable requirement) would constitute, a contravention of, or breach of, or event of default under, any agreement to which the Guarantor is a party or which is binding on it or any of
its assets, which contravention, breach or event of default could reasonably be expected to have a Material Adverse Change with respect to the Guarantor; 

  

	 	7.1.9	no Event of Default or potential Event of Default has occurred or will occur by virtue of the Guarantor performing its obligations under this Guarantee except to the extent that a
Potential Event of Default has been disclosed in writing to the Lender. 

					
		 	

	  	

  

 Page 9 

	 	7.1.10	it has good title to all of its assets and revenues and has not sold or otherwise disposed of or Encumbered in anyway such assets or revenues save for any Permitted Security
Encumbrance; 

  

	 	7.1.11	to the best of its knowledge and belief, having made all due and careful enquiry, it is not presently involved in any suit or legal proceeding, before any court, tribunal,
governmental body, agency or official or any arbitrator which, if adversely determined against it, is likely to have a Material Adverse Change on the Guarantor, nor is any such suit or legal proceeding pending or threatened against it;

  

	 	7.1.12	all of the information supplied by it in connection with this Guarantee is true, complete and accurate in all material respects and it is not aware of any material facts or
circumstances that have not been disclosed to the Lender; 

  

	 	7.1.13	it has not taken any corporate action nor have any other steps been taken or legal proceedings been instituted or threatened against it for its winding-up, dissolution, liquidation,
administration or for the appointment of a liquidator, trustee or similar officer of it or of any or all of its assets or revenues; 

  

	 	7.1.14	since publication of its last Financial Statements no Material Adverse Change has occurred with respect to the Guarantor; 

  

	 	7.1.15	the assets of the Guarantor are insured against all risks and to the extent that is usual for companies in the jurisdiction in which it conducts its business and carrying on a
substantially similar business in such jurisdiction as the Guarantor, and the relevant insurance policies are in full force and effect. 

					
		 	

	  	

  

 Page 10 

	 	7.2	Each warranty set out in clause 7.1 above is: 

  

	 	7.2.1	a separate warranty; 

  

	 	7.2.2	in no way limited or restricted by reference to or inference from the terms of any other warranty; and 

  

	 	7.2.3	for the sole benefit of the Lender. 

  

	8	EXPENSES 

 The Guarantor shall pay
all Absa’s costs and out-of-pocket expenses (including reasonable fees and disbursements of Counsel) arising in connection with the enforcement of, and preservation of rights under this Guarantee. 
  

	9	NO WAIVERS, CUMULATIVE REMEDIES MODIFICATION 

 No action or omission by Absa shall constitute a waiver of any of the rights or remedies of Absa hereunder. Such rights and remedies are cumulative and not exclusive of any rights and remedies provided by law. This
Guarantee shall not be modified except by a written instrument signed by the Guarantor and Absa. 
  

	10	RENUNCIATIONS 

 The Guarantor hereby
renounces the legal benefits and exceptions of no cause of debt, revision of accounts, errors in calculation, division and all other benefits or exceptions which might or could be taken hereto to the Guarantor’s liability in terms of this
Guarantee, the Guarantor declaring itself to be fully acquainted with the full meaning and effect of this renunciation. 

					
		 	

	  	

  

 Page 11 

	11	GOVERNING LAW AND JURISDICTION 

  

	 	11.1	The validity of this Guarantee, its interpretation, the respective rights and obligations of the Parties and all other matters arising in any way out of this Guarantee shall be
determined in accordance with the laws of South Africa. 

  

	 	11.2	The Guarantor hereby irrevocably: 

  

	 	11.2.1	submits in any legal proceeding relating to this Guarantee to the non-exclusive in personam jurisdiction of a South African court of competent jurisdiction and agrees to suit
being brought in such courts, as Absa may elect; 

  

	 	11.2.2	agrees to service of process in any legal proceeding by mailing of copies thereof (by registered or certified mail, if practicable) postage prepaid, or telex to the Guarantor at its
address set forth below or such other address of which Absa shall have been notified in writing; and 

  

	 	11.2.3	agrees that nothing herein shall affect Absa’s right to effect service of process in any other manner permitted by law. 

  

	12	NOTICES AND DOMICILIA 

 The
Guarantor hereby chooses domicilium citandi et executandi for all purposes arising out of or in connection with this Guarantee at the following address, or such other address in the Republic of South Africa, as the Guarantor may in writing
notify Absa, where all notices and/or processes arising out of or in connection with this Guarantee, its breach or termination may validly be delivered to or served upon the Guarantor: 
  

					
		 	    Gold Fields:	  	 24 St Andrews Road, Parktown
 Telephone No:(011) 6442480

 Facsimile No: (011) 4846349
 Attention: Mr Rudi
Jordaan

					
		 	

	  	

  

 Page 12 

	 	12.1.1	Any notice or communication required or permitted to be given in terms of this Guarantee shall be valid and effective only if in writing but it shall be competent to give notice by
facsimile. 

  

	 	 12.2
	 The Guarantor may by notice to Absa change the physical address chosen as its domicilium citandi et executandi to
another physical address where postal delivery occurs in the Republic of South Africa or its postal address or its facsimile number, provided that the change shall become effective on the 5th
business day from the deemed receipt of the notice by Absa. 

  

	 	12.2.1	Any notice to the Guarantor: 

  

	 	 12.2.1.1
	 sent by pre-paid registered post in a correctly addressed envelope to it at its chosen address shall be deemed to have
been received on the 7th (seventh) business day after sending (unless the contrary is proved); or 

  

	 	12.2.1.2	delivered by hand to a responsible person during ordinary business hours at its legal address shall be deemed to have been received on the day of delivery; or

  

	 	12.2.1.3	sent by facsimile to its chosen facsimile number shall be deemed to have been received on the first business day following the date of transmission (unless the contrary is proven),
provided that such notice given by facsimile is telephonically confirmed by the parties during ordinary business hours to such notice on the same day. 

					
		 	

	  	

  

 Page 13 

	 	12.3	Notwithstanding anything to the contrary herein contained a written notice or communication actually received by a party shall be an adequate written notice or communication to it
notwithstanding that it was not sent to or delivered at its chosen domicilium citandi et executandi. 

  

	13	CERTIFICATE 

 A certificate signed
by any duly authorised general manager, manager, director or senior office of Absa, its successors and/or assigns (whose appointment or authority it shall not be necessary to prove), certifying any amount outstanding in terms of this Guarantee which
has become due and payable and other charges applicable thereto shall be prima facie proof (in the absence of any manifest error) of the matters therein stated for all purposes, including for the purposes of furnishing further particulars,
obtaining provisional sentence and obtaining judgment against the Guarantor save in the absence of any manifest error. 
  

	14	CESSION AND DELEGATION 

 Upon the
irrevocable payment and discharge in full of the Guaranteed Obligations to Absa by the Guarantor in terms hereof, Absa shall, at the cost of the Guarantor, cede and delegate on an out-and-out basis all its rights, title and interest and obligations
(if any) in and to the Loan Agreement to the Guarantor including any security that it has taken in respect of the Loan Agreement. 

					
		 	

	  	

  

 Page 14 

 Signed at PARKTOWN this 21 day of August 2007 
  

					
	AS WITNESS	  	
			
	1.	 	 

	  	
		 		  	For: GOLD FIELDS LIMITED
			
		 		  	 

		 		  	who warrants that he is duly authorised hereto
			
		 		  	  

		 		  	who warrants that he is duly authorised hereto
	
	Signed at                          this
     day of                          2007
		
	AS WITNESS	  	
			
	1.	 	  
	  	  

		 		  	For: ABSA BANK LIMITED (ACTING THROUGH ITS DIVISION ABSA CAPITAL)
			
		 		  	  

		 		  	who warrants that he is duly authorised hereto
			
		 		  	  

		 		  	who warrants that he is duly authorised hereto

  

 

 
  

 Page 15Exhibit 4.39

 Exhibit 4.39 
 RUSORO MINING LTD. 
 - and - 
 GOLD FIELDS NETHERLANDS SERVICES B.V. 
  

 COMBINATION AGREEMENT 
  

 October 11, 2007 
 McCarthy Tétrault LLP 
 Suite 4700 
 Toronto Dominion Bank Tower 
 Toronto, Ontario, Canada 
 M5K 1E6 

 TABLE OF CONTENTS 
  

							
	ARTICLE 1 - INTERPRETATION	  	1
		 	 1.1
	  	Definitions	  	1
		 	 1.2
	  	Interpretation Not Affected by Headings, etc	  	10
		 	 1.3
	  	Currency	  	10
		 	 1.4
	  	Number, etc	  	10
		 	 1.5
	  	Statutory References	  	10
		 	 1.6
	  	Date for Any Action	  	10
		 	 1.7
	  	Schedules	  	11
		
	 ARTICLE 2 - THE TRANSACTION
	  	11
		 	 2.1
	  	Pre-Merger Implementation Steps by GF Netherlands	  	11
		 	 2.2
	  	Pre-Merger Implementation Steps by Rusoro	  	12
		 	 2.3
	  	Joinder Agreement	  	13
		 	 2.4
	  	The Merger	  	14
		 	 2.5
	  	Post-Merger Transactions	  	16
		 	 2.6
	  	Mediation of Disputes Relating to Certain Values	  	17
		 	 2.7
	  	Filing Statement and Related Documents	  	18
		 	 2.8
	  	Preparation of Filings	  	19
		
	 ARTICLE 3 - REPRESENTATIONS AND WARRANTIES
	  	20
		 	 3.1
	  	Representations and Warranties of GF Netherlands	  	20
		 	 3.2
	  	Representations and Warranties of Rusoro	  	26
		 	 3.3
	  	Investigation	  	31
		 	 3.4
	  	Survival	  	32
		
	 ARTICLE 4 - CONDUCT OF BUSINESS
	  	32
		 	 4.1
	  	Conduct of Business by Rusoro	  	32
		 	 4.2
	  	Conduct of Business by the Acquired Companies	  	34
		 	 4.3
	  	Access and Consultation During the Interim Period	  	36
		 	 4.4
	  	Access by GF Netherlands Following the Effective Date	  	37
		 	 4.5
	  	Intercompany Indebtedness of Certain Direct Acquired Subsidiaries	  	37
		 	 4.6
	  	Working Capital of the Indirect Acquired Subsidiaries	  	38
		
	 ARTICLE 5 - COVENANTS
	  	38
		 	 5.1
	  	Covenants of Rusoro	  	38
		 	 5.2
	  	Covenants of GF Netherlands	  	41
		 	 5.3
	  	Certain Employees	  	42
		 	 5.4
	  	Additional Supporting Shareholders	  	42
		 	 5.5
	  	Closing Matters	  	42
		
	 ARTICLE 6 - CONDITIONS
	  	43
		 	 6.1
	  	Mutual Conditions Precedent	  	43
		 	 6.2
	  	Additional Conditions Precedent to the Obligations of GF Netherlands	  	43

							
		 	 6.3
	  	Additional Conditions Precedent to the Obligations of Rusoro	  	45
		 	 6.4
	  	Notice and Cure Provisions	  	46
		 	 6.5
	  	Satisfaction of Conditions	  	46
		
	 ARTICLE 7 - TERMINATION, AMENDMENT AND WAIVER
	  	46
		 	 7.1
	  	Termination	  	46
		 	 7.2
	  	Effect of Termination	  	47
		 	 7.3
	  	Expenses	  	48
		 	 7.4
	  	Amendment	  	48
		 	 7.5
	  	Waiver	  	48
		
	 ARTICLE 8 - INDEMNIFICATION
	  	48
		 	 8.1
	  	Rusoro’s Indemnity of GF Netherlands	  	48
		 	 8.2
	  	GF Netherlands’ Indemnity of Rusoro	  	49
		 	 8.3
	  	Notification of and Participation in Claims	  	49
		 	 8.4
	  	Threshold and Cap on Indemnity	  	49
		 	 8.5
	  	Miscellaneous	  	49
		
	 ARTICLE 9 - GENERAL
	  	50
		 	 9.1
	  	Notices	  	50
		 	 9.2
	  	Assignment	  	51
		 	 9.3
	  	Binding Effect	  	51
		 	 9.4
	  	No Other Warranties	  	51
		 	 9.5
	  	Separate Warranties	  	51
		 	 9.6
	  	Entire Agreement	  	51
		 	 9.7
	  	Remedies and Waivers	  	52
		 	 9.8
	  	No Personal Liability	  	52
		 	 9.9
	  	Control of Other Party’s Business	  	53
		 	 9.10
	  	Indemnification	  	53
		 	 9.11
	  	Further Assurances	  	53
		 	 9.12
	  	Public Statements	  	53
		 	 9.13
	  	Governing Law	  	53
		 	 9.14
	  	Invalidity of Provisions	  	53
		 	 9.15
	  	Counterparts	  	54
		
	 SCHEDULE A - ACQUIRED COMPANIES
	  	
	 SCHEDULE B - FORM OF PLAN OF MERGER
	  	
	 SCHEDULE C - FORM OF SHAREHOLDER AGREEMENT
	  	
	 SCHEDULE D - FORM OF DEBENTURE
	  	

  

 - 2 - 

 COMBINATION AGREEMENT 
 THIS AGREEMENT is made as of October 11, 2007  
 BETWEEN: 
 RUSORO MINING LTD., a corporation existing under the laws of the Province of British Columbia (hereinafter
referred to as “Rusoro”) 
 - and - 
 GOLD FIELDS NETHERLANDS SERVICES B.V., a corporation existing under the laws of the Netherlands (hereinafter referred to as “GF Netherlands”) 
 WHEREAS Rusoro wishes to acquire, through a wholly-owned subsidiary, from GF Netherlands all of the shares of the Acquired Companies, being
certain direct and indirect subsidiaries of GF Netherlands which collectively hold all of GF Netherlands’ mining assets located in Venezuela; 
 AND WHEREAS the parties wish to effect such acquisition by implementing the Merger and taking certain other steps in accordance with the terms of this Agreement; 
 AND WHEREAS the Supporting Shareholders, who collectively beneficially own or have voting and dispositive power over a majority of the Rusoro
Shares, have entered into the Support Agreement and have thereby agreed to support the Transaction; 
 NOW THEREFORE THIS AGREEMENT
WITNESSES THAT in consideration of the respective covenants and agreements herein contained, the parties covenant and agree as follows: 
 ARTICLE 1 
 INTERPRETATION 
  

	1.1	Definitions 

 In this Agreement, unless there is
something in the subject matter or context inconsistent therewith, the following terms shall have the following meanings, respectively: 
 “Acquired
Companies” means, collectively, the Direct Acquired Subsidiaries and the Indirect Acquired Subsidiaries; 
 “Acquired Companies Governing
Documents” means the certificate and articles of incorporation (or equivalent constitutional documents) of each of the Acquired Companies, as amended, and the by-laws of each of the Acquired Companies, where applicable and as amended;

 “Acquired Companies Personnel Obligations” means any obligations or liabilities of any of the Acquired Companies to pay any amount to
their officers, directors, employees and consultants, other 

 
than for salary, bonuses under existing bonus arrangements and directors’ fees in the ordinary course, in each case in amounts consistent with historic
practices and obligations or liabilities in respect of insurance or indemnification contemplated by this Agreement or arising in the ordinary and usual course of business and, without limiting the generality of the foregoing, the Acquired Companies
Personnel Obligations shall include the obligations of any of the Acquired Companies to their directors, officers, employees and consultants for payments on or in connection with any change of Control of any Acquired Companies pursuant to any change
of Control agreements, policies or arrangements, including any payments disclosed in the GF Netherlands Disclosure Letter; 
 “ADR Notice”
has the meaning ascribed thereto in section 2.6;  
 “Affiliate” means, in respect of any Person, another Person if: 

 

	 	(a)	one of them is the subsidiary of the other; or 

  

	 	(b)	each of them is Controlled by the same Person; 

 “Agreement”
means this Combination Agreement, as it may be amended from time to time; 
 “Applicable Laws” or “Laws” means any
applicable laws including supranational, national, federal, provincial, territorial, state, municipal and local civil, commercial, banking, securities, tax, personal and real property, security, mining, environmental, water, energy, investment,
property ownership, land use and zoning, sanitary, occupational health and safety laws, treaties, statutes, ordinances, judgments, decrees, injunctions, writs, certificates and orders, by-laws, rules, regulations, ordinances, protocols, codes,
guidelines, policies, notices, directions or other requirements of any Governmental Body; 
 “BCBCA” means the Business Corporations Act
(British Columbia); 
 “Books and Records” means all technical, financial, accounting, business, tax and employee information, records
and files, in any form whatsoever (including in written, printed or electronic form) of the Acquired Companies, including regulatory filings and returns, books of account and related original source documentation, actuarial, tax and accounting
information, geological and metallurgical data, reports, files, lists, drawings, plans, logs, briefs, computer program documentation, employee data and records, deeds, certificates, contracts, surveys, title and legal opinions, records of payment,
asset documentation, written employment manuals and employment policies; 
 “Business Day” means any day on which commercial banks are open
for business in each of Vancouver, British Columbia, Amsterdam, The Netherlands, Road Town, British Virgin Islands and Johannesburg, South Africa other than a Saturday, a Sunday or a statutory holiday under Applicable Laws; 
 “BVI Act” means the BV1 Business Companies Act, 2004;  
 “CEDR” has the meaning ascribed thereto in section 2.6;  
 “Claimant” has the
meaning ascribed thereto in section 8.3; 
  

 - 2 - 

 “Completion Time” means the earliest time at which all of the transactions contemplated by sections 2.1
through 2.5 inclusive shall have been completed; 
 “Control” means, when applied to a relationship between two Persons, that a Person (the
“first Person”) is considered to control another Person (the “second Person”) if: 
  

	 	(a)	the first Person, directly or indirectly, beneficially owns or exercises control or direction over securities of the second Person carrying votes which, if exercised, would entitle
the first Person to elect a majority of the directors of the second Person, unless that first Person holds the voting securities only to secure an obligation; 

  

	 	(b)	the second Person is a partnership, other than a limited partnership, and the first Person holds more than 50% of the interests of the partnership; or 

  

	 	(c)	the second Person is a limited partnership and the general partner of the limited partnership is the first Person; 

 “Debenture” means the convertible debenture to be issued by Rusoro (or an Affiliate of Rusoro if Rusoro has guaranteed the obligations of such Affiliate
to the satisfaction of GF Netherlands acting reasonably) in favour of GF Netherlands (or an Affiliate of GF Netherlands) as of the Effective Date in the form attached as Schedule D; 
 “Direct Acquired Subsidiaries” means, collectively, the companies details of which are set out in Part 1 of Schedule A; 
 “Effective Date” means the date upon which (i) the Merger shall become effective (as established by the date of issue shown on the certificate of merger issued by the Registrar of Corporate
Affairs appointed under the BVI Act) and (ii) the transactions contemplated by sections 2.4 and 2.5 shall be completed, which shall be not later than the second Business Day following the satisfaction or waiver of all of the Release Conditions,
or such other date as GF Netherlands and Rusoro may agree in writing, provided that, in each case, each of the conditions set forth in Article 6 hereof shall have been satisfied or waived on or by the Effective Date; 
 “Effective Time” means the time on the Effective Date at which the Merger becomes effective under British Virgin Islands law, being the time at which
the executed Plan of Merger, together with all documents required to be filed therewith and the requisite fees, shall have been validly and properly filed with the Registrar of Corporate Affairs appointed under the BVI Act; 
 “Environmental Laws” means any Applicable Law, ordinance, code, rule, or other official requirement of any Governmental Body regulating or imposing
liability or standards of conduct concerning (i) the environment, or emissions, discharges, releases or threatened releases into the environment, (ii) the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of solid waste, waste water, pollutants, contaminants, chemicals or any Hazardous Substance, or (iii) the reclamation or remediation of disturbed land; 
 “Equity Financing” has the meaning ascribed thereto in section 2.2(b); 
 “Equity Financing
Agreements” has the meaning ascribed thereto in section 5.1(d)(i)(A); 
  

 - 3 - 

 “Excess Cash” has the meaning ascribed thereto in section 2.5(a)(ii); 
 “Existing Rusoro Warrants” means, collectively, all outstanding share purchase warrants of Rusoro exercisable for Rusoro Shares and comprising,
(i) 5,833,336 warrants governed by a warrant indenture between Rusoro and Pacific Corporate Trust Company dated November 7, 2006 (ii) 9,216,793 warrants governed by a warrant indenture between Rusoro and Computershare Trust Company of
Canada dated March 4, 2007; (iii) 5,000,000 warrants expiring November 30, 2008 and (iv) 347,059 additional warrants expiring February 12, 2008; 
 “Expert” has the meaning ascribed thereto in section 2.6; 
 “Filing Statement” means a
filing statement (as defined in the TSX Venture Exchange Corporate Finance Manual) or similar public disclosure document of Rusoro in respect of the Transaction prepared in accordance with the requirements of the TSXV and filed with Canadian
securities regulatory authorities in accordance with Applicable Laws; 
 “Financial Statements” means (i) in the case of Rusoro, the
audited consolidated financial statements of Rusoro for the year ended December 31, 2006 and the unaudited interim consolidated financial statements of Rusoro for the six month period ended June 30, 2007, each as filed with Canadian
securities regulatory authorities and (ii) in the case of the Acquired Companies, the unaudited (consolidated where applicable) financial statements of each of the Direct Acquired Subsidiaries for the year ended June 30, 2007, copies of
which have been provided by GF Netherlands to Rusoro, consisting for each of Rusoro and each Directly Acquired Subsidiary, respectively, of a balance sheet as at each relevant date and a statement of income and a statement of cash flows for the
period ended on each relevant date, together with all notes thereto and, where audited, the report of the auditors thereon; 
 “GF Loan Amount”
has the meaning ascribed thereto in section 2.1(b)(i);  
 “GF Mergeco” has the meaning ascribed thereto in section 2.1(a); 

 “GF Mergeco Loan” has the meaning ascribed thereto in section 2.1(b)(i); 
 “GF Mergeco Shares” has the meaning ascribed thereto in section 2.1(a); 
 “GF Netherlands Disclosure Letter” means the confidential letter dated as of the date hereof and delivered by GF Netherlands to Rusoro concurrently with the execution and delivery of this Agreement
and signed by GF Netherlands and Rusoro; 
 “GF Survivorco” has the meaning ascribed thereto in section 2.4; 
 “GF Survivorco Shares” has the meaning ascribed thereto in section 2.4(c)(x); 
 “GF Survivorco Share Consideration” has the meaning ascribed thereto in section 2.4(d)(vi)(A); 
 “Gold Fields” means Gold Fields Limited, a corporation existing under the laws of South Africa of which GF Netherlands is a wholly-owned indirect subsidiary; 
  

 - 4 - 

 “Gold Fields Public Disclosure” means, collectively, all public disclosure documents filed as of the
date hereof by Gold Fields under applicable securities laws and stock exchange rules; 
 “Governmental Approvals” means any authorization,
consent, approval, licence, ruling, permit, concession, certification, exemption, filing, variance, order, judgment, decree, publication, notice to, declaration of or with or registration by or with any Governmental Body; 
 “Governmental Body” means any national, state, regional, municipal or local government, governmental department, commission, board, bureau, agency,
authority or instrumentality, or any Person exercising or purporting to exercise executive, legislative, judicial, regulatory or administrative functions of or pertaining to any of the foregoing entities, including all tribunals, commissions,
including securities commissions, stock exchanges, boards, bureaux, arbitrators and arbitration panels, and any authority or other Person controlled by any of the foregoing; 
 “Hazardous Substance” means any pollutant, contaminant or waste of any nature, hazardous substance, hazardous material, toxic substance or dangerous substance as defined, judicially interpreted or
identified in or for the purposes of any Environmental Laws; 
 “Indemnitor” has the meaning ascribed thereto in section 8.3; 
 “Indirect Acquired Subsidiaries” means, collectively, the companies details of which are set out in Part 2 of Schedule A; 
 “Interim Period” means the period between the close of business in Caracas, Venezuela on the date of this Agreement and the earlier of the Completion
Time and the date upon which this Agreement is terminated in accordance with Article 7; 
 “Interim Period Intercompany Indebtedness” has
the meaning ascribed thereto in section 4.5(b);  
 “Joinder Agreement” has the meaning ascribed thereto in section 2.3; 

“knowledge”, with respect to any party to this Agreement, means knowledge of any officer or director of such party after due inquiry, and for greater
certainty, where a representation or warranty refers to the knowledge of more than one party, each such party is giving such representation and warranty to its own knowledge only and knowledge of one such party shall not be imputed to any other such
party; 
 “Knowledge of Exco” means, in relation to any representation or warranty of GF Netherlands in this Agreement which is expressed to
be to such knowledge, actual knowledge of each member of the Executive Committee of Gold Fields at the time such representation and warranty is made, without any independent investigation or inquiry, which actual knowledge is solely on the basis
that such individual has not received any actual notice, information or report which has led him or her to conclude that such representation and warranty is incorrect; 
 “Liens” means any hypothecs, mortgages, liens, charges, security interests, encumbrances and adverse claims; 
  

 - 5 - 

 “Material Adverse Effect” means, in respect of any Person or group of Persons, any change, effect,
event, development, occurrence or state of facts that is, or would reasonably be expected to be, material and adverse to the business, operations, results of operations, liabilities (including contingent liabilities), rights (contractual or
otherwise), obligations (whether absolute, accrued, conditional or otherwise), capital, properties, assets or financial condition of that Person or group of Persons or that would materially impair, in the case of a party to this Agreement, the
ability of such party to perform its obligations under this Agreement in any material respect, other than any change, effect, event, development, occurrence or state of facts relating to (i) any change in general economic conditions in Canada,
the United States, South Africa or Venezuela or any change in the securities, financial, banking or currency exchange markets of Canada, the United States, South Africa or Venezuela; (ii) any change or development resulting from any act of
terrorism or any outbreak of hostilities or war (or any escalation or worsening thereof) or any natural disaster; (iii) any change in the price of gold or any change affecting the gold mining industry or the mining industry, in each case
globally or in Venezuela; (iv) any change in the commercial attractiveness of holding mining rights or properties, or carrying on exploration, development, mining or related activities, in Venezuela, whether generally or in relation to any of
the specific properties or assets held by either of the parties or their subsidiaries, and whether arising from economic, financial, political, social or other reasons; (v) the announcement of the entering into of this Agreement, or
(vi) in the case of Rusoro, any change in the trading volume or market price of the common shares of Rusoro primarily resulting from a change, effect, event, development or occurrence excluded from the definition of Material Adverse Effect
under clauses (i), (ii), (iii), (iv) or (v) hereof; provided, however, that: 
  

	 	(a)	in the case of a Material Adverse Effect in respect of the Rusoro Group, any such change referred to in clause (i), (ii), (iii) or (iv) hereof does not primarily relate
only to (or have the effect of primarily relating only to) Rusoro and its subsidiaries, taken as a whole, or disproportionately adversely affect Rusoro and its subsidiaries, taken as a whole, compared to other companies of similar size operating in
the industries in which Rusoro and its subsidiaries operate; 

  

	 	(b)	in the case of a Material Adverse Effect in respect of the Indirect Acquired Subsidiaries, no effect shall be given to clause (iv) hereof (and for greater certainty, any
reference to a Material Adverse Effect in respect of the Acquired Companies or the Direct Acquired Subsidiaries shall not be considered to be a reference to a Material Adverse Effect in respect of the indirect Acquired Subsidiaries for this
purpose); and 

  

	 	(c)	no change, effect, event, development, occurrence or state of facts or combination thereof shall be considered a Material Adverse Effect unless it is reasonable to conclude that the
resulting financial impact on the business, operations, results of operations, liabilities (including contingent liabilities), obligations (whether absolute, accrued, conditional or otherwise), capital, properties, assets or financial condition of
that Person is at least US$60,000,000; 

 “material fact” has the meaning ascribed thereto in the Securities Act; 

 

