Document:

Exhibit
10.16

 

Certain information has been omitted from the exhibit
because it is both (i) not material and (ii) of the type that the registrant customarily and actually treats as private or confidential.
The omissions have been indicated by (“[***]”).

 

DATED
20 January 2022

 

 

 

SUPPLY
OF SUPPORT SERVICES AGREEMENT

 

 

 

between

 

 

PILANESBERG
PLATINUM MINES PROPRIETARY LIMITED

 

 

and

 

 

KELLPLANT
PROPRIETARY LIMITED

 

     

     

    

 

Contents

 

 

Clause

	1.   	Interpretation	1
	2.   	Commencement
    and duration	6
	3.   	PPM’s
    obligations	7
	4.   	Kellplant’s
    Obligations	8
	5.   	Charges
    and payment	10
	6.   	Quality
    of services	13
	7.   	Confidentiality	14
	8.   	Limitation
    of liability	16
	9.   	Insurance	16
	10.   	Termination	17
	11.   	Force
    majeure	19
	12.   	General	21
	13.   	Rights
    of third parties	22
	14.   	Notices	23
	15.   	Dispute
    resolution	24
	16.   	Governing
    law and jurisdiction	26
	Schedule
    1	PPM Kell Plant Site 	28
	Schedule
    2 	Personnel
    involved in rendering the Services and percentage of hours to be spent by each such personnel	28

     

     

    

 

THIS
AGREEMENT is dated 20 January 2022

 

Parties

 

		(1)	PILANESBERG
                                            PLATINUM MINES PROPRIETARY LIMITED (registration number 2002/015572/07) a private limited
                                            liability company incorporated in accordance with the laws of South Africa whose registered
                                            office is at Unit FF04, First Floor, Southdowns Office Park Cnr. John Vorster Drive &
                                            Karee Road Irene Ext 54, 0157 Centurion, Republic of South Africa (“PPM”);
                                            and

 

		(2)	KELLPLANT
                                            PROPRIETARY LIMITED (registration number 2015/364753/07), a private limited liability company
                                            incorporated in accordance with the laws of South Africa, whose registered office is at Unit
                                            FF04, First Floor, Southdowns Office Park Cnr. John Vorster Drive & Karee Road Irene
                                            Ext 54, 0157 Centurion, Republic of South Africa (“Kellplant”).

 

Recitals

 

The
Parties have agreed that PPM will provide certain services to Kellplant in relation to the design, construction and commissioning and
operation of the PPM Kell Plant on the terms set out in this Agreement.

 

Agreed
Terms

 

		1.	Interpretation

 

		1.1	The
                                            definitions and rules of interpretation in this clause apply in this Agreement.

 

		(a)	Agreement
                                            means this agreement, together with the schedule thereto;

 

		(b)	Effective
                                            Date means 1 January 2021;

 

		(c)	Governmental
                                            Entity means any national, state, municipal or local government (including any subdivision,
                                            court, administrative 

 

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	 	 	agency
                                            or commission or other authority thereof), or any governmental department, or any agency,
                                            regulator, court, entity, commission, board, ministry, bureau, locality or authority of any
                                            of the foregoing, or any quasi-governmental or private body exercising any binding regulatory
                                            or other governmental or quasi-governmental authority or function in South Africa;
	 	 	 
		(d)	Group
                                            means Kellplant, KTSA and any company in which KTSA (a) owns directly or indirectly a
                                            majority of the issued share capital and/or (b) holds directly or indirectly a majority of
                                            the voting rights (c) is entitled to receive the majority of any distribution (d) is entitled
                                            to receive the majority of its assets on a winding up and/or (e) any holding company which
                                            directly or indirectly controls KTSA;

 

		(e)	Interest
                                            Rate means Prime plus [***] %;

 

		(f)	Kellplant
                                            means Kellplant Proprietary Limited (registration number 2015/364753/07), a private limited
                                            liability company incorporated in accordance with the laws of South Africa, whose registered
                                            office is at Unit FF04, First Floor, Southdowns Office Park Cnr. John Vorster Drive &
                                            Karee Road Irene Ext 54, 0157 Centurion, Republic of South Africa;

 

		(g)	KTSA
                                            means Kelltechnology South Africa (RF) Proprietary Limited (registration number 2008/026628/07),
                                            a private limited liability company incorporated in accordance with the laws of South Africa,
                                            whose registered office is at Unit FF04, First Floor, Southdowns Office Park Cnr. John Vorster
                                            Drive & Karee Road Irene Ext 54, 0157 Centurion, Republic of South Africa;

 

		(h)	Law
                                            means any applicable law (including all statutes and subordinated legislation or other
                                            legislative measure), constitution, treaty, regulation, rule, ordinance, by-laws, principle
                                            of common law, order or decree of any Governmental Entity (including any judicial or administrative
                                            interpretation thereof) in force from time to time;

 

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		(i)	Parties
                                            means PPM and Kellplant and “Party” means any one of them as the context
                                            requires;

 

		(j)	PPM
                                            Expenses has the meaning set out in clause 5.8;

 

		(k)	PPM
                                            Kell Plant Site means the site outlined in orange in the diagram attached as Schedule
                                            1 ;

 

		(l)	“PPM
                                            Key Personnel” means each of the individuals specified in Schedule 2 of this Agreement
                                            who shall assume primary responsibility for providing the Services in terms of this Agreement;

 

		(m)	Prime
                                            means the publicly quoted nominal prime rate of interest per annum from time to time
                                            at which Investec Bank Limited lends money on unsecured overdraft to corporate borrowers,
                                            which interest rate shall be a nominal annual rate compounded monthly in arears, and calculated
                                            on a 365 day year, irrespective of whether or not the year in question is a leap year. A
                                            certificate from any manager of Investec Bank Limited, whose appointment or authority need
                                            not be proved, as to Prime at any time and the usual way in which it is calculated and compounded
                                            at such time shall, in the absence of clerical or manifest error, be prima facie proof
                                            of prime;

 

		(n)	Project
                                            Documents means any agreements and documents in relation to the design, engineering,
                                            construction, commissioning, development and/or operation of the PPM Kell Plant, including
                                            all documents, drawings and sketches, maps, plans, photographs, specifications, calculations,
                                            reports, computer software, databases, manuals, as built documents, models, three-dimensional
                                            works pertaining to geography or topography or other architectural works, technical and design
                                            documents and any other copyright works prepared for the benefit of Kellplant pursuant to
                                            this Agreement;

 

		(o)	Rand
                                            Equivalent means the official closing mid-market US Dollar to South African Rand exchange
                                            rate on the date on which each 

 

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	 	 	monthly
                                            invoice is issued, as published by Bloomberg (https://www.bloomberg.com/quote/USDZAR:CUR)
                                            at 11h00 (South African time) on the date on which such invoice is issued (or if no such
                                            date is quoted by Bloomberg, then the official closing mid-market US Dollar to South African
                                            Rand exchange rate published on the Reuters Screen FX Page as at 11h00 (South African time)
                                            on the date on which such invoice is issued);
	 	 	 
		(p)	Reasonable
                                            and Prudent Standards means the standards of a person using reasonable efforts to perform
                                            its obligations under this Agreement exercising the degree of skill, diligence, prudence
                                            and foresight that would reasonably and ordinarily be expected from a skilled and experienced
                                            professional complying with all applicable Laws;

 

		(q)	Services
                                            means the personnel support services to be provided by PPM to Kellplant under this Agreement
                                            in relation to the design, construction, commissioning and operation of the PPM Kell Plant,
                                            including, without limitation:

 

		(i)	accounting
                                            services relating to the preparation of management accounts, audited accounts, financial
                                            statements and the facilitation of financial audits, in respect of Kellplant;

 

		(ii)	environmental
                                            monitoring services to maintain the PPM premises and the PPM Kell Plant Site, as agreed between
                                            the Parties from time to time;

 

		(iii)	assisting
                                            Kellplant with preparation of materials and facilitating environmental, research and development,
                                            and other tax incentive applications;

 

		(iv)	liaison
                                            with Kellplant and PPM staff for integration of the PPM Kell Plant into the PPM Kell Plant
                                            Site;

 

		(v)	assisting
                                            Kellplant with negotiation of feed purchase and product offtake agreements;

 

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		(vi)	development
                                            and updating of project financial models;

 

		(vii)	assisting
                                            Kellplant with negotiation of project funding, including funding of SPM;

 

		(viii)	assisting
                                            Kellplant with negotiation of Special Economic Zone (as such term is defined in the Special
                                            Economic Zone Act, 16 of 2014);

 

		(ix)	assisting
                                            with preparation of policies and procedures linked to the “Services” as defined
                                            and listed herein;

 

		(x)	assisting
                                            with preparation of staffing requirements and training procedures;

 

		(xi)	assisting
                                            with preparation of reporting documents to the boards of the Group, in so far as they relate
                                            to the “Services” as defined and listed herein; and

 

		(xii)	assisting
                                            with preparation of commissioning policies and procedures;

 

		(r)	Signature
                                            Date means the date on which this Agreement is signed by the last Party signing this
                                            Agreement;

 

		(s)	South
                                            Africa means the Republic of South Africa; and

 

		(t)	SPM
                                            means Sedibelo Platinum Mines Limited, registration number 5440, a company incorporated
                                            in Guernsey having its registered address at 11 New Street, St Peter Port, Guernsey, GY1
                                            2PF.

 

		1.2	Clause,
                                            schedule and paragraph headings are for reference purposes and convenience only and shall
                                            not affect the interpretation of this Agreement.

 

		1.3	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.

 

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		1.4	A
                                            person includes a natural person, corporate or unincorporated body (whether or not having
                                            separate legal personality).

 

		1.5	The
                                            schedules form part of this Agreement and shall have effect as if set out in full in the
                                            body of this Agreement. Any reference to this Agreement includes the schedules.

 

		1.6	Terms
                                            defined in this Agreement shall bear the same meanings in schedules to this Agreement to
                                            the extent to which they do not themselves contain their own definitions.

 

		1.7	Words
                                            in the singular shall include the plural and vice versa.

 

		1.8	The
                                            rule of construction that a contract should be interpreted against the Party responsible
                                            for drafting or preparation of the contract, shall not apply to this Agreement.

 

		1.9	Where
                                            the words include(s), including or in particular are used in this Agreement, they are deemed
                                            to have the words without limitation following them. Where the context permits, the words
                                            other and otherwise are illustrative and shall not limit the sense of the words preceding
                                            them.

