Document:

EXCLUSIVE
PURCHASE OPTION AGREEMENT

 

This
Exclusive Purchase Option Agreement (this “Agreement”) is entered into by and among all the parties below on
December 10, 2018, in the People’s Republic of China (“PRC”): 

 

Party
A: Adamant DRI Processing and Minerals Group, a corporation organized under the laws of the State of Nevada, with its address
at Chunshugou Luanzhuang Village, Zhuolu County, Zhangjiakou, Hebei Province. Adamant is the owner of all of the equity of China
Real Fortune Mining Limited, a BVI corporation, which owns all of the equity of Real Fortune Holdings Limited, a Hong Kong limited
company, which in turn owns all of the issued and outstanding capital stock of Zhangjiakou Tongda Mining Technologies Service
Co., Ltd., a Chinese limited company.

 

Party
B: Jing Xie, a citizen of the PRC with Chinese identification No.: 612324199007184046 and PRC passport No.: E91973264
with an address at13B-1 South Garden Fengye Building, Southeast of Nanshan Street, Nanshan District, Shenzhen; and

 

Party
C: Shenzhen Dingshang Technology Co., Ltd.,

 

 

 

a
company with limited liability which has been duly incorporated and is validly existing in the territory of the PRC pursuant to
the laws of the PRC with its address at 13B-1 South Garden Fengye Building, Southeast of Nanshan Street, Nanshan District, Shenzhen.

 

In
this Agreement, each of Party A, Party B and Party C shall be referred to as a “Party” respectively, and they shall
be collectively referred to as the “Parties”.

 

WHEREAS:

 

(1)
On the date of execution of this Agreement, Party B is the only shareholder of Party C and duly holds 100% of the shares of Party
C;

 

(2)
Party B agrees to irrevocably confer upon Party A an exclusive option to purchase all the equities Party B holds in Party C, so
that Party A or a third party designated by Party A (“Designee”) may have the right to purchase all the equities Party
B holds in Party C (“Object Equities”) at any time when the law of the PRC permits and Party A deems it proper. And
Party A agrees to accept the above-mentioned exclusive purchase option.

 

(3)
Party C agrees to irrevocably confer upon Party A an exclusive purchase option to purchase all the assets of Party C, so that
Party A or its Designee may have the right to purchase all the assets of Party C (“Object Assets”) at any time when
the laws of the PRC permits and Party A deems it proper. And Party B agrees to such grant and Party A agrees to accept the above-mentioned
exclusive purchase option.

 

NOW,
THEREFORE, with the consensus reached through negotiation, all parties have entered into this Agreement and agreed to abide
by it pursuant to the applicable laws, regulations and rules of the PRC (“laws of the PRC”).

 

	1.	Conferring
    and Exercise of Purchase Option

 

	 	1.1	Exclusive
    Purchase Option of the Object Equities. Party B hereby irrevocably confers upon Party A the exclusive option to purchase all
    the equities Party B holds in Party C (“Equity Purchase Option”).

 

    	 	1	 

    	 

    

 

	 	1.1.1	This
    Agreement is executed on the date first above written and shall take effect as of such date (such day, the “Effective
    Date”), and subject to earlier termination by Party A, shall continue in effect until the thirtieth anniversary of the
    Effective Date (the “Initial Term”); provided, that if this Agreement has not been terminated by Party A prior
    to the end of the Initial Term or a Renewal Term (as the case may be), the term of this Agreement automatically and without
    any action of any party shall be extended for additional successive ten year periods thereafter (each a “Renewal Term,”
    and collectively with the Initial Term, the “Term”), unless not less than 30 days prior to the end of the Initial
    Term or any Renewal Term Party A notifies Party B and Party C in writing that this Agreement shall terminate at the end of
    the Initial Term or that Renewal Term, as the case may be. In no event shall Party B or Party C have the right to unilaterally
    terminate this Agreement.
	 	 	 
	 	1.1.2	Commencing
    upon the Effective Date and continuing through the Term of this Agreement (“Exercise Period”), Party A
    or its Designee shall have the right to purchase all or part of the equities Party B holds in Party C pursuant to the related
    terms and conditions under this Agreement and at the Exercise Price for Equity Purchase Option (as defined hereunder), provided
    that the laws of the PRC at that time permits. Party B agrees to enter into an Equity Transfer Agreement (“Equity
    Transfer Agreement”) with Party A or its Designee in the format proposed by Party A, unless the laws of the PRC
    require another format. The Exercise Period under this Agreement may be extended before the expiration date through mutual
    agreement by all parties to this Agreement.
	 	 	 
