Document:

Exhibit

Exhibit 10.41

Asset Sale and Share Subscription Agreement
Wodgina Project

Wodgina Lithium Pty Ltd
Albemarle Wodgina Pty Ltd
Mineral Resources Limited
Albemarle Corporation

	
					
	Contents
	 
	Page
	

	1
	Defined terms and interpretation
	1
	

	 
	1.1
	Definitions in the Dictionary
	1
	

	 
	1.2
	Interpretation
	1
	

	2
	Conditions to Completion
	2
	

	 
	2.1
	Conditions precedent
	2
	

	 
	2.2
	Satisfaction of the Conditions
	2
	

	 
	2.3
	Extension of the Conditions Precedent Date
	3
	

	 
	2.4
	Waiver
	3
	

	 
	2.5
	Notice
	3
	

	 
	2.6
	Termination and failure to Complete
	3
	

	3
	Subscription and allotment of Subscription Shares
	4
	

	 
	3.1
	Registration of WLOPL
	4
	

	 
	3.2
	Subscription
	4
	

	 
	3.3
	Constitution
	5
	

	 
	3.4
	Equal ranking
	5
	

	4
	Sale and purchase of Sale Interest
	5
	

	 
	4.1
	Sale and purchase
	5
	

	 
	4.2
	Reserved Rights
	5
	

	 
	4.3
	Purchase Price
	5
	

	 
	4.4
	Payments to reduce Purchase Price
	5
	

	 
	4.5
	Method of making payments
	5
	

	5
	Incomplete Infrastructure and Tantalum Assets
	6
	

	 
	5.1
	Construction and commissioning by Seller
	6
	

	 
	5.2
	CCC Handover
	6
	

	 
	5.3
	Warranties from suppliers and manufacturers
	7
	

	 
	5.4
	Tantalum Assets
	7
	

	6
	Interim Period
	7
	

	
			
	 
	 
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	6.1
	Third Party Agreements
	7
	

	 
	6.2
	Information and access
	7
	

	 
	6.3
	General Conduct – Sale Interest and Project
	8
	

	 
	6.4
	Initial Mine Plan and Budget
	9
	

	 
	6.5
	Registration of this agreement
	10
	

	 
	6.6
	General Conduct – WLOPL
	10
	

	 
	6.7
	Compliance with clause 6 and Permitted Acts
	11
	

	 
	6.8
	Tax Notice
	11
	

	7
	Completion
	11
	

	 
	7.1
	Date and place for Completion
	11
	

	 
	7.2
	Obligations of the Seller and WLOPL at Completion
	11
	

	 
	7.3
	Buyer’s obligations at Completion
	13
	

	 
	7.4
	Security Interest
	13
	

	 
	7.5
	Interdependence
	14
	

	 
	7.6
	Effect of Completion – title and risk
	14
	

	 
	7.7
	Tenement Applications
	14
	

	 
	7.8
	Assigned Tenements
	14
	

	8
	Completion Adjustment
	15
	

	 
	8.1
	Completion Adjustment
	15
	

	 
	8.2
	Completion Statement
	15
	

	 
	8.3
	Dispute
	15
	

	 
	8.4
	Payment of Completion Adjustment
	17
	

	9
	Conduct after Completion
	17
	

	 
	9.1
	Duty
	17
	

	 
	9.2
	Transfer of Petroleum Pipeline Licences
	18
	

	 
	9.3
	Registration
	18
	

	 
	9.4
	Dealings
	18
	

	 
	9.5
	Non-Transferring Approvals
	19
	

	10
	Third Party Agreements
	19
	

	
			
	 
	 
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	10.1
	Assignment and Novation of Third Party Agreements
	19
	

	 
	10.2
	Obligations pending or if no novation
	19
	

	 
	10.3
	Third Party Agreements
	20
	

	 
	10.4
	Indemnity by Buyer in respect of Third Party Agreement Liabilities
	20
	

	 
	10.5
	No liability
	20
	

	 
	10.6
	Indemnity from Buyer and Seller
	21
	

	 
	10.7
	Implementation of documents
	21
	

	11
	Liabilities
	21
	

	 
	11.1
	Acknowledgment
	21
	

	 
	11.2
	Benefit of pre-existing warranties, representations and indemnities
	21
	

	 
	11.3
	Retained Liabilities
	22
	

	 
	11.4
	Indemnity by Seller in respect of Retained Liability
	22
	

	12
	Transferring Employees
	22
	

	 
	12.1
	Transferring Employees
	22
	

	 
	12.2
	Seller's payment obligations
	22
	

	 
	12.3
	Seller's indemnity
	23
	

	13
	Insurance
	23
	

	 
	13.1
	Insurance policies to remain in force
	23
	

	 
	13.2
	Making of claims
	24
	

	 
	13.3
	Provision of information relevant to future insurances
	24
	

	14
	Seller Group Warranties and limitations of Claims
	24
	

	 
	14.1
	Definition
	24
	

	 
	14.2
	Giving of Seller Group Warranties
	24
	

	 
	14.3
	Matters disclosed
	25
	

	 
	14.4
	No liability
	26
	

	 
	14.5
	Consequential Loss
	26
	

	 
	14.6
	Tax or other benefit
	26
	

	 
	14.7
	Disclaimer
	27
	

	 
	14.8
	Exclusion of warranties and statutory actions
	28
	

	
			
	 
	 
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	14.9
	Notice and time limits on Claims
	28
	

	 
	14.10
	Minimum amount of Claims
	28
	

	 
	14.11
	Maximum liability
	29
	

	 
	14.12
	No double recovery
	29
	

	 
	14.13
	Disclosure regarding Third Party Claims
	29
	

	 
	14.14
	Conduct in respect of Third Party Claims
	30
	

	 
	14.15
	Recovery
	30
	

	 
	14.16
	Insured Claim or loss
	31
	

	 
	14.17
	Duty to mitigate
	31
	

	 
	14.18
	Independent limitations
	31
	

	 
	14.19
	Damages only remedy
	31
	

	 
	14.20
	No knowledge of breach
	31
	

	15
	Buyer Warranties
	31
	

	 
	15.1
	Buyer Warranties
	31
	

	 
	15.2
	Reliance
	32
	

	 
	15.3
	Independent Buyer Warranties
	32
	

	 
	15.4
	Survival
	32
	

	16
	Seller Guarantor Warranties
	32
	

	 
	16.1
	Seller Guarantor Warranties
	32
	

	 
	16.2
	Reliance
	33
	

	 
	16.3
	Independent Seller Guarantor Warranties
	33
	

	 
	16.4
	Survival
	33
	

	 
	16.5
	Indemnity
	33
	

	17
	Buyer Guarantor Warranties
	33
	

	 
	17.1
	Buyer Guarantor Warranties
	33
	

	 
	17.2
	Reliance
	34
	

	 
	17.3
	Independent Buyer Guarantor Warranties
	34
	

	 
	17.4
	Survival
	34
	

	 
	17.5
	Indemnity
	34
	

	
			
	 
	 
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	18
	Confidentiality
	34
	

	 
	18.1
	Confidentiality obligation
	34
	

	 
	18.2
	Exceptions
	35
	

	 
	18.3
	Information Recipient's obligations
	35
	

	 
	18.4
	Media announcement
	35
	

	 
	18.5
	Confidentiality Agreement
	36
	

	19
	Seller Guarantee and indemnity
	36
	

	 
	19.1
	Consideration
	36
	

	 
	19.2
	Seller Guarantee
	36
	

	 
	19.3
	Indemnity
	36
	

	 
	19.4
	Extent of Seller Guarantee and indemnity
	37
	

	 
	19.5
	Payments
	37
	

	 
	19.6
	Continuing guarantee and indemnity
	37
	

	 
	19.7
	Enforcement against Seller Guarantor
	38
	

	 
	19.8
	Limitation
	38
	

	20
	Buyer Guarantee and indemnity
	38
	

	 
	20.1
	Consideration
	38
	

	 
	20.2
	Buyer Guarantee
	38
	

	 
	20.3
	Indemnity
	38
	

	 
	20.4
	Extent of Buyer Guarantee and indemnity
	39
	

	 
	20.5
	Payments
	39
	

	 
	20.6
	Continuing guarantee and indemnity
	39
	

	 
	20.7
	Enforcement against Buyer Guarantor
	40
	

	 
	20.8
	Limitation
	40
	

	21
	Dispute resolution
	40
	

	 
	21.1
	Dispute Notice
	40
	

	 
	21.2
	Continuance of Contract
	40
	

	22
	Duty, costs and expenses
	40
	

	 
	22.1
	Duty
	40
	

	
			
	 
	 
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	22.2
	Costs and expenses
	41
	

	 
	22.3
	Costs of performance
	41
	

	23
	GST
	41
	

	 
	23.1
	Supply of a going concern
	41
	

	 
	23.2
	Taxable Supplies
	41
	

	24
	Foreign resident capital gains withholding
	42
	

	 
	24.1
	Application of foreign resident capital gains withholding
	42
	

	 
	24.2
	Clearance Certificate given by Seller
	43
	

	 
	24.3
	Buyer entitled to withhold
	43
	

	 
	24.4
	Buyer’s obligation to pay Withholding Amount to the Commissioner
	43
	

	 
	24.5
	Payment of the Withholding Amount after Completion
	43
	

	 
	24.6
	Discharge of liability
	43
	

	 
	24.7
	Definitions and interpretation
	43
	

	25
	PPS Act registration
	44
	

	 
	25.1
	Protecting interests
	44
	

	 
	25.2
	Notices
	44
	

	26
	Notices
	44
	

	 
	26.1
	General
	44
	

	 
	26.2
	How to give a communication
	44
	

	 
	26.3
	Particulars for delivery
	44
	

	 
	26.4
	Communications by post
	46
	

	 
	26.5
	Communications by email
	46
	

	 
	26.6
	Process service
	46
	

	 
	26.7
	After hours communications
	46
	

	27
	General
	46
	

	 
	27.1
	Consents and approvals
	46
	

	 
	27.2
	Entire agreement
	47
	

	 
	27.3
	Further assurances
	47
	

	 
	27.4
	Rights cumulative
	47
	

	
			
	 
	 
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	27.5
	Survival and merger
	47
	

	 
	27.6
	Variation
	47
	

	 
	27.7
	Waiver
	47
	

	 
	27.8
	Governing law
	47
	

	 
	27.9
	Counterparts
	48
	

	 
	27.10
	Default interest
	48
	

	 
	27.11
	Interest payable on overdue amounts
	48
	

	 
	27.12
	Invalidity
	48
	

	 
	27.13
	Operation of indemnities
	48
	

	 
	27.14
	Payments
	49
	

	 
	27.15
	Relationship
	49
	

	 
	27.16
	Assignment, novation and other dealings
	49
	

	 
	27.17
	Third party rights
	49
	

	Schedule 1
	 
	Dictionary
	50
	

	Schedule 2
	 
	Seller Group Warranties
	66
	

	Schedule 3
	 
	Tenements
	74
	

	Schedule 4
	 
	Completed Infrastructure
	87
	

	Schedule 5
	 
	Incomplete Infrastructure
	88
	

	Schedule 6
	 
	Excluded Infrastructure
	99
	

	Schedule 7
	 
	Third Party Agreements
	100
	

	Schedule 8
	 
	Mobile Equipment
	105
	

	Schedule 9
	 
	Permitted Security Interest
	112
	

	Schedule 10
	 
	Approvals
	113
	

	Schedule 11
	 
	Non-Transferring Approvals
	115
	

	Schedule 12
	 
	Share Subscription Application
	116
	

	Schedule 13
	 
	Completion Adjustment
	117
	

	Schedule 14
	 
	Completion Adjustment pro-forma
	119
	

	Execution page
	 
	 
	124
	

	 
	 
	 
	 

	
			
	 
	 
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	Attachment A
	 
	Agreed form JVA

	Attachment B
	 
	Mine Development Plan

	Attachment C
	 
	Parent Guarantee

	Attachment D
	 
	Deed of Cross Security

	Attachment E
	 
	Chargee’s Priority Deed

	
			
	 
	 
	   page | 8 

Date:                        2018

Parties
		
	1
	Wodgina Lithium Pty Ltd ACN 611 488 932 of 1 Sleat Road, Applecross WA  6153 (Seller)

		
	2
	Albemarle Wodgina Pty Ltd ABN 69 630 509 303 of Minter Ellison Building, Level 3, 25 National Circuit, Forrest ACT  2603 (Buyer)

		
	3
	Mineral Resources Limited ACN 118 549 910 of 1 Sleat Road, Applecross WA  6153 (Seller Guarantor)

		
	4
	Albemarle Corporation of 4350 Congress Street, Suite 700, Charlotte, NC 28209 (Buyer Guarantor)

Background
		
	A
	The Seller is the beneficial and (except where expressly provided in this agreement) legal owner of the Sale Interest.

		
	B
	The Seller has agreed to sell to the Buyer, and the Buyer has agreed to purchase from the Seller, the Sale Interest on the terms and conditions set out in this agreement.

		
	C
	The Buyer has agreed to subscribe for, and the Seller has agreed to procure that WLOPL will allot and issue, the Subscription Shares on the terms and conditions set out in this agreement such that on and from Completion, the Buyer and the Seller will each hold 50% of the Ordinary Shares in WLOPL.

		
	D
	The Seller Guarantor has agreed to guarantee the obligations of the Seller under this agreement.

		
	E
	The Buyer Guarantor has agreed to guarantee the obligations of the Buyer under this agreement.

The parties agree

		
	1
	Defined terms and interpretation

		
	1.1
	Definitions in the Dictionary

A term or expression starting with a capital letter:
		
	(a)
	which is defined in the Dictionary in Schedule 1, has the meaning given to it in the Dictionary;

		
	(b)
	which is defined in the Corporations Act, but is not defined in the Dictionary, has the meaning given to it in the Corporations Act; and

		
	(c)
	which is defined in the GST Law, but is not defined in the Dictionary or the Corporations Act, has the meaning given to it in the GST Law.

		
	1.2
	Interpretation

The interpretation clause in Schedule 1 sets out rules of interpretation for this agreement.

	
			
	 
	 
	   page | 1 

		
	2
	Conditions to Completion

		
	2.1
	Conditions precedent

Clauses 3, 4 and 7 do not become binding on the parties and are of no force and effect until each of the following Conditions have been satisfied or waived in accordance with clauses 2.2 and 2.4:
		
	(a)
	Regulatory approvals:

		
	(i)
	either: 

		
	(A)
	the Buyer receiving notice in writing from the Federal Treasurer or his or her agent to the effect that there are no objections under the Australian Government's foreign investment policy or under FATA to the Buyer acquiring the Sale Interest and the Subscription Shares in accordance with this agreement; or

		
	(B)
	the Treasurer being, by reason of lapse of time, no longer empowered to make an order under FATA in respect of the acquisition contemplated by this agreement; and

		
	(ii)
	either:

		
	(A)
	a merger filing, if required, having been made by the parties to, and accepted by, SAMR pursuant to the Anti-Monopoly Law and SAMR having issued a decision confirming that it will not conduct further review of the transactions evidenced by this agreement or it will allow the transactions evidenced by this agreement to proceed without conditions or, subject to clause 2.2(b) on conditions reasonably acceptable to the parties; or 

		
	(B)
	that all applicable waiting periods under the Anti-Monopoly Law in respect of the review of the transaction contemplated by this agreement have expired.

		
	(b)
	Ministerial consent for Tenements: the Seller and the Buyer have received all necessary consents and approvals by the Minister under the Mining Act to the transfer of the Tenements (to the extent of the Sale Interest) on terms reasonably acceptable to the Seller and Buyer.

		
	(c)
	Title Agreements: the consents or approvals of all Counterparties which are required under or pursuant to the Title Agreements in relation to the transactions evidenced by this agreement have been obtained on terms reasonably acceptable to the Buyer and the Seller, including the provision of duly executed unconditional and irrevocable releases of caveats, mortgages and other encumbrances over the Tenements the subject of the Title Agreements.

		
	2.2
	Satisfaction of the Conditions

		
	(a)
	The Buyer must use all reasonable endeavours to satisfy the Condition in clause 2.1(a)(i) by the Conditions Precedent Date.  

		
	(b)
	Each of the Buyer and the Seller must use all reasonable endeavours to satisfy the Conditions in clauses 2.1(a)(ii), 2.1(b) and 2.1(c) by the Conditions Precedent Date, provided that in respect of the Condition in clause 2.1(a)(ii), neither party will be required to offer, propose or agree to any conditions to SAMR’s approval of the transaction evidenced by this agreement until the impact on the Project of such conditions have been agreed between the parties and the Transaction Documents have been revised to reflect such impact, if necessary, on terms reasonably satisfactory to each party.

	
			
	 
	 
	   page | 2 

		
	(c)
	The Buyer and the Seller must cooperate with each other in doing anything reasonably necessary to satisfy the Conditions.

		
	(d)
	The Seller must duly seek all necessary consents and approvals by the Minister under the Mining Act in connection with the Condition in clauses 2.1(b) within 10 Business Days following the Execution Date.

		
	2.3
	Extension of the Conditions Precedent Date

		
	(a)
	If a Condition has not been satisfied, or is unlikely to be satisfied by the Conditions Precedent Date, the Seller or the Buyer may, by giving a written notice (Extension Notice) to the other party at any time prior to the Conditions Precedent Date, extend the Conditions Precedent Date in respect of that Condition to any date on or before the Final Conditions Precedent Date. 

		
	(b)
	The Seller and the Buyer may only issue one Extension Notice each and provided that the date specified in any Extension Notice is no later than the Final Conditions Precedent Date.

		
	2.4
	Waiver

		
	(a)
	The Conditions in clause 2.1(a) and 2.1(b) are for the benefit of both the Seller and the Buyer and may only be waived by written agreement between the Seller and the Buyer.

		
	(b)
	The Condition in clause 2.1(c) is for the benefit of both Seller and the Buyer and may be waived by either the Seller or the Buyer.  

		
	2.5
	Notice

The Buyer and the Seller must: 
		
	(a)
	keep the other party fully informed (by notices in writing) in relation to progress towards the satisfaction of the Conditions; and 

		
	(b)
	promptly notify the other in writing if it becomes aware that a Condition is satisfied or incapable of being satisfied before the Conditions Precedent Date.

		
	2.6
	Termination and failure to Complete 

		
	(a)
	The Buyer or the Seller may terminate this agreement before Completion by giving written notice to the other of the Buyer or the Seller (as the case may be) if:

		
	(i)
	a Condition is not satisfied or waived by the Conditions Precedent Date; 

		
	(ii)
	a Condition (which has not been waived) becomes incapable of being satisfied by the Final Conditions Precedent Date; 

		
	(iii)
	the parties agree that a Condition cannot be satisfied by the Conditions Precedent Date (unless that Condition is satisfied before termination of this agreement); or 

	
			
	 
	 
	   page | 3 

		
	(iv)
	the other of the Buyer or the Seller (as is relevant) suffers an Insolvency Event, 

and provided that the terminating party is not in breach of a material obligation under this agreement (including that the terminating party must have complied with its obligations in clause 2.2).
		
	(b)
	Provided the Conditions have been satisfied or waived, if either the Seller Group or the Buyer Group (Defaulting Party) does not Complete when required to do so under this agreement, other than as a result of default by the other group (Non-Defaulting Party), the Non-Defaulting Party may give the Defaulting Party notice requiring it to Complete within 10 Business Days of receipt of the notice. When a notice is given under this clause 2.6(b), time will be of the essence under this agreement in all respects. 

		
	(c)
	If the Defaulting Party does not Complete within the period specified in clause 2.6(b), the Non-Defaulting Party may choose either to seek specific performance or terminate this agreement, without limitation to any accrued rights. 

		
	(d)
	If this agreement is terminated, then:

		
	(i)
	if any Transaction Document does not automatically terminate in accordance with its terms on termination of this agreement, the parties will procure that each other Transaction Document that has been executed is terminated; 

		
	(ii)
	each party is released from its obligations to further perform its obligations under this agreement and each Transaction Document, except those expressed to survive termination; and

		
	(iii)
	each party retains the rights it has against the other in respect of any breach of this agreement occurring before termination.

		
	3
	Subscription and allotment of Subscription Shares

		
	3.1
	Registration of WLOPL

The parties acknowledge and agree that the Seller will procure the registration of WLOPL under the Corporations Act no earlier than 2 Business Days prior to the Completion Date or as otherwise agreed in writing between the Seller and the Buyer. 
		
	3.2
	Subscription

Subject to the terms and conditions of this agreement, the Seller will procure that WLOPL allots and issues, and the Buyer must subscribe for, the Subscription Shares:
		
	(a)
	for the Subscription Amount;

		
	(b)
	with effect on and from Completion;

		
	(c)
	free from any Security Interest; and

		
	(d)
	on the terms and conditions of this agreement.

	
			
	 
	 
	   page | 4 

		
	3.3
	Constitution

The Buyer agrees to be bound by the WLOPL Constitution upon issue of the Subscription Shares. 
		
	3.4
	Equal ranking

The Subscription Shares rank equally in all respects with all other Ordinary Shares.

		
	4
	Sale and purchase of Sale Interest 

		
	4.1
	Sale and purchase 

The Seller agrees to sell the Sale Interest to the Buyer and the Buyer agrees to buy the Sale Interest:
		
	(a)
	for the Purchase Price; 

		
	(b)
	with effect from Completion;

		
	(c)
	free from any Security Interest (other than a Permitted Security Interest); and

		
	(d)
	on the terms and conditions of this agreement.

		
	4.2
	Reserved Rights

The parties acknowledge that the Tantalum Rights and the Iron Ore Rights do not form part of the Sale Interest.
		
	4.3
	Purchase Price

The consideration for the sale and purchase of the Sale Interest is the payment by the Buyer of the Purchase Price. 
		
	4.4
	Payments to reduce Purchase Price

Any payment received by the Buyer after Completion in relation to any breach by the Seller of a Seller Group Warranty or under an Indemnity must be treated as a reduction in and refund of the Purchase Price. 
		
	4.5
	Method of making payments

		
	(a)
	All payments required to be made under this agreement must be paid without deduction or set-off in Immediately Available Funds to the bank account or accounts nominated in writing before the due date for payment by the party to whom the payment is due. 

		
	(b)
	Any nomination referred to in clause 4.5(a) must be made at least 2 Business Days before the payment is due.

	
			
	 
	 
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	5
	Incomplete Infrastructure and Tantalum Assets

		
	5.1
	Construction and commissioning by Seller 

		
	(a)
	Subject to clause 5.2(c), the Seller must at its cost construct and successfully Commission, or must procure the construction and successful Commissioning of, all Incomplete Infrastructure. 

		
	(b)
	The Seller must use all reasonable endeavours to complete the construction and successful Commissioning, or to procure the completion of the construction and successful Commissioning, of all Incomplete Infrastructure by no later than 30 September 2019 (or, if not possible by that date, as soon as possible after that date).

		
	(c)
	The Seller must, at its cost, take all steps required to obtain the Approvals required for the construction and operation of the Incomplete Infrastructure (including those set out in Schedule 5) and must (on Completion or if later following construction and successful commissioning) transfer all Approvals for the Incomplete Infrastructure to the Buyer, to the extent of the Sale Interest, or to WLOPL (as applicable). 

		
	5.2
	CCC Handover 

		
	(a)
	On completion of construction and successful Commissioning of each item of Incomplete Infrastructure the Seller must hand over care, custody and control of the relevant item of Incomplete Infrastructure to WLOPL (CCC Handover). 

		
	(b)
	At the later of Completion or the date of CCC Handover for each item of Incomplete Infrastructure:

		
	(i)
	the Seller must transfer title to each item of Incomplete Infrastructure to the Buyer in proportion to the Sale Interest; 

		
	(ii)
	to the extent not provided at Completion where Completion occurs prior to CCC Handover for an item of Incomplete Infrastructure, the Seller must provide a duly executed deed of release of security in respect of 50% of the item of Incomplete Infrastructure from the Security Trustee; and

		
	(iii)
	the Seller and the Buyer will procure that WLOPL undertakes operational ramp up of that item of Incomplete Infrastructure.

		
	(c)
	Without limiting clause 5.1(a), in respect of each item of Incomplete Infrastructure (including to satisfy clause 5.2(d)), the Seller is solely responsible for rectifying any defects (including omissions) in the construction and supply of goods, materials and equipment incorporated within the Incomplete Infrastructure that exist or become apparent prior to the later of Completion and the date of CCC Handover of the Incomplete Infrastructure.  

		
	(d)
	In order to be considered to have been constructed and successfully Commissioned, each item of Incomplete Infrastructure must meet the requirements and pass the commissioning tests set out in Schedule 5 to the extent applicable to that item of Incomplete Infrastructure.

	
			
	 
	 
	   page | 6 

		
	5.3
	Warranties from suppliers and manufacturers

		
	(a)
	On or about the date of the CCC Handover, the Seller must assign or use all reasonable endeavours to procure the assignment of the benefit of all guarantees, representations, warranties and indemnities given in favour of the Seller or its Related Bodies Corporate (or which the Seller or its Related Bodies Corporate have a right to assignment of) and which are capable of assignment in respect of the Incomplete Infrastructure and from subcontractors, manufacturers and suppliers of plant, equipment and materials incorporated into the Incomplete Infrastructure (Subcontractors) (including where such warranties continue to operate beyond the expiration of any applicable defects liability period), to WLOPL which guarantees, representations, warranties and indemnities may, at the direction of the Buyer be, held on trust by WLOPL for the Seller and the Buyer (or to the extent not able to be assigned or transferred to WLOPL, held on trust by the Seller or its Related Bodies Corporate).  

		
	(b)
	The Seller must use all reasonable endeavours to procure that the agreements entered into with Subcontractors after the Execution Date allow for all guarantees, representations, warranties and indemnities (including guarantees, representations, warranties and indemnities given by the Subcontractors' contractors) to be directly enforced by the Seller and Buyer against the parties giving the warranties.  

		
	(c)
	For any guarantees, representations, warranties and indemnities not able to be assigned or transferred to WLOPL under clause 5.3(a), the Seller or its Related Bodies Corporate (as applicable) must, for and on behalf of WLOPL, pursue and seek to enforce its rights against under those guarantees, representations, warranties and indemnities in good faith and acting reasonably (and taking account of the Buyer's and WLOPL's interest under this clause 5).

		
	5.4
	Tantalum Assets

The parties acknowledge and agree that any Deed of Assignment and Assumption in relation to the contract for the construction, installation and operation of the Tantalum Assets will bind the Buyer only in respect of matters relating to the operation and maintenance (but not the construction and installation) of the Tantalum Assets.

		
	6
	Interim Period 

		
	6.1
	Third Party Agreements 

Without limiting clause 10, during the Interim Period:
		
	(a)
	the Seller and the Buyer must each use all reasonable endeavours to obtain from the relevant Counterparties all necessary approvals, consents to the assignment or novation of the relevant Third Party Agreement and/or waivers of any pre-emptive rights arising as a result of the transactions contemplated by this agreement; and 

		
	(b)
	to the extent required by the terms of a Third Party Agreement, the Seller, the Buyer and each Counterparty must enter into a Deed of Assignment and Assumption on terms acceptable to the Buyer and the Seller (acting reasonably). 

		
	6.2
	Information and access

	
			
	 
	 
	   page | 7 

		
	(a)
	The Seller must provide to the Buyer, as soon as reasonably practicable after it becomes aware of the information, details (including copies where relevant) of all material information in relation to the Project, the Sale Interest or the Subscription Shares that the Seller, its Related Bodies Corporate or Representative become aware of during the Interim Period (including copies of all notices in respect of the Sale Interest and Subscription Shares received during the Interim Period, including from Government Agencies, contract counterparties or any other party).

		
	(b)
	During the Interim Period, the Seller must, to the extent permitted by law and subject to clauses 6.2(c) and 18:

		
	(i)
	give the Buyer and its representatives reasonable access to the Tenements, the Records and the Sale Interest during normal business hours and on reasonable notice (provided that the Buyer complies with the Seller's reasonable safety requirements); and

		
	(ii)
	provide information relating to the Project, the Sale Interest and WLOPL as the Buyer reasonably requires to enable the Buyer to become familiar with the Project (and the Buyer may make copies of such information).

		
	(c)
	The Buyer may only exercise its rights under clause 6.2(b) to the extent it does not unreasonably interfere with the conduct of the activities and operations of the Seller. 

		
	(d)
	During the Interim Period, two Representatives of each of the Seller and the Buyer must meet not less than once every fortnight at such time and place (which may be by teleconference) agreed between the Seller and the Buyer to discuss the Project (including the progress regarding the construction of the Incomplete Infrastructure). 

		
	6.3
	General Conduct – Sale Interest and Project

During the Interim Period, except as expressly provided in, or permitted or contemplated by this agreement or as consented to by the Buyer in writing, the Seller must, and must procure that the Seller's other Related Bodies Corporate involved in the operation of the Project, use all reasonable endeavours to carry on the Project (including construction and successful Commissioning of the Incomplete Infrastructure), and hold the Sale Interest, in the ordinary course, in good faith and substantially consistent with past practice and must:
		
	(a)
	use all reasonable endeavours to carry on the Project in accordance with the Mine Development Plan and the Operational Spares Plan, in each case as amended with the written approval of the Buyer; 

		
	(b)
	comply with all applicable laws in relation to the Sale Interest and Subscription Shares and the terms and conditions of the Tenements, the Petroleum Pipeline Licences and the Approvals;

		
	(c)
	not, and not take any steps to, surrender or relinquish the Tenements or the Petroleum Pipeline Licences, or agree to a variation of the terms of the Tenements or the Petroleum Pipeline Licences, except to the extent required by law; 

		
	(d)
	use all reasonable endeavours to procure the grant of the Tenement Applications and the transfer of the Assigned Tenements to the Seller;

		
	(e)
	consult the Buyer and take upmost account of the Buyer’s views for the contracting and procurement strategy for the Project having regard to the Mine Development Plan, including with respect to the gas supply and water supply arrangements for the Project;

	
			
	 
	 
	   page | 8 

		
	(f)
	not transfer, grant or permit the registration of any Security Interest over (other than a Permitted Security Interest) or otherwise deal with the Tenements, Sale Interest or Subscription Shares or its interest in them;

		
	(g)
	not vary in a material manner, voluntarily terminate, take any action that might give rise to a termination right or waive any right under a Third Party Agreement, other than the amendment and restatement of the agreement referred to in items 23 and 25 of Schedule 7 on arm’s length terms in respect of the Project following consultation with the Buyer of whose views the Seller shall take upmost account; 

		
	(h)
	comply with its obligations under the Third Party Agreements; 

		
	(i)
	not enter into any joint venture, partnership, unincorporated association, alliance or similar arrangement with any person in respect of the Sale Interest or the Project;

		
	(j)
	except as permitted under clause 6.3(o), not enter into any agreement with respect to the Product or Ore (or any other material derived from the Product or Ore) which relates to the period after the Completion Date;

		
	(k)
	not take any steps which would frustrate, impede or reduce the benefit of any Transaction Document;

		
	(l)
	without limiting clause 6.3(g), not enter into, amend or terminate (or agree to enter into, amend or terminate) a contract or commitment in respect of the Sale Interest or the Project that will result in aggregate annual receipts or expenditure in excess of $100,000, otherwise than in the ordinary course of business (which includes any gas transportation agreement on arm’s length terms);

		
	(m)
	not enter into or amend (or agree to enter into or amend) a contract or commitment with a Related Body Corporate of the Seller in respect of the Sale Interest or the Project; 

		
	(n)
	not enter into any agreement otherwise than on arm's length or enter into any abnormal or unusual transaction, in each case in respect of the Sale Interest or the Project; and

		
	(o)
	not enter into any agreement for the sale of Product or Ore, except for spot agreements for the sale of single shipments of Product or Ore mined or produced prior to the Completion Date, and which do not include any obligation to deliver Product or Ore after the date that is one month after the date of execution of such agreement. 

		
	6.4
	Initial Mine Plan and Budget 

		
	(a)
	On or before 28 February 2019, the Seller must provide to the Buyer a draft business plan for the Life of Mine, including the amount of any proposed Called Sum for each of the Buyer and the Seller on the basis of, and in accordance with, the JVA (as if the JVA was in place) to be called from and paid to WLOPL by each of the Seller and the Buyer at Completion. 

		
	(b)
	Within 20 Business Days after provision of the draft business plan to the Buyer in accordance with clause 6.4(a), the Buyer must, acting reasonably, either approve the business plan or give the Seller any comments or amendments to the draft business plan.

		
	(c)
	If the Buyer gives any comments or amendments to the draft business plan or if either party reasonably requests a change to a business plan approved or agreed 

	
			
	 
	 
	   page | 9 

between the parties (including the amount of any proposed Called Sum at Completion), the Seller and the Buyer must use all reasonable endeavours to agree the terms of the draft business plan as soon as is reasonably practicable and in any case prior to Completion.
		
	(d)
	The last draft business plan for the Life of Mine approved by the Buyer in accordance with clause 6.4(b) or agreed between the Seller and the Buyer in accordance with clause 6.4(c) (if any) is the Initial Mine Plan and Budget.

		
	(e)
	During the Interim Period, the Buyer and the Seller must meet within 5 Business Days of the end of each month in order to review and update (where necessary) the Initial Mine Plan and Budget. Any variations to an approved Initial Mine Plan and Budget (including any changes to the amount of any proposed Called Sum at Completion), must be approved by the Buyer acting reasonably or otherwise agreed between the Seller and the Buyer in accordance with clause 6.4(c) (as applicable).

		
	(f)
	For the avoidance of doubt neither party will be bound to implement, or take any steps towards implementation of, the Initial Mine Plan and Budget, unless and until Completion occurs.  

		
	6.5
	Registration of this agreement 

		
	(a)
	The Buyer must within 60 days of the Execution Date make an application as required by section 47 of the Petroleum Pipelines Act for:

		
	(i)
	approval of the dealings evidenced by this agreement; and

		
	(ii)
	the entry of such dealings into the register maintained under the Petroleum Pipelines Act.

		
	(b)
	Without limiting the generality of clause 6.5(a), the Buyer and the Seller:

		
	(i)
	must cooperate with each other and supply all necessary and appropriate information for the purpose of enabling registration of the dealings evidenced by this agreement to be obtained in the manner set out in clause 6.5(a); 

		
	(ii)
	must supply to each other copies of all applications made and all information supplied for the purpose of obtaining registration of the dealings evidenced by this agreement as required by this clause 6.5; and

		
	(iii)
	inform each other once notice of approval and registration of the dealings is obtained.

		
	6.6
	General Conduct – WLOPL 

Except as expressly provided in, or permitted or contemplated by this agreement or as consented to by the Buyer in writing, the Seller must not take any action in respect of WLOPL, and must procure that WLOPL does not take any action, prior to Completion except as expressly authorised by a Transaction Document and must not, and must procure that WLOPL does not:
		
	(a)
	issue any shares, options or securities that are convertible into shares in WLOPL; 

		
	(b)
	buy back any of WLOPL's shares; 

	
			
	 
	 
	   page | 10 

		
	(c)
	trade or undertake any activity or enter into any agreement except as expressly authorised by a Transaction Document; and

		
	(d)
	alter the WLOPL Constitution. 

		
	6.7
	Compliance with clause 6 and Permitted Acts

		
	(a)
	In complying with its obligations under this clause 6, the Seller:

		
	(i)
	is not required to do, to omit to do, or allow to be done anything which would  breach, or would reasonably be expected to breach:

		
	(A)
	any law or regulation (including any competition or anti-trust laws); or

		
	(B)
	a Third Party Agreement; and

		
	(ii)
	may take such action as is: 

		
	(A)
	required to reasonably and prudently respond to an emergency or disaster (including a situation giving rise to a risk of personal injury or damage to property); 

		
	(B)
	authorised by a Transaction Document; or

		
	(C)
	agreed in writing between the Seller and the Buyer.

		
	(b)
	The Buyer must not unreasonably withhold or delay any consent required under clause 6.3.  

		
	(c)
	The Seller and the Buyer must each ensure that at all times during the Interim Period it has nominated one or more persons as its Representative (each a Seller's Nominee or Buyer’s Nominee, as is relevant) for the purpose of clause 6.2(d).  The Seller's Nominee and Buyer’s Nominee shall have authority to act on behalf of the Seller and Buyer (respectively) in relation to any queries, consents or approvals required under clause 6.3.  

		
	6.8
	Tax Notice

To the extent any part of the Sale Interest constitutes capital works within the meaning of Division 43 of the Tax Act, the Seller must, give the Buyer as and when requested, to its satisfaction, a notice under section 262A(4AJA) of the Tax Act that contains enough information about the Seller's holding of that part of the Sale Interest to enable the Buyer to determine how Division 43 of the Tax Act will apply to the Buyer in respect of that part of the Sale Interest. 

		
	7
	Completion

		
	7.1
	Date and place for Completion

Subject to clause 2, Completion will commence at or around 11am (Perth time) on the Completion Date, and will take place at the office of the Seller in Perth (or at such other time and place as the parties may agree). 
		
	7.2
	Obligations of the Seller and WLOPL at Completion 

		
	(a)
	At Completion, the Seller must:

	
			
	 
	 
	   page | 11 

		
	(i)
	give the Buyer:

		
	(A)
	Transfer Instruments duly executed by the Seller;

		
	(B)
	such signed original counterparts of each Deed of Assignment and Assumption duly executed by the Seller and the relevant Counterparty as the Seller has been able to obtain in accordance with clause 6.1;

		
	(C)
	letters to the Department from, or on behalf of, the holders of each of the consent caveats in respect of the Tenements that are included as a Permitted Security Interest, stating that they have no objection to the transfer of the relevant Tenements to the Buyer and seeking the consent of the Warden pursuant to section 122D(1) of the Mining Act; 

		
	(D)
	a duly executed deed of release in respect of the Sale Interest from any person holding a Security Interest over the Petroleum Pipeline Licences;

		
	(E)
	all forms required to transfer all Approvals which the Buyer will be required to hold from Completion in connection with the Sale Interest, completed and executed by the Seller; 

		
	(F)
	the documents and information referred to in clause 7.4;

		
	(G)
	any other documents required to register the transfer or assignment to the Buyer of any component of the Sale Interest, provided that the Seller will not be required to deliver instruments of title where they are already lodged with the relevant Government Agency for the registration of other dealings provided the Seller gives an undertaking to the Buyer to so deliver on receipt of possession or control of such documents;

		
	(H)
	a Tax Invoice in respect of the payment of the Purchase Price;

		
	(I)
	signed original counterparts of each Transaction Document duly executed by the Seller or relevant Seller Group Member that is a party thereto; and 

		
	(J)
	copies of the Records; and

		
	(K)
	to the extent required by clause 5.2(b)(ii), a duly executed deed of release of security in respect of the Sale Interest from the Security Trustee; and

		
	(ii)
	if an Initial Mine Plan and Budget has been approved or agreed in accordance with clause 6.4, pay WLOPL (or as WLOPL directs) the amount of the Called Sum proposed at Completion as set out in the Initial Mine Plan and Budget.

		
	(b)
	At Completion, the Seller must procure that: 

		
	(i)
	a meeting of the directors of WLOPL is held at which the directors resolve: 

		
	(A)
	to allot and issue the Subscription Shares to the Buyer in consideration of the Subscription Amount; and

	
			
	 
	 
	   page | 12 

		
	(B)
	to approve the appointment of the persons nominated by the Buyer as directors of WLOPL in accordance with the JVA with effect from Completion;  

		
	(ii)
	WLOPL gives to the Buyer a certified copy of the resolution referred to in clause 7.2(b)(i); 

		
	(iii)
	upon receipt of the Subscription Amount and the Share Subscription Application, WLOPL:

		
	(A)
	issues and allots the Subscription Shares to the Buyer; and

		
	(B)
	registers the Subscription Shares in WLOPL’s register of shareholders, in the name of the Buyer, free from any Security Interest; and

		
	(iv)
	WLOPL gives to the Seller and the Buyer signed original counterparts of each Transaction Document duly executed by WLOPL.

		
	7.3
	Buyer’s obligations at Completion

At Completion, the Buyer must:
		
	(a)
	pay to the Seller the Purchase Price: 

		
	(i)
	plus the amount of the absolute value of the Completion Adjustment if the Completion Adjustment is negative; or 

		
	(ii)
	less the amount of the Completion Adjustment if the Completion Adjustment is positive, 

in accordance with clause 4.5; 
		
	(b)
	if an Initial Mine Plan and Budget has been approved or agreed in accordance with clause 6.4, pay WLOPL (or as WLOPL directs) the amount of the Called Sum proposed at Completion as set out in the Initial Mine Plan and Budget;

		
	(c)
	give the Seller signed original counterparts of each Transaction Document duly executed by the Buyer;

		
	(d)
	to the extent not signed and exchanged between the parties prior to Completion give to the Seller signed original counterparts of each Deed of Assignment and Assumption duly executed by the Buyer; 

		
	(e)
	provide WLOPL with an application to subscribe for the Subscription Shares in the form set out in Schedule 12 (Share Subscription Application); and

		
	(f)
	pay the Subscription Amount to WLOPL in accordance with clause 4.5.

		
	7.4
	Security Interest

The Seller must in respect of each PPS Security Interest over the Sale Interest (other than a Permitted Security Interest) which is registered on the PPS Register immediately before Completion, give to the Buyer at Completion a deed executed by the person named in the PPS Register as the Secured Party in relation to the PPS Security Interest releasing the PPS Security Interest over the Sale Interest with effect from Completion and:

	
			
	 
	 
	   page | 13 

		
	(a)
	except in relation to the Security Trustee Security, an undertaking to procure the removal of the PPS Security Interest over the Sale Interest from the PPS Register as soon as practicable and in any event no later than 5 Business Days after Completion; and

		
	(b)
	in relation to the Security Trustee Security any undertaking or document required for the transfer of legal title to the Sale Interest to the Buyer, to the extent that the Buyer is entitled to such legal title. 

		
	7.5
	Interdependence

		
	(a)
	The obligations of the Buyer and the Seller under this clause 7 are interdependent.

		
	(b)
	Unless otherwise stated, all actions required to be performed by a party at Completion are taken to have occurred simultaneously at Completion.

		
	(c)
	Completion will not occur unless all of the obligations of the Buyer and the Seller to be performed at Completion under this clause 7 are complied with and fully effective.

		
	7.6
	Effect of Completion – title and risk

		
	(a)
	Risk in and possession of the Sale Interest passes to the Buyer upon Completion and, subject to the registration of the Transfer Instruments and subject to clause 7.7 and clause 7.8, title to the Sale Interest passes to the Buyer upon Completion.

		
	(b)
	For the avoidance of doubt, beneficial title to a 50% interest in the Tenements and the Petroleum Pipeline Licences passes to the Buyer upon Completion regardless of whether the registration of the relevant Transfer Instruments has occurred and the Seller holds the legal title to a 50% interest in the Tenements and the Petroleum Pipeline Licences on trust for the Buyer until the registration of the relevant Transfer Instruments has occurred.

		
	7.7
	Tenement Applications 

		
	(a)
	Where a Tenement Application has not been granted prior to Completion, the Seller will account to the Buyer, to the extent of the Sale Interest, for all amounts or other benefits (of whatsoever nature) it receives, or is otherwise entitled to receive, in respect of the relevant Tenement Application (Granted Tenement) the Seller and Buyer shall do all things necessary to transfer the relevant Sale Interest portion in the Granted Tenement to the Buyer and have that transfer registered under the Mining Act.

		
	(b)
	The Buyer acknowledges and agrees that the Seller makes no warranty or representation, and gives no assurance, in respect of the likelihood of grant, or the terms of grant, of any exploration or mining tenement pursuant to any Tenement Application. 

		
	7.8
	Assigned Tenements 

Where an Assigned Tenement has not been transferred to the Seller prior to Completion, the Seller will account to the Buyer, to the extent of the Sale Interest, for all amounts or other benefits (of whatsoever nature) it receives, or is otherwise entitled to receive, in respect of the Assigned Tenements and upon the transfer of the Assigned Tenement to the Seller, the Seller and the Buyer shall do all things necessary to transfer the relevant Sale Interest in the portion of the Assigned Tenement to the Buyer and have that transfer registered under the Mining Act.

	
			
	 
	 
	   page | 14 

		
	8
	Completion Adjustment

		
	8.1
	Completion Adjustment

The Purchase Price will be adjusted by the Completion Adjustment by way of a decrease to the Purchase Price (if the amount of the Completion Adjustment is positive) or by way of an increase to the Purchase Price (if the amount of the Completion Adjustment is negative).  
		
	8.2
	Completion Statement

		
	(a)
	Within 20 Business Days after the Completion Date, the Seller must provide the Buyer with a written statement containing the Completion Accounts and giving the Seller’s calculation of the final amount of the Completion Adjustment (Completion Statement). 

		
	(b)
	The Completion Accounts must be prepared, and the Completion Adjustment calculated, in accordance with Schedule 13.

		
	(c)
	The Seller must provide (and the Seller and the Buyer must procure that WLOPL provide) the Buyer with such information and documents as are reasonably requested by the Buyer in relation to the Completion Statement.

		
	(d)
	If the Buyer does not issue any notice (Completion Adjustment Dispute Notice) to the Seller that it disagrees with the amount of the Completion Adjustment set out in the Completion Statement within 30 Business Day after receipt of the Completion Statement, then the Completion Statement shall become final and binding.

		
	(e)
	If the Buyer issues a Completion Adjustment Dispute Notice, the Seller and the Buyer must use all reasonable endeavours to seek to agree on the amount of the Completion Adjustment. 

		
	8.3
	Dispute

		
	(a)
	If the Seller and Buyer fail to agree the amount of the Completion Adjustment within 10 Business Days of the Completion Adjustment Dispute Notice, the parties' Representatives must meet at least once and confer in good faith in attempt to agree the amount of the Completion Adjustment.   

		
	(b)
	If the parties' Representatives do not resolve the Dispute in respect of the Completion Adjustment Dispute Notice, or otherwise fail to meet, then each party shall within 20 Business Days after the Completion Adjustment Dispute Notice refer the Dispute to the Chief Executive Officers of their respective Ultimate Holding Companies to settle the Dispute.  The Chief Executive Officers must meet within 30 Business Days of the Completion Adjustment Dispute Notice (or such longer period agreed in writing) and confer in good faith until such time that they resolve the Dispute. 

		
	(c)
	If the Chief Executive Officers have met but not resolved the Dispute, or otherwise fail to meet, within 40 Business Days from the date of the Completion Adjustment Dispute Notice (or such longer period agreed in writing) the Completion Statement must promptly be submitted for determination to the Independent Accountant to determine the matter or matters in dispute in accordance with the following provisions of this clause 8.3. 

	
			
	 
	 
	   page | 15 

		
	(d)
	The Independent Accountant must be agreed by the Seller and the Buyer.  If the Seller and the Buyer cannot agree the Independent Accountant within 45 Business Days of a Completion Adjustment Dispute Notice, then either the Seller or the Buyer may request that the Chair of the Resolution Institute (Chair) nominate the Independent Accountant. If it is not possible for the parties to request that the Chair nominate the Independent Accountant or the Chair otherwise fails to nominate the Independent Accountant, either the Buyer or the Seller may request that the President of the Western Australia Law Society (President) nominate the Independent Accountant (in which case all references to ‘Chair’ in clause 8.3(e) and clause 8.3(i) are to be read as references to ‘President’). 