 

		1.10	Any
                                            obligation in this Agreement on a person not to do something includes an obligation not to
                                            agree, allow, permit or acquiesce in that thing being done.

 

		1.11	References
                                            to clauses and schedules are to the clauses and schedules of this Agreement.

 

		1.12	Any
                                            reference in this Agreement to any other agreement or document shall be construed as reference
                                            to such agreement or document as same may have been, or may from time to time be, amended,
                                            varied, novated or supplemented.

 

		2.	Commencement
                     and duration

 

		2.1	PPM
                                            shall provide:

 

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		(a)	the
                                            Services to Kellplant on the terms and conditions of this Agreement from the Effective Date.

 

		(b)	PPM
                                            shall provide the Services from the Effective Date and shall continue to provide the Services
                                            until such time as the Services are terminated in accordance with clause 10.

 

		3.	PPM’s
                                            obligations

 

		3.1	PPM
                                            shall provide and complete the Services to Kellplant:

 

		(a)	in
                                            accordance with this Agreement;

 

		(b)	in
                                            accordance with Project Documents insofar as they pertain to the Services;

 

		(c)	in
                                            performing its obligations under this Agreement, not do anything or fail to do something
                                            which causes any member of the Group to be in breach of its obligations under the Project
                                            Documents or which impedes, hinders or disrupts any member of the Group’s performance
                                            of its obligations under the Project Documents;

 

		(d)	obtain
                                            and maintain all necessary licences and consents and comply with all relevant Laws in relation
                                            to the Services;

 

		(e)	observe
                                            all health and safety rules and regulations and any other reasonable security requirements
                                            that apply at the Kellplant premises and that have been communicated to it under clause 3.1(d)
                                            provided that it shall not be liable under this Agreement if, as a result of such observation,
                                            it is in breach of any of its obligations under this Agreement;

 

		(f)	notify
                                            Kellplant in writing as soon as it becomes aware of any health and safety hazards or issues
                                            which arise: (i) in relation to the Services; and/or (ii) at the Kellplant premises;

 

		(g)	co-operate
                                            with Kellplant in all matters relating to the Services; and

 

		(h)	generally,
                                            do all such things necessary and incidental to the provision of the Services as may be required
                                            by Kellplant, acting reasonably.

 

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		3.2	PPM
                                            must ensure that:

 

		(a)	any
                                            documents to be prepared by PPM and submitted the Kell Entities under this Agreement are
                                            in a format approved by the Kell Entities, acting reasonably;

 

		(b)	the
                                            PPM employees rendering the Services are familiar with and comply with Kellplant’s
                                            reasonable directions, procedures and policies that are provided by Kellplant to PPM.

 

		3.3	PPM
                                            is and remains fully responsible for the suitability and safety of the equipment used by
                                            all the PPM employees from time to time, whether within or outside Kellplant’s premises.

 

		3.4	For
                                            the duration of the term of this Agreement, PPM shall:

 

ensure
that the PPM Key Personnel are suitably qualified, skilled and experienced to provide the Services contemplated in this Agreement and
whose deployment by PPM to provide the Services shall be approved in writing by Kellplant, acting reasonably;

 

		(a)	ensure
                                            that [***] is reasonably available through, in particular, having a telephone and/or cellular
                                            telephone and maintaining continued accessibility to the internet and email for this purpose;
                                            and

 

		(b)	immediately
                                            notify Kellplant by way of telephone and/or email should any material circumstances arise,
                                            including any delays, in respect of or in connection with the rendering by it or any third
                                            party supplier of the Services and to work expeditiously with Kellplant to resolve any such
                                            issues as may arise from time to time.

 

		4.	Kellplant’s
                                            Obligations

 

		4.1	Kellplant
                                            shall:

 

		(a)	co-operate
                                            with PPM in all matters relating to the Services and do such things as may be reasonably
                                            necessary to enable PPM to deliver the Services;

 

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		(b)	to
                                            the extent that PPM has not been involved in the preparation and execution of any of the
                                            Project Documents, provide PPM with a copy of any such Project Documents upon execution thereof
                                            as soon as is reasonably practicable;

 

		(c)	provide
                                            PPM, its agents, subcontractors, consultants and employees, in a timely manner and at no
                                            charge, reasonable access to the Kellplant premises, office accommodation, data and other
                                            facilities to the extent necessary for the performance of Services, provided that Kellplant
                                            reserves the right to (acting reasonably) refuse any PPM agents, subcontractors, consultants
                                            and employees access to Kellplant’s premises at any time;

 

		(d)	provide,
                                            in a timely manner, such information as PPM may reasonably require for the provision of the
                                            Services;

 

		(e)	obtain
                                            and maintain all necessary licences and consents and comply with all relevant legislation
                                            in relation to its operations;

 

		(f)	be
                                            responsible (at its own cost) for preparing and maintaining the relevant premises for the
                                            supply of the Services, including identifying, monitoring, removing and disposing of any
                                            hazardous materials from any of its premises in accordance with all applicable laws, before
                                            and during the supply of the Services at those premises;

 

		(g)	inform
                                            PPM of all health and safety rules and regulations and any other reasonable security requirements
                                            that apply at the Kellplant premises and the PPM Kell Plant Site;

 

		(h)	ensure
                                            that all equipment, systems or facilities of Kellplant and those located at the PPM Kell
                                            Plant Site are used directly or indirectly in the supply of the Services are in good working
                                            order and suitable for the purposes for which it is used in relation to the Services and
                                            conforms to all applicable standards and requirements in South Africa; and

 

		(i)	make
                                            payment against PPM’s invoices for the provision of the Services Fee (as defined in
                                            5.1 below) in accordance with

 

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	 	 	clauses
                                            5.5, 5.6 and 5.7, and PPM Expenses in accordance with clause 5.8.

 

		4.2	If
                                            PPM’s performance of its obligations under this Agreement is prevented or delayed by
                                            any act or omission of Kellplant, its agents, subcontractors, consultants, or employees,
                                            PPM shall not be liable for any costs, charges or losses sustained or incurred by Kellplant
                                            that arise directly from such prevention or delay, provided that PPM shall only be relieved
                                            from performing and/or delaying its obligations under this Agreement to the extent that the
                                            aforesaid act or omission restricts or precludes the performance of the Services and PPM
                                            has, promptly after the actual or potential non-compliance has come to its attention, notified
                                            Kellplant thereof in writing.

 

		5.	Charges
                                            and payment

 

		5.1	In
                                            consideration of the provision of the Services by PPM, Kellplant shall, with retrospective
                                            effect from the Effective Date, pay PPM a fixed fee of the Rand Equivalent of USD [***] per
                                            calendar month (exclusive of VAT, if applicable) (“Services Fee”) in respect
                                            of the Services rendered by PPM.

 

		5.2	It
                                            is recorded and agreed that the Services Fees is based on the personnel listed in the first
                                            column of the table in Schedule 2 spending no more than the aggregate percentage of allocated
                                            time opposite their name in rendering the Services. To the extent that PPM reasonably believes
                                            that:

 

		(a)	additional
                                            personnel will be required to provide the any of the Services;

 

		(b)	a
                                            person listed in the first column of the table in Schedule 2 is no longer required to provide
                                            any of the Services;

 

		(c)	a
                                            person listed in the first column of the table in Schedule 2 will be required to spend more
                                            than the aggregate percentage of allocated time in rendering the Services; and/or

 

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		(d)	a
                                            person in the first column of the table in Schedule 2 will be required to spend less than
                                            the aggregate percentage of allocated time in rendering the Services,

 

PPM
undertakes to promptly notify Kellplant and provide Kellplant with an updated Schedule
2 reflecting any additional or removed personnel (as the case may be) and the updated aggregate percentage of allocated time to be spent
by each person in rendering the Services, following which the Parties shall negotiate in good faith to agree in writing any increase
or decrease (as the case may be) in the Services Fee.

 

		5.3	Without
                                            derogating from the foregoing, in the event that the employment of any personnel listed in
                                            the first column of the table in Schedule 2 is transferred to Kellplant, the Services Fees
                                            shall be reduced accordingly.

 

		5.4	On
                                            each anniversary of the Effective Date, the Services Fees shall be revised and shall be increased
                                            at [***]% per annum. By way of example, with effect from 1 January 2022, the Service Fee
                                            shall be the Rand Equivalent of USD [***] per calendar month (exclusive of VAT, if applicable).

 

		5.5	At
                                            the end of each calendar quarter, PPM shall provide to Kellplant three separate invoices
                                            for each calendar month in the following quarter specifying the Services Fee for each such
                                            calendar month and any accrued PPM Expenses for each calendar month in the prior quarter.
                                            Kellplant shall pay the Services Fee monthly in advance on the first business day of each
                                            calendar month.

 

		5.6	Kellplant
                                            shall pay to PPM the outstanding Services Fee for the period 1 January 2021 to date of execution
                                            within 5 days of execution of this Agreement.

 

		5.7	The
                                            Service Fees and PPM Expenses shall be paid in full in Rands in cleared funds (without deduction
                                            or set-off) to the bank account detailed below or as otherwise nominated in writing by PPM:

 

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	 	Beneficiary Bank	 	 	[***]	 
	 	 	 	 	 
	 	Branch	 	 	[***]	 
	 	 	 	 	 
	 	Branch code	 	 	[***]	 
	 	 	 	 	 
	 	Account Number	 	 	[***]	 

 

		5.8	Kellplant
                                            shall promptly reimburse PPM in respect of the reasonable costs of hotel, subsistence, travelling,
                                            communications and any other reasonable ancillary expenses reasonably incurred by any individual
                                            whom PPM engages in connection with the Services, the cost of any materials and the cost
                                            of services reasonably and properly provided by third parties and required by PPM for the
                                            supply of the Services (“PPM Expenses”), provided that PPM has either
                                            (i) obtained the prior written approval of Kellplant to which the PPM Expenses relate; (ii)
                                            such PPM Expenses which have been approved by the Kellplant board of directors; or (iii)
                                            in terms of any applicable Kellplant budget specifically in respect of such PPM Expenses.
                                            For the avoidance of doubt, PPM shall not be entitled to recover the cost of appointing any
                                            consultant or sub-contractor to perform any part of the Services on its behalf.