	 	1.1.3	Where
    the laws of the PRC permits and Party A sends the Equity Purchase Exercise Notice (as defined in Subsection 2.2.1), Party
    B and Party C shall unconditionally cooperate with Party A to carry out the procedures prescribed by Party A or its Designee
    and transfer all or part of the Object Equities to Party A or its Designee, and transact all necessary formalities such as
    review and approval, permit, registration and filing.
	 	 	 
	 	1.1.4	The
    Object Equities shall be free of any Security Interest and Party B shall not grant any Security Interest on the Object Equities
    during the term of this Agreement. For the purpose of this Agreement, Security Interest means any mortgage, pledge, the right
    or interest of the third party, any purchase right of equity interest, right of acquisition, right of first refusal, right
    of set-off, ownership detainment or other security arrangements; however, it does not include any security interests created
    under the Equity Pledge Agreement entered into by Party A and Party B on the same day as this Agreement (“Equity
    Pledge Agreement”).
	 	 	 
	 	1.1.5	During
    the Exercise Period, if the holding of all or part of the Object Equities by Party B is or will be deemed to violate the applicable
    laws, Party B and Party C shall immediately send a written notice to Party A to explain the reason in detail and shall take
    such steps to preserve Party A’s right to purchase the Object Equities as Party A shall reasonably request.

 

	 	1.2	Exclusive
    Purchase Option to the Object Assets. Party C hereby irrevocably confers upon Party A the exclusive option to purchase all
    of the assets of Party C (“Assets Purchase Option”). The Equity Purchase Option and the Assets Purchase
    Option collectively are referred to as “Purchase Option.”

 

	 	1.2.1	During
    the Exercise Period, Party A or its Designee shall have the right to purchase all or part of the assets owned by Party C pursuant
    to the terms and conditions under this Agreement at the Exercise Price for Assets Purchase Option or, in the case of the purchase
    of less than all the assets, a percentage thereof (as defined hereunder), provided that the laws of the PRC at that time permits.
    Party C agrees that upon exercise of the Assets Purchase Option, Party C will enter into an assets transfer agreement (“Assets
    Transfer Agreement”) with Party A or its Designee in the format proposed by Party A or its Designee unless the laws
    of the PRC require another format.
	 	 	 
	 	1.2.2	Where
    the laws of the PRC permits and Party A sends the Asset Purchase Exercise Notice (as defined in Subsection 2.3.1), Party B
    and Party C shall unconditionally cooperate with Party A to carry out the above procedures and transfer all or part of the
    Object Assets to Party A or its Designee, and transact all necessary formalities such as review and approval, permit, registration
    and filing.

 

    	 	2	 

    	 

    

 

	 	1.2.3	When
    Party A exercises the Assets Purchase Option, Party B and Party C shall ensure that all other shareholders of Party C, if
    any, approve the asset transfer under this Agreement.

 

	2.	Exercise
    Steps

 

	 	2.1	Pursuant
    to the applicable laws of the PRC, Party A shall have the right to determine the time, manner and number of exercises for
    the Purchase Option.

 

	 	2.2	Exercise
    steps to purchase equities:

 

	 	2.2.1	During
    the Exercise Period, Party A may send an exercise notice (“Equity Purchase Exercise Notice”) to Party B
    to exercise the Equity Purchase Option under this Agreement to purchase all or part of the Object Equities or transfer all
    or part of the Object Equities to a Designee, provided that the laws of the PRC permits at that time.

 

	 	2.2.2	Upon
    receipt of the Equity Purchase Notice pursuant to Subsection 2.2.1 above or earlier if requested by Party A, Party B shall
    immediately:

 

	 	(a)	enter
    into an Equity Transfer Agreement in the format reasonably requested by Party A or its Designees with such modifications as
    are required by the laws of the PRC;

 

	 	(c)	revise
    the Articles of Association of Party C together with Party A and/or its Designee to ensure that Party A or its Designee may
    own the Equities of Party C;

 

	 	(d)	cause
    Party C to promptly convene a shareholder’s meeting to pass the resolutions to approve the equity transfer pursuant
    to the exercise of the Equity Purchase Option and any requested amendment to the Articles of Association of Party C;

 

	 	(e)	together
    with Party A and/or its Designee and other shareholders of Party C at that time, handle all necessary approval and examination,
    registration and filing procedures required by the laws of the PRC within thirty (30) business days as of the date of receipt
    of the Equity Purchase Exercise Notice by Party B or an earlier time agreed upon by the parties; and

 

	 	(f)	execute
    all other requisite contracts, agreements or documents, obtain all requisite approvals and consents of the government, conduct
    all necessary actions to transfer the valid ownership, without any Security Interest, of the Object Equities to Party A and/or
    its Designee, and cause Party A and/or its Designee to be the registered owner of the Object Equities.