 - 6 - 

 “Merger” means the merger of Rusoro Mergeco into GF Mergeco on the Effective Date pursuant to the terms
of this Agreement and the Plan of Merger; 
 “Most Recent Balance Sheet” means, in the case of any Direct Acquired Subsidiary, the unaudited
(consolidated where applicable) balance sheet of such Direct Acquired Subsidiary as at June 30, 2007 and, in the case of Rusoro, the unaudited interim consolidated balance sheet of Rusoro as at June 30, 2007, each forming part of the
Financial Statements; 
 “Net Proceeds” has the meaning ascribed thereto in section 2.5(a)(i); 
 “New Rusoro Warrant” has the meaning ascribed thereto in section 2.4(d)(iii); 
 “New Rusoro Warrant Price” has the meaning ascribed thereto in section 2.4(d)(v); 
 “NI
43-101” means National Instrument 43-101 Standards of Disclosure for Mineral Projects; 
 “Outside Date” means
December 31, 2007 or such other date as may be agreed in writing between the parties; 
 “party” means, unless the context otherwise
requires, a party to this Agreement; 
 “Person” includes any individual, firm, partnership, limited partnership, joint venture, syndicate,
sole proprietorship, company or corporation with or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, or other entity however designated or constituted; 
 “Plan of Merger” means a Plan of Merger in form and substance satisfactory to GF Netherlands and Rusoro to be entered between Rusoro Mergeco and GF
Mergeco dated as of the Effective Date giving effect to the Merger; 
 “Principal Amount” has the meaning ascribed thereto in section
2.5(a)(ii);  
 “Proceedings” has the meaning ascribed thereto in section 3.1(n);  
 “Proceeds” has the meaning ascribed thereto in section 2.2(b); 
 “Release Conditions” means, collectively, the conditions, as set out in the Subscription Receipt Agreement, to the deemed exercise of the Subscription Receipts contemplated by section 2.2(b); 
 “Rusoro Disclosure Letter” means the confidential letter dated as of the date hereof and delivered by Rusoro to GF Netherlands concurrently with the
execution and delivery of this Agreement and signed by Rusoro and GF Netherlands; 
 “Rusoro Governing Documents” means the certificate and
articles of incorporation of Rusoro, as amended, and the by-laws of Rusoro, as amended; 
 “Rusoro Group” and “Rusoro Group
Company” have the respective meanings ascribed thereto in section 3.2(a); 
  

 - 7 - 

 “Rusoro Loan” and “Rusoro Loan Amount” have the respective meanings ascribed thereto in
section 2.2(d)(i); 
 “Rusoro Mergeco” has the meaning ascribed thereto in section 2.2(a);  
 “Rusoro Mergeco Shares” has the meaning ascribed thereto in section 2.2(a); 
 “Rusoro Mergeco Unit” has the meaning ascribed thereto in section 2.2(b);  
 “Rusoro Mergeco
Warrant” has the meaning ascribed thereto in section 2.2(b); 
 “Rusoro Options” means, collectively, options granted to purchase
Rusoro Shares under the Rusoro Stock Option Plan; 
 “Rusoro Personnel Obligations” means any obligations or liabilities of Rusoro or any of
its subsidiaries to pay any amount to its or their officers, directors, employees and consultants, other than for salary, bonuses under its or their existing bonus arrangements and directors’ fees in the ordinary course, in each case in amounts
consistent with historic practices and obligations or liabilities in respect of insurance or indemnification contemplated by this Agreement or arising in the ordinary and usual course of business and, without limiting the generality of the
foregoing, Rusoro Personnel Obligations shall include the obligations of Rusoro or any of its subsidiaries to directors, officers, employees and consultants: 
  

	 	(a)	for payments on or in connection with any change of Control of Rusoro pursuant to any change of Control agreements, policies or arrangements, including the payments specified
herein; and 

  

	 	(b)	for special incentive bonus payments and commitments as previously disclosed in writing to GF Netherlands in the Rusoro Disclosure Letter; 

 “Rusoro Public Disclosure” means, collectively, all public disclosure documents filed as of the date hereof by Rusoro under applicable securities laws
and stock exchange rules; 
 “Rusoro Share Consideration” has the meaning ascribed thereto in section 2.4(d)(vi)(B);  
 “Rusoro Shareholder” means a beneficial owner of Rusoro Shares;  
 “Rusoro Shares” means the common shares in the capital of Rusoro; 
 “Rusoro Stock Option Plan”
means the incentive stock option plan of Rusoro dated June 15,2006 and amended November 7, 2006; 
 “SARB” means the South African
Reserve Bank, the central bank of the Republic of South Africa;  
 “Seconded Employees” has the meaning ascribed thereto in section
5.3; 
 “Securities Act” means the Securities Act (British Columbia), as now in effect and as it may be amended from time to time
prior to the Effective Date; 
  

 - 8 - 

 “Shareholder Agreement” means the shareholder agreement to be entered between Rusoro and GF Netherlands
dated as of the Effective Date in the form attached as Schedule C; 
 “Subscriber” has the meaning ascribed thereto in section 5.1(f);

 “Subscription” and “Subscription Consideration” have the respective meanings ascribed thereto in section 2.5(a)(iii);

 “Subscription Receipt Agent”, “Subscription Receipt Agreement” and “Subscription Receipts” have the respective
meanings ascribed thereto in section 2.2(b); 
 “subsidiary” means a Person that is Controlled by another Person and includes a subsidiary
of that Person; 
 “Support Agreement” means the support agreement dated as of the date hereof between GF Netherlands and the Supporting
Shareholders whereby each of the parties thereto other than GF Netherlands irrevocably agrees, among other things, to vote his, her or its Rusoro Shares in favour of the Transaction in any action or approval by Written Consent; 
 “Supporting Shareholders” means those holders of Rusoro Shares who have executed the Support Agreement as of the date hereof, together with any
additional holders of Rusoro Shares who may execute the Support Agreement subsequent to the date hereof; 
 “Tax Act” means the Income
Tax Act (Canada) and regulations made thereunder, as now in effect and as they may be amended from time to time prior to the Effective Date; 
 “Tax Returns” means all returns, schedules, elections, declarations, reports, information returns and statements required to be filed with any taxing authority relating to Taxes; 
 “Taxes” means all taxes, assessments, charges, dues, duties, rates, fees, imposts, levies and similar charges of any kind lawfully levied, assessed or
imposed by any Governmental Body or authority, including all income taxes (including any tax on or based upon net income, gross income, income as specially defined, earnings, profits or selected items of income, earnings or profits) and all capital
taxes, gross receipts taxes, environmental taxes, sales taxes, use taxes, ad valorem taxes, value added taxes, transfer taxes (including, without limitation, taxes relating to the transfer of interests in real property or entities holding
interests therein), franchise taxes, licence taxes, withholding taxes, payroll taxes, employment taxes, Canada Pension Plan premiums, excise, severance, social security, workers’ compensation, employment insurance or compensation taxes or
premium, stamp taxes, occupation taxes, premium taxes, property taxes, windfall profits taxes, alternative or add-on minimum taxes, goods and services tax, customs duties or other taxes, fees, imports, assessments or charges of any kind whatsoever,
together with any interest and any penalties or additional amounts imposed by any taxing authority (domestic or foreign) on such entity, and any interest, penalties, additional taxes and additions to tax imposed with respect to the foregoing;

 “Tax Warranty Expiry Time” has the meaning ascribed thereto in section 3.4(b); 
 “Technical Report” means an independent technical report concerning the material mineral properties of the Acquired Companies prepared in compliance
with NI 43-101; 
  

 - 9 - 

 “Transaction” means, collectively, the Merger, the issuance of the Debenture (if any), the Subscription
and all other transactions contemplated by this Agreement in connection therewith; 
 “TSXV” means the TSX Venture Exchange; 
 “Underwriters” has the meaning ascribed thereto in section 2.2(b); 
 “U.S. Dollar Equivalent” of an amount determined as of any date means the amount resulting from the conversion of such amount into U.S. dollars using the average daily noon rate of exchange for Canadian dollars into U.S.
dollars quoted by the Bank of Canada over the five Business Day period ended on the second Business Day immediately prior to the date of such determination. 
 “Working Capital Amount” has the meaning ascribed thereto in section 4.6; and  
 “Written Consent” has the
meaning ascribed thereto in section 2.2(c). 
  

	1.2	Interpretation Not Affected by Headings, etc. 

 The division of this
Agreement into Articles, sections, and other portions and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation hereof. Unless otherwise indicated, all references to an
“Article” or “section” followed by a number and/or a letter refer to the specified Article or section of this Agreement. Unless the context otherwise requires, the terms “this Agreement”, “hereof”,
“herein” and “hereunder” and similar expressions refer to this Agreement (including the Schedules and Appendices hereto) and not to any particular Article, section or other portion hereof and include any agreement or instrument
supplementary or ancillary hereto. 
  

	1.3	Currency 

 References to “C$” herein are to lawful
money of Canada. References to “US$” or “U.S. dollars” herein are to lawful money of the United States of America. 
  

	1.4	Number, etc. 

 Unless the context otherwise requires, words
importing the singular shall include the plural and vice versa and words importing any gender shall include all genders. 
  

	1.5	Statutory References 

 Any reference in this Agreement to a statute
includes all regulations made thereunder, all amendments to such statute in force from time to time and any statute or regulation that supplements or supersedes such statute or regulation. 
  

	1.6	Date for Any Action 

 In the event that any date on which any action
is required to be taken hereunder by any of the parties is not a Business Day, such action shall be required to be taken on the next succeeding day which is a Business Day. 
  

 - 10 - 

	1.7	Schedules 

 The following Schedules to this Agreement are an
integral part of this Agreement: 
  

			
	 Schedule A:
	  	Acquired Companies
	 Schedule B:
	  	Form of Plan of Merger
	 Schedule C:
	  	Form of Shareholder Agreement
	 Schedule D:
	  	Form of Debenture

 ARTICLE 2 
 THE TRANSACTION 
  

	2.1	Pre-Merger Implementation Steps by GF Netherlands 

 GF Netherlands
covenants in favour of Rusoro that GF Netherlands shall: 
  

	 	(a)	as soon as reasonably practicable after the date of this Agreement, acquire the sole issued and outstanding share of a newly incorporated company incorporated pursuant to the BVI
Act (“GF Mergeco”) whose memorandum and articles of association, authorized share capital (which shall include ordinary shares (the “GF Mergeco Shares”)), directors, officers, assets, liabilities and other
attributes must be acceptable to Rusoro, acting reasonably. Immediately following the foregoing acquisition and immediately prior to the Effective Time, GF Mergeco shall have one issued and outstanding GF Mergeco Share, with a nominal value, that
will be owned by GF Netherlands; and 

  

	 	(b)	prior to the Effective Time: 

  

	 	(i)	cause GF Mergeco to borrow from a financial institution or other lender (the “GF Mergeco Loan”), on a short-term basis in U.S. dollars and otherwise on terms
acceptable to Rusoro, acting reasonably, an amount (the “GF Loan Amount”) equal to the cash consideration required to be paid by GF Mergeco to GF Netherlands pursuant to section 2.1(b)(ii) below, provided that no Affiliate of Gold
Fields other than GF Mergeco shall be required to provide any guarantee of, or assume any other obligations whatsoever in connection with, the GF Mergeco Loan; and 

  

	 	(ii)	immediately following the borrowing by GF Mergeco of an amount equal to the GF Loan Amount pursuant to section 2.1(b)(i), sell all of the issued and outstanding shares in the Direct
Acquired Subsidiaries to GF Mergeco for cash consideration equal to the fair market value of the Direct Acquired Subsidiaries at the time of such transfer; 

 or, if acceptable to Rusoro, acting reasonably, complete such alternative transactions as shall result in the same structure of indirect ownership of the Direct Acquired Subsidiaries by GF Netherlands as the foregoing
transactions. 
  

 - 11 - 

	2.2	Pre-Merger Implementation Steps by Rusoro 

 Rusoro covenants in
favour of GF Netherlands that Rusoro shall: 
  

	 	(a)	as soon as reasonably practicable after the date of this Agreement, cause to be incorporated pursuant to the B VI Act a direct wholly-owned subsidiary of Rusoro (“Rusoro
Mergeco”) whose memorandum and articles of association, authorized and issued share capital (which shall include ordinary shares (the “Rusoro Mergeco Shares”)), directors, officers and other attributes must be
acceptable to GF Netherlands, acting reasonably. Upon its incorporation, Rusoro Mergeco shall have one issued and outstanding Rusoro Mergeco Share, with a nominal value, that will be owned by Rusoro, and Rusoro Mergeco shall not issue any additional
Rusoro Mergeco Shares except pursuant to the express terms of this Agreement; 

  

	 	(b)	subject to this section 2.2(b), by the end of the Business Day immediately after the date of this Agreement, execute (for and on behalf of Rusoro Mergeco), or cause Rusoro Mergeco
to execute, an initial “bought deal” equity financing agreement with one or more investment dealers (collectively, the “Underwriters”) for a private placement (the “Equity Financing”) of subscription
receipts (the “Subscription Receipts”) for gross proceeds (the “Proceeds”) of not less than C$160,000,000. Upon the closing of the Equity Financing, the Proceeds will be placed into escrow with the trustee (the
“Subscription Receipt Agent”) appointed under the subscription receipt agreement governing the terms of the Subscription Receipts (the “Subscription Receipt Agreement”) pending the satisfaction of the Release
Conditions, provided that any release of the Proceeds from escrow shall occur only if: 

  

	 	(i)	first, GF Netherlands and Rusoro agree that all of the conditions to closing of the transactions contemplated by this Agreement set out in sections 6.1 (except for sections 6.1(b)
and 6.1(f)), 6.2 (except for sections 6.2(a), 6.2(b), 6.2(c) and 6.2(h)) and 6.3(d) have been satisfied or waived and shall have delivered a joint certificate to each other to such effect; and 

  

	 	(ii)	subsequently, Rusoro and the Underwriters agree that all of the Release Conditions have been satisfied or waived and shall have delivered a joint certificate to the Subscription
Receipt Agent to such effect; 

 whereupon the Subscription Receipts will be automatically deemed to be exercised and the
Proceeds will be paid to Rusoro Mergeco immediately prior to the Effective Time. Each Subscription Receipt will be exercisable into one unit (each, a “Rusoro Mergeco Unit”) consisting of one Rusoro Mergeco Share and a number (which
shall not be greater than one) of share purchase warrants (each, a “Rusoro Mergeco Warrant”), with each whole Rusoro Mergeco Warrant being exercisable into one Rusoro Mergeco Share. The number and price of the Subscription Receipts,
the number of Rusoro Mergeco Warrants to be issued upon the exercise of each Subscription Receipt and the expiry date, exercise price and other terms of the Rusoro Mergeco Warrants, and all other commercial terms of the Equity Financing, 

  

 - 12 - 

 
including the form and substance of the initial “bought deal” equity financing agreement referred to above in this section 2.2(b), shall be subject
to the prior written approval of GF Netherlands, and GF Netherlands shall provide or deny such approval, in each case acting reasonably, as soon as practicable and in any event on the same Business Day that a copy of such proposed agreement is
provided to, and such approval is requested by, Rusoro. All other material documents to be entered into by Rusoro or Rusoro Mergeco in connection with the Equity Financing, including the definitive agency agreement with the Underwriters, the
Subscription Receipt Agreement and the forms of Subscription Receipt and Rusoro Mergeco Warrant certificates to be issued to holders, must be acceptable to GF Netherlands and its counsel, acting reasonably, who shall be provided on a timely basis
with drafts of all such documents for their review and comment; 
  

	 	(c)	within five Business Days after the date on which the TSXV notifies Rusoro in writing of its acceptance of the Filing Statement, obtain written consent to the Transaction from
Rusoro Shareholders holding such specified majority of the outstanding Rusoro Shares as is required under TSXV rules in connection with the Transaction (the “Written Consent”); and 

  

	 	(d)	except as provided in section 2.6, prior to the Effective Time: 

  

	 	(i)	borrow from a person resident in Canada for purposes of the Tax Act (the “Rusoro Loan”), on a short-term basis and in U.S. dollars, an amount (the “Rusoro
Loan Amount”) equal to the GF Loan Amount less the excess of US$180,000,000 over the Principal Amount (as hereinafter defined), if any, and GF Netherlands agrees to cooperate in a commercially reasonable manner with Rusoro in connection
with obtaining the Rusoro Loan; and 

  

	 	(ii)	use the Rusoro Loan Amount to subscribe for such number of Rusoro Mergeco Shares (at a price per share equal to the price paid per Rusoro Mergeco Share in connection with the
exercise of the Subscription Receipts (such price per share to be determined based on a reasonable allocation of the price of a Rusoro Mergeco Unit between the constituent Rusoro Mergeco Share and Rusoro Mergeco Warrants which allocation must be
acceptable to each of Rusoro and GF Netherlands, acting reasonably), as have an aggregate subscription price equal to the Rusoro Loan Amount. 

  

	2.3	Joinder Agreement 

 As soon as reasonably practicable after the
later of the date of incorporation of Rusoro Mergeco and the date of GF Netherlands’ acquisition of the sole issued and outstanding share of GF Mergeco, and in any event prior to the Effective Date, Rusoro, Rusoro Mergeco, GF Netherlands and GF
Mergeco will enter into an agreement (the “Joinder Agreement”) for the purpose of, and with the legal effect of, causing each of Rusoro Mergeco and GF Mergeco to become a party to this Agreement, from and after the date such Joinder
Agreement is executed. Rusoro hereby agrees to, and will, cause Rusoro Mergeco to enter into the Joinder Agreement and GF Netherlands hereby agrees to, and will, cause GF Mergeco to enter into the Joinder Agreement. 
  

 - 13 - 

	2.4	The Merger 

 Forthwith after the later of (x) the deemed
exercise of the Subscription Receipts and the payment of the Proceeds to Rusoro Mergeco in accordance with section 2.2(b) and the provisions of the Subscription Receipt Agreement, and (y) the transaction described in section 2.2(d)(ii), upon
the terms and conditions set out herein and in the Plan of Merger, at the Effective Time, by way of a statutory merger under the BVI Act, Rusoro Mergeco will merge into GF Mergeco (which thereafter shall be referred to herein as “GF
Survivorco” to distinguish GF Mergeco before and after the Merger, notwithstanding that it is the same legal entity both before and after the Merger), and the following will occur without any further authorization, act or formality:

  

	 	(a)	the separate legal existence of GF Mergeco will not cease and GF Mergeco will survive the Merger; 

  

	 	(b)	without limiting the foregoing, at the Effective Time, the separate legal existence of Rusoro Mergeco will cease without Rusoro Mergeco being liquidated or wound-up, GF Mergeco and
Rusoro Mergeco will continue as one company, and the property of Rusoro Mergeco will become the property of GF Survivorco; 

  

	 	(c)	from and after the Effective Time: 

  

	 	(i)	GF Survivorco will own and hold all property of GF Mergeco and Rusoro Mergeco, and, without limiting the provisions hereof, all rights of creditors or others will be unimpaired by
such Merger, and all obligations of GF Mergeco and Rusoro Mergeco, whether arising by contract or otherwise, may be enforced against GF Survivorco to the same extent as if such obligations had been incurred or contracted by it;

  

	 	(ii)	GF Survivorco will continue to be liable for the obligations of GF Mergeco and Rusoro Mergeco; 

  

	 	(iii)	all rights, contracts, permits and interests of GF Mergeco and Rusoro Mergeco will continue as rights, contracts, permits and interests of GF Survivorco; 

 

	 	(iv)	any existing cause of action, claim or liability to prosecution of GF Mergeco and Rusoro Mergeco will continue as causes of action, claims or liabilities to prosecution of GF
Survivorco; 

  

	 	(v)	a civil, criminal or administrative action or proceeding pending by or against GF Mergeco or Rusoro Mergeco may be continued by or against GF Survivorco; 

 

	 	(vi)	a conviction against, or ruling, order or judgment in favour of or against GF Mergeco or Rusoro Mergeco may be enforced by or against GF Survivorco; 

  

	 	(vii)	GF Survivorco will be a wholly-owned subsidiary of Rusoro; 

  

 - 14 - 

	 	(viii)	the name of GF Survivorco will be the name of GF Mergeco; 

  

	 	(ix)	the registered and records office of GF Survivorco will be the registered and records office of GF Mergeco; 

  

	 	(x)	GF Survivorco will be authorized to issue an unlimited number of ordinary shares (the “GF Survivorco Shares”); 

  

	 	(xi)	the memorandum of association and articles of association of GF Survivorco will be those of GF Mergeco; and 

  

	 	(xii)	the directors of GF Survivorco will be the directors of GF Mergeco; 

  

	 	(d)	effective at the Effective Time: 

  

	 	(i)	each of the issued and outstanding Rusoro Mergeco Shares owned by Rusoro immediately before the Effective Time will be exchanged for one fully paid and non-assessable GF Survivorco
Share, and such Rusoro Mergeco Shares will be cancelled without any repayment of capital in respect thereof; 

  

	 	(ii)	each of the issued and outstanding Rusoro Mergeco Shares owned by holders other than Rusoro immediately before the Effective Time will be exchanged for a right granted by and as
against GF Survivorco to receive one fully paid and non-assessable Rusoro Share, and such Rusoro Mergeco Shares will be cancelled without any repayment of capital in respect thereof; 

  

	 	(iii)	each of the outstanding Rusoro Mergeco Warrants owned by holders other than Rusoro, if any, immediately before the Effective Time will be exchanged for a right granted by and as
against GF Survivorco to receive one common share purchase warrant of Rusoro (each, a “New Rusoro Warrant”), each such New Rusoro Warrant being exercisable into one Rusoro Share and otherwise on terms identical to
those applicable to the Rusoro Mergeco Warrants, and such Rusoro Mergeco Warrants will be cancelled without any repayment of capital in respect thereof; 

  

	 	(iv)	each of the issued and outstanding GF Mergeco Shares immediately before the Effective Time will be exchanged for a right granted by and as against GF Survivorco to receive one fully
paid and non-assessable Rusoro Share, and such GF Mergeco Shares will be cancelled without any repayment of capital in respect thereof; 

  

	 	(v)	 in satisfaction of GF Survivorco’s obligations described in sections 2.4(d)(ii), (iii) and (iv), GF Survivorco will direct Rusoro to, and Rusoro will, on
behalf of GF Survivorco, issue and deliver the required number of Rusoro Shares and New Rusoro Warrants to the holders of Rusoro Mergeco Shares, Rusoro Mergeco Warrants and GF Mergeco Shares, as the case maybe, immediately before the Effective Time,
and as consideration for such issuance and delivery by Rusoro, GF Survivorco will issue and deliver to Rusoro (x) for 

  

 - 15 - 

	 	 
each Rusoro Share so issued, one GF Survivorco Share and (y) for each New Rusoro Warrant so issued, such number of GF Survivorco Shares as the parties
acting reasonably shall agree, prior to the Effective Time, is equal to the fair market value of a New Rusoro Warrant immediately before the Effective Time (the “New Rusoro Warrant Price”), and each of the New Rusoro Warrants shall
be issued for a price equal to the New Rusoro Warrant Price; 

  

	 	(vi)	the new GF Survivorco Shares and the Rusoro Shares issued pursuant to section 2.4(d)(v) will be issued for the following aggregate prices: 

  

	 	(A)	in the case of the new GF Survivorco Shares so issued, an aggregate price (the “GF Survivorco Share Consideration”) equal to the aggregate of (x) the aggregate
fair market value of the GF Mergeco Shares issued and outstanding immediately before the Effective Time, (y) the aggregate fair market value of the Rusoro Mergeco Shares issued and outstanding immediately before the Effective Time, and
(z) the aggregate fair market value of the Rusoro Mergeco Warrants outstanding immediately before the Effective Time; and 

  

	 	(B)	in the case of the Rusoro Shares so issued, an aggregate price (the “Rusoro Share Consideration”) equal to the GF Survivorco Share Consideration less the aggregate
of (x) the fair market value of the Rusoro Mergeco Shares owned by Rusoro immediately before the Effective Time, and (y) the New Rusoro Warrant Price multiplied by the number of New Rusoro Warrants issued pursuant to section 2.4(d)(v);

 and all such fair market values will be determined immediately before the Effective Time and the GF Survivorco Share
Consideration and the Rusoro Share Consideration will each be agreed to by the parties prior to the Effective Time; and 
  

	 	(vii)	the aggregate amount in Canadian dollars added to the stated capital account maintained by Rusoro for the Rusoro Shares, in accordance with the provisions of the BCBCA, in
connection with the issuance of the Rusoro Shares issued pursuant to section 2.4(d)(v) will be equal to the Rusoro Share Consideration, computed using the Bank of Canada daily noon rate of exchange for U.S. dollars into Canadian dollars on the
Effective Date; 

 provided that none of the foregoing in this section 2.4 will occur or be deemed to occur unless all of the foregoing occurs.

  

	2.5	Post-Merger Transactions 

  

	 	(a)	Immediately following the Effective Time, the parties will complete the following transactions: 

  

	 	(i)	GF Survivorco will (x) convert the Proceeds net of any commissions or fees paid or payable to the Underwriters in connection with the Equity Financing, (the “Net
Proceeds”) into U.S. dollars, and (y) use such U.S. dollar equivalent of the Net Proceeds, together with the Rusoro Loan Amount and any additional amount required (which shall be funded from Rusoro’s cash resources), to repay in
full the GF Mergeco Loan. 

  

 - 16 - 

	 	(ii)	GF Netherlands will lend to Rusoro an amount equal to the excess, if any (such excess, if any, the “Principal Amount”), of US$30,000,000 over an amount equal
to the Excess Cash, where “Excess Cash” means an amount designated by Rusoro equal to at least one-half of the amount, if any, by which the U.S. Dollar Equivalent of the Proceeds (which for greater certainty, will, for purposes
of this section 2.5(a)(ii), include any funds raised by Rusoro Mergeco by means of the exercise of any over-allotment option granted in connection with the Equity Financing) determined as of the date of such loan exceeds US$185,000,000. Provided
that the Principal Amount is not nil, Rusoro will issue and deliver to GF Netherlands the Debenture with a principal amount equal to the Principal Amount. 

  

	 	(iii)	GF Netherlands will subscribe (the “Subscription”) for 140,000,000 Rusoro Shares for an aggregate subscription price in U.S. dollars equal to the GF Loan
Amount less US$180,000,000 (the “Subscription Consideration”). In connection with the Subscription, Rusoro shall add to the stated capital account maintained by Rusoro for the Rusoro Shares, in accordance with the provisions
of the BCBCA, an amount equal to the Canadian dollar equivalent of the Subscription Consideration, computed using the Bank of Canada daily noon rate of exchange for U.S. dollars into Canadian dollars on the date of the Subscription.

  

	 	(iv)	Rusoro will use the Principal Amount and the Subscription Consideration and any additional amount required (which shall be funded from Rusoro’s cash resources) to repay the
Rusoro Loan. 

  

	2.6	Mediation of Disputes Relating to Certain Values 

 If any dispute
arises prior to the Effective Date in connection with any prices, amounts or values to be determined in this Article 2, including fair market values or allocated amounts to be agreed between the parties, the parties shall submit such dispute to
mediation by an impartial person (the “Expert”) in accordance with the Centre for Effective Dispute Resolution (“CEDR”) Model Mediation Procedure. Unless otherwise agreed between the parties,
the Expert shall have experience satisfactory to the parties in accounting and/or business valuation matters. To initiate mediation, a party must give notice in writing (the “ADR Notice”) to the other party to the dispute
requesting mediation. A copy of the request should be sent to the CEDR. The mediation will commence not later than 30 calendar days after the date of the ADR Notice. No party may commence any court proceedings or arbitration in relation to any
dispute arising out of the determination of a value in this Article 2 until it has attempted to settle the dispute by mediation and either the mediation has terminated or the other party has failed to participate in the mediation, provided that the
right to issue proceedings is not prejudiced by a delay. 
  

 - 17 - 

	2.7	Filing Statement and Related Documents 

  

	 	(a)	Rusoro shall prepare and complete, in consultation with GF Netherlands, the Filing Statement together with any other documents required by the BCBCA, the Securities Act or other
Applicable Laws in connection with the Transaction and the seeking of the Written Consent and Rusoro shall cause the Filing Statement and other documentation required in connection with the seeking of the Written Consent to be sent to each of the
Supporting Shareholders and all other Rusoro Shareholders from whom such Written Consent is sought and to be filed as required by the rules of the TSXV or other Applicable Laws. For the avoidance of doubt, Rusoro shall be required to file the
Technical Report with the TSXV and other Canadian securities regulators in connection with the Transaction. Rusoro agrees to cause the Technical Report to be prepared and to file it within 3 Business Days following it being jointly determined by
Rusoro and GF Netherlands that the Technical Report is in form and substance acceptable for filing. Rusoro will file a signed Filing Statement with the TSXV within 10 Business Days following the later of it being jointly determined by Rusoro and GF
Netherlands that the Technical Report is in form and substance acceptable for filing and the delivery by GF Netherlands of the historical financial statements for the Acquired Companies required to be included in the Filing Statement. In the event
that Rusoro fails to meet the foregoing timetable for any reason, Rusoro hereby grants GF Netherlands a power of attorney to do all things necessary on behalf of Rusoro and its Affiliates for the sole purpose of ensuring the Technical Report is
completed as soon as practicable. 