 

		5.9	Without
                                            prejudice to any other right or remedy that it may have, if Kellplant fails to pay PPM the
                                            Services Fee on the date upon which the Services Fee is due, owing and payable by Kellplant
                                            to PPM, PPM may:

 

		(a)	charge
                                            interest on such sum from the due date for payment at the Interest Rate (applicable during
                                            the relevant quarter in which payment of such due sum is outstanding) accruing on a daily
                                            basis until payment is made, whether before or after any judgement, and Kellplant shall pay
                                            the interest immediately on demand. The said interest shall be compounded monthly. The Interest
                                            Rate will be calculated on a basis of a 360 day year for actual days lapsed; and

 

		(b)	suspend
                                            the Services until payment has been made in full.

 

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		5.10	All
                                            sums accrued but not yet payable to PPM under this Agreement shall become due immediately
                                            on its termination, despite any other provision. This clause 5.10 is without prejudice to
                                            any right to claim for interest under the law or any such right under this Agreement.

 

		6.	Quality
                                            of services

 

		6.1	PPM
                                            hereby warrants as at the Signature Date and the Effective Date and covenants to Kellplant
                                            for the entire duration of this Agreement that:

 

		(a)	it
                                            has the expert skill and knowledge to provide the Services;

 

		(b)	it
                                            will perform the Services in accordance with Reasonable and Prudent Standards;

 

		(c)	the
                                            Services will conform with all descriptions and specifications reasonably required by Kellplant
                                            in relation to the Services to be provided to each of them; and

 

		(d)	the
                                            Services will be provided in accordance with all applicable Laws, from time to time in force,
                                            and PPM will inform Kellplant, as soon it becomes aware of any changes in any such Law and/or
                                            any breach by it of such Law.

 

		6.2	PPM
                                            hereby warrants as at the Signature Date and the Effective Date that:

 

		(a)	it
                                            is not aware (having made all reasonable enquiries) of any fact, matter or circumstance which
                                            may hinder it from performing the Services; and

 

		(b)	it
                                            is not aware (having made all reasonable enquiries) of any fact, matter or circumstance which
                                            is likely to result in it not being able to maintain the consents, licences, permits, registrations,
                                            approvals and other authorities required by PPM in order to provide the Services after the
                                            Effective Date.

 

		6.3	PPM
                                            covenants to Kellplant for the entire duration of this Agreement that:

 

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		(a)	it
                                            will inform Kellplant should it become aware of any fact, matter or circumstance:

 

		(i)	which
                                            may hinder it from performing the Services; and/or

 

		(ii)	relating
                                            to any breach by any employees of any term of this Agreement;

 

		(b)	it
                                            will inform Kellplant should it become aware of any fact, matter or circumstance which is
                                            likely to result in it not being able to maintain the consents, licences, permits, registrations,
                                            approvals and other authorities required by: (i) PPM in order to provide the Services; and/or
                                            (ii) the operations of Kellplant;

 

		(c)	it
                                            will forthwith disclose to Kellplant all facts and circumstances within its knowledge which
                                            would reasonably be likely to be material to Kellplant in relation to the appointment of
                                            PPM to perform the Services; and

 

		(d)	it
                                            will provide the Services and to this end shall use its reasonable endeavours:

 

		(i)	to
                                            procure that each personnel providing the Services acts with integrity and exercises all
                                            reasonable skill, care and diligence in providing the Services;

 

		(ii)	to
                                            protect and promote the business and interests of Kellplant.

 

		6.4	The
                                            provisions of this clause 6 shall survive any performance, acceptance or payment pursuant
                                            to this Agreement and shall extend to any substituted or remedial Services provided by PPM.

 

		7.	Confidentiality

 

		7.1	Any
                                            information obtained by a Party in terms of, or arising from this Agreement shall be treated
                                            as confidential by the Parties and shall not be used, divulged or permitted to be divulged
                                            to any person not being a 

 

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	 	 	Party to this Agreement,
    without the prior written consent of the other Parties save that:

 

		(a)	each
                                            Party shall be entitled to disclose such information to its employees, and to its directors,
                                            shareholders, professional advisors and funders. Before revealing such information to any
                                            such persons, it undertakes to procure that the persons are aware of the confidential nature
                                            of the information being made available to them;

 

		(b)	each
                                            Party shall be entitled to disclose any information which is required to be furnished by
                                            law or regulation or by existing contract as at the Signature Date; and

 

		(c)	no
                                            Party shall be precluded from using or divulging such information in order to pursue any
                                            legal remedy available to it.

 

		7.2	In
                                            the event that a Party is required to disclose information as contemplated in Clause 7.1(a),
                                            such Party will:

 

		(a)	advise
                                            the other Parties in respect of whom such information relates (the “Relevant Party”)
                                            in writing prior to disclosure, if possible;

 

		(b)	take
                                            such steps to limit the disclosure to the minimum extent required to satisfy such requirement
                                            and to the extent that it lawfully and reasonably can;

 

		(c)	afford
                                            the Relevant Party a reasonable opportunity, if possible, to intervene in the proceedings;

 

		(d)	comply
                                            with the Relevant Party’s reasonable requests as to the manner and terms of such disclosure;
                                            and

 

		(e)	notify
                                            the Relevant Party of the recipient of, and the form and extent of, any such disclosure or
                                            announcement immediately after it was made.

 

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		8.	Limitation
                                            of liability

 

		8.1	The
                                            maximum aggregate liability of PPM to Kellplant with respect to any and all claims under
                                            this Agreement in any consecutive twelve month period, whether in contract, delict (including
                                            negligence), for breach of statutory duty, or otherwise, shall be limited in respect of all
                                            claims (connected or unconnected) in any such consecutive twelve month period, to the equivalent
                                            of the total Service Fees actually paid by Kellplant to PPM in the preceding twelve months,
                                            provided that the maximum aggregate liability of PPM with respect to any and all claims under
                                            this Agreement shall be limited to the aggregate of Services Fees paid by Kellplant to PPM
                                            in the first 12 months of this Agreement or the period from the Effective Date to termination
                                            whichever is the lesser time.

 

		8.2	This
                                            Clause 8 shall not limit liability of PPM in any case of corrupt acts, fraud, deliberate
                                            default or reckless misconduct by it or any of its employees.

 

		9.	Insurance

 

		9.1	Kellplant
                                            will be responsible for obtaining and maintaining appropriate insurance policies in relation
                                            to the PPM Kell Plant and the PPM Kell Plant Site.

 

		9.2	If
                                            as a matter of law Kellplant cannot obtain the relevant insurance in its own name or PPM,
                                            as a matter of Law or any other reason agreed to by the Parties, to take out and maintain
                                            any insurance policies in relation to the performance of the Services, then:

 

		(a)	PPM
                                            shall, upon reaching agreement with Kellplant, obtain and maintain such insurance policies
                                            in a form acceptable to Kellplant;

 

		(b)	PPM
                                            shall ensure that such insurance policy is obtained with a reputable insurer with a level
                                            of cover and on such terms as are

 

    16

     

    

 

	 	 	consistent
                                            with Reasonable and Prudent Standards for the duration of this Agreement;
	 	 	 
		(c)	PPM
                                            undertakes to provide Kellplant with evidence of the procurement of such insurance cover;
                                            and

 

		(d)	Kellplant
                                            undertakes to reimburse PPM for any costs and premiums incurred and paid by PPM in relation
                                            to the procurement and maintenance of any such insurance policy.

 

		10.	Termination

 

		10.1	If
                                            there is any decision by Kellplant to delay or abort the development of the PPM Kell Plant
                                            the Parties will negotiate in good faith to modify this Agreement. Should the Parties fail
                                            to reach agreement on the modifications to be made as a result of the decision to delay or
                                            abort within 30 days, without prejudice to any other rights or remedies which the Parties
                                            may have, Kellplant shall be entitled to terminate the this Agreement by giving 60 days written
                                            notice to PPM.

 

		10.2	Without
                                            affecting any other right or remedy available to it, Kellplant shall be entitled to terminate
                                            the Agreement following the second anniversary of the Effective Date, by giving not less
                                            than 90 days’ written notice to PPM.

 

		10.3	Notwithstanding
                                            clause 10.1 and 10.2 and without prejudice to any other rights or remedies which the Parties
                                            may have either Party may terminate the Agreement without liability to the other immediately
                                            on giving notice to the other, if:

 

		(a)	the
                                            other Party fails to pay any amount due under this Agreement on the due date for payment
                                            and remains in default not less than 14 days after being notified in writing to make such
                                            payment other than in instances where there is a bona fide dispute between the Parties as
                                            to whether the Party claiming payment has discharged its reciprocal obligations pursuant
                                            to which such payment is to be 

 

    17

     

    

 

	 	 	made
                                            and the other Party withholds payment of fees relevant to such dispute pending the resolution
                                            of such dispute; or
	 	 	 
		(b)	the
                                            other Party commits a material breach of any of the material terms of this Agreement and
                                            (if such a breach is remediable) fails to remedy that breach within 30 days of that Party
                                            being notified in writing of the breach; or

 

		(c)	the
                                            other Party suspends, or threatens to suspend, payment of its debts, is unable to pay its
                                            debts as they fall due, admits inability to pay its debts; or

 

		(d)	the
                                            other Party commences negotiations with all, or any class of, its creditors with a view to
                                            rescheduling any of its debts, or makes a proposal for, or enters into any compromise or
                                            arrangement with, its creditors other than for the sole purpose of a scheme for a solvent
                                            amalgamation of that Party with one or more other companies, or the solvent reconstruction
                                            of that Party; or

 

		(e)	an
                                            order is made, for or in connection with the winding up of the other Party other than for
                                            the sole purpose of a scheme for a solvent amalgamation of that Party with one or more other
                                            companies, or the solvent reconstruction of that Party; or

 

		(f)	an
                                            administrator is appointed over the other Party; or

 

		(g)	a
                                            floating charge holder over the material assets of the other Party has appointed an administrative
                                            receiver; or

 

		(h)	a
                                            receiver is appointed over the material assets of the other Party; or

 

		(i)	any
                                            event occurs with respect to the other Party in any jurisdiction to which it is subject that
                                            has an effect equivalent or similar to any of the events mentioned in clause 10.3(d) to 10.3(h)
                                            inclusive; or

 

    18

     

    

 

 

		(j)	the
                                            other Party suspends or ceases to carry on all or a substantial part of its business.

 

		10.4	On
                                            termination of this Agreement for any reason:

 

		(a)	Kellplant
                                            shall immediately pay to PPM all amounts due, owing and payable under this Agreement;

 

		(b)	the
                                            accrued rights, remedies, obligations and liabilities of the Parties as at termination shall
                                            not be affected, including the right to claim damages in respect of any breach of the Agreement
                                            which existed at or before the date of termination; and

 

		(c)	clauses
                                            which expressly or by implication have effect after termination shall continue in full force
                                            and effect, including the following clauses: clause 6 (Quality of services), clause 7 (Confidentiality),
                                            clause 8 (Limitation of liability), clause 14 (Notices), clause 15 (Dispute resolution),
                                            and clause 16 (Governing law and jurisdiction).