		
	(e)
	If the Seller or the Buyer requests that the Chair nominate the Independent Accountant, the parties must comply with all requirements of the Chair for the provision of that nomination including to provide the Chair with:

		
	(i)
	a copy of relevant provisions of this agreement;

		
	(ii)
	an executed copy of any release or similar document required by the Chair;

		
	(iii)
	a description of the dispute or issue to be resolved by the Independent Accountant, being the dispute in relation to the Completion Statement; and

		
	(iv)
	the approximate value of, and the technical area involved in, the dispute.

If the Chair nominates a list of persons to be the Independent Accountant rather than one particular person, the first person named on that list will be the Independent Accountant.
		
	(f)
	The disputed matters must be referred to the Independent Accountant by written submission which must include the Completion Statement, the Completion Adjustment Dispute Notice, any response to the Completion Adjustment Dispute Notice and an extract of the relevant provisions of this agreement.  The Independent Accountant must also be instructed to finish its determination no later than 20 Business Days after its appointment (or another period agreed by the Seller and the Buyer).

		
	(g)
	The Seller and the Buyer must promptly supply the Independent Accountant with any information, assistance and cooperation requested in writing by the Independent Accountant in connection with its determination.  All correspondence from the Independent Accountant to a party must be copied to the other parties. The Independent Accountant must promptly provide the parties with any correspondence received from other parties, provided that if the Independent Accountant has requested submissions or information from the Seller and the Buyer on the same topic, it must only provide such correspondence to the Seller and the Buyer after it has received a substantive response from both the Seller and the Buyer.

		
	(h)
	The Independent Accountant must act as an expert and not as an arbitrator and its written determination will be final and binding on the parties in the absence of manifest error and the Completion Statement will be deemed to be amended accordingly and will be taken to comprise the final Completion Statement and will be final and binding on the parties.

		
	(i)
	The costs of the:

		
	(i)
	Chair (if requested) in providing his or her nomination of the Independent Accountant; and

	
			
	 
	 
	   page | 16 

		
	(ii)
	Independent Accountant (if instructed),

will be borne by the Seller as to one half, and the Buyer as to one half unless, in respect of the costs of the Independent Accountant only, the Independent Accountant decides otherwise having regard to the relative position of the parties on the disputed matters.
		
	8.4
	Payment of Completion Adjustment

		
	(a)
	If the amount of the Completion Adjustment is:

		
	(i)
	positive, the Seller must pay the amount of the Completion Adjustment to the Buyer; or

		
	(ii)
	negative, the Buyer must pay the amount of the Completion Adjustment to the Seller.

		
	(b)
	Payment of the Completion Adjustment must be made within 10 Business Days after the Completion Adjustment is final and binding or otherwise following agreement or determination of the Completion Adjustment under clause 8.3.

		
	(c)
	Where some, but not all items of the Completion Statement are in dispute, the relevant party must make payment (within 5 Business Days of the Buyer giving a Dispute Notice) of an interim Completion Adjustment calculated based on the value of the Completion Statement, excluding all items that are not in dispute.  Once any dispute the subject of a Dispute Notice has been resolved, the parties must, within 5 Business Days of such resolution, make such payment as between them as are necessary (taking into account any interim Completion Adjustments paid).

		
	9
	Conduct after Completion

		
	9.1
	Duty

		
	(a)
	Subject to clause 9.1(b), the Buyer must lodge this agreement, the Transfer Instruments and any other instrument contemplated by this agreement for assessment of Duty (and must pay the Duty assessed) within the time required under the relevant legislation.

		
	(b)
	The Seller: 

		
	(i)
	must pay to the Buyer, prior to the due date for payment, the amount of any Duty payable in respect of this agreement, the Transfer Instruments and any other instrument contemplated by this agreement which is assessed by reference to, or is otherwise attributable to, the value of rights that the Seller or any other person other than the Buyer has to mine or otherwise benefit from Iron Ore and Tantalum in the Tenements, including any Duty on any transfer of the Iron Ore and Tantalum Rights contemplated by this agreement; and

		
	(ii)
	indemnifies the Buyer from and against any Liabilities suffered or incurred by the Buyer arising from, or in connection with such Duty.

		
	(c)
	To the extent that the Buyer is not entitled to a tax deduction in respect of any Duty or Liability, the amount payable under this indemnity must be increased by an amount calculated as: 

	
			
	 
	 
	   page | 17 

	
	
	1

	(1 - Tax Rate)

where Tax Rate means the applicable Australian income tax rate for the Buyer, other than to the extent that such increase has already been taken into account in calculating the amount of the Liability for which the Buyer has been indemnified.
		
	(d)
	The Buyer will lodge the stamped Transfer Instruments and any other instrument contemplated by this agreement at the Department for registration against the Tenements and the Petroleum Pipeline Licences (as applicable) as soon as reasonably practicable after payment of the Duty assessment.

		
	(e)
	The Buyer will pay the costs of registering the Transfer Instruments at the Department.

		
	9.2
	Transfer of Petroleum Pipeline Licences

		
	(a)
	The Buyer must within 5 Business Days of the Completion Date submit the Transfer Instruments in relation to the Petroleum Pipeline Licences to the Department to be approved and registered as required by section 44 of the Petroleum Pipelines Act.

		
	(b)
	The Buyer and the Seller must co-operate with each other and do all things reasonably necessary to obtain approval and registration of the Transfer Instruments in relation to the Petroleum Pipeline Licences as soon as practicable after the Completion Date.

		
	9.3
	Registration

		
	(a)
	The Buyer must notify the Seller as soon as reasonably practicable, and in any case within 5 Business Days, after the Buyer becomes aware that registration of the Transfer Instruments has occurred.

		
	(b)
	The Seller will provide all assistance reasonably required (including providing its consent) to enable the Buyer to register a caveat over the Assigned Tenements in respect of the Sale Interest. 

		
	9.4
	Dealings

		
	(a)
	The Buyer must within 60 days of the Execution Date make an application as required by section 47 of the Petroleum Pipelines Act for:

		
	(i)
	approval of the dealings evidenced by the JVA; and

		
	(ii)
	the entry of such dealings into the register maintained under the Petroleum Pipelines Act.

		
	(b)
	Without limiting the generality of clause 9.4, the Buyer and the Seller:

		
	(i)
	must cooperate with each other and supply all necessary and appropriate information for the purpose of enabling registration of the dealings evidenced by the JVA to be obtained in the manner set out in clause 9.4; 

		
	(ii)
	must supply to each other copies of all applications made and all information supplied for the purpose of obtaining registration of the dealings evidenced by the JVA as required by clause 9.4; and

	
			
	 
	 
	   page | 18 

		
	(iii)
	inform each other once notice of approval and registration of the dealings is obtained.

		
	9.5
	Non-Transferring Approvals

After Completion, the Seller will hold the Non-Transferring Approvals for the Seller and the Buyer and will authorise WLOPL to act under the Non-Transferring Approvals.

		
	10
	Third Party Agreements

		
	10.1
	Assignment and Novation of Third Party Agreements 

		
	(a)
	Subject to clause 2, in respect of each Third Party Agreement, the Seller and the Buyer must, to the extent required by the terms of a Third Party Agreement, use all reasonable endeavours to:

		
	(i)
	procure the novation or assignment of the rights and liabilities of the Seller, to the extent of the Sale Interest, under the Third Party Agreement to the Buyer; and 

		
	(ii)
	procure that the novation or assignment takes effect on and from Completion on a several and not joint and several basis.

		
	(b)
	The obligation in this clause 10.1 to use all reasonable endeavours does not require any party to make any payment to procure the novation or assignment other than its out of pocket expenses directly referable to the novation or assignment. 

		
	(c)
	Where the novation or assignment of a Third Party Agreement required under clause 10.1(a) has not occurred by Completion, the parties must each continue to use all reasonable endeavours to procure the novation or assignment of the Third Party Agreement in accordance with clause 10.1(a) as soon as reasonably practicable after Completion.

		
	(d)
	The Seller indemnifies the Buyer from and against any Liabilities suffered or incurred by the Buyer arising from, or in connection with a Deed of Assignment and Assumption in respect of any Key Third Party Agreement or any Title Agreement not having been executed at or before Completion, except to the extent arising from a breach of clause 7.3(d) by the Buyer or if the Buyer has waived the Condition in clause 2.1(c) in accordance with clause 2.4(b).

		
	10.2
	Obligations pending or if no novation 

If any of the Third Party Agreements are not novated or assigned by Completion under clause 10.1 then, from Completion until novation or assignment occurs:
		
	(a)
	if the Seller is not prohibited from delegating or subcontracting performance of obligations under the Third Party Agreement, the Buyer must perform on behalf of the Seller all obligations of the Seller, to the extent of the Sale Interest, under the Third Party Agreement in respect of the period following Completion;

		
	(b)
	if the Seller is prohibited under the Third Party Agreement from delegating or subcontracting performance of obligations under the Third Party Agreement, then:

		
	(i)
	the Seller must perform or discharge those obligations in accordance with the terms of the Third Party Agreement; 

	
			
	 
	 
	   page | 19 

		
	(ii)
	the Buyer must, to the extent of the Sale Interest, pay to the Seller on demand the Seller's direct costs and expenses of performing or discharging those obligations in accordance with the terms of the Third Party Agreement; and

		
	(iii)
	the Buyer must provide to the Seller all reasonable assistance as the Seller may reasonably request to enable the Seller to comply with its obligations under clause 10.2(b)(i);

		
	(c)
	the Seller must account to the Buyer for any amounts paid by a Counterparty to the Seller to the extent they relate to the Sale Interest and for any other benefits received by the Seller after Completion in respect of the Third Party Agreement to the extent they relate to the Sale Interest; and

		
	(d)
	the Seller must perform and pay all of the Liabilities of the Seller under the Third Party Agreement in respect of the period following Completion that do not relate to the Sale Interest.

		
	10.3
	Third Party Agreements

Upon Completion and subject to clause 10.1(d) and11.3, save in respect of the obligations to be performed by the Seller in relation to the Iron Ore Rights, the Buyer accepts and assumes responsibility for 50% of all Liabilities of the Seller incurred or arising on and from Completion (including, for the avoidance of doubt, the Liability for payments due by the Seller on and from Completion under the Equipment Leases) in relation to any Third Party Agreements which are not novated or assigned by Completion under clause 10.1 (Third Party Agreement Liabilities).
		
	10.4
	Indemnity by Buyer in respect of Third Party Agreement Liabilities

		
	(a)
	From Completion and subject to clause 10.1(d) and 11.3, the Buyer indemnifies the Seller, its Related Bodies Corporate and their Representatives from and against all Liabilities suffered or incurred by the Seller arising from or in connection with any Third Party Agreement Liability.

		
	(b)
	If the Seller or any person on behalf of the Seller pays, performs or discharges a Third Party Agreement Liability (as applicable), the Buyer must reimburse or compensate the Seller for the Third Party Agreement Liability within 5 Business Days after the Buyer receives evidence of that payment, performance or discharge. 

		
	10.5
	No liability

Save in relation to any Title Agreement, without limiting the Seller’s obligations under clauses 10.1 and 10.2, the Buyer:
		
	(a)
	accepts that it is not entitled to withhold or delay: 

		
	(i)
	Completion; or 

		
	(ii)
	the payment of the whole or part of the Purchase Price, 

if the novation or assignment of a Third Party Agreement in accordance with clause 10.1 does not occur by Completion (or at all); and
		
	(b)
	acknowledges and agrees that, subject to compliance by the Seller with its obligations under this agreement (including this clause 10), it has no rights whatsoever against the Seller in relation to, or in connection with, any requirement under the terms of any Third Party Agreement to obtain any consent to assignment 

	
			
	 
	 
	   page | 20 

or novation, or the consequences arising from any such consent not having been obtained by Completion or at all. 
		
	10.6
	Indemnity from Buyer and Seller

		
	(a)
	The Buyer indemnifies the Seller from and against any Liabilities suffered or incurred by the Seller arising from, or in connection with, a breach of this clause 10 by the Buyer.

		
	(b)
	The Seller indemnifies the Buyer from and against any Liabilities suffered or incurred by the Buyer arising from, or in connection with, a breach of this clause 10 by the Seller. 

		
	10.7
	Implementation of documents

		
	(a)
	The Buyer and the Seller must sign all documents which are required in order to effect a novation or assignment of the Sale Interest under the Third Party Agreement including without limitation all such documents as required to be signed to effect the novation or assignment in accordance with the terms of the relevant Third Party Agreement.

		
	(b)
	The Buyer and Seller acknowledge that the process of novation of the Third Party Agreements under clause 10.1 may reflect the parties’ preference that the Seller hold a Third Party Agreement as agent for and on behalf the Buyer and the Seller in accordance with their percentage interest on Completion on a several and not joint and several basis. 

		
	11
	Liabilities 

		
	11.1
	Acknowledgment 

The Seller and the Buyer acknowledge that, subject to and as set out in this agreement, Liabilities incurred in relation to the Project on and from Completion will be addressed under the JVA. 
		
	11.2
	Benefit of pre-existing warranties, representations and indemnities 

		
	(a)
	The Seller must pursue and seek to enforce its rights against GAM, GAMG, GAMW or Atlas (as applicable) under the GAM Sale Agreement or Atlas Exit Agreement in good faith and acting reasonably (and taking account of the Buyer's interest under this clause 11.2), but only where such rights relate to or affect the value of the Project or the Sale Interest.

		
	(b)
	If the Seller receives any payment or other benefit under or in relation to the GAM Sale Agreement or Atlas Exit Agreement in relation to the Sale Interest after the Execution Date, the Seller must within 5 Business Days of receipt (or, if later, at Completion) pay 50% of that amount (less 50% of the costs incurred in securing payment thereof including reasonable legal costs) to the Buyer. 

		
	(c)
	The Seller must not compromise or otherwise deal with any rights under the GAM Sale Agreement or Atlas Exit Agreement  without the Buyer's prior written consent (such consent not to be unreasonably withheld or delayed). 

	
			
	 
	 
	   page | 21 

		
	11.3
	Retained Liabilities 

The Seller retains, accepts and assumes responsibility for and must assume, pay, perform and discharge any and all Liability in relation to the Project arising from or in connection with:
		
	(a)
	any conduct by the Seller or any Related Body Corporate or Representative of the Seller: 

		
	(i)
	in breach of any law, Approval or condition of a Tenement or Petroleum Pipeline Licence in the MRL Ownership Period; 

		
	(ii)
	in breach of a Third Party Agreement or other agreement with a Third Party in relation to the Project or Project Assets in the MRL Ownership Period; and

		
	(b)
	any Claim by a Third Party relating to the Project or Project Assets to the extent related to the MRL Ownership Period,

(Retained Liability). 
		
	11.4
	Indemnity by Seller in respect of Retained Liability

		
	(a)
	From Completion, the Seller indemnifies the Buyer, its Related Bodies Corporate and their Representatives from and against all Liabilities to the extent suffered or incurred by the Buyer, its Related Bodies Corporate and their Representatives:

		
	(i)
	arising from or in connection with any Retained Liability; or

		
	(ii)
	arising from or in connection with the Seller failing to comply with clause 11.3.

		
	(b)
	Without limitation, if the Buyer or any person on behalf of the Buyer pays, performs or discharges a Retained Liability, the Seller must reimburse or compensate the Buyer for the Retained Liability within 5 Business Days after the Seller receives evidence of that payment, performance or discharge. 

		
	12
	Transferring Employees

		
	12.1
	Transferring Employees

		
	(a)
	The Seller and the Buyer must use all reasonable endeavours to agree on the list of Employees who will be offered employment by WLOPL and the terms of such employment.  

		
	(b)
	The Seller must procure that no Employee is offered employment by WLOPL otherwise than in accordance with the agreement of the Buyer in accordance with clause 12.1(a), acting reasonably. 

		
	12.2
	Seller's payment obligations

On the Completion Date, the Seller must, in respect of each Transferring Employee, pay or procure payment: 
		
	(a)
	to the Transferring Employee, all amounts to which that Transferring Employee is or may become entitled by law, statute or under any industrial instrument, award, agreement or arrangement, on termination of employment in connection with 

	
			
	 
	 
	   page | 22 

wages, salary, leave entitlements, notice, redundancy, commission, bonuses or allowances accruing or arising in respect of the period up to and including the Completion Date; and
		
	(b)
	to the Transferring Employee's nominated superannuation fund, all employer Superannuation Commitments due to be made by the Seller in respect of the period of employment up to and including the Completion Date in respect of that Transferring Employee.

		
	12.3
	Seller's indemnity

Subject to Completion occurring, the Seller must indemnify and agree to hold harmless the Buyer and WLOPL against all Liabilities suffered, paid or incurred by the Buyer or WLOPL from or in relation to:
		
	(a)
	any entitlement owed or accruing to a Transferring Employee arising from the Transferring Employee's service with the Seller (which has not been paid in accordance with clause 12.2(a)), including any transferring or contingent entitlements or benefit arising in relation to a Transferring Employee under law, contract or industrial agreement of award;

		
	(b)
	any Claim by or in relation to any Transferring Employee or class of Transferring Employee for any wages, salary, leave, notice, redundancy, commission, bonuses, Superannuation Commitments and other benefits or entitlements accruing to the Transferring Employee in respect of the period before, on or after the Completion Date; and

		
	(c)
	any Claim by or in relation to any Transferring Employee in relation to their employment status, rights or entitlements arising from any service provided to the Seller prior to the Completion; and

		
	(d)
	any breach by the Seller or its Related Bodies Corporate or the WLOPL of statutory, contractual or other legal obligations to or in relation to any Transferring Employee before or on Completion or relating to Completion.

		
	13
	Insurance

		
	13.1
	Insurance policies to remain in force

		
	(a)
	The Seller must or must procure that its Related Bodies Corporate, maintain in force (or procure and maintain as appropriate) the Insurances (in all material respects on the same terms and similar level of cover prevailing at the Execution Date) until the Completion Date, save that the Seller or its Related Bodies Corporate may amend the Insurances maintained for the benefit of the Seller if such amended policies are substantially the same as those generally applicable to the Seller Group as a whole (provided reasonable prior notice of any such change is given to the Buyer); and 

		
	(b)
	The Seller must procure that, within 7 Business Days of the Execution Date, an endorsement is issued for any Insurances which provide coverage in respect of property damage to or loss of use of any asset forming part of the Sale Interest noting the interest of the Buyer (subject to Completion). 

	
			
	 
	 
	   page | 23 

		
	13.2
	Making of claims

		
	(a)
	The Seller must use all reasonable endeavours to make (or procure that its Related Bodies Corporate make) all claims under the Insurances in respect of losses or liabilities covered by such policies arising in the Interim Period, at the cost of the Seller, promptly and in accordance with the requirements of the relevant policy. 

		
	(b)
	To the extent that the Seller (or its Related Bodies Corporate) receives the proceeds of any claim under the Insurances described in clause 13.2(a), the Seller must use all reasonable endeavours to apply (or procure that the relevant Related Body Corporate applies) the proceeds to, as appropriate:

		
	(i)
	repair the damage or otherwise replace or reinstate the property;

		
	(ii)
	extinguish or reduce the relevant first party loss; or

		
	(iii)
	discharge the relevant liability,

and to the extent not so applied, the proceeds, less the Seller's reasonable costs in pursuing the relevant claim, will be for the benefit of the Buyer and the Seller together and will, if received by the Seller (or its Related Bodies Corporate), be paid to the Buyer in proportion to the Sale Interest.
		
	13.3
	Provision of information relevant to future insurances

In the Interim Period, the Seller must, within a reasonable time of a request by the Buyer, provide (or procure the provision of) the following to enable the Buyer to arrange insurance coverage from the Completion Date for the Sale Interest:
		
	(a)
	loss histories in respect of the Sale Interest;

		
	(b)
	insurance notifications and claims histories (including, for the avoidance of doubt, current claims) for the Seller in connection with Insurances which provide cover for liabilities; and

		
	(c)
	declarations of written complaints or written claims by third parties in respect of the Seller or the Sale Interest.

		
	14
	Seller Group Warranties and limitations of Claims

		
	14.1
	Definition

For the purposes of this clause 14 a reference to “Claim” means a Claim for breach of a Seller Group Warranty. 
		
	14.2
	Giving of Seller Group Warranties 

		
	(a)
	The Seller:

		
	(i)
	warrants to the Buyer that each of the Seller Group Warranties:

		
	(A)
	is true, accurate and complete and not misleading as at the Execution Date; and

		
	(B)
	will be true, accurate and complete and not misleading as at the Completion Date; and 

	
			
	 
	 
	   page | 24 

		
	(ii)
	acknowledges that the Buyer has entered into this agreement in reliance on the Seller Group Warranties.

		
	(b)
	Each Seller Group Warranty must be construed independently and is not limited by reference to another Seller Group Warranty.

		
	(c)
	The Seller Group Warranties survive Completion of this agreement.

		
	14.3
	Matters disclosed

		
	(a)
	The Seller Group Warranties are given subject to and are qualified by, and the Liability of the Seller in respect of any breach of any Seller Group Warranty or for any Claim or Loss by the Buyer in respect of a Seller Group Warranty, will be reduced or extinguished (as the case may be) to the extent that the facts, matter or circumstance giving rise to the breach: 

		
	(i)
	arise in connection with the transactions contemplated or authorised by this agreement or the Transaction Documents; 

		
	(ii)
	have been fairly disclosed to the Buyer in the information contained in the Disclosure Material;

		
	(iii)
	are within the actual knowledge of the Buyer Individuals;

		
	(iv)
	would have been disclosed to the Buyer had the Buyer conducted searches in respect of GAM, the Seller, the Seller Guarantor, PMI or CSI (Identified Group) of records open to public inspection maintained by:

		
	(A)
	ASIC and which are available as a current company extract, or as part of the insolvency notices publication website only in respect of any member of the Identified Group;

		
	(B)
	the Australian Financial Security Authority on the PPS Register only in respect of any member of the Identified Group;

		
	(C)
	IP Australia only in respect of trade marks, patents and designs in respect of any member of the Identified Group;

		
	(D)
	the Department on its “Mineral Titles Online” or “Tengraph” system database only in respect of the Tenements; and

		
	(E)
	the High Court of Australia, the Federal Court of Australia, the Supreme Court of Western Australia and the District Court of Western Australia only in respect of any member of the Identified Group,

in each case, at the Cut-off Time. 
		
	(b)
	To the extent any of the Seller Group Warranties are given in relation to facts, matters or circumstances occurring prior to the commencement of the MRL Ownership Period, such Seller Group Warranties are given subject to and are qualified by the Seller's awareness of the relevant matter as at the Execution Date (on the basis that the Seller's awareness of the relevant matter is deemed to include such awareness as the Seller would have had if the Seller had made reasonable enquiries in relation to the matter for a person in the position of the Seller as the owner or Seller of the Sale Interest).

	
			
	 
	 
	   page | 25 

		
	14.4
	No liability

The Seller is not liable to the Buyer for any Claim or Loss under this agreement:
		
	(a)
	to the extent that the Claim or Loss would not have arisen but for anything done or not done after Completion by the Buyer or a Related Body Corporate of the Buyer or any person acting, or purporting to act, on behalf of the Buyer or a Related Body Corporate of the Buyer including any failure by the Buyer or a Related Body Corporate of the Buyer after Completion to seek to mitigate its Loss, except to the extent the things done or not done were required by law or a contractual obligation to a third party arising prior to Completion to be done or not done, as the case may be;

		
	(b)
	to the extent that the Claim or the Loss would not have arisen but for:

		
	(i)
	the enactment or amendment of any legislation or regulations;

		
	(ii)
	a change in the judicial or administrative interpretation of the law; or

		
	(iii)
	a change in the practice or policy of any Government Agency,

after the Execution Date, including legislation, regulations, amendments, interpretation, practice or policy that has a retrospective effect;
		
	(c)
	to the extent that the Buyer recovers any amount in respect of the Claim or Loss or from the circumstances out of which the Claim or Loss arises (net of costs of the recovery) from any third party (including under any insurance policy);

		
	(d)
	to the extent that the Claim or Loss would not have arisen but for an act, omission, transaction or arrangement carried out by the Seller with the express written approval of the Buyer before Completion; or

		
	(e)
	except in relation to any Indemnity, if the Liability for that Claim or Loss is a contingent liability, unless and until the Liability is an actual liability and is due and payable. 

		
	14.5
	Consequential Loss

Notwithstanding any other provision of this agreement and to the maximum extent permitted by law, neither the Seller or the Buyer is liable for or with respect to any Consequential Loss arising in connection with this agreement, except:
		
	(a)
	in the case of fraud of the Seller or the Buyer (as applicable); or

		
	(b)
	if a Defaulting Party does not Complete within the period specified in clause 2.6(b) and the Non-Defaulting Party has elected to terminate this agreement in accordance with clause 2.6(c).

		
	14.6
	Tax or other benefit

In calculating the Loss of the Buyer in relation to a Claim under, in relation to or arising out of this agreement, there must be taken into account: 
		
	(a)
	any benefit received by the Buyer or any of its Related Bodies Corporate (including any Tax Relief obtained by the Buyer or any of its Related Bodies Corporate and any amount by which any Tax or Duty for which the Buyer or any of its Related 

	
			
	 
	 
	   page | 26 

Bodies Corporate is liable to be assessed or accountable is reduced or extinguished); and 
		
	(b)
	any Tax that would be payable in relation to the payment to be made by the Seller to the Buyer in relation to the Loss under this agreement, 

arising as a result of the subject matter of that Claim. 
		
	14.7
	Disclaimer

The Buyer acknowledges that, in considering whether or not to make an offer for the Sale Interest and Subscription Shares and in proceeding to engage in due diligence enquiries, it did so on the basis that all the information it received from or on behalf of the Seller concerning the Sale Interest and Subscription Shares (including without limitation the Disclosure Material) expressly excluded any reliance on information given to the Buyer or statements (including resources and reserve estimates) or representations of the Seller (whether verbal or written), other than the Seller Group Warranties. The Buyer acknowledges and represents and warrants to the Seller that:
		
	(a)
	in conducting its due diligence and in entering into this agreement and proceeding to Completion, it did not rely and is not relying on any statement (including resources and reserve estimates), representation, warranty, forecast, opinion or statement of belief made by or on behalf of the Seller or its Representatives or on any other conduct engaged in by the Seller or its Representatives, other than the Seller Group Warranties;

		
	(b)
	it has read and understood the information fairly disclosed in the Information Memorandum and has had the opportunity to review the materials in the Data Room and otherwise conduct its own due diligence in relation to the Sale Interest and Subscription Shares (including to ask questions in a question and answer facility); 

		
	(c)
	it understands the risks and uncertainties of the mining industry and the general economic, regulatory and other risks that impact on or could impact on the Sale Interest, and its results, operations, financial position and prospects;

		
	(d)
	any estimates (including resources and reserve estimates), budgets or forecasts made, or opinion expressed, in relation to the prospects of the Sale Interest (whether written or oral) were made or expressed to and accepted by the Buyer, and this agreement is entered into, on the basis and condition that, except as provided for in the Seller Group Warranties:

		
	(i)
	neither the Seller nor its Representatives have made nor makes any representation or warranty as to the accuracy or completeness of such estimate (including resources and reserve estimates), budget, forecast or expression of opinion or that any such estimate (including resources and reserve estimates), budget, forecast or expression of opinion will be achieved; and 

		
	(ii)
	neither the Seller nor its Representatives will be liable to the Buyer or its Representatives in the event that, for whatever reason, such estimate (including resources and reserve estimates), budget, forecast or expression of opinion is or becomes inaccurate, incomplete or misleading in any respect; and  

		
	(e)
	neither the Seller nor its Officers, agents, employees or advisers has made or makes any representation or warranty as to the accuracy or completeness of the disclosures regarding the Sale Interest and Subscription Shares (including, the information, forecasts and statements of intent contained in the Disclosure Material 

	
			
	 
	 
	   page | 27 

or made in management presentations), other than as contained in the Seller Group Warranties
		
	14.8
	Exclusion of warranties and statutory actions

The Buyer agrees that: 
		
	(a)
	any Claim by the Buyer must be based solely on and limited to express provisions of this agreement and, to the maximum extent permitted by law, all terms and conditions that may be implied by law or under statute in any jurisdiction and which are not expressly set out in this agreement are excluded (and to the extent that any terms and conditions of this type cannot be excluded then the Buyer irrevocably waives all rights and remedies that it may have in relation to, and releases the Seller from any terms and conditions of this type); and

		
	(b)
	to the maximum extent permitted by law, the Buyer will not make and waives any right it may have to make any Claim against the Seller under the Australian Consumer Law (including sections 4, 18 and 29 of the Australian Consumer Law), the Corporations Act (including section 1041H of that Act), the Australian Securities and Investments Commission Act 2001 (Cth) or the corresponding provision of any other federal, state or territory legislation, or a similar provision under any applicable law, for any act or omission concerning the transactions contemplated by this agreement or for any statement or representation concerning any of those things.

		
	14.9
	Notice and time limits on Claims

		
	(a)
	The Buyer must notify the Seller in writing of any Claim it has against the Seller under this agreement (including any breach of any Seller Group Warranty), setting out reasonable details of the facts, matters or circumstances giving rise to the Claim and the nature of the Claim as soon as practicable after it becomes aware of it.

		
	(b)
	The Buyer may not make, and the Seller is not liable for, any Claim for a breach of a Seller Group Warranty unless full details of the Claim have been notified to the Seller within 15 months after the Completion Date. For the purposes of this clause, the Buyer may give details of a Claim even if that Claim is contingent, or if the Buyer is temporarily prevented from making a Claim under another clause of this agreement.

		
	(c)
	A Claim will not be enforceable against the Seller and is to be taken for all purposes to have been withdrawn unless legal proceedings in connection with the Claim are commenced within 12 months after written notice of the Claim is served on the Seller in accordance with clause 14.9(a).  

		
	14.10
	Minimum amount of Claims

The Seller is not liable for any Claim unless:
		
	(a)
	the amount finally agreed or determined to be payable in respect of that Claim or a series of related Claims exceeds US$1,000,000 (each such Claim, a Permitted Claim); and

		
	(b)
	the aggregate amount of all such Permitted Claims against the Seller exceeds US$5,000,000, 

	
			
	 
	 
	   page | 28 

in which event the Seller is liable for the full amount of the Permitted Claims, and not just the amount in excess of US$1,000,000 or US$5,000,000 (as applicable). 
		
	14.11
	Maximum liability

		
	(a)
	Subject to clause 14.11(b) the Seller’s total Liability for Loss (in aggregate) arising in respect of all Claims under or in connection with this agreement is limited in aggregate to the amount of 50% of the sum of the Purchase Price and the Subscription Amount. 

		
	(b)
	The Seller’s total Liability for Loss or damage arising in respect of a breach of a Seller Group Warranty in items 1, 7(a), 7(b), 7(c), 8(a), 8(b), 8(c) and 8(d) of Schedule 2 is limited in aggregate to the sum of the Purchase Price and the Subscription Amount. 

		
	14.12
	No double recovery

The Buyer is not entitled to recover Loss or obtain payment, reimbursement, restitution or Indemnity more than once in respect of any one Liability or Loss.
		
	14.13
	Disclosure regarding Third Party Claims

		
	(a)
	The Buyer must notify the Seller if: 

		
	(i)
	a Third Party Claim is made against the Buyer; or

		
	(ii)
	the Buyer becomes aware of any events, matters or circumstances (including any potential threatened Third Party Claim) against the Buyer that may give rise to a Claim against the Seller.

		
	(b)
	The Buyer must include in a notice under clause 14.13(a) all relevant details (including the amount) then known to the Buyer of:

		
	(i)
	the Third Party Claim; and

		
	(ii)
	the events, matters or circumstances giving rise or which may give rise to the Claim (as appropriate).

		
	(c)
	The Buyer must also include in a notice given under clause 14.13(a) an extract of:

		
	(i)
	any part of a Demand that identifies the Liability or amount to which the Claim relates or other evidence of the amount of the Demand to which the Claim relates; and

		
	(ii)
	if available or relevant, any corresponding part of any adjustment sheet or other explanatory material issued by a Government Agency that specifies the basis for the Demand to which the Claim relates or other evidence of that basis.

		
	(d)
	The Buyer must provide a copy of any document referred to in clause 14.13(c) to the Seller as soon as practicable and, in any event, within 10 Business Days after the receipt of that document by the Buyer.

		
	(e)
	The Buyer must also, on an ongoing basis, keep the Seller informed of all developments in relation to the Claim notified under clause 14.13(a).

	
			
	 
	 
	   page | 29 

		
	14.14
	Conduct in respect of Third Party Claims

		
	(a)
	Subject to the Seller first accepting liability for and agreeing to indemnify the Buyer without limit in relation to a Third Party Claim, the Buyer will not:

		
	(i)
	accept, compromise or pay;

		
	(ii)
	agree to arbitrate, compromise or settle; or

		
	(iii)
	make any admission or take any action in relation to, 

a Third Party Claim without the Seller’s prior written approval (which must not be unreasonably withheld or delayed). 
		
	(b)
	Following receipt of a notice in respect of a Claim which arises from or involves a Third Party Claim, the Seller may, by written notice to the Buyer, assume the conduct of the defence of the Third Party Claim.

		
	(c)
	If the Seller advises the Buyer that the Seller wishes to assume the conduct of the defence of the Third Party Claim:

		
	(i)
	provided that the Seller provides the Buyer with an Indemnity against all Liabilities which the Buyer shall incur or which may result from the Third Party Claim, the Buyer must take all action reasonably requested by the Seller to avoid, contest, compromise or defend the Third Party Claim; and 

		
	(ii)
	in conducting any proceedings or actions in respect of that Third Party Claim, the Seller must:

		
	(A)
	act in good faith;

		
	(B)
	liaise with the Buyer in relation to the defence of the Third Party Claim; and

		
	(C)
	provide the Buyer with reasonable access to a copy of any notice, correspondence or other document relating to the Third Party Claim.

		
	(d)
	If the Seller advises the Buyer that the Seller does not wish to assume the conduct of the defence of the Third Party Claim, then the Buyer must:

		
	(i)
	act in good faith;

		
	(ii)
	liaise with the Seller in relation to the defence of the Third Party Claim; and

		
	(iii)
	provide the Seller with reasonable access to a copy of any notice, correspondence or other document relating to the Third Party Claim.

		
	14.15
	Recovery

Where the Buyer is or may be entitled to recover from some other person any sum in respect of any matter or event which could give rise to a Claim, the Buyer must co-operate with the Seller and:
		
	(a)
	use all reasonable endeavours to recover that sum before making the Claim;

		
	(b)
	keep the Seller at all times fully and promptly informed of the conduct of such recovery; and

	
			
	 
	 
	   page | 30 

		
	(c)
	reduce the amount of the Claim to the extent that sums are recovered.

If the recovery is delayed until after the Claim has been paid by the Seller to the Buyer, the recovered sum will be paid to the Seller to the extent that the Claim would have been reduced under this clause 14.15 had the recovery occurred prior to the payment of the Claim by the Seller and less the costs (including reasonable legal costs and disbursements of the Buyer's lawyers) incurred by the Buyer in relation to the Claim.
		
	14.16
	Insured Claim or loss 

The Seller will not be liable for any claim under or in relation to or arising out of this agreement including a breach of any Seller Group Warranty to the extent the Buyer has the right to claim under any insurance policy held by the Buyer to cover that claim, unless and until that claim has been denied in whole or partly by the relevant insurer, or if the claim is allowed by the relevant insurer, to the extent the claim is paid by the insurer.  
		
	14.17
	Duty to mitigate

Each party is under a duty to act reasonably to mitigate its Loss in relation to any Claim and the Seller’s Liability in respect of any breach of any Seller Group Warranty or in respect of an Indemnity will be reduced or extinguished (as the case may be) to the extent that the Buyer has failed to so act.
		
	14.18
	Independent limitations

Each qualification and limitation in this clause 14 is to be construed independently of the others and is not limited by any other qualification or limitation.
		
	14.19
	Damages only remedy

If any of the Seller Group Warranties are incorrect, untrue or misleading, the Buyer’s only remedy is in damages and the Buyer may not rescind, terminate or revoke the agreement.
		
	14.20
	No knowledge of breach

The Buyer:
		
	(a)
	has not already formulated an intention to make a Seller Group Warranty Claim; and

		
	(b)
	does not presently have actual knowledge (except as disclosed in the Disclosure Material) of any circumstances which it believes may entitle it to make a Claim in respect of a Seller Group Warranty.

		
	15
	Buyer Warranties

		
	15.1
	Buyer Warranties

The Buyer represents and warrants to the Seller that each of the following statements is true, accurate and complete and not misleading, as at the Execution Date and will be true, accurate and complete and not misleading as at the Completion Date:
		
	(a)
	it is duly incorporated and validly exists under the law of its place of incorporation;

	
			
	 
	 
	   page | 31 

		
	(b)
	the execution and delivery of this agreement has been properly authorised by all necessary corporate action of the Buyer;

		
	(c)
	it has full corporate power and lawful authority to execute and deliver this agreement and to consummate and perform or cause to be performed its obligations under this agreement;

		
	(d)
	this agreement constitutes a legal, valid and binding obligation of the Buyer enforceable in accordance with its terms;

		
	(e)
	the execution, delivery and performance by the Buyer of this agreement does not or will not (with or without the lapse of time, the giving of notice or both) contravene, conflict with or result in a breach of or default under:

		
	(i)
	any provision of the constitution of the Buyer;

		
	(ii)
	any material term or provision of any security arrangement (including any Security Interest), undertaking, agreement or agreement to which it is bound;

		
	(iii)
	any writ, order or injunction, judgement, or law to which it is a party or is subject or by which it is bound;

		
	(f)
	no Insolvency Event has occurred in relation to the Buyer; and

		
	(g)
	so far as it is aware, there are no facts, matters or circumstances which give any person the right to apply to liquidate or wind up the Buyer.

		
	15.2
	Reliance

The Buyer acknowledges that the Seller has entered into this agreement in reliance on the Buyer Warranties.
		
	15.3
	Independent Buyer Warranties

Each Buyer Warranty must be construed independently and is not limited by reference to another Buyer Warranty.
		
	15.4
	Survival

The Buyer Warranties survive Completion of this agreement.

		
	16
	Seller Guarantor Warranties

		
	16.1
	Seller Guarantor Warranties

The Seller Guarantor represents and warrants to the Buyer that each of the following statements is true, accurate and complete and not misleading, as at the Execution Date and will be true, accurate and complete and not misleading as at the Completion Date:
		
	(a)
	it is duly incorporated and validly exists under the law of its place of incorporation;

		
	(b)
	the execution and delivery of this agreement has been properly authorised by all necessary corporate action of the Seller Guarantor;

	
			
	 
	 
	   page | 32 

		
	(c)
	it has full corporate power and lawful authority to execute and deliver this agreement and to consummate and perform or cause to be performed its obligations under this agreement;

		
	(d)
	this agreement constitutes a legal, valid and binding obligation of the Seller Guarantor enforceable in accordance with its terms;

		
	(e)
	the execution, delivery and performance by the Seller Guarantor of this agreement does not or will not (with or without the lapse of time, the giving of notice or both) contravene, conflict with or result in a breach of or default under:

		
	(i)
	any provision of the constitution of the Seller Guarantor;

		
	(ii)
	any material term or provision of any security arrangement (including any Security Interest), undertaking, agreement or agreement to which it is bound;

		
	(iii)
	any writ, order or injunction, judgement, or law to which it is a party or is subject or by which it is bound;

		
	(f)
	no Insolvency Event has occurred in relation to the Seller Guarantor; and

		
	(g)
	so far as it is aware, there are no facts, matters or circumstances which give any person the right to apply to liquidate or wind up the Seller Guarantor.

		
	16.2
	Reliance

The Seller Guarantor acknowledges that the Buyer has entered into this agreement in reliance on the Seller Guarantor Warranties.
		
	16.3
	Independent Seller Guarantor Warranties

Each Seller Guarantor Warranty must be construed independently and is not limited by reference to another Seller Guarantor Warranty.
		
	16.4
	Survival

The Seller Guarantor Warranties survive Completion of this agreement.
		
	16.5
	Indemnity

The Seller Guarantor indemnifies the Buyer against any Loss which the Buyer may incur to the extent caused by any breach of the Seller Guarantor Warranties.

		
	17
	Buyer Guarantor Warranties

		
	17.1
	Buyer Guarantor Warranties

The Buyer Guarantor represents and warrants to the Seller that each of the following statements is true, accurate and complete and not misleading, as at the Execution Date and will be true, accurate and complete and not misleading as at the Completion Date:
		
	(a)
	it is duly incorporated and validly exists under the law of its place of incorporation;

		
	(b)
	the execution and delivery of this agreement has been properly authorised by all necessary corporate action of the Buyer Guarantor;

	
			
	 
	 
	   page | 33 

		
	(c)
	it has full corporate power and lawful authority to execute and deliver this agreement and to consummate and perform or cause to be performed its obligations under this agreement;

		
	(d)
	this agreement constitutes a legal, valid and binding obligation of the Buyer Guarantor enforceable in accordance with its terms;

		
	(e)
	the execution, delivery and performance by the Buyer Guarantor of this agreement does not or will not (with or without the lapse of time, the giving of notice or both) contravene, conflict with or result in a breach of or default under:

		
	(i)
	any provision of the constitution of the Buyer Guarantor;

		
	(ii)
	any material term or provision of any security arrangement (including any Security Interest), undertaking, agreement or agreement to which it is bound;

		
	(iii)
	any writ, order or injunction, judgement, or law to which it is a party or is subject or by which it is bound;

		
	(f)
	no Insolvency Event has occurred in relation to the Buyer Guarantor; and

		
	(g)
	so far as it is aware, there are no facts, matters or circumstances which give any person the right to apply to liquidate or wind up the Buyer Guarantor.

		
	17.2
	Reliance

The Buyer Guarantor acknowledges that the Seller has entered into this agreement in reliance on the Buyer Guarantor Warranties.
		
	17.3
	Independent Buyer Guarantor Warranties

Each Buyer Guarantor Warranty must be construed independently and is not limited by reference to another Buyer Guarantor Warranty.
		
	17.4
	Survival

The Buyer Guarantor Warranties survive Completion of this agreement.
		
	17.5
	Indemnity

The Buyer Guarantor indemnifies the Seller against any Loss which the Seller may incur to the extent caused by any breach of the Buyer Guarantor Warranties.

		
	18
	Confidentiality

		
	18.1
	Confidentiality obligation

Each party (Information Recipient): 
		
	(a)
	may use Confidential Information of a Disclosing Party only for the purposes of this agreement and the transactions contemplated by this agreement; and

		
	(b)
	must keep confidential all Confidential Information of each Disclosing Party except for disclosures permitted under clause 18.2. 

	
			
	 
	 
	   page | 34 

		
	18.2
	Exceptions

Clause 18.1 does not apply to an Information Recipient to the extent that the relevant disclosure or use:
		
	(a)
	has the prior written consent of the Disclosing Party;

		
	(b)
	is a media announcement in the form agreed between the Buyer and the Seller in accordance with clause 18.4;

		
	(c)
	is to its Officers, employees, professional advisers, consultants, financiers and Related Bodies Corporate to whom (and to the extent to which) it is necessary to disclose the information in order to properly perform its obligations under this agreement; 

		
	(d)
	is necessary to enforce its rights or to defend any Claim or Action under this agreement or for use in legal proceedings regarding this agreement or the transaction contemplated by this agreement; 

		
	(e)
	is necessary to obtain any consent or approval contemplated by this agreement; or

		
	(f)
	is necessary to comply with any applicable law, legal process, any order or rule of any Government Agency, the rules of a recognised stock exchange or in a prospectus or other document with statutory content requirements prepared for a transaction involving a party, after first consulting with the other party to the extent practicable having regard to those obligations about the form and content of the disclosure,

and provided that, before disclosure:
		
	(g)
	in the case of the Information Recipient's (and their Related Body Corporate's) Officers and employees, those persons have been directed by the Information Recipient to keep confidential all Confidential Information of the Disclosing Party; and

		
	(h)
	in the case of other persons (except those disclosures under clauses 18.2(b), 18.2(d), 18.2(e) and 18.2(f)), those persons have agreed in writing with the Information Recipient to comply with substantially the same obligations in respect of Confidential Information of the Disclosing Party as those imposed on the Information Recipient under this agreement,

(each a Direction).
		
	18.3
	Information Recipient's obligations 

An Information Recipient must:
		
	(a)
	ensure that each person to whom it discloses Confidential Information of a Disclosing Party under clause 18.2 complies with its Direction; and

		
	(b)
	notify the Disclosing Party of, and take all reasonable steps to prevent or stop, any suspected or actual breach of a Direction. 

		
	18.4
	Media announcement

		
	(a)
	No party may, before or after Completion, make or send a public announcement, communication or circular concerning this agreement or the transactions referred 

	
			
	 
	 
	   page | 35 

to in this agreement unless it has first obtained the written consent of the other party, which consent is not to be unreasonably withheld or delayed.
		
	(b)
	Clause 18.4(a) does not apply to a public announcement, communication or circular required by law or the requirements of a regulatory body (including the ASX and any other relevant stock exchange), if the party required to make or send it has, if practicable, first consulted and taken into account the reasonable requirements of the other parties, provided that the party must only disclose such information necessary to comply with the requirements of law or the applicable regulatory body.

		
	18.5
	Confidentiality Agreement

The parties acknowledge and agree that the Confidentiality Agreement terminates in accordance with its terms on the Execution Date.

		
	19
	Seller Guarantee and indemnity

		
	19.1
	Consideration

The Seller Guarantor acknowledges that the Buyer is acting in reliance on the Seller Guarantor incurring obligations and giving rights under this Seller Guarantee.
		
	19.2
	Seller Guarantee

		
	(a)
	The Seller Guarantor unconditionally and irrevocably guarantees to the Buyer the due and punctual performance by the Seller of all its obligations under this agreement, including each obligation to pay money (the Seller Guaranteed Obligations).

		
	(b)
	If the Seller fails to perform the Seller Guaranteed Obligations in full and on time, the Seller Guarantor agrees to comply with the Seller Guaranteed Obligations on demand from the Buyer.  A demand may be made whether or not the Buyer has made demand on the Seller.

		
	19.3
	Indemnity

		
	(a)
	The Seller Guarantor:

		
	(i)
	unconditionally and irrevocably indemnifies the Buyer against any Loss or Claim which may be incurred or sustained by the Buyer arising from or in relation to any default or delay by the Seller in the due and punctual performance of any of the Seller Guaranteed Obligations, including any Loss or Claim incurred or sustained by the Buyer arising from or in relation to the enforcement of this Seller Guarantee; and

		
	(ii)
	agrees to pay amounts due under this clause 19.3 on demand from the Buyer.  

		
	(b)
	The Buyer need not incur expense or make payment before enforcing this right of indemnity.