 

	 	2.3	Exercise
    steps to purchase assets:

 

	 	2.3.1	During
    the Exercise Period, Party A may send an exercise notice (“Assets Purchase Exercise Notice”) to Party C
    to exercise the Assets Purchase Option under this Agreement, to purchase all or part of the Object Assets owned by Party C
    or transfer all or part of the Object Assets to a Designee, provided that the laws of the PRC permits at that time.

 

    	 	3	 

    	 

    

 

	 	2.3.2	Once
    Party C receives the Assets Purchase Exercise Notice pursuant to Subsection 2.3.1 above or earlier if requested by Party A,
    Party C shall immediately:

 

	 	(a)	enter
    into an Assets Transfer Agreement in the in the format reasonably requested by Party A or its Designees with such modifications
    as are required by the laws of the PRC;

 

	 	(b)	convene
    a shareholder’s meeting to pass the resolution to approve the exercise of the Assets Purchase Option; and

 

	 	(c)	together
    with Party B and all other shareholders of Party C at that time execute all other requisite contracts, agreements or documents,
    obtain all requisite approvals and consents of the government, conduct all necessary actions to transfer the valid ownership,
    without any security interest, of the Object Assets to Party A and/or it Designee, and cause Party A and/or its Designee to
    be the registered owner of the Object Assets (if necessary).

 

	 	2.4	Before
    Party A obtains the Object Equities or the Object Assets by means of exercising either the Equity Purchase Option or the Assets
    Purchase Option, Party B and/or Party C shall entrust Party A to manage Party C pursuant to the Management Entrustment Agreement
    entered into by and between Party A and Party C on the same day as this Agreement.

 

	3.	Exercise
    Conditions

 

During
the Exercise Period, where Party A deems it necessary and the laws of the PRC at that time permits it to purchase the equities
or assets of Party C, Party A may immediately exercise the Equity Purchase Option or the Assets Purchase Option, and purchase
the Object Equities or Object Assets. Party A shall have the right to choose to exercise either the Equity Purchase Option or
the Assets Purchase Option; and the exercise of the Equity Purchase Option will not affect the exercise of the Assets Purchase
Option and vice versa.

 

	4.	Exercise
    Price

 

	 	4.1	Exercise
    price for Equity Purchase Option (“Exercise Price for Equity Purchase Option”) or Assets Purchase Option
    (“Exercise Price for Assets Purchase Option”)

 

Unless
an appraisal is required by the laws of China for the consummation of the Equity Purchase Option or the Assets Purchase Option
when exercised by Party A, the purchase price of the Object Equities or Object Assets (the “Purchase Price”) shall
be an amount equal to the lower of (i) the actual registered capital of Party C corresponding to the Object Equities to be acquired
and (ii) an amount equal to the product of (x) RMB 1,000,000 and (y) a fraction, the numerator of which is the number of Object
Equities being purchased upon such exercise from Party B and the denominator of which is the total number of outstanding equity
interests of Party C on the date of the Equity Purchase Exercise Notice or Assets Purchase Exercise Notice, as the case may be,
provided that in the case of the purchase of a portion of the assets, the numerator shall be the net fair market value of the
assets acquired and the denominator shall be the net fair market value of all of the Party C’s assets as of the date of
the Assets Purchase Exercise Notice.

 

If
after the delivery of the Assets Purchase Exercise Notice or the Equity Purchase Option Exercise Notice, it is determined that
the laws of China do not permit the purchase of the Optioned Equity Interests and/or Assets at the price provided for herein,
the Purchase Price shall be the lowest price allowed by law and Party A shall have the right to rescind its Purchase Option Notice
and continue the management arrangements then in place.

 

    	 	4	 

    	 

    

 

	5.	Representations
    and Warranties

 

	 	5.1	Each
    party respectively represents and warranties to the other parties that:

 

	 	5.1.1	it
    has the right to execute this Agreement, the Equity Transfer Agreement, and the Assets Transfer Agreement, and the capability
    to perform its obligations under this Agreement, the Equity Transfer Agreement, and the Assets Transfer Agreement;

 

	 	5.1.2	it
    has carried out necessary internal derision-making procedures, obtained proper authority, acquired all the necessary consent
    and approval of any requisite third party and government authority to enter into and perform its obligations under this Agreement,
    the Equity Transfer Agreement, and the Assets Transfer Agreement; and

 

	 	5.1.3	once
    executed, this Agreement, the Equity Transfer Agreement, and the Assets Transfer Agreement will constitute the legal, valid,
    and binding obligation of each party, and each party will be subject to compulsory enforcement on it pursuant to the terms
    and conditions under this Agreement, the Equity Transfer Agreement, and the Assets Transfer Agreement.