 

		11.	Force
                                            majeure

 

		11.1	A
                                            Party is not liable for a failure to perform any of its obligations under this Agreement
                                            in so far as it proves:

 

		(a)	that
                                            the failure was due to an impediment beyond its control and without the fault, negligence
                                            or breach of contract;

 

		(b)	that
                                            it could not reasonably be expected to have taken the impediment and its effects upon the
                                            Party’s ability to perform into account at the time of the conclusion of the contract;
                                            and

 

		(c)	that
                                            it could not reasonably have avoided or overcome the impediment or at least its effects.

 

		11.2	An
                                            impediment in clause 11.1 may result from events such as the following, this enumeration
                                            not being exhaustive:

 

    19

     

    

 

		(a)	war,
                                            whether declared or not, civil war, civil violence, riots and revolution, acts of piracy,
                                            acts of sabotage;

 

		(b)	natural
                                            disasters such as violent storms, cyclones, earthquakes, tidal waves, floods, destruction
                                            by lightening;

 

		(c)	explosions,
                                            fire, destruction of machines, of factories and of any kind of installations;

 

		(d)	boycotts,
                                            strikes and lock-outs of all kinds, go-slow, occupation of factories and premises, and work
                                            stoppages;

 

		(e)	acts
                                            of authority, whether lawful or unlawful, apart from acts for which the Party seeking relief
                                            has assumed the risk by virtue of any other provisions of this Agreement; and apart from
                                            the matters mentioned in clause 11.3.

 

		11.3	For
                                            the purposes of clause 11.1 “impediment” does not include lack of authorisations,
                                            of licenses, or permits or of approvals necessary for the performance of the Services.

 

		11.4	Relief
                                            from liability for non-performance by reason of the provisions of clause 11 shall commence
                                            on the date upon which the Party seeking relief gives notice of the impediment relied upon
                                            and shall terminate upon the date upon which such impediment ceases to exist; provided that
                                            if such impediment continues for a period of more than 6 (six) months either affected Party
                                            shall be entitled to terminate this Agreement by written notice to the other affected Party.
                                            For the avoidance of doubt, if PPM is prevented from performing the Services as a consequence
                                            of an impediment which satisfies the requirements of clause 11.1, Kellplant shall not be
                                            required to pay the Services Fee in respect of any period during which PPM is prevented from
                                            performing the Services as a result of that impediment. The impediment, however, shall not
                                            apply to Kellplant’s obligations to pay PPM any monies due and/or owing in terms of
                                            the Agreement.

 

		11.5	The
                                            Party seeking relief shall:

 

    20

     

    

 

		(a)	as
                                            soon as reasonably practicable after the start of the impediment but no later than 7 days
                                            from its start, notify the other party in writing of the impediment, the date on which it
                                            started, it’s likely or potential duration, and the effect of the impediment
on its ability to perform any of its obligations under the Agreement; and

 

		(b)	use
                                            all reasonable endeavours and take all reasonable steps to terminate the circumstances giving
                                            rise to the impediment and minimise the effect of such circumstances upon the performance
                                            of its obligations under this Agreement (to the extent that it is within its reasonable powers
                                            to do so).

 

		11.6	Notwithstanding
                                            any other provision of this clause 11, the occurrence of an impediment shall not relieve
                                            a Party from an obligation which arose before the occurrence of that impediment.

 

		12.	General

 

		12.1	No
                                            variation of this Agreement shall be valid unless it is in writing and signed by or on behalf
                                            of each of the Parties.

 

		12.2	A
                                            waiver of any right or remedy under this Agreement is only effective if given in writing
                                            and shall not be deemed a waiver of any subsequent breach or default. A failure or delay
                                            by a Party to exercise any right or remedy provided under this Agreement or by law shall
                                            not constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict
                                            any further exercise of that or any other right or remedy. No single or partial exercise
                                            of any right or remedy provided under this Agreement or by law shall preclude or restrict
                                            the further exercise of any such right or remedy.

 

		12.3	If
                                            any court or competent authority finds that any provision of this Agreement (or part of any
                                            provision) is invalid, illegal or unenforceable, that provision or part-provision shall,
                                            to the extent required, be deemed to be deleted, and the validity and enforceability of the
                                            other provisions of this Agreement shall not be affected.

 

    21

     

    

 

		12.4	This
                                            Agreement constitutes the entire agreement between the Parties in relation to its subject
                                            matter and supersedes and extinguishes all previous drafts, arrangements, understandings
                                            or agreements between them, whether written or oral, relating to the subject matter of this
                                            Agreement.

 

	12.5	Each
                                            Party acknowledges that, in entering into this Agreement, it does not rely on, and shall
                                            have no remedies in respect of, any representation or warranty (whether made innocently or
                                            negligently) that is not set out in this Agreement. Each Party agrees that its only liability
                                            in respect of those representations and warranties that are set out in this Agreement (whether
                                            made innocently or negligently) shall be for breach of contract.
	 	 

		12.6	Nothing
                                            in this Agreement shall limit or exclude any liability for fraud.

 

		12.7	Neither
                                            Party shall, without the prior written consent of the other, assign, transfer, charge, mortgage,
                                            subcontract or deal in any other manner with all or any of its rights or obligations under
                                            this Agreement.

 

		12.8	Nothing
                                            in this Agreement is intended to, or shall operate to, create a partnership between the Parties,
                                            or to authorise either Party to act as agent for the other, and neither Party shall have
                                            authority to act in the name or on behalf of or otherwise to bind the other in any way (including
                                            the making of any representation or warranty, the assumption of any obligation or liability
                                            and the exercise of any right or power).

 

		12.9	At
                                            all times during the performance of the Services, PPM shall be an independent contractor
                                            and is not an employee or agent of Kellplant.

 

		13.	Rights
                                            of third parties

 

A
person who is not a Party to this Agreement shall not have any rights under or in connection with it.

 

    22

     

    

 

		14.	Notices

 

		14.1	A
                                            notice or communication given to a Party under or in connection with this Agreement:

 

		(a)	shall
                                            be in writing;

 

		(b)	shall
                                            be signed by or on behalf of the Party giving it;

 

		(c)	shall
                                            be sent for the attention of the person, at the address or fax number specified in this clause
                                            (or to such other address, fax number or person as that Party may notify to the other, in
                                            accordance with the provisions of this clause); and

 

		(d)	shall
                                            be:

 

		(i)	delivered
                                            personally;

 

		(ii)	sent
                                            by commercial courier;

 

		(iii)	sent
                                            by email; or

 

		(iv)	sent
                                            by pre-paid first-class post or recorded delivery. 

 

		14.2	The addresses for service of a notice
                                            are as follows:

 

		(a)	PPM:

 

		(i)	Physical:[***]

 

		(ii)	Postal:[***]

 

		(iii)	email:[***]

 

		(b)	Kellplant:

 

		(i)	Physical:[***]

 

		(ii)	Postal:[***]

 

		(iii)	email:[***]

                                                                                 

                                                                                and [***]

 

		(iv)	for
                                            the attention of:[***] and [***]

 

		14.3	If
                                            a notice or other communication has been properly sent or delivered in accordance with this
                                            clause, it will be deemed to have been received as follows:

 

		(a)	if
                                            delivered personally, at the time of delivery; or

 

		(b)	if
                                            delivered by commercial courier, at the time of signature of the courier’s receipt;
                                            or

 

		(c)	if
                                            sent by email, on the business day immediately succeeding the date of successful transmission
                                            thereof; or

 

		(d)	if
                                            sent by pre-paid first-class post or recorded delivery, at 9.00 am on the second day after
                                            posting.

 

		14.4	For
                                            the purposes of this clause:

 

		(a)	all
                                            times are to be read as local time in the place of deemed receipt; and

 

		(b)	if
                                            deemed receipt under this clause is not within business hours (meaning 9.00 am to 5.30 pm
                                            Monday to Friday on a day that is not a public holiday in the place of receipt), the notice
                                            or other 

 

    23

     

    

 

	 	 	communication is deemed to have been received when business next starts in the place
                                            of receipt.

 

		15.	Dispute
                                            resolution

 

		15.1	Amicable
                                            Settlement

 

If
any dispute arises between the Parties, they shall use all reasonable endeavours to resolve the matter amicably and in good faith. If
one Party gives the other Party notice that a dispute has arisen and the Parties are unable to resolve such dispute within 30 (thirty)
days of service of such notice, then such dispute shall be referred to the respective chairmen or chief executives or other nominated
senior representative of the Parties. No Party shall resort to arbitration against the other Party under this Agreement until at least
30 (thirty) days after such referral. This shall not affect a Party’s right to seek interim relief.

 

		15.2	Arbitration
                                            

 

		(a)	Unless
                                            provided for to the contrary in this Agreement, a dispute which arises in regard to:

 

		(i)	the
                                            interpretation of;

 

		(ii)	the
                                            carrying into effect of;

 

		(iii)	any
                                            of the Parties’ rights and obligations arising from;

 

		(iv)	the
                                            termination or purported termination of or arising from the termination of; or

 

		(v)	the
                                            rectification or proposed rectification of this Agreement, or out of or pursuant to this
                                            Agreement or on any matter which in terms of this Agreement requires agreement by the Parties,
                                            (other than where an interdict is sought or urgent relief may be obtained from a court of
                                            competent jurisdiction),

 

    24

     

    

 

and
which is not resolved in accordance with clause 15.1, shall, on written
demand, be submitted to arbitration in Johannesburg in accordance with the Arbitration Foundation of South Africa (“AFSA”)
rules, which arbitration shall be administered by AFSA.