	
			
	 
	 
	   page | 36 

		
	19.4
	Extent of Seller Guarantee and indemnity

		
	(a)
	The Seller Guarantor will be responsible to the Buyer in respect of the Seller Guaranteed Obligations in the same manner as if the Seller Guarantor was the Seller under this agreement.

		
	(b)
	The rights given to the Buyer pursuant to this Seller Guarantee, and the Seller Guarantor’s liability under it, are not affected by any act, omission or other thing which might otherwise affect it in law or in equity including one or more of the following:

		
	(i)
	an Insolvency Event affecting a person or the death of a person;

		
	(ii)
	a change in the constitution, membership, or partnership of a person;

		
	(iii)
	the partial performance of the Seller Guaranteed Obligations;

		
	(iv)
	the Seller Guaranteed Obligations not being enforceable at any time against any person other than the Seller Guarantor;

		
	(v)
	the Buyer granting any time or other indulgence or concession to, compounding or compromising with, or wholly or partially releasing the Seller or Seller Guarantor of an obligation; 

		
	(vi)
	any novation of a right of the Buyer;

		
	(vii)
	acquiescence, delay, acts, omissions or mistakes on the part of the Buyer; or

		
	(viii)
	the occurrence of any other thing which might otherwise release, discharge or affect the obligations of the Seller Guarantor under this agreement, except to the extent that that thing also releases, discharges or affects the obligations of the Seller to the Buyer.

		
	19.5
	Payments

The Seller Guarantor agrees to make payments under this clause 19:
		
	(a)
	in full without set-off or counterclaim, and without any deduction in respect of Taxes unless prohibited by law; and

		
	(b)
	in the currency in which the payment is due, and otherwise in Australian dollars, in Immediately Available Funds.  

		
	19.6
	Continuing guarantee and indemnity

This clause 19:
		
	(a)
	extends to cover this agreement as amended, varied or replaced, whether with or without the consent of the Seller Guarantor; 

		
	(b)
	is a principal obligation and is not to be treated as ancillary or collateral to another right or obligation; 

		
	(c)
	is independent of and not in substitution for or affected by any other security interest or guarantee or other document or agreement which the Buyer may hold concerning the Seller Guaranteed Obligations; and

	
			
	 
	 
	   page | 37 

		
	(d)
	is a continuing guarantee and indemnity despite any intervening payment, settlement or other thing and extends to all of the Seller’s obligations arising from or in relation to this agreement and, despite Completion, remains in full force and effect for so long as the Seller has any liability or obligation to the Buyer under this agreement and until all of those liabilities or obligations have been fully discharged.

		
	19.7
	Enforcement against Seller Guarantor

The Seller Guarantor waives any right it has of first requiring the Buyer to commence proceedings or enforce any other right against the Seller or any other person before claiming from the Seller Guarantor under this Seller Guarantee.
		
	19.8
	Limitation 

In no event will the Seller Guarantor's Liability under this agreement exceed the amount that would have been recoverable from the Seller in respect of the same subject matter.

		
	20
	Buyer Guarantee and indemnity

		
	20.1
	Consideration

The Buyer Guarantor acknowledges that the Seller is acting in reliance on the Buyer Guarantor incurring obligations and giving rights under this Buyer Guarantee.
		
	20.2
	Buyer Guarantee

		
	(a)
	The Buyer Guarantor unconditionally and irrevocably guarantees to the Seller the due and punctual performance by the Buyer of all its obligations under this agreement, including each obligation to pay money (the Buyer Guaranteed Obligations).

		
	(b)
	If the Buyer fails to perform the Buyer Guaranteed Obligations in full and on time, the Buyer Guarantor agrees to comply with the Buyer Guaranteed Obligations on demand from the Seller.  A demand may be made whether or not the Seller has made demand on the Buyer.

		
	20.3
	Indemnity

		
	(a)
	The Buyer Guarantor:

		
	(i)
	unconditionally and irrevocably indemnifies the Seller against any Loss or Claim which may be incurred or sustained by the Seller arising from or in relation to any default or delay by the Buyer in the due and punctual performance of any of the Buyer Guaranteed Obligations, including any Loss or Claim incurred or sustained by the Seller arising from or in relation to the enforcement of this Buyer Guarantee; and

		
	(ii)
	agrees to pay amounts due under this clause 20.3 on demand from the Seller.  

		
	(b)
	The Seller need incur expense or make payment before enforcing this right of indemnity.

	
			
	 
	 
	   page | 38 

		
	20.4
	Extent of Buyer Guarantee and indemnity

		
	(a)
	The Buyer Guarantor will be responsible to the Seller in respect of the Buyer Guaranteed Obligations in the same manner as if the Buyer Guarantor was the Buyer under this agreement.

		
	(b)
	The rights given to the Seller pursuant to this Buyer Guarantee, and the Buyer Guarantor’s liability under it, are not affected by any act, omission or other thing which might otherwise affect it in law or in equity including one or more of the following:

		
	(i)
	an Insolvency Event affecting a person or the death of a person;

		
	(ii)
	a change in the constitution, membership, or partnership of a person;

		
	(iii)
	the partial performance of the Buyer Guaranteed Obligations;

		
	(iv)
	the Buyer Guaranteed Obligations not being enforceable at any time against any person other than the Buyer Guarantor;

		
	(v)
	the Seller granting any time or other indulgence or concession to, compounding or compromising with, or wholly or partially releasing the Buyer or Buyer Guarantor of an obligation; 

		
	(vi)
	any novation of a right of the Seller;

		
	(vii)
	acquiescence, delay, acts, omissions or mistakes on the part of the Seller; or

		
	(viii)
	the occurrence of any other thing which might otherwise release, discharge or affect the obligations of the Buyer Guarantor under this agreement, except to the extent that that thing also releases, discharges or affects the obligations of the Buyer to the Seller.

		
	20.5
	Payments

The Buyer Guarantor agrees to make payments under this clause 20:
		
	(a)
	in full without set-off or counterclaim, and without any deduction in respect of Taxes unless prohibited by law; and

		
	(b)
	in the currency in which the payment is due, and otherwise in Australian dollars, in Immediately Available Funds.  

		
	20.6
	Continuing guarantee and indemnity

This clause 20:
		
	(a)
	extends to cover this agreement as amended, varied or replaced, whether with or without the consent of the Buyer Guarantor; 

		
	(b)
	is a principal obligation and is not to be treated as ancillary or collateral to another right or obligation; 

		
	(c)
	is independent of and not in substitution for or affected by any other security interest or guarantee or other document or agreement which the Seller may hold concerning the Buyer Guaranteed Obligations; and

	
			
	 
	 
	   page | 39 

		
	(d)
	is a continuing guarantee and indemnity despite any intervening payment, settlement or other thing and extends to all of the Buyer’s obligations arising from in relation to this agreement and, despite Completion, remains in full force and effect for so long as the Buyer has any liability or obligation to the Seller under this agreement and until all of those liabilities or obligations have been fully discharged.

		
	20.7
	Enforcement against Buyer Guarantor

The Buyer Guarantor waives any right it has of first requiring the Seller to commence proceedings or enforce any other right against the Buyer or any other person before claiming from the Buyer Guarantor under this Buyer Guarantee.
		
	20.8
	Limitation 

In no event will the Buyer Guarantor's Liability under this agreement exceed the amount that would have been recoverable from the Buyer in respect of the same subject matter.

		
	21
	Dispute resolution

		
	21.1
	Dispute Notice

		
	(a)
	If a Dispute arises then either party may give to the other party a Dispute Notice.

		
	(b)
	Within 14 days after service of a Dispute Notice, the parties’ Representatives must meet at least once and confer in good faith to attempt to resolve the Dispute. 

		
	(c)
	If the parties' Representatives cannot resolve the Dispute, then each party shall within 21 days after service of a Dispute Notice refer the Dispute to their respective Chief Executive Officers to settle the Dispute.  The Chief Executive Officers must meet within 14 days of the Dispute being referred to them (or such longer period agreed in writing) and confer in good faith until such time that they resolve the Dispute. 

		
	(d)
	If the Chief Executive Officers have met but not resolved the Dispute, or otherwise fail to meet, within 2 months from the date the Dispute was referred to them (or such longer period agreed in writing) either party may commence legal proceedings.  

		
	21.2
	Continuance of Contract

		
	(a)
	Compliance with this clause 21 is a condition precedent to a party being entitled to commence legal proceedings in any court in respect of a Dispute except for proceedings seeking urgent injunctive relief. 

		
	(b)
	Prior to the resolution of a Dispute, the parties must continue to perform their respective obligations in this agreement insofar as those obligations are not the subject matter of the Dispute.

		
	22
	Duty, costs and expenses

		
	22.1
	Duty

	
			
	 
	 
	   page | 40 

Subject to clause 9.1(b), all Duty which may be payable on or in connection with this agreement and any instrument executed under or in connection with or any transaction evidenced by this agreement is payable by the Buyer.
		
	22.2
	Costs and expenses

Each party must pay its own costs and expenses of negotiating, preparing, signing, delivering and registering this agreement and any other agreement or document entered into or signed under this agreement (including each novation or assignment agreement or agreement).
		
	22.3
	Costs of performance

A party must bear the costs and expenses of performing its obligations under this agreement, unless otherwise provided in this agreement.

		
	23
	GST

		
	23.1
	Supply of a going concern

		
	(a)
	The parties agree that the Supply made by the Seller to the Buyer under this agreement (Business Supply) is a Supply of a Going Concern for the purposes of section 38‐325 of the GST Act and will be treated as being a GST-free Supply such that clause 23.2 does not apply to it. 

		
	(b)
	The Seller warrants and represents that it:

		
	(i)
	will supply to the Buyer all of the things that are necessary for the continued operation of an Enterprise; and

		
	(ii)
	will continue to carry on the Enterprise without interruption until and including the Completion Date.

		
	(c)
	The Buyer warrants that it is registered or required to be registered for GST under the GST Law as at the Completion Date.

		
	(d)
	If there is an assessment by the Commissioner of Taxation that GST is payable on the Business Supply, then clause 23.2 applies to the Business Supply such that an additional amount will be payable on account of GST (Additional Amount), except that:

		
	(i)
	any Additional Amount payable under clause 23.2 is payable by the Buyer within 10 Business Days of receipt of a Tax Invoice for the Business Supply; and

		
	(ii)
	the Additional Amount must be refunded to the Buyer if the assessment is overturned by the Commissioner of Taxation, a Court or tribunal.

		
	23.2
	Taxable Supplies

		
	(a)
	Any consideration or amount payable under this agreement, including any non-monetary consideration (as reduced in accordance with clause 23.2(e) if required) (Consideration) is exclusive of GST.

		
	(b)
	If GST is or becomes payable on a Supply made under or in connection with this agreement, an Additional Amount is payable by the party providing the 

	
			
	 
	 
	   page | 41 

Consideration for the Supply (Recipient) equal to the amount of GST payable on that Supply as calculated by the party making the Supply (Supplier) in accordance with the GST Law.
		
	(c)
	The Additional Amount payable under clause 23.2(b) is payable without set off, demand or deduction at the same time and in the same manner as the Consideration for the Supply, and the Supplier must provide the Recipient with a Tax Invoice as a pre-condition to payment of the Additional Amount.  

		
	(d)
	If for any reason (including, without limitation, the occurrence of an Adjustment Event) the amount of GST payable on a Supply made under or in connection with this agreement (taking into account any Decreasing or Increasing Adjustments in relation to the Supply) varies from the Additional Amount payable by the Recipient under clause 23.2(b):

		
	(i)
	the Supplier must provide a refund or credit to the Recipient, or the Recipient must pay a further amount to the Supplier, as appropriate;

		
	(ii)
	the refund, credit or further amount (as the case may be) will be calculated by the Supplier in accordance with the GST Law; and

		
	(iii)
	the Supplier must notify the Recipient of the refund, credit or further amount within 10 Business Days after becoming aware of the variation to the amount of GST payable.  Any refund or credit must accompany such notification or the Recipient must pay any further amount within 7 days after receiving such notification, as appropriate.  If there is an Adjustment Event in relation to the Supply, the requirement for the Supplier to notify the Recipient will be satisfied by the Supplier issuing to the Recipient an Adjustment Note within 10 Business Days after becoming aware of the occurrence of the Adjustment Event.

		
	(e)
	Despite any other provision in this agreement: 

		
	(i)
	if an amount payable under or in connection with this agreement (whether by way of reimbursement, indemnity or otherwise) is calculated by reference to an amount incurred by a party, whether by way of cost, expense, outlay, disbursement or otherwise (Amount Incurred), the amount payable must be reduced by the amount of any Input Tax Credit to which that party is entitled in respect of that Amount Incurred; and

		
	(ii)
	no Additional Amount is payable under clause 23.2(b) in respect of a Supply made under or in connection with this agreement to which section 84-5 of the GST Act applies.

		
	(f)
	Any reference in this clause to an Input Tax Credit to which a party is entitled includes an Input Tax Credit arising from a Creditable Acquisition by that party but to which the Representative Member of the GST Group of which that party is a member is entitled.

		
	24
	Foreign resident capital gains withholding

		
	24.1
	Application of foreign resident capital gains withholding

Clauses 24.3 to 24.6 do not apply if:
		
	(a)
	the sale of the Sale Interest and the subscription of the Subscription Shares is a transaction that is excluded under section 14-215(1); or

	
			
	 
	 
	   page | 42 

		
	(b)
	the Seller gives to the Buyer a Clearance Certificate for a period covering the Completion Date on or before the date that is 5 Business Days before Completion. 

		
	24.2
	Clearance Certificate given by Seller

If clause 24.1(b) applies, the Buyer acknowledges and agrees that:
		
	(a)
	the Buyer is not required to pay a Withholding Amount; and

		
	(b)
	the Buyer may not withhold a Withholding Amount from the Purchase Price payable on Completion to the Seller.

		
	24.3
	Buyer entitled to withhold

If the Buyer is required to pay an amount to the Commissioner under section 14-200, the Buyer is entitled to withhold from the Purchase Price payable on Completion an amount equal to the Withholding Amount.
		
	24.4
	Buyer’s obligation to pay Withholding Amount to the Commissioner

At Completion, the Buyer must either:
		
	(a)
	give to the Seller a copy of a receipt showing that the Withholding Amount has been paid to the Commissioner before Completion; or

		
	(b)
	produce a cheque, drawn on a Bank, payable to the Commissioner for an amount equal to the Withholding Amount.

		
	24.5
	Payment of the Withholding Amount after Completion

If clause 24.4(b) applies, the Buyer must: 
		
	(a)
	pay the Withholding Amount to the Commissioner, by mailing or delivering the cheque to the Commissioner, before the end of the first Business Day after Completion; and

		
	(b)
	provide to the Seller within 2 Business Days after Completion, evidence showing that the Withholding Amount has been paid to the Commissioner.

		
	24.6
	Discharge of liability

On the payment of the Withholding Amount to the Commissioner, the Buyer is discharged from all liability to pay the Withholding Amount to the Seller.
		
	24.7
	Definitions and interpretation

For the purposes of this clause 24:
		
	(a)
	all section references are to those provisions of Schedule 1 to the Taxation Administration Act 1953 (Cth);

		
	(b)
	Clearance Certificate means a certificate issued by the Commissioner under section 14-220 that applies to the Seller and is for a period covering the time that the transaction is entered into;

		
	(c)
	Commissioner means the Commissioner of Taxation of Australia; and

	
			
	 
	 
	   page | 43 

		
	(d)
	Withholding Amount means an amount that the Buyer is required to pay to the Commissioner, determined in accordance with section 14-200(3).

		
	25
	PPS Act registration

		
	25.1
	Protecting interests

		
	(a)
	The parties agree to do all things as may be reasonably necessary including:

		
	(i)
	providing information and executing or ensuring the execution of documents; and

		
	(ii)
	ensuring that relevant third parties do all things reasonably necessary,

to protect the interests of a party to this agreement as a result of the application of the PPS Law to this agreement or the transactions the subject of this agreement, including, without limitation to ensure that a PPS Security Interest created under or in connection with this agreement is enforceable, perfected in accordance with the PPS Law and otherwise effective.
		
	(b)
	A grantor of a PPS Security Interest under or in connection with this agreement consents to the registration of the PPS Security Interest on any relevant register and any notification made or given in respect of that PPS Security Interest. 

		
	25.2
	Notices

A party need not give any notice under the PPS Law (including notice of a verification statement) to the other party unless the notice is required by the PPS Law and cannot be excluded.

		
	26
	Notices

		
	26.1
	General

A notice, demand, certification, process or other communication relating to this agreement must be in writing in English and may be given by an agent of the sender.
		
	26.2
	How to give a communication

In addition to any other lawful means, a communication may be given by being:
		
	(a)
	personally delivered;

		
	(b)
	left at the party’s current delivery address for notices;

		
	(c)
	sent to the party’s current postal address for notices by pre-paid ordinary mail or, if the address is outside Australia, by pre-paid airmail; 

		
	(d)
	sent by email to the party’s current email address for notices; or 

		
	(e)
	sent by such other form of communication as the parties and WLOPL may from time to time agree.

		
	26.3
	Particulars for delivery

	
			
	 
	 
	   page | 44 

		
	(a)
	The particulars for delivery of notices are initially:

		
	(i)
	in the case of the Seller:

Delivery address:    1 Sleat Road
APPLECROSS, WA  6153
Postal address:    Locked Bag 3, Canning Bridge
APPLECROSS, WA  6153
Email:             simon.rushton@mineralresources.com.au
Attention:        Simon Rushton
		
	(ii)
	in the case of the Buyer:

		
	Delivery address:
	4350 Congress Street, Suite 700, Charlotte, NC 28209

		
	Postal address:
	4350 Congress Street, Suite 700, Charlotte, NC 28209

Email:            Ander.Krupa@albemarle.com
Copy:            Brenda.Mareski@albemarle.com
Attention:        Ander Krupa
Copy:            Brenda Mareski 
		
	(iii)
	in the case of the Seller Guarantor:

Delivery address:    1 Sleat Road
APPLECROSS, WA  6153
Postal address:    Locked Bag 3, Canning Bridge
APPLECROSS, WA  6153
Email:            simon.rushton@mineralresources.com.au
Attention:        Simon Rushton
		
	(iv)
	in the case of the Buyer Guarantor:

Delivery address:    4350 Congress Street, Suite 700, Charlotte, NC 28209
Postal address:    4350 Congress Street, Suite 700, Charlotte, NC 28209
Email:            terry.hammons@albemarle.com
Copy:            Alex.Gutierrez@albemarle.com 
Attention:        Terrance Hammons
Copy:         Alejandro Gutierrez 

	
			
	 
	 
	   page | 45 

		
	(b)
	Each party may change its particulars for delivery of notices by notice to each other party.

		
	26.4
	Communications by post

Subject to clause 26.7, a communication is given if posted:
		
	(a)
	within Australia to an Australian postal address, three (3) Business Days after posting; or

		
	(b)
	outside of Australia to an Australian postal address or within Australia to an address outside of Australia, ten (10) Business Days after posting.

		
	26.5
	Communications by email

		
	(a)
	Subject to clause 26.7, a communication is given if sent by email, upon the earlier of:

		
	(i)
	the time the sender receives an automated message from the intended recipient’s information system confirming delivery of the email;

		
	(ii)
	the time that the email is first opened or read by the intended recipient, or an employee or Officer of the intended recipient; and

		
	(iii)
	four (4) hours after the time the email is sent (as recorded on the device from which the sender sent the email) unless the sender receives, within that four (4) hour period, an automated message that the email has not been delivered. 

		
	(b)
	Despite anything to the contrary in this agreement, a notice given under clause 2.6 must not be given by email. 

		
	26.6
	Process service

Any process or other document relating to litigation, administrative or arbitral proceedings in relation to this agreement may be served by any method contemplated by this clause 26 or in accordance with any applicable law.
		
	26.7
	After hours communications

If a communication is given:
		
	(a)
	after 5.00 pm in the place of receipt; or

		
	(b)
	on a day which is a Saturday, Sunday or bank or public holiday in the place of receipt,

it is taken to have been given at 9.00am on the next day which is not a Saturday, Sunday or bank or public holiday in that place.

		
	27
	General

		
	27.1
	Consents and approvals

	
			
	 
	 
	   page | 46 

Except as expressly provided in this agreement, a party may conditionally or unconditionally in its absolute discretion give or withhold any consent or approval under this agreement.
		
	27.2
	Entire agreement

		
	(a)
	This agreement is the entire agreement between the parties about its subject matter and replaces all previous agreements, understandings, representations and warranties about that subject matter. 

		
	(b)
	Each party represents and warrants that it has not relied on any representations or warranties about the subject matter of this agreement except as expressly provided in this agreement.

		
	27.3
	Further assurances

Except as expressly provided in this agreement, each party must, at its own expense, do all things reasonably necessary to give full effect to this agreement and the matters contemplated by it.
		
	27.4
	Rights cumulative

Except as expressly provided in this agreement, the rights of a party under this agreement are cumulative and are in addition to any other rights of that party.
		
	27.5
	Survival and merger

		
	(a)
	No term of this agreement merges on completion of any transaction contemplated by this agreement.

		
	(b)
	Clauses 18, 22, 23, 26 and 27 survive termination or expiry of this agreement together with any other term which by its nature is intended to do so.

		
	27.6
	Variation

No variation of this agreement is effective unless made in writing and signed by each party.
		
	27.7
	Waiver

		
	(a)
	No waiver of a right or remedy under this agreement is effective unless it is in writing and signed by the party granting it. It is only effective in the specific instance and for the specific purpose for which it is granted.

		
	(b)
	A single or partial exercise of a right or remedy under this agreement does not prevent a further exercise of that or of any other right or remedy.

		
	(c)
	Failure to exercise or delay in exercising a right or remedy under this agreement does not operate as a waiver or prevent further exercise of that or any other right or remedy.

		
	27.8
	Governing law

		
	(a)
	This agreement is governed by the laws of Western Australia.

	
			
	 
	 
	   page | 47 

		
	(b)
	Each party irrevocably and unconditionally submits to the exclusive jurisdiction of the courts of Western Australia including, for the avoidance of doubt, the Federal Court of Australia sitting in Western Australia.

		
	27.9
	Counterparts

This agreement may be executed in any number of counterparts and all counterparts taken together constitute one document.
		
	27.10
	Default interest

		
	(a)
	If a party fails to pay any amount payable under this agreement on the due date for payment, that party must pay interest on the amount unpaid at the higher of:

		
	(i)
	the Interest Rate; or

		
	(ii)
	the rate of interest per annum (if any) fixed or payable under any judgment or other thing into which the liability to pay the amount becomes merged.

		
	(b)
	The interest payable under clause 27.10(a):

		
	(i)
	accrues from day to day from and including the due date for payment up to the actual date of payment, before and, as an additional and independent obligation, after any judgment or other thing into which the liability to pay the amount becomes merged; and

		
	(ii)
	may be capitalised by the person to whom it is payable at monthly intervals.

		
	(c)
	The right to require payment of interest under this clause is without prejudice to any other rights the non-defaulting party may have against the defaulting party at law or in equity.

		
	27.11
	Interest payable on overdue amounts

If any party fails to pay the whole or part of any amount payable under this agreement on or before the due date, such defaulting party must, on demand, pay to the party entitled to receive payment interest on such unpaid amount at the Interest Rate calculated on daily balances, and capitalised monthly, from (and including) the due date for payment to (but excluding) the date of actual payment.
		
	27.12
	Invalidity

		
	(a)
	If a provision of this agreement or a right or remedy of a party under this agreement is invalid or unenforceable in a particular jurisdiction:

		
	(i)
	it is read down or severed in that jurisdiction only to the extent of the invalidity or unenforceability; and

		
	(ii)
	it does not affect the validity or enforceability of that provision in another jurisdiction or the remaining provisions in any jurisdiction.

		
	(b)
	This clause is not limited by any other provision of this agreement in relation to severability, prohibition or enforceability.

		
	27.13
	Operation of indemnities

	
			
	 
	 
	   page | 48 

		
	(a)
	Each Indemnity contained in this agreement is an additional, separate and independent obligation and no one Indemnity limits the generality of another Indemnity.

		
	(b)
	Each Indemnity contained in this agreement survives Completion under this agreement.

		
	27.14
	Payments

A payment which is required to be made under this agreement must be in cash or by bank cheque or in other Immediately Available Funds and in Australian dollars.
		
	27.15
	Relationship

Except as expressly provided in this agreement:
		
	(a)
	nothing in this agreement is intended to constitute a relationship of employment, trust, agency or partnership or any other fiduciary relationship between the parties; and

		
	(b)
	no party has authority to bind any other party.  

		
	27.16
	Assignment, novation and other dealings

		
	(a)
	Subject to clause 27.16(b), a party must not assign or novate this agreement or otherwise deal with the benefit of it or a right under it, or purport to do so, without the prior written consent of each other party which consent may be withheld at the absolute discretion of the party from whom consent is sought.

		
	(b)
	Clause 27.16(a) does not apply to any benefit or right under a Transaction Document from Completion. 

		
	27.17
	Third party rights

Except as expressly provided in this agreement:
		
	(a)
	each person who executes this agreement does so solely in its own legal capacity and not as agent or trustee for or a partner of any other person; and

		
	(b)
	only those persons who execute this agreement have a right or benefit under it.

	
			
	 
	 
	   page | 49 

		
	Schedule 1
	Dictionary

		
	1
	Dictionary

In this agreement:
Accounting Standards means:
		
	(a)
	the accounting standards applicable for the purposes of the Corporations Act;

		
	(b)
	the requirements of the Corporations Act for the preparation and content of financial statements, directors' reports and auditor's reports; and

		
	(c)
	generally accepted and consistently applied accounting principles and practices in Australia (including Australian International Financial Reporting Standards), except those inconsistent with the standards of requirements referred to in paragraphs (a) or (b).

Action means an action, dispute, Claim, investigation, inquiry, prosecution, litigation, proceeding, arbitration, mediation or dispute resolution process.
Additional Amount has the same meaning as it does in clause 23.1(d) or 23.2(b) (as appropriate).
Amount Incurred has the same meaning as it does in clause 23.2(e)(i).
Approvals means any licence, consent, approval, permit, registration, accreditation, certification or other authorisation (or any variations thereof) given or issued by any Government Agency or any other person held by the Seller which relates to the Sale Interest or the Project and which is capable of being assigned to the Buyer or WLOPL (as applicable), including those specified in Schedule 10.
Anti-Monopoly Law means the Anti-Monopoly Law of the People's Republic of China.
Assigned Tenements means: 
		
	(a)
	the mining tenements specified in Part 2 of Schedule 3; and 

		
	(b)
	to the extent that they are held by the Seller, any renewals, conversions, amalgamations or substitutions of the mining tenements referred to in paragraph (a).

Associate has the meaning given to that term by sections 10 to 17 of the Corporations Act.
Associated Rights means:
		
	(a)
	a perpetual, royalty-free license to use and benefit from all Intellectual Property Rights in connection with the Project; and

		
	(b)
	the benefit of any contracts (whether written or oral) between the Seller and the provider of the Mining Information for production of that information, including any actual or implied warranties as to the accuracy of that information.

Atlas means Atlas Iron Limited ACN 110 396 168. 

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 50

Atlas Exit Agreement means the exit agreement – Wodgina dated 13 April 2017 between the Seller and Atlas. 
ASX means ASX Limited (ABN 98 008 624 691).
Australian Consumer Law means Schedule 2 of the Competition and Consumer Act 2010 (Cth). 
Business Day means a day on which banks are open for business excluding Saturdays, Sundays and public holidays in Perth, Western Australia. 
Business Supply has the same meaning as it does in clause 23.1(a).
Buyer Group means the Buyer and Buyer Guarantor. 
Buyer Guarantee means the guarantee and indemnity in clause 20.
Buyer Guaranteed Obligations has the meaning given in clause 20.2(a).
Buyer Guarantor Warranties means the representations and warranties set out in clause 17.1.
Buyer Individuals means:
		
	(a)
	Jeffrey Bachrach;

		
	(b)
	Kraig Houser;

		
	(c)
	Alex Gutierrez;

		
	(d)
	Matt Lynch;

		
	(e)
	Clint Parham;

		
	(f)
	Andrew Purvis; 

		
	(g)
	Edward Tatum;

		
	(h)
	Brian Tessin; and

		
	(i)
	Chris Yandell. 

Buyer Warranties means the representations and warranties set out in clause 15.1.
Called Sum has the meaning given in the JVA.
CCC Handover has the meaning given in clause 5.2(a).
Chargee’s Priority Deed means a chargee's priority deed as defined in in the JVA, to be entered into between the Seller, the Buyer, WLOPL and the Security Trustee in the form scheduled as Attachment E.
Claim means any allegation, debt, cause of action, Liability, claim, proceeding, suit or demand of any nature howsoever arising and whether present or future, fixed or unascertained, actual or contingent whether at law, in equity, under statute or otherwise. 

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 51

Commercial Terms Agreement means the agreement of that name between the Buyer and the Seller entered into on or around the date of this agreement which sets out the commercial terms agreed between the Buyer and the Seller in relation to certain of the Transaction Documents.
Commissioned means, in respect of each item of Incomplete Infrastructure: 
		
	(a)
	the infrastructure being ready for use, having all necessary approvals and not requiring any further construction steps; and

		
	(b)
	the 'Requirements for Commissioning' set out in Schedule 5 being satisfied in respect of that item of Incomplete Infrastructure. 

Completed Infrastructure means the assets described in Schedule 4. 
Completion means completion of the sale and purchase of the Sale Interest and the allotment of the Subscription Shares under clause 7.
Completion Adjustment means the amount determined in accordance with clause Schedule 13.
Completion Adjustment Dispute Statement has the meaning given in clause 8.2(d).
Completion Date means the date which is 5 Business Days after the last of the Conditions are satisfied or waived in accordance with clause 2 or such other date as the parties may agree in writing.
Completion Statement has the meaning given in clause 8.2(a).
Concentrate means spodumene concentrate derived from Ore. 
Condition means a condition precedent set out in clause 2.1.
Conditions Precedent Date means 15 June 2019, subject to extension under clause 2.3, or such other date as the parties may agree in writing.  
Confidential Information of a party (Disclosing Party) means:
		
	(a)
	the nature and existence of this agreement and the terms of this agreement, its schedules and annexures; and

		
	(b)
	all information treated by the Disclosing Party as confidential and disclosed by the Disclosing Party to another party or of which another party becomes aware, whether before or after the Execution Date, except information:

		
	(i)
	another party creates (whether alone or jointly with any third person) independently of the Disclosing Party;

		
	(ii)
	which was lawfully obtained by a party before the Discloser disclosed it to the Recipient;

		
	(iii)
	which is received in good faith by a party from a third party entitled to disclose it; or

		
	(iv)
	is public knowledge (otherwise than as a result of a breach of confidentiality by another party or any of its permitted disclosees).

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 52

Confidentiality Agreement means the confidentiality deed between Albemarle Lithium Pty Ltd and Mineral Resources Limited dated 30 July 2018. 
Consideration has the same meaning as it does in clause 23.2(a).
Consequential Loss means loss of revenue, loss of profit, loss or denial of opportunity, loss of access to markets or market share, loss of goodwill, loss of business reputation, loss of use of capital, increased overhead costs and whether arising in contract, tort (including negligence), equity or under statute.
Construction Equipment means all plant, assets and equipment used exclusively in connection with the construction of the Incomplete Infrastructure (but not operation of that infrastructure once complete), including any mobile vehicles and equipment used for such construction and which is not expressly defined as Mobile Equipment.
Consumables means oil, diesel, greases, lubricants, hydraulic fluids, cleaning products, explosives and all other consumables used in connection with the Project immediately prior to Completion.
Contracted Product means the Product located in the Stockpiles or in transit that is, as at 9am on the Completion Date, subject to an existing spot offtake arrangement entered into in accordance with clause 6.3(o). 
Corporations Act means Corporations Act 2001 (Cth).
Counterparty means a counterparty to a Third Party Agreement.
CSI means Crushing Services International Pty Ltd (ACN 069 303 377). 
Cut-off Time means 10.00am (Perth time) on 12 December 2018.
Data Room means the Project Lion online data room located at https://dataroom.ansarada.com/project.lion.dr, maintained by or on behalf of the Seller and made available to the Buyer and its Representatives. 
Data Room Index means the index attached to the Disclosure Letter.
Data Room Information means:
		
	(a)
	the information and documents made available to the Buyer and its Representatives on or before the Cut-off Time in the Data Room as listed in the Data Room Index; and 

		
	(b)
	the written answers or written confirmations provided to the Buyer or its Representatives in the Data Room as attached to the Disclosure Letter on or before the Cut-off Time in response to requests for information. 

Deed of Assignment and Assumption means each deed of assignment and assumption, deed of covenant or deed of novation required by the terms of each Third Party Agreement, and otherwise in the form reasonably required by the Seller and the Buyer, to effect the transfer to the Buyer of the rights, interests, liabilities and obligations of the Seller, to the extent of the Sale Interest on a several and not joint and several basis.   
Deed of Cross Security has the meaning given in the JVA and scheduled as Attachment D.

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 53

Defaulting Party has the meaning given in clause 2.6(b).
Demand means a written notice of, or demand for, an amount payable or a written notice by a third party in relation to a Third Party Claim.
Department means the Department of Mines, Industry Regulation and Safety for the State of Western Australia or such other body, department or instrumentality responsible for administration of the Mining Act and the Petroleum Pipelines Act (as applicable) from time to time and includes any registrar or warden.
Disclosure Letter means the letter from the Seller addressed to the Buyer and dated and delivered to it prior to the execution of this agreement, disclosing matters in relation to the Seller Group Warranties, in the form agreed between the Seller and the Buyer and includes all of its schedules and annexures (as relevant).
Disclosure Material means the written information relating to the Sale Interest and the Subscription Shares provided to the Buyer prior to the Execution Date, comprising:
		
	(a)
	the Information Memorandum; 

		
	(b)
	all written information and data provided or communicated to a Buyer Individual (whether by electronic mail, portable electronic advice or in any other manner) by Representatives of the Seller (directly or indirectly) prior to the Cut-off Time; 

		
	(c)
	the Disclosure Letter; 

		
	(d)
	this agreement, including the schedules and annexures thereto, and all documents referred to therein; and 

		
	(e)
	the Data Room Information. 

Dispute means any matter in dispute between the parties in connection with this agreement.
Dispute Notice means a written notice from one party to another regarding a Dispute, which includes the following details:
		
	(a)
	the party's position in respect of the Dispute;

		
	(b)
	the facts on which the party relies in support of its position;

		
	(c)
	the contractual or common law basis for the party's position; and

		
	(d)
	the remedy sought by the party.

Duty means any stamp, transfer, transaction or registration duty or similar charge imposed by any Government Agency and includes any interest, fine, penalty, charge or other amount imposed in respect of any of them, but excludes any Tax or Royalty.
Economic Effective Date means the date on which the first train of the Processing Plant has been Commissioned. 
Employee means any employee of the Seller and any person who becomes an employee of the Seller between the date of this agreement and Completion and who, in either case, remains employed by the Seller immediately before Completion.
Environment means components of the earth including:

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 54

		
	(a)
	land, air and water;

		
	(b)
	any layer of the atmosphere; 

		
	(c)
	any organic or inorganic matter and any living organism; and

		
	(d)
	human-made or modified structures and areas and includes interacting natural ecosystems that include any components of the kind referred to in paragraphs (a) to (c) of this definition.

Environmental Law means a provision of law, or a law, which relates to:
		
	(a)
	any aspect of the Environment; and

		
	(b)
	the use of substances or conduct which may harm the Environment or be hazardous or otherwise harmful to human health,

in each case in relation to activities on the Tenements or the Petroleum Pipeline Licences. 
Equipment Leases means the equipment leases, hire purchase agreements, conditional purchase agreements and other hiring arrangements entered into by the Seller in relation to the Mobile Equipment.
Excluded Assets means:
		
	(a)
	the Contracted Product;

		
	(b)
	the Old Crusher;

		
	(c)
	the New Crusher;

		
	(d)
	the Excluded Infrastructure; 

		
	(e)
	the Construction Equipment;

		
	(f)
	the Iron Ore Rights; and

		
	(g)
	the GAMG Assets.

Excluded Infrastructure means the plant, equipment, machinery, facilities and other infrastructure owned by a third party that is leased, hired or otherwise used in the Project that is set out in Schedule 6.
Execution Date means the date that the last party executes this agreement.
Extension Notice has the meaning given to that term in clause 2.3(a).
FATA means Foreign Acquisitions and Takeovers Act 1975 (Cth).
Final Conditions Precedent Date means 15 December 2019. 
GAM means Global Advanced Metals Pty Ltd (ACN 139 987 465). 
GAM Sale Agreement means the asset sale agreement dated 27 June 2016 between GAMW, GAM, the Seller Guarantor and the Seller. 

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 55

GAMG means Global Advanced Metals Greenbushes Pty Ltd (ACN 125 585 284).
GAMG Assets means the Tantalum Rights and the Tantalum Assets.
GAMG Mineral Rights Agreement means the document entitled ‘Mineral Rights Agreement’ originally between GAMW, GAMG and GAM dated 8 September 2016, as subsequently amended and assigned. 
GAMW means Global Advanced Metals Wodgina Pty Ltd (ACN 125 585 239), formerly Talison Wodgina Pty Ltd.
Government Agency means a government or governmental, semi‐governmental, legislative, administrative, fiscal, quasi-judicial or judicial entity, authority, department, commission, authority, tribunal, agency or entity or other body, whether foreign, federal, state, territorial or local (including any self-regulatory organisation established under statute or any recognised stock exchange).
GST means goods and services tax, or a similar value added tax, levied or imposed in Australia under the GST Law.
GST Act means the A New Tax System (Goods and Services Tax) Act 1999 (Cth).
GST Law has the meaning given to it in the GST Act.
Immediately Available Funds means cash, bank cheque or telegraphic or other electronic means of transfer of cleared funds into a bank account.
Incomplete Infrastructure means the facilities, installations and assets specified in Schedule 5, other than the Tantalum Assets.
Indemnity means an indemnity given under this agreement.
Information Memorandum means the information memorandum in relation to the Wodgina investment opportunity prepared and issued by the Seller dated July 2018 (including any supplement to it or replacement of it).
Information Recipient has the meaning given in clause 18.1.
Initial Mine Plan and Budget has the meaning given in clause 6.4(d). 
Insolvency Event means the occurrence of any one or more of the following events in relation to any person:
		
	(a)
	an application is made to a court for an order, or an order is made, that it be wound up, declared bankrupt or that a provisional liquidator or receiver or receiver and manager be appointed, and the application is not withdrawn, struck out or dismissed within 15 Business Days of it being made;

		
	(b)
	a liquidator or provisional liquidator is appointed;

		
	(c)
	an administrator is appointed to it under sections 436A, 436B or 436C of the Corporations Act;

		
	(d)
	a Controller (as defined in section 9 of the Corporations Act) is appointed to it or any of its Sale Interest;

		
	(e)
	a receiver is appointed to it or any of its Sale Interest;

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 56

		
	(f)
	it enters into an arrangement or composition with one or more of its creditors, or an assignment for the benefit of one or more of its creditors, in each case other than to carry out a reconstruction or amalgamation while solvent;

		
	(g)
	it proposes a winding-up, dissolution or reorganisation, moratorium, agreement of company arrangement or other administration involving one or more of its creditors;

		
	(h)
	it is insolvent as disclosed in its accounts or otherwise, states that it is insolvent, is presumed to be insolvent under an applicable law (including under sub-section 459C(2) or section 585 of the Corporations Act) or otherwise is, or states that it is, unable to pay all its debts as and when they become due and payable;

		
	(i)
	it is taken to have failed to comply with a statutory demand as a result of sub-section 459F(1) of the Corporations Act;

		
	(j)
	a notice is issued under sections 601AA or 601AB of the Corporations Act and not withdrawn or dismissed within 15 Business Days;

		
	(k)
	a writ of execution is levied against it or its property which is not dismissed within 15 Business Days;

		
	(l)
	it ceases to carry on business or threatens to do so, other than for reorganisation or restructuring in accordance with the terms of this agreement; or

		
	(m)
	anything occurs under the law of any jurisdiction which has a substantially similar effect to any of the events set out in the above paragraphs of this definition.

Insurances has the meaning given in warranty 13.1 of Schedule 2.
Interest Rate means, for any day in a calendar month, the annual interest rate that is the sum of 3% and the “Cash Rate Target” quoted by the Reserve Bank of Australia on its public website for the last trading day of the previous calendar month. 
Intellectual Property Rights means all intellectual property and proprietary rights (whether registered or unregistered) including any confidential information, trade secrets, copyright, letters patent, trade marks, service marks, trade names, designs, business names or other similar industrial, commercial or intellectual property rights, used in connection with the Project Assets. 
Interim Period means the period from (and including) the Execution Date up to Completion or the earlier termination of this agreement.
Iron Ore means iron ore and any by-product that is directly associated with the form of iron ore mineralogy. 
Iron Ore Rights means the right to explore for, mine or otherwise benefit from Iron Ore in the Tenements, whether arising under:
		
	(a)
	any Third Party Agreement; or

		
	(b)
	the terms of grant of the Tenements, including any right to apply for a variation to such terms to include the right to explore or mine for Iron Ore.

JVA means the unincorporated joint venture agreement between the Seller, the Buyer and WLOPL in relation to the Project substantially in the form set out in Attachment A.

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 57

Key Third Party Agreements means the Third Party Agreements numbered 4, 7, 15, 23, 25, 28, 36, 37, 38 and 39 in Schedule 7. 
Liability means any Claims, liability, obligation, debts, losses, charges, expenses, costs, outgoings, payments and damages of any kind and however arising (whether actual, contingent or prospective), including for any Loss irrespective of when the acts, events or things giving rise to the liability occurred and those the amount of which for the time being is not ascertained or ascertainable.
Life of Mine has the meaning given in the JVA.
Loss means any cost, damages, debt, expense, liability or loss and includes Taxes and Duties. 
Mine Development Plan means the mine development plan in relation to the Project in the form set out in Attachment B.
Minerals means all naturally occurring substances on or under the surface of the land that is the subject of the Tenements.  
Mining Act means the Mining Act 1978 (WA).
Mining Information means all technical information in the possession or control of the Seller or its Related Bodies Corporate relating to the Tenements including (without limitation) geological, geochemical and geophysical maps and reports, surveys, mosaics, aerial photographs, electromagnetic tapes, electromagnetic or optical disks, sketches, drawings, memoranda, samples, drill cores, drill logs, drill pulp, logs of drill cores, assay results, maps and plans, whether in physical, written or electronic form, but excluding data or information that relates in part to tenements other than the Tenements (except where it is reasonably practicable for the Seller to extract such information as relates only to the Tenements).
Mining Tenements means: 
		
	(a)
	the mining tenements specified in Part 1 of Schedule 3; and 

		
	(b)
	to the extent that they are held by the Seller, any renewals, conversions, amalgamations or substitutions of the mining tenements referred to in paragraph (a).

Minister means the Minister of the Crown in the right of the State of Western Australia responsible for the administration of the Mining Act and the Petroleum Pipelines Act (as applicable) from time to time.
Mobile Equipment means all heavy mobile and ancillary equipment (including tooling) which are listed in Schedule 8. 
MRL Ownership Period means the period from 9 September 2016 to Completion.
New Crusher means the crusher that as of the date of this agreement is in the process of being built, and will be owned and operated by the Seller Guarantor or a Related Body Corporate of the Seller Guarantor for the benefit of the parties under the JVA pursuant to the contract referred to in paragraph (c) of the definition of Transaction Documents.
Non-Defaulting Party has the meaning given in clause 2.6(b).

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 58

Non-Transferring Approvals means any licence, consent, approval, permit, registration, accreditation, certification or other authorisation (or any variations thereof) given or issued by any Government Agency or any other person held by the Seller which relates to the Sale Interest and which is not capable of being assigned to the Buyer or WLOPL (as applicable), including those specified in Schedule 11.
Officer means, in relation to a body corporate, a director or company secretary assistant secretary, chief executive officer, chief financial officer, general manager or other officer of that body corporate.
Old Crusher means the crusher owned by the Seller Guarantor that was previously built and has been operated at the Project prior to the Execution Date.
Operational Spares Plan means the 'Wodgina Benefication Plant Operational Spares First Fill Requirements', as attached to the Disclosure Letter.
Ordinary Share means an ordinary share in the capital of WLOPL that carries both the economic and voting rights of an ordinary share.
Ore means the ore derived from the Project. 
Parent Guarantee means the parent guarantee between the Seller, the Seller’s Guarantor, the Buyer, the Buyer’s Guarantor and WLOPL in relation to the guarantee of obligations under the JVA in the form set out in Attachment C.
Permitted Security Interest means the permitted security interests specified in Schedule 9.
Petroleum Pipeline Licences means petroleum pipeline licences PL 55, PL 56 and PL 116 granted under the Petroleum Pipelines Act which are held by the Seller and any renewals, conversions, amalgamations or substitutions of those petroleum pipeline licences. 
Petroleum Pipelines Act means the Petroleum Pipelines Act 1969 (WA).
PMI means Process Minerals International Pty Ltd ACN 063 988 894.
PPS Act means the Personal Property Securities Act 2009 (Cth).
PPS Law means:
		
	(a)
	the PPS Act;

		
	(b)
	any regulations made at any time under the PPS Act;

		
	(c)
	any legislative instrument made at any time under the PPS Act; 

		
	(d)
	any amendment to any of the above, made at any time; or

		
	(e)
	any amendment made at any time to any other legislation as a consequence of a PPS Law referred to in paragraphs (a) to (d).

PPS Register means the Personal Property Securities Register established under the PPS Act.
PPS Security Interest means a security interest as defined in the PPS Act.

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 59

Processing Plant means the components of plant and other infrastructure described under the heading “Processing Plant” in Schedule 5. 
Product means Concentrate.
Project means the project to develop and operate, in accordance with this agreement and the Transaction Documents, the mine site known as the Wodgina Lithium mine site, located in the Pilbara region of Western Australia and situated on the Tenements. 
Project Assets means the Completed Infrastructure, the Incomplete Infrastructure and the Mobile Equipment (but excluding the Excluded Assets). 
Purchase Price means US$1.15 billion.
Recipient has the meaning given in clause 23.2(b).
Records means the Mining Information and (to the extent in the possession or control of the Seller and WLOPL) all original and copy records, documents, books, files, reports, accounts and plans including (without limitation) certificates of registration, minute books, statutory books and registers, books of account, originals of any tenement instruments held by the Seller and WLOPL, in each case, belonging to any or all of the Seller and WLOPL. 
Related Body Corporate has the meaning given to that term in the Corporations Act. 
Representatives means, in relation to a person, that person’s Officers, employees, agents, professional advisers (including legal advisers) or financiers or any other person acting on behalf of that person in relation to the transactions contemplated by this agreement.
Retained Liabilities has the meaning given in clause 11.3. 
Rights includes rights, benefits, powers, privileges, authorities, discretions, remedies and immunities, whether actual, prospective or contingent and, when used in respect of any item of property, includes all the relevant party’s right, title and interest in and to that property.
Royalty means any royalty payable to a Government Agency in relation to the mining or extraction of minerals, and includes any penalty or interest payable to a Government Agency in relation to such royalties, but excludes Duty and Tax.
Sale Interest means a 50% legal and beneficial interest as tenant in common in:
		
	(a)
	the Tenements;

		
	(b)
	the Mining Information;

		
	(c)
	the Approvals;

		
	(d)
	the Project Assets; 

		
	(e)
	the Consumables and Spares;

		
	(f)
	the Third Party Agreements (subject to any exclusions identified in this agreement and to the extent that they relate to the Tenements only);

		
	(g)
	the Petroleum Pipeline Licences;

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 60

		
	(h)
	the Stockpiles (but excluding Contracted Product); and

		
	(i)
	the Associated Rights,

but excludes the Excluded Assets. 
SAMR means the State Administration of Market Regulation of the People’s Republic of China.
Secured Party has the meaning given under section 10 of the PPS Act.
Security Interest means:
		
	(a)
	any third party rights or interests including a mortgage, bill of sale, charge, lien, pledge, trust, encumbrance, power or title retention arrangement, right of set off, assignment of income, garnishee order, monetary claim, flawed deposit arrangement or any other arrangement having a similar effect; and

		
	(b)
	a PPS Security Interest,

		
	(c)
	and includes any agreement to create any of them or allow them to exist.