 

	 	5.2	Party
    B hereby represents and warrants to Party A that:

 

	 	5.2.1	Party
    B is a shareholder, duly and legally registered, of Party C and has paid the subscribed registered capital in full sum pursuant
    to the laws of the PRC. Party B is the only shareholder of Party C;
	 	 	 
	 	5.2.2	The
    Object Equities held by Party B can be freely transferred without anyone’s prior consent, and the Object Equities are
    free of encumbrances of any kind, other than the Security Interest pursuant to the Equity Pledge Agreement;
	 	 	 
	 	5.2.3	Party
    B has complied with all the laws of the PRC and regulations applicable to the purchase of assets and equities in connection
    with this Agreement, the Equity Transfer Agreement, and the Assets Transfer Agreement;
	 	 	 
	 	5.2.4	No
    litigation, arbitration or administrative procedure relevant to the Object Equities or Party B is in process or to be settled,
    and Party B has no knowledge of any pending or threatened claim;
	 	 	 
	 	5.2.5	Party
    B has not sold or agreed to sell the Object Equities to any third party other than Party A or its Designee, and Party B has
    no future plans to sell or agree to sell the Object Equities to any third party other than Party A or its Designee. Party
    B will not grant any Security Interest in the Object Equities or any right to purchase the Object Equities;
	 	 	 
	 	5.2.6	Party
    B strictly abides by the obligations under the Articles of Association of Party C. There are no circumstances that may affect
    the legal status of Party B as the shareholder of Party C, or any circumstance that may prevent Party A from exercising the
    Equity Purchase Option under this Agreement;
	 	 	 
	 	5.2.7	Neither
    the execution and delivery of this Agreement, the Equity Transfer Agreement or Assets Transfer Agreement, nor the performance
    of the obligations under this Agreement, any Equity Transfer Agreement or Assets Transfer Agreement will: (i) violate any
    laws of the PRC; (ii) conflict with its Articles of Association or other organizational documents; (iii) breach any contracts
    or documents to which Party B is a party or which bind Party B; (iv) violate any acquired permits, approvals or any valid
    qualifications; or (v) result in the ceasing or revocation or additional conditions to the acquired permits or approvals;
	 	 	 
	 	5.2.8	Party
    B, upon the request of Party A, will appoint any person designated by Party A to be the director of Party C; and
	 	 	 
	 	5.2.9	Party
    B shall promptly notify Party A of any pending or threatened litigation, arbitration or administrative procedure related to
    the assets, business and income of Party C, and tender to Party A the sole control of the defense and settlement of such claim
    and cooperate with such defense and/or settlement at its own expense.

 

    	 	5	 

    	 

    

 

	 	5.3	Party
    C hereby represents and warrants to Party A that:

 

	 	5.3.1	Party
    C is a company with limited liability, which has been duly incorporated and validly existing pursuant to the laws of the PRC;
	 	 	 
	 	5.3.2	Party
    C has stated to Party A, in the Article 5.1 of Management Entrustment Agreement by on the same day as this Agreement, the
    legal status of land occupied for production facilities, the legal status of production facilities and the contractual arrangement
    with the local county government in connection with mining rights surrounding the production facilities.
	 	 	 
	 	5.3.3	Party
    C complies with all PRC laws and regulations applicable to the purchase of assets and equities in connection with this Agreement,
    the Equity Transfer Agreement, and the Assets Transfer Agreement;
	 	 	 
	 	5.3.4	The
    shares of Party C are transferable, and Party C has not permitted or caused any Security Interest to be imposed upon the shares
    of Party C, other than the Security Interest pursuant to the Equity Pledge Agreement;
	 	 	 
	 	5.3.5	Party
    C does not have any unpaid debt, other than (i) debt arising from the ordinary course of business; and (ii) debt disclosed
    to Party A and obtained written consent by Party A;
	 	 	 
	 	5.3.6	No
    litigation, arbitration or administrative procedure relevant to Object Equities, the Object Assets or Party C itself is in
    process or to be settled and Party C has no knowledge of any pending or threatened claim;
	 	 	 
	 	5.3.7	Party
    C has not sold or agreed to sell any of its assets to any third party other than Party A or its Designee, and Party C has
    no future plans to sell or agree to sell the Object Assets to any third party other than Party A or its Designee. Party C
    will not grant any party the right to purchase any of its assets or grant a Security Interest on its assets to any party;
	 	 	 