 

		(b)	Should
                                                                                                                                                                                                                                     AFSA, as an institution, not be operating at that time or not be accepting requests for arbitration for any reason, then the
                                                                                                                                                                                                                                     arbitration shall be conducted in accordance with the AFSA rules for commercial arbitration (as last applied by AFSA) before an
                                                                                                                                                                                                                                     arbitrator appointed by agreement between the Parties or failing agreement within 10 (ten) business days of the demand for
                                                                                                                                                                                                                                     arbitration, then either Party shall be entitled to forthwith call upon the chairperson of the Johannesburg Bar Council to nominate
                                                                                                                                                                                                                                     the arbitrator, provided that the person so nominated shall be an advocate or attorney of not less than 10 (ten) years standing as
                                                                                                                                                                                                                                     such. The person so nominated shall be the duly appointed arbitrator in respect of the dispute. In the event of the attorneys of the
                                                                                                                                                                                                                                     Parties failing to agree on any matter relating to the administration of the arbitration, such matter shall be referred to and
                                                                                                                                                                                                                                     decided by the arbitrator whose decision shall be final and binding on the parties to the dispute.

 

		(c)	Either
                                            Party may appeal the decision of the arbitrator in terms of the AFSA rules for commercial
                                            arbitration.

 

		(d)	Nothing
                                            herein contained shall be deemed to prevent or prohibit a Party from applying to court for
                                            urgent relief or for judgment in relation to a liquidated claim.

 

		(e)	Any
                                            arbitration in terms of this clause (including any appeal proceedings) shall be conducted
                                            in camera and the Parties shall treat as confidential details of the dispute submitted to
                                            arbitration, the conduct of the arbitration proceedings and the outcome of the arbitration.

 

    25

     

    

 

		(f)	The
                                            Parties agree that the written demand by a Party in terms of clause 15.2(a) that the dispute
                                            or difference be submitted to arbitration, is to be deemed to be a legal process for the
                                            purpose of interrupting extinctive prescription in terms of the Prescription Act, No 68 of
                                            1969.

 

		16.	Governing
                                            law and jurisdiction

 

		16.1	This
                                            Agreement and any dispute or claim arising out of or in connection with it or its subject
                                            matter or formation (including non-contractual disputes or claims), shall be governed by,
                                            and construed in accordance with, the law of the Republic of South Africa.

 

		16.2	Notwithstanding
                                            anything to the contrary contained in clause 15, either Party shall be entitled to apply
                                            for any interdict (or any other matter that cannot be resolved pursuant to clause 15) to
                                            be heard by any competent court having jurisdiction. In this regard, the Parties submit to
                                            the nonexclusive jurisdiction of the courts of the Republic of South Africa.

 

This
Agreement has been entered into on the date stated at the beginning of it.

 

EXECUTION
PAGE FOLLOWS:

 

    26

     

    

 

	FOR	PILANESBERG
    PLATINUM MINES PROPRIETARY LIMITED	 
	 	 	 
		 	 
	Signature:	/s/
    Erich Clarke	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Name:	Erich
    Clarke	 
	 	 	 
	Date:	9
    November 2021	 
	 	 	 
	Place:	[***]	 
	 	 	 
	FOR	KELLPLANT
    PROPRIETARY LIMITED	 
	 	 	 
		 	 
	Signature:	/s/
    Erich Clarke	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Name:	Erich
    Clarke	 
	 	 	 
	Date:	9
    November 2021	 
	 	 	 
	Place:	[***]	 
	 	 	 
	FOR	KELLPLANT
    PROPRIETARY LIMITED	 
	 	 	 
		 	 
	Signature:	/s/
    [***]	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Name:	[***]	 
	 	 	 
	Date:	20
    January 2022	 
	 	 	 
	Place:	[***]	 

 

    27

     

    

 

Schedules
and other similar attachments to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K.

 

Schedule
1 - PPM Kell Plant Site

 

Schedule
2 - Personnel involved in rendering the Services and percentage
of hours to be spent by each such personnel

 

    28Exhibit 10.17

 

Certain
information has been omitted from the exhibit because it is both (i) not material and (ii) of the type that the registrant customarily
and actually treats as private or confidential. The omissions have been indicated by (“[***]”).

 

DATED 4 November 2021

 

 

 

 

 

 

SUPPLY OF SUPPORT SERVICES AGREEMENT

 

 

 

 

between

 

 

 

 

PILANESBERG PLATINUM MINES PROPRIETARY LIMITED

 

 

 

 

and

 

 

 

 

KELLTECHNOLOGY SOUTH AFRICA (RF) PROPRIETARY
LIMITED

 

     

     

    

 

Contents

 

 

Clause

 

	1.	Interpretation	1
	2.	Commencement
and duration	6
	3.	PPM’s
obligations	6
	4.	KTSA’s
Obligations	7
	5.	Charges
and payment	9
	6.	Quality
of services	12
	7.	Confidentiality	13
	8.	Limitation
of liability	15
	9.	Termination	15
	10.	Force
majeure	17
	11.	General	19
	12.	Rights
of third parties	20
	13.	Notices	21
	14.	Dispute
resolution	23
	15.	Governing
law and jurisdiction	25

 

     

     

    

 

THIS
AGREEMENT is dated
4 November 2021

 

PARTIES

 

		(1)	PILANESBERG PLATINUM MINES PROPRIETARY LIMITED (registration number 2002/015572/07) a private limited
liability company incorporated in accordance with the laws of South Africa whose registered office is at Unit FF04, First Floor, Southdowns
Office Park Cnr. John Vorster Drive & Karee Road Irene Ext 54, 0157 Centurion, Republic of South Africa (“PPM”);
and

 

		(2)	KELLTECHNOLOGY SOUTH AFRICA (RF) PROPRIETARY LIMITED (registration number 2008/026628/07), a private limited
liability company incorporated in accordance with the laws of South Africa, whose registered office is at Unit FF04, First Floor, Southdowns
Office Park Cnr. John Vorster Drive & Karee Road Irene Ext 54, 0157 Centurion, Republic of South Africa (“KTSA”).

 

RECITALS

 

The Parties have agreed that PPM will provide certain
services to KTSA in relation to the design, construction and commissioning and operation of the PPM Kell Plant on the terms set out in
this Agreement.

 

AGREED TERMS

 

		1.	Interpretation

 

		1.1	The definitions and rules of interpretation in this clause apply in this Agreement.

 

		(a)	Agreement means this agreement, together with the schedule thereto;

 

		(b)	Effective Date means 1 January 2021;

 

		(c)	Governmental Entity means any national, state, municipal or local government (including any subdivision,
court, administrative 

 

    1 

     

    

 

	 	 	agency or commission or other authority thereof), or any governmental department, or any agency, regulator, court,
entity, commission, board, ministry, bureau, locality or authority of any of the foregoing, or any quasi-governmental or private body
exercising any binding regulatory or other governmental or quasi-governmental authority or function in South Africa;

 

		(d)	Group means Kellplant, KTSA and any company in which KTSA (a) owns directly or indirectly
a majority of the issued share capital and/or (b) holds directly or indirectly
a majority of the voting rights (c) is entitled to receive the majority of any distribution (d) is entitled to receive the majority
of its assets on a winding up and/or (e) any holding company which directly or indirectly controls KTSA;

 

		(e)	Interest Rate means Prime plus [***] %;

 

		(f)	Kellplant means Kellplant Proprietary Limited (registration number 2015/364753/07), a private limited
liability company incorporated in accordance with the laws of South Africa, whose registered office is at Unit FF04, First Floor, Southdowns
Office Park Cnr. John Vorster Drive & Karee Road Irene Ext 54, 0157 Centurion, Republic of South Africa;

 

		(g)	Kelltechnology means the hydrometallurgical process developed by [***] for the extraction of PGMs
that requires significantly less electrical energy than the current conventional matte smelting process;

 

		(h)	Law means any applicable law (including all statutes and subordinated legislation or other legislative
measure), constitution, treaty, regulation, rule, ordinance, by-laws, principle of common law, order or decree of any Governmental Entity
(including any judicial or administrative interpretation thereof) in force from time to time;

 

    2 

     

    

 

		(i)	Parties means PPM and KTSA and “Party”
means any one of them as the context requires; PPM Expenses has the meaning set out in clause ‎5.8;

 

		(j)	“PPM Key Personnel” means each of the individuals specified in Schedule 1 of this
Agreement shall assume primary responsibility for providing the Services in terms of this Agreement;

 

		(k)	Prime means the publicly quoted nominal prime rate of interest per annum from time to time at which
Investec Bank Limited lends money on unsecured overdraft to corporate borrowers, which interest rate shall be a nominal annual rate compounded
monthly in arears, and calculated on a 365 day year, irrespective of whether or not the year in question is a leap year. A certificate
from any manager of Investec Bank Limited, whose appointment or authority need not be proved, as to Prime at any time and the usual way
in which it is calculated and compounded at such time shall, in the absence of clerical or manifest error, be prima facie proof
of prime;

 

		(l)	Project Documents means any agreements and documents in relation to the design, engineering, construction,
commissioning, development and/or operation of the PPM Kell Plant, including all documents, drawings and sketches, maps, plans, photographs,
specifications, calculations, reports, computer software, databases, manuals, as built documents, models, three-dimensional works pertaining
to geography or topography or other architectural works, technical and design documents and any other copyright works prepared for the
benefit of Kellplant;

 

		(m)	Rand
                                            Equivalent means the official closing mid-market US Dollar to South African Rand exchange
                                            rate on the date on which each monthly invoice is issued, as published by Bloomberg (https://www.bloomberg.com/quote/USDZAR:CUR)
                                            at 11h00 (South African time) on the date on which such invoice is issued (or if no such
                                            date is quoted by Bloomberg, then the official closing

 

    3 

     

    

 

	 	 	mid-market US Dollar to South African Rand exchange rate published on the Reuters Screen FX Page as at at 11h00 (South African time)
on the date on which such invoice is issued);

 

		(n)	Reasonable and Prudent Standards means the standards of a person using reasonable efforts to perform
its obligations under this Agreement exercising the degree of skill, diligence, prudence and foresight that would reasonably and ordinarily
be expected from a skilled and experienced professional complying with all applicable Laws;

 

		(o)	Services means the corporate and personnel support services to be provided by PPM to KTSA under
this Agreement including, without limitation:

 

		(i)	assisting in the marketing of Kelltechnology to producers of PGMs; and

 

		(ii)	relating to the preparation of management accounts, audited accounts, corporate administration, preparation
and minuting of director and shareholder meetings, financial statements and the facilitation of financial audits, in respect of Kellplant;

 

		(p)	Signature Date means the date on which this Agreement is signed by the last Party signing this
Agreement; and

 

		(q)	South Africa means the Republic of South Africa.

 

		1.2	Clause, schedule and paragraph headings are for reference purposes and convenience only and shall not
affect the interpretation of this Agreement.

 

		1.3	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.

 

    4 

     

    

 

		1.4	A person includes a natural person, corporate or unincorporated body (whether or not having separate legal
personality).