Security Trustee means National Australia Bank Limited ACN 004 044 937 of Level 25, 255 George Street, Sydney, New South Wales.
Security Trustee Security means the general security deed granted by the Seller in favour of the Security Trustee.
Seller Group means the Seller and Seller Guarantor.
Seller Group Warranty means the warranties in Schedule 2. 
Seller Guarantee means the guarantee and indemnity in clause 19.
Seller Guaranteed Obligations has the meaning given in clause 19.2(a).
Seller Guarantor Warranties means the representations and warranties set out in clause 16.1.
Stockpiles means all Ore and Product held in the Wodgina stockpiles and stockyards and in the New Crusher, Old Crusher or Processing Plant at the Completion Date by or on behalf of the Seller.  
Spares means spare parts that the Seller holds in connection with the Project Assets to ensure the continuous, efficient and safe operation of the Project Assets.
Subscription Amount means $50.
Subscription Shares means that number of Ordinary Shares equal to the number of Ordinary Shares on issue at the time of the subscription referred to in clause 3.
Superannuation Commitment means any obligation, liability or duty to make any payment to any person in respect of any superannuation or retirement benefits or pensions that are or may be provided to any present or former employees of the Seller or their respective dependants or any present or former contractors of the Seller that are deemed to be employees.

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 61

Supplier has the same meaning as it does in clause 23.2(b).
Tantalum means tantalum pentoxide (Ta2O5) and tantalum pentoxide bearing ore.
Tantalum Assets means the assets known as the ‘tantalum circuit’ forming part of the Processing Plant and owned by GAMG pursuant to the Tantalum Circuit Installation and Processing Agreement dated 9 September 2016 between the Seller, the Seller Guarantor, GAM and GAMG. 
Tantalum Rights means the rights to Tantalum retained by GAMG in relation to certain of the Mining Tenements pursuant to the GAMG Mineral Rights Agreement.
Tax means a tax, levy, charge, impost, fee, deduction, compulsory loan or withholding any nature, including, without limitation, any goods and services tax (including GST), value added tax or consumption tax, which is assessed, levied, imposed or collected by a Government Agency, except where the context requires otherwise.  This includes, but is not limited to, any interest, fine, penalty, charge, fee or other amount imposed in addition to those amounts, but excludes any Duty and Royalty.
Tax Act means the Income Tax Assessment Act 1936 (Cth) or the Income Tax Assessment Act 1997 (Cth), as the context requires.
Tax Relief means any relief, allowance, exemption, exclusion, set-off, deduction, loss, rebate, refund, right to repayment or credit granted or available in respect of a Tax or Duty under any law.   
Tenement Applications means: 
		
	(a)
	the mining tenement applications specified in Part 3 of Schedule 3 and those applications once granted; 

		
	(b)
	to the extent that they are held by the Seller, any renewals, conversions, amalgamations or substitutions of the mining tenements referred to in paragraph (a); and

		
	(c)
	any mining tenement applications relating to the Project during the Interim Period and those applications once granted. 

Tenements means:
		
	(a)
	the Mining Tenements; 

		
	(b)
	the Assigned Tenements; and 

		
	(c)
	the Tenement Applications.

Third Party means a person that is not a party or an Associate of a party. 
Third Party Agreement means the Equipment Leases, each of the agreements specified in Schedule 7 and any additional agreements entered into by the Seller in respect of the Project in the ordinary course of business and in accordance with this agreement during the Interim Period.
Third Party Claim means any Claim brought by a person or entity (other than the Seller or the Buyer) which may give rise, or otherwise relates, to a Claim by the Buyer against the Seller.

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 62

Title Agreements means the Third Party Agreements numbered 34 and 35 in Schedule 7. 
Transaction Documents means, collectively:
		
	(a)
	the JVA;

		
	(b)
	the Deed of Cross Security;

		
	(c)
	the Chargee's Priority Deed;

		
	(d)
	the Commercial Terms Agreement;

		
	(e)
	the crushing contract for the provision of crushing, mining and processing services between WLOPL, CSI and the Seller Guarantor, to be entered into substantially on the terms described in the Commercial Terms Agreement;

		
	(f)
	the camp and accommodation contract for the provision of operating and maintenance services for the camp and airport between WLOPL, PMI and the Seller Guarantor, to be entered into substantially on the terms described in the Commercial Terms Agreement;

		
	(g)
	the logistics contract for the provision of haulage, port, loading and shipping services between the Seller, the Buyer, PMI and the Seller Guarantor, to be entered into substantially on the terms described in the Commercial Terms Agreement; 

		
	(h)
	the marketing agreement for the provision of marketing services for the Product between the Seller and Albemarle US, Inc, to be entered into substantially on the terms described in the Commercial Terms Agreement;

		
	(i)
	the intellectual property licensing agreement for the licensing of intellectual property to the Project between the Seller, the Buyer, WLOPL and Albemarle US, Inc., to be entered into substantially on the terms described in the Commercial Terms Agreement;

		
	(j)
	the Parent Guarantee;

		
	(k)
	the WLOPL Shareholders Agreement

		
	(l)
	the WLOPL Constitution; and

		
	(m)
	any other agreement the parties agree is a Transaction Document for the purposes of this agreement.

Transfer Instruments means the instruments of transfer in registrable form (subject to stamping) which effect or record the transfer from the Seller to the Buyer of a 50% interest in each Tenement and each Petroleum Pipeline Licence. 
Transferring Employee means any Employee who, by Completion or within 3 months of the Completion Date, has accepted an offer of employment from WLOPL.  
Treasurer means the Treasurer of the Commonwealth of Australia.
Ultimate Holding Company has the meaning given to that term in section 9 of the Corporations Act. 

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 63

WLOPL means Wodgina Lithium Operations Pty Ltd, being a proprietary company to be registered with that name under the Corporations Act as required under clause 3.1 of this agreement. 
WLOPL Constitution means the constitution governing WLOPL in the form agreed between the parties and initialled for identification. 
WLOPL Shareholders Agreement means the shareholders agreement between WLOPL, the Seller and the Buyer in the form agreed between the parties and initialled for identification.

		
	2
	Interpretation

In this agreement headings are for convenience only and do not affect the interpretation of this agreement and the following rules of interpretation apply unless the contrary intention appears:
		
	(a)
	the singular includes the plural and vice versa;

		
	(b)
	words that are gender neutral or gender specific include each gender;

		
	(c)
	where a word or phrase is given a particular meaning, other parts of speech and grammatical forms of that word or phrase have corresponding meanings;

		
	(d)
	the words 'such as', 'including', 'particularly' and similar expressions are not used as, nor are intended to be, interpreted as words of limitation;

		
	(e)
	a reference to:

		
	(i)
	a person includes a natural person, partnership, joint venture, government agency, association, corporation or other body corporate;

		
	(ii)
	a thing (including, but not limited to, a chose in action or other right) includes a part of that thing, unless the context denotes otherwise;

		
	(iii)
	a party includes its successors and permitted assigns;

		
	(iv)
	a document includes all amendments or supplements to that document;

		
	(v)
	a clause, term, party, schedule or attachment is a reference to a clause or term of, or party, schedule or attachment to this agreement;

		
	(vi)
	this agreement includes all schedules and attachments to it;

		
	(vii)
	a law includes a constitutional provision, treaty, decree, convention, statute, regulation, ordinance, by-law, judgment, rule of common law or equity and is a reference to that law as amended, consolidated or replaced;

		
	(viii)
	an agreement includes an undertaking, or legally enforceable arrangement or understanding, whether or not in writing; and 

		
	(ix)
	unless expressly stated otherwise in this agreement, a monetary amount is in Australian dollars;

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 64

		
	(f)
	when the day on which something must be done is not a Business Day, that thing must be done on the following Business Day;

		
	(g)
	in determining the time of day, where relevant to this agreement, the relevant time of day is:

		
	(i)
	for the purposes of giving or receiving notices, the time of day where a party receiving a notice is located; or

		
	(ii)
	for any other purpose under this agreement, the time of day in the place where the party required to perform an obligation is located; 

		
	(h)
	no rule of construction applies to the disadvantage of a party because that party was responsible for the preparation of this agreement or any part of it; and

		
	(i)
	a reference to so far as the Seller is aware, or words to that effect, in relation to a fact, matter or circumstance is to the actual knowledge of any of the following persons as at the Execution Date having made due and proper enquiries prior to 5.00 pm on the day prior to the Execution Date:

		
	(i)
	Chris Ellison;

		
	(ii)
	Mark Wilson;

		
	(iii)
	Simon Rushton; 

		
	(iv)
	Tim Williams;

		
	(v)
	Mark Mitchell;

		
	(vi)
	Rohan O’Grady;

		
	(vii)
	Darren Killeen;

		
	(viii)
	Tim Berryman;

		
	(ix)
	Dave Geraghty; and

		
	(x)
	Nick Rohr. 

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 65

		
	Schedule 2
	Seller Group Warranties

		
	1
	General 

		
	1.1
	Incorporation 

The Seller is duly incorporated and validly exists under the law of its place of incorporation.
		
	1.2
	Capacity

		
	(a)
	The Seller has full corporate power and authority to own the Project Assets, the Sale Interest and to sell and transfer the Sale Interest and cause the issue of the Subscription Shares.

		
	(b)
	The execution and delivery of this agreement has been properly authorised by all necessary corporate action of the Seller.

		
	(c)
	The Seller has full corporate power and lawful authority to execute and deliver this agreement and, subject to clause 2, to consummate and perform or cause to be performed its obligations under this agreement.

		
	(d)
	This agreement constitutes a legal, valid and binding obligation of the Seller, enforceable in accordance with its terms.

		
	1.3
	No default 

		
	(a)
	The execution, delivery and (subject to satisfaction of the Conditions) performance by the Seller of this agreement does not or will not (with or without the lapse of time, the giving of notice or both) contravene, conflict with or result in a breach of or default under:

		
	(i)
	any agreement or instrument to which the Seller is a party;

		
	(ii)
	any provision of the constitution of the Seller; and

		
	(iii)
	any writ, order or injunction, judgement, or law to which it is a party or is subject or by which it is bound.

		
	1.4
	Ownership 

		
	(a)
	There are no Security Interests over the Sale Interest (other than a Permitted Security Interest or, prior to Completion, the Security Trustee Security).

		
	(b)
	Except as expressly provided in this agreement, the Seller has not granted any option or right of pre-emption or first refusal in respect of any of the Sale Interest to any other person and subject to clause 2 and clause 5.2, the Seller will:

		
	(i)
	at Completion be able to transfer legal and beneficial ownership and title to all of the Sale Interest to the Buyer other than the Assigned Tenements and the Incomplete Infrastructure in each case which are not yet legally owned by the Seller, but in respect of which the Seller will transfer ownership of and a 50% beneficial interest; and

	
			
	 
	 
	   Schedule 2 | page | 66

		
	(ii)
	immediately after Completion, hold the remaining 50% legal and beneficial interest in the Project other than the Assigned Tenements and the Incomplete Infrastructure, in which the Seller will hold the remaining 50% beneficial interest.

		
	1.5
	Insolvency 

		
	(a)
	No Insolvency Event has occurred in relation to the Seller.

		
	(b)
	So far as it is aware, there are no facts, matters or circumstances which give any person the right to apply to liquidate or wind up the Seller.

		
	1.6
	Share capital

		
	(a)
	At Completion, the Subscription Shares will constitute 50% of the issued ordinary share capital of WLOPL.

		
	(b)
	At Completion, there will be no shares in WLOPL allotted or on issue apart from Ordinary Shares and the Ordinary Shares will be fully paid.

		
	(c)
	At Completion, other than in accordance with this agreement and the Transaction Documents, WLOPL is not obliged to issue or allot any Shares or other securities of WLOPL, and WLOPL has not granted any person the right to call for the issue or allotment of any Shares or other securities of WLOPL. 

		
	2
	Operation of the assets 

		
	2.1
	Licences, authorisations and consents

		
	(a)
	The Seller has all material licences, authorisations and consents required for the activities it carries on in respect of the Project and the Seller has not received a written notice that it is in default under any such licence, authorisation or consent.

		
	(b)
	So far as the Seller is aware, the Approvals comprise all of the material licences and authorisations which are legally capable of being transferred to the Buyer or WLOPL and which were used by the Seller in activities in respect of the Project as conducted immediately prior to Completion including, without limitation, all material licences and authorisations which are necessary for the Seller to discharge in all material respects its contractual obligations which it owed to any third party immediately prior to Completion (but excluding any licences and authorisations which are held by third parties as required by applicable law).

		
	2.2
	Compliance with laws and regulations

The Seller has not received written notice from any Government Agency that it is in violation of any applicable law or regulation or any order or judgment of any court with respect to its activities in respect of the Project Assets where such violation would have a material adverse effect on the assets or financial position of the Seller. 
		
	2.3
	Litigation

Except as claimant in the collection of debts arising in the ordinary course of business, as at the Execution Date, the Seller is not engaged in any litigation, arbitration or administrative proceeding which is in progress with respect to any asset that forms part of the Sale Interest and which is material in relation to the Seller nor, so far as the Seller is aware, has any such proceeding been expressly threatened in writing by or against it.

	
			
	 
	 
	   Schedule 2 | page | 67

		
	3
	Sale Interest

		
	(a)
	If the Economic Effective Date occurs prior to or on the Completion Date, at Completion the Sale Interest, together with the Seller's 50% interest in the Project, the Non-Transferring Approvals, the Excluded Assets and the Transaction Documents described in paragraph (e), (f) and (g) of the definition of Transaction Documents, comprises all of the material assets required for the production of Concentrate at the site of the Project, except for the supply of goods and services that can only be procured by WLOPL after Completion. 

		
	(b)
	Save for the Excluded Assets and the Non-Transferring Approvals, at Completion, there are no material assets owned by the Seller or any of its Related Bodies Corporate which were used by the Seller to produce Concentrate at the site of the Project prior to Completion and which are not included in the Sale Interest and are required for the production of Concentrate at the site of the Project.

		
	(c)
	The Seller Group Warranties in this paragraph 3 are given only at Completion.

		
	4
	Disclosure 

So far as the Seller is aware, the Data Room Information:
		
	(a)
	was submitted in, and (where the information was subject to judgments, estimates or assumptions of the Seller) prepared in, good faith; and

		
	(b)
	other than the information referred to in the parentheses in paragraph (a) above, as at the Execution Date, is true and accurate in all material respects. 

		
	5
	Contracts 

		
	(a)
	Except as disclosed in the Disclosure Material or otherwise disclosed to the Buyer by separate arrangement, copies of all Third Party Agreements as at the Execution Date are contained in the Data Room Information.

		
	(b)
	Aside from the Third Party Agreements, there are no agreements, arrangements or understandings to which the Seller is party which are material to the operation of the Project Assets having regard to their state of completion as at the Execution Date.

		
	(c)
	As at the Execution Date, the Seller has not received any notice of termination, rescission or, invalidation or claim pursuant to any actual or alleged breach or default of any Third Party Agreement to which the Seller is a party or any claim by any party to be able to terminate, rescind or invalidate any contract to which the Seller is a party by reason of any actual or alleged breach of that contract.

		
	(d)
	So far as the Seller is aware:

		
	(i)
	all Third Party Agreements then in existence are in full force and effect and binding in accordance with their terms (subject to any applicable insolvency laws);

		
	(ii)
	as at the Execution Date, there is no material default or material breach of any Third Party Agreement which may have a material adverse effect on the Project or the Project Assets; 

	
			
	 
	 
	   Schedule 2 | page | 68

		
	(iii)
	it is not in material default or material breach of any Third Party Agreement which may have a material adverse effect on the Project or the Project Assets; and

		
	(iv)
	as at the Execution Date, there are no current or threatened material disputes or material claims in respect of any Third Party Agreement.

		
	(e)
	So far as the Seller is aware, with respect to each Equipment Lease: 

		
	(i)
	no party to the contract is in material breach of it or otherwise in default as described in such Equipment Leases;

		
	(ii)
	there are no grounds for rescission, avoidance or repudiation of that Equipment Lease;

		
	(iii)
	no party has given notice to terminate it or has sought to repudiate or disclaim it or intends to do so; 

		
	(iv)
	there are no facts or circumstances which are likely to give rise to any of the above; and

		
	(v)
	it is not terminable by virtue of the sale of the Sale Interest.

		
	(f)
	The Equipment Leases constitute all the equipment leases, hire purchase agreements, conditional purchase agreements and other hiring arrangements for assets used in the Project comprising part of the Sale Interest.

		
	(g)
	The Disclosure Material contains copies of each Equipment Lease in existence at the Execution Date. 

		
	6
	Environmental

		
	(a)
	In this warranty 6:

		
	(i)
	Dangerous Substance means any natural or artificial substance likely to cause significant damage to the environment; and

		
	(ii)
	Environmental Licence means any permit, licence, authorisation, consent or other approval required under or in relation to any Environmental Law.

		
	(b)
	The Seller has all Environmental Licences necessary to own and operate the Project Assets in the state they exist as at the Execution Date and the Seller has not received written notice that it is materially in default under any such licence and, so far as the Seller is aware, there are no circumstances likely to give rise to such material default. 

		
	(c)
	As at the Execution Date, the Seller has not received any notice that it is in violation of any Environmental Law where such violation would have a material adverse effect on the Project, the Sale Interest or the Tenements.

		
	(d)
	As at the Execution Date, the Seller has not received any notices, orders or directions issued by any Government Authority under any Environmental Law in respect of the Tenements or the Petroleum Pipeline Licences that have not been completely satisfied, and so far as the Seller is aware no such notice, order or direction is pending or has been threatened by any Government Authority and the Seller is not aware of any circumstance that would cause or might reasonably be expected to cause, or contribute to, the issue of such a notice, order or direction.

	
			
	 
	 
	   Schedule 2 | page | 69

		
	(e)
	So far as the Seller is aware, as at the Execution Date, there are no proceedings taken by any Government Authority in respect of the Tenements or the Petroleum Pipeline Licences and no such proceedings are pending or have been threatened by any Government Authority in writing, and the Seller is not aware of any investigations being carried out or proposed by any Government Agency in respect of any breach or alleged breach of or non-compliance with any Environmental Law relevant to the Tenements or the Petroleum Pipeline Licences by the Seller.

		
	(f)
	As at the Execution Date, the Seller is not engaged in any litigation, arbitration or administrative proceeding concerning Environmental Law or Dangerous Substances which is in progress and which is material in relation to the Project Assets or the Sale Interest nor, as far as the Seller is aware, have any such proceeding been threatened in writing by or against the Seller.

		
	7
	Tenements and Petroleum Pipeline Licences

		
	(a)
	Other than the Assigned Tenements and the Tenement Applications, the Tenements are legally and beneficially owned solely by the Seller and at Completion will be free and clear of all Security Interests (other than Permitted Security Interests).  

		
	(b)
	The Assigned Tenements are beneficially owned by the Seller and the Seller is entitled to become the legal owner of the Assigned Tenements and after transfer to the Buyer will be free and clear of all Security Interests (other than the Permitted Security Interests). 

		
	(c)
	The Seller will, on grant of the Tenement Applications, be the sole legal and beneficial owner of the Tenement Applications and at Completion, the Tenement Applications will be free and clear of all Security Interests (other than Permitted Security Interests).  

		
	(d)
	There are no material breaches of any of the terms and conditions of the Tenements (other than the Assigned Tenements) or the Petroleum Pipeline Licences and, so far as the Seller is aware, the Assigned Tenements.

		
	(e)
	So far as the Seller is aware:

		
	(i)
	each of the Tenements is in good standing and in full effect in accordance with its terms and the Mining Act;

		
	(ii)
	each of the Petroleum Pipeline Licences is in good standing and in full effect in accordance with its terms and the Petroleum Pipelines Act;

		
	(iii)
	except as disclosed in the Disclosure Material, as at the Execution Date. the Seller has not received any written notice of any potential native title claims which have been lodged in respect of any of the Tenements;

		
	(iv)
	except as disclosed in the Disclosure Material, as at the Execution Date, there is not in existence any current compensation agreement with the owner or occupier of any land which is subject to the Tenements or the Petroleum Pipeline Licences; and 

	
			
	 
	 
	   Schedule 2 | page | 70

		
	(v)
	none of the Tenements or the Petroleum Pipeline Licences are liable to forfeiture, cancellation or suspension and there is no matter likely to prejudice the renewal of the Tenements or the Petroleum Pipeline Licences or which might adversely affect the rights or benefits conferred by the Tenements or the Petroleum Pipeline Licences.

		
	8
	Project Assets

		
	(a)
	The Seller is: 

		
	(i)
	the legal and beneficial owner of the Completed Infrastructure; 

		
	(ii)
	entitled to become the legal and beneficial owner of the Incomplete Infrastructure; and

		
	(iii)
	the beneficial owner of all other Project Assets.

		
	(b)
	There will be no Security Interest (other than a Permitted Security Interest) over or affecting any Project Assets and the Seller is not party to any agreement to grant any Security Interest over any Project Assets.

		
	(c)
	So far as the Seller is aware, no person has a continuing claim of an entitlement to a Security Interest (other than a Permitted Security Interest) over or affecting any Project Assets other than as provided for in the Third Party Agreements.

		
	(d)
	Each item of Completed Infrastructure:

		
	(i)
	is (to the extent any purchase moneys are due and payable) fully paid for;

		
	(ii)
	is not the subject of any lease or hire purchase agreement or agreement for purchase on deferred terms, other than in the ordinary course of business; 

		
	(iii)
	is located at the Tenements or otherwise within the physical possession or control of the Seller; 

		
	(iv)
	is in the physical possession or control of the Seller; and

		
	(v)
	not the subject of any agreements or arrangements to dispose or not to dispose or which otherwise restrict their use or disposal by the Seller.  

		
	(e)
	Each item of the Project Assets, to the extent they are complete and operational:

		
	(i)
	is as at the Execution Date in a good and safe state of repair and condition and is in satisfactory working order for its age; and

		
	(ii)
	between the Execution Date and Completion, has in all material respects been operated and maintained in accordance with the standard that would reasonably be expected of persons operating and maintaining equipment similar to the Project Assets in the mining industry in Australia.

		
	9
	Records

So far as the Seller is aware, the Records: 
		
	(a)
	have been properly maintained; and

	
			
	 
	 
	   Schedule 2 | page | 71

		
	(b)
	do not contain material inaccuracies or discrepancies of any kind. 

		
	10
	Real property

The Seller (and, at Completion, WLOPL) does not own, lease, sub-lease, licence or otherwise have any interest (other than under or in respect of the Tenements or the Petroleum Pipeline Licences) in any real property.

		
	11
	Intellectual Property Rights

		
	(a)
	So far as the Seller is aware, the Seller's use of any Intellectual Property Rights in connection with the Project Assets which are material in the context of the Project as a whole, does not infringe, breach an obligation of confidence or wrongfully use any confidential information, trade secrets, copyright, letters patent, trade marks, service marks, trade names, designs, business names or other similar industrial, commercial or intellectual property rights of any corporation or person.

		
	(b)
	So far as the Seller is aware, as at the Execution Date, no Claims have been asserted challenging the Seller's use of the Intellectual Property Rights.

		
	12
	Anti-bribery and corruption

		
	(a)
	So far as the Seller is aware, neither the Seller nor any of their Representatives has in relation to the Project Assets: 

		
	(i)
	offered, paid, promised to pay, or authorised the payment of any money, or has offered, given, promised to give, or authorised the giving of anything of value, including, but not limited to, cash, cheques, wire transfers, tangible and intangible gifts, favours, services, and those entertainment and travel expenses, to any Governmental Authority, political party or candidate for government office, nor provided or promised anything of value or which may constitute an undue advantage to any other person while knowing that all or a portion of that thing of value would or will be offered, given, or promised, directly or indirectly, to any Governmental Authority, political party or candidate for government office, for the purpose of improperly:

		
	(A)
	influencing any act or decision of such official, party or candidate in his official capacity, inducing such official, party or candidate to do or omit to do any act in violation of their lawful duty, or securing any improper advantage; or 

		
	(B)
	inducing such official, party or candidate to use his influence with his government or instrumentality to affect or influence any act or decision of such government or instrumentality, in order to assist in obtaining or retaining business for or with, or directing business to, any person; 

		
	(ii)
	violated any applicable anti-corruption laws;

		
	(iii)
	violated any applicable anti-money laundering laws; or

		
	(iv)
	otherwise made, offered, sought, provided or received any bribe, payoff, influence payment, kickback, or other similar unlawful payment or an undue advantage to obtain favourable treatment in securing business for the Seller or the Project.

	
			
	 
	 
	   Schedule 2 | page | 72

		
	(b)
	Without limiting the foregoing, there are and have been no enforcement actions or, investigations (internal or governmental) involving or, so far as the Seller is aware, allegations or disclosures to, Governmental Authorities, related to actual or potential violations of any anti-corruption or anti-money laundering laws or regulations relating to any improper conduct of the Seller in relation to the Project Assets, and so far as the Seller is aware there are no circumstances likely to give rise to any Claim relating to any such improper conduct of the Seller in relation to the Project Assets. The Seller has not received any notice, request, or citation for any actual or potential non-compliance with any of the foregoing in this Warranty 12.2 as it relates to the Project. 

		
	(c)
	The Seller maintains and utilises controls procedures and internal accounting control systems that are consistent with the requirements of any applicable anti-corruption laws.

		
	13
	Insurance

		
	(a)
	The Disclosure Materials contain, as at the Execution Date, complete and accurate particulars of all current insurance policies taken out in respect of the Project Assets (Insurances).

		
	(b)
	Each Insurance policy is currently in full force and effect. 

		
	(c)
	So far as the Seller is aware, as at the Execution Date, nothing has been done or omitted to be done that would make any Insurance void or voidable or that would permit an insurer to cancel the Insurance or refuse or materially reduce a claim. 

		
	14
	Tax 

Any Tax (other than income tax), Duty or Royalty that is payable in relation to the ownership, occupation, or use for the mining or extraction of minerals on or in relation to: 
		
	(a)
	the Tenements (other than the Assigned Tenements) has been paid; and

		
	(b)
	the Assigned Tenements, so far as the Seller is aware, has been paid. 

	
			
	 
	 
	   Schedule 2 | page | 73

		
	Schedule 13
	Completion Adjustment

		
	1
	Calculation

The Completion Adjustment will be determined as the following calculation, to be made in accordance with the principles set out in this Schedule 13, and provided that the Completion Adjustment cannot be less than negative US$25 million or more than positive US$25 million:
Completion Adjustment = 0.5 x [EBITDA - Inventory]
where  

EBITDA means the sum of all income earned less all expenses incurred by the Seller in respect of the Project during the period between the Effective Date and the Completion Date; and
Inventory means an amount equal to the sum of:
		
	(a)
	the value of all operational spares at Completion minus the value of all operational spares at the Economic Effective Date, in each case to the extent that the operational spares are for use in connection with the Project;

		
	(b)
	the value of all Ore and Product on the Stockpile as at the Economic Effective Date (valued at cost); and

		
	(c)
	the value of all oil, diesel, greases, lubricants, hydraulic fluids, cleaning products, explosives and all other consumables used in connection with the Project as at the Economic Effective Date (valued at cost).

		
	2
	Principles and Policies

		
	2.1
	General Principles

The Completion Statement used to determine the Completion Adjustment must be prepared in accordance with: 

		
	(a)
	the pro-forma income statement set out in Schedule 14 and must: 

		
	(i)
	only include income and expenses falling within categories included in that pro-forma income statement;

		
	(ii)
	exclude any income and expenses of a categories identified as 'EXCLUDED' in that pro-forma income statement; and

		
	(iii)
	not include any expense incurred otherwise than in accordance with this agreement (including clause 6);and

		
	(b)
	except to the extent set out in clause 2.1(a) above, in accordance with the Accounting Standards.

		
	2.2
	Specific principles, policies and procedures

The following specific principles, policies and procedures will apply to the preparation of the Completion Statement used to determine the Completion Adjustment:  

	
			
	 
	 
	   Schedule 13 | page | 117

		
	(a)
	no item shall be included more than once; 

		
	(b)
	no item shall be included or excluded solely on the grounds of materiality; 

		
	(c)
	any item that has or will otherwise be provided for under any Transaction Document shall be excluded from the Completion Statement to the extent that the inclusion would result in two payments in respect of the same item; and

		
	(d)
	all amounts in a currency other than US dollars are to be converted to US dollars at the closing Reserve Bank of Australia rate on the Completion Date or as otherwise agreed between the parties.

	
			
	 
	 
	   Schedule 13 | page | 118

Execution page
Executed as an agreement.

	
			
	Executed by Wodgina Lithium Pty Ltd ACN 611 488 932 in accordance with section 127 of the Corporations Act 2001 (Cth) by:
/s/ Chris Ellison
	 
	/s/ Mark Gregory Wilson

	Signature of director
Chris Ellison
	 
	Signature of director/secretary
Mark Gregory Wilson

	Name of director (print)
	 
	Name of director/secretary (print)

	
			
	Executed by Albemarle Wodgina Pty Ltd ACN 630 509 303 in accordance with section 127 of the Corporations Act 2001 (Cth) by:
/s/ Terrence Hammons
	 
	/s/ Mathew Shane Zauner

	Signature of director
Terrence Hammons
	 
	Signature of director/secretary
Mathew Shane Zauner

	Name of director (print)
	 
	Name of director/secretary (print)

	
			
	Executed by Mineral Resources Limited ACN 118 549 910 in accordance with section 127 of the Corporations Act 2001 (Cth) by:
/s/ Chris Ellison
	 
	/s/ Mark Gregory Wilson

	Signature of director
Chris Ellison
	 
	Signature of director/secretary
Mark Gregory Wilson

	Name of director (print)
	 
	Name of director/secretary (print)

	
			
	 
	 
	   Execution | page | 124

	
			
	Executed by Albemarle Corporation in the presence of:
/s/ A. Chanler Krupa
	 
	/s/ Ander Krupa

	Signature of witness
A. Chanler Krupa
	 
	Signature of authorised signatory
Ander Krupa

	Name of witness (print)
	 
	Name of authorised signatory (print)

	
			
	 
	 
	   Execution | page | 125Exhibit

Exhibit 10.42

Wodgina Joint Venture Agreement
Wodgina Project

Wodgina Lithium Pty Ltd
Albemarle Wodgina Pty Ltd 
Wodgina Lithium Operations Pty Ltd

	
					
	Contents
	 
	Page
	

	1
	Defined terms and interpretation
	1
	

	 
	1.1
	Definitions in the Dictionary
	1
	

	 
	1.2
	Interpretation
	1
	

	2
	Joint Venture
	1
	

	 
	2.1
	Formation of Joint Venture
	1
	

	 
	2.2
	Purposes of Joint Venture
	1
	

	 
	2.3
	Reserved Rights
	2
	

	 
	2.4
	Exercise of Iron Ore Rights
	2
	

	 
	2.5
	Transfer of incomplete Project Facilities
	4
	

	 
	2.6
	Name
	4
	

	 
	2.7
	Relationship of Participants
	4
	

	 
	2.8
	Entitlement to Product
	5
	

	 
	2.9
	Tenants in common
	5
	

	 
	2.1
	No partition
	5
	

	 
	2.11
	Rights and obligations several
	5
	

	 
	2.12
	Mutual obligations
	6
	

	 
	2.13
	Protection of Tenements and Pipeline Licences
	6
	

	 
	2.14
	Maintain Tenements and Pipeline Licences
	6
	

	 
	2.15
	Rehabilitation
	6
	

	 
	2.16
	Party warranties
	7
	

	3
	Term and termination
	8
	

	 
	3.1
	Term of Joint Venture
	8
	

	 
	3.2
	Disposal of Joint Venture Assets upon termination
	8
	

	 
	3.3
	Certain obligations continue beyond termination
	9
	

	4
	Manager
	9
	

	 
	4.1
	Initial Manager
	9
	

	 
	4.2
	Shareholding in the Manager
	9
	

	 
	4.3
	Removal of Manager
	9
	

	
			
	 
	 
	    

	
					
	 
	4.4
	No transfer of Manager’s interest
	10
	

	 
	4.5
	Delivery of property on change of Manager
	10
	

	 
	4.6
	Liability of Manager and indemnity
	11
	

	 
	4.7
	Attorney
	11
	

	5
	Powers and duties of Manager
	11
	

	 
	5.1
	Conduct of Joint Venture Operations
	11
	

	 
	5.2
	Insurance
	14
	

	 
	5.3
	Funding of the Manager
	15
	

	 
	5.4
	Conduct of operations
	15
	

	 
	5.5
	Independent status of Manager
	15
	

	 
	5.6
	Delegation
	15
	

	 
	5.7
	Manager's custody of Joint Venture Assets
	15
	

	 
	5.8
	Contracts with Affiliates of Manager
	16
	

	 
	5.9
	Contracts with Third Parties
	17
	

	 
	5.10
	No profit or loss by Manager
	18
	

	 
	5.11
	Good faith
	18
	

	 
	5.12
	Ratify actions of Manager
	18
	

	6
	Management Committee
	18
	

	 
	6.1
	Establishment of Management Committee
	18
	

	 
	6.2
	Composition of Management Committee
	19
	

	 
	6.3
	Meetings
	19
	

	 
	6.4
	Notice of meetings
	20
	

	 
	6.5
	Quorum
	20
	

	 
	6.6
	Chairperson
	20
	

	 
	6.7
	Senior management personnel of the Manager
	20
	

	 
	6.8
	Voting rights
	21
	

	 
	6.9
	Ordinary Resolutions
	22
	

	 
	6.10
	Special Resolutions
	22
	

	 
	6.11
	Deadlocks
	22
	

	 
	6.12
	Stage 2 Decision
	23
	

	
			
	 
	 
	    

	
					
	 
	6.13
	Advisers
	27
	

	 
	6.14
	Authority of Representatives
	27
	

	 
	6.15
	Resolution without meeting
	27
	

	 
	6.16
	Manager’s delegate
	27
	

	 
	6.17
	Minutes
	28
	

	 
	6.18
	Sub-committees
	28
	

	 
	6.19
	Services
	28
	

	 
	6.20
	Recommendations and decisions of sub-committees
	29
	

	7
	Budgets, planning and contributions
	29
	

	 
	7.1
	Commencement under Initial Mine Plan and Budget
	29
	

	 
	7.2
	Preparation and approval of the Business Plan
	29
	

	 
	7.3
	Contents of Business Plan
	29
	

	 
	7.4
	Revision of Business Plan
	32
	

	 
	7.5
	Approval of Business Plan and revisions
	32
	

	 
	7.6
	Temporary operating plan if Business Plan not approved
	32
	

	 
	7.7
	Business Plan is binding on the Manager
	33
	

	 
	7.8
	Urgent action
	33
	

	8
	Provision of funds
	34
	

	 
	8.1
	Obligation to contribute
	34
	

	 
	8.2
	Manager may apply funds held
	34
	

	 
	8.3
	Monthly Cash Call
	34
	

	 
	8.4
	Payment of Called Sum
	35
	

	 
	8.5
	Emergency Cash Call
	36
	

	 
	8.6
	Bank account
	36
	

	 
	8.7
	Disbursements from bank accounts
	37
	

	 
	8.8
	Repayment of surplus funds
	37
	

	 
	8.9
	Accounting for Called Sums
	37
	

	9
	Records, accounts and reports
	37
	

	 
	9.1
	Manager to keep records and accounts
	37
	

	 
	9.2
	Place for records
	38
	

	
			
	 
	 
	    

	
					
	 
	9.3
	Annual financial statement
	38
	

	 
	9.4
	Monthly report
	38
	

	 
	9.5
	Forecasts
	39
	

	 
	9.6
	Other reporting requirements
	40
	

	 
	9.7
	Information and data
	40
	

	 
	9.8
	Copies of reports to Participants
	42
	

	 
	9.9
	Format
	42
	

	 
	9.10
	Additional reporting
	42
	

	10
	Audit and access
	42
	

	 
	10.1
	Audit
	42
	

	 
	10.2
	Participant’s access to records
	43
	

	 
	10.3
	Access to Joint Venture Area and Joint Venture Assets
	43
	

	11
	Confidential Information
	44
	

	 
	11.1
	Information to be kept confidential
	44
	

	 
	11.2
	Protection of Confidential Information
	45
	

	 
	11.3
	Announcements
	45
	

	 
	11.4
	Continuing confidentiality obligation
	45
	

	 
	11.5
	MRL Standstill
	45
	

	 
	11.6
	Albemarle Standstill
	46
	

	12
	Assignments and charges
	47
	

	 
	12.1
	Restrictions on assignments and charges
	47
	

	 
	12.2
	Permitted transfer to Subsidiaries
	48
	

	 
	12.3
	Sale of Participant's lithium business
	48
	

	 
	12.4
	Transfer of Participant’s Joint Venture Interest
	48
	

	 
	12.5
	Right of last refusal
	49
	

	 
	12.6
	Requirements of offer to Continuing Participants
	51
	

	 
	12.7
	Charge of Participant’s Joint Venture Interest
	52
	

	 
	12.8
	Notice of intention to create Security Interest
	52
	

	 
	12.9
	Sale of Joint Venture Interest by Chargee
	52
	

	 
	12.10
	Set-off
	53
	

	
			
	 
	 
	    

	
					
	 
	12.11
	Assumption of Joint Venture obligations by Transferee
	53
	

	 
	12.12
	Change in Control
	54
	

	13
	Defaults and remedies
	58
	

	 
	13.1
	Event of Default
	58
	

	 
	13.2
	Notices of default
	58
	

	 
	13.3
	Payment of interest upon default
	59
	

	 
	13.4
	Rights following an Event of Default
	59
	

	 
	13.5
	Payment of Unpaid Called Sum
	60
	

	 
	13.6
	Delivery of Cross Security
	60
	

	 
	13.7
	Option to acquire Joint Venture Interest of Defaulting Participant
	61
	

	 
	13.8
	Value of Joint Venture Interest of Defaulting Participant
	64
	

	 
	13.9
	Remedies not exclusive
	65
	

	14
	Force Majeure
	65
	

	15
	Notices
	66
	

	 
	15.1
	General
	66
	

	 
	15.2
	How to give a communication
	66
	

	 
	15.3
	Particulars for delivery
	66
	

	 
	15.4
	Communications by post
	67
	

	 
	15.5
	Communications by email
	67
	

	 
	15.6
	Process service
	68
	

	 
	15.7
	After hours communications
	68
	

	16
	GST
	68
	

	 
	16.1
	Construction
	68
	

	 
	16.2
	Consideration GST exclusive
	68
	

	 
	16.3
	Payment of GST
	69
	

	 
	16.4
	Timing of GST payment
	69
	

	 
	16.5
	Tax invoice
	69
	

	 
	16.6
	Adjustment event
	69
	

	 
	16.7
	Reimbursements
	69
	

	 
	16.8
	Calculations based on other amounts
	69
	

	
			
	 
	 
	    

	
					
	 
	16.9
	No merger
	69
	

	 
	16.10
	GST joint venture
	70
	

	17
	Expert determination
	70
	

	 
	17.1
	When appointed
	70
	

	 
	17.2
	Appointment
	70
	

	 
	17.3
	Instructions
	71
	

	 
	17.4
	Procedure
	71
	

	 
	17.5
	Costs
	71
	

	18
	Dispute resolution
	71
	

	 
	18.1
	Dispute resolution process
	71
	

	 
	18.2
	Dispute Notice
	71
	

	 
	18.3
	Meeting of the parties' designated representatives
	72
	

	 
	18.4
	Meeting of Senior Executives and Chief Executive Officers
	72
	

	 
	18.5
	Court proceedings
	72
	

	 
	18.6
	Urgent interlocutory relief
	72
	

	19
	General
	72
	

	 
	19.1
	Consents and approvals
	72
	

	 
	19.2
	Duty
	72
	

	 
	19.3
	Legal costs
	73
	

	 
	19.4
	No liability for consequential losses
	73
	

	 
	19.5
	Entire agreement
	73
	

	 
	19.6
	Further assurances
	73
	

	 
	19.7
	Rights cumulative
	73
	

	 
	19.8
	Severability
	73
	

	 
	19.9
	Survival and merger
	74
	

	 
	19.10
	PPS Act
	74
	

	 
	19.11
	Variation
	74
	

	 
	19.12
	Waiver
	74
	

	 
	19.13
	Governing law
	74
	

	 
	19.14
	Counterparts
	74
	

	
			
	 
	 
	    

	
					
	 
	19.15
	Ipso Facto Stay
	74
	

	 
	19.16
	Relationship with Shareholders' Deed
	75
	

	 
	19.17
	Remote conferencing
	75
	

	Schedule 1
	 
	Dictionary
	76
	

	Schedule 2
	 
	Tenements
	92
	

	Schedule 3
	 
	Special Resolutions
	93
	

	Schedule 4
	 
	Accounting Procedure
	95
	

	Schedule 5
	 
	Deed of Assignment and Assumption
	96
	

	Execution page
	 
	 
	97
	

	Attachment A
	 
	Initial Mine Plan and Budget

	Attachment B
	 
	Confidentiality Undertaking

	Attachment C
	 
	Deed of Cross Security

	 
	 
	 
	 

	
			
	 
	 
	    

Date:                         

Parties
		
	1
	Wodgina Lithium Pty Ltd  
ACN 611 488 932  
of 1 Sleat Road, Applecross WA  6153  
(WLPL)

		
	2
	Albemarle Wodgina Pty Ltd   
ACN 630 509 303  
of [insert address]  
(AWPL)

		
	3
	Wodgina Lithium Operations Pty Ltd  
ACN [insert ACN]  
of [insert address]  
(WLOPL)  

The parties agree

		
	1
	Defined terms and interpretation

		
	1.1
	Definitions in the Dictionary

A term or expression starting with a capital letter:
		
	(a)
	which is defined in the Dictionary in Schedule 1, has the meaning given to it in the Dictionary;

		
	(b)
	which is defined in the Corporations Act, but is not defined in the Dictionary, has the meaning given to it in the Corporations Act; and

		
	(c)
	which is defined in the GST Law, but is not defined in the Dictionary or the Corporations Act, has the meaning given to it in the GST Law.

		
	1.2
	Interpretation

The interpretation clause in Schedule 1 sets out rules of interpretation for this agreement.

		
	2
	Joint Venture

		
	2.1
	Formation of Joint Venture

The Participants agree to associate themselves on and from the Effective Date as an unincorporated joint venture under which the initial Joint Venture Interests of the Participants are as follows:  
	
		
	WLPL’s Joint Venture Interest
	AWPL’s Joint Venture Interest

	50%
	50%

		
	2.2
	Purposes of Joint Venture

	
			
	 
	 
	   page | 1

The purposes of the Joint Venture are:
		
	(a)
	the exploration, development, mining, processing and production of Minerals from the Joint Venture Area upon the terms and conditions set out in this agreement;

		
	(b)
	the construction and operation of a Refinery Plant on such part of the Joint Venture Area as determined by the Management Committee upon the terms and conditions set out in this agreement;

		
	(c)
	to implement the Business Plan;

		
	(d)
	to carry out any other activities as the Participants may agree; and

		
	(e)
	all such other matters and things as may be incidental to the foregoing, including Rehabilitation of the Tenements and Mine Closure.

		
	2.3
	Reserved Rights

		
	(a)
	The parties acknowledge that:

		
	(i)
	WLPL is the holder of Iron Ore Rights, and such rights permit WLPL to conduct certain exploration and mining activities on the Tenements in respect of Iron Ore, for so long as the Iron Ore Rights exist, and such rights do not form part of the Joint Venture Assets; and

		
	(ii)
	pursuant to the GAMG Mineral Rights Agreement, rights to conduct certain exploration and mining activities on the Tenements in respect of Tantalum were granted to GAMG, and such rights do not form part of the Joint Venture Assets.

		
	(b)
	AWPL acknowledges that WLPL may apply for a variation to the terms of grant of the Tenements to the extent necessary so that the terms of grant include the right to explore or mine for Iron Ore and that upon such variation being granted, such Iron Ore Rights will be reserved to WLPL (and in such case AWPL will consent to such application and sign any required forms and applications in that regard), subject to WLPL indemnifying AWPL in relation to any taxes or duties (including stamp duty) payable by AWPL in relation to such variation or reservation).

		
	2.4
	Exercise of Iron Ore Rights

		
	(a)
	Except as may be expressly permitted under the terms of a Notice of Consent, WLPL must exercise its Iron Ore Rights in such a manner so as to not adversely interfere with or impair the Exploration Operations and/or Mining Operations of the Joint Venture, which WLPL acknowledges takes precedence over WLPL’s rights to conduct Exploration Operations and Mining Operations in respect of Iron Ore.

		
	(b)
	If WLPL intends to commence any Exploration Operations or Mining Operations pursuant to its Iron Ore Rights it must first give a notice (Notice of Proposed Activity) to the Manager containing the following particulars (Proposed Activity): 

		
	(i)
	in the case of Exploration Operations:

		
	(A)
	    the general nature and methods of Exploration Operations proposed on any part of the area of the Tenements; 

		
	(B)
	    the approximate number of Personnel and the general nature of the plant and machinery which it proposes to take on to the area of the Tenements for the purpose of conducting such Exploration Operations; and

	
			
	 
	 
	   page | 2

		
	(C)
	    the areas within each of the Tenements which it proposes to enter upon for the purpose of conducting such Exploration Operations; and 

		
	(ii)
	in the case of Mining Operations:

		
	(A)
	    a proposed Mine Development plan; 

		
	(B)
	    such relevant information as is reasonably necessary for the Manager to effectively consider the proposal to commence Mining Operations; and

		
	(C)
	    the date that it intends to commence Mining Operations.

		
	(c)
	Upon receipt of a Notice of Proposed Activity, the Manager must convene a meeting of the Management Committee to consider the Notice of Proposed Activity. The Manager will give the Participants at least 45 days’ prior notice of such meeting.