	 	5.3.8	Neither
    the execution and delivery of this Agreement, the Equity Transfer Agreements or Assets Transfer Agreements, nor the performance
    of the obligations under this Agreement, any Equity Transfer Agreements or Assets Transfer Agreements will: (i) violate any
    laws of the PRC; (ii) conflict with its Articles of Association or other organizational documents; (iii) breach any contracts
    or documents to which Party C is a party or which bind Party C; (iv) violate any acquired permits, approvals or any valid
    qualifications; or (v) result in the ceasing or revocation or additional conditions to the acquired permits or approvals;
	 	 	 
	 	5.3.9	Party
    C will agree to look for insurance from an insurance company acceptable to Party A. The amount and category of insurance shall
    be the same as those held by the companies which are in the same industry with similar business and own the similar properties
    and assets as Party C;
	 	 	 
	 	5.3.10	Upon
    the request of Party A, Party C shall provide all related operation and finance materials of Party C to the extent that those
    materials are available to Party C; and
	 	 	 
	 	5.3.11	Party
    C shall promptly notify Party A of any pending or threatened litigation, arbitration or administrative procedure related to
    the assets, business and income of Party C, and tender to Party A the sole control of the defense and settlement of such claim
    and cooperate with such defense and/or settlement at Party C’s expense.

 

    	 	6	 

    	 

    

 

	 	5.4	Before
    Party A obtains the Object Equities and Object Assets of Party C by means of exercising either the Equity Purchase Option
    or the Assets Purchase Option, without the prior written consent by Party A, Party B and Party C shall not jointly or separately:

 

	 	5.4.1	amend,
    modify or revise the Articles of Association of Party C in any form, or change the structure of the shareholders of Party
    C;
	 	 	 
	 	5.4.2	agree
    to increase or decrease the registered capital or the number of existing shareholders of Party C;
	 	 	 
	 	5.4.3	cause
    Party C to have transactions, which may materially affect the assets, business, net assets or other legal rights and liabilities
    of Party C, unless these transactions are related to the ordinary course of business or have been disclosed to and the written
    consent from Party A has been obtained;
	 	 	 
	 	5.4.4.	transfer
    or dispose the Object Equities in any manner or grant any security interest or any other third party right on the Object Equities;
	 	 	 
	 	5.4.5	sell,
    transfer, mortgage or dispose in any other form, any asset, income and any other legal yield and interest of Party C, or approve
    any encumbrance or imposition of any Security Interest on Party C’s assets;
	 	 	 
	 	5.4.6	issue
    or provide guarantee, loan or credit to any third party or incur any debt, other than (i) the debt arising from ordinary course
    of business; and (ii) the debt has been disclosed to Party A and the written consent by Party A has been obtained.
	 	 	 
	 	5.4.7	terminate
    or cause Party C to terminate any material agreement (whose definition is at Party A’s discretion at that time) entered
    into by Party C, or enter into any agreement that would conflict with the existing material agreements of Party C and/or Party
    B;
	 	 	 
	 	5.4.8	distribute
    any distributable profit, bonus, dividends or interests of Party C, unless otherwise stipulated by the laws of the PRC; or
	 	 	 
	 	5.4.9	approve
    or adopt any shareholders resolution at a shareholder meeting of Party C which may cause Party C to be merged, acquired or
    invested, or to merge, acquire or invest in or associate with any entity other than Party A.

 

	6.	Transfer
    of this Agreement

 

	 	6.1	Without
    the prior written consent by Party A, Party B and Party C shall not sub-contract, license or transfer its rights and obligations
    under this Agreement to any third party or its affiliate; and any transfer of this Agreement without prior written consent
    of Party A shall be invalid.

 

	 	6.2	Party
    B and Party C agree and confirm that Party A may transfer its rights and obligations under this Agreement, without the consent
    of Party B and/or Party C, to any third party, provided that Party A notifies Party B and Party C of such transfer in writing.

 

	7.	Confidentiality

 

	 	7.1	All
    parties agree that, all materials, documents, communications and other information obtained in the negotiation, execution
    or performance of this Agreement, the Equity Transfer Agreement, and the Assets Transfer Agreement, whether commercial, technical
    or in any other form (“Confidential information”), shall be strictly kept confidential and used only for the performance
    of the obligations under this Agreement, the Equity Transfer Agreement, and the Assets Transfer Agreement. Unless the other
    parties consent in writing, none of the parties shall release, leak or disclose any Confidential Information to any third
    party.