 

		1.5	The schedules form part of this Agreement and shall have effect as if set out in full in the body of this
Agreement. Any reference to this Agreement includes the schedules.

 

		1.6	Terms defined in this Agreement shall bear the same meanings in schedules to this Agreement to the extent
to which they do not themselves contain their own definitions.

 

		1.7	Words in the singular shall include the plural and vice versa.

 

		1.8	The rule of construction that a contract should be interpreted against the Party responsible for
drafting or preparation of the contract, shall not apply to this Agreement.

 

		1.9	Where the words include(s), including or in particular are used in this Agreement, they are deemed to
have the words without limitation following them. Where the context permits, the words other and otherwise are illustrative and shall
not limit the sense of the words preceding them.

 

		1.10	Any obligation in this Agreement on a person not to do something includes an obligation not to agree,
allow, permit or acquiesce in that thing being done.

 

		1.11	References to clauses and schedules are to the clauses and schedules of this Agreement.

 

		1.12	Any reference in this Agreement to any other agreement or document shall be construed as reference to
such agreement or document as same may have been, or may from time to time be, amended, varied, novated or supplemented.

 

    5 

     

    

 

		2.	Commencement and duration

 

		2.1	PPM shall provide the Services to KTSA on the terms and conditions of this Agreement from the Effective
Date.

 

		2.2	PPM shall provide the Services from the Effective
Date and shall continue to provide the Services until such time as the Services are terminated in accordance with clause ‎9.

 

		3.	PPM’s obligations

 

		3.1	PPM shall provide and complete the Services to KTSA:

 

		(i)	in accordance with this Agreement;

 

		(ii)	in accordance with Project Documents insofar as they pertain to the Services;

 

		(a)	in performing its obligations under this Agreement, not do anything or fail to do something which causes
any member of the Group to be in breach of its obligations under the Project Documents or which impedes, hinders or disrupts any member
of the Group’s performance of its obligations under the Project Documents;

 

		(b)	obtain and maintain all necessary licences and consents and comply with all relevant Laws in relation
to the Services;

 

		(c)	observe all health and safety rules and regulations
and any other reasonable security requirements that apply at the KTSA premises and that have been communicated to it under clause ‎3.1(d) provided
that it shall not be liable under this Agreement if, as a result of such observation, it is in breach of any of its obligations under
this Agreement;

 

		(d)	notify KTSA in writing as soon as it becomes aware of any health and safety hazards or issues which arise:
(i) in relation to the Services; and/or (ii) at the KTSA premises;

 

		(e)	co-operate with KTSA in all matters relating to the Services; and

 

    6 

     

    

 

		(f)	generally, do all such things necessary and incidental to the provision of the Services as may be required
by KTSA, acting reasonably.

 

		3.2	PPM must ensure that:

 

		(a)	any documents to be prepared by PPM and submitted to KTSA under this Agreement are in a format approved
by KTSA, acting reasonably; and

 

		(b)	the PPM employees rendering the Services are familiar with and comply with KTSA’s reasonable directions,
procedures and policies that are provided by KTSA to PPM.

 

		3.3	PPM is and remains fully responsible for the suitability and safety of the equipment used by all the PPM
employees from time to time, whether within or outside KTSA’s premises.

 

		3.4	For the duration of the term of this Agreement, PPM shall:

 

		(a)	ensure that the PPM Key Personnel are suitably qualified, skilled and experienced to provide the Services
contemplated in this Agreement and whose deployment by PPM to provide the Services shall be approved in writing by KTSA, acting reasonably;

 

		(b)	immediately notify KTSA by way of telephone and/or email should any material circumstances arise, including
any delays, in respect of or in connection with the rendering by it or any third party supplier of the Services and to work expeditiously
with KTSA to resolve any such issues as may arise from time to time.

 

		4.	KTSA’s Obligations

 

		4.1	KTSA shall:

 

		(a)	co-operate with PPM in all matters relating to the Services and do such things as may be reasonably necessary
to enable PPM to deliver the Services;

 

    7 

     

    

 

		(b)	to the extent that PPM has not been involved in the preparation and execution of any of the Project Documents,
provide PPM with a copy of any such Project Documents upon execution thereof as soon as is reasonably practicable, to the extent that
KTSA is a party thereto;

 

		(c)	provide PPM, its agents, subcontractors, consultants and employees, in a timely manner and at no charge,
reasonable access to the KTSA premises, office accommodation, data and other facilities to the extent necessary for the performance of
Services, provided that KTSA reserves the right to (acting reasonably) refuse any PPM agents, subcontractors, consultants and employees
access to KTSA’s premises at any time;

 

		(d)	provide, in a timely manner, such information as PPM may reasonably require for the provision of the Services;

 

		(e)	obtain and maintain all necessary licences and consents and comply with all relevant legislation in relation
to its operations;

 

		(f)	be responsible (at its own cost) for preparing and maintaining the relevant premises for the supply of
the Services, including identifying, monitoring, removing and disposing of any hazardous materials from any of its premises in accordance
with all applicable laws, before and during the supply of the Services at those premises;

 

		(g)	inform PPM of all health and safety rules and regulations and any other reasonable security requirements
that apply at the KTSA premises;

 

		(h)	ensure that all equipment, systems or facilities of KTSA are used directly or indirectly in the supply
of the Services are in good working order and suitable for the purposes for which it is used in relation to the Services and conforms
to all applicable standards and requirements in South Africa; and

 

		(i)	make
payment against PPM’s invoices for the provision of the Services Fee (as defined in ‎5.1
below) in accordance with

 

    8 

     

    

 

	 	 	clauses ‎5.5, ‎5.6 and ‎5.7, and PPM Expenses in accordance
with clause ‎5.8.

 

		4.2	If PPM’s performance of its obligations under this Agreement is prevented or delayed by any act
or omission of KTSA, its agents, subcontractors, consultants, or employees, PPM shall not be liable for any costs, charges or losses sustained
or incurred by KTSA that arise directly from such prevention or delay, provided that PPM shall only be relieved from performing and/or
delaying its obligations under this Agreement to the extent that the aforesaid act or omission restricts or precludes the performance
of the Services and PPM has, promptly after the actual or potential non-compliance has come to its attention, notified KTSA thereof in
writing.

 

		5.	Charges and payment

 

		5.1	In consideration of the provision of the Services by PPM, KTSA shall, with retrospective effect from
                                                                                                the Effective Date, pay PPM a fixed fee of the Rand equivalent of USD [***] per calendar month (exclusive of VAT, if applicable)
                                                                                                (“Services Fee”) in respect of the Services rendered by PPM.

 

		5.2	It is recorded and agreed that the Services Fees is based on the personnel listed in the first column
of the table in Schedule 1 spending no more than the aggregate percentage of allocated time opposite their name in rendering the
Services. To the extent that PPM reasonably believes that:

 

		(a)	additional personnel will be required to provide the any of the Services;

 

		(b)	a person listed in the first column of the table in Schedule 1 is no longer required to provide any
of the Services;

 

		(c)	a person listed in the first column of the table in Schedule 1 will be required to spend more than
the aggregate percentage of allocated time in rendering the Services; and/or

 

    9 

     

    

 

		(d)	a person in the first column of the table in Schedule 1 will be required to spend less than the aggregate
percentage of allocated time in rendering the Services,

 

PPM undertakes to promptly notify KTSA
and provide KTSA with an updated Schedule 1 reflecting any additional or removed personnel (as the case may be) and the updated aggregate
percentage of allocated time to be spent by each person in rendering the Services, following which the Parties shall negotiate in good
faith to agree in writing any increase or decrease (as the case may be) in the Services Fee.

 

		5.3	Without derogating from the foregoing, in the event that the employment of any personnel listed in the
first column of the table in Schedule 1 is transferred to KTSA, the Services Fees shall be reduced accordingly.

 

		5.4	On each anniversary of the Effective Date, the Services Fees shall be revised and shall be increased
                                                                                                at [***] % per annum. By way of example, with effect from 1 January 2022, the Services Fee shall be the Rand Equivalent of USD
                                                                                                [***]

 

		5.5	At the end of each calendar quarter, PPM shall provide to KTSA three separate invoices for each calendar
month in the following quarter specifying the Services Fee for each such calendar month and any accrued PPM Expenses for each calendar
month in the prior quarter. KTSA shall pay the Services Fee monthly in advance on the first business day of each calendar month.

 

		5.6	KTSA shall pay to PPM the outstanding Services Fee for the period 1 January 2021 to date of execution
within 5 days of execution of this Agreement.

 

		5.7	The Service Fees and PPM Expenses shall be paid in full in Rands in cleared funds (without deduction or
set-off) to the bank account detailed below or as otherwise nominated in writing by PPM:

 

	 	Beneficiary Bank	[***]

 

    10 

     

    

 

	 	Branch	[***]

 

	 	Branch code	[***]

 

	 	Account Number	[***]

 

		5.8	KTSA shall promptly reimburse PPM in respect of the reasonable costs of hotel, subsistence, travelling,
communications and any other reasonable ancillary expenses reasonably incurred by any individual whom PPM engages in connection with the
Services, the cost of any materials and the cost of services reasonably and properly provided by third parties and required by PPM for
the supply of the Services (“PPM Expenses”), provided that PPM has either (i) obtained the prior written approval
of KTSA to which the PPM Expenses relate; (ii) such PPM Expenses which have been approved by the KTSA board of directors; or (iii) in
terms of any applicable KTSA budget specifically in respect of such PPM Expenses. For the avoidance of doubt, PPM shall not be entitled
to recover the cost of appointing any consultant or sub-contractor to perform any part of the Services on its behalf.

 

		5.9	Without prejudice to any other right or remedy that it may have, if KTSA fails to pay PPM the Services
Fee on the date upon which the Services Fee is due, owing and payable by KTSA to PPM, PPM may:

 

		(a)	charge interest on such sum from the due date for payment at the Interest Rate (applicable during the
relevant quarter in which payment of such due sum is outstanding) accruing on a daily basis until payment is made, whether before or after
any judgement, and KTSA shall pay the interest immediately on demand. The said interest shall be compounded monthly. The Interest Rate
will be calculated on a basis of a 360 day year for actual days lapsed; and

 

		(b)	suspend the Services until payment has been made in full.

 

		5.10	All sums accrued but not yet payable to PPM under this Agreement shall become due immediately on its termination,
despite any other provision.

 

    11 

     

    

 

This
clause ‎5.10 is without prejudice to any right to claim for
interest under the law or any such right under this Agreement.