		
	(d)
	If the Management Committee resolves (acting reasonably) that WLPL’s Proposed Activity may adversely interfere with or impair the Joint Venture's Mining Operations or currently existing Exploration Operations or areas identified as prospective for Minerals other than Iron Ore and Tantalum (Other Minerals) through any prior Exploration Operations, then the Manager must within five (5) Business Days of  such resolution give a notice of objection to WLPL (Notice of Objection). 

		
	(e)
	If the Management Committee resolves (acting reasonably) that WLPL’s Proposed Activity will not adversely interfere with or impair the Joint Venture's Mining Operations or currently existing Exploration Operations or areas identified as prospective for Other Minerals through any prior Exploration Operations (or, subject to clause 2.4(f)(ii), will not if WLPL complies with conditions determined by the Management Committee), the Manager must within five (5) Business Days of such resolution give a notice of consent to WLPL (Notice of Consent). 

		
	(f)
	If the Manager:

		
	(i)
	does not issue a notice in accordance with either clause 2.4(d) or clause 2.4(e); or

		
	(ii)
	issues a notice in accordance with clause 2.4(e) and, within five (5) Business Days of receipt of such notice, WLPL notifies the Manager that it does not accept the conditions determined by the Management Committee which attach to such notice, 

it shall be deemed to have issued a Notice of Objection.
		
	(g)
	A resolution of the Management Committee to issue a Notice of Objection or a Notice of Consent shall be by a Special Resolution.

		
	(h)
	WLPL may not proceed with its Proposed Activity unless it has received a Notice of Consent from the Manager.

		
	(i)
	Subject to clause 2.4(f), upon receipt of a Notice of Consent from the Manager, WLPL may proceed to implement its Exploration Operations or Mining Operations (as applicable) in accordance with the relevant Notice of Proposed Activity subject to and in compliance with any conditions set out in the Notice of Consent, and provided it continues to use its best endeavours to minimise any adverse interference with the Joint Venture Operations. 

	
			
	 
	 
	   page | 3

		
	(j)
	Within five (5) days of a Notice of Objection being given, the Manager, AWPL and WLPL shall meet and discuss WLPL’s Proposed Activity and any objections to it in a bona fide endeavour to resolve the matter by agreement, and such discussions may include amendment or variation by:

		
	(i)
	WLPL of the extent or timing of the Proposed Activity or conditions it will comply with in relation to the Proposed Activity; or

		
	(ii)
	    the Manager of the affected Mining Operations or Exploration Operations program given in its Notice of Objection.

		
	(k)
	If, notwithstanding the discussions between WLPL, AWPL and the Manager, they are unable to resolve the Manager’s objections set out in the Notice of Objection within fourteen (14) days of the Notice of Objection being received by WLPL, then a Participant may issue a Dispute Notice in accordance with clause 18.2 to attempt to resolve the matter.  

		
	(l)
	If the Participants are unable to resolve the matter in accordance with clause 18.2, then the Proposed Activity may not proceed.

		
	(m)
	The Participants agree that (as between themselves): 

		
	(i)
	the area of the Wodgina Resource is deemed to be a Development Area (as defined in the Mineral Rights Agreement) for Minerals other than Iron Ore and WLPL will not during the term of the Joint Venture issue a Notice of Proposed Activity in the exercise of its Iron Ore Rights in that area; 

		
	(ii)
	subject to clause 2.4(m)(i), the process in this clause 2.4 will apply in substitution of the 'Notice of Proposal to Mine' process in clause 6.9 of the Mineral Rights Agreement, which for the avoidance of doubt means that the Participants (including AWPL) are not required to comply clause 6.9 of the Mineral Rights Agreement; and

		
	(iii)
	this agreement prevails to the extent of any inconsistency with the Iron Ore Rights. 

		
	2.5
	Transfer of incomplete Project Facilities

The parties acknowledge that certain Project Facilities may not have reached practical completion at the Effective Date. The parties acknowledge that the transfer of ownership of such Project Facilities will occur in accordance with clause the Asset Sale and Share Subscription Agreement and will at that time become Joint Venture Assets.
		
	2.6
	Name

The name of the Joint Venture is the “Wodgina Joint Venture”.
		
	2.7
	Relationship of Participants

		
	(a)
	Nothing contained in a Joint Venture Document will be deemed to constitute a Participant being the partner of any other Participant.

		
	(b)
	Except as otherwise specifically provided for in a Joint Venture Document, nothing contained in a Joint Venture Document will be construed so as to constitute a Participant an agent or representative of any other Participant or to create any trust for any purpose howsoever, except to the extent to which the Manager is the agent of the Participants.

	
			
	 
	 
	   page | 4

		
	(c)
	No Participant shall be under any fiduciary or other duty to the other which will prevent it from engaging in or enjoying the benefits of any competing endeavours, subject to the express provisions of this agreement.

		
	2.8
	Entitlement to Product

		
	(a)
	Each Participant shall be entitled and obliged, unless otherwise agreed by the Participants, to take in kind and separately dispose of, in proportion to its Joint Venture Interest, all Product as and when produced by the Joint Venture.

		
	(b)
	The Manager must deliver each Participant’s Joint Venture Interest share of Product to the Participant at the Delivery Point, and if separately delivered, by use of equipment and techniques which are specifically designed and intended not to favour any one Participant over another.

		
	(c)
	Title to, and the risk of loss of, or damage to, the Product passes to the relevant Participant at the Delivery Point.

		
	(d)
	Upon commencement of operation of the Refinery Plant, each Participant will cause such amount of its Lithium recovered from the Tenements to be refined using the Refinery Plant as specified in the Refinery Plant Business Plan. 

		
	(e)
	If the Sole Risk Participant develops the Alternative Refinery Plant in accordance with clause 6.12(h), the Sole Risk Participant will not be obliged to refine any of the Non-consenting Participant’s Product in the Alternative Refinery Plant.

		
	2.9
	Tenants in common

		
	(a)
	The Joint Venture Assets will be beneficially owned by the Participants as tenants in common in proportion to their respective Joint Venture Interests, notwithstanding that the legal title may be held by one or some only of the Participants or the Manager.

		
	(b)
	The Manager or any Participant which holds the legal title to any Joint Venture Asset, holds such Joint Venture Asset as agent for the Participants in proportion to their respective Joint Venture Interests.

		
	2.10
	No partition

Each Participant waives its rights to partition of the Joint Venture Assets and, to that end, agrees that it will not seek or be entitled to partition of any Joint Venture Asset, whether by way of physical partition, judicial sale or otherwise, until after termination of the Joint Venture.
		
	2.11
	Rights and obligations several

The rights and obligations of each Participant in respect of the Joint Venture will be, in every case, several in proportion to their respective Joint Venture Interests from time to time and will not be, or be construed to be, either joint or joint and several.

	
			
	 
	 
	   page | 5

		
	2.12
	Mutual obligations

Each Participant will perform, observe and fulfil each and every one of its obligations under or arising out of each of the Joint Venture Documents.
		
	2.13
	Protection of Tenements and Pipeline Licences

A Participant will not knowingly do or omit to do, and will at all times take proper care to ensure that it does not do or omit to do, any act, deed, matter or thing which may place any Tenement or Pipeline Licences at risk of being cancelled, forfeited, lost, refused or surrendered, or which may otherwise jeopardise any Tenement in any way.
		
	2.14
	Maintain Tenements and Pipeline Licences

Unless otherwise determined by a Special Resolution of the Management Committee, the Tenements and Pipeline Licences will be maintained in force and renewed during the term of this agreement, and each Participant will take all action necessary on its part to maintain and renew the Tenements and the Pipeline Licences.
		
	2.15
	Rehabilitation

		
	(a)
	Subject to clause 2.15(b), with effect from the Effective Date, the Participants shall bear the responsibility for Rehabilitation Obligations and the payment of the Rehabilitation Levy applicable to the Tenements in accordance with their respective Joint Venture Interests.  

		
	(b)
	WLPL agrees that it is responsible for such amount of the Rehabilitation Levy paid by AWPL under clause 2.15(a) (or by the Manager on behalf of AWPL) and any costs incurred by AWPL in respect of Rehabilitation Obligations which are attributable to:

		
	(i)
	acts, errors or omissions of WLPL, its Affiliates or their Personnel which were in breach of a law, Approval or Tenement condition, during the WLPL Ownership Period; 

		
	(ii)
	any exploration for or mining of Iron Ore on the Tenements occurring after the Effective Date; and

		
	(iii)
	any exploration for or mining of Tantalum on the Tenements occurring after the Effective Date pursuant to the exercise of mining or exploration rights for Tantalum in circumstances where GAMG is no longer the holder of the rights under the GAMG Mineral Rights Agreement and such rights have reverted to WLPL (including by WLPL becoming the successor to the GAMG under the GAMG Mineral Rights Agreement),

(Rehabilitation Liability Costs).
		
	(c)
	WLPL must reimburse AWPL within 5 Business Days after it receives evidence of the payment by AWPL of any Rehabilitation Liability Costs. 

		
	(d)
	As soon as reasonably practicable after the Effective Date, WLPL must provide AWPL with any information WLPL has compiled in relation to the Tenements for the purposes of calculating the Rehabilitation Levy.

		
	(e)
	Without limitation to clause 2.15(a), WLPL must indemnify AWPL against any loss, cost, damage or liability in relation to the exploration, mining and other related activities occurring on or after the Effective Date in respect of: 

	
			
	 
	 
	   page | 6

		
	(i)
	Iron Ore; and

		
	(ii)
	Tantalum (but only in circumstances where GAMG is no longer the holder of the rights under the GAMG Mineral Rights Agreement and such rights have reverted to WLPL),

including in relation to the reservation of those rights to WLPL, any statutory and private royalties, any compensation payment to any persons, the holding of and exercise of the rights by WLPL, and taxes and duties (including stamp duty) on any dealing with such rights (whether before, on or after the Effective Date) by WLPL and any dealing by AWPL with its Joint Venture Interest to the extent related to the holding by and reservation of such rights to WLPL. 
To the extent that AWPL is required to include any amount payable under the indemnity provided in this clause 2.15(e) for tax purposes as assessable income or capital gain in a year and is not entitled to a tax deduction in that year for the full amount of any such loss, cost, damage or liability, the amount payable under the indemnity provided in this clause 2.15(e) must be increased by a factor calculated as follows: 
where Tax Rate means the applicable Australian income tax rate for AWPL.
		
	2.16
	Party warranties

		
	(a)
	Each party represents and warrants to each of the other parties that each of the following statements is true, accurate and complete and not misleading as at the Effective Date:

		
	(i)
	it is duly incorporated and validly exists under the law of its place of incorporation;

		
	(ii)
	    the execution and delivery of this agreement has been properly authorised by all necessary corporate action;

		
	(iii)
	it has full corporate power and lawful authority to execute and deliver this agreement and to consummate and perform or cause to be performed its obligations under this agreement;

		
	(iv)
	this agreement constitutes a legal, valid and binding obligation on it enforceable in accordance with its terms;

		
	(v)
	the execution, delivery and performance by it of this agreement does not or will not (with or without the lapse of time, the giving of notice or both) contravene, conflict with or result in a breach of or default under:

		
	(A)
	any provision of its constitution;

		
	(B)
	any material term or provision of any security arrangement (including any Security Interest), undertaking, agreement or deed to which it is bound;

		
	(C)
	any writ, order or injunction, judgement or law to which it is a party or is subject or by which it is bound;

		
	(vi)
	no Insolvency Event has occurred in relation to it; and

	
			
	 
	 
	   page | 7

		
	(vii)
	so far as it is aware, there are no facts, matters or circumstances which give any person the right to apply to liquidate it or wind it up.

		
	(b)
	Each party acknowledges that each of the other parties has entered into this agreement in reliance on the warranties provided in clause 2.16(a).

		
	(c)
	Each of the warranties in clause 2.16(a) must be construed independently and is not limited by reference to another warranty provided in clause 2.16(a).

		
	(d)
	Each party indemnifies each of the other parties against any Loss which the other party may incur to the extent caused by any breach of the warranties provided in clause 2.16(a).

		
	3
	Term and termination

		
	3.1
	Term of Joint Venture

This agreement and the Joint Venture will commence on the Effective Date and, subject to the provisions of this agreement, will continue until completion of the winding up of all Joint Venture Operations after the first to occur of:
		
	(a)
	the Participants agreeing to terminate the Joint Venture;

		
	(b)
	the Management Committee by a Special Resolution determining:

		
	(i)
	that there are no economically recoverable reserves of Minerals in the Joint Venture Area and that the Tenements should be surrendered; or

		
	(ii)
	that all the reserves of economically recoverable Minerals in the Joint Venture Area have been recovered; or

		
	(c)
	there being less than two (2) Participants holding an interest in the Joint Venture Assets.

		
	3.2
	Disposal of Joint Venture Assets upon termination

		
	(a)
	Upon the occurrence of a termination event under clause 3.1 (other than clause 3.1(c)), the Manager must commence winding up the Joint Venture Operations including:

		
	(i)
	satisfying all Rehabilitation Obligations and Mine Closure Obligations;

		
	(ii)
	taking such steps to dispose of the Joint Venture Assets in accordance with such instructions (if any) as the Manager may receive from the Management Committee; and

		
	(iii)
	otherwise complying with the Approved Closure Plan.

		
	(b)
	The net proceeds of realisation of the Joint Venture Assets, after satisfying all Rehabilitation Obligations and Mine Closure Obligations, will be distributed to the Participants in proportion to their respective Joint Venture Interests.

		
	(c)
	For the avoidance of doubt, all costs and expenses incurred by the Manager as a result of the termination of the Joint Venture will be Joint Venture Costs and will be paid by the Participants in proportion to their respective Joint Venture Interests.

	
			
	 
	 
	   page | 8

		
	3.3
	Certain obligations continue beyond termination

Upon termination of this agreement for any reason, all rights and obligations of the parties cease, other than:
		
	(a)
	the obligation to pay any actual or contingent liabilities relating to Joint Venture Operations, including the cost of all Rehabilitation Obligations and Mine Closure Obligations and any severance, sickness and other employee benefit costs incurred or imposed in connection with Joint Venture Operations, or otherwise arising from this agreement, that have not been discharged as at the date of termination; and

		
	(b)
	any other obligations expressed to survive termination.

		
	4
	Manager

		
	4.1
	Initial Manager

The Participants appoint WLOPL as the manager of the Joint Venture from the Effective Date, and WLOPL accepts that appointment upon and subject to the terms and conditions contained in this agreement.
		
	4.2
	Shareholding in the Manager

		
	(a)
	As at the date of this agreement, the entire issued share capital in the Manager is held by the Participants in the same proportions as their respective Joint Venture Interests.

		
	(b)
	If a Participant transfers the whole or any part of its Joint Venture Interest under clause 12 or clause 13, the transferring Participant must ensure that such number of shares in the Manager are transferred to the applicable transferee as is necessary to ensure that a Participant’s shareholding in the Manager remains in proportion to its Joint Venture Interest.

		
	4.3
	Removal of Manager

		
	(a)
	The Manager may only be removed by Special Resolution of the Management Committee, provided that the Manager may only be removed if the Management Committee, in the same meeting, appoints a replacement Manager by Special Resolution as the new Manager on the terms and conditions contained in this agreement, provided that if no new Manager can be appointed by such a vote, then, in circumstances where the Participants do not hold equal Joint Venture Interests, the Participant with the largest Joint Venture Interest will be deemed to be the Manager.  If there is more than one Participant with the largest Joint Venture Interest, then those Participants will appoint the Manager and failing agreement between them, the matter will be referred to an Expert to be determined in accordance with clause 17.  

		
	(b)
	The removal of the Manager under clause 4.3(a) will take effect immediately, but such removal does not prevent the Manager from recovering Joint Venture Costs incurred up to that date from the Participants, as well as other unavoidable, pre-committed or existing Joint Venture Costs incurred after that date. 

	
			
	 
	 
	   page | 9

		
	4.4
	No transfer of Manager’s interest

The Manager must not, without the prior written consent of the Participants, transfer any of its rights or interest under this agreement.
		
	4.5
	Delivery of property on change of Manager

On the effective date of the removal of the Manager under clause 4.3(a), the Manager will:
		
	(a)
	deliver to its successor (or as the Participants may otherwise direct):

		
	(i)
	all Joint Venture Assets in its possession or under its control;

		
	(ii)
	the Joint Venture Records and Accounts; 

		
	(iii)
	all Confidential Information;

		
	(iv)
	the results of all work undertaken by or for the Manager for the purposes of the Joint Venture, including all Mining Information and the results of any tests undertaken by or for the Manager; and

		
	(v)
	all exploration, mining, engineering and other reports or studies prepared by or for the Manager;

		
	(b)
	transfer title to any Joint Venture Assets to its successor (or as the Participants, acting unanimously, may otherwise direct); 

		
	(c)
	transfer any Security Interest it holds over Joint Venture Assets to its successor;

		
	(d)
	deliver documents regarding the novation or assignment of the rights and liabilities of the Manager under any contract entered into in its capacity as Manager to the successor which takes effect on and from the effective date of the Manager’s removal, and where the novation or assignment of such a contract has not occurred by the effective date of the Manager’s removal, the Participants and the outgoing Manager must each continue to use all reasonable endeavours to procure the novation or assignment of the contract as soon as reasonably practicable;

		
	(e)
	to the maximum extent legally permissible, transfer any authorisations from any Government Agency that can be transferred in relation to the Joint Venture Assets, and in respect of any such authorisations which cannot be transferred by the Manager to its successor, it must do all things reasonably necessary to assist the successor in applying for new authorisations, and if requested by the successor, terminate, surrender or cancel those authorisations once the successor has obtained the relevant authorisation or to enable the successor to apply for a replacement authorisation; and

		
	(f)
	provide assistance to the Participants as requested, for up to 90 days and on a cost reimbursement basis, to allow the management, supervision and conduct of Joint Venture Operations to continue without interruption or adverse effect and to facilitate the orderly transfer of responsibility for and conduct of the Joint Venture Operations to its successor,

and the outgoing Manager and the Participants must sign, and must ensure the replacement Manager signs, all documents necessary to effect the assignment to the replacement Manager of the rights and interests of the outgoing Manager under the Deed 

	
			
	 
	 
	   page | 10

of Cross Security with effect as at the effective date of the appointment of the replacement Manager.  
		
	4.6
	Liability of Manager and indemnity

The Manager shall not have any liability to the Participants for losses sustained or liabilities incurred by the Joint Venture, and the Manager, its directors, officers, employees, agents and contractors (Indemnified Persons) shall be indemnified by each Participant, severally to the extent of its Joint Venture Interest, in respect of the same except where such loss or liability arises as a direct result of the Indemnified Person’s fraud, Wilful Misconduct or Gross Negligence.
		
	4.7
	Attorney

Each Participant hereby irrevocably appoints the Manager from time to time as its lawful attorney to act for it in its name or otherwise as the Manager (acting reasonably) deems fit for the purposes of doing all such acts and executing all such documents, as may reasonably appear to the Manager to be necessary or desirable to keep the Joint Venture Assets in good standing.  The Participants shall be bound by all acts of the Manager as attorney pursuant to this clause 4.9 and shall, subject to clause 4.8, indemnify the Manager for all costs and liabilities incurred or arising from the exercise of the Manager’s powers pursuant to this clause 4.9.

		
	5
	Powers and duties of Manager

		
	5.1
	Conduct of Joint Venture Operations

		
	(a)
	Subject to the terms and conditions of this agreement, and to such instructions as it may from time to time receive from the Management Committee, the Manager will, and is empowered to exercise all powers necessary to:

		
	(i)
	manage, supervise and conduct Joint Venture Operations on behalf of, and as agent for, the Participants; and  

		
	(ii)
	implement the Business Plan and exercise and discharge its powers and duties under this agreement in accordance with the Business Plan.

		
	(b)
	Without limiting the generality of the foregoing, the Manager will: 

		
	(i)
	perform and attend to all acts, matters and things required of the Manager in accordance with the Joint Venture Documents;

		
	(ii)
	subject to clause 5.1(d), perform on behalf of the Participants their obligations under the Tenements and the Pipeline Licences, and their obligations under any agreement entered into by the Participants (or by the Manager on behalf of the Participants) for the purposes of Joint Venture Operations;  

		
	(iii)
	pay:

		
	(A)
	all rentals and other charges payable under the Tenements and the Pipeline Licences; 

		
	(B)
	all rates and taxes (other than taxes based upon or measured by income) payable on or assessed with respect to Joint Venture Operations or any Joint Venture Asset; and

	
			
	 
	 
	   page | 11

		
	(C)
	the Rehabilitation Levy in respect of the Tenements, subject to the terms set out in clause 2.15(b);

		
	(iv)
	generally do all things necessary to maintain the Tenements and the Pipeline Licences in good standing and perform the Joint Venture Operations;

		
	(v)
	prepare and file all reports and returns (except returns with respect to taxes based upon or measured by income) required by law or by the Tenements, the Pipeline Licences or any agreement with the State, the Commonwealth or other Government Agency with respect to Joint Venture Operations or the Joint Venture Assets;

		
	(vi)
	comply with all laws applicable to Joint Venture Operations, including laws pertaining to safety and environmental protection;

		
	(vii)
	comply with any decision or instruction of the Management Committee or the Participants made or given in accordance with this agreement;

		
	(viii)
	maintain the Project Facilities and the Refinery Plant in good working order;  

		
	(ix)
	act as the Participant's representative in respect of matters relating to Native Title Claims and Native Title Rights, and negotiate agreements with persons holding Native Title Rights and with parties to Native Title Claims, provided that the Manager may not execute any such agreements, without the prior approval of the Management Committee by Ordinary Resolution;

		
	(x)
	comply or procure compliance with all contracts entered into by the Manager or the Participants in relation to the Joint Venture Operations (including any native title or heritage agreement) and ensure any proposed Business Plans are prepared to ensure compliance with any requirements under those agreements; 

		
	(xi)
	replace any Project Facilities as the Manager determines are necessary or desirable so that Joint Venture Operations may be safely, efficiently and lawfully conducted at all times;  

		
	(xii)
	sell or otherwise dispose of any Project Facilities or supplies that may be worn out, surplus or no longer required for Joint Venture Operations, provided that any contract or arrangement for sale of such assets which have a book value, net of accumulated depreciation of:  

		
	(A)
	more than $100,000 but less than $250,000 must be first approved by the Management Committee by an Ordinary Resolution; and

		
	(B)
	$250,000 or more must be first approved by the Management Committee by a Special Resolution;

		
	(xiii)
	ensure that health, safety and environmental management systems are developed, implemented and maintained in respect of the Joint Venture Operations to the satisfaction of the Management Committee;

		
	(xiv)
	endeavour to ensure that contractors engaged for the Joint Venture Operations develop, implement and maintain health, safety and environmental management systems to standards that comply with health, safety and environment plans approved by the Management Committee;

	
			
	 
	 
	   page | 12

		
	(xv)
	in the case of any emergency or accident, take such action as the Manager considers is necessary or advisable for the protection of life or the Joint Venture Assets;

		
	(xvi)
	acquire all materials, supplies, machinery, equipment and services necessary for the conduct of Joint Venture Operations;

		
	(xvii)
	subject to the requirements of Schedule 3, engage (which may be by secondment), dismiss, supervise and control all management, technical and labour personnel necessary for the performance of its obligations under this agreement including determining the terms and conditions of such engagement and conducting all industrial relations;

		
	(xviii)
	arrange for the transportation, handling, loading, treatment and delivery of Product to the Delivery Point;

		
	(xix)
	notify the Participants as soon as practicable after becoming aware of any event or circumstance of which it is aware which is likely to result in:

		
	(A)
	litigation, arbitration or similar proceedings;

		
	(B)
	a material breach of any licence, authority, approval, direction, instrument or other similar matter; 

		
	(C)
	a material breach of any applicable legal requirement;

		
	(D)
	a material breach of any Joint Venture Document or of any other material agreement of the Joint Venture; or

		
	(E)
	Force Majeure;

		
	(xx)
	subject to the requirements of Schedule 3, institute, defend, compromise or settle any court or arbitration proceedings or insurance claims commenced or threatened by or against the Manager or a Participant affecting or relating to Joint Venture Operations or Joint Venture Assets, provided that unless otherwise instructed by a Participant, the Manager may conduct such proceedings or claims for and on behalf of and in the name of each Participant;

		
	(xxi)
	subject to the requirements of Schedule 3, take forward cover for, or hedge, foreign currency obligations or pre-pay or take any other appropriate action to avoid currency losses, in each case in relation to Joint Venture Operations, but in no circumstances is the Manager responsible for or entitled to any currency gains and losses, such losses and gains being borne by or credited to the Participants pro rata in proportion to their respective Joint Venture Interests; 

		
	(xxii)
	carry out the Rehabilitation Obligations and Mine Closure Obligations and comply with the Approved Closure Plan;

		
	(xxiii)
	keep each of the Participants fully informed on all current material matters and developments arising out of Joint Venture Operations; and

		
	(xxiv)
	generally do all such acts and things as may be necessary or desirable for the efficient conduct of Joint Venture Operations, the protection of the Joint Venture Assets and the attainment of the objects of the Joint Venture.

	
			
	 
	 
	   page | 13

		
	(c)
	Subject always to this agreement, the Manager has the power to enter into agreements and bind the Participants in the exercise of its duties in accordance with this agreement.

		
	(d)
	Despite any other provision of this agreement, the Participants agree that if GAMG gives a notice of proposed activity under the GAMG Mineral Rights Agreement then: 

		
	(i)
	subject to 5.1(d)(ii), if the proposed activity might materially adversely affect a known or possible deposit of Iron Ore capable of commercial exploitation, then WLPL may determine whether to issue a notice of objection to GAMG and may have conduct of any expert determination process under the GAMG Mineral Rights Agreement on behalf of the tenement holders in relation to that notice of objection and will indemnify AWPL against the costs of any such expert determination process;

		
	(ii)
	if the proposed activity might materially adversely affect known or possible deposits of both Iron Ore and any other Mineral (excluding Tantalum), which are each capable of commercial exploitation, including in respect of Iron Ore and any other Mineral (excluding Tantalum) in the Wodgina Resource, then either WLPL or AWPL may determine whether to issue a notice of objection to GAMG and have conduct of any expert determination under the GAMG Mineral Rights Agreement on behalf of the tenement holders in relation to that notice of objection, and if WLPL has issued a notice of objection in respect of Iron Ore only, WLPL will indemnify AWPL against the costs of any such expert determination process; and 

		
	(iii)
	in all other circumstances, the Participants agree to jointly exercise their rights under the GAMG Mineral Rights Agreement through the Manager. 

		
	(e)
	A Participant has the right to participate, at its own expense, in litigation or administrative proceedings initiated by the Manager on behalf of the Participants.

		
	5.2
	Insurance

The Manager shall in respect of Joint Venture Operations and the Joint Venture Assets:
		
	(a)
	take out and keep in full force and effect, all in the name of the Participants, insurance required by the laws in force in Western Australia or by virtue of any contractual obligations entered into for the purposes of the Joint Venture;

		
	(b)
	effect and maintain in the name of the Participants public and product liability insurance for an amount of not less than $50,000,000 in respect of each occurrence and unlimited in the aggregate in respect of all incidents occurring during the period of insurance;

		
	(c)
	without limiting clause 5.2(d), effect and maintain in the name of the Participants such other insurances suitable for the Joint Venture Operations which may (without limitation) include pollution legal liability insurance, excess liability insurance, motor vehicle insurance, transit insurance and mining operations insurance, each for amounts and on such terms as may be determined by the Management Committee from time to time;  

		
	(d)
	effect and maintain in the name of the Participants such other insurances as may be determined by the Management Committee from time to time; and

	
			
	 
	 
	   page | 14

		
	(e)
	if requested, provide full details of all such insurances and certificates of currency to a Participant.

		
	5.3
	Funding of the Manager

The performance by the Manager of its duties under this agreement will be subject to it receiving sufficient funds from each Participant in accordance with this agreement.
		
	5.4
	Conduct of operations

The Manager will perform all of its duties under this agreement in a good, safe, workmanlike and commercially reasonable manner in accordance with good exploration and mining and other applicable industry standards and practices.
		
	5.5
	Independent status of Manager

		
	(a)
	The Manager will report to, and be subject to, the general supervision and direction of the Management Committee.  Subject to that supervision, and to the terms of this agreement, the Manager will have the authority, discretions and powers of an independent contractor in its management, supervision and conduct of Joint Venture Operations.

		
	(b)
	The Manager may perform its obligations under this agreement itself or through its employees or such agents or contractors as it may decide (subject to clause 5.8).  However, the use of an agent or contractor by the Manager in the performance of any of the duties of the Manager will not relieve the Manager of responsibility to the Participants for those duties.

		
	5.6
	Delegation

The Manager may delegate its rights and obligations as Manager, provided that:
		
	(a)
	any delegation of the whole or a large part of its obligations requires the prior approval by Special Resolution of the Management Committee;

		
	(b)
	any delegation of any of its obligations to a Participant or an Affiliate of a Participant requires the prior approval by Special Resolution of the Management Committee;

		
	(c)
	it remains liable for any acts or omissions of its delegates as if they were the acts or omissions of the Manager; 

		
	(d)
	the Manager promptly informs the Management Committee of the identity of the delegate and the matter which has been delegated; and

		
	(e)
	the delegation is at no additional cost to the Participants.

		
	5.7
	Manager's custody of Joint Venture Assets

		
	(a)
	Subject to the provisions of this agreement, the Manager will have the custody and control of the Joint Venture Assets.

		
	(b)
	The Manager will hold any Joint Venture Asset which stands in its name as agent for the Participants in proportion to their respective Joint Venture Interests.

		
	(c)
	Except: 

	
			
	 
	 
	   page | 15

(i)    where permitted by this agreement; 
(ii)    with the prior approval of the Management Committee; or 
(iii)    in the case of Permitted Security Interests,
the Manager must not mortgage, pledge, charge, encumber, sub-lease or otherwise dispose of or create any Security Interest or lien over or trust in respect of (or purport or attempt to do so) the Joint Venture Assets or any other real or personal property or money in which any Participant has an interest.
		
	5.8
	Contracts with Affiliates of Manager

		
	(a)
	Subject to clause 5.8(b), the Manager agrees that:

		
	(i)
	any agreements which are entered into by the Manager in the performance of its duties under this agreement with any of its Affiliates or with a Participant or any of its Affiliates (Related Party Contracts), will be on normal ‘arm's length’ commercial terms consistent with the provisions of this clause;

		
	(ii)
	the terms of such agreements will be no less commercially reasonable in the particular circumstances of such agreements than would have been the case had such agreements been entered into with Third Parties which are not Affiliates of the Manager or any Participant; and

		
	(iii)
	any such agreements (or material amendments to such agreements) will be submitted to the Management Committee for approval by Special Resolution before the Manager enters into them.  

		
	(b)
	The Participants will procure that the Manager enters into (as Manager for and on behalf of the Participants):

		
	(i)
	the Crushing Services Agreement with the Crushing Services Provider; 

		
	(ii)
	the Camp Services Agreement with the Camp Services Provider; and

		
	(iii)
	the Intellectual Property Licence Agreement with the Licence Provider,

on or after the Effective Date and acknowledge and agree that:
		
	(iv)
	each of the Crushing Services Provider and the Camp Services Provider is an Affiliate of WLPL; 

		
	(v)
	the Licence Provider is an Affiliate of AWPL; and

		
	(vi)
	the provisions of clause 5.8(a) do not apply in relation to the entry into the agreements listed in this clause 5.8(b).

		
	(c)
	Notwithstanding clause 5.8(b), the Manager agrees that any material amendment to any of the agreements listed in clause 5.8(b)(i) to 5.8(b)(iii) will be submitted to the Management Committee for approval by Special Resolution before the Manager agrees to such amendment. 

	
			
	 
	 
	   page | 16

		
	5.9
	Contracts with Third Parties

		
	(a)
	Unless otherwise decided by the Management Committee, all contracts or other arrangements with Third Parties entered into by the Manager for the purposes of or in the course of Joint Venture Operations will be entered into by the Manager as agent for the Participants, with the result that:

		
	(i)
	wherever possible, using the Manager’s reasonable endeavours, the Participants will be severally liable under such contracts and arrangements as principals in proportion to their respective Joint Venture Interests, and not jointly or jointly and severally liable; and

		
	(ii)
	in the event of any breach or default on the part of a Third Party under such contracts and arrangements, proceedings may be brought against such Third Party to recover each Participant's loss.

		
	(b)
	Where, despite the Manager’s reasonable endeavours under clause 5.9(a)(i), the Participants are or become jointly or jointly and severally liable under a contract or other arrangement with a Third Party, the Participants agree that as between themselves, all liabilities under or in respect of any such contract (Contract Liability) will be borne by the Participants in proportion to their respective Joint Venture Interests, notwithstanding the terms of the contract. 

		
	(c)
	In respect of clause 5.9(b):

		
	(i)
	if a Participant (Discharging Participant) or any person on behalf of a Participant pays, performs or discharges a Contract Liability of another Participant, then that Participant must reimburse or compensate the Discharging Participant within 5 Business Days after it receives evidence of that payment, performance or discharge; and 

		
	(ii)
	each Participant (Indemnifying Participant) indemnifies each of the other Participants (Other Participants) for and against all Contract Liability suffered or incurred by the Other Participants:

		
	(A)
	arising from or in connection with the Other Participants taking any reasonable action to avoid, resist or defend themselves against any Contract Liability of the Indemnifying Participant; and 

		
	(B)
	arising from or in connection with the Indemnifying Participant failing to comply with this clause 5.9(c).

		
	(d)
	The Manager must not enter into any contract where:

		
	(i)
	it does not have sufficient approval to commit to the Operating Costs or Capital Cost in accordance with clauses 7.7 or 7.8; 

		
	(ii)
	the expected expenditure would be worth greater than $1,000,000 (annualised if applicable) unless the contract has first been submitted to the Management Committee and approved by an Ordinary Resolution; or

		
	(iii)
	there is a multi-year expenditure commitment (whether by reason of minimum expenditure, take or pay, termination fees or inability to terminate the contract without a claim for damages) of at least $1,000,000 (annualised), unless the contract has first been submitted to the Management Committee and approved by a Special Resolution.

	
			
	 
	 
	   page | 17

		
	(e)
	The Manager must not enter into any contract requiring a Special Resolution unless the contract has first been submitted to the Management Committee and approved by a Special Resolution.

		
	(f)
	The Manager must, upon a request by any Participant, disclose to the Participants details and, if requested, copies of all contracts or other arrangements with Third Parties entered into by the Manager for the purposes of or in the course of Joint Venture Operations.

		
	5.10
	No profit or loss by Manager

Unless otherwise agreed between the Manager and all of the Participants, the Manager will perform its duties under this agreement on a no profit or loss basis to the intent that:
		
	(a)
	the Manager will neither gain nor lose by performing its duties under this agreement;

		
	(b)
	the Manager will not be entitled to any fee margin or other remuneration from the Participants for the performance of its duties under this agreement; and

		
	(c)
	all costs, expenses and liabilities of the Manager arising out of the proper performance by the Manager of its obligations under this agreement, in accordance with the terms of this agreement, will be Joint Venture Costs and will be borne by the Participants in proportion to their respective Joint Venture Interests.  

		
	5.11
	Good faith

		
	(a)
	The Manager will at all times act reasonably and in good faith in all its dealings with the Participants and in the performance of its duties under this agreement.  

		
	(b)
	The Manager will at all times act in the best interests of the Joint Venture as a whole. 

		
	5.12
	Ratify actions of Manager

Each Participant agrees to ratify and confirm all actions taken by the Manager in the due and proper performance of its duties and in accordance with the terms of this agreement.

		
	6
	Management Committee

		
	6.1
	Establishment of Management Committee

		
	(a)
	The Participants will prior to the Effective Date establish a Management Committee in accordance with this clause 6.

		
	(b)
	The Management Committee is empowered to make all decisions in relation to matters within the scope of the Joint Venture, other than:

		
	(i)
	matters expressly reserved by this agreement for the Participants’ determination, decision, approval or consent; or

		
	(ii)
	matters which have been expressly delegated in accordance with this agreement to a Participant or the Manager.

	
			
	 
	 
	   page | 18

		
	6.2
	Composition of Management Committee

		
	(a)
	Each Participant will be entitled to appoint Representatives on the Management Committee as follows:

		
	(i)
	a Participant with a Joint Venture Interest of 10% or greater, but less than 25%, may appoint one (1) Representative;

		
	(ii)
	a Participant with a Joint Venture Interest of 25% or greater, but less than 50%, may appoint two (2) Representatives; and

		
	(iii)
	a Participant with a Joint Venture Interest of 50% or greater may appoint three (3) Representatives.

		
	(b)
	Each Participant may also appoint an alternate for each of its Representatives who will be entitled to attend and vote at meetings of the Management Committee in which the relevant Representative does not participate.

		
	(c)
	Each Participant will appoint its Representatives and alternates (if any) by notice in writing to the Manager and the other Participants.

		
	(d)
	A Participant may replace any of its Representatives or alternates, or revoke any such appointment, at any time by giving notice in writing to the Manager and the other Participants.  The relevant appointment or removal will take effect immediately on receipt of that notice.

		
	(e)
	A Participant whose Joint Venture Interest falls below 10% will cease to have any right to appoint Representatives to the Management Committee, and any such appointments will cease to have effect immediately upon its Joint Venture Interest falling below 10%.

		
	6.3
	Meetings

		
	(a)
	Meetings of the Management Committee will (unless otherwise agreed by Special Resolution of the Management Committee):

		
	(i)
	be held at the Manager’s office in Perth or at such other place in Perth as the Management Committee may from time to time determine; and 

		
	(ii)
	be held at least once in each Quarter or at such other intervals as the Management Committee may determine. 

		
	(b)
	In addition, the Manager may at any time, and will within five (5) Business Days of being requested to do so by a Participant or Participants who, in aggregate, hold a Joint Venture Interest of 25% or more, convene a meeting of the Management Committee.  Any request by a Participant or Participants for a meeting to be convened must set out the matters to be considered at the meeting.

		
	(c)
	Each Participant will bear the travel and other expenses of its Representatives attending meetings.

		
	(d)
	Meetings of the Management Committee may be held in person or by telephone, video conference or other means of instantaneous communication.

		
	(e)
	Each Participant will ensure its Representatives convene and attend meetings expeditiously to ensure the continuity of Joint Venture Operations.

	
			
	 
	 
	   page | 19

		
	6.4
	Notice of meetings

		
	(a)
	Except as otherwise expressly stated otherwise in this agreement, the Manager will give to each Participant at least ten (10) Business Days’ notice of each meeting of the Management Committee (or at least two (2) Business Days' notice for a reconvened meeting), which notice must outline the business to be conducted at the meeting.  Such notice will not be required where the Representatives of each Participant agree to waive notice of the meeting. Each Participant may give a notice to the Manager and each other Participant at least five (5) Business Days prior to the meeting to include any additional items of business to be conducted at the meeting. 

		
	(b)
	Business not mentioned in a notice of meeting will not be dealt with at the meeting unless all Representatives (not just those present at the meeting) unanimously agree.

		
	6.5
	Quorum

		
	(a)
	The quorum for a meeting of the Management Committee will be at least one Representative of each Participant entitled to vote.

		
	(b)
	If a quorum is not present within one hour after the time appointed for the meeting:

		
	(i)
	the meeting will stand adjourned to the same hour on the next Business Day at the same venue; and

		
	(ii)
	the Manager will endeavour to contact the Representatives who were not present at the first meeting to advise them of the adjourned meeting.

		
	(c)
	The quorum at an adjourned meeting will be those Representatives present at the adjourned meeting. 

		
	6.6
	Chairperson

		
	(a)
	The chairperson at meetings of the Management Committee (Chairperson) will be selected by the Participant with the largest Joint Venture Interest from the Representatives of that Participant.

		
	(b)
	If two or more Participants have equal Joint Venture Interests and are the largest Joint Venture Interest holders, then the Chairperson will be selected by those Participants (from their appointed Representatives) respectively on a 12 month rotating basis (such 12 Month periods to cover a Financial Year).  

		
	(c)
	From the Effective Date until 30 June 2020, one of the Representatives of WLPL shall be the Chairperson. 

		
	(d)
	The Chairperson will not have a casting vote.

		
	6.7
	Senior management personnel of the Manager 

		
	(a)
	WLPL will have the right to appoint the initial chief executive officer of the Manager from the Effective Date (for a period of no more than 2 years (unless agreed otherwise by AWPL) and after that AWPL, and then WLPL on rotation on the same basis.

		
	(b)
	AWPL will have the right to appoint the initial chief financial officer of the Manager from the Effective Date (for a period of no more than 2 years (unless agreed otherwise by WLPL) and after that WLPL, and then AWPL on rotation on the same basis.

	
			
	 
	 
	   page | 20

		
	(c)
	The salary of any chief executive officer or chief financial officer to be paid by the Manager or secondment fee if seconded by the relevant appointor shall be capped at an equal amount agreed by the Participants or as otherwise determined by Ordinary Resolution of the Management Committee. 

		
	(d)
	AWPL will have the right to appoint the manager of the Refinery Plant, other than any Alternative Refinery Plant developed by WLPL. 

		
	(e)
	In exercising their appointment rights under this clause 6.7, WLPL and AWPL must consult with the other, and must appoint suitably qualified persons with the requisite expertise and demeanour. 

		
	(f)
	Clauses 6.7(a) and 6.7(b) only apply while the Joint Venture Interest of each Participant is 50% of the aggregate Joint Venture Interests of all Participants. 

		
	6.8
	Voting rights

		
	(a)
	The Representatives of a Participant present and entitled to vote at any meeting of the Management Committee will have between them that number of votes which is equal to the Joint Venture Interest of the Participant who appointed those Representatives.  By way of example, the Representatives of a Participant whose Joint Venture Interest is 50% will have between them 50 votes. Any one Representative appointed by a Participant shall be entitled to cast all votes of the Representatives appointed by such Participant. 

		
	(b)
	Subject to clause 6.8(d),  a Representative may attend and vote on a matter at a meeting of the Management Committee notwithstanding there is a conflict of interest in respect of that matter with the Participant appointing that Representative.  However at the start of the relevant meeting before the vote is taken, the existence of this conflict of interest must be declared if not already known by the other Participants. Subject to the foregoing, clause 6.8(d) does not prevent a Representative who has a personal conflict of interest in respect of a matter from attending and voting on a matter at a meeting of the Management Committee, provided that the matter does not relate to the matters described in clauses 6.8(d)(i) to 6.8(d)(v).

		
	(c)
	A Representative who decides (at his or her election) to withdraw from a meeting of the Management Committee due to a conflict of interest will be treated as not being entitled to vote at that meeting and such withdrawal will not result in the meeting lacking quorum.

		
	(d)
	In circumstances where there is a meeting of the Management Committee at which a resolution is proposed regarding:

		
	(i)
	the enforcement by the Manager of a right against a Participant, or any Affiliate of the Participant, in relation to a right under or performance in accordance with any contract, or a liability, loss, cost, charge or expense paid, suffered or incurred by the Joint Venture from an act or omission of that person;

		
	(ii)
	the execution of any Related Party Contract (other than the execution of the Related Party Contracts by the Manager in accordance with clause 5.8(b));

	
			
	 
	 
	   page | 21

		
	(iii)
	the enforcement or waiver of any rights of the Manager under any Related Party Contract;  

		
	(iv)
	the issuing by the Manager of a Notice of Objection or a Notice of Consent under clause 2.4; or

		
	(v)
	any delegation by the Manager under clause 5.6(b),

and the resolution is not passed at such meeting of the Management Committee, then the Deadlock procedure in clause 6.11 shall not apply and any Participant other than a Participant which is or is an Affiliate of the applicable person (including delegate or  counterparty) referred to in sub-clauses (i) to (v) of this clause 6.8(d) (Conflicted Participant) may, immediately following such meeting, convene another meeting of the Management Committee. At the reconvened meeting, the Representatives of the Conflicted Participant:
		
	(vi)
	will not have the right to vote at the meeting;

		
	(vii)
	will not be counted for the purpose of determining the quorum for the meeting; and

		
	(viii)
	any resolution dealing with that matter may be passed pursuant to the decision making threshold applicable to that decision, with those thresholds being adjusted such that the voting entitlement of the Representatives appointed by the Participants other than the Conflicted Participant will in aggregate be deemed equal to 100% total votes of all Representatives present and entitled to vote (and which for the avoidance of doubt shall exclude the Representatives appointed by the Conflicted Participant).

		
	(e)
	For the purposes of clause 6.8(d), if the Manager resolves to commence enforcement action against a Conflicted Participant or any of its Affiliates in respect of a Related Party Contract, the Conflicted Participant and its Representatives shall have no involvement in (other than its independent rights to defend against such action), and no right to receive information in respect of the conduct of, that enforcement action by the Manager on behalf of the Joint Venture and the Manager shall implement appropriate information handling protocols. 

		
	6.9
	Ordinary Resolutions

Subject to clause 6.10, decisions at any meeting of the Management Committee will be made by the affirmative vote of one or more Representatives of those Participants present and entitled to vote at the meeting having more than 50% of the total votes of all Representatives present and entitled to vote.
		
	6.10
	Special Resolutions

Decisions taken by the Management Committee with respect to the matters set out in Schedule 3 and as otherwise specified in this agreement will require the affirmative vote of one or more Representatives of those Participants present and entitled to vote at the meeting having 75% or more of the total votes of all Representatives present and entitled to vote.
		
	6.11
	Deadlocks

		
	(a)
	Following a meeting of the Management Committee at which one (or more) Participants (via their Representatives) have voted in favour of a proposed resolution and other Participants (via their Representatives) have voted against the proposed resolution of the decision that is the subject matter of the proposed resolution and such proposed resolution was not passed in accordance with the agreement (Deadlock), a Participant 

	
			
	 
	 
	   page | 22

(Initiating Participant) may give written notice (Deadlock Notice) to the other Participants (Other Participants) which:
		
	(i)
	identifies the proposed resolution which was not passed at the meeting of the Management Committee; and

		
	(ii)
	designates a senior representative of the Initiating Participant who will have the authority to resolve the Deadlock on its behalf.

		
	(b)
	Within five (5) Business Days of the date of the Deadlock Notice, the Other Participants must promptly designate, by written notice to the Initiating Participant, senior representatives who will have authority to resolve the Deadlock on their behalf.

		
	(c)
	Each Participant's senior representatives designated under clauses 6.11(a) and 6.11(b) must meet and use all reasonable endeavours acting in good faith to resolve the Deadlock within ten (10) Business Days after the date of the Deadlock Notice.  

		
	(d)
	If the Deadlock is not resolved under clause 6.11(c), then within fifteen (15) Business Days of the date of the Deadlock Notice, each chief executive officer of the Ultimate Holding Company of each Participant must (including by telephone or video conference) meet and use all reasonable endeavours acting in good faith to resolve the Deadlock. 

		
	(e)
	Any resolution of a Deadlock under this clause 6.11 will be a valid resolution of the Management Committee to the extent that the senior representatives or chief executive officers (as applicable) agree that the resolution will have such effect.  