  

	 	(b)	Rusoro shall ensure that the Filing Statement complies with all Applicable Laws and, without limiting the generality of the foregoing, Rusoro shall ensure that the Filing Statement
provides Rusoro Shareholders with information in sufficient detail to permit them to form a reasoned judgment concerning the matters to be consented to by them in the Written Consent. Rusoro covenants that the information to be contained in the
Filing Statement or any amendment thereto (including any information referred to therein or incorporated therein by reference), other than information furnished to Rusoro by GF Netherlands, will be complete in all material respects as at the date
thereof and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements contained therein not misleading in light of the circumstances in which they are
made. Rusoro shall permit GF Netherlands and its counsel to review and comment on drafts of the Filing Statement and other documents referred to in section 2.7(a) in the course of its preparation and shall consider in good faith GF Netherlands’
comments thereon. 

  

	 	(c)	 GF Netherlands covenants to furnish to Rusoro, on a timely basis, all information requested by Rusoro that may be required under Applicable Laws to be contained in
the Filing Statement or any amendment thereto relating to GF Netherlands (other than such information as may be derived from the Technical Report), and GF 

  

 - 18 - 

	 	 
Netherlands covenants that all such information (including any information referred to therein or incorporated therein by reference) will be complete in all
material respects as at the date thereof and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements contained therein not misleading in light of the
circumstances in which they are made. 

  

	 	(d)	Each of Rusoro and GF Netherlands shall promptly notify each other if at any time before the Completion Time it becomes aware that the Filing Statement contains an untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements contained therein not misleading in light of the circumstances in which they are made, or that otherwise requires an amendment or
supplement to such Filing Statement, and the parties shall co-operate in the preparation of such amendment or supplement as required. 

  

	2.8	Preparation of Filings 

  

	 	(a)	Rusoro and GF Netherlands shall cooperate in: 

  

	 	(i)	the preparation of any documents reasonably deemed by GF Netherlands or Rusoro to be necessary to discharge their respective obligations under Applicable Laws in connection with the
Transaction and all other matters contemplated by this Agreement; and 

  

	 	(ii)	the taking of all such action as may be required under Applicable Laws in connection with the Transaction and all other matters contemplated by this Agreement.

  

	 	(b)	Each of the parties shall furnish to the other party, on a timely basis, all information as may be required to effectuate the foregoing actions, and each covenants that, to its
knowledge, no information so furnished by it in writing in connection with those actions or otherwise in connection with the consummation of the actions contemplated by this Agreement will contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements contained therein not misleading in light of the circumstances in which they are made (other than with respect to any information relating to and provided by the
other or any third party that is not an Affiliate of one of the parties). 

  

	 	(c)	Each of Rusoro and GF Netherlands shall promptly notify each other if at any time before the Completion Time it becomes aware that an application for any order, registration,
consent, ruling, exemption, no-action letter or approval in connection with the Transaction or this Agreement, or any other filing under Applicable Laws contains an untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements contained therein not misleading in light of the circumstances in which they are made, or that otherwise requires an amendment or supplement to such application or filing, and the parties shall
co-operate in the preparation of such amendment or supplement as required. 

  

 - 19 - 

	 	(d)	Rusoro and GF Netherlands shall keep each other informed as to the preparation of presentations, if any, to investors in connection with the Transaction, and no party shall issue
any press release or other public disclosure document with respect to this Agreement or the Transaction (other than its regular interim and annual continuous disclosure documents, provided no reference is made to this Agreement or the Transaction in
such documents other than as previously disclosed) without the consent of the other party (which shall not be unreasonably withheld or delayed) and Rusoro shall not make any filing with any Governmental Body in connection with the Transaction
without the consent of GF Netherlands (which shall not be unreasonably withheld) and GF Netherlands shall not make any filing with any Governmental Body in connection with the Transaction without the consent of Rusoro (which shall not be
unreasonably withheld or delayed); provided, however, that the foregoing shall be subject to each party’s overriding obligation to make any disclosure or filing required under Applicable Laws, and the party making such disclosure shall use all
commercially reasonable efforts to give prior oral or written notice to the other party and reasonable opportunity to review or comment on the disclosure or filing, and if such prior notice is not possible, to give such notice immediately following
the making of such disclosure or filing. 

 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 
  

	3.1	Representations and Warranties of GF Netherlands 

 Subject to the disclosure in the GF Netherlands Disclosure Letter and the Gold Fields Public Disclosure, GF Netherlands hereby represents and warrants to Rusoro as follows and acknowledges that Rusoro is relying upon such representations
and warranties in connection with the matters contemplated by this Agreement: 
  

	 	(a)	Organization of GF Netherlands. GF Netherlands is a corporation duly incorporated and validly subsisting under the Applicable Laws of its jurisdiction of incorporation.

  

	 	(b)	Organization of the Acquired Companies, etc. Each of the Acquired Companies is a corporation duly incorporated and validly subsisting under the Applicable Laws of its
jurisdiction of incorporation. Each of the Direct Acquired Subsidiaries has the requisite corporate power and authority, and holds all material licenses and permits required for it, to own or lease its property and assets and to carry on its
business as currently conducted by it. 

  

	 	(c)	No Violation or Rights of Termination or Acceleration. Assuming that the approval of the SARB has been obtained in respect of the Transaction, the execution and delivery of
this Agreement by GF Netherlands does not, and the consummation of the transactions contemplated hereby and the performance of this Agreement by GF Netherlands will not: 

  

	 	(i)	conflict with or result in a violation, contravention or breach of any of the terms, conditions or provisions of the articles or by-laws (or equivalent organizational documents) of
GF Netherlands or any of the Direct Acquired Subsidiaries; 

  

 - 20 - 

	 	(ii)	constitute a default or violation by any of the Direct Acquired Subsidiaries under any Applicable Laws to which any of them is subject or by which any of them is bound; or

  

	 	(iii)	result in any breach of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any right of termination,
amendment, acceleration or cancellation of, or create, give rise to or change any rights or obligations of any Person under, or result in the creation of a Lien on any property or asset of any of the Direct Acquired Subsidiaries pursuant to, any
note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which any of the Direct Acquired Subsidiaries is a party or by which any of them or any of their respective property or
assets is bound; 

 except, with respect to clauses (ii) and (iii), for any such events or occurrences that could not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect in respect of the Direct Acquired Subsidiaries taken as a whole or materially impair the ability of GF Netherlands to perform its obligations hereunder or to
complete the transactions contemplated hereby. 
  

	 	(d)	Consents and Approvals. No consent, approval, license, permit, order or authorization of, or registration, declaration or filing with, or permit from, any Governmental Body
is required to be obtained or made by or with respect to any Direct Acquired Subsidiary in connection with the execution, delivery and performance of this Agreement or the completion of the transactions contemplated hereby, other than those which if
not obtained, could not individually or in the aggregate be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect in respect of the Direct Acquired Subsidiaries, taken as a whole, or materially impair the ability
of GF Netherlands to perform its obligations hereunder or to complete the transactions contemplated hereby. 

  

	 	(e)	Capacity. GF Netherlands has the requisite corporate power and capacity to execute and deliver this Agreement, to perform its obligations hereunder and to complete the
transactions contemplated hereby. The execution, delivery and performance of this Agreement by GF Netherlands and the completion of the transactions contemplated hereby by it have been duly authorized by its board of directors and no other corporate
proceedings on its part are necessary to authorize the execution, delivery and performance of this Agreement or the completion of the transactions contemplated hereby. 

  

	 	(f)	Binding Agreement. This Agreement has been duly executed and delivered by GF Netherlands and constitutes a legal, valid and binding obligation, enforceable against it in
accordance with its terms, subject to bankruptcy, insolvency and other Applicable Laws affecting creditors’ rights generally and to general principles of equity. 

  

 - 21 - 

	 	(g)	Outstanding Securities of the Direct Acquired Subsidiaries. The outstanding shares of the Direct Acquired Subsidiaries are as set out in Schedule A. All of such shares are
owned directly or indirectly by GF Netherlands, other Direct Acquired Subsidiaries or the other Persons set out in Schedule A (and, where such owners are Affiliates of GF Netherlands or their nominees, free and clear of any and all Liens). There are
no outstanding agreements, options, rights, entitlements, understandings or commitments (contingent or otherwise) regarding the right to acquire any issued securities of the Direct Acquired Subsidiaries from GF Netherlands or any other Direct
Acquired Subsidiaries. There are no agreements, options, rights, warrants, rights of conversion or other rights pursuant to which any of the Direct Acquired Subsidiaries is or may become obligated to issue any shares, or any securities convertible
or exchangeable directly or indirectly into shares, of any of the Direct Acquired Subsidiaries. All of the outstanding shares of the Direct Acquired Subsidiaries owned directly or indirectly by GF Netherlands are owned free and clear of all Liens.

  

	 	(h)	Corporate Records. The corporate records and minute books of each Direct Acquired Subsidiary have been maintained substantially in accordance with all Applicable Laws and are
complete and accurate in all material respects, except where such incompleteness or inaccuracy, individually or in the aggregate, would not have a Material Adverse Effect on the Direct Acquired Subsidiaries taken as a whole. All corporate
proceedings and actions reflected therein have been conducted or taken in compliance with Applicable Law. 

  

	 	(i)	No Bankruptcy Proceedings. There is no bankruptcy, liquidation, winding-up or other similar proceeding pending or in progress or, to the knowledge of GF Netherlands,
threatened against GF Netherlands or any Direct Acquired Subsidiary before any court, administrative, regulatory or similar agency or tribunal. 

  

	 	(j)	Books and Records. All transactions of each Direct Acquired Subsidiary have been properly and accurately recorded in the appropriate Books and Records of such Direct Acquired
Subsidiary and such Books and Records are correct and complete and have been maintained and retained in accordance with Applicable Law and generally accepted accounting principles. All original documentation, data and other supporting information
relating to the Books and Records are readily accessible without the expenditure of any unusual effort or resources. 

  

	 	(k)	 Financial Statements. The Financial Statements for the Direct Acquired Subsidiaries have been prepared in accordance with generally accepted accounting
principles applied on a consistent basis and present fairly in all material respects (where applicable on a consolidated basis), the financial position and the results of operations and the changes in shareholders’ equity and cash flow of the
Direct Acquired Subsidiaries as at the dates thereof and for the periods then ended. In the case of unaudited statements, this representation is subject to normal, recurring year-end 

  

 - 22 - 

	 	 
adjustments that would be made in the course of an audit and would not be material. None of the Direct Acquired Subsidiaries has any material liability or
obligation, whether accrued, absolute, contingent or otherwise, not reflected in its Financial Statements. 

  

	 	(1)	No Material Change. Since the date of the Most Recent Balance Sheet of each Direct Acquired Subsidiary, there has been no material change in or material effect on the
financial condition of such Direct Acquired Subsidiary from that shown on such most recent balance sheet, no change in the accounting policies or practices used by such Direct Acquired Subsidiary and no material change in or material effect on the
business, prospects, operations or assets of the Direct Acquired Subsidiaries taken as a whole. 

  

	 	(m)	Absence of Undisclosed Liabilities. Except as otherwise disclosed in this Agreement, no Direct Acquired Subsidiary has any liabilities or obligations of any nature or kind
(whether accrued, absolute, contingent or otherwise) other than (i) obligations pursuant to agreements, arrangement or commitments currently in force but not yet required to be performed as of the date hereof, (ii) those reflected in its
Most Recent Balance Sheet and (iii) those incurred since the date of its Most Recent Balance Sheet in the ordinary course of business. 

  

	 	(n)	Litigation Involving Direct Acquired Subsidiaries. There is no court, administrative, regulatory or similar proceeding (whether civil, quasi-criminal or criminal),
arbitration or other dispute settlement procedure, investigation, audit, assessment, inquiry, request for information, warrant, charge, suit or claim by any Governmental Body, or any similar matter or proceeding (collectively,
“Proceedings”) against or involving the Direct Acquired Subsidiaries in respect of their respective businesses, properties or assets (whether in progress or, to the knowledge of GF Netherlands, threatened) which, if determined
adversely to the Direct Acquired Subsidiaries, would have a Material Adverse Effect in respect of the Direct Acquired Subsidiaries taken as a whole, and there is no order, ordinance, writ, judgment, decree, injunction, award or order of any
Governmental Body outstanding against any of the Direct Acquired Subsidiaries which would have a Material Adverse Effect in respect of the Direct Acquired Subsidiaries taken as a whole. There are no suits, claims, actions or Proceedings pending or,
to the knowledge of GF Netherlands, threatened against the Direct Acquired Subsidiaries, seeking to prevent the transactions contemplated hereby. 

  

	 	(o)	 Litigation Involving Indirect Acquired Subsidiaries. To the Knowledge of Exco, there are no court proceedings against or involving the Indirect Acquired
Subsidiaries in respect of their respective businesses, properties or assets (whether in progress or, to the Knowledge of Exco, threatened) which, if determined adversely to the Indirect Acquired Subsidiaries, would have a Material Adverse Effect in
respect of the Indirect Acquired Subsidiaries taken as a whole, and to the Knowledge of Exco there is no order, ordinance, writ, judgment, decree, injunction, award or order of any Governmental Body outstanding against any of the Indirect Acquired
Subsidiaries which would have a Material Adverse Effect in respect of the Indirect 

  

 - 23 - 

	 	 
Acquired Subsidiaries taken as a whole. There are no suits, claims, actions or court proceedings pending or, to the Knowledge of Exco, threatened against the
Indirect Acquired Subsidiaries, seeking to prevent the transactions contemplated hereby. 

  

	 	(p)	Absence of Changes. Since June 30, 2007, except as publicly disclosed by GF Netherlands prior to the date hereof: 

  

	 	(i)	each Direct Acquired Subsidiary has conducted its business only in the ordinary and regular course of business consistent with past practice; 

  

	 	(ii)	no Direct Acquired Subsidiary has incurred or suffered an adverse change; 

  

	 	(iii)	there has not been any acquisition or sale by any Direct Acquired Subsidiary of any material property or assets; 

  

	 	(iv)	other than in the ordinary and regular course of business consistent with past practice, there has not been any incurrence, assumption or guarantee by any Direct Acquired Subsidiary
of any debt for borrowed money, any creation or assumption by any Direct Acquired Subsidiary of any Lien, any making by any Direct Acquired Subsidiary of any loan, advance or capital contribution to or investment in any other Person (other than
(a) loans or advances made in the ordinary and regular course of business, (b) other loans and advances in an aggregate amount which does not exceed US$ 10,000,000 outstanding at any time and (c) loans made by or to GF Netherlands or
another Direct Acquired Subsidiary) or any entering into, amendment of, relinquishment, termination or non-renewal by any Direct Acquired Subsidiary of any contract, agreement, licence, lease transaction, commitment or other right or obligation;

  

	 	(v)	no Direct Acquired Subsidiary has declared or paid any dividends or made any other distribution on any of its shares; 

  

	 	(vi)	no Direct Acquired Subsidiary has effected or passed any resolution to approve a split, consolidation or reclassification of any of its outstanding shares; 

 

	 	(vii)	no Direct Acquired Subsidiary has effected any material change in its accounting methods, principles or practices except in accordance with such changes as may have been required in
compliance with applicable accounting guidelines; and 

  

	 	(viii)	no Direct Acquired Subsidiary has adopted any, or materially amended any, collective bargaining agreement, bonus, pension, profit sharing, stock purchase, stock option or other
benefit plan or shareholder rights plan; 

 other than events, actions or matters which would not, individually or in the
aggregate, have a Material Adverse Effect in respect of the Direct Acquired Subsidiaries taken as a whole. 
  

 - 24 - 

	 	(q)	Tax Matters. Each Direct Acquired Subsidiary has filed or caused to be filed, in a timely manner all Tax Returns required to be filed by it (all of which Tax Returns were
correct and complete in all material respects) and has paid, collected, withheld or remitted, or caused to be paid, collected, withheld or remitted, all Taxes that are due and payable, collectible and remittable, except, in either case where such
failure to file or to pay, collect, withhold or remit would not have a Material Adverse Effect in respect of the Direct Acquired Subsidiaries taken as a whole. To the Knowledge of Exco, each Indirect Acquired Subsidiary has filed or caused to be
filed in a timely manner all Tax Returns required to be filed by it (all of which Tax Returns were, to the Knowledge of Exco, correct and complete in all material respects) and has paid, collected, withheld or remitted, or caused to be paid,
collected, withheld or remitted, all Taxes that are due and payable, collectible and remittable, except, in either case where such failure to file or to pay, collect, withhold or remit would not have a Material Adverse Effect in respect of the
Indirect Acquired Subsidiaries taken as a whole. Adequate accruals have been provided in accordance with generally accepted accounting principles in the Financial Statements of the Direct Acquired Subsidiaries for any Taxes for the period covered by
such financial statements which have not been paid, whether or not shown as being due on any Tax Returns. Since June 30, 2007, no material liability for Taxes not reflected in the Financial Statements of the Direct Acquired Subsidiaries or
otherwise provided for has been assessed, proposed to be assessed, incurred or accrued other than in the ordinary course of business. To the knowledge of GF Netherlands, there are no material proposed (but unassessed) additional Taxes and none have
been asserted by any taxing authority, including, without limitation, any sales tax authority, in connection with any of the Tax Returns referred to above. No waiver of any statute of limitations has been given or requested with respect to the
Direct Acquired Subsidiaries. No lien for Taxes has been filed or exists other than for Taxes not yet due and payable. 

  

	 	(r)	Title. The Acquired Companies, collectively, are the owners, directly or indirectly, with good title, free and clear of any and all Liens, of all assets and properties shown
or reflected in the Financial Statements of the Direct Acquired Subsidiaries except for such assets and properties as have been disposed of in the usual and ordinary course of business of the Acquired Companies since the date of the Most Recent
Balance Sheet contained in the Financial Statements of the Direct Acquired Subsidiaries, and except for Liens or other defects in ownership or title which individually and in the aggregate would not be expected to result in a Material Adverse Effect
in respect of the Direct Acquired Subsidiaries taken as a whole. To the Knowledge of Exco, the Indirect Acquired Subsidiaries, collectively, are the owners, directly or indirectly, with good title, free and clear of any and all Liens, of all their
assets and properties except for such assets and properties as have been disposed of in the usual and ordinary course of business of the Indirect Acquired Subsidiaries since the date of the Most Recent Balance Sheet contained in the Financial
Statements of the Direct Acquired Subsidiaries, and except for Liens or other defects in ownership or title which individually and in the aggregate would not be expected to result in a Material Adverse Effect in respect of the Indirect Acquired
Subsidiaries taken as a whole. 

  

 - 25 - 

	 	(s)	Environmental. To the Knowledge of Exco, none of the Indirect Acquired Subsidiaries has received notice from any Governmental Body that it is in breach of any Environmental
Laws other than breaches which individually and in the aggregate would not have a Material Adverse Effect in respect of the Indirect Acquired Subsidiaries taken as a whole. 

  

	 	(t)	Compliance with Applicable Laws. Each Direct Acquired Subsidiary has complied with, and no Direct Acquired Subsidiary is in violation of, any Applicable Laws other than such
non-compliance or violations which would not, individually or in the aggregate, have a Material Adverse Effect in respect of the Direct Acquired Subsidiaries taken as a whole. 

  

	 	(u)	Certain Contracts. Other than agreements or obligations that have been entered into in the ordinary course of business and are typical in the mining industry but which
neither individually nor in the aggregate could have a Material Adverse Effect in respect of the Direct Acquired Subsidiaries taken as a whole, none of the Direct Acquired Subsidiaries is a party to or bound by any non-competition agreement or any
other agreement, obligation, judgment, injunction, order or decree which purports to (i) limit the manner or the localities in which all or any material portion of its business is conducted, (ii) limit any business practice of such Direct
Acquired Subsidiary in any material respect, or (iii) restrict any acquisition or disposition of any property by such Direct Acquired Subsidiary in any material respect. 

  

	3.2	Representations and Warranties of Rusoro 

 Subject
to the disclosure in the Rusoro Disclosure Letter and the Rusoro Public Disclosure, Rusoro hereby represents and warrants to GF Netherlands as follows and acknowledges that GF Netherlands is relying upon such representations and warranties in
connection with the matters contemplated by this Agreement: 
  

	 	(a)	Organization. Rusoro and each of its subsidiaries (collectively, the “Rusoro Group” and each individually a “Rusoro Group Company”)
is a corporation duly incorporated and validly subsisting under the Applicable Laws of its jurisdiction of incorporation and has the requisite corporate power and authority, and holds all material licenses and permits required for it, to own or
lease its property and assets and to carry on its business as currently conducted by it. Each of the Rusoro Group Companies is registered, licensed or otherwise qualified as an extra-provincial corporation or a foreign corporation in each
jurisdiction where the nature of the business or the location or character of the property and assets owned or leased by it requires it to be so registered, licensed or otherwise qualified, other than those jurisdictions where the failure to be so
registered, licensed or otherwise qualified would not have a Material Adverse Effect in respect of the Rusoro Group. All of the outstanding shares of Rusoro’s subsidiaries owned directly or indirectly by Rusoro are owned free and clear of all
Liens. There are no outstanding agreements, options, rights, entitlements, understandings or commitments (contingent or otherwise) regarding the right to acquire any issued securities of any of Rusoro’s subsidiaries from either Rusoro or any of
its subsidiaries. 

  

 - 26 - 

	 	(b)	Capitalization. The authorized capital of Rusoro consists of an unlimited number of Rusoro Shares. As of September 30, 2007, there were 148,063,305 Rusoro Shares issued
and outstanding, and Rusoro Options entitling the holders thereof to be issued an aggregate of 14,777,979 Rusoro Shares and Existing Rusoro Warrants exercisable by the holders thereof for an aggregate of 20,397,188 Rusoro Shares have been granted
and are outstanding. Except for such Rusoro Options, there are no agreements, options, rights, warrants, rights of conversion or other rights pursuant to which any Rusoro Group Company is or may become obligated to issue any shares or any securities
convertible or exchangeable, directly or indirectly, into any shares of any Rusoro Group Company. All of the outstanding Rusoro Shares are validly issued, fully paid and non-assessable and have been issued in compliance with all Applicable Laws.

  

	 	(c)	No Violation or Rights of Termination or Acceleration. The execution and delivery of this Agreement by Rusoro do not, and the consummation of the transactions contemplated
hereby and the performance of this Agreement by Rusoro will not: 

  

	 	(i)	conflict with or result in a violation, contravention or breach of any of the terms, conditions or provisions of the articles or by-laws (or equivalent organizational documents) of
any Rusoro Group Company; 

  

	 	(ii)	constitute a default or violation by any Rusoro Group Company under any Applicable Laws to which any Rusoro Group Company is subject or by which it is bound; or

  

	 	(iii)	result in any breach of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any right of termination,
amendment, acceleration or cancellation of, or create, give rise to or change any rights or obligations of any Person under, or result in the creation of a Lien on any property or asset of any Rusoro Group Company pursuant to, any note, bond,
mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which any Rusoro Group Company is a party or by which any Rusoro Group Company or any of their respective property or assets is bound;

 except, with respect to clauses (ii) and (iii), for any such events or occurrences that could not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect in respect of the Rusoro Group or materially impair the ability of Rusoro to perform its obligations hereunder or to complete the transactions contemplated hereby.

  

	 	(d)	Consents and Approvals. No consent, approval, license, permit, order or authorization of, or registration, declaration or filing with, or permit from, any Governmental Body
is required to be obtained or made by or with respect to any Rusoro Group Company in connection with the execution, delivery and performance of this Agreement or the completion of the transactions contemplated hereby, other than:

  

	 	(i)	filings with the TSXV and under Applicable Laws; and 

  

 - 27 - 

	 	(ii)	those which, if not obtained, could not individually or in the aggregate be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect in respect of
the Rusoro Group, or materially impair the ability of Rusoro to perform its obligations hereunder or to complete the transactions contemplated hereby. 

  

	 	(e)	No Proposed Change of Control. Other than this Agreement, Rusoro is not a party to, and Rusoro is not aware of, any agreement, arrangement or understanding whatsoever by
which any Person or group of Persons proposes to effect a change of Control of Rusoro or to acquire beneficial ownership of, or control or direction over, directly or indirectly, in aggregate more than 20% of the issued and outstanding common shares
of Rusoro. 

  

	 	(f)	Capacity. Rusoro has the requisite corporate power and capacity to execute and deliver this Agreement and to perform its obligations hereunder and to complete the
transactions contemplated hereby. The execution, delivery and performance of this Agreement by Rusoro and the completion of the transactions contemplated hereby by it have been duly authorized by its board of directors and no other corporate
proceedings on its part are necessary to authorize the execution, delivery and performance of this Agreement or the completion of the transactions contemplated hereby. 

  

	 	(g)	Binding Agreement. This Agreement has been duly executed and delivered by Rusoro and constitutes a legal, valid and binding obligation, enforceable against it in accordance
with its terms, subject to bankruptcy, insolvency and other Applicable Laws affecting creditors’ rights generally and to general principles of equity. 

  

	 	(h)	No Broker’s Commission or Break Fee. Rusoro has not entered into any agreement that would entitle any Person to any valid claim against Rusoro or any Rusoro Group
Company for a broker’s commission, finder’s fee, break fee or any like payment in respect of the transactions contemplated hereby or its completion or any other matter contemplated by this Agreement. 

  

	 	(i)	Financial Statements. The Financial Statements of Rusoro, each as filed with Canadian securities regulatory authorities, have been prepared in accordance with Canadian
generally accepted accounting principles applied on a consistent basis and present fairly in all material respects, on a consolidated basis, the financial position and the results of operations and the changes in shareholders’ equity and cash
flow of Rusoro and its subsidiaries for the periods then ended and as at the dates thereof. In the case of unaudited Financial Statements, this representation is subject to normal, recurring year-end adjustments that would be made in the course of
an audit and would not be material. No Rusoro Group Company has any material liability or obligation, whether accrued, absolute, contingent or otherwise, not reflected in the Financial Statements of Rusoro. 

  

 - 28 - 

	 	(j)	No Reportable Event. There has been no “reportable event” (within the meaning of National Instrument 51-102 Continuous Disclosure Obligations of the Canadian
securities regulatory authorities, as amended) with the present or any former auditors of Rusoro. 

  

	 	(k)	No Cease Trade. Rusoro is not subject to any cease trade, trading suspension or other order of any applicable stock exchange or securities regulatory authority and is not
included on a list of defaulting reporting issuers maintained by any securities regulatory authority and, to the knowledge of Rusoro, no investigation or other proceeding involving Rusoro which may operate to prevent, restrict or suspend trading of
any securities of Rusoro is currently in progress, pending or threatened before any applicable stock exchange or securities regulatory authority. 

  

	 	(1)	No Bankruptcy Proceedings. There is no bankruptcy, liquidation, winding-up or other similar proceeding pending or in progress or, to the knowledge of Rusoro, threatened
against any Rusoro Group Company before any court, administrative, regulatory or similar agency or tribunal. 

  

	 	(m)	Litigation. There are no Proceedings against or involving Rusoro or any of its subsidiaries in respect of their respective businesses, properties or assets (whether in
progress or, to the knowledge of Rusoro, threatened) which, if determined adversely to Rusoro or any of its subsidiaries, would have a Material Adverse Effect in respect of the Rusoro Group, and there is no order, ordinance, writ, judgment, decree,
injunction, award or order of any Governmental Body outstanding against Rusoro or any of its subsidiaries which would have a Material Adverse Effect in respect of the Rusoro Group. There are no suits, claims, actions or Proceedings pending or, to
the knowledge of Rusoro, threatened against Rusoro or any of its subsidiaries, seeking to prevent the transactions contemplated hereby. 

  

	 	(n)	Public Disclosure. Rusoro is current in the filing of the Rusoro Public Disclosure, there are no filings that have been made on a confidential basis which remain confidential
and all of such filings comply with the requirements of all Applicable Laws except where such non-compliance has not and would not reasonably be expected to have a Material Adverse Effect in respect of the Rusoro Group. Taken as a whole, the Rusoro
Public Disclosure does not contain any misrepresentation or any untrue statement of a material fact or omit to state a material fact that is required to be stated or that is necessary to make any statement contained therein not misleading in light
of the circumstances in which it is made. 

  

	 	(o)	Reporting Status. Rusoro is a “reporting issuer” or the equivalent, and is not in default of requirements under Applicable Laws, in each of the provinces of British
Columbia, Alberta, Ontario and Quebec. The Rusoro Shares are listed for trading on the TSXV. Rusoro is not in default of any provision of its listing agreement with such exchange. 