 

    	 	7	 

    	 

    

 

	 	7.2	Each
    party may disclose the Confidential Information in the following circumstances: (1) where the laws, court orders or the competent
    courts with jurisdiction require, and such disclosure may be conducted only within such requirement; (2) where the competent
    authority or government department requires; (3) where such Confidential Information has been known to the general public;
    (4) where such Confidential Information was owned duly and legally by the disclosing party rather obtained from the other
    party before the disclosing party obtains it; (5) the information is required to be disclosed subject to the applicable laws
    or the rules or provisions of a stock exchange or securities governing authority; and (6) the information is disclosed by
    each party to its legal or financial consultant relating the transaction of this Agreement, the Equity Transfer Agreement,
    and the Assets Transfer Agreement, and this legal or financial consultant shall comply with the confidentiality set forth
    in this Section 7.

 

However,
for the circumstances aforesaid, where any party discloses the Confidential Information, it shall inform the other parties of
the Confidential Information to be disclosed.

 

	 	7.3	Nonetheless
    other provisions of this Section 7, each party shall have the right to disclose the Confidential Information to its lawyer,
    accountant, other professional consultants, directors or senior officers; such personnel shall undertake in writing to treat
    such information as Confidential Information by taking the measures similar to those provided in 7.1 of this Section.

 

	 	7.4	The
    disclosure of the Confidential Information by staff or employed institution of any party shall be deemed as the disclosure
    of such Confidential Information by such party, and such party shall bear the liabilities for breaching the agreement.

 

	 	7.5	This
    Section 7 shall survive whatever this Agreement is invalid, amended, revoked, terminated or unable to implement by any reason.

 

	8.	Liability
    for breach

 

	 	8.1	Any
    parties shall sufficiently perform this Agreement. Any Party breaching this Agreement shall bear the liability as arising
    out of and in relation thereto. If such breach causes damages to any other party, the breaching party shall compensate such
    party for all such damages.

 

	 	8.2	If
    Party B breaches this Agreement, in addition to the remedies stipulated by the laws of the PRC, Party A may also take the
    following measures:

 

	 	8.2.1	require
    Party B to transfer all or any part of the Object Equities immediately at the Exercise Price for Equity Purchase Option to
    Party A or its Designee, provided that the laws of the PRC permit at that time; and

 

	 	8.2.2	require
    Party B to compensate all direct and indirect damages, including but not limited to all the legal fees, travel fees and investigation
    fees paid for seeking and enforcing such remedies.

 

	 	8.3	If
    Party C breaches this Agreement, in addition to the remedies stipulated by the laws of the PRC, Party A may also take the
    following measures:

 

	 	8.3.1	require
    Party C to transfer all or part of the Object Assets immediately at the Exercise Price for Assets Purchase Option to Party
    A or its Designee, provided that the laws of the PRC permit at that time;

 

	 	8.3.2	require
    Party B to exercise the rights as a shareholder of Party C, and cure the breach of Party C; if after ten (10) days after Party
    A sends a written notice to Party B or Party C, such breach has not been cured, Party A shall have the right to require Party
    B to transfer all or part of the Object Equities immediately at the Exercise price for Equity Purchase Option to Party A or
    its Designee provided that the laws of the PRC permit at that time; or

 

    	 	8	 

    	 

    

 

	 	8.3.3
    	require
    Party B and Party C to compensate all direct and indirect damages, including but not limited to all the legal fees, travel
    fees and investigation fees paid for seeking and enforcing such remedies.

 

	9.	Governing
    Law and Dispute Resolution

 

	 	9.1	The
    execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes
    hereunder shall be governed by the formally published and publicly available laws of the PRC. Matters not covered by formally
    published and publicly available laws of the PRC shall be governed by international legal principles and practices.

 

	 	9.2	All
    parties agree that any dispute arising from or in relation to this Agreement shall first be settled by the friendly negotiation
    of both parties. If the negotiation fails within 45 days, each party shall have the right to file the dispute with China International
    Economic and Trade Arbitration Commission (“CIETAC”) in Beijing for arbitration pursuant to the currently
    effective arbitration rules of CIETAC at the time of application. This arbitration shall be final and bind all parties and
    shall be enforceable in any court of competent jurisdiction. The arbitration fees shall be borne by the losing party.

 

	 	9.3	Upon
    the occurrence of any disputes arising from the construction and performance of this Agreement or during the pending arbitration
    of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective
    rights under this Agreement and perform their respective obligations under this Agreement.