		
	(f)
	If: 

		
	(i)
	the Joint Venture Interest of each Participant is no longer 50% of the aggregate Joint Venture Interests of all Participants; or 

		
	(ii)
	Albemarle and MRL cease to be the Ultimate Holding Companies of AWPL and WLPL, respectively (or of any of their respective Transferee Subsidiaries under clause 12.2), 

then the Participants will use reasonable endeavours to negotiate and agree to amend this agreement to make provision for the resolution of Deadlocks other than on, or in addition, to the terms of this clause 6.11.
		
	6.12
	Stage 2 Decision

		
	(a)
	Without limiting any other provision of this agreement, the Participants agree that they will proceed with the construction and commissioning of the Initial Refinery Plant. 

		
	(b)
	The Participants agree to act reasonably and work together to progress the Initial Refinery Plant, including by agreeing the budget for preparation of and directing the Manager to prepare, as soon as reasonably practicable, a Refinery Plant Business Plan for a Refinery Plant Development for consideration and, if appropriate, approval by the Management Committee as soon as practicable after the Effective Date.

	
			
	 
	 
	   page | 23

		
	(c)
	If following a meeting of the Management Committee at which one Participant (via its Representatives) has proposed a resolution regarding a Stage 2 Decision and voted in favour of such proposed resolution and the other Participant (via its Representatives) has voted against the proposed resolution, then if the Deadlock process in clause 6.11 has been followed and the Deadlock has not been resolved, or if the Participant who voted against the proposed resolution failed to comply with the Deadlock process, then subject to clause 6.12(e), the Participant who voted in favour of the resolution (Sole Risk Participant) may no later than 3 months after the date of the Management Committee meeting at which the proposed resolution was not passed, give written notice (Alternative Refinery Plant Notice) to the other Participant (Non-consenting Participant) of its intention to develop an Alternative Refinery Plant outside the terms of the Joint Venture, which such notice shall include a detailed design of the Alternative Refinery Plant. 

		
	(d)
	If, after the Effective Date, a Participant or any of its Affiliates commences construction of any new facilities (or enters into contractual arrangements, including arrangements for the acquisition of such facilities, which have substantially the same effect as the construction of new facilities by that Participant or any of its Affiliates) located anywhere in the world (excluding AWPL and its Affiliates' modules with designed production capacity at Kemerton of up to 75ktpa plus debottlenecking or efficiency improvements) which will provide that Participant or any of its Affiliates with additional production capacity for lithium hydroxide monohydrate or lithium carbonate fed by spodumene of greater than 20ktpa, other than as a result of debottlenecking or efficiency improvements at existing or new lithium production facilities (Additional Production Capacity), that Participant must (in good faith) and as soon as reasonably practicable issue a notice in writing to the other Participant(s) notifying the other Participant(s) of such occurrence (Notice of Additional Production Capacity).

		
	(e)
	An Alternative Refinery Plant Notice may only be issued in circumstances where prior to the issue of the Alternative Refinery Plant Notice, the Non-consenting Participant or any of its Affiliates has issued a Notice of Additional Production Capacity, provided that a Notice of Additional Production Capacity will be deemed to have been issued if no Notice of Additional Production Capacity has been given and the Sole Risk Participant can provide evidence, acting reasonably, to each Non-consenting Participant that such Additional Production Capacity of the Non-consenting Participant has commenced construction and the Non-consenting Participant (acting reasonably) has not, within ten (10) Business Days of being provided with such evidence, issued a Dispute Notice to the Sole Risk Participant in relation to such matter. 

		
	(f)
	Within twenty (20) Business Days of the date of the Alternative Refinery Plant Notice, the Non-consenting Participant must: 

		
	(i)
	confirm in writing its intention to participate in the Stage 2 Refinery Plant, in which case the Stage 2 Decision will be deemed to have been passed;

		
	(ii)
	confirm in writing that it will not participate in the Stage 2 Refinery Plant at that time; or

		
	(iii)
	request in writing a meeting with the chief executive officer of the Ultimate Holding Company of the Sole Risk Participant.

		
	(g)
	If the Non-consenting Participant issues a request under clause 6.12(f)(iii), each chief executive officer of the Ultimate Holding Company of each Participant must meet within five (5) Business Days of the date of the request issued under clause 6.12(f)(iii) and use all reasonable endeavours (acting in good faith) to resolve the matter in respect of the proposed Stage 2 Decision. Any resolution of a matter under this clause 6.12(g) will be deemed to be a valid resolution of the Management Committee approving a Stage 2 Decision.

	
			
	 
	 
	   page | 24

		
	(h)
	If:

		
	(i)
	the Non-consenting Participant does not comply with clause 6.12(d) and the Sole Risk Participant has given a notice to the Non-consenting Participant in accordance with clause 6.12(e) and in relation to which no Dispute Notice has been given to the Sole Risk Participant in accordance with clause 6.12(e);

		
	(ii)
	the Non-consenting Participant issues a confirmation under clause 6.12(f)(ii) that it will not participate; or

		
	(iii)
	the steps set out in clauses 6.12(f)(iii) and 6.12(g) have been taken and the matter in respect of the proposed Stage 2 Decision is not resolved within the ten (10) Business Days of the date of the request issued under clause 6.12(f)(iii), 

then subject to clause 6.12(i) and clause 6.12(n), the Sole Risk Participant may (subject to clause (j)6.12(j)) in its absolute discretion construct, commission and operate the Alternative Refinery Plant outside the terms of the Joint Venture (such that the Alternative Refinery Plant will not be a Joint Venture Operation, will not form part of the Joint Venture Assets and this agreement will not govern the Alternative Refinery Plant) and the Non-consenting Participant will not participate in the Alternative Refinery Plant.
		
	(i)
	The Sole Risk Participant must not construct, commission and operate the Alternative Refinery Plant in circumstances where it would have an adverse impact on the costs of, operation of or production output of the Initial Refinery Plant or other Joint Venture Operations, including in relation to the availability of water, power, feedstock or other utilities, accommodation and site facilities. In such circumstances the Sole Risk Participant will be permitted to alter the method or design of construction, commissioning or operation of the Alternative Refinery Plant to the extent required to remedy such adverse impact. 

		
	(j)
	If a Sole Risk Participant has not commenced construction of the Alternative Refinery Plant notified under an Alternative Refinery Plant Notice within 12 months of the date it is permitted to proceed with the construction, commissioning and operation of the Alternative Refinery Plant, then the right to do so will end, and the Sole Risk Participant may give another Alternative Refinery Plant Notice (without the need to first call a meeting of the Management Committee or propose a resolution regarding a Stage 2 Decision) and the Participants must again comply with this clause 6.12.

		
	(k)
	If the Sole Risk Participant, at its own cost and risk, develops the Alternative Refinery Plant outside of the Joint Venture in accordance with clause 6.12(h), it will be entitled to:

		
	(i)
	construct and operate the Alternative Refinery Plant on an appropriate area of the Tenements which is suitable for a lithium hydroxide monohydrate plant (Designated Area), provided that the Sole Risk Participant must not deliver any of its share of Lithium recovered from the Tenements into the Alternative Refinery Plant unless the Sole Risk Participant delivers on an ongoing basis its proportionate share of Lithium recovered from the Tenements to facilitate the operation of the Initial Refinery Plant at its maximum production capacity;

	
			
	 
	 
	   page | 25

		
	(ii)
	access (for itself, its Affiliates and its and its Affiliates' Personnel) the Designated Area for the purposes of constructing and operating the Alternative Refinery Plant;

		
	(iii)
	use any Intellectual Property Rights in any Joint Venture feasibility studies conducted in respect of the development of a lithium hydroxide monohydrate plant; 

		
	(iv)
	receive from the Joint Venture all required goods and services which are requested by the Sole Risk Participant to construct and operate the Alternative Refinery Plant on a cost basis (including but not limited to power, accommodation and site facilities), provided that any expansion of any facilities which are required to accommodate the needs of the Sole Risk Participant will be borne solely by the Sole Risk Participant, and subject to such goods and services being available without adversely impacting on the production output of the Initial Refinery Plant; and

		
	(v)
	where WLPL is the Sole Risk Participant, enter into an agreement with the Licence Provider on terms equivalent to the Intellectual Property Licence Agreement.

		
	(l)
	The Sole Risk Participant must obtain any further Approvals required for the development of the Alternative Refinery Plant and must indemnify the Non-consenting Participant against:

		
	(i)
	the costs of developing, operating and maintaining and ultimately closing the Sole Risk Participant's Alternative Refinery Plant; and

		
	(ii)
	any: 

		
	(A)
	Rehabilitation Obligations; and

		
	(B)
	any other losses sustained or liabilities incurred (except where such loss or liability arises as a direct result of the Non-Consenting Participant's fraud, Wilful Misconduct or Gross Negligence), 

arising from or in connection with the Alternative Refinery Plant.  
		
	(m)
	Prior to commencing construction of the Alternative Refinery Plant, the Sole Risk Participant must offer to the Non-consenting Participant to construct any foundations, pipework or other shared or potentially shared infrastructure at the cost of the Non-consenting Participant, which would facilitate the future construction by the Non-consenting Participant of a further Alternative Refinery Plant under clause 6.12(n) and facilitate its interconnection and integration with the Sole Risk Participant's Alternative Refinery Plant.

		
	(n)
	If the Sole Risk Participant develops an Alternative Refinery Plant in accordance with this clause 6.12, the Non-consenting Participant may at any time develop its own Alternative Refinery Plant, subject to the requirements and principles in clauses 6.12(i) to 6.12(l) at the cost and risk of the Non-consenting Participant, which shall not form part of the Joint Venture Assets and shall not be governed by this agreement. If the Non-consenting Participant has developed an Alternative Refinery Plant in accordance with this clause 6.12(n), the Participants may agree to include each Alternative Refinery Plant in the Joint Venture Assets, to be governed by the terms of this agreement. 

	
			
	 
	 
	   page | 26

		
	(o)
	No Alternative Refinery Plant Notice may be given and the Sole Risk Participant may not commence construction of an Alternative Refinery Plant the Joint Venture Interest of any Participant is less than 50% of the aggregate Joint Venture Interests of all Participants. 

		
	(p)
	Upon request from the Sole Risk Participant, and subject to clause 6.12(q), the Manager shall, in good faith, acting reasonably, consider reasonable modifications to the manner in which it operates the Initial Refinery Plant in order to avoid an adverse impact on the production output of the Initial Refinery Plant resulting from the operation of the Alternative Refinery Plant. 

		
	(q)
	The Sole Risk Participant agrees to indemnify the Manager and the Non- consenting Participant for the costs of any modifications to the Initial Refinery Plant and any related future costs (including in operation and maintenance) which are made under clause 6.12(p) (including any increase in the cost of goods and services procured by the Joint Venture in connection with the Initial Refinery Plant).   

		
	6.13
	Advisers

A Participant may arrange at its own expense for consultants or other technical personnel (Advisers) and up to two other persons (Observers) to be present at meetings of the Management Committee to assist its Representatives, or in the case of the Observers to observe but not participate in the meeting, provided that:
		
	(a)
	the Participant must ensure that each Adviser and Observer is under a duty of confidentiality in relation to all information and materials to which the Adviser or Observer gains access as a consequence of the Adviser or Observer being present at a meeting of the Management Committee; and

		
	(b)
	a Participant must inform the other Participants of its intention to have an Adviser or Observer attend a meeting of the Management Committee on behalf of the Participant at least two (2) Business Days before the meeting (and such notice must include the name and origin of each Adviser and Observer).

		
	6.14
	Authority of Representatives

Each Representative will have full power and authority to represent the Participant who appointed the Representative in all matters within the powers of the Management Committee and all acts done by the Representative under this authority will be deemed to be the act of the Participant who appointed the Representative.
		
	6.15
	Resolution without meeting

		
	(a)
	A resolution of the Management Committee which is signed by a Representative of each Participant who is entitled to vote (Circular Resolution) will be as valid and effective as if it had been passed at a meeting of the Management Committee properly convened and held.

		
	(b)
	A Circular Resolution may consist of one or more documents in identical terms, signed by a Representative of each Participant.

		
	6.16
	Manager’s delegate

		
	(a)
	The Manager will by notice in writing to the Participants designate a delegate to the Management Committee.

	
			
	 
	 
	   page | 27

		
	(b)
	The Manager may change its delegate at any time by giving notice in writing to the Participants.

		
	(c)
	The Manager will cause its delegate, who may be accompanied by Advisers, to be present at each meeting of the Management Committee.  Such delegate and Advisers will have no voting rights and the Manager must ensure that its delegate and Advisers are under a duty of confidentiality in relation to all information and materials to which the delegate or the Advisers gains access as a consequence of the Adviser or delegate being present at a meeting of the Management Committee. 

		
	(d)
	The Manager’s delegate is not entitled to vote at meetings of the Management Committee. 

		
	6.17
	Minutes

		
	(a)
	The Manager must arrange for minutes of each Management Committee meeting and each sub-committee meeting as described under clause 6.18 to be taken.  The Manager’s costs and expenses in providing this service will be included in Joint Venture Costs.

		
	(b)
	A copy of the minutes of each Management Committee meeting and each sub-committee meeting must be given to each Participant as soon as practicable, but no later than 21 days after each meeting.

		
	(c)
	If a Participant wishes to make any comments in respect of the minutes, it must do so within 21 days after receiving the minutes by providing a notice to the Manager. 

		
	(d)
	The minutes of a Management Committee meeting or subcommittee meeting, respectively, will be considered and approved (with or without amendments) at the next meeting of the Management Committee or relevant sub-committee (as applicable), and are to be signed by the Chairperson of the relevant Management Committee meeting or the chairperson of the relevant sub-committee meeting as described in clause 6.18(c), and are then conclusive evidence of the proceedings and decisions of the meeting to which they relate.

		
	6.18
	Sub-committees

		
	(a)
	The Management Committee may establish one or more sub-committees to consider and make recommendations or, if the Management Committee unanimously and expressly confers such a power, decisions on such matters as the Management Committee may from time to time refer to any such sub-committee.

		
	(b)
	Each Participant will be entitled, but will not be obliged, to be represented on each sub-committee. 

		
	(c)
	The Participant who has nominated the Chairperson of the Management Committee will appoint the chairperson of any sub-committee. 

		
	6.19
	Services

The Management Committee may:
		
	(a)
	require the Manager to provide it with such services as the Management Committee may request; and

		
	(b)
	engage advisers and consultants as required, 

	
			
	 
	 
	   page | 28

and all expenses incurred in connection with the exercise of this power will be regarded as Joint Venture Costs and may be paid by the Manager accordingly even if not included in an Approved Budget.  
		
	6.20
	Recommendations and decisions of sub-committees

Recommendations and (where applicable) decisions of any sub-committee of the Management Committee must be by unanimous vote.  If unanimity cannot be achieved on any matter, such inability and the reasons for that will be reported to the Management Committee.

		
	7
	Budgets, planning and contributions

		
	7.1
	Commencement under Initial Mine Plan and Budget 

The parties agree that in respect of the period from the Effective Date until 30 June 2020, the Manager, on behalf of the Participants, will undertake Joint Venture Operations in accordance with the Initial Mine Plan and Budget.
		
	7.2
	Preparation and approval of the Business Plan

The parties agree that, subject to constraints of applicable competition rules:
		
	(a)
	prior to 28 February of each year, the Manager will consult with each of the Participants to discuss and agree the assumptions (including metal price, exchange rates, diesel price and other key commodities consumed, discount rate and inflation rate) to be used in preparing the draft Business Plan and Proposed Budget; 

		
	(b)
	prior to 30 April of each year, the Manager will submit to each Participant a draft Business Plan (incorporating a Proposed Budget) which, among other periods, covers the period commencing on the following 1 July;

		
	(c)
	the Participants will promptly review the draft Business Plan (incorporating a Proposed Budget) in consultation with the Manager.  The Manager will update the draft Business Plan (incorporating a Proposed Budget) to include agreed changes, prior to submission of the Business Plan (incorporating a Proposed Budget) to the Management Committee for consideration and approval at least a Month prior to the end of the current Financial Year; and 

		
	(d)
	at the relevant meeting of the Management Committee in the final Quarter of each Financial Year, or at such other time as the Participants may otherwise agree, the Management Committee will consider and may approve all or part of the draft Business Plan and the Proposed Budget in accordance with clause 7.5(a), with or without amendment; and

		
	(e)
	the Participants agree to, and will procure that the Manager completes, a similar process to the process described in clauses 7.2(a) to 7.2(d) for the purpose of updating the Business Plan approved by the Management Committee under clause 7.2(d) to facilitate AWPL or its Affiliates' fiscal year (currently on a calendar year basis), if any are different (at no cost to AWPL or its Affiliates).

		
	7.3
	Contents of Business Plan

		
	(a)
	Each Business Plan will set out and cover the following separate areas:

	
			
	 
	 
	   page | 29

		
	(i)
	detailed information in relation to the proposed Joint Venture Operations and Joint Venture Costs in each Month during the first two Financial Years covered by the Business Plan, which information must be presented in accordance with the relevant categories set out in clause 7.3(c) (in respect of the LOM Business Plan) and clause 7.3(d) (in respect of the Refinery Plant Business Plan); and

		
	(ii)
	to the extent reasonably practical, information in relation to proposed Joint Venture Operations and Joint Venture Costs for each subsequent Financial Year during the then estimated Life of Mine, which information must be presented in accordance with the relevant categories set out in clause 7.3(c) (in respect of the LOM Business Plan) and clause 7.3(d) (in respect of the Refinery Plant Business Plan).

		
	(b)
	Each Proposed Budget will set out detailed information in relation to the proposed Joint Venture Operations and Joint Venture Costs in each Month during the new Financial Year, which information must be presented in accordance with the relevant categories set out in clause 7.3(c) (in respect of the LOM Business Plan) and clause 7.3(d) (in respect of the Refinery Plant Business Plan).

		
	(c)
	For the purposes of clauses 7.3(a) and 7.3(b), the monthly and annual information set out in a LOM Business Plan must be divided into the following separate plan categories (except to the extent that no expenditure or activity is anticipated for the relevant category):

		
	(i)
	(Mine Development / evaluation plan): this must contain details of proposed Mine Development and reasonable justification for projects proposed for Mine Development and evaluation activities.

		
	(ii)
	(mining physicals / mine metal plan): this must contain details of ore tonnes moved, waste, production risk rating.

		
	(iii)
	(Capital Costs plan): this must contain details and reasonable justification for any proposed Capital Works and a ranking of the priority of each proposed Capital Work.  Assets to be scrapped or disposed of as a result of proceeding with any new Capital Work should be identified.  

		
	(iv)
	(Operating Costs plan): this must reflect the guidance and directions of the Management Committee as to the grade of ore to be mined, the amount of Minerals to be produced, and other matters relating to Operating Costs, including utilisation and availability of equipment.

		
	(v)
	(exploration plan): A plan for Exploration Operations including details and reasonable justification for projects together with a budget for those works, split into work on the Development Area (if appropriate) and work on other areas of the Tenements as proposed.

		
	(vi)
	(Rehabilitation plan): this must describe anticipated works to be carried out to meet Rehabilitation Obligations and clearly identify the expenditure to be charged against existing provisions and the expenditure which is not covered by existing provisions.

		
	(vii)
	(care and maintenance plan): this must describe the care and maintenance activities to be undertaken (if any) and the associated costs.

		
	(viii)
	(Closure Plan): this must describe the anticipated activities to be carried out to meet the Mine Closure Obligations.

	
			
	 
	 
	   page | 30

		
	(ix)
	(manpower plan): this must be a plan setting out the staffing and manpower required in connection with the implementation of any proposed Joint Venture Operations referred to in this clause 7.3(c) or any other approved work programme or Joint Venture Operations under this agreement.

		
	(x)
	(budget): this must show:

		
	(A)
	working capital: expected movement in the individual significant components of working capital for the following year.

		
	(B)
	cash flow: the relevant periodic cash requirements for each of the categories in the LOM Business Plan and clearly distinguish between Capital Costs and Operating Costs.  

		
	(C)
	Called Sum forecast: the extent to which the periodic cash requirements can be satisfied from cash on hand, and will include a Called Sums forecast showing the estimated periodic contribution required from each Participant.

		
	(d)
	For the purposes of clauses 7.3(a) and 7.3(b), the monthly and annual information set out in a Refinery Plant Business Plan must be divided into the following separate plan categories (except to the extent that no expenditure or activity is anticipated for the relevant category):

		
	(i)
	(Refinery Plant Development / evaluation plan): this must contain details of the proposed Refinery Plant Development and reasonable justification for projects proposed for Refinery Plant Development and evaluation activities.

		
	(ii)
	(Capital Costs plan): this must contain details and reasonable justification for any proposed Capital Works and a ranking of the priority of each proposed Capital Work.  Assets to be scrapped or disposed of as a result of proceeding with any new Capital Work should be identified.  

		
	(iii)
	(Operating Costs plan): this must reflect the guidance and directions of the Management Committee as to the grade and amount of lithium hydroxide monohydrate to be produced, and other matters relating to Operating Costs, including utilisation and availability of equipment.

		
	(iv)
	(manpower plan): this must be a plan setting out the staffing and manpower required in connection with the implementation of any proposed Joint Venture Operations referred to in this clause 7.3(d) or any other approved work programme or Joint Venture Operations under this agreement.

		
	(v)
	(budget): this must show:

		
	(A)
	working capital: expected movement in the individual significant components of working capital for the following year.

		
	(B)
	cash flow: the relevant periodic cash requirements for each of the categories in the Refinery Plant Business Plan and clearly distinguish between Capital Costs and Operating Costs.  

		
	(C)
	Called Sum forecast: the extent to which the periodic cash requirements can be satisfied from cash on hand, and will include a Called Sums forecast showing the estimated periodic contribution required from each Participant.

	
			
	 
	 
	   page | 31

		
	7.4
	Revision of Business Plan

		
	(a)
	At any time prior to the approval and adoption of the next succeeding Business Plan (including the Proposed Budget), the Manager may propose revisions to the Business Plan (incorporating the Approved Budget) for approval by the Management Committee in accordance with the terms of this agreement.

		
	(b)
	The Manager must prepare proposed revisions to the Business Plan (incorporating the Approved Budget) if, at any time, it becomes necessary to make a material alteration in respect of any of the plans specified in the most recent Business Plan and/or Approved Budget (including if there is a Refinery Plant Decision), or if the Management Committee otherwise requests such an amendment, and submit the proposed revisions for approval by the Management Committee in accordance with the terms of this agreement.

		
	(c)
	The Manager must promptly provide the Participants with any revisions to the Business Plan (incorporating the Approved Budget) approved by the Management Committee.

		
	7.5
	Approval of Business Plan and revisions

		
	(a)
	A proposed Business Plan (incorporating a Proposed Budget) may be approved in whole or in part by the Management Committee by Ordinary Resolution. 

		
	(b)
	Subject to clause 7.7(d), a revision or variation to the approved Business Plan (including the Approved Budget) requires approval by the Management Committee by Ordinary Resolution.

		
	7.6
	Temporary operating plan if Business Plan not approved

If the Management Committee has not approved all or part of a proposed Business Plan (including the Proposed Budget) for the following Financial Year (Relevant Year), by no later than one Month prior to the commencement of the Relevant Year, the following provisions will apply for so long as the unapproved part of that proposed Business Plan or Proposed Budget has not been so approved:
		
	(a)
	the portions of the Business Plan and Proposed Budget for the Relevant Year which are approved by the Management Committee will apply (to the extent practicable);

		
	(b)
	the relevant portions of the Business Plan for the Relevant Year from the most recently approved Business Plan will apply (to the extent they are applicable and were approved and including, at a minimum, ensuring that the expenditure obligations prescribed under each of the Tenements and all unavoidable obligations contained in agreements related to the Joint Venture Operations are properly met) to the portions of the Business Plan and Proposed Budget for the Relevant Year which are not approved by the Management Committee;

		
	(c)
	the portions of the plans and budgets referred to in clauses 7.6(a) and 7.6(b) will together be deemed to be an Approved Budget for the Relevant Year and implemented by the Manager in accordance with this agreement; and  

		
	(d)
	when the Management Committee approves any unapproved portion of the new Business Plan under the terms of this agreement, the Manager will, as soon as practicable, vary its activities and expenditure so as to continue in accordance with the new and approved Business Plan (including the Approved Budget).

	
			
	 
	 
	   page | 32

		
	7.7
	Business Plan is binding on the Manager

		
	(a)
	The most recent Business Plan (including the component plans and Approved Budget), as approved or revised and amended by the Management Committee in accordance with this agreement, will be binding on the Manager and the Participants.

		
	(b)
	Except as otherwise required or allowed under this agreement, the Manager must carry on the development, construction, maintenance and conduct of the Joint Venture Operations in accordance with the Business Plan (including the Approved Budget).

		
	(c)
	The Manager is obliged and authorised to conduct Joint Venture Operations and to incur expenditure and make disbursements approved, or for which an allowance or provision is made, in an Approved Budget and in accordance with the Approved Budget.

		
	(d)
	The Manager must use all reasonable endeavours not to incur any expenditure (including Capital Costs and Operating Costs) in excess of the amount budgeted in an Approved Budget except as provided below: 

		
	(i)
	aggregate over-expenditure on Operating Costs of:

		
	(A)
	10% or less of the total expenditure under the Approved Budget is permitted without approval of the Management Committee;

		
	(B)
	more than 10% but less than 20% of the total expenditure under the Approved Budget is permitted if approved in advance by Ordinary Resolution of the Management Committee; and

		
	(C)
	20% or more of the total expenditure under the Approved Budget is permitted if approved in advance by Special Resolution of the Management Committee;

		
	(ii)
	aggregate unbudgeted Capital Costs (including any overruns on budgeted Capital Costs) of:  

		
	(A)
	the lesser of 20% of the individual line item or up to $5,000,000 from that under the Approved Budget is permitted without approval of the Management Committee;

		
	(B)
	between $5,000,000 and $25,000,000 from that under the Approved Budget is permitted if approved in advance by Ordinary Resolution of the Management Committee; and

		
	(C)
	$25,000,000 or more from that under the Approved Budget is permitted if approved in advance by Special Resolution of the Management Committee; and

		
	(iii)
	reasonable expenditure to fund urgent action under clause 7.8 is permitted without approval of the Management Committee.

		
	7.8
	Urgent action

		
	(a)
	Subject to clause 7.8(c), the Manager may take such emergency action as, in the Manager’s judgement, is necessary to preserve property, avoid, mitigate or prevent material risk of harm or damage to persons, property or the environment and to ensure Participants comply with their respective contractual and legal obligations in relation to the Joint Venture Operations. 

	
			
	 
	 
	   page | 33

		
	(b)
	The Manager must promptly notify the Participants as and when any costs of the nature referred to in clause 7.8(a) above are incurred.  

		
	(c)
	To the extent that time permits, the Manager must use reasonable endeavours to: 

		
	(i)
	seek the approval of the Management Committee as otherwise required of it under this agreement; or 

		
	(ii)
	consult with the Participants and the Management Committee, 

as soon as reasonably practicable after becoming aware of the need to take urgent action.

		
	8
	Provision of funds

		
	8.1
	Obligation to contribute

Each Participant must contribute to Joint Venture Costs in proportion to their respective Joint Venture Interests, and Cash Calls issued under this clause 8 will be prepared accordingly.   
		
	8.2
	Manager may apply funds held

The Manager will be entitled to apply funds held by the Manager for the account of a Participant under this agreement to satisfy that Participant’s share of Joint Venture Costs.
		
	8.3
	Monthly Cash Call

		
	(a)
	At or prior to the Effective Date, the Manager will notify the Participants of the estimated funding requirements required by the Manager for the period from the Effective Date up to the date the next Called Sum is payable by Participants under clause 8.4(a), including details of the estimated disbursements to be made for Joint Venture Costs during that period. The amount specified will comprise a Called Sum and is payable within five (5) Business Days after the Effective Date in accordance with clause 8.4(b).

		
	(b)
	Based upon the Business Plan (including the Approved Budget, as revised by the Management Committee from time to time) or where applicable any Approved Budget under clause 7.6, the Manager must submit to each Participant, on or before the 15th day of each Month, a statement (Cash Call) showing:

		
	(i)
	the estimated disbursements to be made for Joint Venture Costs during the following Month (showing Operating Costs and Capital Costs separately);

		
	(ii)
	the extent, if any, to which such disbursements can be satisfied by funds already held by the Manager for the account of the Participants under this agreement;

		
	(iii)
	the amount (Called Sum) required to be paid by each Participant (which, for the avoidance of doubt, is the cash amount which is required to be paid by a Participant after application of funds held by the Manager to the account of the Participant in accordance with clause 8.3(b)(ii));

	
			
	 
	 
	   page | 34

		
	(iv)
	the place or places where, and manner in which, payment is to be made; and

		
	(v)
	such other details as the Management Committee may from time to time direct.

		
	(c)
	Subject to clause 8.5, a Called Sum for a Month may be for an amount which is: 

		
	(i)
	under 120% of the monthly Called Sum forecast for that Month under the then current Approved Budget without approval of the Management Committee;

		
	(ii)
	120% or more, but less than 140%, of the monthly Called Sum forecast for that Month under the then current Approved Budget, if approved by an Ordinary Resolution of the Management Committee; or

		
	(iii)
	140% or more of the monthly Called Sum forecast for that Month under the then current Approved Budget, if approved by a Special Resolution of the Management Committee, 

provided that:
		
	(iv)
	if at any time after the first three (3) Months of the Financial Year, the “Year to Date” Called Sum and the proposed Called Sum for the next Month would be greater than 110% of the Called Sum forecast for that period under the then current Approved Budget, the proposed Called Sum requires approval by an Ordinary Resolution of the Management Committee; and 

		
	(v)
	if at any time after the first three (3) Months of the Financial Year, the “Year to Date” Called Sum and the proposed Called Sum for the next Month would be greater than 120% of the Called Sum forecast for that period under the then current Approved Budget, the proposed Called Sum requires approval by a Special Resolution of the Management Committee.

		
	8.4
	Payment of Called Sum

		
	(a)
	Each Participant must pay to the Manager the Called Sum applicable to it by the later of: 

		
	(i)
	10 Business Days after a Cash Call is made; and

		
	(ii)
	the fifth Business Day of the Month following the Month in which the Cash Call is made.

		
	(b)
	Called Sums must be paid to the Manager:

		
	(i)
	within the timeframe prescribed by this clause 8.4;

		
	(ii)
	in Immediately Available Funds;

		
	(iii)
	free of set-off, deduction or counterclaim; 

		
	(iv)
	unless specified in an Approved Budget or as otherwise agreed, in the currency requested by the Manager (Requested Currencies), it being agreed that unless otherwise agreed between the Participants, the Requested Currencies are limited to $Australian, $US, the Euro and Chinese Yuan and the breakdown of denominations requested must be consistent with the denomination of Manager expenditures; and 

	
			
	 
	 
	   page | 35

		
	(v)
	at the place or places, and in the manner, specified in the Cash Call.

		
	(c)
	Nothing in this clause 8.4 prevents a Participant paying a Called Sum on behalf of another Participant pursuant to any agreement which may exist between them or their Affiliates, and any such payment shall be credited as a payment by the Participant against whom the Cash Call was made.  

		
	8.5
	Emergency Cash Call

		
	(a)
	If at any time the Manager is, or is likely to be, required to take urgent action under clause 7.8 which requires funds in excess of the funds then available to the Manager, and which have not been provided for in the most recent Cash Call, the Manager may issue an emergency Cash Call to each Participant stating:

		
	(i)
	the amount of funds required for Joint Venture Costs;

		
	(ii)
	the Called Sum required to be paid by each Participant;

		
	(iii)
	the place or places where, and manner in which, payment is to be made; and

		
	(iv)
	the circumstances, in reasonable detail, giving rise to the necessity for obtaining such funds.

		
	(b)
	Each Participant must, as soon as practicable (and in any event within five (5) Business Days) after receipt of an emergency Cash Call, pay to the Manager the Called Sum applicable to it.

		
	(c)
	The parties acknowledge that clause 8.3(a) does not apply to any Cash Calls made under this clause 8.5.

		
	8.6
	Bank account

		
	(a)
	All Called Sums and other moneys received or earned by the Manager on behalf of the Joint Venture will be deposited into a designated account or accounts in the name of the Manager, as manager of the Joint Venture, maintained at a branch or branches of a bank authorised to carry on a banking business under the Banking Act 1959 (Cth) selected by the Manager. Such bank must offer full on-line account visibility (on a read-only basis) to Participants.

		
	(b)
	Subject to clause8.6(d), the Manager alone will be entitled to operate such account or accounts and may from time to time temporarily invest any surplus funds in such account in accordance with such short term investment policies as may from time to time be approved by the Management Committee.  

		
	(c)
	No such investment will have a maturity exceeding the time within which the funds so invested are required to be disbursed on account of Joint Venture Costs.

		
	(d)
	All funds in any account opened by the Manager (including any short term investments acquired with such funds) will remain the beneficial property of the Participants in proportion to their Joint Venture Interests until such time as those funds are disbursed on account of Joint Venture Costs.

	
			
	 
	 
	   page | 36

		
	(e)
	The Manager may only open a bank account with the approval of the Participants by Special Resolution and must notify the Participants when the Manager opens or closes any such bank account acting as agent for the Participants.

		
	8.7
	Disbursements from bank accounts

The Manager will make from the accounts referred to in clause 8.6 all disbursements which are required to be made from time to time on account of Joint Venture Costs.
		
	8.8
	Repayment of surplus funds

		
	(a)
	The Manager will, if directed by the Management Committee, repay to each Participant (other than a Participant in respect of which there is an Event of Default or which is in default in the payment of any Called Sum) any funds which are in excess of that Participant’s share of the estimated disbursements for the following Month and the amount of working capital deemed necessary by the Manager for Joint Venture Operations as set out in the Cash Call provided to that Participant in accordance with clause 8.3.

		
	(b)
	The Manager will not be obliged to repay any such funds to a Participant if the amount is less than $100,000, unless requested to do so by that Participant.

		
	8.9
	Accounting for Called Sums

The Manager will use Called Sums, and any assets acquired by the use of such funds, for the purpose of Joint Venture Operations or for payment to Participants as provided in clause 8.8, and for no other purpose.

		
	9
	Records, accounts and reports

		
	9.1
	Manager to keep records and accounts

		
	(a)
	The Manager will, in accordance with the Accounting Procedure and generally accepted accounting principles and customary cost accounting practices in the mining industry, keep, or cause to be kept, comprehensive, true and accurate records and accounts of:

		
	(i)
	Joint Venture Operations;

		
	(ii)
	the Joint Venture Assets;

		
	(iii)
	all Called Sums received by the Manager from (or on behalf of) each Participant;

		
	(iv)
	all contracts and transactions entered into by or on behalf of the Participants in connection with the Joint Venture; 

		
	(v)
	the Joint Venture Cost and expenses of all transactions entered into by or on behalf of the Participants;

		
	(vi)
	all approvals of requisitions, purchase orders, invoices, contracts, authorisation for capital expenditure requests;

		
	(vii)
	all approvals required in connection with this agreement, including minutes of meetings, Ordinary Resolutions and Special Resolutions; 

	
			
	 
	 
	   page | 37

		
	(viii)
	agendas, minutes and documents provided to members for the Management Committee and any sub committees; and

		
	(ix)
	Personnel of the Manager subject to applicable laws, including in relation to privacy,

(Joint Venture Records and Accounts).
		
	(b)
	Without limiting the generality of the foregoing, the Joint Venture Records and Accounts will be maintained in such manner as may be reasonably necessary to enable each Participant to meet its reporting, accounting and tax return requirements (including deadlines). 

		
	9.2
	Place for records

		
	(a)
	The Manager will determine the place or places within Australia where the Joint Venture Records and Accounts are kept.

		
	(b)
	The Manager must keep each Participant informed as to each location where the Joint Venture Records and Accounts are kept.

		
	(c)
	The Manager will make appropriate use of IT systems, including separate instances of systems and software utilised by the respective Participants, so as to maximise efficiency, effectiveness, transparency and visibility of the Joint Venture Records for the Participants and the Manager's costs in performing its obligations under this clause will form part of the Joint Venture Costs.

		
	9.3
	Annual financial statement

		
	(a)
	The Manager must, in respect of each Financial Year, provide to each Participant as soon as practicable (and no later than 30 days) after the end of each Financial Year (commencing with the Financial Year in which the Effective Date occurs) a financial statement reflecting: 

		
	(i)
	all receipts, expenditures and transactions made by the Manager on behalf of the Participants in connection with the Joint Venture during that Financial Year;

		
	(ii)
	all Joint Venture Assets in the custody or control of the Manager as at the end of that Financial Year; and

		
	(iii)
	all Joint Venture liabilities as at the end of that Financial Year.

		
	(b)
	The Manager will also provide comparable information to the information described in clause 9.3(a) as required by AWPL, including GAAP adjustments as applicable, as of the end of each AWPL or its Affiliates' fiscal years (currently ending 31 December). 

		
	(c)
	All costs incurred by the Manager in complying with this clause will form part of Joint Venture Costs.

		
	9.4
	Monthly report

The Manager will provide to each Participant, within five (5) Business Days after the end of each Month, a written report detailing:

	
			
	 
	 
	   page | 38

		
	(a)
	the progress and results of Joint Venture Operations during the Month just ended (with commentary on any material departures from the Business Plan, including the Approved Budget);

		
	(b)
	all outgoings incurred and payments made during that Month;

		
	(c)
	a running reconciliation of actual incurred expenditures to date against costs under the Approved Budget (with commentary on any material departures);

		
	(d)
	all proposed outgoings and payments to be incurred or made during the next Month (with commentary on any material proposed departures from the Approved Budget); 

		
	(e)
	estimate on quantity of stockpiles and estimated Mineral content including Lithium; and

		
	(f)
	a statement of the assets and liabilities of the Joint Venture and each Participant’s investment in the Joint Venture, 

in sufficient detail to satisfy the respective Participant’s (or if requested by the Participant those of its Ultimate Holding Company) corporate reporting requirements and to a level which is at least the same or similar to that which the Manager may provide to its senior management or Affiliates. Notwithstanding the foregoing, the Manager will make available sufficient financial information for each Participant to close their books within their normal procedures and timelines as will be communicated by each Participant to the other and to the Manager, and to avoid doubt, the Manager's costs in complying with this obligation will form part of the Joint Venture Costs. 
		
	9.5
	Forecasts

The Manager will prepare the following forecasts each Month (except as otherwise specified below) and issue such forecasts to each Participant within five Business Days of Month end:
		
	(a)
	operational forecasting for the next three full calendar Months (broken down by Month) which includes:

		
	(i)
	spodumene production forecast in metric tonnes per day;

		
	(ii)
	maintenance plan on the Processing Plant; and

		
	(iii)
	if the Initial Refinery Plant or other lithium hydroxide monohydrate plant that is a Joint Venture Asset is to operate in the relevant period:

		
	(A)
	lithium hydroxide monohydrate production in metric tonnes per day;

		
	(B)
	maintenance plan on lithium hydroxide monohydrate plant sodium; and

		
	(C)
	sulphate production forecast in metric tonnes per day;

		
	(b)
	operational forecasting for the next 18 full calendar Months which includes:

		
	(i)
	spodumene production forecast in metric tonnes per day;

	
			
	 
	 
	   page | 39

		
	(ii)
	if the Initial Refinery Plant or other lithium hydroxide monohydrate plant that is a Joint Venture Asset is to operate in the relevant period, lithium hydroxide monohydrate production in metric tonnes per day; and

		
	(iii)
	timing of expected extended plant maintenance and turnarounds; 

		
	(c)
	financial forecasting for the next 12 full calendar Months, including at a minimum:

		
	(i)
	sales volume and cost of production by product family;

		
	(ii)
	other cost of goods sold;

		
	(iii)
	selling and administrative;

		
	(iv)
	depreciation and amortisation;

		
	(v)
	any other items that would be included in the income statement; 

		
	(vi)
	operational spending broken down by cost centre; and 

		
	(vii)
	capital project spending; 

		
	(d)
	cash forecasting for the next full 12 calendar weeks, broken down by week, to be provided weekly; and

		
	(e)
	cash forecasting for the next full 12 calendar Months, broken down by Month.

		
	9.6
	Other reporting requirements

The Manager must provide the following reports to each Participant: 
		
	(a)
	immediately after the occurrence of any event which causes, or is likely to cause, material damage to the Joint Venture Assets or delay or adversely affect the Joint Venture Operations, a report of the event and an estimate of likely resultant costs, to the extent it can be reasonably estimated at that time; 

		
	(b)
	as soon as practicable after the occurrence of any lost time injury, any legal or threatened claim valued above $250,000, significant environmental incident, damage or destruction of property valued at over $250,000 or other event that requires a report to be filed or notification to be lodged with a Government Agency, notice of that occurrence or event;

		
	(c)
	within ten (10) Business Days after a written request from a Participant, all reports and information required by a Participant (or any of its Affiliates) to comply with its (or any of its Affiliates’) periodic reporting and disclosure obligations under the rules of any applicable stock exchange, including in respect of mineral reserves and resources; and

		
	(d)
	as soon as practicable after notice to the Manager, a report on the status and conduct of any actual or threatened court or arbitration proceedings or insurance claims. 

		
	9.7
	Information and data

		
	(a)
	The Manager will provide all information, data and material concerning Joint Venture Operations which the Participant (or its Affiliate) may reasonably require to meet its statutory reporting, audit and disclosure obligations under the 

	
			
	 
	 
	   page | 40

Corporations Act, the ASX Listing Rules, the rules and regulations of the New York Stock Exchange, the applicable laws or the rules of any other recognised stock exchange or Government Agency as applicable. 
		
	(b)
	The Manager will ensure that Exploration Information and Resources and Reserves are calculated and reported to the Participants in a manner that complies with the JORC Code. 

		
	(c)
	Subject to clause 9.9, the Manager will provide reports on the Exploration Information and Resources and Reserves that are in a format reasonably required by a Participant (or its Affiliate) to meet its reporting and disclosure requirements referred to in clause 9.7(a).  To the extent compliance with those reporting and disclosure requirements requires the consent of a Competent Person, the Manager must obtain that consent on behalf of the Participants (or its Affiliate) in the form reasonably required by the Participant (or its Affiliate).

		
	(d)
	The Manager will (in conjunction with the relevant Competent Person) be responsible for determining the assumptions to be used for the calculation of Resources and Reserves but will, so far as is practical, notify the Participants of those assumptions in advance of finalising any estimates of Resources and Reserves.  Subject to being advised by the Participants of the relevant deadlines, the Manager will use all reasonable endeavours to provide the details of those assumptions to enable the Participant to comply with applicable regulatory reporting deadlines (of the Participant and/or its Affiliates), if it disagrees with the assumptions adopted by the Manager.  If any Participant does not agree with the assumptions used by the Manager, the Manager will, upon request of any Participant, promptly provide to the Participants an electronic copy of the model used to generate the estimates of Resources and Reserves in such a form and with such content as will enable the Participant (or its Affiliate) to alter the relevant assumptions and generate its own estimates of Resources and Reserves.  The Manager must provide the Participant (or its Affiliate) with such reasonable assistance as the Participant (or its Affiliate) may require in order to operate and assess the model for that purpose. In that event, the Participant (or its Affiliate) will be responsible for obtaining the necessary Competent Person consent for the estimates of Resource and Reserves that it generates.

		
	(e)
	To enable Participants (and their Affiliates) who have a financial year end of 30 June, or 31 December, or is required to publish a half-yearly or quarterly report to comply with their statutory reporting obligations, the Manager will provide those Participants (and their Affiliates) with the following information in relation to the Joint Venture for (as applicable) the year ending on, or as at, 30 June and/or 31 December or half year ending 30 June, or quarter year ending 31 March, 30 June, 30 September: 

		
	(i)
	statement of financial position;

		
	(ii)
	income statement;

		
	(iii)
	cash flow statement;

		
	(iv)
	trial balance;

		
	(v)
	asset register of the Joint Venture Assets; 

		
	(vi)
	inventory;

		
	(vii)
	employee leave balance, payroll tax returns and superannuation payments;

	
			
	 
	 
	   page | 41

		
	(viii)
	cash balance; 

		
	(ix)
	details of calculation of contingent liabilities and capital commitments;

		
	(x)
	Business Activity Statements, all sales tax, fringe benefits tax, customs duty, excise duty and diesel fuel rebates returns or statements; 

		
	(xi)
	royalty statements in relation to the royalties payable to the State; and

		
	(xii)
	accounting policies,

prepared in accordance with International Financial Reporting Standards or GAAP (as applicable) and any supporting materials prepared by or on behalf of the Manager in preparing this information.  
		
	9.8
	Copies of reports to Participants

Upon request by a Participant, the Manager must provide to the Participant:
		
	(a)
	copies of all reports prepared by the Manager in connection with Joint Venture Operations; and

		
	(b)
	copies of all material reports and other significant written communications to or from any government, government minister or Government Agency relating to any Tenement or Joint Venture Operations.

		
	9.9
	Format

The Manager must consult with the Participants, when requested by a Participant, in relation to the format of reports to be provided pursuant to this clause 9 and have regard to the information requirements of the Participants (and its Affiliates).  The Manager also acknowledges that, accordingly, the format of the reports may change from time to time.
		
	9.10
	Additional reporting

Except where expressly provided otherwise, where a Participant (or its Affiliate) requires any particular reporting or information requirements that differ from that which the Manager would otherwise give under this clause, the additional external costs incurred by the Manager in providing information requested under this clause must be paid by the requesting Participant, provided that the costs are material.  To the extent any costs are not required to be met by the requesting Participant under this clause, they will constitute Joint Venture Costs under this agreement.

		
	10
	Audit and access

		
	10.1
	Audit

		
	(a)
	The Manager must provide to each Participant, within 30 days (or such later date agreed by the Participants) after the relevant end of each Financial Year, a report by an internationally recognised and qualified independent auditor registered in accordance with Part 9.2 of the Corporations Act appointed by AWPL after having first obtained the consent of WLPL (not to be unreasonably withheld) (Auditor), in which the Auditor reports to the Participants that the Auditor has examined the Joint Venture Records and Accounts, the basis for provision of funds to the Manager and the financial statement for the relevant Financial Year and is satisfied 

	
			
	 
	 
	   page | 42

as to their accuracy or, if the Auditor is not so satisfied, the reason why the Auditor is not so satisfied. 
		
	(b)
	The audit will be conducted in accordance with Australian Auditing Standards ASQC1 – Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, Other Assurance Engagements and Related Services Engagements (Complied) and will confirm that the financial report presents fairly, the financial position of the Joint Venture as at the balance date in accordance with the basis of preparation described in the Joint Venture financial statements. An objective of the audit is that the Participants and their Affiliates may rely on that audit for the purposes of preparing its audited financial statements as required by applicable laws. Notwithstanding, the audit will also be conducted in a manner consistent with the standards of the US PCAOB or of other US regulators applicable to audits of US publicly-held companies.

		
	(c)
	Each Participant will have the right of direct communication with the Auditor.

		
	(d)
	Without limiting this clause 10.2, AWPL has the right to request that in addition to the above audit, a similar audit be performed under GAAP and PCAOB auditing standards for relevant periods corresponding to AWPL or its Affiliates’ fiscal years' end (currently ending 31 December) and such costs will constitute Joint Venture Costs under this agreement.