  

	 	(p)	Absence of Changes. Since December 31, 2006, except as publicly disclosed by Rusoro prior to the date hereof: 

  

	 	(i)	each Rusoro Group Company has conducted its business only in the ordinary and regular course of business consistent with past practice; 

  

 - 29 - 

	 	(ii)	no Rusoro Group Company has incurred or suffered an adverse change; 

  

	 	(iii)	there has not been any acquisition or sale by any Rusoro Group Company of any material property or assets; 

  

	 	(iv)	other than in the ordinary and regular course of business consistent with past practice, there has not been any incurrence, assumption or guarantee by any Rusoro Group Company of
any debt for borrowed money, any creation or assumption by any Rusoro Group Company of any Lien, any making by any Rusoro Group Company of any loan, advance or capital contribution to or investment in any other Person (other than (a) loans or
advances made in the ordinary and regular course of business, (b) other loans and advances in an aggregate amount which does not exceed US$10,000,000 outstanding at any time and (c) loans made to another Rusoro Group Company) or any
entering into, amendment of, relinquishment, termination or non-renewal by any Rusoro Group Company of any contract, agreement, licence, lease transaction, commitment or other right or obligation; 

  

	 	(v)	Rusoro has not declared or paid any dividends or made any other distribution on any of the Rusoro Shares; 

  

	 	(vi)	Rusoro has not effected or passed any resolution to approve a split, consolidation or reclassification of any of the outstanding Rusoro Shares; 

  

	 	(vii)	Rusoro has not effected any material change in its accounting methods, principles or practices except in accordance with such changes as may have been required in compliance with
the Handbook of the Canadian Institute of Chartered Accountants; and 

  

	 	(viii)	Rusoro has not adopted any, or materially amended any, collective bargaining agreement, bonus, pension, profit sharing, stock purchase, stock option or other benefit plan or
shareholder rights plan; 

 other than events, actions or matters which would not, individually or in the aggregate, have a
Material Adverse Effect in respect of the Rusoro Group. 
  

	 	(q)	 Tax Matters. Each Rusoro Group Company has filed or caused to be filed, in a timely manner, all Tax Returns required to be filed by it (all of which Tax
Returns were correct and complete in all material respects) and has paid, collected, withheld or remitted, or caused to be paid, collected, withheld or remitted, all Taxes that are due and payable, collectible and remittable, except, in either case
where such failure to file or to pay, collect, withhold or remit would not have a Material Adverse Effect in respect of the Rusoro Group. Rusoro has provided adequate accruals in accordance with Canadian generally accepted accounting principles in
the Financial Statements of Rusoro for any Taxes for the period covered by such financial 

  

 - 30 - 

	 	 
statements which have not been paid, whether or not shown as being due on any Tax Returns. Since December 31, 2006, no material liability for Taxes not
reflected in the Financial Statements of Rusoro or otherwise provided for has been assessed, proposed to be assessed, incurred or accrued other than in the ordinary course of business. To the knowledge of Rusoro, there are no material proposed (but
unassessed) additional Taxes and none have been asserted by the Canada Revenue Agency or any other taxing authority, including, without limitation, any sales tax authority, in connection with any of the Tax Returns referred to above. No waiver of
any statute of limitations has been given or requested with respect to any Rusoro Group Company. No lien for Taxes has been filed or exists other than for Taxes not yet due and payable. 

  

	 	(r)	Compliance with Applicable Laws. Rusoro and, since the date Rusoro incorporated or acquired each other Rusoro Group Company, such Rusoro Group Company has complied with and
is not in violation of any Applicable Laws other than such non-compliance or violations which would not, individually or in the aggregate, have a Material Adverse Effect in respect of the Rusoro Group. To the knowledge of Rusoro, prior to the date
Rusoro acquired a Rusoro Group Company, such Rusoro Group Company had complied with and was not in violation of any Applicable Laws other than such non-compliance or violations which would not, individually or in the aggregate, have a Material
Adverse Effect in respect of the Rusoro Group. 

  

	 	(s)	Certain Contracts. Other than agreements or obligations that have been entered into in the ordinary course of business and are typical in the mining industry but which
neither individually nor in the aggregate could have a Material Adverse Effect in respect of the Rusoro Group, no Rusoro Group Company is a party to or bound by any non-competition agreement or any other agreement, obligation, judgment, injunction,
order or decree which purports to (i) limit the manner or the localities in which all or any material portion of the business of the Rusoro Group is conducted, (ii) limit any business practice of any Rusoro Group Company in any material
respect, or (iii) restrict any acquisition or disposition of any property by any Rusoro Group Company in any material respect. 

  

	 	(t)	Consideration Shares. The Rusoro Shares to be issued to (i) GF Netherlands pursuant to the Subscription, (ii) the holders of Rusoro Mergeco Shares (other than
Rusoro) pursuant to the Merger, (iii) the holders of New Rusoro Warrants upon the exercise thereof in accordance with their terms, and (iv) the holder of the Debenture upon conversion thereof in accordance with its terms, will upon issue,
be issued as fully-paid and non-assessable shares, will rank pari passu in all respects with all other Rusoro Shares already in issue, and (other than the Rusoro Shares referred to in (i) and (iv)) will not be subject to any statutory
hold period under applicable securities Laws. 

  

	3.3	Investigation 

 Any investigation by either party to this Agreement
or its advisors shall not mitigate, diminish or affect the representations and warranties of the other party. Notwithstanding the foregoing, the parties hereby confirm that, as at the date hereof, they have not determined any representation and
warranty to be untrue or incorrect. 
  

 - 31 - 

	3.4	Survival 

 The covenants, representations and warranties of the
parties contained in this Agreement shall be true and correct and notwithstanding the completion of the Transaction on the Effective Date or inquiry or investigation on the part of any party hereto, such covenants, representations and warranties
shall not merge in, be superseded or prejudiced by and shall survive the Completion Time and continue in full force and effect for the benefit of the respective party provided, however, that: 
  

	 	(a)	all covenants, representations and warranties of the parties, except those relating to Taxes or set out in Section 4.4, shall terminate at the expiration of one (1) year
following the Effective Date; 

  

	 	(b)	all covenants, representations and warranties in respect of Taxes and in respect of which any taxation authority of competent jurisdiction, administering any Tax legislation
pursuant to which any relevant Person is subject, has the right to assess, reassess or make additional assessments pursuant to the Tax legislation of such jurisdiction, shall survive until the day following the day that all rights of assessment or
reassessment referred to in this sentence cease (such time being referred to herein as the “Tax Warranty Expiry Time”). If no claim has been made by a party hereto with respect to any incorrectness or misrepresentation in any such
representation or warranty within 30 days of the expiry of the Tax Warranty Expiry Time, the other party shall have no further liability hereunder with respect to such representation or warranty; and 

  

	 	(c)	the covenants of Rusoro set out in Section 4.4 will survive the Completion Time and continue in full force and effect thereafter. 

 ARTICLE 4 
 CONDUCT OF BUSINESS 

  

	4.1	Conduct of Business by Rusoro 

 Except as required by Applicable
Laws or as otherwise expressly permitted or specifically contemplated by this Agreement, Rusoro covenants and agrees that, during the Interim Period, unless GF Netherlands shall otherwise agree in writing: 
  

	 	(a)	Rusoro shall, and shall cause its subsidiaries taken as a whole to conduct business in, and not take any action except in, the usual and ordinary course of business and consistent
with past practice, and Rusoro shall and shall cause its subsidiaries taken as a whole to use all commercially reasonable efforts to maintain and preserve their business organization, assets, employees and advantageous business relationships;

  

	 	(b)	Rusoro shall not directly or indirectly: 

  

	 	(i)	amend the Rusoro Governing Documents; 

  

 - 32 - 

	 	(ii)	declare, set aside or pay any dividend or other distribution or payment (whether in cash, shares or property) in respect of the Rusoro Shares owned by any Person;

  

	 	(iii)	issue, grant, sell or pledge or agree to issue, grant, sell or pledge any Rusoro Shares, or securities convertible into or exchangeable or exercisable for, or otherwise evidencing a
right to acquire, Rusoro Shares, other than the Subscription Receipts, the Rusoro Mergeco Warrants, the New Rusoro Warrants, Rusoro Options issued in accordance with the terms of the Rusoro Stock Option Plan and Rusoro Shares issued pursuant to the
exercise of Rusoro Options and Rusoro Warrants; 

  

	 	(iv)	redeem, purchase or otherwise acquire any of its outstanding Rusoro Shares or other securities including, without limitation, under an issuer bid; 

  

	 	(v)	split, combine or reclassify any of its shares; 

  

	 	(vi)	adopt a plan of liquidation or resolutions providing for the liquidation, dissolution, merger, consolidation or reorganization of Rusoro or any of its subsidiaries;

  

	 	(vii)	reduce its stated capital; or 

  

	 	(viii)	enter into or modify any contract, agreement, commitment or arrangement with respect to any of the foregoing, except as permitted above; 

  

	 	(c)	Rusoro and its subsidiaries shall not, other than in the ordinary course of business and consistent with past practice, or as required or contemplated by this Agreement, without
prior consultation with and the consent of GF Netherlands, directly or indirectly do any of the following: 

  

	 	(i)	sell, pledge, dispose of or encumber any assets; 

  

	 	(ii)	acquire (by merger, amalgamation, consolidation or acquisition of shares or assets) any corporation, partnership or other business organization or division thereof, or make any
investment either by purchase of shares or securities, contributions of capital or property transfer; 

  

	 	(iii)	acquire any material assets; 

  

	 	(iv)	incur any indebtedness for borrowed money other than pursuant to existing facilities, or any other material liability or obligation or issue any debt securities or assume,
guarantee, endorse or otherwise as an accommodation become responsible for, the obligations of any other individual or entity, or make any loans or advances, other than the Rusoro Personnel Obligations and fees payable to legal, accounting,
engineering and financial advisors in the ordinary course or in connection with the matters and transactions contemplated by this Agreement; 

  

 - 33 - 

	 	(v)	authorize, recommend or propose any release or relinquishment of any material contractual right; or 

  

	 	(vi)	waive, release, grant or transfer any material rights of value or modify or change in any material respect any existing material license, lease, contract, production sharing
agreement, government land concession or other material document. 

  

	4.2	Conduct of Business by the Acquired Companies 

 Except as required
by Applicable Law or as otherwise expressly permitted or specifically contemplated by this Agreement, GF Netherlands covenants and agrees that, during the Interim Period, unless Rusoro shall otherwise agree in writing: 
  

	 	(a)	GF Netherlands shall cause the Acquired Companies taken as a whole to conduct business in, and not take any action except in, the usual and ordinary course of business and
consistent with past practice, and GF Netherlands shall cause the Acquired Companies taken as a whole to use all commercially reasonable efforts to maintain and preserve their business organization, assets, employees and advantageous business
relationships; 

  

	 	(b)	GF Netherlands shall not directly or indirectly cause or permit any Acquired Company to: 

  

	 	(i)	amend its Acquired Companies Governing Documents; 

  

	 	(ii)	declare, set aside or pay any dividend or other distribution or payment (whether in cash, shares or property) in respect of any of its shares owned by any Person other than another
Acquired Company; 

  

	 	(iii)	issue, grant, sell or pledge or agree to issue, grant, sell or pledge any of its shares, or securities convertible into or exchangeable or exercisable for, or otherwise evidencing a
right to acquire, any of its shares other than to another Acquired Company; 

  

	 	(iv)	redeem, purchase or otherwise acquire any of its shares or other securities including, without limitation, under an issuer bid other than from another Acquired Company;

  

	 	(v)	split, combine or reclassify any of its shares; 

  

	 	(vi)	adopt a plan of liquidation or resolutions providing for its liquidation, dissolution, merger, consolidation or reorganization; 

  

	 	(vii)	reduce its stated capital; or 

  

	 	(viii)	enter into or modify any contract, agreement, commitment or arrangement with respect to any of the foregoing, except as permitted above; 

  

 - 34 - 

	 	(c)	GF Netherlands shall procure that each Acquired Company shall not, other than in the ordinary course of business and consistent with past practice, or as required or contemplated by
this Agreement, without prior consultation with and the consent of Rusoro, directly or indirectly do any of the following: 

  

	 	(i)	sell, pledge, dispose of or encumber any assets; 

  

	 	(ii)	acquire (by merger, amalgamation, consolidation or acquisition of shares or assets) any corporation, partnership or other business organization or division thereof, or make any
investment either by purchase of shares or securities, contributions of capital or property transfer; 

  

	 	(iii)	acquire any material assets; 

  

	 	(iv)	incur any indebtedness for borrowed money other than pursuant to existing facilities, or any other material liability or obligation or issue any debt securities or assume,
guarantee, endorse or otherwise as an accommodation become responsible for, the obligations of any other individual or entity, or make any loans or advances, other than the Acquired Companies Personnel Obligations and fees payable to legal,
accounting, engineering and financial advisors in the ordinary course or in connection with the matters and transactions contemplated by this Agreement; 

  

	 	(v)	authorize, recommend or propose any release or relinquishment of any material contractual right; 

  

	 	(vi)	waive, release, grant or transfer any material rights of value or modify or change in any material respect any existing material license, lease, contract, production sharing
agreement, government land concession or other material document: 

  

	 	(vii)	enter into or terminate any hedges, swaps or other similar financial instruments or transactions; 

  

	 	(viii)	enter into any agreements with directors or officers of such Acquired Company or their respective Affiliates except as provided for in this Agreement; or 

 

	 	(ix)	authorize or propose any of the foregoing, or enter into or modify any contract, agreement, commitment or arrangement to do any of the foregoing; 

  

	 	(d)	from the date hereof, GF Netherlands shall procure that the Acquired Companies shall not, without prior consultation with and the consent of Rusoro (acting reasonably and taking
into account that GF Netherlands and the Acquired Companies may need to be prepared for the eventuality that the Transaction may not complete), enter into new commitments of a capital expenditure nature or incur any new contingent liabilities other
than (i) ordinary course expenditures, (ii) expenditures required by Applicable Laws, (iii) expenditures made in connection with transactions contemplated in this Agreement, and (iv) capital expenditures required to prevent the
occurrence of a Material Adverse Effect; 

  

 - 35 - 

	 	(e)	notwithstanding, for greater certainty, Section 4.2(c), in no case shall GF Netherlands permit any Acquired Company to create any new Acquired Companies Personnel Obligations
and, except for payment of the existing Acquired Companies Personnel Obligations (from which each Acquired Company shall make appropriate withholdings as required by Applicable Laws), none of the Acquired Companies shall grant to any officer or
director an increase in compensation in any form, grant any general salary increase other than in accordance with the requirements of any existing collective bargaining or union contracts, grant to any other employee any increase in compensation in
any form other than routine increases in the ordinary course of business consistent with past practices, make any loan to any officer or director, or take any action with respect to the grant of any severance or termination pay arising from the
Transaction or a change of Control of any Acquired Companies or the entering into of any employment agreement with, any senior officer or director, or with respect to any increase of benefits payable under its current severance or termination pay
policies; and 

  

	 	(f)	GF Netherlands will procure that the Acquired Companies do not adopt or amend or make any contribution to any bonus, profit sharing, option, deferred compensation, insurance,
incentive compensation, other compensation or other similar plan, agreement, trust, fund or arrangements for the benefit of employees, except as is necessary to comply with Applicable Laws or with respect to existing provisions of any such plans,
programs, arrangements or agreements without the consent of Rusoro. 

  

	4.3	Access and Consultation During the Interim Period 

  

	 	(a)	During the Interim Period, provided GF Netherlands has been provided with reasonable written notice, GF Netherlands shall cause the Acquired Companies to permit Rusoro and its
subsidiaries, through their respective agents and representatives, upon reasonable notice and during normal business hours, to have full access to the Acquired Companies and their assets and the Books and Records for the purposes of
(i) studying and making plans for future activities and expenditures relating to the Acquired Companies, and (ii) ensuring a speedy and efficient post-Effective Date integration of the Acquired Companies. Rusoro shall endeavour to ensure
that all such access, investigations and inspections will be conducted in a commercially reasonable manner. 

  

	 	(b)	 During the Interim Period: (i) GF Netherlands will cause Rusoro to be kept informed of the material ongoing activities of the Acquired Companies and material
business decisions proposed to be taken by management of each of the Acquired Companies, and shall permit representatives of Rusoro in Venezuela to attend significant internal business meetings or planning sessions and to participate in any
discussions at such meetings or sessions, provided that in the event of any material disagreement between management of the Acquired Companies and the Rusoro representatives the 

  

 - 36 - 

	 	 
matter in dispute will be referred to GF Netherlands which shall make the final decision; and (ii) Rusoro will be permitted to participate in dealings
between the Acquired Companies and local regulators and other stakeholders. 

  

	4.4	Access by GF Netherlands Following the Effective Date 

  

	 	(a)	From and after the Effective Date, Rusoro shall, and shall cause the Acquired Companies to, retain all Books and Records relating to any period ending on or prior to the Effective
Date for a period of 7 years following the Effective Date. So long as such Books and Records are retained by Rusoro or its subsidiaries, GF Netherlands and its Affiliates shall have the right, upon reasonable notice and during normal business hours,
to access and inspect such Books and Records for the purpose of (i) preparing and filing any Tax Returns relating to such prior periods, (ii) defending against or contesting any claims made against GF Netherlands or any of its Affiliates
which relate to the Acquired Companies and their respective businesses, including any assessment or reassessment for Tax, or (iii) making any submission or filing which GF Netherlands or its Affiliates are required to make under Applicable
Laws. Rusoro will further permit photocopies or electronic copies of any or all Books and Records accessed or inspected hereunder to be made and carried out by GF Netherlands or its Affiliates, at the expense of GF Netherlands or its Affiliates.

  

	 	(b)	From and after the Effective Date, Rusoro shall, and shall cause the Acquired Companies to, cooperate in a reasonable manner with GF Netherlands, its Affiliates and their respective
agents, representatives, counsel and auditors for the purposes of preparing and filing GF Netherlands’ or its Affiliates’ accounts and Tax Returns and providing all information required for legal, filing and regulatory purposes. Without
limiting the generality of the foregoing, Rusoro shall arrange to provide the assistance of those employees of Rusoro or the Acquired Companies that GF Netherlands or its Affiliates may reasonably request; provided that GF Netherlands shall pay
proper and reasonable compensation to Rusoro for the assistance of such employees. 

  

	4.5	Intercompany Indebtedness of Certain Direct Acquired Subsidiaries 

  

	 	(a)	The GF Netherlands Disclosure Letter sets out details of certain indebtedness owing by certain of the Direct Acquired Subsidiaries to GF Netherlands as of the date hereof. Within 15
Business Days following the date hereof, GF Netherlands shall cause each such Direct Acquired Subsidiary to issue to GF Netherlands such number of additional shares of such Direct Acquired Subsidiary of the class held by GF Netherlands as may be
determined by GF Netherlands to be reasonable in consideration of the cancellation of such indebtedness of such Direct Acquired Subsidiary. 

  

	 	(b)	 Any funding which may be provided during the Interim Period by GF Netherlands to the Direct Acquired Subsidiaries shall be provided by way of indebtedness
(“Interim Period Intercompany Indebtedness”) in an aggregate amount which GF Netherlands does not currently anticipate will exceed US$3,000,000 on the terms set 

  

 - 37 - 

	 	 
out in the GF Netherlands Disclosure Letter which shall be consistent with GF Netherlands’ past practice except that interest charged will be at current
market rates of interest. 

  

	4.6	Working Capital of the Indirect Acquired Subsidiaries 

 If the
aggregate current combined consolidated assets of the Indirect Acquired Subsidiaries less the aggregate current combined consolidated liabilities of the Indirect Acquired Subsidiaries, excluding any Interim Period Intercompany Indebtedness (the
“Working Capital Amount”), calculated in accordance with International Financial Reporting Standards consistently applied as at the close of business on the Business Day immediately preceding the date hereof, is less than zero, then
(i) as soon as reasonably practicable following the completion of such calculation GF Netherlands shall notify Rusoro of the Working Capital Amount, and (ii) prior to the Effective Date, GF Netherlands shall contribute an aggregate amount
in cash equal to the Working Capital Amount to one or more of the Direct Acquired Subsidiaries in consideration of the issuance of shares of such one or more Direct Acquired Subsidiaries. 
 ARTICLE 5 
 COVENANTS 
  

	5.1	Covenants of Rusoro 

  

	 	(a)	Rusoro shall, and shall cause its subsidiaries to, use all reasonable commercial efforts to comply promptly with all requirements which Applicable Laws may impose on Rusoro or its
subsidiaries with respect to matters contemplated by this Agreement and the Transaction; 

  

	 	(b)	Rusoro shall promptly advise GF Netherlands by telephone and in writing if any senior officer of Rusoro becomes aware of: 

  

	 	(i)	any event occurring subsequent to the date of this Agreement that would render any representation or warranty of Rusoro contained in this Agreement, if made on or as at the date of
such event or the Effective Date, untrue or inaccurate; 

  

	 	(ii)	any Material Adverse Effect; or 

  

	 	(iii)	any breach by Rusoro of any covenant contained in this Agreement. 

  

	 	(c)	During the Interim Period, Rusoro shall and shall cause its subsidiaries to perform all obligations required or desirable to be performed by Rusoro or any of its subsidiaries under
this Agreement and shall do all such other acts and things as may be necessary or desirable in order to complete the Transaction as soon as reasonably practicable and, without limiting the generality of the foregoing, Rusoro shall and where
appropriate shall cause its subsidiaries to: 

  

	 	(i)	use all reasonable commercial efforts to comply promptly with all requirements which Applicable Laws may impose on Rusoro and its subsidiaries with respect to the matters
contemplated by this Agreement and the Transaction; 

  

 - 38 - 

	 	(ii)	recommend in any manner acceptable to the TSXV that Rusoro Shareholders from whom the Written Consent is sought deliver such Written Consent, and all public comment by Rusoro in
relation to the Transaction shall be made in accordance with section 9.12 and shall be consistent with and supportive of such recommendation; and Rusoro shall not act or fail to act in any way that might reasonably be expected to discourage Rusoro
Shareholders from delivering such Written Consent; 

  

	 	(iii)	procure the preparation, delivery and filing of the Technical Report in compliance with the requirements of NI43-101 and other Applicable Laws; 

  

	 	(iv)	apply for and use all reasonable commercial efforts to obtain, and assist GF Netherlands in applying for, all Governmental Approvals and consents and waivers from any Persons
required under the terms of any material contracts relating to Rusoro and its subsidiaries and GF Netherlands and the Acquired Companies respectively; 

  

	 	(v)	defend all lawsuits or other legal, regulatory or other proceedings to which Rusoro or any of its subsidiaries is a party challenging or affecting any matter contemplated by this
Agreement or the completion of the Transaction; 

  

	 	(vi)	use all reasonable commercial efforts to have lifted or rescinded any injunction or restraining order or other order relating to Rusoro or its subsidiaries which may adversely
affect the ability of the parties to complete the Transaction; and 

  

	 	(vii)	not take any action to cause any of its representations or warranties set forth in Article 3 to be untrue in any material respect such that the condition set forth in section 6.2(a)
would not be satisfied. 

  

											
		 	(d)	 		  	 (i)
	  		  	Each of Rusoro (on behalf of Rusoro Mergeco) and Rusoro Mergeco shall use its best efforts to complete the Equity Financing on the terms and conditions described herein, including using best
efforts to:

  

	 	(A)	negotiate definitive agreements (the “Equity Financing Agreements”) with respect thereto on the terms and conditions set out in section 2.2(b) and in the Rusoro
Disclosure Letter or on other terms not less beneficial to Rusoro; 

  

	 	(B)	satisfy on a timely basis all conditions applicable to Rusoro in such definitive agreements that are within its control; and 

  

	 	(C)	consummate the Equity Financing before the Effective Time. 

  

 - 39 - 

	 	(ii)	Rusoro agrees to notify GF Netherlands promptly, if at any time prior to the Effective Time any of the Equity Financing Agreements expires or is terminated for any reason.

  

	 	(iii)	Rusoro shall keep GF Netherlands informed on a reasonably current basis in reasonable detail of the status of the Equity Financing and shall not permit any material amendment or
modification to be made to, or any waiver of any material provision or remedy under the Equity Finance Agreements or any definitive agreement or documentation referred to in this section 5.1, without the prior written consent of GF Netherlands (such
consent not to be unreasonably withheld or delayed). 

  

	 	(e)	Rusoro shall keep GF Netherlands informed, on a current basis, of any events, discussions, notices or changes with respect to any Tax (other than ordinary course communications
which could not reasonably be expected to be material to the Rusoro Group), criminal or regulatory investigation or action involving Rusoro or any of its subsidiaries, so that GF Netherlands and its Affiliates will have the opportunity to take
appropriate steps to avoid or mitigate any cost or regulatory consequences to them that might arise from such investigation or action (including by reviewing written submissions in advance, attending meetings with Tax authorities and coordinating
and providing assistance in meeting with regulators). 

  

	 	(f)	Promptly following the date of incorporation of Rusoro Mergeco, Rusoro shall cause Rusoro Mergeco to, and Rusoro Mergeco shall, call a meeting of its shareholder to approve the
Merger, which meeting shall be held between the shareholder and a proxyholder for the shareholder and may be held on less than seven (7) days notice if the shareholder and proxyholder waive notice of the meeting. Rusoro(on behalf of Rusoro
Mergeco) shall ensure that any disclosure material provided to purchasers of Subscription Receipts (each a “Subscriber”) shall disclose to the Subscribers that they shall not have any dissent rights under British Virgin Islands law
in connection with the Merger as a result of such statutory dissent rights having expired at the termination of the aforementioned meeting of the shareholder of Rusoro Mergeco. The subscription agreements entered into between Rusoro Mergeco and each
Subscriber for the Subscription Receipts shall contain an acknowledgement by the Subscribers that they do not have any dissent rights under British Virgin Islands law in connection with the Merger. 

  

	 	(g)	Notwithstanding anything to the contrary herein, any obligation of Rusoro in this Agreement with respect to causing subsidiaries to take any action or refrain from taking any action
shall only be a requirement for Rusoro to use its reasonable best efforts to cause such subsidiaries to take such action or refrain from taking such action; provided that no director of any subsidiary shall be required to take any action in breach
of such Person’s fiduciary duties. 

  

 - 40 - 

	5.2	Covenants of GF Netherlands 

  

	 	(a)	GF Netherlands shall, and shall cause the Acquired Companies to, use all reasonable commercial efforts to comply promptly with all requirements which Applicable Laws may impose on
GF Netherlands or the Acquired Companies with respect to matters contemplated by this Agreement and the Transaction; 

  

	 	(b)	GF Netherlands shall promptly advise Rusoro by telephone and in writing if any senior officer of GF Netherlands becomes aware of: 

  

	 	(i)	any event occurring subsequent to the date of this Agreement that would render any representation or warranty of GF Netherlands contained in this Agreement, if made on or as at the
date of such event or the Effective Date, untrue or inaccurate; 

  

	 	(ii)	any Material Adverse Effect; or 

  

	 	(iii)	any breach by GF Netherlands of any covenant contained in this Agreement. 

  

	 	(c)	During the Interim Period, GF Netherlands shall and shall cause the Acquired Companies to perform all obligations required or desirable to be performed by it under this Agreement
and to do all such other acts and things as may be necessary or desirable in order to complete the Transaction, as soon as reasonably practicable and, without limiting the generality of the foregoing, GF Netherlands shall and where appropriate shall
cause the Acquired Companies to: 

  

	 	(i)	use all reasonable commercial efforts to comply promptly with all requirements which Applicable Laws may impose on GF Netherlands and the Acquired Companies with respect to the
matters contemplated by this Agreement and the Transaction; 

  

	 	(ii)	apply for and use all reasonable commercial efforts to obtain all Governmental Approvals relating to GF Netherlands and the Acquired Companies; 

  

	 	(iii)	defend all lawsuits or other legal, regulatory or other proceedings to which GF Netherlands or any of the Acquired Companies is a party challenging or affecting any matter
contemplated by this Agreement or the completion of the Transaction; 

  

	 	(iv)	use all reasonable commercial efforts to have lifted or rescinded any injunction or restraining order or other order relating to GF Netherlands or the Acquired Companies which may
adversely affect the ability of the parties to complete the Transaction; 

  

	 	(v)	not permit any amendment or modification to be made to the Support Agreement in any manner that is material and adverse to the Rusoro Shareholders, without the prior written consent
of Rusoro; and 

  

 - 41 - 

	 	(vi)	not take any action to cause any of its representations or warranties set forth in Article 3 to be untrue in any material respect such that the condition set forth in section 6.3(a)
would not be satisfied. 

  

	 	(d)	GF Netherlands shall keep Rusoro informed, on a current basis, of any events, discussions, notices or changes with respect to any Tax (other than ordinary course communications
which could not reasonably be expected to be material to GF Netherlands or the Acquired Companies taken as a whole), criminal or regulatory investigation or action involving GF Netherlands or any of the Acquired Companies, so that Rusoro and its
subsidiaries will have the opportunity to take appropriate steps to avoid or mitigate any cost or regulatory consequences to them that might arise from such investigation or action (including by reviewing written submissions in advance, attending
meetings with Tax authorities and coordinating and providing assistance in meeting with regulators). 