 

		6.	Quality of services

 

		6.1	PPM hereby warrants as at the Signature Date and the Effective Date and covenants to KTSA for the entire
duration of this Agreement that:

 

		(a)	it has the expert skill and knowledge to provide the Services;

 

		(b)	it will perform the Services in accordance with Reasonable and Prudent Standards;

 

		(c)	the Services will conform with all descriptions and specifications reasonably required by KTSA in relation
to the Services to be provided to each of them; and

 

		(d)	the Services will be provided in accordance with all applicable Laws, from time to time in force, and
PPM will inform KTSA, as soon it becomes aware of any changes in any such Law and/or any breach by it of such Law.

 

		6.2	PPM hereby warrants as at the Signature Date and the Effective Date that:

 

		(a)	it is not aware (having made all reasonable enquiries) of any fact, matter or circumstance which may hinder
it from performing the Services; and

 

		(b)	it is not aware (having made all reasonable enquiries) of any fact, matter or circumstance which is likely
to result in it not being able to maintain the consents, licences, permits, registrations, approvals and other authorities required by
PPM in order to provide the Services after the Effective Date.

 

		6.3	PPM covenants to KTSA for the entire duration of this Agreement that:

 

    12 

     

    

 

		(a)	it will inform KTSA should it become aware of any fact, matter or circumstance:

 

		(i)	which may hinder it from performing the Services; and/or

 

		(ii)	relating to any breach by any employees of any term of this Agreement;

 

		(b)	it will inform KTSA should it become aware of any fact, matter or circumstance which is likely to result
in it not being able to maintain the consents, licences, permits, registrations, approvals and other authorities required by: (i) PPM
in order to provide the Services; and/or (ii) the operations of KTSA;

 

		(c)	it will forthwith disclose to KTSA all facts and circumstances within its knowledge which would reasonably
be likely to be material to KTSA in relation to the appointment of PPM to perform the Services; and

 

		(d)	it will provide the Services and to this end shall use its reasonable endeavours:

 

		(i)	to procure that each personnel providing the Services acts with integrity and exercises all reasonable
skill, care and diligence in providing the Services;

 

		(ii)	to protect and promote the business and interests of KTSA.

 

		6.4	The provisions of this clause ‎6
shall survive any performance, acceptance or payment pursuant to this Agreement and shall extend to any substituted or remedial Services
provided by PPM.

 

		7.	Confidentiality

 

		7.1	Any information obtained by a Party in terms of, or arising from this Agreement shall be treated as confidential
by the Parties and shall not be used, divulged or permitted to be divulged to any person not being a 

 

    13 

     

    

 

		 	Party to this Agreement, without
the prior written consent of the other Parties save that:

 

		(a)	each Party shall be entitled to disclose such information to its employees, and to its directors, shareholders,
professional advisors and funders. Before revealing such information to any such persons, it undertakes to procure that the persons are
aware of the confidential nature of the information being made available to them;

 

		(b)	each Party shall be entitled to disclose any information which is required to be furnished by law or regulation
or by existing contract as at the Signature Date; and

 

		(c)	no Party shall be precluded from using or divulging such information in order to pursue any legal remedy
available to it.

 

		7.2	In the event that a Party is required to disclose
information as contemplated in Clause ‎7.1(a), such Party
will:

 

		(a)	advise the other Parties in respect of whom such information relates (the “Relevant Party”)
in writing prior to disclosure, if possible;

 

		(b)	take such steps to limit the disclosure to the minimum extent required to satisfy such requirement and
to the extent that it lawfully and reasonably can;

 

		(c)	afford the Relevant Party a reasonable opportunity, if possible, to intervene in the proceedings;

 

		(d)	comply with the Relevant Party’s reasonable requests as to the manner and terms of such disclosure;
and

 

		(e)	notify the Relevant Party of the recipient of, and the form and extent of, any such disclosure or announcement
immediately after it was made.

 

    14 

     

    

 

		8.	Limitation of liability

 

		8.1	The maximum aggregate liability of PPM to KTSA with respect to any and all claims under this Agreement
in any consecutive twelve month period, whether in contract, delict (including negligence), for breach of statutory duty, or otherwise,
shall be limited in respect of all claims (connected or unconnected) in any such consecutive twelve month period, to the equivalent of
the total Service Fees actually paid by KTSA to PPM in the preceding twelve months, provided that the maximum aggregate liability of PPM
with respect to any and all claims under this Agreement shall be limited to the aggregate of Services Fees paid by KTSA to PPM in the
first 12 months of this Agreement or the period from the Effective Date to termination whichever is the lesser time.

 

		8.2	This Clause ‎8
shall not limit liability of PPM in any case of corrupt acts, fraud, deliberate default or reckless misconduct by it or any of its employees.

 

		9.	Termination

 

		9.1	Without affecting any other right or remedy available to it, each party shall be entitled to terminate
the Agreement by giving not less than 6 months’ written notice to the other Party.

 

		9.2	Notwithstanding clause ‎9.1
and without prejudice to any other rights or remedies which the Parties may have either Party may terminate the Agreement without liability
to the other immediately on giving notice to the other, if:

 

		(a)	the other Party fails to pay any amount due under this Agreement on the due date for payment and remains
in default not less than 14 days after being notified in writing to make such payment other than in instances where there is a bona fide
dispute between the Parties as to whether the Party claiming payment has discharged its reciprocal obligations pursuant to which such
payment is to be 

 

    15 

     

    

 

	 	 	made and the other Party withholds payment of fees relevant to such dispute pending the resolution of such dispute; or

 

		(b)	the other Party commits a material breach of any of the material terms of this Agreement and (if such
a breach is remediable) fails to remedy that breach within 30 days of that Party being notified in writing of the breach; or

 

		(c)	the other Party suspends, or threatens to suspend, payment of its debts, is unable to pay its debts as
they fall due, admits inability to pay its debts; or

 

		(d)	the other Party commences negotiations with all, or any class of, its creditors with a view to rescheduling
any of its debts, or makes a proposal for, or enters into any compromise or arrangement with, its creditors other than for the sole purpose
of a scheme for a solvent amalgamation of that Party with one or more other companies, or the solvent reconstruction of that Party; or

 

		(e)	an order is made, for or in connection with the winding up of the other Party other than for the sole
purpose of a scheme for a solvent amalgamation of that Party with one or more other companies, or the solvent reconstruction of that Party;
or

 

		(f)	an administrator is appointed over the other Party; or

 

		(g)	a floating charge holder over the material assets of the other Party has appointed an administrative receiver;
or

 

		(h)	a receiver is appointed over the material assets of the other Party; or

 

		(i)	any event occurs with respect to the other Party
in any jurisdiction to which it is subject that has an effect equivalent or similar to any of the events mentioned in clause ‎9.2(d) to
‎9.2(h) inclusive; or

 

    16 

     

    

 

		(j)	the other Party suspends or ceases to carry on all or a substantial part of its business.

 

		9.3	On termination of this Agreement for any reason:

 

		(a)	KTSA shall immediately pay to PPM all amounts due, owing and payable under this Agreement;

 

		(b)	the accrued rights, remedies, obligations and liabilities of the Parties as at termination shall not be
affected, including the right to claim damages in respect of any breach of the Agreement which existed at or before the date of termination;
and

 

		(c)	clauses which expressly or by implication have
effect after termination shall continue in full force and effect, including the following clauses: clause ‎6
(Quality of services), clause ‎7 (Confidentiality), clause ‎8
(Limitation of liability), clause ‎13
(Notices), clause ‎14 (Dispute resolution), and clause ‎15
(Governing law and jurisdiction).

 

		10.	Force majeure

 

		10.1	A Party is not liable for a failure to perform any of its obligations under this Agreement in so far as
it proves:

 

		(a)	that the failure was due to an impediment beyond its control and without the fault, negligence or breach
of contract;

 

		(b)	that it could not reasonably be expected to have taken the impediment and its effects upon the Party’s
ability to perform into account at the time of the conclusion of the contract; and

 

		(c)	that it could not reasonably have avoided or overcome the impediment or at least its effects.

 

		10.2	An impediment in clause ‎10.1
may result from events such as the following, this enumeration not being exhaustive:

 

    17 

     

    

 

		(a)	war, whether declared or not, civil war, civil violence, riots and revolution, acts of piracy, acts of
sabotage;

 

		(b)	natural disasters such as violent storms, cyclones, earthquakes, tidal waves, floods, destruction by lightening;

 

		(c)	explosions, fire, destruction of machines, of factories and of any kind of installations;

 

		(d)	boycotts, strikes and lock-outs of all kinds, go-slow, occupation of factories and premises, and work
stoppages;

 

		(e)	acts of authority, whether lawful or unlawful,
apart from acts for which the Party seeking relief has assumed the risk by virtue of any other provisions of this Agreement; and apart
from the matters mentioned in clause ‎10.3.

 

		10.3	For the purposes of clause ‎10.1
 “impediment” does not include lack of authorisations, of licenses, or permits or of approvals necessary for the performance
of the Services.

 

		10.4	Relief from liability for non-performance by
                                                                                                                                            reason of the provisions of clause ‎10 shall
                                                                                                                                            commence on the date upon which the Party seeking relief gives notice of the impediment relied upon and shall terminate upon the
                                                                                                                                            date upon which such impediment
ceases to exist; provided that if such impediment continues for a period of more than 6 (six) months either affected Party shall be entitled
to terminate this Agreement by written notice to the other affected Party. For the avoidance of doubt, if PPM is prevented from performing
the Services as a consequence of an impediment which satisfies the requirements of clause ‎10.1,
KTSA shall not be required to pay the Services Fee in respect of any period during which PPM is prevented from performing the Services
as a result of that impediment. The impediment, however, shall not apply to KTSA’s obligations to pay PPM any monies due and/or
owing in terms of the Agreement.

 

		10.5	The Party seeking relief shall:

 

    18 

     

    

 

 

		(a)	as
                                            soon as reasonably practicable after the start of the impediment but no later than 7 days
                                            from its start, notify the other party in writing of the impediment, the date on which it
                                            started, it’s likely or potential duration, and the effect of the impediment on its
                                            ability to perform any of its obligations under the Agreement; and

 

		(b)	use
                                            all reasonable endeavours and take all reasonable steps to terminate the circumstances giving
                                            rise to the impediment and minimise the effect of such circumstances upon the performance
                                            of its obligations under this Agreement (to the extent that it is within its reasonable powers
                                            to do so).