		
	10.2
	Participant’s access to records

The Manager will, if requested:
		
	(a)
	permit a Participant to inspect and copy;

		
	(b)
	provide to a Participant copies of; and

		
	(c)
	provide to a Participant statements compiled from,

the Joint Venture Records and Accounts and the results of all work undertaken by, or on behalf of, the Manager for the purposes of the Joint Venture (including plans, maps, geological and engineering reports, cores, samples, logs and surveys and other documents under the control of the Manager or any sub-contractor of the Manager). The requesting Participant will be required to pay any external costs and copying costs incurred by the Manager in providing information requested under this clause provided that the costs are material and to the extent that any such information may require further interpretation/clarification, the Manager will make relevant Personnel available to the requesting Participant. To the extent any costs are not required to be met by the requesting Participant under this clause, they will constitute Joint Venture Costs under this agreement. 
		
	10.3
	Access to Joint Venture Area and Joint Venture Assets

		
	(a)
	Each Participant and its properly authorised representatives will be entitled at all reasonable times, and at the risk and expense of such Participant, to have:

		
	(i)
	access to, and the right to inspect, the Joint Venture Assets and the Joint Venture Area, provided the Participants and their officers, employees, agents and contractors must comply with the directions of the Manager when doing so; 

		
	(ii)
	the right to consult with the employees of the Manager and with any independent contractors (and their employees) which have been engaged by the Manager concerning 

	
			
	 
	 
	   page | 43

Joint Venture Operations and the performance by the Manager of its duties under this agreement;
		
	(iii)
	the right to take such samples of material employed by or produced from the Joint Venture Operations as are reasonably requested; and

		
	(iv)
	the right to appoint an independent Auditor to audit the affairs of the Joint Venture and the Manager, including the basis for the provision of funds by the Participants under clause 8.

		
	(b)
	Information and access will be provided promptly on request, provided that it does not unreasonably disrupt the conduct of the Joint Venture Operations.

		
	(c)
	The Manager must co-operate with Participants and any Auditor appointed to enable them to obtain information and samples contemplated by clause 10.3(a).

		
	11
	Confidential Information

		
	11.1
	Information to be kept confidential

This agreement, and all information which is made available to or obtained by a Participant or the Manager from or in connection with Joint Venture Operations, or under any Joint Venture Document, and which is not a matter of public knowledge or lawfully available from any other source and the Mining Information (collectively Confidential Information) will be and will remain confidential between the Participants and the Manager, and will not, without the prior written consent of the other Participants (which consent must not be unreasonably withheld), be disclosed to any third person other than: 
		
	(a)
	a Participant or its directors, officers, employees and agents;

		
	(b)
	an Affiliate of a Participant or that Affiliate’s directors, officers, employees and agents; 

		
	(c)
	the Manager; 

		
	(d)
	any government, government minister, or Government Agency, which requires it or has power to require it under any applicable law, rule or regulation;

		
	(e)
	any court of competent jurisdiction which has directed it;

		
	(f)
	any bank or other recognised financial institution making a loan or giving accommodation to a Participant or to an Affiliate of a Participant;

		
	(g)
	any person to whom disclosure is permitted under the terms of any Joint Venture Document;

		
	(h)
	any person which in good faith is seeking to purchase or otherwise acquire the whole or part of the Joint Venture Interest of a Participant, or shares in a Participant or an Affiliate of a Participant, provided that an undertaking as to confidentiality by the person in a form set out in Attachment B is first obtained;

		
	(i)
	any professional legal adviser subject to professional obligations of confidentiality; 

		
	(j)
	any other professional or other independent consultant or adviser engaged by a Participant or the Manager provided that an undertaking as to confidentiality by the person, in a form set out in Attachment B, is first obtained; 

	
			
	 
	 
	   page | 44

		
	(k)
	as may be required by law or by the rules of any recognised stock exchange on which shares or other securities of a Participant or its Affiliates are listed, except that the parties agree to the extent permitted that they will not disclose information of the kind described by section 275(1) of the PPS Act, except as permitted by any other provision of this clause or required by any other law or regulation.  For the avoidance of doubt, this does not permit the disclosure of information under section 275(4) of the PPS Act unless section 275(7) applies; 

		
	(l)
	to satisfy legal disclosure obligations in a disclosure document issued by a Participant or its Affiliates to raise funds or implement or propose a corporate transaction involving the Participant or its Affiliates; or 

		
	(m)
	for the purposes of any arbitration or court proceeding in respect of any dispute arising out of any Joint Venture Document.

		
	11.2
	Protection of Confidential Information

Each Participant and the Manager must take or cause to be taken such reasonable precautions as may be necessary to prevent the disclosure of any Confidential Information.
		
	11.3
	Announcements

If any Participant (or its Affiliate) wishes to publish any public statement (including a press release) relating to or in any way connected with Joint Venture Operations or the terms of any Joint Venture Document, then, to the extent permitted by law or the rules of any recognised stock exchange applying to the Participant or its Affiliates, that Participant must notify and, where practicable, provide a copy of the public statement to, the Manager and the other Participants before issuing the public statement.
		
	11.4
	Continuing confidentiality obligation

		
	(a)
	This clause 11 will apply to:

		
	(i)
	any Participant which ceases to be a Participant for a period of three (3) years after the date upon which such Participant ceases to be a Participant; and

		
	(ii)
	a Manager which ceases to be a Manager for a period of three (3) years after the date upon which such Manager was removed.

		
	(b)
	Upon the termination of this agreement, this clause 11 will, notwithstanding such termination, apply to the Participants and the Manager at the date of termination, for a period of three (3) years after such termination.

		
	11.5
	MRL Standstill 

		
	(a)
	The Participants acknowledge and agree that some or all of the Confidential Information may be relevant to the price or value of the securities of MRL.  Each Participant (other than WLPL) undertakes (which undertaking is given for the benefit of MRL) that it will not (and must ensure that its Affiliates will not) do anything that breaches the insider trading provisions of the Corporations Act from time to time.

		
	(b)
	During the period commencing on the date of this agreement and ending on the earliest of the following dates:

	
			
	 
	 
	   page | 45

		
	(i)
	two (2) months after a Participant ceases to be a Participant; 

		
	(ii)
	the date a person or persons jointly or in concert (other than a Participant or its Affiliates), publicly announce their intention to commence a Control Transaction which, at the time of announcement, is unanimously recommended by the board of directors of MRL; and

		
	(iii)
	the date MRL publicly announces that its board of directors has approved an agreement which contemplates a Control Transaction,

the Participants must not, and must ensure that no Affiliates: 
		
	(iv)
	announce any intention to commence a Control Transaction in relation to MRL;

		
	(v)
	enter into any swap, derivative or other similar instrument the effect of which is to give the Participant an economic interest in securities (including shares) in the capital of MRL; 

		
	(vi)
	acquire, agree to acquire or make any invitation or proposal to acquire, a relevant interest (as defined in the Corporations Act) directly or indirectly in any securities (including shares) in the capital of MRL; or

		
	(vii)
	advise, assist or encourage any other person in connection with any of the foregoing,

unless this restriction is first waived in writing by MRL.
		
	(c)
	The Participants acknowledge that MRL may enforce the undertaking given by the Participants in this clause 11.5 despite the fact that it is not a party to this agreement.

		
	(d)
	For the avoidance of doubt, the provisions of this clause 11.5 will cease to apply if neither WLPL nor any of its Affiliates is a Participant. 

		
	(e)
	The provisions of this clause 11.5 will cease to apply if MRL ceases to be the Ultimate Holding Company of any Participant. 

		
	11.6
	Albemarle Standstill 

		
	(a)
	The Participants acknowledge and agree that some or all of the Confidential Information may be relevant to the price or value of the securities of Albemarle. Each Participant (other than AWPL) undertakes (which undertaking is given for the benefit of Albemarle that it will not (and must ensure that its Affiliates will not) do anything that breaches the insider trading provisions of the Corporations Act or any other law or regulation from time to time.

		
	(b)
	During the period commencing on the date of this agreement and ending on the earliest of the following dates:

		
	(i)
	two (2) months after a Participant ceases to be a Participant;

		
	(ii)
	the date a person or persons jointly or in concert (other than a Participant or its Affiliates), publicly announce their intention to commence a Control Transaction which, at the time of announcement, is unanimously recommended by the board of directors of Albemarle; and

	
			
	 
	 
	   page | 46

		
	(iii)
	the date Albemarle publicly announces that its board of directors has approved an agreement which contemplates a Control Transaction,

the Participants must not, and must ensure that no Affiliates: 
		
	(iv)
	announce any intention to commence a Control Transaction in relation to Albemarle;

		
	(v)
	enter into any swap, derivative or other similar instrument the effect of which is to give the Participant an economic interest in securities (including shares) in the capital of Albemarle; 

		
	(vi)
	acquire, agree to acquire or make any invitation or proposal to acquire, a beneficial interest directly or indirectly in any securities (including shares) in the capital of Albemarle; or

		
	(vii)
	advise, assist or encourage any other person in connection with any of the foregoing,

unless this restriction is first waived in writing by Albemarle.
		
	(c)
	The Participants acknowledge that Albemarle may enforce the undertaking given by the Participants in this clause 11.6 despite the fact that it is not a party to this agreement.

		
	(d)
	For the avoidance of doubt, the provisions of this clause 11.6 will cease to apply if neither AWPL nor any of its Affiliates is a Participant.

		
	(e)
	The provisions of this clause 11.6 will ceases to apply if Albemarle ceases to be the Ultimate Holding Company of any Participant. 

		
	12
	Assignments and charges

		
	12.1
	Restrictions on assignments and charges

		
	(a)
	Subject to clause 12.1(b), except as permitted in this clause 12, or as required under clause 13, no Participant will: 

		
	(i)
	sell, convey, assign, transfer, novate, lease, sublease or otherwise dispose of; or

		
	(ii)
	create or permit to exist any Security Interest (other than a Permitted Security Interest) in respect of,

the whole or any part of its Joint Venture Interest.
		
	(b)
	Nothing in this clause 12 will operate to prevent a Participant from selling or otherwise disposing of its share of Product in the ordinary course of the Participant’s business. 

		
	(c)
	Notwithstanding any other provision of this agreement (and, in particular, clauses 12.2 and 12.3), a Participant must not make any sale, transfer or other disposition if, upon completion of that sale, transfer or other disposition, that Participant or the assignee would have a Joint Venture Interest less than 10% but greater than zero (in other words, each Participant must have a Joint Venture Interest of at least 10%).

	
			
	 
	 
	   page | 47

		
	(d)
	For the purposes of clause 12 and 13 of this agreement, a Participant's Joint Venture Interest will be deemed to include the whole or the same proportionate part of that Participant's ownership interest in an Alternative Refinery Plant not forming part of the Joint Venture Assets. 

		
	12.2
	Permitted transfer to Subsidiaries

A Participant which is not in default in the payment of any Called Sum, and with respect to which an Event of Default is not then in existence (Transferor), may at any time, subject to the provisions of clause 12.11, transfer the whole or any part of its Joint Venture Interest to a Subsidiary of the Ultimate Holding Company of the Transferor (Transferee).
		
	12.3
	Sale of Participant's lithium business 

		
	(a)
	A Participant that is WLPL (or any Transferee Subsidiary of WLPL under clause 12.2) which is not in default in the payment of any Called Sum, and with respect to which an Event of Default is not then in existence, and provided that MRL is the Ultimate Holding Company of that Participant, may at any time subject to provisions of clause 12.11, transfer the whole of its Joint Venture Interest to a Third Party, provided that the transfer is affected as part of a sale of all or substantially all of MRL's lithium business which, as at the Effective Date, includes MRL's and its Affiliates' direct and indirect legal and beneficial ownership interest of:

		
	(i)
	the Participant's Joint Venture Interest; and

		
	(ii)
	its share of the Mount Marion Lithium Project.   

		
	(b)
	A Participant that is AWPL (or any Transferee Subsidiary of AWPL under clause 12.2), which is not in default in the payment of any Called Sum, and with respect to which an Event of Default is not then in existence, and provided that Albemarle is the Ultimate Holding Company of that Participant, may at any time, subject to provisions of clause 12.11, transfer the whole or any part of its Joint Venture Interest to a Third Party, provided that the transfer is affected as part of a sale of all or substantially all of its global lithium business as described in its annual corporate filings from time to time.

		
	12.4
	Transfer of Participant’s Joint Venture Interest

A Participant which is not in default in the payment of any Called Sum, and with respect to which an Event of Default is not then in existence (Selling Participant), may at any time, subject to the provisions of clause 12.11, agree to sell for a cash consideration or a non-cash consideration which is readily convertible to a cash equivalent, the whole or any part of its Joint Venture Interest, provided that the sale must not proceed to completion unless:
		
	(a)
	the provisions of clause 12.5 have first been complied with; and

		
	(b)
	in the case of an assignment to a person who is not a Participant or its Affiliate, that assignee must be approved by the other Participants, which approval cannot be withheld if the assignee has:

		
	(i)
	the financial capacity to meet both the purchase price for acquiring the Selling Participant’s Joint Venture Interest, and the financial commitments of a Participant under this agreement to the extent of the assigned Joint Venture Interest, whether through its own financial standing or through the provision of satisfactory security, which may include 

	
			
	 
	 
	   page | 48

a parent company guarantee from an entity with the requisite financial capacity or other satisfactory security; and
		
	(ii)
	the technical and operational capacity to meet the obligations of a Participant under this agreement. 

		
	12.5
	Right of last refusal

The following provisions apply in respect of any sale referred to in clause 12.4:
		
	(a)
	the Selling Participant must give notice of the proposed sale to each of the other Participants, and must include in the notice (Proposed Sale Notice): 

		
	(i)
	the name and address of the person to whom the Selling Participant’s Joint Venture Interest is proposed to be sold (Proposed Buyer);

		
	(ii)
	the portion of the Selling Participant’s Joint Venture Interest which is the subject of the proposed sale (Sale Interest);

		
	(iii)
	the cash consideration or cash equivalent of the non-cash consideration for which the Selling Participant’s Joint Venture Interest is proposed to be sold; and

		
	(iv)
	all the other terms and conditions of the proposed sale;

		
	(b)
	the Selling Participant must include with the Proposed Sale Notice an offer to sell the Sale Interest to such of the other Participants who are not then in default in the payment of any Called Sums, and with respect to which an Event of Default is not then in existence (Continuing Participants), in proportion to their respective Joint Venture Interests, at the same price (being in the case of non-cash consideration, unless the Continuing Participants agree otherwise in relation to a royalty, the cash equivalent determined under this clause 12.5) and, subject to clause 12.6, on the same terms and conditions on which it is willing to sell the Sale Interest to the Proposed Buyer.  The offer must be in a form which is capable of immediate acceptance by the Continuing Participants;

		
	(c)
	if the consideration notified by the Selling Participant to the Continuing Participants under the Proposed Sale Notice is non-cash consideration, the Selling Participant must bona fide convert the non-cash consideration to a cash equivalent on a basis that is transparent and disclosed in the Proposed Sale Notice;

		
	(d)
	if any Continuing Participant does not agree with the basis on which the non-cash consideration has been converted to a cash equivalent, that party must so notify the Selling Participant and the other Continuing Participants within seven (7) days of it receiving the Proposed Sale Notice;

		
	(e)
	on a Continuing Participant so notifying the Selling Participant, all of the Participants will promptly meet and endeavour to reach agreement on the amount of the cash equivalent of the non-cash consideration.  If agreement is reached, the Selling Participant must issue a new Proposed Sale Notice including the agreed cash equivalent.  The period of 60 days referred to in clause 12.5(h) will be deemed to commence on the date that the Selling Participant issues a fresh Proposed Sale Notice and the original notification to the Continuing Participants will be deemed never to have been made.  If within 14 days after their first meeting, the Selling Participant and the Continuing Participants have not reached agreement on the amount of the cash equivalent of the non-cash consideration, the matter will be referred to an Expert in accordance with clause 17 to determine whether or not the Selling Participant’s calculation of the cash equivalent was fair 

	
			
	 
	 
	   page | 49

and reasonable and, if not, to determine the Expert’s calculation of the amount of the cash equivalent;
		
	(f)
	if the Expert determines that the Selling Participant’s calculation of the cash equivalent was fair and reasonable:

		
	(i)
	the period of 60 days referred to in clause 12.5(h) will be deemed to have commenced on the date the Proposed Sale Notice was given provided that if the period of 60 days has expired or would expire prior to 14 days after the date upon which the Expert notifies the Participants of his determination, the 60 day period will be extended to the date which is 14 days after the date upon which the Expert notifies the Participants of the Expert’s determination; and

		
	(ii)
	the Expert’s costs will be borne by the Continuing Participant who objected to the Selling Participant’s calculation of the cash equivalent;

		
	(g)
	if the Expert determines that the Selling Participant’s calculation of the cash equivalent was not fair and reasonable:

		
	(i)
	the Selling Participant must issue a fresh Proposed Sale Notice to the Continuing Participants in accordance with the requirements of clause 12.5(a) including the cash equivalent as determined by the Expert and the original Proposed Sale Notice will be deemed never to have been made; and

		
	(ii)
	the Expert’s costs will be borne by the Selling Participant;

		
	(h)
	the Continuing Participants will have the right to accept the offer set out in the Proposed Sale Notice at any time within a period of 60 days from the date the Proposed Sale Notice is given (subject to any extension under clause 12.5(f)), and such offer must remain open for that period;

		
	(i)
	if one or more (but not all) of the Continuing Participants accept the offer within such 60 day period, the Selling Participant must notify the accepting Continuing Participant or Continuing Participants of details of the unaccepted portion of the Sale Interest and such Continuing Participant or Continuing Participants will have the right within a period of 60 days after the Selling Participant’s notice is given to accept the unaccepted part of the Sale Interest in proportion to their respective Joint Venture Interests (or as they may otherwise agree) at the same price and on the same terms and conditions;

		
	(j)
	if:

		
	(i)
	the whole of the Sale Interest is not accepted by one or more of the Continuing Participants; or

		
	(ii)
	the whole of the Sale Interest is accepted by one or more of the Continuing Participants but the contract or contracts for transfer of the Sale Interest to the accepting Continuing Participant or Continuing Participants is terminated before completion for reasons other than for a default on the part of the Selling Participant, 

then the Selling Participant may complete the sale of the Sale Interest to the Proposed Buyer in accordance with the terms and conditions of the proposed sale as set out in the Proposed Sale Notice (or on other terms no more favourable to the Proposed Buyer than those terms and conditions), within a period of 60 days (which period shall be extended until the 5th day following receipt of all Transfer Approvals (which must be sought with all reasonable dispatch), to the extent not 

	
			
	 
	 
	   page | 50

obtained during the initial 60 day period, provided that the initial period can only be extended up to a maximum of 12 months) after:  
		
	(iii)
	in the circumstances outlined in clause 12.5(j)(i), the end of either the 60 day period referred to in clause 12.5(h) or the 60 day period referred to in clause 12.5(i) as the case may be; and

		
	(iv)
	in the circumstances outlined in clause 12.5(j)(ii), the date of termination of the contract or contracts for transfer of the Sale Interest to the accepting Continuing Participant or Continuing Participants;

		
	(k)
	if the whole of the Sale Interest is accepted by one or more of the Continuing Participants, then the Selling Participant will transfer the Sale Interest to those Continuing Participants in accordance with the terms and conditions of the resulting contracts with those Continuing Participants.  For the avoidance of doubt, the transfer of the Sale Interest to those Continuing Participants is not subject to any further rights of last refusal under this clause 12.5; and

		
	(l)
	for the avoidance of doubt, an offer made under clause 12.5(b) must relate only to the Sale Interest and must not include or relate to any other assets.

		
	12.6
	Requirements of offer to Continuing Participants

		
	(a)
	An offer to sell the Sale Interest to the Continuing Participants under clause 12.5(b) must:

		
	(i)
	contain a condition or conditions to the effect that the sale is conditional upon the Continuing Participants who accept the offer obtaining all Transfer Approvals either unconditionally or on conditions acceptable to such Continuing Participants (acting reasonably); and

		
	(ii)
	provide for a date for the satisfaction of any conditions precedent, and a date for completion of the sale, which would result in any Continuing Participants who accept the offer having a period of time for satisfaction of conditions precedent  (as may have been extended in clause 12.5(j)) and for completion not less than the corresponding periods of time that the Proposed Buyer would have had under the contract signed by it,

and may contain a condition to the effect that if two or more Continuing Participants accept the offer made to them under clause 12.5(b), the sale of the relevant portions of the Sale Interest to each such Continuing Participant will be conditional upon the contemporaneous completion of each such sale occurring.
		
	(b)
	For the purposes of the offer to sell the Sale Interest to the Continuing Participants under clause 12.5(b):

		
	(i)
	the requirement for a cash consideration does not preclude the consideration for the sale of the Sale Interest consisting partly of cash and partly of other valuable promises (e.g. a royalty to the extent agreed under clause 12.5) that have been offered by the Proposed Buyer, provided that the Continuing Participants are objectively capable of giving and fulfilling those same promises and are not inherently disadvantaged (when compared to the Proposed Buyer) by the inclusion of those promises as part of the consideration;

	
			
	 
	 
	   page | 51

		
	(ii)
	the consideration for the sale of the Sale Interest will be a cash consideration even though:

		
	(A)
	payment of the purchase price may occur in two or more tranches;

		
	(B)
	some or all of the purchase price may be paid after the date of transfer of the Sale Interest to the buyer;

		
	(C)
	the payment of some or all of the purchase price may be subject to a contingency (provided that the contingency is not such that it is inherently more likely to be satisfied where the Continuing Participants are the buyer of the Sale Interest than where the Proposed Buyer is the buyer of the Sale Interest); and

		
	(D)
	the amount of the purchase price, or some component of it, is not fixed and ascertainable at the date of the offer to sell the Sale Interest to the Continuing Participants (provided that the offer clearly sets out the basis upon which the purchase price, or the relevant component of it, is to be calculated, and the basis of calculation is not inherently likely to result in the Continuing Participants paying a higher price for the Sale Interest than the Proposed Buyer would pay if it were the buyer).

		
	12.7
	Charge of Participant’s Joint Venture Interest

		
	(a)
	A Participant (Chargor) may create a Security Interest upon all or part of its Joint Venture Interest in favour of any person (Chargee) if the Chargee has entered into a deed (Chargee's Priority Deed) with the other Participants and the Manager, in a form acceptable to the other Participants and the Manager acting reasonably, under which the Chargee agrees that this agreement, the Deed of Cross Security, all other Joint Venture Documents and the constituent documents of the Manager will have priority over the Chargee’s Security Interest and any enforcement of that Security Interest will be subject to compliance with the provisions of this agreement, the Deed of Cross Security, all other Joint Venture Documents and the constituent documents of the Manager.  

		
	(b)
	The Participants acknowledge that the Chargee’s Priority Deed will also contain provisions under which the Chargee is entitled to receive prior notice of any default by the Chargor or other circumstances that may result in enforcement of remedies under this agreement or the Deed of Cross Security against the Chargor and to take action to step-in or take other measures to avoid the exercise of such remedies.  The Participants will negotiate such provisions reasonably and in good faith and will not unreasonably withhold their agreement to provisions proposed by the Chargee which are consistent with normal finance practice.  

		
	12.8
	Notice of intention to create Security Interest

Any Participant proposing the creation of any Security Interest (other than a Permitted Security Interest) must give prior written notice of its intention to create such Security Interest to the other Participants, together with a copy of the proposed instrument creating such Security Interest and the name and address of the proposed Chargee.
		
	12.9
	Sale of Joint Venture Interest by Chargee

		
	(a)
	A Chargee of a Participant's Joint Venture Interest may, without the consent of any Participant, in the exercise of any power of sale or the enforcement of any other rights conferred by law or by the instrument creating such Security Interest, upon the happening of any event of default specified in the Security Interest, sell (but not otherwise dispose of) the whole or part of the Joint Venture Interest of such Participant (Defaulting Participant).

	
			
	 
	 
	   page | 52

		
	(b)
	Any proposed sale (whether by private treaty or public auction) by a Chargee of the whole or part of a Defaulting Participant’s Joint Venture Interest will be subject to the rights of last refusal of the other Participants under clauses 12.3, 12.5 and 12.6 and the Chargee’s Priority Deed must acknowledge this.

		
	12.10
	Set-off

		
	(a)
	A Non-Defaulting Participant may, in connection with its purchase of the Joint Venture Interest or part of the Joint Venture Interest of a Defaulting Participant under this clause 12, credit against the purchase price payable by such Participant the amount of any debt due and payable to such Participant by the Defaulting Participant under clause 13.5.

		
	(b)
	Except to the extent of such credit, the Chargee must pay to the Manager (for the account of the other Participants) from the proceeds of such sale, all amounts due and payable under any of the Joint Venture Documents by the Defaulting Participant, or in the event such amounts have been paid on behalf of the Defaulting Participant by any other Participant, will reimburse such other Participant the amounts so paid together with interest as provided in clause 13.5.

		
	12.11
	Assumption of Joint Venture obligations by Transferee

Any sale, transfer or other disposition of the whole or any part of the Joint Venture Interest by a Participant under this clause 12 will be effective only upon:
		
	(a)
	the execution and delivery by the transferee and the other Participants of a deed of assignment and assumption in the form provided in Schedule 5:

		
	(i)
	evidencing the agreement of such transferee (to the extent of the Joint Venture Interest being transferred):

		
	(A)
	to become a Participant, or if already a Participant, to increase its Joint Venture Interest;

		
	(B)
	to be bound by the provisions of the Joint Venture Documents; and

		
	(C)
	to assume all of the liabilities and to perform all of the obligations and duties under the Joint Venture Documents of the Participant whose Joint Venture Interest, or part of whose Joint Venture Interest, is to be sold, transferred or disposed of to the extent of the Joint Venture Interest being sold, transferred or disposed of; and

		
	(ii)
	evidencing the agreement of the other Participants that such transferee (to the extent of the Joint Venture Interest being transferred) will be entitled to all of the rights and benefits of a Participant under the Joint Venture Documents; and

		
	(b)
	the execution and delivery by the transferee of a deed of charge in, or substantially in, the form of the Deed of Cross Security.

	
			
	 
	 
	   page | 53

		
	12.12
	Change in Control

		
	(a)
	If there is a Change in Control of a Participant or of a Holding Company of a Participant (except when the Participant or Holding Company the subject of the Change in Control is listed on a stock exchange, or in the circumstances described in clause 12.12(b)), then unless the other Participants have consented in writing to such Change in Control, the relevant Participant (Changed Participant) must immediately notify the other Participants of the Change in Control.  

		
	(b)
	For the purposes of this clause 12.2, no Change in Control of a Participant or of a Holding Company of a Participant will be deemed to have occurred in circumstances where: 

		
	(i)
	if the Participant is WLPL (or any Transferee Subsidiary under clause 12.2), MRL has affected a sale of all or substantially all of MRL's lithium business which, as at the Effective Date, includes MRL's and its Affiliates' direct and indirect legal and beneficial ownership interest of:

		
	(A)
	the Participant's Joint Venture Interest; and

		
	(B)
	its share of the Mount Marion Lithium Project; and   

		
	(ii)
	if the Participant is AWPL (or any Transferee Subsidiary under clause 12.2), Albemarle has affected a sale of all or substantially all of its global lithium business as described in its annual corporate filings from time to time. 

For the avoidance of doubt, this clause 12.12(b) will only apply for so long as Albemarle and MRL are Ultimate Holding Companies of AWPL and WLPL respectively, (or of any of their Transferee Subsidiaries of under clause 12.2).
		
	(c)
	Any other Participant may, within ten (10) Business Days after receiving the notice under clause 12.12(a), give a notice to the Changed Participant requiring that the Changed Participant must determine the value of its Joint Venture Interest (the Offered Interest).  That value will be the value agreed between the parties using reasonable endeavours and acting in good faith to agree the value within 20 days from the date of the notice under clause 12.12(a).  If the parties are unable to agree upon the value of the Offered Interest within 30 days from the date of the notice under clause 12.12(a), then the parties must endeavour to agree upon the appointment of two Valuers.  If the parties are unable to agree upon the appointment of the Valuers within 40 days from the date of the notice under clause 12.12(a), then the Valuers will be two (2) suitably qualified and experienced persons nominated by the President (or acting President) for the time being of the Minerals Council of Australia or their nominee at the request of any other Participant.  The following provisions apply where the value of the Offered Interest is required to be determined by the Valuers:

		
	(i)
	the Valuers must be engaged on terms which require the Valuers to use their best endeavours to make independently a determination within 30 days after their appointment, or such other timeframes as the parties may agree;

		
	(ii)
	each Valuer will determine the value of the Offered Interest, on the following basis:

		
	(A)
	the price that would have been paid by a knowledgeable and willing (but not anxious) buyer to a knowledgeable and willing (but not anxious) seller dealing at arm's length;

	
			
	 
	 
	   page | 54

		
	(B)
	any Rehabilitation Obligations and Mine Closure Obligations relating to the Offered Interest are to be taken into consideration;

		
	(C)
	the Offered Interest is to be valued on a stand-alone basis, and without taking into account any element of control that the other Participants may obtain as a result of acquiring all or part of the Changed Participant's Joint Venture Interest in addition to the other Participant's existing Joint Venture Interest;

		
	(D)
	the valuation is to be determined independently and generally in accordance with the VALMIN Code of the Australasian Institute of Mining and Metallurgy; and

		
	(E)
	otherwise the valuation methodologies to be applied are to be determined by the Valuer in its own discretion, taking into account usual and prudent industry practices;

		
	(iii)
	the value of the Offered Interest will be deemed to be the average of the two Valuer's determinations; 

		
	(iv)
	in making the determination, each Valuer will be deemed to be acting as an expert and not as an arbitrator, and the laws relating to commercial arbitration will not apply to either Valuer, the Valuer's determination or the means by which each Valuer makes the determination;

		
	(v)
	each Participant will be entitled to submit such evidence to each Valuer as the Valuer may reasonably allow or require, and will provide all information, written or oral, which the Valuer may reasonably request, provided that:

		
	(A)
	all oral evidence must be presented in the presence of the other parties; and

		
	(B)
	copies of all written evidence must be given to all other parties;

		
	(vi)
	each Valuer may consult such legal, technical and financial experts as the Valuer, in his or her absolute discretion, thinks fit;

		
	(vii)
	the costs of the Valuers, and of any legal, technical and financial experts consulted by the Valuers, will be borne by the Changed Participant; and

		
	(viii)
	the determination of the Valuer will be final and binding on the parties without appeal so far as the law allows and except in the case of manifest error.

		
	(d)
	Once the value of the Offered Interest has been agreed or determined as contemplated by clause 12.12(b), the Changed Participant will within 5 Business Days notify the other Participants and will be deemed to have offered to assign the Offered Interest to such of the other Participants who are not then in default of payment of any Called Sums, and with respect to which an Event of Default is not then in existence (Other Participants), in proportion to their respective Joint Venture Interests, at a price equal to the value of the Offered Interest.  The Other Participants will be entitled to accept that offer 60 days of the making of the offer.

		
	(e)
	If one or more (but not all) of the Continuing Participants accept the offer within such 60 day period, the Changed Participant must notify the accepting Continuing Participant or Continuing Participants of details of the unaccepted portion of the Offered Interest and such Continuing Participant or Continuing Participants will have the right within a period of 60 days after the Changed Participant’s notice is given to accept the unaccepted part of the Offered Interest in proportion to their respective Joint Venture Interests (or as they may otherwise agree) at the same price.

	
			
	 
	 
	   page | 55

		
	(f)
	If the whole of the Offered Interest is accepted by one or more of the Continuing Participants (Accepting Participants), then the Changed Participant and the Accepting Participants will be deemed to have entered into a contract for the sale to the Accepting Participants (in the proportions that their respective Joint Venture Interests bear to the aggregate of their Joint Venture Interests) of the Changed Participant’s Joint Venture Interest upon the following terms and conditions:

		
	(i)
	The liability of the Accepting Participants (including obligations to pay money) will be several in the proportions that their respective Joint Venture Interests bear to the aggregate of their Joint Venture Interests.

		
	(ii)
	The sale will be conditional upon the parties obtaining all Transfer Approvals, which may include, without limitation:

		
	(A)
	Ministerial consents required under the Mining Act for the assignment of the Changed Participant's Joint Venture Interest in the Tenements; and

		
	(B)
	approval for the sale from the Foreign Investment Review Board (if applicable).

		
	(iii)
	The parties must execute all documents and do all other things reasonably necessary to apply for and obtain the Transfer Approvals as expeditiously as possible.

		
	(iv)
	If the Transfer Approvals: 

		
	(A)
	have not all been obtained within 90 days after the date of expiry of the 60 day period referred to in clause 12.12(d), the Accepting Participants may elect to terminate the contract for the sale of the Changed Participant's Joint Venture Interest;

		
	(B)
	have all been obtained or the Accepting Participants have not elected to terminate the contract for the sale of the Changed Participant's Joint Venture Interest under clause 12.12(f)(iv)(A), then completion of the sale of the Changed Participant's Joint Venture Interest will take place at the place in Western Australia nominated by the Accepting Participants by notice in writing to the Changed Participant and on the date which is 30 days after the date upon which the last of the necessary Approvals was obtained, or such earlier date agreed by the Accepting Participants, provided that if all Transfer Approvals have not been obtained within 12 months of the offer described in clause 12.12(d), this clause 12.12 shall cease to apply in respect of that Change in Control event;

		
	(C)
	have all been obtained by some but not all Accepting Participants within 90 days after the date of expiry of the 60 day period referred to in clause 12.12(d), then:

		
	(1)
	those Accepting Participants who have not obtained all necessary Approvals may elect to withdraw from the contract for the sale of the Changed Participant's Joint Venture Interest; and

	
			
	 
	 
	   page | 56

		
	(2)
	if, within a further 14 days after the end of the 90 day period (or such longer period agreed by the Accepting Participants), any remaining Accepting Participants who have obtained all Transfer Approvals (within the 12 month limitation period described in clause 12.12(f)(iv)(B)) agree to purchase the Changed Participant's Joint Venture Interest, either in the proportions that those Accepting Participants' respective Joint Venture Interests bear to the aggregate of their Joint Venture Interests, or in such other proportions that those remaining Accepting Participants otherwise agree, then:

		
	(AA)
	the contract for the sale of the Changed Participant's Joint Venture Interest will be deemed to be between the Changed Participant and those remaining Accepting Participants, and in such proportions as those Accepting Participants agree; and

		
	(BB)
	completion of the sale of the Changed Participant's Joint Venture Interest will take place at the place in Western Australia nominated by the relevant Accepting Participants by notice in writing to the Changed Participant on the date which is 14 days after the end of the 14 day period specified in clause 12.12(f)(iv)(C)(2).

		
	(v)
	At completion:

		
	(A)
	the Changed Participant must transfer its Joint Venture Interest to the relevant Accepting Participants free from all Security Interests (subject to the Permitted Security Interests which apply to the Joint Venture Interest).  The relevant Accepting Participants will be entitled to a transfer of the Joint Venture Interest of the Changed Participant in the proportions that their respective Joint Venture Interests bear to the aggregate of their Joint Venture Interests or in such other proportions as the relevant Accepting Participants agree;

		
	(B)
	the Changed Participant must execute and deliver all instruments of sale, assignment, conveyance and transfer and all other documents, and take such other action, as the relevant Accepting Participants may reasonably request to effect such transfer; and

		
	(C)
	in return for the transfer of the Changed Participant's Joint Venture Interest, the relevant Accepting Participants must pay to the Changed Participant, or as the Changed Participant's solicitor may direct, the amount that is equal to the value of the Changed Participant's Joint Venture Interest (as agreed or determined in accordance with clause 12.12(b)).

		
	(g)
	For the avoidance of doubt, a Change in Control of a Participant or its Holding Company does not constitute a transfer or proposed transfer for the purposes of clause 12.3.

	
			
	 
	 
	   page | 57

		
	13
	Defaults and remedies

		
	13.1
	Event of Default

Any one or more of the following events with respect to any Participant is an Event of Default: 
		
	(a)
	any failure by the Participant to pay a Called Sum (under clauses 8.3 or 8.5) in accordance with clause 8.4 within five (5) Business Days after notice has been given by the Manager or a Participant under clause 13.2;

		
	(b)
	subject to clause 19.15, an Insolvency Event occurs in relation to the Participant;

		
	(c)
	any default by the Participant in the performance of any material obligation under a Joint Venture Document (other than one referred to in clauses 13.1(a) or 13.1(b) above):

		
	(i)
	which is capable of remedy, and which default is not remedied within 30 Business Days after receipt of written notice from any other Participant or the Manager given under clause 13.2; 

		
	(ii)
	but if the default is not reasonably capable of being remedied within 30 Business Days after receipt of written notice from any other Participant or the Manager given under clause 13.2, the Participant fails to commence or has not otherwise taken bona fide steps to remedy the relevant default within 30 Business Days of receiving such notice and does not remedy that default within 50 Business Days after receipt of written notice from any other Participant or the Manager given under clause 13.2 (or such longer period agreed by the Management Committee, where any Defaulting Participant or its Affiliates does not vote); or

		
	(d)
	any default by the Participant in the performance of any material obligation under a Joint Venture Document which is not capable of remedy (other than one referred to in clauses 13.1(a) or 13.1(b) above), where the Defaulting Participant has not paid monetary compensation to the Non-Defaulting Participants within 30 Business Days of receipt of notification of the amount of compensation payable as determined under clause 13.2(d). 

		
	13.2
	Notices of default

		
	(a)
	If any Participant:

		
	(i)
	fails to pay when due any amount due by it referred to in clause 13.1(a); or

		
	(ii)
	defaults in the performance of any of its material obligations under any of the Joint Venture Documents,

the Manager must, as soon as practicable after it becomes aware of that default, notify the Defaulting Participant and each of the other Participants (Non-Defaulting Participants) of that default.
		
	(b)
	Failure by the Manager to give such notice will not release the Defaulting Participant from any of its obligations under the Joint Venture Documents.

		
	(c)
	If a Participant becomes aware that another Participant has defaulted in the performance of any of its obligations under the Joint Venture Documents but the Manager has not given a notice of default to the Defaulting Participant under 

	
			
	 
	 
	   page | 58

clause 13.2(a), the Participant may notify the Defaulting Participant, the Manager and each of the other Non-Defaulting Participants of that default.
		
	(d)
	If a default of a material obligation is not capable of being remedied, the Participants must agree in writing the amount of adequate monetary compensation to be paid by the Defaulting Participant to compensate for that default. If the Participants have not reached agreement within 14 days after the date on which notice of default is given, that amount must be referred to an Expert for determination in accordance with clause 17, who must make such determination within 30 days of his or her appointment. On agreement or determination of the amount of adequate monetary compensation under this clause, that amount, and any interest and costs payable or reimbursable under this agreement, becomes money due and payable under this agreement within the 30 Business Day period referred to in clause 13.1(d).

		
	13.3
	Payment of interest upon default

If a Participant defaults in paying the whole or part of any Called Sum, that Defaulting Participant must pay to the Manager, for the account of the Non-Defaulting Participants, interest on such unpaid amount at the Interest Rate calculated on daily balances, and capitalised monthly, from the due date for payment to the date of actual payment.
		
	13.4
	Rights following an Event of Default

Subject to clause 19.15, if an Event of Default occurs, then until such Event of Default has been rectified (and the Defaulting Participant has paid all amounts due but unpaid by it in relation to the default under any Joint Venture Document): 
		
	(a)
	the Representatives of the Defaulting Participant:

		
	(i)
	will not have the right to vote at meetings of the Management Committee; 

		
	(ii)
	will not be counted for the purposes of determining the relevant quorum; and 

		
	(iii)
	if Chairperson of the Management Committee, will cease to be Chairperson and the next entitled Non-Defaulting Participant may appoint the Chairperson;

		
	(b)
	if the Event of Default is a circumstance described in clause 13.1(a), the Defaulting Participant will not have a right to participate in the management of the Joint Venture or to participate in any determinations under this agreement and the Representatives appointed by the Defaulting Participant will not have the right to vote at Management Committee meetings, but will be entitled to attend and otherwise participate in those meetings; 

		
	(c)
	the Defaulting Participant will have no further right to take and dispose of its share of Product and the Manager may take and dispose of what would otherwise be the Defaulting Participant’s share of Product on such terms as the Manager considers reasonable and must credit the net proceeds of sale after deducting all costs incurred in effecting the sale, towards the moneys owed by the Defaulting Participant;  

		
	(d)
	the Defaulting Participant will continue to have the right to receive the reports and information from the Manager under clause 9;

	
			
	 
	 
	   page | 59

		
	(e)
	the Non-Defaulting Participants and the Manager may exercise each and every power and remedy provided in the Deed of Cross Security executed by the Defaulting Participant and use and apply any moneys realised from such exercise in accordance with the Deed of Cross Security; and

		
	(f)
	the Non-Defaulting Participants may acquire the Joint Venture Interest of the Defaulting Participant subject to and in accordance with clause 13.7.

		
	13.5
	Payment of Unpaid Called Sum 

		
	(a)
	Subject to clause 13.5(b), if requested by written notice from the Manager, the Non-Defaulting Participants will, in the proportion that their respective Joint Venture Interests bear to the aggregate of their Joint Venture Interests, pay on behalf of the Defaulting Participant all or any part nominated by the Manager of the amounts owing by such Defaulting Participant (including under clause 13.3), such payment to be made by the Non-Defaulting Participants within such time as the Manager may reasonably determine.  

		
	(b)
	The Manager will exercise its rights under the Deed of Cross Security (as contemplated in clause 13.4(e)), and take and sell what would otherwise be the Defaulting Participant’s Joint Venture Interest share of Product under clause 13.4(c), in priority to calling upon the Non-Defaulting Participants to pay any amounts owing by the Defaulting Participant (as contemplated in clause 13.5(a)), if the Manager is of the opinion that exercising its rights under the Deed of Cross Security or against the share of Product will result in it obtaining payment of the relevant outstanding amounts, within a timeframe that will enable Joint Venture Operations to continue without disruption. 

		
	(c)
	If any Non-Defaulting Participant pays any amount on behalf of a Defaulting Participant under clause 13.5(a), the amount so paid will constitute a debt due and payable by the Defaulting Participant to such Non-Defaulting Participant, and will bear interest at the Interest Rate calculated on daily balances, and capitalised monthly, from the date such debt became due to the Non-Defaulting Participant until the date such debt is paid by the Defaulting Participant. 

		
	13.6
	Delivery of Cross Security

		
	(a)
	It is acknowledged that, for the purposes of securing the performance of their obligations under the Joint Venture Documents, each Participant has executed and delivered the Deed of Cross Security, creating a charge upon the Participant's Joint Venture Interest and its shares in the Manager in favour of the other Participants and the Manager and creating a charge upon the Participant's Joint Venture Interest in favour of the Manager. 

		
	(b)
	Each Participant (and each Transferee of a Joint Venture Interest which has executed a similar deed of charge in accordance with clause 12.11(b)) will as soon as practicable after the creation of the Deed of Cross Security promptly register the Deed of Cross Security, or will file or record such other notices or documents relating to the Deed of Cross Security, in each jurisdiction where such registration, filing or recording may be required to perfect the security created by the Deed of Cross Security and to protect further the rights of the Manager and other Participants under the Deed of Cross Security. 

	
			
	 
	 
	   page | 60

		
	13.7
	Option to acquire Joint Venture Interest of Defaulting Participant

		
	(a)
	Upon the occurrence of an Event of Default, the Manager (or failing the Manager doing so, any Participant) will notify the Participants of the Event of Default (EOD Notice).

		
	(b)
	Upon the occurrence of an Event of Default, and until such Event of Default has been rectified, each Non-Defaulting Participant will have the option to acquire the whole of the Joint Venture Interest of the Defaulting Participant.  

		
	(c)
	Such option may be exercised by notice in writing (Exercise Notice) given to the Defaulting Participant at any time during the 60 day period immediately following the later of the occurrence of the Event of Default and the date that the Manager (or a Participant) gives the Participants an EOD Notice (Option Exercise Period), provided the Event of Default giving rise to such option remains unremedied as at the date of the Exercise Notice.

		
	(d)
	The Non-Defaulting Participant must give a copy of the Exercise Notice to:

		
	(i)
	the Manager; and

		
	(ii)
	the other Non-Defaulting Participants,

at the same time as giving the Exercise Notice to the Defaulting Participant.
		
	(e)
	If:

		
	(i)
	one or more Non-Defaulting Participants give an Exercise Notice within the Option Exercise Period; and

		
	(ii)
	at least the first of such Exercise Notices was given at a point in time when the Event of Default which gave rise to the option remained unremedied,

then, upon expiry of the Option Exercise Period, the value of the Joint Venture Interest of the Defaulting Participant must be determined in accordance with clause 13.8.
		
	(f)
	Within 14 days after the value of the Joint Venture Interest  of the Defaulting Participant has been determined in accordance with clause 13.8, any Non-Defaulting Participant who had given an Exercise Notice may, by notice in writing (Notice to Proceed) given to the Defaulting Participant (with copies to the Manager and the other Non-Defaulting Participants) advise that the Non-Defaulting Participant wishes to proceed with the acquisition of the Joint Venture Interest of the Defaulting Participant.

		
	(g)
	If one or more Non-Defaulting Participants (Acquiring Participants) give a Notice to Proceed, the Defaulting Participant and the Acquiring Participants will be deemed to have entered into a contract for the sale to the Acquiring Participants (in the proportions that their respective Joint Venture Interests bear to the aggregate of their Joint Venture Interests) of the Defaulting Participant’s Joint Venture Interest upon the following terms and conditions:

		
	(i)
	The liability of the Acquiring Participants (including obligations to pay money) will be several in the proportions that their respective Joint Venture Interests bear to the aggregate of their Joint Venture Interests.

	
			
	 
	 
	   page | 61

		
	(ii)
	The sale will be conditional upon the parties obtaining all Governmental Agency consents, approvals or clearances required in respect of the sale (Approvals), which may include, without limitation:

		
	(A)
	Ministerial consents required under the Mining Act for the assignment of a Defaulting Participant’s Joint Venture Interest in the Tenements; and 

		
	(B)
	approval for the sale from the Foreign Investment Review Board (if applicable).

		
	(iii)
	The parties must execute all documents and do all other things reasonably necessary to apply for and obtain the necessary Approvals as expeditiously as possible.