  

	 	(e)	Notwithstanding anything to the contrary herein, any obligation of GF Netherlands in this Agreement with respect to causing or proving Acquired Companies to take any action or
refrain from taking any action shall only be a requirement for GF Netherlands to use its reasonable best efforts to cause or procure such Acquired Companies to take such action or refrain from taking such action; provided that no director of any
Acquired Company shall be required to take any action in breach of such Person’s fiduciary duties. 

  

	5.3	Certain Employees 

 The GF Netherlands Disclosure Letter sets out
details of certain employees whose employment with the Acquired Companies will be terminated at or immediately before the Effective Time, and who will be offered positions with GF Netherlands or one of its Affiliates. The GF Netherlands Disclosure
Letter also sets out details of certain employees (the “Seconded Employees”) whose employment with the Acquired Companies following the Effective Date will be continued by the Acquired Companies, provided that GF Netherlands or one
of its Affiliates may, effective one year following the Effective Date or such earlier time as may be agreed by Rusoro, elect to offer the Seconded Employees or any of them employment, which offer the Seconded Employees shall be at liberty to accept
or refuse. Until such time as the Seconded Employees cease to be employees of any of the Acquired Companies, Rusoro or one or more of its subsidiaries shall be responsible for their compensation. 
  

	5.4	Additional Supporting Shareholders 

 Rusoro will use its
commercially reasonable efforts to cause such additional beneficial owners of, or Persons with voting or dispositive power over, Rusoro Shares to enter into the Support Agreement promptly following the date hereof as will result in the holders of
over 50% of the Rusoro Shares being Supporting Shareholders. 
  

	5.5	Closing Matters 

  

	 	(a)	The closing of the Transaction will take place at the offices of McCarthy Tetrault LLP, Suite 1300, Pacific Centre, 777 Dunsmuir Street, Vancouver, British Columbia at 9:00 a.m.
(Vancouver time) on the Effective Date, or at such other time on the Effective Date as GF Netherlands and Rusoro may agree. 

  

 - 42 - 

	 	(b)	GF Netherlands (on behalf of itself and the Acquired Companies) and Rusoro (on behalf of itself and the Rusoro Group), each acting reasonably, shall cooperate and agree upon the
documents that each must deliver or cause to be delivered at the closing of the Transaction, including customary certificates, resolutions, and other closing documents, provided that nothing whatsoever shall be required to be delivered in relation
to the Indirect Acquired Subsidiaries in connection with the Transaction closing. 

 ARTICLE 6 
 CONDITIONS 
  

	6.1	Mutual Conditions Precedent 

 The obligations of GF Netherlands and
Rusoro hereunder, including the obligation to complete, or cause to be completed, the Transaction, are subject to the satisfaction, at or before the Effective Time, of the following conditions precedent, each of which may only be waived by the
mutual consent of GF Netherlands and Rusoro, and any one or more of which, if not satisfied or waived by either party, will permit that party to terminate this Agreement in accordance with Article 7: 
  

	 	(a)	the Written Consent shall have been obtained in accordance with the requirements of the TSXV; 

  

	 	(b)	Rusoro Mergeco shall have completed the Equity Financing and received the Proceeds; 

  

	 	(c)	there shall not be in force any injunction, order or decree issued by a Governmental Body of competent jurisdiction restraining or enjoining the completion of the Transaction;

  

	 	(d)	this Agreement shall not have been terminated pursuant to Article 7; 

  

	 	(e)	the Rusoro Shares issuable pursuant to the Transaction and this Agreement, including upon the exercise of the New Rusoro Warrants and the conversion of the Debenture, shall have
been conditionally approved for listing on the TSXV subject to the filing of required documentation; and 

  

	 	(f)	the Plan of Merger, the Shareholder Agreement and the Debenture shall have been executed and delivered by all relevant parties. 

  

	6.2	Additional Conditions Precedent to the Obligations of GF Netherlands 

 The obligations of GF Netherlands hereunder, including the obligation to complete, or cause to be completed, the Transaction, are also subject to the satisfaction, at or before the Effective Time, of the following conditions precedent each
of which is for GF Netherlands’s exclusive benefit and may only be waived by GF Netherlands, and any one or more of which, if not satisfied or waived, will permit GF Netherlands to terminate this Agreement in accordance with Article 7:

  

	 	(a)	each of the representations and warranties of Rusoro contained in section 3.2 shall be true and correct in all respects as of the Effective Date as though made on and as of such
date (except to the extent such representations and warranties are by their express terms made as of the date of this Agreement or another specific date (in which case, such representations and warranties shall be true and correct as of such date));

  

 - 43 - 

	 	(b)	all covenants of Rusoro contained in this Agreement to be performed on or before the Effective Date shall have been duly performed by Rusoro in all material respects, except to the
extent such failure to so comply would not materially impair Rusoro’s ability to complete the Transaction; 

  

	 	(c)	GF Netherlands shall have received a certificate of Rusoro addressed to GF Netherlands and dated the Effective Date, signed on behalf of Rusoro by two senior executive officers of
Rusoro without personal liability, confirming the matters in sections 6.2(a) and (b) as of the Effective Date; 

  

	 	(d)	the Support Agreement shall not have been terminated and there shall not have been a material breach thereof by any of the parties thereto other than GF Netherlands;

  

	 	(e)	all necessary steps and proceedings shall have been taken to permit the Rusoro Shares to be issued to GF Netherlands hereunder to be issued and registered in the name of GF
Netherlands or its nominee in accordance with all Applicable Laws free and clear of all Liens, subject only to the Shareholder Agreement; 

  

	 	(f)	the written approval of SARB to proceed with the transactions contemplated hereby shall have been obtained by Gold Fields; 

  

	 	(g)	all necessary consent and approvals from banks or other lenders to Gold Fields or any of its Affiliates shall have been obtained by Gold Fields or such Affiliates on terms
satisfactory to GF Netherlands, acting reasonably; 

  

	 	(h)	GF Netherlands shall be paid an amount by Rusoro or a subsidiary of Rusoro equal to, and for, all Interim Period Intercompany Indebtedness incurred prior to the date that is 5
Business Days prior to the Effective Date, and the parties shall have entered into satisfactory arrangements for the repayment in full no later than 5 Business Days following the Effective Date of all of the Interim Period Intercompany Indebtedness
incurred from 5 Business Days prior to the Effective Date to the Effective Time; 

  

	 	(i)	a financial institution or other lender shall have provided written confirmation to GF Mergeco as to the availability of the GF Mergeco Loan as contemplated by section 2.1(b)(i);

  

 - 44 - 

	 	(j)	Rusoro shall have adopted a directors and officers liability insurance policy on terms consistent with policies customarily adopted by Canadian public companies comparable to
Rusoro; 

  

	 	(k)	there shall not be pending or threatened in writing any suit, action or proceeding by any Governmental Body or any other Person: 

  

	 	(i)	that would reasonably be expected to prohibit or restrict the acquisition by GF Netherlands of any Rusoro Shares or that would reasonably be expected to restrain or prohibit the
consummation of the Transaction; 

  

	 	(ii)	that would reasonably be expected to impose limitations on the ability of GF Netherlands to acquire or hold, or exercise full rights of ownership of, any Rusoro Shares, including
the right to vote the Rusoro Shares to be acquired by it on all matters properly presented to the shareholders of Rusoro; or 

  

	 	(iii)	which arises after the date of this Agreement and is reasonably likely to have a Material Adverse Effect on Rusoro or GF Netherlands. 

  

	6.3	Additional Conditions Precedent to the Obligations of Rusoro 

 The
obligations of Rusoro hereunder, including the obligation to complete, or cause to be completed, the Transaction, are also subject to the satisfaction, at or before the Effective Time, of the following conditions precedent, each of which is for the
exclusive benefit of Rusoro and may only be waived by Rusoro, and any one or more of which, if not satisfied or waived, will permit Rusoro to terminate this Agreement in accordance with Article 7: 
  

	 	(a)	each of the representations and warranties of GF Netherlands contained in section 3.1 shall be true and correct in all material respects as of the Effective Date as though made on
and as of the such date (except to the extent such representations and warranties are by their express terms made as of the date of this Agreement or another specific date (in which case, such representations and warranties shall be true and correct
as of such date)); 

  

	 	(b)	all covenants of GF Netherlands contained in this Agreement to be performed on or before the Effective Date shall have been duly performed by GF Netherlands in all material
respects, except to the extent such failure to so comply would not materially impair GF Netherlands’s ability to complete the Transaction; 

  

	 	(c)	Rusoro shall have received a certificate of GF Netherlands addressed to Rusoro and dated the Effective Date, signed on behalf of GF Netherlands by two senior executive officers
thereof without personal liability, confirming the matters in sections 6.3(a) and (b) as of the Effective Date; and 

  

 - 45 - 

	 	(d)	there shall not be pending or threatened in writing any suit, action or proceeding by any Governmental Body or any other Person: 

  

	 	(i)	that would reasonably be expected to restrain or prohibit the consummation of the Transaction; or 

  

	 	(ii)	which arises after the date of this Agreement and is reasonably likely to have a Material Adverse Effect on Rusoro or the Acquired Companies taken as a whole.

  

	6.4	Notice and Cure Provisions 

 Each of GF Netherlands and Rusoro will
give prompt notice to the other of the occurrence, or failure to occur, at any time from the date hereof until the Effective Time, of any event or state of which it is aware, which occurrence or failure would, or would be likely to: 
  

	 	(a)	cause any of its representations or warranties contained herein to be untrue or inaccurate in any material respect on the date hereof or on the Effective Date; or

  

	 	(b)	result in its failure to comply with or satisfy in any material respect any covenant, condition or agreement to be complied with or satisfied hereunder prior to the Effective Date.

 Neither GF Netherlands nor Rusoro may elect not to complete the Transaction by reason of failure to satisfy the conditions precedent for the
benefit of such party contained in sections 6.2(a), 6.2(b), 6.3(a) or 6.3(b), or exercise any termination right in section 7.1(f) and 7.1(g) arising therefrom, unless prior to the Effective Date GF Netherlands has or Rusoro has, as the case may be,
delivered a written notice to the other specifying in reasonable detail all such breaches of representations and warranties, covenants or agreements which GF Netherlands is, or Rusoro is, as the case may be, asserting as the basis for the
non-fulfilment of the applicable condition precedent or the exercise of the termination right, as the case may be. If any such notice is delivered, provided that GF Netherlands is, or Rusoro is, as the case may be, proceeding diligently to cure such
matter, if such matter is susceptible to being cured, the other party may not terminate this Agreement until the earlier of the expiration of a period of 30 days from such notice and three Business Days prior to the Outside Date. 
  

	6.5	Satisfaction of Conditions 

 The conditions precedent set out in
sections 6.1, 6.2 and 6.3 shall be conclusively deemed to have been satisfied, waived or released when, with the agreement of GF Netherlands and Rusoro, a certificate of merger is issued by the Registrar of Corporate Affairs appointed under the BVI
Act in respect of the Merger. 
 ARTICLE 7 
 TERMINATION, AMENDMENT AND WAIVER 
  

	7.1	Termination 

 This Agreement may be terminated and the Transaction
may be abandoned at any time prior to the Effective Time, notwithstanding any requisite approval and authorization of this Agreement by Rusoro Shareholders: 
  

	 	(a)	by mutual written consent of GF Netherlands and Rusoro duly authorized by the respective boards of directors of GF Netherlands and Rusoro; 

  

 - 46 - 

	 	(b)	by either GF Netherlands or Rusoro if the Effective Time shall not have occurred on or before the Outside Date; provided, however, that the right to terminate this Agreement under
this section 7.1(b) shall not be available to any party whose failure to fulfill any obligation under this Agreement has been the cause of, or resulted in, the failure of the Effective Time to occur on or before such date;

  

	 	(c)	by GF Netherlands if the Equity Financing has not been agreed by Rusoro and investment dealers on a “bought deal” basis by the end of the Business Day immediately
following the date of this Agreement; 

  

	 	(d)	by either GF Netherlands or Rusoro if any Governmental Body shall have enacted, issued, promulgated, enforced or entered any law which has become final and non-appealable and has
the effect of making the Transaction illegal or otherwise preventing or prohibiting consummation of the Transaction; 

  

	 	(e)	by GF Netherlands if the Written Consent failed to receive the requisite signatures of Rusoro Shareholders in accordance with the rules of the TSXV; 

  

	 	(f)	by GF Netherlands, if there has been a breach of or failure to perform any representation, warranty, covenant or agreement on the part of Rusoro set forth in this Agreement, which
breach or failure to perform by Rusoro would cause the conditions set forth in section 6.2(a) or 6.2(b) not to be satisfied; 

  

	 	(g)	by Rusoro, if there has been a breach of or failure to perform any representation, warranty, covenant or agreement on the part of GF Netherlands set forth in this Agreement, which
breach or failure to perform would cause the conditions set forth in section 6.3(a) or 6.3(b) not to be satisfied; or 

  

	 	(h)	by GF Netherlands, if (a) all of the conditions set forth in sections 6.1 and 6.2 have been satisfied and remain satisfied or waived by GF Netherlands (other than those
conditions that by their terms are to be satisfied at the Effective Time) and (b) Rusoro shall not have received the Proceeds by the Effective Date. 

  

	7.2	Effect of Termination 

 In the event of the termination of this
Agreement pursuant to section 7.1, written notice thereof shall forthwith be given by the terminating party to the other party specifying the provision pursuant to which such termination is made, this Agreement shall be of no further force or
effect, and there shall be no liability under this Agreement on the part of any party hereto after such termination (except that sections 7.2 and 7.3 and Articles 8 and 9 and all related definitions set forth in Article 1 shall survive any such
termination). 
  

 - 47 - 

	7.3	Expenses 

 Unless otherwise specified in this Agreement, all costs
and expenses incurred in connection with this Agreement and the Transaction shall be paid by the party incurring such costs and expenses, whether or not the Transaction is consummated. 
  

	7.4	Amendment 

 This Agreement may be amended by the parties by action
taken by or on behalf of their respective boards of directors at any time prior to the Completion Time; provided, however, that, after the Written Consent is obtained there shall be made no amendment that pursuant to Applicable Laws requires further
approval by Rusoro Shareholders without the further approval of such holders. This Agreement may not be amended except by an instrument in writing signed by each of the parties. 
  

	7.5	Waiver 

 At any time prior to the Completion Time, any party hereto
may: 
  

	 	(a)	extend the time for the performance of any obligation or other act of any other party hereto; 

  

	 	(b)	waive any inaccuracy in the representations and warranties of any other party contained herein or in any document delivered pursuant hereto; or 

  

	 	(c)	waive compliance with any agreement of any other party or any condition to its own obligations contained herein. 

 Any such extension or waiver shall be valid if set forth in an instrument in writing signed by the party or parties to be bound thereby. 
 ARTICLE 8 
 INDEMNIFICATION

  

	8.1	Rusoro’s Indemnity of GF Netherlands 

 Rusoro hereby
indemnifies and saves harmless GF Netherlands of and from any loss (other than consequential losses), cost, damage or expense whatsoever arising out of or resulting from, under or pursuant to: 
  

	 	(a)	the inaccuracy of any representation or warranty or the breach of any covenant made by Rusoro herein or in any instrument or certificate delivered by Rusoro pursuant hereto except
as contemplated by this Agreement; and 

  

	 	(b)	all claims, actions, suits, proceedings, demands, costs and expenses in respect of or incidental to any of the foregoing. 

  

 - 48 - 

	8.2	GF Netherlands’ Indemnity of Rusoro 

 GF Netherlands hereby
indemnifies and saves harmless Rusoro of and from any loss (other than consequential losses), cost, damage or expense whatsoever arising out of or resulting from, under or pursuant to: 
  

	 	(a)	the inaccuracy of any representation or warranty or the breach of any covenant made by GF Netherlands contained herein or any instrument or certificate delivered by GF Netherlands
pursuant hereto except as contemplated by this Agreement; and 

  

	 	(b)	all claims, actions, suits, proceedings, demands, costs and expenses in respect of or incidental to any of the foregoing. 

  

	8.3	Notification of and Participation in Claims 

 No claim for
indemnification will arise until notice thereof is given to the party (the “Indemnitor”) from whom indemnity is sought. Such notice shall be sent within a reasonable time following the determination by a party (the
“Claimant”) that a claim for indemnity exists. In the event that any legal proceedings shall be instituted or any claim or demand is asserted by any third party in respect of which the Indemnitor may have an obligation to indemnify
the Claimant, the Claimant shall give or cause to be given to the Indemnitor written notice thereof and such party shall have the right, at its option and expense, to be present at the defence of such proceedings, claim or demand, but not to control
the defence, negotiation or settlement thereof, which control shall at all times rest with the Claimant, unless the Indemnitor irrevocably acknowledges full and complete responsibility for indemnification of Claimant and, in the case of Taxes, makes
any payment required under applicable Tax legislation to dispute such Taxes, in which case the Indemnitor may assume such control through counsel of its choice, provided, however, that no settlement shall be entered into without the Claimant’s
written consent (which shall not be unreasonably withheld). The parties hereto agree to cooperate fully with each other in connection with the defence, negotiation or settlement of any such third party legal proceeding, claim or demand. 

 

	8.4	Threshold and Cap on Indemnity 

 Notwithstanding the foregoing, no
party hereto shall be entitled to make any claim for indemnification pursuant to this Article 8 in respect of any misrepresentation or breach of warranty made in this Agreement or in any instrument or certificate delivered pursuant hereto unless all
such claims by such party equal or exceed, in the aggregate US$5,000,000, in which case the party claiming indemnification shall be entitled to indemnification for all amounts in excess of the US$5,000,000 threshold. In no event shall the aggregate
of all claims for indemnification made hereunder by a party exceed the sum of US$20,000,000 and neither party shall have any obligation to indemnify the other hereunder when the aggregate of all claims for indemnification by a party exceed such
amount. 
  

	8.5	Miscellaneous 

 Notwithstanding anything in the Agreement to the
contrary, the indemnity provided for in this Article 8 shall apply to any loss, liability, damage, deficiency or expense, whether or not the actual amount thereof shall have been ascertained prior to the final day upon which a claim for indemnity

  

 - 49 - 

 
with respect thereto may be made hereunder, so long as written notice thereof shall have been given to the Indemnitor prior to said date, setting forth
specifically and in reasonable detail, so far as is known, the matter as to which indemnification is being sought, but nothing herein shall be construed to require payment of any claim for indemnity until the actual amount payable shall have been
finally ascertained. For greater certainty an amount payable in respect to Tax matters shall be considered finally ascertained if a Person is required by law to pay the amount at the particular time. 
 ARTICLE 9 
 GENERAL 

 

	9.1	Notices 

 All notices and other communications which may or are
required to be given pursuant to any provision of this Agreement shall be given in writing and shall be deemed to be validly given if delivered personally or by fax, in each case addressed: 
  

	 	(a)	If to Rusoro, at: 

  

			
	Rusoro Mining Ltd.
	355 Burrard Street, Suite 830
	Vancouver, British Columbia
	V6C 2G8
		
	Attention:	 	George Salamis, President
	Facsimile:	 	(604) 682-1514
	
	with a copy to (which shall not constitute notice):
	
	Anfield Sujir Kennedy & Durno
	1600 Stock Exchange Tower
	609 Granville Street
	Pacific Centre
	Vancouver, British Columbia
	V7Y 1C3
		
	Attention:	 	Michael Kennedy
	Facsimile:	 	(604) 669-3877

  

	 	(b)	If to GF Netherlands, at: 

  

			
	Schipholweg 66A
	1st Floor
	2316 XE, Leiden
	The Netherlands
		
	Attention:	 	Johan Pauley
	Facsimile:	 	+31 (0) 71 528 4636

  

 - 50 - 

			
	
	with a copy to (which shall not constitute notice):
	
	McCarthy Tétrault LLP
	Suite 4700
	Toronto Dominion Bank Tower
	Toronto, Ontario M5K 1E6
		
	Attention:	 	Brian Graves
	Facsimile:	 	(416) 868-0673

 or at such other address at which any party may, from time to time, advise the other by notice in writing given in
accordance with this section 9.1. The date of receipt of any notice given pursuant to this section 9.1 shall be deemed to be the date of delivery or faxing thereof. 
  

	9.2	Assignment 

 No party hereto may assign any of its rights or
obligations under this Agreement or the Transaction, provided, however, that GF Netherlands may assign any of or all its rights, interests and obligations under this Agreement to any direct or indirect wholly-owned subsidiary of GF Netherlands or to
any Affiliate of GF Netherlands organized for the purpose of effecting the Transaction without the prior written consent of Rusoro, provided that no such assignment shall (i) relieve GF Netherlands of any of its obligations under this
Agreement; (ii) require any consent, approval, license, permit, order or authorization of, or registration, declaration or filing with, or permit from, any Governmental Body or other Person; or (iii) result in any delay in the completion
of the transactions contemplated by this Agreement. Any purported assignment without such consent shall be void. 
  

	9.3	Binding Effect 

 This Agreement shall be binding upon and shall
enure to the benefit of the parties and their respective successors and permitted assigns. 
  

	9.4	No Other Warranties 

 The parties do not rely on and have not been
induced to enter into this Agreement on the basis of any representations, warranties, covenants, undertakings, indemnities or other statements whatsoever other than the representations and warranties contained in this Agreement. 
  

	9.5	Separate Warranties 

 Each of the representations and warranties
contained in this Agreement shall be construed as a separate and independent representation and warranty and (except where expressly provided to the contrary) shall not be limited or restricted by reference to or inference from the terms of any
other representation or warranty or any other term of this Agreement. 
  

	9.6	Entire Agreement 

 This Agreement sets out the entire agreement
between the parties in relation to the subject matter hereof and thereof and supersedes any previous written or oral agreements, understandings, 

  

 - 51 - 

 
undertakings, representations, warranties and arrangements of any nature between the parties in relation to the matters set forth in this Agreement. Without
prejudice to the generality of the foregoing, each party acknowledges and agrees that, except as expressly set forth in this Agreement, no representation, warranty or other assurance has been given by the other party in respect of any projection,
forecast or other forward-looking information. 
  

	9.7	Remedies and Waivers 

  

	 	(a)	No delay or omission by any party to this Agreement in exercising any right, power or remedy provided by law or under this Agreement or any other documents referred to herein shall
affect that right, power or remedy or operate as a waiver thereof. The single or partial exercise of any right, power or remedy provided by law or under this Agreement shall not preclude any further exercise of such right, power or remedy or the
exercise of any other right, power or remedy. The rights, powers and remedies provided in this Agreement are cumulative and not exclusive of any rights, powers and remedies (express or implied) provided by common law, statute, custom or otherwise.

  

	 	(b)	Subject to section 7.2, the parties agree that irreparable damage would occur, and that the parties would not have any adequate remedy at law, in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and
to enforce specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which they are entitled at law or in equity. 

  

	 	(c)	From and after the completion of the Transaction, the rights of indemnity set forth in Article 7 shall be the sole and exclusive remedies of each party in respect of any inaccuracy
or misrepresentation in any representation or warranty of, or breach of any covenant or other obligation by, the other party under this Agreement. Accordingly, the parties waive, from and after the Completion Time, any and all rights, remedies and
claims that each party may have against the other party, whether at law, under any statute, in equity or otherwise, directly or indirectly relating to the provisions of this Agreement or the transactions contemplated by this Agreement other than
those arising out of any fraud. 

  

	9.8	No Personal Liability 

  

	 	(a)	No director or officer of GF Netherlands or any of the Acquired Companies shall have any personal liability whatsoever to Rusoro under this Agreement or any other document delivered
in connection with the Transaction or any other transaction contemplated by this Agreement on behalf of GF Netherlands or any of the Acquired Companies. 

  

	 	(b)	No director or officer of Rusoro shall have any personal liability whatsoever to GF Netherlands under this Agreement or any other document delivered in connection with the
Transaction or any other transaction contemplated by this Agreement on behalf of Rusoro. 

  

 - 52 - 

	9.9	Control of Other Party’s Business 

 Nothing contained in this
Agreement shall give Rusoro, directly or indirectly, the right to control or direct the operations of the Acquired Companies prior to the later to occur of (a) the Effective Date and (b) GF Netherlands or Rusoro, as the case may be,
obtaining any necessary Governmental Approvals. 
  

	9.10	Indemnification 

 Rusoro agrees that all rights to indemnification
or exculpation existing in favour of the directors or officers of the Acquired Companies as provided in their respective articles or by-laws (or equivalent organizational documents) as at the date of this Agreement shall survive the completion of
the Transaction and shall continue in full force and effect for a period of not less than six years from the Effective Date. This section 9.10 shall survive the completion of the Transaction. 
  

	9.11	Further Assurances 

 Each party hereto shall, from time to time, and
at all times hereafter, at the request of the other party hereto, but without further consideration, do all such further acts and execute and deliver all such further documents and instruments as shall be reasonably required in order to fully
perform and carry out the terms and intent hereof. 
  

	9.12	Public Statements 

 Each of GF Netherlands and Rusoro agree to
consult with each other as to the general nature of any news release or other public disclosure document with respect to this Agreement or the Transaction (other than regular interim or annual continuous disclosure filings provided no reference is
made to this Agreement or the Transaction other than as previously disclosed) and to use their respective reasonable commercial efforts not to issue any news release or other public disclosure document inconsistent with the results of such
consultations. Subject to Applicable Laws, each party shall use its reasonable commercial efforts to enable the other party to review and comment on all such news releases or other public disclosure document prior to the release thereof. Rusoro
agrees to issue jointly with GF Netherlands a news release with respect to this Agreement as soon as practicable following the execution and delivery of this Agreement. The provisions of this section 9.12 shall survive termination of this Agreement
in respect of news releases or public statements relating to the termination of this Agreement. 
  

	9.13	Governing Law 

 This Agreement shall be governed by and construed in
accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein. Each of the parties hereby irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia
with respect to any matter arising under this Agreement. 
  

	9.14	Invalidity of Provisions 

 If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any rule or law, or public policy, all other conditions and provisions of this Agreement shall 

  

 - 53 - 

 
nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of
the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible. 
  

	9.15	Counterparts 

 This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 
 The
remainder of this page has intentionally been left blank. 
  

 - 54 - 

 IN WITNESS WHEREOF the parties have executed this Agreement as of the date first written above. 
  

			
	RUSORO MINING LTD.
		
	By:	 	 

	Name:	 	

	Title:	 	

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 GOLD FIELDS NETHERLANDS
 SERVICES
B.V.

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 IN WITNESS WHEREOF the parties have executed this Agreement as of the date first written above. 
  

			
	RUSORO MINING LTD,
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
		 	
	
	 GOLD FIELDS NETHERLANDS
 SERVICES
B.V.

		
	By:	 	 

	Name:	 	

	Title:	 	

		
	By:	 	 

	Name:	 	

	Title:	 	

 SCHEDULE A 
 Acquired Companies 
 Part 1 – Direct Acquired Subsidiaries 
  

									
	 Name of Company
	  	Jurisdiction	  	Issued and
Outstanding Shares	  	 Shareholder
	  	Shares Held
	 Carisma Corporation A.V.V.
	  	Aruba	  	1,000	  	Gold Fields Netherlands Services B.V.	  	1,000
	 El Callao Holdings A.V.V.
	  	Aruba	  	1,000	  	Gold Fields Netherlands Services B.V.	  	1,000
	 Right Angle Corporation A.V.V.
	  	Aruba	  	1,000	  	Gold Fields Netherlands Services B.V.	  	1,000
	 Vicenza Corporation A.V.V.
	  	Aruba	  	1,000	  	Gold Fields Netherlands Services B.V.	  	1,000
	 International Gold & Silver B.V.
	  	Netherlands	  	180	  	Gold Fields Netherlands Services B.V.	  	180

 Part 2 – Indirect Acquired Subsidiaries 
  

								
	 Name of Company
	  	Jurisdiction	  	Shareholding	 	 	 Shareholder(s)

	 Triway Corporation A.V.V.
	  	Aruba	  	100	%	 	El Callao Holdings A.V.V.
	 Helvetia Corporation A.V.V.
	  	Aruba	  	100	%	 	El Callao Holdings A.V.V.
	 Valet Corporation A.V.V.
	  	Aruba	  	100	%	 	El Callao Holdings A.V.V.
	 Asterville International Corporation A.V.V.
	  	Aruba	  	100	%	 	Carisma Corporation A.V.V.
	 Corporación Minera Choco 9, C.A.
	  	Venezuela	  	100	%	 	Helvetia Corporation A.V.V.
	 El Callao Holdings, C.A.
	  	Venezuela	  	100	%	 	El Callao Holdings A.V.V.
	 Corporación Minera ECH1, C.A.
	  	Venezuela	  	100	%	 	Right Angle Corporation A.V.V.
	 Corporación Minera ECH2, C.A.
	  	Venezuela	  	100	%	 	Right Angle Corporation A.V.V.