 

	10.	Effect
    and Termination

 

	 	10.1	This
    Agreement shall come into effect on and after the date that it is signed and/or stamped by all parties.

 

	 	10.2	In
    any of the following circumstances, this Agreement shall be terminated:

 

	 	10.2.1	where,
    during the Exercise Period, all parties reach an agreement to terminate this Agreement;

 

	 	10.2.2	where,
    during the Exercise Period, Party A notifies the other parties thirty (30) days in advance to terminate this Agreement; in
    such circumstance, Party A shall not assume any liabilities as arising out of and in relation thereto;

 

	 	10.2.3	at
    the expiration of the Exercise Period provided; however, Party A may extend the Exercise Period and this Agreement in its
    sole discretion; or

 

	 	10.2.4	upon
    the unanimous agreement by all parties.

 

	 	10.3	Section
    7 regarding confidentiality and Section 12 regarding indemnification shall survive the termination of this Agreement.

 

	11.	Taxes
    and Fees

 

All
taxes and fees resulting from the execution and performance of this Agreement, the Equity Purchase Agreement and the Assets Purchase
Agreement shall be borne by Party C.

 

    	 	9	 

    	 

    

 

	12.	Indemnification

 

Party
B and Party C shall indemnify and hold harmless Party A or its Designee, their affiliates and each of their respective successors
and assigns, and their respective officers, directors, employees and agents (collectively, “Indemnified Party”)
from and against any liabilities, claims (including claims by third parties), demands, judgments, losses, costs, damages or expenses
whatsoever (including reasonable attorneys’, consultants’ and other professional fees and disbursements of every kind,
nature and description) (collectively, “Damages”) such Indemnified Party may sustain, suffer or incur and that
result from, arise out of or relate to the willful breach of this Agreement, the Equity Purchase Agreement and the Assets Purchase
Agreement by Party B or Party C.

 

	13.	General
    Terms

 

	 	13.1	Entire
    Agreement. This Agreement and the Exhibits and Schedules hereto contain the entire understanding between the parties, no other
    representations, warranties or covenants having induced any party to execute this Agreement, and supersede all prior or contemporaneous
    agreements with respect to the subject matter hereof. All references to schedules and exhibits are to exhibits and schedules
    attached to and to become a part of this Agreement unless otherwise indicated.

 

	 	13.2	Amendment.
    Any amendment and/or rescission shall be in writing and signed by the authorized representatives of all parties. Such revision
    shall be a valid integral part of this Agreement.

 

	 	13.3	Headings.
    The headings of any Sections or other portion of this Agreement are for convenience only and are not to be considered in construing
    this Agreement.

 

	 	13.4	Construction.
    References in this Agreement to “Sections,” “Schedules” and “Exhibits” shall be to the
    Sections, Schedules and Exhibits of this Agreement, unless otherwise specifically provided; any use in this Agreement of the
    singular or plural, or the masculine, feminine or neuter gender, shall be deemed to include the others, unless the context
    otherwise requires; the words “herein”, “hereof” and “hereunder” and words of similar
    import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this
    Agreement; the word “including” when used in this Agreement shall mean “including without limitation”;
    and except as otherwise specified in this Agreement, all references in this Agreement (a) to any agreement, document, certificate
    or other written instrument shall be a reference to such agreement, document, certificate or instrument, in each case together
    with all exhibits, schedules, attachments and appendices thereto, and as amended, restated, supplemented or otherwise modified
    from time to time in accordance with the terms thereof; and (b) to any law, statute or regulation shall be deemed references
    to such law, statute or regulation as the same may be supplemented, amended, consolidated, superseded or modified from time
    to time.

 

	 	13.5	Severability.
    Any provision hereof that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
    to the extent of such prohibition or unenforceability, without invalidating the remaining provisions hereof, and any such
    prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
    jurisdiction.

 

	 	13.6	Waiver.
    No failure or delay of either party to enforce any right hereunder shall constitute a waiver of any such right hereunder.
    No waiver shall be effective hereunder unless in writing and a waiver shall only be effective for the specific act or circumstance
    for which it is given and not for any future act or circumstance.

 

	 	13.7	Succession
    of this Agreement. This Agreement shall bind the successors and transferees of all parties.

 

	 	13.8	Language.
    This Agreement is in both Chinese and English and signed by all parties, and the two versions have the same effect. Should
    there be any discrepancy between the two language versions, the Chinese version shall prevail.

 

	 	13.9	Copies
    of this Agreement. This Agreement shall be executed in four counterparts; each party holds one and the rest are used for the
    transaction of related formalities. Each of the copies shall be deemed as the original one and has the same effect.

 

    	 	10	 

    	 

    

 

IN
WITNESS WHEREOF, all parties have signed this Agreement on the date specified on the first page of this Agreement by their
respective authorized representatives.