 

		10.6	Notwithstanding
                                            any other provision of this clause ‎10, the occurrence of an impediment
                                            shall not relieve a Party from an obligation which arose before the occurrence of that impediment.

 

		11.	General

 

		11.1	No
                                            variation of this Agreement shall be valid unless it is in writing and signed by or on behalf
                                            of each of the Parties.

 

		11.2	A
                                            waiver of any right or remedy under this Agreement is only effective if given in writing
                                            and shall not be deemed a waiver of any subsequent breach or default. A failure or delay
                                            by a Party to exercise any right or remedy provided under this Agreement or by law shall
                                            not constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict
                                            any further exercise of that or any other right or remedy. No single or partial exercise
                                            of any right or remedy provided under this Agreement or by law shall preclude or restrict
                                            the further exercise of any such right or remedy.

 

		11.3	If
                                            any court or competent authority finds that any provision of this Agreement (or part of any
                                            provision) is invalid, illegal or unenforceable, that provision or part-provision shall,
                                            to the extent required, be deemed to be deleted, and the validity and enforceability of the
                                            other provisions of this Agreement shall not be affected.

 

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		11.4	This
                                            Agreement constitutes the entire agreement between the Parties in relation to its subject
                                            matter and supersedes and extinguishes all previous drafts, arrangements, understandings
                                            or agreements between them, whether written or oral, relating to the subject matter of this
                                            Agreement.

 

		11.5	Each
                                            Party acknowledges that, in entering into this Agreement, it does not rely on, and shall
                                            have no remedies in respect of, any representation or warranty (whether made innocently or
                                            negligently) that is not set out in this Agreement. Each Party agrees that its only liability
                                            in respect of those representations and warranties that are set out in this Agreement (whether
                                            made innocently or negligently) shall be for breach of contract.

 

		11.6	Nothing
                                            in this Agreement shall limit or exclude any liability for fraud.

 

		11.7	Neither
                                            Party shall, without the prior written consent of the other, assign, transfer, charge, mortgage,
                                            subcontract or deal in any other manner with all or any of its rights or obligations under
                                            this Agreement.

 

		11.8	Nothing
                                            in this Agreement is intended to, or shall operate to, create a partnership between the Parties,
                                            or to authorise either Party to act as agent for the other, and neither Party shall have
                                            authority to act in the name or on behalf of or otherwise to bind the other in any way (including
                                            the making of any representation or warranty, the assumption of any obligation or liability
                                            and the exercise of any right or power).

 

		11.9	At
                                            all times during the performance of the Services, PPM shall be an independent contractor
                                            and is not an employee or agent of KTSA.

 

		12.	Rights
                                            of third parties

 

A
person who is not a Party to this Agreement shall not have any rights under or in connection with it.

 

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		13.	Notices

 

		13.1	A
                                            notice or communication given to a Party under or in connection with this Agreement:

 

		(a)	shall
                                            be in writing;

 

		(b)	shall
                                            be signed by or on behalf of the Party giving it;

 

		(c)	shall
                                            be sent for the attention of the person, at the address or fax number specified in this clause
                                            (or to such other address, fax number or person as that Party may notify to the other, in
                                            accordance with the provisions of this clause); and

 

		(d)	shall
                                            be:

 

		(i)	delivered
                                            personally;

 

		(ii)	sent
                                            by commercial courier;

 

		(iii)	sent
                                            by email; or

 

		(iv)	sent
                                            by pre-paid first-class post or recorded delivery.

 

		13.2	The
                                            addresses for service of a notice are as follows:

 

		(a)	PPM:

 

		(i)	Physical:	[***]

 

		(ii)	Postal:	[***]

 

		(iii)	email:	[***]

 

		(b)	KTSA:

 

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		(i)	Physical:	[***]

 

		(ii)	Postal:	[***]

 

		(iii)	email:	[***] and [***]

 

		(iv)	for the attention of:	[***]
                                            and [***]

 

		13.3	If
                                            a notice or other communication has been properly sent or delivered in accordance with this
                                            clause, it will be deemed to have been received as follows:

 

		(a)	if
                                            delivered personally, at the time of delivery; or

 

		(b)	if
                                            delivered by commercial courier, at the time of signature of the courier’s receipt;
                                            or

 

		(c)	if
                                            sent by email, on the business day immediately succeeding the date of successful transmission
                                            thereof; or

 

		(d)	if
                                            sent by pre-paid first-class post or recorded delivery, at 9.00 am on the second day after
                                            posting.

 

		13.4	For
                                            the purposes of this clause:

 

		(a)	all
                                            times are to be read as local time in the place of deemed receipt; and

 

		(b)	if
deemed receipt under this clause is not within business hours (meaning 9.00 am to 5.30 pm Monday to Friday on a day that is
not a public holiday in the place of receipt), the notice or other

 

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		 	communication
                                            is deemed to have been received when business next starts in the place of receipt.

 

		14.	Dispute
                                            resolution

 

		14.1	Amicable
                                            Settlement

 

If
any dispute arises between the Parties, they shall use all reasonable endeavours to resolve the matter amicably and in good faith. If
one Party gives the other Party notice that a dispute has arisen and the Parties are unable to resolve such dispute within 30 (thirty)
days of service of such notice, then such dispute shall be referred to the respective chairmen or chief executives or other nominated
senior representative of the Parties. No Party shall resort to arbitration against the other Party under this Agreement until at least
30 (thirty) days after such referral. This shall not affect a Party’s right to seek interim relief.

 

		14.2	Arbitration

 

		(a)	Unless
                                            provided for to the contrary in this Agreement, a dispute which arises in regard to:

 

		(i)	the
                                            interpretation of;

 

		(ii)	the
                                            carrying into effect of;

 

		(iii)	any
                                            of the Parties’ rights and obligations arising from;

 

		(iv)	the
                                            termination or purported termination of or arising from the termination of; or

 

		(v)	the
                                            rectification or proposed rectification of this Agreement, or out of or pursuant to this
                                            Agreement or on any matter which in terms of this Agreement requires agreement by the Parties,
                                            (other than where an interdict is sought or urgent relief may be obtained from a court of
                                            competent jurisdiction),

 

    23

     

    

 

and
which is not resolved in accordance with clause ‎14.1, shall, on written demand, be submitted to arbitration in Johannesburg
in accordance with the Arbitration Foundation of South Africa (“AFSA”) rules, which arbitration shall be administered
by AFSA.

 

		(b)	Should
                                            AFSA, as an institution, not be operating at that time or not

                                            be accepting requests for arbitration for any reason, then the arbitration shall be conducted
                                            in accordance with the AFSA rules for commercial arbitration (as last applied by AFSA)
                                            before an arbitrator appointed by agreement between the Parties or failing agreement within
                                            10 (ten) business days of the demand for arbitration, then either Party shall be entitled
                                            to forthwith call upon the chairperson of the Johannesburg Bar Council to nominate the arbitrator,
                                            provided that the person so nominated shall be an advocate or attorney of not less than 10 (ten) years
                                            standing as such. The person so nominated shall be the duly appointed arbitrator in respect
                                            of the dispute. In the event of the attorneys of the Parties failing to agree on any matter
                                            relating to the administration of the arbitration, such matter shall be referred to and decided
                                            by the arbitrator whose decision shall be final and binding on the parties to the dispute.

 

		(c)	Either
                                            Party may appeal the decision of the arbitrator in terms of the AFSA rules for commercial
                                            arbitration.

 

		(d)	Nothing
                                            herein contained shall be deemed to prevent or prohibit a Party from applying to court for
                                            urgent relief or for judgment in relation to a liquidated claim.

 

		(e)	Any
                                            arbitration in terms of this clause (including any appeal proceedings) shall be conducted
                                            in camera and the Parties shall treat as confidential details of the dispute submitted to
                                            arbitration, the conduct of the arbitration proceedings and the outcome of the arbitration.

 

    24

     

    

 

		(f)	The
                                            Parties agree that the written demand by a Party in terms of clause ‎14.2(a) that
                                            the dispute or difference be submitted to arbitration, is to be deemed to be a legal process
                                            for the purpose of interrupting extinctive prescription in terms of the Prescription Act,
                                            No 68 of 1969.

  

		15.	Governing
                                            law and jurisdiction

 

		15.1	This
                                            Agreement and any dispute or claim arising out of or in connection with it or its subject
                                            matter or formation (including non-contractual disputes or claims), shall be governed by,
                                            and construed in accordance with, the law of the Republic of South Africa.

 

		15.2	Notwithstanding
                                            anything to the contrary contained in clause ‎14, either Party shall be
                                            entitled to apply for any interdict (or any other matter that cannot be resolved pursuant
                                            to clause ‎14) to be heard by any competent court having jurisdiction.
                                            In this regard, the Parties submit to the nonexclusive jurisdiction of the courts of the
                                            Republic of South Africa.

 

This
Agreement has been entered into on the date stated at the beginning of it.

 

EXECUTION
PAGE FOLLOWS:

 

    25

     

    

 

	FOR	PILANESBERG
    PLATINUM MINES PROPRIETARY LIMITED	 
	 	 	 
		 	 
	Signature:	/s/ Erich Clarke
	 
	 	who
warrants that he / she is duly authorised thereto
	 
	 	 	 
	Name:	Erich
Clarke

	 
	 	 	 
	Date:	4
    November 2021

    
	 
	 	 	 
	Place	Centurion,
    South Africa

    
	 

 

 

	FOR	KELLTECHNOLOGY
    SOUTH AFRICA (RF) PROPRIETARY LIMITED	 
	 	 	 
	Signature:	/s/
[ILLEGIBLE]	 
	 	

    who
    warrants that he / she is duly authorised thereto
	 
	 	 	 
	Name:	ILLEGIBLE
    
	 
	 	 	 
	Date:	3
    November 2021

    
	 
	 	 	 
	Place	[***]

    
	 

 

 

	FOR	KELLTECHNOLOGY
    SOUTH AFRICA (RF) PROPRIETARY LIMITED	 
	 	 	 
	Signature:	/s/
[ILLEGIBLE]	 
	 	

    who
    warrants that he / she is duly authorised thereto
	 
	 	 	 
	Name:	ILLEGIBLE 	 
	 	 	 
	Date:	4
    November 2021

    
	 
	 	 	 
	Place	[***]

    
	 

 

    26

     

    

 

Schedules and other similar attachments to this
exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K.

 

Schedule
1 - Personnel involved in rendering the Services and percentage of hours to be spent by each such personnel

 

    27

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