  

 A-1 

								
	 Name of Company
	  	Jurisdiction	  	Shareholding	 	 	 Shareholder(s)

	 Corporación Minera ECH3, C.A.
	  	Venezuela	  	100	%	 	Right Angle Corporation A.V.V.
	 Corporación Minera ECH4, C.A.
	  	Venezuela	  	100	%	 	Right Angle Corporation A.V.V.
	 Corporación Minera ECH5, C.A.
	  	Venezuela	  	100	%	 	Right Angle Corporation A.V.V.
	 Corporación Aurífera de El Callao, C.A. (Coralca)
	  	Venezuela	  	100	%	 	Triway Corporation A.V.V.
	 Proyectos Mineros del Sur, C.A. (Prominsur)
	  	Venezuela	  	100	%	 	Valet Corporation A.V.V.
	 Inversiones Anseg, C.A.
	  	Venezuela	  	100	%	 	Asterville International Corporation A.V.V.
	 Promotora Minera de Venezuela, S.A. (Promiven)
	  	Venezuela	  	100	%	 	Carisma Corporation A.V.V.
	 Promotora Minera de Guayana, S.A. (PMG)
	  	Venezuela	  	95	%(1)	 	Promotora Minera de Venezuela, S.A. (Promiven)

	 (l)
	 The remaining 5% of the
shares of Promotora Minera de Guayana, S.A. are held by a subsidiary of Corporación Venezolana de Guayana, a government development agency for the Guayana region. 

  

 A-2 

 B-1 
 SCHEDULE B 
 Form of Plan of Merger 

 PLAN OF MERGER 
 This Plan of Merger is made on ·, 2007 by [GF Mergeco], a business company incorporated under the laws of
the British Virgin Islands on •, 2007, with its registered office situate at Wickhams Cay, Road Town, Tortola, British Virgin Islands VG1110 (the “Surviving Company”) in connection with a merger with [Rusoro Mergeco], a
business company incorporated under the laws of the British Virgin Islands on ·, 2007, with its registered office situate at Craigmuir Chambers,
Road Town, Tortola, British Virgin Islands VG1110 (the “Subsumed Company”) pursuant to the provisions of sections 170 - 173 of the BVI Business Companies Act. The Surviving Company and the Subsumed Company are herein collectively
referred to as the “Companies”. 
 WHEREAS the directors of the parties hereto deem it desirable and in the best
interest of the Companies and their members as the case may be that the Subsumed Company be merged into the Surviving Company. 
 NOW
THEREFORE this Plan of Merger witnesseth as follows: 
  

	1.	The constituent companies to this Plan of Merger are the Surviving Company and the Subsumed Company. 

  

	2.	The Surviving Company is the surviving company. 

  

	3.	The Surviving Company has · outstanding shares without par value with one vote
for each share. The Subsumed Company has · outstanding shares without par value with one vote for each share. 

  

	4.	Upon the merger, the separate corporate existence of the Subsumed Company shall cease and the Surviving Company shall become the owner, without further action, of all the rights and
property of the constituent companies and the Surviving Company shall become subject to all the liabilities, obligations and penalties of the constituent companies. 

  

	5.	The manner and basis of converting the shares of the constituent companies into shares of the Surviving Company or other property shall be as follows: 

 (a) Each of the issued and outstanding shares of the Subsumed Company owned by holders other than Rusoro Mining Ltd shall be exchanged for a right
granted by and as against the Surviving Company to receive one fully paid and non-assessable common share in the capital of Rusoro Mining Ltd and the shares of the Subsumed Company held by holders other than Rusoro Mining Ltd shall be cancelled
without any repayment of capital in respect thereof; 
 (b) Each of the issued and outstanding shares of the Subsumed Company owned by Rusoro
Mining Ltd shall be exchanged for one fully paid and non-assesable share in the Surviving Company and the shares of the Subsumed Company held by Rusoro Mining Ltd shall be cancelled without any repayment of capital in respect thereof; and

 (c) Each of the issued and outstanding shares of the Surviving Company shall be exchanged for a right
granted by and as against the Surviving Company to receive one fully paid and non assessable common share in the capital of Rusoro Mining Ltd and the shares in the Surviving Company shall be cancelled without any repayment of capital in respect
thereof. 
  

	6.	The Memorandum of Association and Articles of Association of the Surviving Company as in effect on the effective date of the merger shall be the Memorandum of Association and
Articles of Association of the surviving company until the same shall be altered or amended or until a new Memorandum of Association or Articles of Association are adopted as provided therein. 

  

	7.	This Plan of Merger shall be submitted to the members of the constituent companies for their approval by a resolution of members. 

  

	8.	The merger shall be effective at the time and on the date of filing of the Articles of Merger relevant hereto and this Plan of Merger with the Registrar of Corporate Affairs of the
British Virgin Islands. 

  

	9.	This Plan of Merger may be created in counterparts which when taken together shall constitute one instrument. 

 IN WITNESS WHEREOF the Surviving Company and the Subsumed Company have caused this Plan of Merger to be executed on the date first written above.

  

			
	[GF Mergeco]
		
	Per:	 	  

		 	Authorised Signatory
	
	[Rusoro Mergeco]
		
	Per:	 	  

		 	Authorised Signatory

  

 - 2 - 

 C-1 
 SCHEDULE C 
 Form of Shareholder Agreement 

 RUSORO MINING LTD. 
 - and - 
 GOLD FIELDS NETHERLANDS SERVICES B.V. 
  

 SHAREHOLDER AGREEMENT

  

 ·, 2007 
 McCarthy Tétrault LLP 
 Suite 4700 
 Toronto Dominion Bank Tower 
 Toronto, Ontario, Canada 
 M5K 1E6 

 TABLE OF CONTENTS 
  

					
	ARTICLE 1 - INTERPRETATION	  	1
			
	 1.01
	  	    Definitions	  	1
	 1.02
	  	    GF Netherlands’ Common Shares	  	5
	 1.03
	  	    Headings	  	5
	 1.04
	  	    Extended Meanings	  	5
	 1.05
	  	    Statutory References	  	5
		
	ARTICLE 2 - CERTAIN DEALINGS WITH SECURITIES	  	5
			
	 2.01
	  	    Transfer of Consideration Shares Prior to the Release Dates	  	5
	 2.02
	  	    Transfer of Consideration Shares	  	6
		
	ARTICLE 3 - DEMAND QUALIFICATION	  	8
			
	 3.01
	  	    Request for Qualification	  	8
	 3.02
	  	    Restrictions on Demand Qualifications	  	8
	 3.03
	  	    Priority on Demand Qualification	  	9
	 3.04
	  	    Dealer Offerings	  	9
		
	ARTICLE 4 - PIGGYBACK QUALIFICATION	  	9
			
	 4.01
	  	    Right to Piggyback	  	9
	 4.02
	  	    Priority on Piggyback Qualification	  	10
	 4.03
	  	    Dealer Offerings	  	10
		
	ARTICLE 5 - QUALIFICATION PROCEDURES	  	11
			
	 5.01
	  	    Obligations of the Corporation	  	11
	 5.02
	  	    Obligations of GF Netherlands	  	13
	 5.03
	  	    Preparation of Documents; Due Diligence	  	14
	 5.04
	  	    Expenses	  	14
		
	ARTICLE 6 - INDEMNIFICATION AND CONTRIBUTION	  	15
			
	 6.01
	  	    Indemnification	  	15
	 6.02
	  	    Contribution	  	16
		
	ARTICLE 7 - BOARD REPRESENTATION	  	17
			
	 7.01
	  	    Board Representation	  	17
		
	ARTICLE 8 - GENERAL	  	17
			
	 8.01
	  	    Qualification Exemptions	  	17
	 8.02
	  	    Additional Rights	  	18

					
	 8.03
	  	    Injunctive Relief	  	18
	 8.04
	  	    Further Assurances	  	18
	 8.05
	  	    Benefit of the Agreement	  	19
	 8.06
	  	    Entire Agreement	  	19
	 8.07
	  	    Amendments and Waivers	  	19
	 8.08
	  	    Assignment	  	19
	 8.09
	  	    Severability	  	19
	 8.10
	  	    Time	  	20
	 8.11
	  	    Notices	  	20
	 8.12
	  	    Governing Law	  	21
	 8.13
	  	    Counterparts	  	21

  

 - 3 - 

 SHAREHOLDER AGREEMENT 
 THIS AGREEMENT made as of ·, 2007

 BETWEEN: 
 RUSORO MINING LTD., a
corporation existing under the laws of the Province of British Columbia (hereinafter referred to as the “Corporation”) 
 -
and - 
 GOLD FIELDS NETHERLANDS SERVICES B.V., a corporation existing under the laws of the Netherlands (hereinafter referred to as
“GF Netherlands”) 
 WHEREAS contemporaneously with the entering into of this Agreement, the Corporation has
acquired, through a wholly-owned subsidiary, from GF Netherlands all of the shares of certain former direct and indirect subsidiaries of GF Netherlands which collectively hold certain mining assets located in Venezuela (the
“Assets”) pursuant to a combination agreement dated October 11, 2007 between the Corporation and GF Netherlands (the “Transaction”) and, in connection therewith, the Corporation issued to GF Netherlands
140,000,000 Common Shares (the “Consideration Shares”) representing approximately ·% of the then outstanding Common Shares of the
Corporation; 
 AND WHEREAS this Agreement is being entered into as contemplated by, and in connection with the completion of, the
Transaction; 
 NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the respective covenants and agreements herein
contained, the parties covenant and agree as follows: 
 ARTICLE 1 – INTERPRETATION  
  

	1.01	Definitions 

 In this Agreement, unless
something in the subject matter or context is inconsistent therewith: 
  

	 	(a)	“affiliate” means, with respect to any person, any other person (i) that is a subsidiary of such first mentioned person, (ii) of which such first
mentioned person is a subsidiary or (iii) which is Controlled by the same person as such first mentioned person, and “affiliates” means all such persons collectively; 

  

	 	(b)	“Agapovs” has the meaning set out in 4.02(b); 

	 	(c)	“Agreement” means this Shareholder Agreement between Rusoro Mining Ltd. and Gold Fields Netherlands Services B.V. dated · 2007; 

  

	 	(d)	“Assets” has the meaning set out in the recitals hereto; 

  

	 	(e)	“Bankruptcy Event” means, with respect to the Corporation, any of the following: 

  

	 	(i)	a trustee or other fiduciary is appointed for all or substantially all of its assets; 

  

	 	(ii)	it shall generally not pay its debts as they become due or shall admit in writing its inability to pay its debts; 

  

	 	(iii)	it shall make a general assignment for the benefit of creditors; 

  

	 	(iv)	any case, proceeding or other action is commenced seeking to have an order for relief entered on its behalf as debtor or to adjudicate it bankrupt or insolvent or seeking a
reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, trustee, custodian or
other similar official for it or for all or any substantial part of its property; or 

  

	 	(v)	it shall take any action to authorize or in contemplation of any of the actions set forth above in subsections (i), (ii), (iii) or (iv) above. 

  

	 	(f)	“Board of Directors” means the board of directors of the Corporation; 

  

	 	(g)	“Business Day” means any day on which commercial banks are open for business, other than a Saturday, Sunday or statutory holiday in each of Vancouver, British
Columbia, The Netherlands or South Africa; 

  

	 	(h)	“Cash Price” has the meaning set out in Section 2.02(a); 

  

	 	(i)	“Change of Control Transaction” has the meaning set out in Section 2.01(b); 

  

	 	(j)	“Claim” has the meaning set out in Section 6.01(1); 

  

	 	(k)	“Common Shares” means the common shares of the Corporation and any other shares of the Corporation which carry voting rights exercisable in all circumstances or
under circumstances that have occurred and are continuing or which carry a residual right to participate in the earnings of the Corporation and in its assets upon liquidation or winding-up to an unlimited degree; 

  

	 	(1)	“Consideration Shares” has the meaning set out in the recitals hereto; 

  

 - 2 - 

	 	(m)	“Control” means, when applied to a relationship between two persons, that a person (the “first person”) is considered to control another person
(the “second person”) if: 

  

	 	(i)	the first person, directly or indirectly, beneficially owns or exercises control or direction over securities of the second person carrying votes which, if exercised, would entitle
the first person to elect a majority of the directors of the second person, unless that person holds the voting securities only to secure an obligation; 

  

	 	(ii)	the second person is a partnership, other than a limited partnership, and the first person holds more than 50% of the interests of the partnership; or 

  

	 	(iii)	the second person is a limited partnership and the first person is the general partner of the limited partnership; 

  

	 	(n)	“Demand Qualification” means a qualification for distribution of Common Shares pursuant to a Qualification Request under Section 3.01;

  

	 	(o)	“Demand Shares” has the meaning set out in Section 3.01; 

  

	 	(p)	“Expenses” means all expenses incident to the Corporation’s performance of or compliance with Articles 3, 4 and 5 of this Agreement, including all filing fees,
stock exchange listing fees, translation costs, costs of preparing technical reports, expenses of compliance with Securities Laws and “blue sky” laws, printing expenses and reasonable fees and disbursements of the Corporation’s legal
counsel (including local counsel), independent accountants, investment dealers and other persons retained by the Corporation, but excluding (i) underwriting discounts and selling commissions and (ii) the Corporation’s internal
expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties); 

  

	 	(q)	“First Objection Notice”, “First Purchaser” and “First Purchaser Identification Notice” have the respective meanings set out in
Section 2.02(a); 

  

	 	(r)	“First Release Date” means · 2008, the date which is 8 months
following the date of this Agreement; 

  

	 	(s)	“GF Proportionate Interest” shall mean, at any particular time, the percentage that the Common Shares beneficially owned or over which control or direction is
exercised by GF Netherlands and its affiliates, collectively, represents of the total number of Common Shares then issued and outstanding on an undiluted basis; 

  

	 	(t)	“Holder” has the meaning set out in Section 2.02(a); 

  

	 	(u)	“Indemnified Party”, “Indemnified Parties” and “Indemnifying Party” have the meanings set out in Section 6.01(3);

  

 - 3 - 

	 	(v)	“Maximum Offering Size” has the respective meanings set out in Sections 3.03 and 4.02; 

  

	 	(w)	“Offered Securities” has the meaning set out in Section 2.02(a); 

  

	 	(x)	“Offered Shares” has the meaning set out in Section 5.01(l)(b); 

  

	 	(y)	“Offering Agreement” has the meaning set out in Section 6.01(l)(a); 

  

	 	(z)	“Permitted Transferee” has the meaning set out in Section 2.01(a); 

  

	 	(aa)	“Piggyback Qualification” has the meaning set out in Section 4.01; 

  

	 	(bb)	“Piggyback Shares” has the meaning set out in Section 4.01; 

  

	 	(cc)	“Qualification Request” has the meaning set out in Section 3.01; 

  

	 	(dd)	“qualification for distribution” means the qualification of Common Shares for distribution or the registration of Common Shares under any of the Securities Laws by
filing a prospectus and obtaining a receipt therefor, all in such manner as is acceptable to GF Netherlands and its legal counsel, acting reasonably, and “qualified for distribution” and “qualify for distribution” have
corresponding meanings; 

  

	 	(ee)	“Sale Notice” has the meaning set out in Section 2.02(a); 

  

	 	(ff)	“Second Objection Notice”, “Second Purchaser” and “Second Purchaser Identification Notice” have the respective meanings set out in
Section 2.02(b); 

  

	 	(gg)	“Second Release Date” means · 2008, the date which is 12
months following the date of this Agreement; 

  

	 	(hh)	“Securities Laws” means, collectively, the applicable securities legislation of each of the provinces and territories of Canada and all regulations, rules, orders,
rules, rulings, policy statements, instruments, communiqués and interpretation notes issued thereunder or in relation thereto, as amended, re-enacted or replaced from time to time; 

  

	 	(ii)	“subsidiary” means, with respect to any person, any other person in respect of which such first mentioned person possesses, directly or indirectly, the power to
vote more than 50% of the outstanding voting securities of such person, or otherwise direct the management or policies of such person, by contract or otherwise and “subsidiaries” means all of such persons collectively;

  

	 	(jj)	“Transaction” has the meaning set out in the recitals hereto; 

  

 - 4 - 

	 	(kk)	“Transfer” means, with respect to any securities, any sale, transfer, exchange or other disposition of such securities, and “Transferred” will have
a corresponding meaning. 

  

	1.02	GF Netherlands’ Common Shares 

 Any
references in this Agreement to Common Shares held by GF Netherlands, or words of like effect, shall be deemed to include Common Shares held by any of GF Netherlands’ affiliates. 
  

	1.03	Headings 

 The division of this Agreement
into Articles and Sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement. The terms “this Agreement”, “hereof, “hereto”,
“hereunder” and similar expressions refer to this agreement and not to any particular Article, Section or other portion hereof and any agreement supplemental hereto. Unless something in the subject matter or context is inconsistent
therewith, references herein to Articles and Sections are to Articles and Sections of this Agreement. 
  

	1.04	Extended Meanings 

 In this Agreement
(i) words importing the singular number only shall include the plural and vice versa, (ii) words importing the masculine gender shall include the feminine and neuter genders and vice versa, (iii) words importing persons
shall include individuals, partnerships, associations, trusts, firms, unincorporated organizations, corporations, joint ventures, governments, governmental entities or authorities and any other entities of any kind or nature whatsoever and
(iv) wherever the context permits, the words “including”, “includes” and “included” and similar expressions shall be deemed to be followed by the phrase “without limitation”. 
  

	1.05	Statutory References 

 Any reference in this
Agreement to a statute includes all regulations made thereunder, all amendments to such statute in force from time to time and any statute or regulation that supplements or supersedes such statute or regulation. 
 ARTICLE 2 – CERTAIN DEALINGS WITH SECURITIES 
  

	2.01	Transfer of Consideration Shares Prior to the Release Dates 

 Prior to the First Release Date, GF Netherlands will not Transfer any Consideration Shares except as set out in this Section 2.01. During the period from and including the First Release Date and ending
immediately prior to the Second Release Date, GF Netherlands will not Transfer more than 50% of the Consideration Shares except as set out in this Section 2.01. GF Netherlands (and any Permitted Transferree (as hereinafter defined) who has had
Consideration Shares transferred to it) may Transfer any or all of the Consideration Shares at any time (i) with the consent of the Corporation or (ii) without the consent of the Corporation in the following circumstances: 
  

	 	(a)	to any affiliate of Gold Fields Limited (each, a “Permitted Transferee”) provided that the Permitted Transferee first agrees to become a party to this
Agreement as a Holder and to be bound by its terms and conditions to the same extent as GF Netherlands hereunder; 

  

 - 5 - 

	 	(b)	pursuant to any transaction (a “Change of Control Transaction”) involving a change of Control of the Corporation, including a take-over bid, merger,
arrangement, amalgamation, reverse take-over or other business combination, or to any person following the completion of a Change of Control Transaction; 

  

	 	(c)	following the occurrence of an event that results in any person other than the Corporation or an affiliate of the Corporation obtaining at least a 50% interest in the Assets taken
as a whole; 

  

	 	(d)	subject to the requirements of Section 2.02 as if such requirements applied to this Section 2.01(d), following the proposal or announcement of a change in law that would
have a material adverse effect on GF Netherlands’ ability to own the Consideration Shares; 

  

	 	(e)	at any time after any announcement that securities of the Corporation which are then listed on a stock exchange are to be de-listed from any and all stock exchanges or are subject
to a cease trade order lasting more than 30 days; 

  

	 	(f)	at any time after the Corporation ceases, either directly or indirectly through its subsidiaries, to carry on the business conducted by the Corporation, directly or indirectly
through its subsidiaries, as at the date of this Agreement; or 

  

	 	(g)	following the occurrence of a Bankruptcy Event or following the occurrence of any event of default in any terms of bank indebtedness of the Corporation or any of its subsidiaries
where such indebtedness exceeds $25 million. 

  

	2.02	Transfer of Consideration Shares 

  

	 	(a)	 On or after the release dates specified in Section 2.01 and for so long as GF Netherlands and any Permitted Transferee collectively beneficially hold
Consideration Shares carrying 10% or more of the votes attached to the Common Shares of the Corporation on an undiluted basis, if any such holder (the “Holder”) proposes to sell any Consideration Shares to a party other than a
Permitted Transferee, the Holder will provide a notice in writing (the “Sale Notice”) to the Corporation of such intended sale. The Sale Notice will include the number of Consideration Shares (the “Offered
Securities”) and the minimum cash price per security at which the Holder is proposing to sell the Offered Securities (the “Cash Price”). For a period of (i) three Business Days (if GF Netherlands and any 

  

 - 6 - 

	 	 
Permitted Transferee collectively beneficially hold Consideration Shares carrying 10% or more but less than 20% of the votes attached to the Common Shares of
the Corporation on an undiluted basis) and (ii) five Business Days (if GF Netherlands and any Permitted Transferee collectively beneficially hold Consideration Shares carrying 20% or more of the votes attached to the Common Shares of the
Corporation on an undiluted basis), after the date of receipt by the Corporation of the Sale Notice, the Corporation will have the right to identify one or more purchasers (which, for greater certainty, may include the Corporation or any of its
affiliates) (collectively, the “First Purchaser”) who have indicated to the Corporation a willingness to purchase all but not less than all of the Offered Securities at a price which is not less than the Cash Price and the
Corporation will provide notice (the “First Purchaser Identification Notice”) to the Holder identifying the purchaser(s). Unless the Holder provides notice in writing (the “First Objection Notice”) to the
Corporation within three Business Days after the date of receipt by the Holder of the First Purchaser Identification Notice that the Holder objects on reasonable commercial grounds (which need to be specified) to transacting with the First
Purchaser, the Holder will proceed to effect sales with such First Purchaser within five Business Days after the date of receipt by the Holder of the First Purchaser Identification Notice. 

  

	 	(b)	If the Holder provides the First Objection Notice to the Corporation, for a period of three Business Days after the date of receipt by the Corporation of the First Objection Notice,
the Corporation will have the right to identify one or more purchasers (which, for greater certainty, will not include the First Purchaser or its affiliates) (collectively, the “Second Purchaser”) who have indicated to the
Corporation a willingness to purchase all but not less than all of the Offered Securities at a price which is not less than the Cash Price and the Corporation will provide notice (the “Second Purchaser Identification Notice”) to the
Holder identifying the purchaser(s). Unless the Holder provides notice in writing (the “Second Objection Notice”) to the Corporation within five Business Days after the date of receipt by the Holder of the Second Purchaser
Identification Notice that the Holder objects on reasonable commercial grounds (which need to be specified) to transacting with the Second Purchaser, the Holder will proceed to effect sales with such Second Purchaser within ten Business Days after
the date of receipt by the Holder of the Second Purchaser Identification Notice. 

  

	 	(c)	If the Holder provides the Second Objection Notice to the Corporation, the Holder will be free to Transfer the Offered Securities to any person other than the First Purchaser or the
Second Purchaser. 

  

	 	(d)	Notwithstanding the foregoing, the provisions of this Section 2.02 will not apply to any one or more sales of Consideration Shares either (i) sold privately and carrying
in aggregate 5% or less of the votes attached to the Common Shares of the Corporation on an undiluted basis which are completed over any period of 60 or more calendar days, (ii) sales in the market in amounts not exceeding 100,000 Consideration
Shares per calendar week or (iii) sold pursuant to qualification rights set out under Article 3 or Article 4. 

  

 - 7 - 

 ARTICLE 3 - DEMAND QUALIFICATION 
  

	3.01	Request for Qualification 

 Subject to
Section 3.02, GF Netherlands may at any time, by written notice to the Corporation (a “Qualification Request”), request that the Corporation qualify a “bought deal” distribution of Common Shares held by GF
Netherlands, such notice to specify the number of Common Shares (the “Demand Shares”) requested to be qualified for distribution, the jurisdictions where the Demand Shares are to be so qualified the intended method of disposition of
the Demand Shares. GF Netherlands may only rely on this Section 3.01 where it is already in possession of a written indicative offer for such “bought deal” from an investment dealer. Promptly upon receipt of a Qualification Request,
the Corporation shall use its reasonable commercial efforts to effect, as expeditiously as possible, the qualification for distribution of the Demand Shares to permit the disposition of the Demand Shares in accordance with the intended method of
distribution. 
  

	3.02	Restrictions on Demand Qualifications 

 The
Corporation shall not be obligated to effect: 
  

	 	(a)	any Demand Qualification where the Demand Shares have a market value of less than $25 million as at the close of business on the Business Day prior to the date of the Qualification
Request; 

  

	 	(b)	any Demand Qualification during any “black out” period required by any investment dealer in connection with any previous offering of securities by the Corporation;

  

	 	(c)	any Demand Qualification in any jurisdiction other than British Columbia, Alberta or Ontario; 

  

	 	(d)	any Demand Qualification that is within 30 days of having received a notice from the Corporation given in good faith that the Corporation intends to effect a financing within the
next 30 days; 

  

	 	(e)	more than one Demand Qualification in any 12 month period; 

  

	 	(f)	any Demand Qualification if such Demand Qualification would necessarily result in the Corporation being in breach of applicable Securities Laws such as where the Corporation was
then in possession of material information concerning the Common Shares that could not yet be disclosed publicly; or 

  

	 	(g)	any Demand Qualification if it requires the Corporation to qualify any distribution of Common Shares in the United States under a registration statement. 

 

 - 8 - 

	3.03	Priority on Demand Qualification 

 In
circumstances where the Corporation proposes to qualify certain other Common Shares for distribution in addition to the Demand Shares and the Demand Qualification involves the use of investment dealers, if the managing dealer advises the Corporation
and GF Netherlands in writing, at any time and from time to time, that in its opinion the number of Common Shares that GF Netherlands and the Corporation have requested to be included in such offering exceeds the number (in this Section 3.03,
the “Maximum Offering Size”) which can be sold in an orderly manner in such offering within a price range acceptable to GF Netherlands, the Corporation shall include in such qualification for distribution: 
  

	 	(a)	first, as many of the Demand Shares as will not cause the offering to exceed the Maximum Offering Size; and 

  

	 	(b)	second, as many of any Common Shares proposed to be qualified for distribution by the Corporation as part of the Demand Qualification as will not cause the offering to exceed the
Maximum Offering Size. 

  

	3.04	Dealer Offerings 

 If any Demand
Qualification involves the use of an investment dealer: 
  

	 	(a)	GF Netherlands shall have the right to select the investment dealers and managers to market such offering subject, to the approval of the Corporation, such approval not to be
unreasonably withheld or delayed; and 

  

	 	(b)	the Corporation and GF Netherlands shall each bear or pay their proportionate share of the underwriting discounts and selling commissions determined on the basis of the proportion
that the number of Common Shares or Demand Shares included in the Demand Qualification at such party’s request bears to the total number of all Common Shares qualified for distribution. 

 ARTICLE 4 - PIGGYBACK QUALIFICATION 
  

	4.01	Right to Piggyback 

 If the Corporation
proposes to qualify for distribution any Common Shares (other than in connection with any dividend reinvestment plan or share incentive or other employee benefit plan) (a “Piggyback Qualification”), the Corporation shall give notice
to GF Netherlands of its intention to do so (specifying in good faith the intended size of such distribution such specification being hereinafter referred to as the “Initial Requirements”) at its earliest practical opportunity but
in any event at least two Business Days before the date on which the Corporation proposes to file a preliminary prospectus and, subject to Section 4.02, shall include in such qualification for distribution all Common Shares held by GF
Netherlands (the “Piggyback Shares”) with respect to which the Corporation has received from GF Netherlands a written request for inclusion therein within three Business Days of filing of the preliminary prospectus. The notice to GF
Netherlands shall advise it of its right to have Common Shares included in the proposed Piggyback Qualification and give full particulars thereof including: 
  

	 	(a)	the date on which the Corporation proposes to file a preliminary prospectus in respect of such Piggyback Qualification; 

  

 - 9 - 

	 	(b)	whether or not the Piggyback Qualification will involve the use of investment dealers and, if so, the names of the managing or lead investment dealers and whether such offering will
be pursuant to a “firm commitment” or “best efforts” offering; and 

  

	 	(c)	to the extent known, an estimate of the anticipated price range within which the Common Shares included in the Piggyback Qualification are to be sold. 