 

	Party
    A: Adamant DRI Processing and Minerals Group	 	 
	Legal
    Representative or Authorized Representative (signature):	/s/
    Ethan Chuang 	 
	 	 	Ethan
    Chuang	 
	 	 	 	 
	Party
    B: Jing Xie (signature):	/s/ Jing Xie 	 	 
	 	 	 	 
	Party
    C: Shenzhen Dingshang Technology Co., Ltd., (seal) 	 	 
	Legal
    Representative or Authorized Representative (signature): 	/s/ Jing Xie	 

 

    	 	11Power
of Attorney

 

I,
Jing Xie, a citizen of the People’s Republic of China (the “PRC”), with Chinese Identification Card No.:
612324199007184046 and PRC passport No.: E91973264 and the holder of 100% of the shares of Shenzhen
Dingshang Technology Co., Ltd. (“My Shareholding”), having an address at13B-1 South Garden Fengye Building,
Southeast of Nanshan Street, Nanshan District, Shenzhen, hereby irrevocably authorize Adamant DRI Processing and Minerals Group.,
Ltd. (“Adamant”), which is the owner of all of the equity of China Real Fortune Mining Limited, a BVI corporation,
which owns all of the equity of Real Fortune Holdings Limited, a Hong Kong limited company, which in turn owns all of the issued
and outstanding capital stock of Zhangjiakou Tongda Mining Technologies Service Co., Ltd., a Chinese limited company (“China
Tongda”) to exercise by itself or through China Tongda the following rights relating to My Shareholding during the term
of this Power of Attorney:

 

Adamant
is hereby authorized to act on behalf of myself as my exclusive agent and attorney with respect to all matters concerning My Shareholding,
including without limitation to: 1) attend the shareholders’ meetings of Shenzhen Dingshang Technology Co., Ltd. and/or
sign the relevant resolution(s); 2) exercise all the shareholders’ rights and shareholder’s voting rights I am entitled
to under the laws of the PRC and the Articles of Association of Shenzhen Dingshang Technology Co., Ltd., including but not limited
to the sale or transfer or pledge or disposition of My Shareholding in part or in whole; and 3) designate and appoint on behalf
of myself the legal representative, Chairman of the board of directors and/or director, supervisor, the chief executive officer,
financial officer and other senior management members of Shenzhen Dingshang Technology Co., Ltd.

 

Without
limiting the generality of the powers granted hereunder, Adamant shall have the power and authority under this Power of Attorney
to execute the relevant share and/or assets agreements stipulated in the Exclusive Purchase Option Agreement, to which I am required
to be a party, on behalf of myself, and to effect the terms of the Share Pledge Agreement and Exclusive Purchase Option Agreement,
both dated the date hereof, to which I am a party. So long as this Power of Attorney is in effect, I shall not exercise any of
the rights available to a shareholder of Shenzhen Dingshang Technology Co., Ltd.

 

Except
as otherwise provided hereunder, Adamant is entitled to perform, at its discretion, all the necessary rights incurred from My
Shareholding without my oral or written instructions.

 

Except
as otherwise provided hereunder, Adamant is entitled to transfer, allocate or utilize in some other ways the dividends-in-cash
and other non-cash income arising from My Shareholding in accordance with my oral or written instructions.

 

All
the actions related to My Shareholding conducted by Adamant shall be deemed as my own actions, and all the documents related to
My Shareholding executed by Adamant shall be deemed to be executed by me. I hereby acknowledge and ratify those actions and/or
documents by Adamant.

 

    	 	1	 

    	 

    

 

Adamant
is entitled to re-authorize or assign its rights related to the aforesaid matters to any other person or entity at its own discretion
and without giving prior notice to me or obtaining my consent. However, Adamant shall immediately inform me of such reauthorization
or assignation and such reauthorization or assignation shall not impair my benefits.

 

This
Power of Attorney shall be irrevocable and continuously valid from the date of execution of this Power of Attorney, so long as
I am a shareholder of Shenzhen Dingshang Technology Co., Ltd.

 

During
the term of this Power of Attorney, I hereby waive all the rights related to My Shareholding, which have been authorized to Adamant
through this Power of Attorney, and shall not exercise such rights by myself.

 

	By:	 /s/
    Jing Xie	 
	Jing
    Xie	 	 
	December
    10, 2018	 
	 	 	 
	By:	 /s/
Yunlong Zhang   	 
	Witness:
    	 Yunlong
    Zhang Chinese Identification Card No.: 429001197808274616
	December
    10, 2018	 

 

    	 	2

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