  

	4.02	Priority on Piggyback Qualification 

 If any
Piggyback Qualification involves the use of investment dealers and the managing dealer advises the Corporation in writing, at any time and from time to time, that in its opinion the number of Common Shares that the Corporation and GF Netherlands
have requested to be included in such offering exceeds the number (in this Section 4.02, the “Maximum Offering Size”) which can be sold in an orderly manner in such offering within a price range acceptable to the Corporation,
the Corporation shall include in such qualification for distribution: 
  

	 	(a)	first, as many of the Common Shares as will not exceed the Initial Requirements; and will not cause the offering to exceed the Maximum Offering Size; 

  

	 	(b)	second, as many of any Piggyback Shares proposed to be qualified for distribution by GF Netherlands as part of the Piggyback Qualification as will not cause the offering to exceed
the Maximum Offering Size; provided, however, GF Netherlands understands that Messrs Vladimir and Andre Agapov (collectively, the “Agapovs”) are entitled to pre-existing distribution rights in relation to Common Shares valued at an
aggregate of US$30,000,000 which would entitle them to participate in any such offering. In such event, GF Netherlands and the Agapovs shall have the right to participate in such Piggyback Qualification on an equal basis to each other for so long as
the Agapovs are so entitled. For the avoidance of doubt once the Agapovs are no longer entitled to such pre-existing distribution rights, GF Netherlands’ Piggyback Qualification rights under this agreement shall have priority over any other
similar rights of any shareholders of the Corporation. The Corporation will notify GF Netherlands as soon as reasonably practicable following confirmation from the Agapovs as to whether the Agapovs intend to exercise any such distribution rights.

  

	4.03	Dealer Offerings 

 If any Piggyback
Qualification involves the use of an investment dealer: 
  

	 	(a)	the Corporation shall be entitled to select the investment dealers and managers to market such offering; and 

  

 - 10 - 

	 	(b)	the Corporation and GF Netherlands shall each bear or pay their proportionate share of the underwriting discounts and selling commissions determined on the basis of the proportion
that the number of Common Shares or Piggyback Shares included in the Piggyback Qualification at such party’s request bears to the total number of all Common Shares qualified for distribution. 

 ARTICLE 5 - QUALIFICATION PROCEDURES 
  

	5.01	Obligations of the Corporation 

 (1) Subject
to Section 3.02, whenever the Corporation receives a request for a Demand Qualification or a Piggyback Qualification, the Corporation shall use its best commercial efforts to effect such qualification for distribution and pursuant thereto the
Corporation shall, as expeditiously as reasonably possible, and to the extent necessary by virtue of the Securities Laws of the jurisdictions in which such qualification for distribution is to be effected: 
  

	 	(a)	promptly prepare and file a preliminary prospectus, as the case may be, in the relevant jurisdictions and such other related documents as may be necessary or appropriate relating to
the proposed qualification for distribution; 

  

	 	(b)	as soon as possible after any comments of the relevant securities regulatory authorities have been satisfied with respect to such preliminary prospectus, prepare and file under
applicable Securities Laws a (final) prospectus and obtain receipts therefor and shall take all other steps and proceedings that may be necessary in order to qualify for distribution under, and in accordance with, such Securities Laws the Common
Shares held by GF Netherlands covered by such prospectus (the “Offered Shares”); 

  

	 	(c)	prepare and file with the relevant regulatory authorities such amendments and supplements to such preliminary prospectus or prospectus as may be necessary to comply with the
provisions of all applicable Securities Laws with respect to the distribution of the Offered Shares until all of the Offered Shares have been distributed in accordance with the intended method of disposition; 

  

	 	(d)	before filing any document referred to in Sections 5.01(l)(a), (b), (c) or (g), give GF Netherlands and its legal counsel the opportunity to review and comment on such document
(all of which documents shall be reasonably satisfactory to GF Netherlands and its legal counsel before they are filed); 

  

	 	(e)	furnish to GF Netherlands such number of copies of the preliminary prospectus, (final) prospectus and any amendment and supplement thereto and such other relevant documents as GF
Netherlands may reasonably request in order to facilitate the disposition of the Offered Shares; 

  

 - 11 - 

	 	(f)	furnish to GF Netherlands: 

  

	 	(i)	an opinion or opinions of counsel for the Corporation in a form that is customary at such time for distributions of securities similar to the distribution of the Offered Shares
addressed to GF Netherlands and the investment dealers, if any; and 

  

	 	(ii)	a “comfort” letter addressed to GF Netherlands and the investment dealers, if any, signed by the auditors of the Corporation in a form that is customary at such time and
providing comfort in relation to financial information contained in the prospectus; 

 dated both the effective date of the
(final) prospectus and the closing date for the distribution of the Offered Shares; 
  

	 	(g)	(i) immediately notify GF Netherlands of any circumstance or the happening of any event as a result of which any preliminary prospectus, (final) prospectus as then filed or in
effect would include an untrue statement of material fact or would omit any fact that is required to be stated or that is necessary to make any statement therein not misleading, (ii) at the request of GF Netherlands, prepare and file a
supplement to or an amendment of the preliminary prospectus or (final) prospectus as may be necessary so that such document shall not include an untrue statement of material fact or omit to state any fact that is required to be stated or that is
necessary to make any statement therein not misleading and (iii) furnish GF Netherlands such number of copies of the amendment or supplement and such other relevant documents as GF Netherlands may reasonably request; 

 

	 	(h)	qualify for distribution the Offered Shares under the securities laws of such jurisdictions, but limited to British Columbia, Alberta and Ontario, as GF Netherlands may request, and
do all such other acts and things as may be reasonably necessary or advisable to enable the Offered Shares to be distributed in such jurisdictions; provided that the Corporation shall not be required to: 

  

	 	(i)	become subject to continuous disclosure or similar requirements under the securities laws of any jurisdiction where, but for this Section 5.01(l)(h), it would not be subject to
such requirements, 

  

	 	(ii)	qualify generally to do business as a foreign or extra-provincial corporation in any jurisdiction where, but for this Section 5.01(l)(h), it would not be required to so
qualify, or 

  

	 	(iii)	subject itself to any taxation in any jurisdiction where, but for this Section 5.01(l)(h), it would not be subject to such taxation; 

  

	 	(i)	otherwise comply with all applicable Securities Laws during the course of the distribution; 

  

 - 12 - 

	 	(j)	list the Offered Shares on all stock exchanges or markets on which the Common Shares are then listed or quoted; 

  

	 	(k)	enter into such customary agreements, including underwriting agreements, containing such representations and warranties by the Corporation and such other terms and provisions as are
customary therein including, without limitation, rights of indemnity and contribution in favour of the investment dealers; 

  

	 	(1)	in the event of the issuance of any order or ruling suspending the effectiveness of a prospectus receipt, suspending or preventing the use of any prospectus or suspending the
qualification for distribution of any of the Offered Shares in any jurisdiction, use its reasonable commercial efforts promptly to obtain the withdrawal of such order or ruling; and 

  

	 	(m)	execute and deliver all such further documents and instruments and do all such acts and things, including obtaining such other certificates and opinions as, in the reasonable
opinion of GF Netherlands, is customary in a distribution of securities similar to the distribution of the Offered Shares. 

 (2) If any Demand Qualification in which Offered Shares are qualified for distribution involves an investment dealer, the Corporation shall not effect any sale of Common Shares other than as part of such distribution during the period
(which shall be no more than 30 days) from the date of the public announcement of such offering until closing, or such lesser period as GF Netherlands and the managing investment dealers may agree, other than pursuant to benefit plans or outstanding
commitments or to satisfy legal requirements. In addition, if requested to do so by GF Netherlands pursuant to any Demand Qualification, the Corporation shall not (and it shall confirm to GF Netherlands in writing that it shall not), unless it can
provide GF Netherlands with reasonable commercial reasons in writing for doing so, effect any sale of Common Shares other than as part of such distribution for a period of 90 days from the date of the (final) prospectus in respect of such
distribution. 
  

	5.02	Obligations of GF Netherlands 

 (1) If in the
reasonable opinion of counsel to the Corporation it is necessary or appropriate in order to comply with any applicable Securities Laws, the obligations of the Corporation under Article 3 and Article 4 shall be conditional upon each of GF Netherlands
and any investment dealer participating in such distribution executing and delivering to the Corporation an appropriate agreement, in a form reasonably satisfactory to counsel for the Corporation, that such person shall comply with all prospectus
delivery requirements of all applicable Securities Laws and with anti-stabilization, manipulation and similar provisions of all applicable Securities Laws and shall furnish to the Corporation information about sales made in such offering.

 (2) GF Netherlands shall not effect sales of any Offered Shares qualified by or included in a prospectus or deliver any prospectus in
respect of such sale after notification by the Corporation of any order or ruling suspending the effectiveness of the receipt for such prospectus, suspending or 

  

 - 13 - 

 
preventing the use of such prospectus or suspending the qualification for distribution of any of the Offered Shares until such time as such order or ruling
shall have been withdrawn or otherwise terminated. 
 (3) If any Piggyback Qualification involves an investment dealer, GF Netherlands, shall
not effect any sale of Common Shares other than as part of such distribution during the period (which shall be no more than 30 days) from the date of the public announcement of such offering until closing, or such lesser period as GF Netherlands and
the managing investment dealers may agree. In addition, if requested to do so by the Corporation pursuant to any Piggyback Qualification, GF Netherlands shall not (and it shall confirm to the Corporation in writing that it shall not), unless it can
provide the Corporation with reasonable commercial reasons in writing for doing so, effect any sale of Common Shares other than as part of such distribution for a period of 90 days from the date of the (final) prospectus in respect of such
distribution. 
  

	5.03	Preparation of Documents; Due Diligence 

 In
connection with the preparation and filing of any preliminary prospectus, (final) prospectus or similar document as herein contemplated, GF Netherlands and the investment dealers, if any, and their respective legal counsel, auditors and other
representatives, shall be given the opportunity to participate in the preparation of such documents and each amendment thereof or supplement thereto and there shall be inserted therein such material as is required under applicable Securities Laws or
which, in the reasonable judgment of GF Netherlands or such investment dealers and their respective legal counsel, should be included and which is acceptable to the Corporation, acting reasonably. GF Netherlands and such investment dealers shall
also be given such access to the books and records of the Corporation and such opportunities to discuss the business and affairs of the Corporation with its officers and auditors as shall be necessary in their respective opinions or in the opinion
of their respective counsel, and the Corporation shall cooperate with GF Netherlands and such investment dealers in the conduct of all due diligence which any of the foregoing persons may reasonably require in order for the purposes of establishing
a due diligence defence as contemplated by applicable Securities Laws and in order to enable GF Netherlands and such investment dealers to execute any certificates required to be executed by them pursuant to applicable Securities Laws for inclusion
in any preliminary prospectus, (final) prospectus or similar document. 
  

	5.04	Expenses 

 (1) Each of the Corporation and GF
Netherlands shall pay its proportionate share of all Expenses relating to any Demand Qualification or Piggyback Qualification (based on the proportion that the number of Common Shares that the Corporation or GF Netherlands, as the case may be, is
selling bears to the total number of Common Shares being qualified for sale). For greater certainty, GF Netherlands shall pay the fees of its own legal counsel in connection with a Demand Qualification or Piggyback Qualification subject to any
rights of indemnification it may have under this Agreement. 
 (2) The Corporation shall pay all internal expenses (including all salaries
and expenses of its officers and employees performing legal or accounting duties). 
  

 - 14 - 

 ARTICLE 6 - INDEMNIFICATION AND CONTRIBUTION 
  

	6.01	Indemnification 

 (1) The Corporation shall
indemnify and hold harmless GF Netherlands, each of its affiliates and each person who controls GF Netherlands within the meaning of the United States Securities Act of 1933 and the United States Securities Exchange Act of 1934, each
as amended, and their respective officers, directors and agents, from and against any and all expenses, claims, losses, damages and liabilities (or actions, proceedings or settlements in respect thereof) including costs of investigation and
reasonable fees and expenses of legal counsel (collectively a “Claim”) arising out of or based upon: 
  

	 	(a)	any misrepresentation or alleged misrepresentation, breach of warranty or untrue statement or alleged untrue statement, whether of a material fact or otherwise, contained in any
preliminary prospectus, (final) prospectus or similar document (including any amendment or supplement thereto) relating to any Demand Qualification or Piggyback Qualification, or in any underwriting agreement, purchase agreement or other document
relating thereto (each an “Offering Agreement”), or arising out of or based upon any omission or alleged omission to state in any such preliminary prospectus, (final) prospectus or similar document (including any amendment or
supplement thereto), or any Offering Agreement, a fact, material or not, required to be stated therein or necessary to make a statement therein not misleading; or 

  

	 	(b)	any other breach by the Corporation of any Offering Agreement or applicable Securities Laws; 

 provided that the Corporation shall not be liable in any such case to the extent that any such Claim arises out of or is based upon any misrepresentation or untrue statement furnished to the Corporation in writing by
GF Netherlands and stated to be specifically for use in any such document. 
 (2) In connection with any qualification for distribution of
Common Shares held by GF Netherlands pursuant to this Agreement, the Corporation may request that GF Netherlands indemnify and hold harmless the Corporation and each of its subsidiaries, and their respective officers, directors and agents, from and
against any Claim arising out of or based upon: 
  

	 	(a)	 any misrepresentation or alleged misrepresentation, breach of warranty or untrue statement or alleged untrue statement, whether of a material fact or otherwise
contained in any preliminary prospectus, (final) prospectus or similar document (including any amendment or supplement thereto) relating to any Demand Qualification or Piggyback Qualification or in any underwriting agreement, purchase agreement or
other document relating thereto (each an “Offering Agreement”) where such misrepresentation, breach of warranty or untrue statement is caused by information furnished to the Corporation in writing by GF Netherlands and stated to be
specifically for use in any such document or arising out of or based upon any 

  

 - 15 - 

	 	 
omission or alleged omission to state in any such preliminary prospectus, (final) prospectus or similar document (including any amendment or supplement
thereto) or any Offering Agreement, a fact, material or not, relating to GF Netherlands not within the Corporation’s knowledge required to be stated therein or necessary to make a statement therein not misleading; or

  

	 	(b)	any other breach by the GF Netherlands of any Offering Agreement or applicable Securities Laws. 

 Should GF Netherlands not agree to such indemnification, the Corporation shall not be required to qualify such Common Shares for distribution hereunder. 
 (3) Each person entitled to indemnification under this Section 6.01 (individually an “Indemnified Party” and collectively the
“Indemnified Parties”) shall give notice to the Corporation or GF Netherlands, as the case may be, (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any Claim as to which
indemnity may be sought, and shall permit the Indemnifying Party to assume the defence of such Claim or any litigation resulting therefrom, provided that: 
  

	 	(a)	counsel for the Indemnifying Party conducting the defence of such Claim or any litigation resulting therefrom shall have been approved by such Indemnified Party acting reasonably;
and 

  

	 	(b)	such Indemnified Party may participate in such defence; 

 and provided
further that the failure of any Indemnified Party to give notice as provided herein shall not relieve such Indemnifying Party of its obligations under this Section 6.01 to the extent that the Indemnifying Party was not prejudiced by such
failure. The Indemnifying Party shall not, in the defence of any such Claim or litigation, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such Claim or litigation. 
  

	6.02	Contribution 

 If the indemnification
provided for in Section 6.01 is unavailable or insufficient to hold harmless the Indemnified Parties in respect of any Claim, then the Indemnifying Party shall in lieu of indemnifying the Indemnified Parties contribute to the amount paid or
payable by the Indemnified Parties as a result of such Claim in such proportion as is appropriate to reflect the relative fault of the parties thereto in connection with any statements or omissions which resulted in such Claim as well as any other
relevant equitable considerations. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 6.02 were determined by pro rata allocation or by any other method of allocation which did not take
account of the equitable considerations referred to above in this Section 6.02. The amount paid or payable by the Indemnified Parties as a result of such Claim shall be deemed to include any legal or other expenses reasonably incurred by the
Indemnified Parties in connection with investigating or defending any such action or claim. 
  

 - 16 - 

 ARTICLE 7 - BOARD REPRESENTATION 
  

	7.01	Board Representation 

  

	 	(1)	Commencing on the date hereof and: 

  

	 	(a)	for so long as the GF Proportionate Interest is 15% or more, GF Netherlands shall be entitled to nominate two persons for appointment to the Board of Directors; and

  

	 	(b)	for so long as the GF Proportionate Interest is less than 15% but not less than 10%, GF Netherlands shall be entitled to nominate one person for appointment to the Board of
Directors; 

 and the Corporation shall direct that such persons be included as management nominees for election as directors in the first
management information circular of the Corporation prepared following the date hereof for a meeting of shareholders of the Corporation at which directors are to be elected and in the management information circular prepared in connection with each
subsequent meeting of shareholders of the Corporation at which directors are to be elected. The Corporation agrees to solicit proxies from its shareholders for such nominees and to cause management proxies to be voted in favour of such nominees
except for such proxies as contain a specific contrary direction. 
 (2) If any director of the Corporation nominated by GF Netherlands shall
cease to be a director for any reason whatsoever, the Corporation shall use its best efforts promptly upon the request of GF Netherlands to cause to be elected or appointed another person nominated by GF Netherlands to replace such director.

 (3) In the event that (and for so long as) GF Netherlands does not elect to exercise its rights under Article 7 to nominate persons for
the appointment to the Board of Directors, the Corporation agrees that, if (and for so long as) GF Netherlands is so entitled, GF Netherlands will receive all notices and related materials pertaining to, and be entitled to send one or two
representatives to attend, any and all meetings of the Board of Directors in the capacity of observer and without any voting rights on such board. 
 ARTICLE 8 - GENERAL 
  

	8.01	Qualification Exemptions 

 The Corporation
shall use its best commercial efforts to file and furnish any reports required to be filed or furnished by it under applicable Securities Laws and to use its reasonable commercial efforts to do all such further acts and things as GF Netherlands may
reasonably request to enable GF Netherlands to sell Common Shares held by GF Netherlands to persons to whom the Securities Laws apply under an available exemption from the applicable requirement to qualify for distribution such Common Shares.

  

 - 17 - 

	8.02	Additional Rights 

 (1) The Corporation
represents and warrants to GF Netherlands that it has not granted to any person other than GF Netherlands any rights to request or require the Corporation to qualify for distribution any securities issued by the Corporation, except as disclosed in
writing to GF Netherlands in relation to such rights granted to the Agapovs and as referred to in Section 4.02. 
 (2) The Corporation
shall not enter into any agreement, understanding or commitment that is inconsistent with GF Netherlands’ rights under this Agreement. Without limiting the generality of the foregoing, if the Corporation proposes at any time to grant to any
person rights to require the Corporation to qualify for distribution any Common Shares, the Corporation shall give prior notice, which notice shall include give full particulars of such proposed grant, including all relevant circumstances related
thereto, and if, in the sole reasonable opinion of GF Netherlands, the terms of such proposed grant are more favourable to such person than the rights granted to GF Netherlands under this Agreement, the Corporation shall not make such grant unless
the terms of this Agreement shall have been amended to the extent considered by GF Netherlands, in its sole discretion, to be necessary to provide GF Netherlands with such more favourable rights. 
  

	8.03	Injunctive Relief 

 The Corporation
acknowledges and agrees that damages would be inadequate to compensate for the breach of any of its obligations contained in this Agreement and that GF Netherlands and the other Indemnified Parties would be seriously and irreparably injured if any
provision of this Agreement is not performed by it in accordance with the specific terms and conditions of this Agreement. Accordingly, the Corporation agrees, without prejudice to any additional or alternative remedies GF Netherlands or the other
Indemnified Parties may have, that GF Netherlands and such other Indemnified Parties shall be entitled: 
  

	 	(a)	to an injunction to prevent any breach of this Agreement by the Corporation; 

  

	 	(b)	to enforce specifically the terms and provisions hereof and any obligation in favour of such other Indemnified Parties, or any of them, contained in this Agreement; and

  

	 	(c)	to declaratory relief or injunctive relief in respect of anything done in breach of an obligation in favour of such other parties, or any of them, contained in this Agreement.

  

	8.04	Further Assurances 

 Each of the parties
will from time to time execute and deliver all such further documents and instruments and do all acts and things as another party may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this
Agreement. 
  

 - 18 - 

	8.05	Benefit of the Agreement 

 This Agreement
will be enure to the benefit of and be binding upon the respective successors and permitted assigns of the parties. This Agreement shall also enure to the benefit of the Indemnified Parties other than GF Netherlands and their respective successors
and permitted assigns. The Corporation acknowledges that GF Netherlands is acting on behalf of and as trustee for the other Indemnified Parties of the Corporation’s covenants and obligations under this Agreement with respect to such Indemnified
Parties and of the rights of such Indemnified Parties hereunder. GF Netherlands accepts such trust and shall hold and enforce such covenants and obligations on behalf of the other Indemnified Parties; provided that any such Indemnified Party shall
be entitled to enforce such covenants and obligations on its own behalf. 
  

	8.06	Entire Agreement 

 This Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof and cancels and supersedes any prior understandings and agreements between the parties with respect thereto. There are no representations, warranties,
terms, conditions, undertakings or collateral agreements, express, implied or statutory, between the parties with respect to the subject matter hereof other than as expressly set forth in this Agreement. 
  

	8.07	Amendments and Waivers 

 No amendment to
this Agreement will be valid or binding unless set forth in writing and duly executed by all the parties. No waiver of any breach of any provision of this Agreement will be effective or binding unless made in writing and signed by the party
purporting to give the same and, unless otherwise provided in the written waiver, will be limited to the specific breach waived. 
  

	8.08	Assignment 

 This Agreement may not be
assigned by either party without the prior written consent of the other party; provided that GF Netherlands shall be entitled at any time to assign this Agreement to an affiliate thereof provided that (i) such affiliate enters into a written
agreement with the Corporation to be bound by the provisions of this Agreement to the same extent as if it had been an original party hereto instead of GF Netherlands and (ii) GF Netherlands shall continue to bound by the provisions of this
Agreement. 
  

	8.09	Severability 

 If any provision of this
Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability will attach only to such provision or part thereof and the remaining part of such provision and all other provisions hereof will continue
in full force and effect. 
  

 - 19 - 

	8.10	Time 

 Time shall be of the essence of this
Agreement. 
  

	8.11	Notices 

 Any demand, notice or other
communication to be given under this Agreement shall be given in writing and shall be given by personal delivery or by facsimile transmission addressed to the recipient as follows: 
  

					
	(a)	 	To GF Netherlands or any other Indemnified Party:
		
		 	Schipholweg 66A
		 	1st Floor
		 	2316 XE, Leiden
		 	The Netherlands
			
		 	Attention:	  	Johan Pauley
		
		 	Facsimile No.: +31 (0) 71 528 4636
		
		 	with a copy to (which shall not constitute notice):
		
		 	McCarthy Tetrault LLP
		 	Suite 4700
		 	Toronto Dominion Bank Tower
		 	Toronto, Ontario
		 	M5K 1E6
			
		 	Attention:	  	Brian Graves
		
		 	Facsimile No. : +l 416-868-0673
		
	(b)	 	To the Corporation:
		
		 	Rusoro Mining Ltd.
		 	355 Burrard Street, Suite 830
		 	Vancouver, British Columbia
		 	V6C 2G8
			
		 	Attention:	  	George Salamis, President
			
		 	Facsimile:	  	+1 604 682-1514

  

 - 20 - 

					
		 	with a copy to (which shall not constitute notice):
		
		 	Anfield Sujir Kennedy & Durno
		 	1600 Stock Exchange Tower
		 	609 Granville Street
		 	Pacific Centre
		 	Vancouver, British Columbia
		 	V7Y 1C3
			
		 	Attention:	  	Michael Kennedy
			
		 	Facsimile:	  	+1 604 669-3877

 or to such other address, individual or facsimile number as may be designated by notice given by either party to
the other. Any demand, notice or other communication given by personal delivery shall be conclusively deemed to have been given on the day of actual delivery thereof and, if given by electronic communication, on the day of transmittal thereof if
given on a Business Day during the normal business hours of the recipient and on the Business Day during which such normal business hours next occur if not given during such hours on a Business Day. 
  

	8.12	Governing Law 

 This Agreement shall be
governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein and each of GF Netherlands and the Corporation irrevocably attorns to the non-exclusive jurisdiction of the courts of
British Columbia. 
  

	8.13	Counterparts 

 This Agreement may be
executed in any number of counterparts, each of which will be deemed to be an original and all of which taken together will be deemed to constitute one and the same instrument. 
  

 - 21 - 

 IN WITNESS WHEREOF the parties hereto have executed this Shareholder Agreement. 
  

			
	RUSORO MINING LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	GOLD FIELDS NETHERLANDS SERVICES B.V.
		
	By:	 	  

	Name:	 	
	Title:	 	

 SCHEDULE D 
 Form of Debenture 

 UNSECURED CONVERTIBLE NOTE 
 FOR VALUE RECEIVED, Rusoro Mining Ltd., a corporation existing under the laws of British Columbia, (the “Borrower”), promises to
pay to Gold Fields Netherlands Services B.V., a corporation existing under the laws of the Netherlands (the “Holder”) or its registered assigns or successors in interest, on order the sum of thirty million U.S. dollars
(U.S.$[30,000,000]) (the “Principal Amount”), together with any accrued and unpaid interest hereon, on [Closing Date +3 years] (the “Maturity Date”) if not sooner paid. 

ARTICLE 1 
 DEFINITIONS AND
INTERPRETATION 
 In this Convertible Note, unless there is something in the context inconsistent therewith, the following words and
phrases shall have the following meanings, respectively: 
  

	1.1	“Affiliate” means, in respect of any Person, another Person if: 

  

	 	(a)	one of them is the Subsidiary of the other; or 

  

	 	(b)	each of them is Controlled by the same Person. 

  

	1.2	“Applicable Law” means any applicable laws including supranational, national, federal, provincial, territorial, state, municipal and local civil, commercial,
banking, securities, tax personal and real property, security, mining, environmental, water, energy, investment, property ownership, land use and zoning, sanitary, occupational health and safety laws, treaties, statutes, ordinances, judgments,
decrees, injunctions, writs, certificates and orders, by-laws, rules, regulations, ordinances, protocols, codes, guidelines, policies, notices, directions or other requirements of any Governmental Body. 

  

	1.3	“Bankruptcy Event” means, with respect to any Person, that such Person is commercially insolvent or does not pay or perform its obligations generally as they become
due or admits its inability to pay or perform its debts generally, that such Person commits an act of bankruptcy or insolvency within the meaning of the Bankruptcy and Insolvency Act (Canada), any Bankruptcy Proceeding is instituted by or
against that Person (excluding any Bankruptcy Proceeding being contested by that Person in good faith by appropriate proceedings so long as enforcement remains stayed, none of the relief sought is granted (either on an interim or permanent basis)
and such Bankruptcy Proceeding is dismissed within 30 days of its commencement), or that Person takes corporate, partnership or other internal management action to authorise any of the actions set forth above in this definition.

  

	1.4	 “Bankruptcy Proceeding” means, with respect to any Person, any proceeding contemplated by any application, petition, assignment, filing of notice
or other means, whether voluntary or involuntary, under the Winding-Up and Restructuring Act (Canada), Companies’ Creditors Arrangement Act (Canada) or any other like, equivalent or analogous legislation of any jurisdiction
seeking any moratorium, reorganization, adjustment, composition, proposal, compromise, arrangement, administration, debt rescheduling or other like or similar relief in respect of any or all of the obligations of such Person, seeking the winding up,
liquidation or dissolution of such Person (other than pursuant to any solvent internal reorganization) or all 

	 	 
or any part of its property, seeking any award declaring, finding or adjudging such Person insolvent or bankrupt, seeking the appointment (provisional,
interim or permanent) of any receiver or resulting, by operation of law, in the bankruptcy of such Person. 

  

	1.5	“Borrower” means Rusoro Mining Ltd. and every Successor Corporation. 

  

	1.6	“Business Day” means any day on which commercial banks are open for business in each of Amsterdam, Netherlands, Vancouver, British Columbia and South Africa other
than a Saturday, a Sunday or a statutory holiday under Applicable Laws. 

  

	1.7	“Canadian dollar” or “Cdn$” means lawful currency of Canada. 

  

	1.8	“Closing Date” means ·, 2007. 

  

	1.9	“Common Share” means a common share in the capital of the Borrower. 

  

	1.10	“Contract Rate” means a rate as defined in Section 2.1. 

  

	1.11	“Control” means, when applied to a relationship between two Persons, that a Person (the “First Person”) is considered to control another
Person (the “Second Person”) if: 

  

	 	(a)	the First Person, directly or indirectly, beneficially owns or exercises control or direction over securities of the Second Person carrying votes which, if exercised, would entitle
the First Person to elect a majority of the directors of the Second Person, unless that First Person holds the voting securities only to secure an obligation; 

  

	 	(b)	the Second Person is a partnership, other than a limited partnership, and the First Person holds more than 50% of the interests of the partnership; or 

  

	 	(c)	the Second Person is a limited partnership and the First Person is the general partner of the limited partnership. 

  

	1.12	“Conversion Date” shall have the meaning ascribed to it in Section 4.2(a). 

  

	1.13	“Conversion Share” shall have the meaning ascribed to it in Section 4.1(b). 

  

	1.14	“Converted Amount” shall have the meaning ascribed to it in Section 4.1(a). 

  

	1.15	“Convertible Note” means this unsecured convertible debenture, as the same may be amended, varied, supplemented, restated, renewed or replaced at any time and from
time to time. 

  

	1.16	“Corporate Reorganization” shall have the meaning ascribed to it in Section 5.1(a). 

  

	1.17	“Event of Default” means an event described in Section 7.1. 

  

	1.18	“Event Notice” shall have the meaning ascribed to it in Section 5.4(a). 

  

 - 2 - 

	1.19	“Exchange” means the TSX Venture Exchange. 

  

	1.20	“Fixed Conversion Price” means [Note: the number to be inserted upon signing will be the greater of (a) 33% above the Equity Financing Price and
(b) US$3.00, rounded to the nearest US$0.01], subject to adjustment as contemplated in Section 5.1. 

  

	1.21	“Governmental Body” means any national, state, regional, municipal or local government, governmental department, commission, board, bureau, agency, authority or
instrumentality, or any Person exercising or purporting to exercise executive, legislative, judicial, regulatory or administrative functions of or pertaining to any of the foregoing entities, including all tribunals, commissions, including
securities commissions, stock exchanges, boards, bureaux, arbitrators and arbitration panels, and any authority or other Person controlled by any of the foregoing. 

  

	1.22	“Holder” means Gold Fields Netherlands Services B.V. or its registered assigns or successors in interest. 

  

	1.23	“Indebtedness” in respect of any Person, is used in its most comprehensive sense and includes any and all advances, debts, obligations, guarantees, endorsements,
duties, responsibilities, undertakings and liabilities of such Person heretofore, now or hereafter made, incurred or created, whether voluntary or involuntary and however arising, whether due or not due, absolute or contingent, liquidated or
unliquidated, determined or undetermined, direct or indirect, express or implied, whether such Person may be liable individually or jointly with others and whether recovered upon such indebtedness may be or hereafter becomes otherwise unenforceable,
and irrespective of the existence or extent of any security therefor; 

  

	1.24	“Interest Period” means the period from the signing of this Convertible Note to [Closing date + 12 months]; and the subsequent twelve month periods
thereafter being · 2009 and · 2010;

  

	1.25	“Judgment Conversion Date” shall have the meaning ascribed to it in Section 8.8(a)(ii). 

  

	1.26	“Judgment Currency” shall have the meaning ascribed to it in Section 8.8(a). 

  

	1.27	“Material Adverse Effect” means any event or occurrence which, when considered individually or together with other events or occurrences, has or could reasonably be
expected to have a materially adverse effect on: 

  

	 	(a)	the business, operations, results of operations, prospects, assets, liabilities or financial conditions of the Borrower, taken as a whole; and 

  

	 	(b)	the ability of the Borrower to perform its obligations under this Convertible Note. 

  

	1.28	“Maturity Date” means [Closing Date + 3 years]. 

  

	1.29	“Notice Date” shall have the meaning ascribed to it in Section 4.2(a). 

  

	1.30	“Notice of Conversion” shall have the meaning ascribed to it in Section 4.2(a). 

  

 - 3 - 

	1.31	“Notice of Redemption” shall have the meaning ascribed to it in Section 3.1. 

  

	1.32	“Obligations” means all obligations of the Borrower with respect to the repayment or performance of all obligations (monetary or otherwise) of the Borrower arising
under or in connection with this Convertible Note. 

  

	1.33	“Optional Redemption” shall have the meaning ascribed to it in Section 3.1. 

  

	1.34	“Person” includes any individual, firm partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or corporation with or without share
capital, unincorporated association, trust, trustee, executor, administrator or other legal person representative, or other entity however designated or constituted; 

  

	1.35	“Principal Amount” means the sum of thirty million U.S. dollars (U.S.$[30,000,000]). 

  

	1.36	“Redemption Amount” shall have the meaning ascribed to it in Section 3.1. 

  

	1.37	“Redemption Payment Date” shall have the meaning ascribed to it in Section 3.1. 

  

	1.38	“Redemption Period” shall have the meaning ascribed to it in Section 3.1. 

  

	1.39	“Shareholder Agreement” means the Shareholder Agreement entered into between the Borrower and the Holder on the Closing Date. 

  

	1.40	“Special Distribution” shall have the meaning ascribed to it in Section 5.l(b). 

  

	1.41	“Subsidiary” means a Person that is Controlled by another Person and includes a subsidiary of that Person. 

  

	1.42	“Successor Corporation” means any corporation which is formed by the amalgamation, merger, restructuring or reorganization of the Borrower.

  

	1.43	“U.S. dollar” and “U.S.$” mean lawful currency of the United States of America. 

 ARTICLE 2 
 INTEREST AND AMORTIZATION

  

	2.1	Contract Rate 

 Subject to Sections 2.3 and 8.10,
interest payable on the portion of the Principal Amount of this Convertible Note that remains outstanding from time to time shall accrue from day to day on the basis of a 360 day year and compounded semi-annually at a rate per annum equal to seven
percent (7.00%) (the “Contract Rate”). 
  

	2.2	Payment Dates 

  

	 	(a)	Interest accrued on this Convertible Note shall be payable, without duplication, on: 

  

	 	(i)	the last day of each Interest Period; 

  

 - 4 - 

	 	(ii)	the Maturity Date; 

  

	 	(iii)	with respect to the redemption of this Convertible Note pursuant to Section 3.1, the Redemption Payment Date; and 

  

	 	(iv)	on such other date on which the Principal Amount and accrued and unpaid interest thereon shall become due and payable hereunder. 

  

	 	(b)	The amount of accruing interest on this Convertible Note shall be calculated during each Interest Period applicable thereto by the Holder on the outstanding Principal Amount.

  

	 	(c)	Interest on Converted Amounts shall accrue up to the day immediately prior to the Conversion Date. Accrued and unpaid interest on a Converted Amount shall be payable at the end of
the Interest Period during which the Conversion Date occurred. 

  

	2.3	Post-Maturity Interest 

 After the maturity of all
or any portion of the Principal Amount or after any other Obligations shall have become due and not been paid, the Borrower shall pay interest (after as well as before judgment) on the Principal Amount outstanding from it so matured and on any such
other Obligations outstanding hereunder from it at a rate per annum equal to [eleven (11%)] percent. 
  

	2.4	Currency 

 All payments by the Borrower pursuant to
this Convertible Note, whether in respect of the Principal Amount, interest or other Obligations, shall be paid in U.S. dollars. All such payments shall be made by the Borrower to the Holder by delivery of U.S. dollars in immediately available funds
to an account of the Holder, which account shall be designated from time to time by notice to the Borrower from the Holder (and, if such payment shall be of less than the due amount of the relevant payment Obligation then due and owing, for the
benefit of the Holder in accordance with its respective portion of the aggregate unpaid amount of similar payment Obligations). All such payments shall be made, without setoff, deduction, or counterclaim, not later than 11:00 a.m., Vancouver time,
on the date when due. Any payments received hereunder after the time and date specified in this Section 2.4 shall be deemed to have been received by the Holder on the next following Business Day. 
 ARTICLE 3 
 REDEMPTION RIGHT 

  

	3.1	Optional Redemption in Cash 

 At any time after the
Closing Date, the Borrower will have the option of prepaying this Convertible Note in whole or in part from time to time (“Optional Redemption”) by paying to the Holder the Principal Amount of this Convertible Note (or
such part) as at the Redemption Payment Date, together with accrued but unpaid interest on the Principal Amount (or such part) and any and all other unpaid amounts then due, accrued, payable or owing to the Holder under this Convertible Note (the
“Redemption Amount”) on the Redemption Payment Date. The Borrower shall deliver to the Holder a written notice of redemption (the “Notice of Redemption”) specifying the date for such 

  

 - 5 - 

 
Optional Redemption (the “Redemption Payment Date”), which date shall be not less than twenty (20) days after the date of the
Notice of Redemption (the “Redemption Period”). A Notice of Redemption shall be irrevocable and shall not be effective with respect to any portion of this Convertible Note for which: (i) the Holder has previously
delivered a Notice of Conversion; or (ii) the Holder delivers a Notice of Conversion during the Redemption Period. The Redemption Amount shall be determined as if the Holder’s conversion elections had been completed immediately prior to
the date of the Notice of Redemption. On the Redemption Payment Date, the Redemption Amount must be irrevocably paid in full in immediately available funds to the Holder. In the event the Borrower fails to pay the Redemption Amount on the Redemption
Payment Date, then such Notice of Redemption shall be null and void and the Borrower shall be in breach of this Convertible Note. 
 ARTICLE 4 
 CONVERSION RIGHTS 
  

	4.1	Conversion 

  

	 	(a)	Until the Principal Amount is paid in full, the Holder shall have the right, but not the obligation, at any time, both before and after the occurrence of an Event of Default, to
convert into Common Shares at the Fixed Conversion Price all or any portion of the Principal Amount (the “Converted Amount”), subject to the terms and conditions set forth in this Article 4. The Holder may exercise such right
by delivery to the Borrower of a written Notice of Conversion as contemplated by Section 4.2. 

  

	 	(b)	The Common Shares to be issued upon conversion under this Article 4 are herein referred to as the “Conversion Shares”. 

  

	4.2	Conversion Mechanics 

  

	 	(a)	 In the event that the Holder elects to convert this Convertible Note into Common Shares, the Holder shall give notice of such election by telecopying or delivering
an executed and completed notice of conversion in substantially the form of Exhibit A hereto (appropriately completed) (a “Notice of Conversion”) to the Borrower at least five (5) Business Days prior to the proposed date
of conversion (the “Conversion Date”) and such Notice of Conversion shall identify the Converted Amount, the Conversion Date and the Fixed Conversion Price. Each date on which a Notice of Conversion is delivered or telecopied
to the Borrower and deemed effectively received by the Borrower in accordance with the provisions of Section 8.3 shall be deemed a “Notice Date”. The Holder shall surrender this Convertible Note to the Borrower together
with the Notice of Conversion on each Notice Date and in accordance with its Notice of Conversion, the Holder shall make the appropriate reduction to the Principal Amount, accrued interest and other amounts due, accrued, payable or owing as entered
in its records and shall provide written notice thereof to the Borrower within one (1) Business Day of the Conversion Date. Pursuant to the terms of a Notice of Conversion, the Borrower will issue instructions to its transfer agent accompanied
by an opinion of counsel (if required) no later than three (3) Business Days after the Notice Date and shall use its best efforts to have the transfer agent deliver certificates representing the Conversion Shares to or to the order of the
Holder no later than three (3) Business Days after the Conversion Date, together with 

  

 - 6 - 

	 	 
any other stock or other securities and property (including cash, where applicable) to which the Holder is entitled upon such conversion pursuant to
Section 5.1. In the case of the exercise of the conversion rights set forth herein, the conversion rights shall be deemed to have been exercised and the Conversion Shares issuable upon such conversion shall be deemed to have been issued upon
the Conversion Date. On the Conversion Date, the Holder shall deliver this Convertible Note to the Borrower for cancellation and, if a part only of the Principal Amount is converted on such Conversion Date, the Borrower shall issue a new Convertible
Note evidencing the remaining Principal Amount outstanding. The Holder shall be treated for all purposes as the record holder of the Conversion Shares from and after the Conversion Date, unless the Holder provides the Borrower written instructions
to the contrary. 

  

	 	(b)	The number of Conversion Shares to be issued upon each conversion of this Convertible Note shall be determined by dividing the Converted Amount by the Fixed Conversion Price rounded
down to the nearest whole share. 

  

	 	(c)	The Borrower shall assume and pay all reasonable expenses incurred in connection with the issuance of the Conversion Shares, including any legal fees resulting from the conversion.

  

	4.3	Reservation and Listing of Shares 

  

	 	(a)	From the Closing Date and until full and final payment of all amounts due, accrued, payable or owing under this Convertible Note, the Borrower will reserve and keep available out of
its authorized but unissued Common Shares, solely for the purpose of issue upon exercise of the Convertible Note by the Holder, and conditionally allot to the Holder for issuance upon such exercise, a sufficient number of Common Shares to provide
for the issuance of the Conversion Shares upon the full conversion of this Convertible Note. The Borrower represents that upon issuance, the Conversion Shares will be duly and validly issued, fully paid and non-assessable. The Borrower agrees that
its issuance of this Convertible Note shall constitute full authority to its officers, agents, and transfer agents who are charged with the duty of executing and issuing share certificates to execute and issue the necessary certificates for the
Conversion Shares upon the conversion of this Convertible Note, subject to the terms and conditions of this Convertible Note. 

  

	 	(b)	The Borrower shall, at its expense and as expeditiously as possible, use its best efforts to cause all Conversion Shares issuable under this Convertible Note to be duly listed on
the Exchange and on any other stock exchange on which the Common Shares may then be listed or admitted to trading at the latest seven (7) Business Days from the Conversion Date. 

  

	4.4	Resale Restrictions 

 For greater certainty, any and
all Conversion Shares acquired by the Holder pursuant to the exercise of conversion rights under this Convertible Note shall be subject to any contractual or legal restrictions as to their resale, distribution or trades, including those restrictions
contained in the Shareholder Agreement. 
  

 - 7 - 

 ARTICLE 5 
 ADJUSTMENT 
  

	5.1	Adjustment 

 The kind and number or amount of Common
Shares or other securities or property that the Holder is entitled to receive upon exercise of the conversion rights pursuant to Section 4.1(a) at any date shall be subject to adjustment from time to time as follows: 
  

	 	(a)	If and whenever, at any time from and after the Closing Date until full and final payment of all amounts due, accrued, payable or owing under this Convertible Note, there is:

  

	 	(i)	a reclassification of the Common Shares outstanding, a change or exchange of Common Shares into or for other shares or securities, a subdivision of any outstanding Common Shares
into a greater number of Common Shares, a combining, reduction or consolidation of any outstanding Common Shares into a smaller number of Common Shares, the issuance of Common Shares as or by way of a stock dividend or other distribution or any
other capital reorganization of the Borrower, except as described in Section 5.1(b); 

  

	 	(ii)	a consolidation, merger, amalgamation, arrangement or other form of business combination of the Borrower with or into another corporation or other entity resulting in a
reclassification of the Common Shares outstanding or a change or exchange of Common Shares into or for other shares or securities; or 

  

	 	(iii)	a transaction whereby all or substantially all of the undertaking and assets of the Borrower become the property of another Person, 

 (any such event being herein called a “Corporate Reorganization”), upon any exercise of the Convertible Note pursuant to
Section 4.1(a) after the effective date of such Corporate Reorganization, the Holder will be entitled to receive and will accept, in lieu of the Common Shares to which it would otherwise have been entitled, the kind and number or amount of
shares or other securities or property that it would have been entitled to receive as a result of such Corporate Reorganization if, on the effective date thereof, the Holder had been the registered holder of the number of Common Shares which it
would have received had the Principal Amount, any accrued and unpaid interest thereon to the Conversion Date and any and all other unpaid amounts then due, accrued, payable or owing with respect thereto under this Convertible Note and sought to be
converted had been converted pursuant to Section 4.1(a) immediately before such effective date. 
  

	 	(b)	If and whenever, at any time from and after the Closing Date until full and final payment of all amounts due, accrued, payable or owing under this Convertible Note, the Borrower
fixes a record date for the issue by way of dividend or other distribution to all or substantially all holders of Common Shares: 

  

	 	(i)	securities of the Borrower, other than Common Shares; 

  

 - 8 - 

	 	(ii)	evidence of Indebtedness; 

  

	 	(iii)	any cash, property or other assets; 

  

	 	(iv)	any rights, options or warrants to subscribe for, purchase or otherwise acquire securities of the Borrower (including Common Shares or securities convertible into or exchangeable
for Common Shares) or any of its cash, property or assets and including evidences of indebtedness, 

 and to the extent that
such dividend or distribution does not constitute an event described in Section 5.1(a) (any of such non-excluded events being herein called a “Special Distribution”) and effective immediately after the record date
at which holders of Common Shares are determined for purposes of the Special Distribution, the kind and number or amount of Common Shares or other securities or property that the Holder is entitled to receive upon exercise of the conversion rights
pursuant to Section 4.1(a) shall be adjusted by such amount and in such manner as is determined by the auditors of the Borrower to be appropriate in order to properly reflect the diminution of value of the Common Shares as a result of such
Special Distribution (without reference to actual market value of those Common Shares). 
  

	5.2	Adjustment Mechanics 

 The following rules and
procedures will be applicable to adjustments made pursuant to this Article 5: 
  

	 	(a)	the adjustments and readjustments provided for in this Article 5 are cumulative and, subject to Section 5.2(b) below, will apply (without duplication) to successive events that
require such an adjustment; 

  

	 	(b)	no adjustment or readjustment provided for in Section 5.1(b) which would have the effect of increasing or decreasing the number of Common Shares or other securities or
property that the Holder is entitled to receive upon exercise of the conversion rights pursuant to Section 4.1(a) shall be made unless the adjustment would result in a cumulative increase or decrease of at least one percent (1%) in
such number of Common Shares or other securities or property, provided that any such adjustment which, except for the provisions of this Section 5.2(b), would otherwise have been required to be made, will be carried forward and taken into
account in any subsequent adjustment; 

  

	 	(c)	for the purposes of Section 5.1(b), there will be deemed not to be outstanding: 

  

	 	(i)	any Common Share owned by or held for the account of the Borrower; 

  

 - 9 - 

	 	(ii)	any Common Share owned by or held for the account of any wholly-owned Subsidiary of the Borrower; and 

  

	 	(iii)	the percentage of Common Shares owned by or held for the account of any Subsidiary that is not a wholly-owned Subsidiary, that is equal to the direct and indirect percentage
interest in the Borrower in the outstanding shares of such Subsidiary that carry a residual right to participate to an unlimited degree in its earnings and in its assets on liquidation or winding-up; 

  

	 	(d)	in the absence of a resolution of the board of directors of the Borrower fixing a record date for purposes of any event referred to in this Article 5, the Borrower will be deemed to
have fixed as the record date therefor the date at which the event is effected or such other date as may be required by law; and 

  

	 	(e)	in the event of any question arising with respect to the application of any adjustments provided in this Article 5, such questions shall be conclusively determined by a firm of
chartered accountants appointed by the Holder and acceptable to the Borrower (who may be the auditors of the Borrower). Such accountants shall have access to all necessary records of the Borrower and such determination shall be binding upon the
Borrower and the Holder. 

  

	5.3	Participation by Holder 

 In the event of the
occurrence of a matter referred to in Section 5.1, no adjustment will be effected pursuant to this Article 5 if the Holder is allowed to participate in such Corporate Reorganization or Special Distribution as if the Holder had exercised the
conversion rights under Section 4.1(a) in full immediately prior to the record date of such event. 
  

	5.4	Notice 

 The Borrower covenants with the Holder that
from and after the Closing Date until full and final payment of the Principal Amount: 
  

	 	(a)	it will give written notice (the “Event Notice”) to the Holder, in the manner provided in Section 8.3, of its intention to fix a record date for any
event referred to in Section 5.1 which may give rise to an adjustment pursuant to this Article 5, and, in each case, such notice shall specify the particulars of such event and the record date and the effective date for such event; provided
that the Borrower shall only be required to specify in such notice such particulars of such event as shall have been fixed and determined on the date on which such notice is given; provided further that such notice shall be given not less than ten
(10) days in each case prior to such applicable record date; and 

  

	 	(b)	it will give written notice to the Holder, in the manner provided in Section 8.3, of any tender or exchange offer for Common Shares, and, in each case, such notice shall
specify the particulars of such offer; provided that such notice shall be given forthwith upon such offer coming to the attention of the Borrower. 

  

 - 10 - 

 ARTICLE 6 
 COVENANT 
  

	6.1	Covenant of the Borrower 

 So long as any of the
Principal Amount or other amounts payable hereunder remain outstanding or this Convertible Note is in effect, and except as otherwise permitted by the prior written consent of the Holder, the Borrower covenants and agrees to observe that it will be
able to, and will duly and punctually, pay or cause to be paid when due the Principal Amount and all interest thereon. 
 ARTICLE 7 

 EVENTS OF DEFAULT 
  

	7.1	Events of Default 

 The occurrence of any one or
more of the following shall constitute an “Event of Default” by the Borrower: 
  

	 	(a)	the Borrower fails to pay when due any part of the amounts due, accrued, payable or owing under this Convertible Note (whether on account of the Principal Amount, interest or
otherwise); 

  

	 	(b)	the Borrower commits any material breach or fails to perform or observe any material obligation, covenant or provision contained in this Convertible Note or any other agreement
between the Holder and the Borrower or any of its Affiliates; 

  

	 	(c)	the Borrower carries on a business which its constating documents prohibit it from carrying on, or loses its charter by expiration, forfeiture or otherwise, or ceases or threatens
to cease to carry on business as a going concern, or if a resolution is passed, a petition is filed or an order is made for the dissolution, liquidation or winding-up of the Borrower or for the suspension of the operations of the Borrower, except
for any such events or occurrences that could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or materially impair the Borrower’s ability to perform its obligations hereunder;

  

	 	(d)	if a final judgment or decree for the payment of money due has been obtained or entered against the Borrower in an amount in excess of twenty million U.S. dollars (U.S.$20,000,000)
and such judgment or decree has not been and remained vacated, discharged or stayed pending appeal within the applicable appeal period; 

  

	 	(e)	any Bankruptcy Event with respect to the Borrower occurs or the Borrower takes corporate or other internal administrative, management or other governance action to authorise any
Bankruptcy Proceeding; or 

  

	 	(f)	if a custodian, liquidator, receiver, receiver and manager, receiver-manager, trustee or any other Person with similar powers is appointed for the Borrower or any assets or property
of the Borrower. 

  

 - 11 - 

	7.2	Notice of Event of Default 

  

	 	(a)	If the Borrower commits an Event of Default specified in Section 7.1(c), (d), (e) or (f), the Holder may, at its option and without prejudice to any other rights and
remedies available to it, serve upon the Borrower a written notice and the Principal Amount and all interest accrued and unpaid thereon and all other amounts owing by the Borrower to the Holder pursuant to this Convertible Note shall immediately
become due and payable. 

  

	 	(b)	If the Borrower commits an Event of Default specified in Section 7.1(a) or (b), the Holder may serve a written notice on the Borrower calling for the relevant Event of Default
to be remedied and if on the expiry of ten (10) Business Days following service of the notice of default either: 

  

	 	(i)	the Event of Default has not been remedied by the Borrower; or 

  

	 	(ii)	if the Event of Default is incapable of being remedied by the Borrower (either within such ten (10) Business Day period or at all) and the Borrower has not paid monetary
compensation acceptable to the Holder in lieu of remedying such Event of Default (such compensation shall include all costs, including reasonable legal costs, incurred by the Holder in enforcing or attempting to enforce its rights hereunder),

 then at the option of the Holder (without prejudice to any other rights and remedies available to it), the entire Principal
Amount and all interest accrued and unpaid thereon and all other amounts owing by the Borrower to the Holder pursuant to this Convertible Note shall, upon written notice by the Holder to the Borrower, immediately become due and payable. 

ARTICLE 8 
 MISCELLANEOUS 

  

	8.1	Cumulative Remedies 

 The remedies under this
Convertible Note shall be cumulative. 
  

	8.2	Failure or Indulgence Not Waiver 

 No failure or
delay on the part of the Holder hereof in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise
thereof or of any other right, power or privilege. All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available. 
  

 - 12 - 

	8.3	Notices 

 Any notice herein required or permitted to
be given shall be in writing and shall be deemed effectively received: (a) upon personal delivery to the party notified, (b) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if not, then on
the next Business Day or (c) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Borrower and the Holder at the
addresses provided below or at such other address as the Borrower or Holder may designate by ten (10) Business Days advance written notice to the other parties hereto. 
  

					
	(a)	  	If to the Borrower, at:
		
		  	Rusoro Mining Ltd.
		  	355 Burrard Street, Suite 830
		  	Vancouver, British Columbia
		  	V6C 2G8
		  	Attention:	  	George Salamis, President
		  	Facsimile:	  	(604) 682-1514
		
		  	with a copy to (which shall not constitute notice):
		
		  	Anfield Sujir Kennedy & Durno
		  	1600 Stock Exchange Tower
		  	609 Granville Street
		  	Pacific Centre
		  	Vancouver, British Columbia
		  	V7Y 1C3
		  	Attention:	  	Michael Kennedy
		  	Facsimile:	  	(604) 669-3877
		
	(b)	  	If to the Holder, at:
		
		  	Schipholweg 66A
		  	1st Floor
		  	2316 XE, Leiden
		  	The Netherlands
		  	Attention:	  	Johan Pauley
		  	Facsimile:	  	+31 (0) 71 528 4636
		
		  	with a copy to (which shall not constitute notice):
		
		  	McCarthy Tétrault LLP
		  	Suite 4700
		  	Toronto Dominion Bank Tower
		  	Toronto, Ontario M5K 1E6
		  	Attention:	  	Brian Graves
		  	Facsimile:	  	(416) 868-0673

  

 - 13 - 

	8.4	Amendment Provision 

 The term “Convertible
Note” and all references thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented, then as so amended or supplemented, and any successor instrument as such successor
instrument may be amended or supplemented. 
  

	8.5	Assignability 

 The Borrower shall not be entitled
to assign and/or transfer all or any of its rights, benefits and obligations under this Convertible Note, except with the written consent of the Holder. The Holder may at any time assign and/or transfer all or any of its rights and benefits under
this Convertible Note to a third party. 
  

	8.6	Cost of Collection 

 In case of any Event of
Default, the Borrower shall pay the Holder’s reasonable costs of collection, including fees of the Holder’s legal counsel. 
  

	8.7	Governing Law 

 This Convertible Note shall be
governed by and construed exclusively in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein, without regard to principles of conflicts of law. 
  

	8.8	Judgment Currency 

  

	 	(a)	If for the purpose of obtaining or enforcing judgment against the Borrower in any court in any jurisdiction it becomes necessary to convert into any other currency (such other
currency being hereinafter in this Section 8.8 referred to as the “Judgment Currency”) an amount due in U.S. dollars under this Convertible Note, the conversion shall be made at the Exchange Rate prevailing on the
Business Day immediately preceding: 

  

	 	(i)	the date of actual payment of the amount due, in the case of any proceeding in the courts of the Province of British Columbia or in the courts of any other jurisdiction that will
give effect to such conversion being made on such date; or 

  

	 	(ii)	the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as of which such conversion is made pursuant to this
Section 8.8(a)(ii) being hereinafter referred to as the “Judgment Conversion Date”) 

  

	 	(b)	 If in the case of any proceeding in the court of any jurisdiction referred to in Section 8.8(a)(ii) above, there is a change in the Exchange Rate prevailing
between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the Exchange
Rate 

  

 - 14 - 

	 	 
prevailing on the date of payment, will produce the amount of U.S. dollars which could have been purchased with the amount of Judgment Currency stipulated in
the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion Date. 

  

	 	(c)	Any amount due from the Borrower under this provision shall be due as a separate debt and shall not be affected by judgment being obtained for any other amounts due under or in
respect of this Convertible Note. 

  

	8.9	Severability 

 In the event that any provision of
this Convertible Note is invalid or unenforceable under any Applicable Law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such Applicable Law. Any such
provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of this Convertible Note. 
  

	8.10	Maximum Payments 

 Nothing contained herein shall be
deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum permitted by Applicable Law. In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum rate
permitted by such law, any payments in excess of such maximum rate shall be credited against amounts owed by the Borrower to the Holder and thus refunded to the Borrower. 
  

	8.11	Construction 

 Each party acknowledges that its
legal counsel participated in the preparation of this Convertible Note and, therefore, stipulates that the rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in the interpretation of this
Convertible Note to favour any party against the other. 
 IN WITNESS WHEREOF, the Borrower has caused this Convertible Note to be
signed in its name effective as of this · day of ·, 2007. 
  

			
	RUSORO MINING LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 - 15 - 

 EXHIBIT A 
 NOTICE OF CONVERSION 
 (To be executed by the Holder in order to convert the Convertible Note)

 All capitalised terms used in this Notice of Conversion shall, unless the context requires otherwise, have the meaning ascribed to them
in the Convertible Note dated as of ·, 2007 issued by ·
 as Borrower. 
 The undersigned hereby elects to convert the Converted Amount of
U.S. dollar                                  owing with respect to the Convertible
Note in accordance with the terms and conditions set forth in the Convertible Note, as of the date written below. 
  

			
		
	Conversion Date:	 	  

		
	Fixed Conversion Price:	 	  

		
	 Common Shares to be
 Delivered:
	 	  

		
	Signature:	 	  

		
	Print Name:	 	  

		
	Address:	 	  

		
		 	  

		
		 	  

		
	 Delivery and Registration
 Instructions:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}]]