		
	(iv)
	If the necessary Approvals:

		
	(A)
	have not all been obtained within 90 days after the date of expiry of the 14 day period referred to in clause 13.7(f), the Acquiring Participants may elect to terminate the contract for the sale of the Defaulting Participant’s Joint Venture Interest;

		
	(B)
	have all been obtained or the Acquiring Participants have not elected to terminate the contract for the sale of the Defaulting Participant’s Joint Venture Interest under clause 13.7(g)(iv)(A), then completion of the sale of the Defaulting Participant’s Joint Venture Interest will take place at the place in Western Australia nominated by the Acquiring Participants by notice in writing to the Defaulting Participant and on the date which is 30 days after the date upon which the last of the necessary Approvals was obtained, or such earlier date agreed by the Acquiring Participants;

		
	(C)
	have all been obtained by some but not all Acquiring Participants within 90 days after the date of expiry of the 14 day period referred to in clause 13.7(f), then:

		
	(1)
	those Acquiring Participants who have not obtained all necessary Approvals may elect to withdraw from the contract for the sale of the Defaulting Participant’s Joint Venture Interest; and

		
	(2)
	if, within a further 14 days after the end of the 90 day period (or such longer period agreed by the Acquiring Participants), any remaining Acquiring Participants who have obtained all necessary Approvals agree to purchase the Defaulting Participant’s Joint Venture Interest, either in the proportions that those Acquiring Participants’ respective Joint Venture Interests bear to the aggregate of their Joint Venture Interests, or in such other proportions that those remaining Acquiring Participants otherwise agree, then:

		
	(AA)
	the contract for the sale of the Defaulting Participant’s Joint Venture Interest will be deemed to be between the Defaulting Participant and those remaining Acquiring Participants, and in such proportions as those Acquiring Participants agree; and

	
			
	 
	 
	   page | 62

		
	(BB)
	completion of the sale of the Defaulting Participant’s Joint Venture Interest will take place at the place in Western Australia nominated by the relevant Acquiring Participants by notice in writing to the Defaulting Participant on the date which is 14 days after the end of the 14 day period specified in clause 13.7(g)(iv)(C)(2).

		
	(v)
	At completion:

		
	(A)
	the Defaulting Participant must transfer its Joint Venture Interest to the relevant Acquiring Participants free from all Security Interests (subject to the Permitted Security Interests which apply to the Joint Venture Interest).  The relevant Acquiring Participants will be entitled to a transfer of the Joint Venture Interest of the Defaulting Participant in the proportions that their respective Joint Venture Interests bear to the aggregate of their Joint Venture Interests or in such other proportions as the relevant Acquiring Participants agree;

		
	(B)
	the Defaulting Participant must execute and deliver all instruments of sale, assignment, conveyance and transfer and all other documents, and take such other action, as the relevant Acquiring Participants may reasonably request to effect such transfer;

		
	(C)
	in return for the transfer of the Defaulting Participant’s Joint Venture Interest, the relevant Acquiring Participants must pay to the Defaulting Participant, or as the Defaulting Participant’s solicitor may direct, the amount that is equal to 95% of the value of the Defaulting Participant’s Joint Venture Interest (as determined in accordance with clause 13.8) less the following amounts:

		
	(1)
	all amounts due but unpaid under any of the Joint Venture Documents by the Defaulting Participant, which amounts must, immediately following completion, be paid by the relevant Acquiring Participants on behalf of the Defaulting Participant;

		
	(2)
	the amount of the debt owed by the Defaulting Participant to the acquiring Participants under clause 13.5(c); and

		
	(3)
	the amount (as reasonably determined by the Non-Defaulting Participants) of all other outstanding liabilities and obligations of the Defaulting Participant under any of the Joint Venture Documents which are to be assumed by the relevant Acquiring Participants; and

		
	(4)
	all amounts of any stamp and other duties, levies, imposts or other taxes, together with any interest or penalty thereon, imposed by the State or the Commonwealth or any taxing authority, paid or which may thereafter be payable by the relevant Acquiring Participants in connection with the exercise of the option and the transfers effected consequent upon its exercise; and 

		
	(D)
	the amount payable to the Defaulting Participant under clause 13.7(g)(v)(C) must be paid by electronic transfer of clear and available funds into a bank account in Australia nominated by the Defaulting Participant for this purpose.

	
			
	 
	 
	   page | 63

		
	(vi)
	To secure the rights of the Acquiring Participants under this clause, the Defaulting Participant hereby irrevocably appoints each relevant Acquiring Participant, the Manager and their respective directors as the several attorneys of the Defaulting Participant with power to sign all documents and do all other things in the name of the Defaulting Participant which are reasonably necessary to:

		
	(A)
	apply for and obtain the necessary Government Agency consents, approvals and clearances referred to in clause 13.7(g); and

		
	(B)
	effect the transfer of the Defaulting Participant’s Joint Venture Interest as contemplated in clauses 13.7(g)(v)(A) and 13.7(g)(v)(B).

		
	(vii)
	The Defaulting Participant and the relevant Acquiring Participants must sign any deed of covenant and deed of charge that is required under clause 12.11(b).

		
	13.8
	Value of Joint Venture Interest of Defaulting Participant

The following provisions apply where, under clause 13.7, the value of the Joint Venture Interest of a Defaulting Participant is required to be determined:
		
	(a)
	The Defaulting Participant and the Non-Defaulting Participants who have given an Exercise Notice must endeavour to agree the value of the Joint Venture Interest of the Defaulting Participant.

		
	(b)
	If the parties are unable to agree upon the value of the Joint Venture Interest of the Defaulting Participant within 14 days after the expiry of the Option Exercise Period, the parties must endeavour to agree upon the appointment of two Valuers.

		
	(c)
	If the parties are unable to agree upon the appointment of the Valuers within 14 days after the expiry of the Option Exercise Period, then the Valuers will be two (2) suitably qualified and experienced persons nominated by the President (or acting President) for the time being of the Minerals Council of Australia or their nominee at the request of Non-Defaulting Participants who have given an Exercise Notice.

		
	(d)
	The Valuers must be engaged on terms which require the Valuers to use their best endeavours to make independently a determination within 30 days after their appointment, or such other timeframes as the Defaulting Participant and Non-Defaulting Participants who have given an Exercise Notice may agree.

		
	(e)
	Each Valuer will determine the value of the Joint Venture Interest of the Defaulting Participant, as at the date of the first Exercise Notice given, on the following basis:

		
	(i)
	the price that would have been paid by a knowledgeable and willing (but not anxious) buyer to a knowledgeable and willing (but not anxious) seller dealing at arm’s length;

		
	(ii)
	any Rehabilitation Obligations and Mine Closure Obligations relating to the Joint Venture Interest are to be taken into consideration;

		
	(iii)
	the Joint Venture Interest is to be valued on a stand-alone basis, and without taking into account any element of control that a Non-Defaulting Participant may obtain as a result of acquiring all or part of the Defaulting Participant’s Joint Venture Interest in addition to the Non-Defaulting Participant’s existing Joint Venture Interest;

	
			
	 
	 
	   page | 64

		
	(iv)
	the valuation is to be determined independently and generally in accordance with the VALMIN Code of the Australasian Institute of Mining and Metallurgy; and

		
	(v)
	otherwise the valuation methodologies to be applied are to be determined by the Valuer in its own discretion, taking into account usual and prudent industry practices.

		
	(f)
	The value of the Joint Venture Interest of the Defaulting Participant will be deemed to be the average of the two Valuer’s determinations. 

		
	(g)
	In making the determination, each Valuer will be deemed to be acting as an expert and not as an arbitrator, and the laws relating to commercial arbitration will not apply to either Valuer, the Valuer’s determination or the means by which each Valuer makes the determination.

		
	(h)
	Each Participant will be entitled to submit such evidence to each Valuer as the Valuer may reasonably allow or require, and will provide all information, written or oral, which the Valuer may reasonably request, provided that:

		
	(i)
	all oral evidence must be presented in the presence of the other parties; and

		
	(ii)
	copies of all written evidence must be given to all other parties.

		
	(i)
	Each Valuer may consult such legal, technical and financial experts as the Valuer, in his or her absolute discretion, thinks fit.

		
	(j)
	The costs of the Valuers, and of any legal, technical and financial experts consulted by the Valuers, will be borne by the Defaulting Participant.

		
	(k)
	The determination of the Valuer will be final and binding on the parties without appeal so far as the law allows and except in the case of manifest error.

		
	13.9
	Remedies not exclusive

		
	(a)
	Each and every power and remedy given to the Non-Defaulting Participants in this clause 13 are in addition to every other power and remedy existing at law or in equity, and each and every power and remedy may be exercised from time to time and simultaneously and as often and in such order as may be deemed expedient.

		
	(b)
	All such powers and remedies will be cumulative, and the exercise of one will not be deemed a waiver of the right to exercise any other or others.

		
	(c)
	No delay or omission in the exercise of any such power or remedy will impair any such power or remedy or will be construed to be a waiver of any default.

		
	14
	Force Majeure

		
	(a)
	If a party (Affected Party) is prevented or hindered by Force Majeure from fully or partly complying with any obligation (except for the payment of money) under this agreement, that obligation is suspended for the duration of, and to the extent affected by, such Force Majeure.

		
	(b)
	If the Affected Party wishes to claim the benefit of this clause it must give prompt notice of the Force Majeure occurrence to the other parties including reasonable details of:

	
			
	 
	 
	   page | 65

		
	(i)
	the Force Majeure occurrence and why it constitutes Force Majeure;

		
	(ii)
	the effect of the Force Majeure occurrence on the performance of the Affected Party’s obligations; and

		
	(iii)
	the likely duration of the delay in performance of those obligations.

		
	(c)
	The Affected Party must use its best endeavours to remove or overcome the cause and/or effect of the Force Majeure provided that nothing in this clause requires the Affected Party to: 

		
	(i)
	settle any strike, or other labour dispute; or

		
	(ii)
	contest the validity or enforceability of any law or legally enforceable order by way of legal proceedings,

on terms not acceptable to it solely for the purpose of removing the event of Force Majeure. 
		
	(d)
	If the Force Majeure event cannot be removed or overcome to an extent that allows resumption of performance within six (6) Months (or such other period as the Participants agree) from the date the notice is given under clause 14(b)(i), the parties must consider and determine whether this agreement should be modified or terminated. 

		
	(e)
	Notwithstanding the Force Majeure, the Participants must continue to pay any Called Sum called by the Manager in accordance with clauses 8.3 and 8.5 to the extent such monies are necessary to maintain the Joint Venture Assets in good condition and keep the Tenements and the Petroleum Pipelines in good standing.

		
	15
	Notices

		
	15.1
	General

A notice, demand, certification, process or other communication relating to this agreement must be in writing in English and may be given by an agent of the sender.
		
	15.2
	How to give a communication

In addition to any other lawful means, a communication may be given by being:
		
	(a)
	personally delivered;

		
	(b)
	left at the party’s current delivery address for notices;

		
	(c)
	sent to the party’s current postal address for notices by pre-paid ordinary mail or, if the address is outside Australia, by pre-paid airmail; 

		
	(d)
	sent by email to the party’s current email address for notices; or

		
	(e)
	sent by such other form of communication as the Participants and the Manager may from time to time agree.

		
	15.3
	Particulars for delivery

	
			
	 
	 
	   page | 66

		
	(a)
	The particulars for delivery of notices are initially:

		
	(i)
	in the case of WLPL:

Delivery address:    1 Sleat Road
APPLECROSS  WA  6153
Postal address:    Locked Bag 3, Canning Bridge
APPLECROSS  WA  6153
Email:             [insert]
Attention:        [insert]
		
	(ii)
	in the case of AWPL:

Delivery address:    [insert]
Postal address:    [insert]
Email:            [insert]
Attention:        [insert]
		
	(iii)
	in the case of the Manager:

Delivery address:    [insert]
Postal address:    [insert]
Email:            [insert]
Attention:        [insert]
		
	(b)
	Each party may change its particulars for delivery of notices by notice to each other party.

		
	15.4
	Communications by post

Subject to clause 15.7, a communication is given if posted:
		
	(a)
	within Australia to an Australian postal address, three (3) Business Days after posting; or

		
	(b)
	outside of Australia to an Australian postal address or within Australia to an address outside of Australia, ten (10) Business Days after posting.

		
	15.5
	Communications by email

		
	(a)
	Subject to clause 15.7, a communication is given if sent by email, upon the earlier of:

		
	(i)
	the time the sender receives an automated message from the intended recipient’s information system confirming delivery of the email;

	
			
	 
	 
	   page | 67

		
	(ii)
	the time that the email is first opened or read by the intended recipient, or an employee or officer of the intended recipient; and

		
	(iii)
	four (4) hours after the time the email is sent (as recorded on the device from which the sender sent the email) unless the sender receives, within that four (4) hour period, an automated message that the email has not been delivered. 

		
	(b)
	Despite anything to the contrary in this agreement, the following communications must not be given by email: 

		
	(i)
	a notice given by the Manager under clause 13.2(a) or any Participant under clause 13.2(c); and

		
	(ii)
	an EOD Notice given under clause 13.7.

		
	15.6
	Process service

Any process or other document relating to litigation, administrative or arbitral proceedings in relation to this agreement may be served by any method contemplated by this clause 15 or in accordance with any applicable law.
		
	15.7
	After hours communications

If a communication is given:
		
	(a)
	after 5.00 pm in the place of receipt; or

		
	(b)
	on a day which is a Saturday, Sunday or bank or public holiday in the place of receipt,

it is taken to have been given at 9.00am on the next day which is not a Saturday, Sunday or bank or public holiday in that place.

		
	16
	GST

		
	16.1
	Construction

In this clause 16:
		
	(a)
	unless there is a contrary indication, words and expressions which are not defined in this agreement but which have a defined meaning in the GST Law have the same meaning as in the GST Law; 

		
	(b)
	references to GST payable and input tax credit entitlements include:

		
	(i)
	notional GST payable by, and notional input tax credit entitlements of the Commonwealth, a State or a Territory (including a government, government body, authority, agency or instrumentality of the Commonwealth, a State or a Territory); and

		
	(ii)
	GST payable by, and the input tax credit entitlements of, the representative member of a GST group of which the entity is a member.

		
	16.2
	Consideration GST exclusive

	
			
	 
	 
	   page | 68

Unless otherwise expressly stated, all consideration, whether monetary or non-monetary, payable or to be provided under or in connection with this agreement is exclusive of GST (GST-Exclusive Consideration).
		
	16.3
	Payment of GST

If GST is or becomes payable on any supply made by:
		
	(a)
	a party; or 

		
	(b)
	an entity that is taken under the GST Law to make the supply by reason of the capacity in which a party acts,

(Supplier) under or in connection with this agreement, the recipient of the supply, or the party providing the consideration for the supply, must pay to the Supplier an amount equal to the GST payable on the supply as calculated in accordance with the GST Law, subject to clause 16.5.
		
	16.4
	Timing of GST payment

The amount referred to in clause 16.3 must be paid in addition to and at the same time and in the same manner (without any set-off or deduction) that the GST-Exclusive Consideration for the supply is payable or to be provided.
		
	16.5
	Tax invoice

The Supplier must deliver a tax invoice or an adjustment note to the recipient of a taxable supply before the Supplier is entitled to payment of an amount under clause 16.3.
		
	16.6
	Adjustment event

If an adjustment event arises in respect of a supply made by a Supplier under or in connection with this agreement, any amount that is payable under clause 16.3 will be calculated or recalculated to reflect the adjustment event and a payment will be made by the recipient to the Supplier or by the Supplier to the recipient as the case requires.
		
	16.7
	Reimbursements

Notwithstanding any other provision in this agreement, where a party is required under or in connection with this agreement to pay for, reimburse or contribute to any expense, loss, liability or outgoing suffered or incurred by another party or indemnify another party in relation to such an expense, loss, liability or outgoing (Reimbursable Expense), the amount required to be paid, reimbursed or contributed by the first party will be reduced by the amount of any input tax credits to which the other party (or the representative member of the GST group of which the other party is a member) is entitled in respect of the Reimbursable Expense.
		
	16.8
	Calculations based on other amounts

If an amount of consideration payable or to be provided under or in connection with this agreement is to be calculated by reference to any price, value, sales, proceeds, revenue or similar amount (Revenue), that reference will be to that Revenue determined by deducting from it an amount equal to the GST payable on the supply for which it is consideration.
		
	16.9
	No merger

	
			
	 
	 
	   page | 69

This clause 16 does not merge on the completion, rescission or other termination of this agreement or on the transfer of any property supplied under this agreement.
		
	16.10
	GST joint venture

The Manager and the Participants will, in good faith, consider taking action to register the Joint Venture as a GST joint venture after the Effective Date.  If the Joint Venture is registered as a GST joint venture then the parties contemplate that the Manager will be responsible for administration of any GST.

		
	17
	Expert determination

		
	17.1
	When appointed

Wherever under this agreement:
		
	(a)
	any matter is expressly to be referred to an Expert; or

		
	(b)
	the parties agree that a point of difference between them will be resolved by an Expert,

then unless specifically provided otherwise, the matter in issue will be referred to an Expert for determination and this clause will apply.  Unless otherwise agreed by the parties to the dispute, any Expert appointed under this agreement must be someone who is independent of the parties to the dispute, does not have an interest or duty which conflicts or may conflict with the functions as the expert and is not an employee, representative of a person that provides consultancy services on a regular basis to any party to the dispute.
		
	17.2
	Appointment

The procedure for the appointment of an Expert will be as follows:
		
	(a)
	the party wishing the appointment to be made will give notice in writing to that effect to the other parties and give details of the matter which it proposes will be resolved by the Expert;

		
	(b)
	within ten (10) Business Days from the date of that notice, the parties will meet in an endeavour to agree upon a single Expert (who will be independent of the parties and will have qualifications and experience appropriate to the matter in dispute) to whom the matter in dispute will be referred for determination; and

		
	(c)
	if within that ten (10) Business Days the parties fail to agree upon the appointment of a single Expert then any party may request the nomination of an Expert by:

		
	(i)
	the President of the Australasian Institute of Mining and Metallurgy to appoint the Expert, if the subject matter of the dispute relates to a technical issue;

		
	(ii)
	the President of the Institute of Chartered Accountants in Australia, if the subject matter of the dispute relates to a financial issue;

		
	(iii)
	the President of the Western Australian Law Society, if the subject matter of the dispute relates to a legal issue; and

	
			
	 
	 
	   page | 70

		
	(iv)
	the National Chairman of the Australian Institute of Company Directors, if the subject matter of the dispute relates to any other issue,

(collectively an Independent Body), which nominee the parties must appoint.
		
	(d)
	If an Independent Body fails to nominate an Expert within ten (10) Business Days of being requested to do so, or otherwise refuses to make such an appointment, then any party may request the nomination of an Expert by the President of the Resolution Institute of Australia, which nominee the parties must appoint.

		
	17.3
	Instructions

The Expert will be instructed to:
		
	(a)
	determine the dispute within the shortest practicable time; and

		
	(b)
	deliver a report stating his opinion with respect to the matters in dispute and setting out the reasons for the decision.

		
	17.4
	Procedure

		
	(a)
	The Expert will determine the procedures for the conduct of the process in order to resolve the dispute and must provide each party with a fair opportunity to make submissions in relation to the matter in issue.

		
	(b)
	Any process or determination of the dispute by the Expert will be made as an expert and not as an arbitrator and the determination of the Expert will be final and binding on the parties without appeal so far as the law allows and except in the case of manifest error or where a party to the matter in issue has not been provided with a fair opportunity to make submissions in relation to the matter in issue.

		
	17.5
	Costs

Each party will bear its own costs of and incidental to any proceedings under this clause 17.  The costs of the Expert will be Joint Venture Costs, except as otherwise may be provided in this agreement.

		
	18
	Dispute resolution

		
	18.1
	Dispute resolution process

Except to the extent otherwise expressly referred to Expert determination in accordance with clause 17 or otherwise expressly prescribed by this agreement in relation to particular types of dispute, the parties must deal with any dispute, controversy, claim or difference (Dispute) arising out of, connected with or relating to this agreement or any breach, termination or claimed invalidity of this agreement in accordance with the dispute resolution process set out in this clause 18.
		
	18.2
	Dispute Notice

		
	(a)
	A party claiming a Dispute (Initiating Party) must give notice (Dispute Notice) to the other party which:

		
	(i)
	identifies the subject matter of the Dispute; and

	
			
	 
	 
	   page | 71

		
	(ii)
	designates a senior representative for the Dispute who will have the authority to settle the Dispute on its behalf.

		
	(b)
	The other party must then promptly designate, by notice to the Initiating Party, its senior representative for the Dispute who will have authority to settle the Dispute on its behalf.

		
	18.3
	Meeting of the parties' designated representatives 

The parties’ designated representatives must meet and use all reasonable endeavours acting in good faith to resolve the Dispute, within five (5) Business Days after the receipt of the Dispute Notice.  
		
	18.4
	Meeting of Senior Executives and Chief Executive Officers

		
	(a)
	If the Dispute is not resolved under clause 18.3, then within ten (10) Business Days of the Dispute Notice, a senior executive of the Ultimate Holding Company of each party to the Dispute (Disputing Parties) must meet and use all reasonable endeavours acting in good faith to resolve the Dispute.  

		
	(b)
	If the Dispute is not resolved under clause 18.4(a), then within 20 Business Days of the date the Dispute Notice has been given, each chief executive officer of the Ultimate Holding Company of each Disputing Party must meet and use all reasonable endeavours acting in good faith to resolve the Dispute.  

		
	18.5
	Court proceedings

A party may commence court proceedings in respect of the Dispute if:
		
	(a)
	the steps under clauses 18.3, 18.4(a) and 18.4(b) have been taken and one or other of the chief executive officers of the Ultimate Holding Companies of the Disputing Parties has stated that they consider that the Dispute will not be resolved within 40 Business Days from the date of the Dispute Notice; or

		
	(b)
	one of the parties has attempted to follow the steps in clauses 18.3, 18.4(a) and 18.4(b) and the other party has not complied with its obligations under those clauses.

		
	18.6
	Urgent interlocutory relief

This clause 18 does not prevent a party from seeking urgent interlocutory relief from a court of competent jurisdiction where, in that party's reasonable opinion, that action is necessary to protect that party's rights.

		
	19
	General

		
	19.1
	Consents and approvals

Except as expressly provided in this agreement, a party may conditionally or unconditionally in its absolute discretion give or withhold any consent or approval under this agreement.
		
	19.2
	Duty

	
			
	 
	 
	   page | 72

		
	(a)
	Except as expressly stated otherwise in this agreement (including as provided in clause 2.15), the Manager, as between the parties, is liable for and must pay all duty (including any fine, interest or penalty except where it arises from default by another party) on or relating to this agreement, any agreement executed under it or any dutiable transaction evidenced or effected by it. 

		
	(b)
	If a party other than the Manager pays any duty (including any fine, interest or penalty) on or relating to this agreement, any document executed under it or any dutiable transaction evidenced or effected by it, the Manager must pay that amount to the paying party on demand.

		
	(c)
	All amounts payable by the Manager under clauses 19.2(a) and 19.2(b) will form part of Joint Venture Costs.

		
	19.3
	Legal costs

		
	(a)
	Except as expressly stated otherwise in this agreement, each party must pay its own legal and other costs and expenses of negotiating, preparing, executing and performing its obligations under this agreement.

		
	(b)
	The legal costs of the Manager in negotiating, preparing, and executing this agreement do not form part of Joint Venture Costs, however the legal costs of the Manager in performing its obligations under this agreement form part of Joint Venture Costs.

		
	19.4
	No liability for consequential losses

Except in the case of Wilful Misconduct or Gross Negligence, no party will be liable to the other parties in any circumstances for any loss of use, loss of revenue, loss of profit, loss of production, business interruption, loss of business opportunity, loss of savings, loss of use of capital or loss of good will, arising out of or in connection with this agreement, whether or not foreseeable at the Effective Date. 
		
	19.5
	Entire agreement

		
	(a)
	This agreement is the entire agreement between the parties about its subject matter and replaces all previous agreements, understandings, representations and warranties about that subject matter.

		
	(b)
	Each party represents and warrants that it has not relied on any representations or warranties about the subject matter of this agreement except as expressly provided in this agreement.

		
	19.6
	Further assurances

Except as expressly provided in this agreement, each party must, at its own expense, do all things reasonably necessary to give full effect to this agreement and the matters contemplated by it.
		
	19.7
	Rights cumulative

Except as expressly stated otherwise in this agreement, the rights of a party under this agreement are cumulative and are in addition to any other rights of that party.
		
	19.8
	Severability

	
			
	 
	 
	   page | 73

Any term of this agreement which is wholly or partially void or unenforceable is severed to the extent that it is void or unenforceable.  The validity or enforceability of the remainder of this agreement is not affected.
		
	19.9
	Survival and merger

		
	(a)
	No term of this agreement merges on completion of any transaction contemplated by this agreement.

		
	(b)
	Clause 11 survives termination or expiry of this agreement together with any other term which by its nature is intended to do so.

		
	19.10
	PPS Act

		
	(a)
	Each party waives the right to receive any notice under the PPS Act (including a notice of verification statement) unless the notice is required under the PPS Act and the obligation to give it cannot be excluded.

		
	(b)
	Unless expressed to the contrary, a reference to a term which is defined in the PPS Act has the meaning it has in the PPS Act.

		
	19.11
	Variation

No variation of this agreement is effective unless made in writing and signed by each party.
		
	19.12
	Waiver

		
	(a)
	No waiver of a right or remedy under this agreement is effective unless it is in writing and signed by the party granting it.  It is only effective in the specific instance and for the specific purpose for which it is granted.

		
	(b)
	A single or partial exercise of a right or remedy under this agreement does not prevent a further exercise of that or of any other right or remedy.

		
	(c)
	Failure to exercise or delay in exercising a right or remedy under this agreement does not operate as a waiver or prevent further exercise of that or any other right or remedy.

		
	19.13
	Governing law

		
	(a)
	This agreement is governed by the laws of Western Australia.

		
	(b)
	Each party irrevocably and unconditionally submits to the exclusive jurisdiction of the courts of Western Australia including, for the avoidance of doubt, the Federal Court of Australia sitting in Western Australia.

		
	19.14
	Counterparts

This agreement may be executed in any number of counterparts and signatures on behalf of a party may be on different counterparts.
		
	19.15
	Ipso Facto Stay

The provisions of this agreement are subject to any Ipso Facto Stay which may operate to prevent the enforcement of rights under this agreement. To the extent that there is any 

	
			
	 
	 
	   page | 74

conflict between the provisions of this agreement and the Ipso Facto Stay, this agreement is to be interpreted subject to the Ipso Facto Stay.
		
	19.16
	Relationship with Shareholders' Deed

Where this agreement and the Shareholders' Deed deal with the same or similar topic differently, this agreement is to prevail.
		
	19.17
	Remote conferencing 

Where this agreement calls for or requires a meeting between the Participants, their Representatives, the Manager or any of the Manager's or Participants' officers, employees, contractors or agents, such meetings may be attended by telephone, video conferencing or any other means of electronic conferencing. 

	
			
	 
	 
	   page | 75

		
	Schedule 1
	Dictionary

		
	1
	Dictionary

In this agreement:
Accepting Participants has the meaning given to that term in clause 12.12(f).
Accounting Procedure means the accounting procedure set out in Schedule 4.
Acquiring Participants has the meaning given to that term in clause 13.7(g).
Additional Production Capacity has the meaning given to that term in clause 6.12(d).
Adviser has the meaning given to that term in clause 6.13.
Affected Party has the meaning given to that term in clause 14(a).
Affiliate means, with respect to any corporation, another corporation which Controls, is Controlled by, or is under common Control with, such corporation.
Albemarle means Albemarle Corporation. 
Alternative Refinery Plant means a plant capable of converting spodumene concentrate produced from the Mine into lithium hydroxide monohydrate consisting of one module with a designed production capacity of approximately 25ktpa, and otherwise having substantially the same specifications as the Initial Refinery Plant.
Alternative Refinery Plant Notice has the meaning given to that term in clause 6.12(a).
Approvals means any licence, consent, approval, permit, registration, accreditation, certification or other authorisation given or issued by any Government Agency or any other person which relate to the Joint Venture Operations, including those specified the Asset Sale and Share Subscription Agreement.
Approved Budget means a Proposed Budget approved by the Management Committee in accordance with clause 7, as amended or updated from time to time in accordance with clause 7.
Approved Closure Plan means the Closure Plan as approved by the Department as at the Effective Date, as amended, updated or supplemented from time to time in accordance with this agreement and in compliance with applicable laws.  
Asset Sale and Share Subscription Agreement means the document entitled ‘Asset Sale and Share Subscription Agreement — Wodgina Lithium Project’ between the Participants, MRL and Albemarle dated [insert date].  
Assigned Tenements means the mining tenements specified in Part 2 of Schedule 2.
Associated Rights means:
		
	(a)
	all Intellectual Property Rights that the Participants or the Manager holds pertaining to the Mining Information including rights subsisting under copyright, design, trade mark, patent or similar legislation, together with rights recognised at common law; and

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 76

		
	(b)
	the benefit of any contracts (whether written or oral) between the Manager and the provider of the Mining Information for production of that information, including any actual or implied warranties as to the accuracy of that information.

ASX Listing Rules means the official listing rules from time to time of the Australian Securities Exchange, as amended, modified or waived from time to time.
Atlas means Atlas Iron Limited (ACN 110 396 168).
Auditor has the meaning given to that term in clause 10.1(a).
Business Day means a day on which banks are open for business excluding Saturdays, Sundays and public holidays in Perth, Western Australia. 
Business Plan means the LOM Business Plan and the Refinery Plant Business Plan.
Called Sum has the meaning given to that term in clause 8.3(b)(iii).
Camp Services Agreement means [the Wodgina Camp Services Agreement] between the Manager and the Camp Services Provider dated on or around the date of this agreement.
Camp Services Provider means Process Minerals International Pty Ltd (ACN 063 988 894).
Capital Costs means all costs of a type which are treated as capital costs in accordance with International Financial Reporting Standards.
Capital Works means capital works and services associated with a future expansion project or other development in respect of the Joint Venture Operations or to further support, sustain, expand, suspend, rehabilitate or abandon Joint Venture Operations, where applicable as approved by the Management Committee.  
Cash Call has the meaning given to that term in clause 8.3(b).
Chairperson has the meaning given to that term in clause 6.6(a).
Change in Control means, in relation to any entity (the first mentioned entity):
		
	(a)
	a change in the entity that Controls the first mentioned entity (other than if the Ultimate Holding Company of the first mentioned entity remains the same following the change);

		
	(b)
	an entity that Controls the first mentioned entity ceases to Control that entity (other than if the Ultimate Holding Company of the first mentioned entity remains the same following the change); or

		
	(c)
	if the first mentioned entity is not Controlled, another entity acquires Control of the first mentioned entity.

Changed Participant has the meaning given to that term in clause 12.12(a).
Chargee has the meaning given to that term in clause 12.7(a).
Chargee’s Priority Deed has the meaning given to that term in clause 12.7(a).
Chargor has the meaning given to that term in clause 12.7(a).

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 77

Circular Resolution has the meaning given to that term in clause 6.15(a).
Closure Plan means the plan for Rehabilitation and Mine Closure.
Competent Person means a person who qualifies as a “Competent Person” for purposes of the JORC Code.
Confidential Information has the meaning given to that term in clause 11.1.
Conflicted Participant has the meaning given to that term in clause 6.8(d).
Continuing Participants has the meaning given to that term in clause 12.5(b).
Contract Liability has the meaning given to that term in clause 5.9(b).
Contracted Concentrate means spodumene concentrate derived from Ore located in the stockpiles on the Tenements or in transit that is the subject of offtake arrangements entered into prior to the Effective Date by WLPL or its agent in accordance with the Asset Sale and Share Subscription Agreement. 
Control has the meaning given to that term in section 50AA of the Corporations Act, and Controlled has a corresponding meaning.
Control Transaction means:
		
	(a)
	in respect of MRL, any transaction or dealing which would result, on completion, in a Change in Control of MRL and includes, for the purposes of this definition, any person or group of persons acting jointly or in concert, acquiring a relevant interest (as defined in the Corporations Act) in 20% or more of MRL’s issued shares; and

		
	(b)
	in respect of Albemarle, any transaction or dealing which would result, on completion, in a Change in Control of Albemarle and includes, for the purposes of this definition, any person or group of persons acting jointly or in concert, acquiring a beneficial interest in 20% or more of Albemarle's issued shares.

Corporations Act means Corporations Act 2001 (Cth).
Crusher means the crusher to be funded, built, owned and, pursuant to the Crushing Services Agreement, operated by the Crushing Services Provider.
Crushing Services Agreement means [the Wodgina Crushing Services Agreement] between the Manager and the Crushing Services Provider dated on or around the date of this agreement.
Crushing Services Provider means Crushing Services International Pty Ltd (ACN 069 303 377). 
Deadlock has the meaning given to that term in clause 6.11(a).
Deed of Cross Security means the Deed of Cross Security in, or substantially in, the form of the deed contained in Attachment C executed contemporaneously with this agreement by the Participants and the Manager, and includes each other similar deed of charge executed by a new Participant in accordance with clause 12.11(b).
Defaulting Participant means a Participant in respect of which an Event of Default has occurred.

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 78

Delivery Point means the place at which Product is delivered to and becomes the property of an individual Participant, being the delivery point determined by the Management Committee from time to time.
Department means the Department of Mines, Industry Regulation and Safety for Western Australia or such other body, department or instrumentality responsible for the administration of the Mining Act from time to time and includes any registrar or warden.
Designated Area has the meaning given to that term in clause 6.12(k)(i).
Development Area means the areas of the Tenements that are, from time to time, the subject of any of the following:
		
	(a)
	feasibility level study work; or

		
	(b)
	Mining Operations.

Dispute has the meaning given to that term in clause 18.1.
Dispute Notice has the meaning given to that term in clause 18.2.
Effective Date means the date of completion under the Asset Sale and Share Subscription Agreement. 
EOD Notice has the meaning given to that term in clause 13.7(a).
Event of Default has the meaning given to that term in clause 13.1.
Excluded Assets means: 
		
	(a)
	the Contracted Concentrate;

		
	(b)
	the Excluded Infrastructure; 

		
	(c)
	the Retained Mineral Rights; 

		
	(d)
	the GAMG Assets; and

		
	(e)
	the WLPL Assets.

Excluded Infrastructure means the plant, equipment, machinery, facilities and other infrastructure owned by a third party that is leased, hired or used in the Joint Venture, including the Crusher.
Expert means a person appointed in accordance with clause 17.2.
Exploration Information means Exploration Results and Exploration Targets (as those terms are defined in the JORC Code) relating to the Tenements.
Exploration Operations means all activities as are necessary or expedient for the purpose of exploring the Joint Venture Area.
Financial Year means the twelve (12) Month period ending 30 June each year, or such other period adopted by the Management Committee from time to time as the Financial Year for the Joint Venture.
Force Majeure means any event or circumstance which: 

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 79

		
	(a)
	is beyond the control of the Affected Party;

		
	(b)
	was not directly or indirectly caused or materially contributed to by the Affected Party; and

		
	(c)
	could not have been reasonably prevented by the Affected Party, 

and includes, subject to the requirements of paragraphs (a) to (c), any of the following: 
		
	(d)
	act of God;

		
	(e)
	law, rule, regulation or order of any government or Government Agency;

		
	(f)
	executive or administrative orders or acts of either general or particular application of any official acting under the authority of any government, or of any official acting under the authority of such government;

		
	(g)
	act of war (declared or undeclared);

		
	(h)
	public disorder;

		
	(i)
	riot, insurrection, rebellion, sabotage or act of terrorists;

		
	(j)
	fire, flood, drought, earthquake, storm, hail, lightning, severe weather conditions or other natural calamity;

		
	(k)
	explosion, breakdown or injury to or expropriation, confiscation or requisitioning of production, manufacturing, selling, transportation or delivery facilities;

		
	(l)
	shortage or unavailability (whether permanent or temporary) of water, electricity, gas, telecommunications or other essential goods or services;

		
	(m)
	inability to access all or any part of the Joint Venture Area because of Native Title Claims or Native Title Rights or otherwise;

		
	(n)
	quarantine or customs restrictions; 

		
	(o)
	the decision of any court or other body of competent jurisdiction; and

		
	(p)
	strike, boycott, lockout or other labour disturbance.

GAAP means the Generally Accepted Accounting Principles adopted by the US Securities and Exchange Commission. 
GAMG means Global Advanced Metals Greenbushes Pty Ltd (ACN 125 585 284).
GAMG Assets means the Tantalum Rights and the Tantalum Assets.
GAMG Mineral Rights Agreement means the document entitled 'Mineral Rights Agreement' originally between GAMW, GAMG and Global Advanced Metals Pty Ltd (ACN 139 987 465), dated 8 September 2016, as subsequently amended and assigned. 
GAMW means Global Advanced Metals Wodgina Pty Ltd (ACN 125 585 239), formerly Talison Wodgina Pty Ltd.
Government Agency means a government or any governmental, semi-governmental, legislative, administrative, fiscal, quasi-judicial or judicial entity, authority, department, 

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 80

commission, authority, tribunal, agency or entity or other body, whether foreign, federal, State, Territorial or local (including any self-regulatory organisation established under statute or any recognised stock exchange).
Gross Negligence means such reckless conduct in breach of a duty of care as demonstrates a conscious or reckless disregard for the harmful, foreseeable, proximate and avoidable consequences which result or may result from that conduct.
GST means a goods and services tax, or a similar value added tax, levied or imposed under the GST Law.
GST Law has the meaning given to it in the A New Tax System (Goods and Services Tax) Act 1999 (Cth).
Holding Company has the meaning given to that term in section 9 of the Corporations Act.
Immediately Available Funds means cash, bank cheque or telegraphic or other electronic means of transfer of cleared funds into a bank account.
Initial Mine Plan and Budget means the LOM Business Plan (including the Approved Budget) for the development of the Wodgina Resource as developed and agreed under the Asset Sale and Share Subscription Agreement and as set out in Attachment A, as amended pursuant to clause 7.5.
Initial Refinery Plant means a plant capable of converting spodumene concentrate produced from the Mine into lithium hydroxide monohydrate, consisting of two modules each designed to be capable of producing approximately 25ktpa of lithium hydroxide monohydrate, and designed to have a total production capacity of at least 50ktpa of lithium hydroxide monohydrate.
Insolvency Event means the happening of any of the following events in relation to a Participant or the Manager (the Insolvent Party):
		
	(a)
	it is, or states that it is, unable to pay all of its debts as and when they become due and payable, or it has failed to comply with a statutory demand as provided in section 459F(1) of the Corporations Act;

		
	(b)
	an application or order is made for the winding up or dissolution, or a resolution is passed or any steps are taken to pass a resolution for the winding up or dissolution, of the Insolvent Party (other than for the purposes of a solvent reconstruction, amalgamation or other like corporate reorganisation), and the application is not dismissed, the order is not set aside or the resolution is not withdrawn (as applicable) within 14 days;

		
	(c)
	an administrator, provisional liquidator, liquidator or person having a similar or analogous function under the laws of any relevant jurisdiction is appointed in respect of the Insolvent Party or any action is taken to appoint any such person and the action is not stayed, withdrawn or dismissed within 14 days;

		
	(d)
	a controller (as defined in the Corporations Act) is appointed in respect of any property of the Insolvent Party;

		
	(e)
	the Insolvent Party is deregistered under the Corporations Act;

		
	(f)
	a distress, attachment or execution is levied or becomes enforceable against any property of the Insolvent Party;

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 81

		
	(g)
	the Insolvent Party enters into, or takes any action to enter into, an arrangement (including a scheme of arrangement or deed of company arrangement), composition or compromise with, or assignment for the benefit of, all or any class of its creditors or members or a moratorium involving any of them; or

		
	(h)
	anything analogous to or of a similar effect to anything described above under the law of any relevant jurisdiction occurs in respect of the Insolvent Party.

Intellectual Property Licence Agreement means [the Hydroxide Intellectual Property Licence Agreement] between the Manager as agent for the Participants and the Licence Provider executed on or around the date of this agreement. 
Intellectual Property Rights means all intellectual property rights of whatever nature throughout the world including all rights conferred under statute, common law or equity, whether existing now or at any time in future, including rights in all copyright, patents, trade marks, business names, trade names, domain names, designs, Confidential Information, trade secrets and know-how.
Interest Rate means, on any day, the interest rate that is the aggregate of:
		
	(a)
	6% per annum; plus

		
	(b)
	the Reserve Bank of Australia’s cash rate, or, if that rate cannot be so determined, the rate (expressed as a percentage yield per annum to maturity) quoted at or about such time by Westpac Banking Corporation as the rate at which it would be prepared to purchase bills of exchange accepted by an Australian trading bank and having a tenor of 90 days and of an amount of $100,000.

International Financial Reporting Standards means, at any time, the International Financial Reporting Standards issued by the International Accounting Standards Board at that time, consistently applied. 
Ipso Facto Stay means any limitation on enforcement of rights or self-executing provisions in a contract, agreement or arrangement pursuant to sections 415D, 415F, 415FA, 434J, 434J, 434L, 434LA, 451E, 451G or 451GA of the Corporations Act.
Iron Ore means iron ore and any by-product that is directly associated with the form of iron ore mineralogy. 
Iron-Ore Rights has the meaning given to that term in the Asset Sale and Share Subscription Agreement.
Joint Venture means the joint venture formed pursuant to clause 2.1.
Joint Venture Area means the area of the Tenements or such other area as is agreed by all Participants.
Joint Venture Assets means all rights, titles, interests, claims, benefits and all other assets and property of whatsoever kind, real or personal, from time to time acquired, created or held for use by or on behalf of the Participants in connection with the Joint Venture and for the conduct of Joint Venture Operations, including:
		
	(a)
	the Tenements;

		
	(b)
	the Pipeline Licences;

		
	(c)
	the Mining Information;

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 82

		
	(d)
	the Project Facilities;

		
	(e)
	the Approvals;

		
	(f)
	the Third Party Agreements (subject to any exclusions identified in this agreement and to the extent that they relate to the Tenements or Pipeline Licences only);

		
	(g)
	the stockpiles (but excluding Contracted Concentrate); 

		
	(h)
	the Associated Rights; 

		
	(i)
	Product, prior to it being taken in kind by a Participant in accordance with clause 2.8 (for the avoidance of doubt, Product to which a Participant is entitled to take in kind in accordance with clause 2.8, contracts with respect to the sale of Product and proceeds from the sale of Product are not Joint Venture Assets); and

		
	(j)
	the Refinery Plant,

but excludes the Excluded Assets. 
Joint Venture Costs means all expenditure and liabilities incurred by or for the Participants in accordance with this agreement and includes:
		
	(a)
	all expenditure expressed to be part of Joint Venture Costs in this agreement; and

		
	(b)
	all expenditure and liabilities incurred by the Manager in accordance with this agreement including those set out in Schedule 4.

Joint Venture Documents means:
		
	(a)
	this agreement;

		
	(b)
	the Tenements;

		
	(c)
	the Shareholders’ Deed;

		
	(d)
	the Deed of Cross Security; and 

		
	(e)
	all other agreements entered into by the Participants from time to time in connection with the Joint Venture (whether or not there are also other parties to such agreements) which the Participants agree will be a Joint Venture Document,

together with all amendments made from time to time to such documents, but does not include:
		
	(f)
	any contract for the sale by a Participant of its share of Product;

		
	(g)
	any agreement whereby a Participant appoints an agent or representative to perform duties and functions in relation to the sale of its share of Product;

		
	(h)
	any agreement entered into by a Participant for separately financing its obligations in connection with the Joint Venture; or

		
	(i)
	any other agreement entered into by the Participants from time to time which:

		
	(j)
	is not in connection with the Joint Venture; or

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 83

		
	(k)
	the Participants agree will not be a Joint Venture Document.

Joint Venture Interest means the following obligations, benefits and rights of a Participant expressed as a percentage determined in accordance with this agreement:
		
	(a)
	the obligation, subject to the terms of this agreement, to contribute that percentage of all Joint Venture Costs;

		
	(b)
	the ownership of and right and benefit as a tenant in common to receive in kind and to dispose of for its own account that percentage of Minerals produced by the Joint Venture; 

		
	(c)
	the rights, duties, obligations and liabilities of the Participants arising from the Joint Venture Documents; and

		
	(d)
	the beneficial ownership as a tenant in common of an undivided share in that percentage of all Joint Venture Assets.

Joint Venture Operations means all activities as are necessary or desirable in order to implement and give full effect to the provisions and purposes of this agreement including Exploration Operations, Mining Operations and, subject to the Management Committee making a Refinery Plant Decision, the Refinery Operations.
Joint Venture Records and Accounts has the meaning given to that term in clause 9.1(a).
JORC Code means The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia, as amended or replaced from time to time.
Licence Provider means [insert].
Life of Mine means, in relation to the Joint Venture Operations, the expected term of Mining Operations and subsequent Rehabilitation and Mine Closure activities.
Lithium means all naturally occurring lithium mineral obtained or obtainable by Joint Venture Operations carried out on or under the surface of the land the subject of the Tenements.
LOM Business Plan means the business plan for the remaining Life of Mine approved by the Management Committee in the previous Financial Year in accordance with clause 7, as amended or updated from time to time in accordance with clause 7 (which incorporates the Approved Budget) or in respect of Joint Venture Operations relating to the period from the Effective Date until 30 June 2020, the Initial Mine Plan and Budget.
Loss means any cost, damages, debt, expense, liability or loss. 
Management Committee means the committee established pursuant to clause 6.
Manager means WLOPL as appointed under clause 4.1 or any successor or permitted assignee as may be appointed from time to time as manager of the Joint Venture in accordance with this agreement.

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 84

Mine means the mine site known as the Wodgina Lithium mine site, located in the Pilbara region of Western Australia, situated on the Tenements and including all associated infrastructure. 
Mine Closure means all or any action or conduct by the Manager for the purpose of suspending or abandoning all, or a severable part of, the Joint Venture Operations or Joint Venture Assets under this agreement whether by way of demolition, removal, destruction, conversion, placement on permanent care and maintenance or other basis, or any similar action or conduct, and all other action or conduct as the Manager considers necessary to comply with the Mine Closure Obligations.
Mine Closure Obligations means the obligations of the holder(s) of the Tenements in relation to Mine Closure during or pertaining to the term of this agreement and which relate to the land the subject of the Tenements under:
		
	(a)
	the Mining Act (including the terms and conditions of the Tenements);

		
	(b)
	authorisations, approvals or licences granted by any Government Agency; and

		
	(c)
	all other applicable statutory and contractual obligations relating to Mine Closure and the requirements of good mining industry practice on and following Mine Closure.

Mine Development means the location, opening and development of mines and all activities necessary, expedient, conducive or incidental thereto including without limitation pre-stripping and the removal and disposal of over-burden and waste.
Mineral Rights Agreement means the MRA (Exploration Licences) and the MRA (Mining Leases).
Minerals means all naturally occurring substances on or under the surface of the land the subject of the Tenements.  
Mining Act means the Mining Act 1978 (WA) or any amendment or statutory replacement of that Act and includes regulations and orders made under that Act.
Mining Information means all technical information including (without limitation) geological, geochemical and geophysical maps and reports, surveys, mosaics, aerial photographs, electromagnetic tapes, electromagnetic or optical disks, sketches, drawings, memoranda, samples, drill core, drill logs, drill pulp, logs of drill cores, assay results, maps and plans relating to the Tenements or to Joint Venture Operations, whether in physical, written or electronic form.
Mining Operations means commercial mining operations and all activities necessary, expedient, conducive or incidental thereto including without limitation:
		
	(a)
	Mine Development; and

		
	(b)
	the weighing, sampling, assaying, mining, extraction, crushing, refining, treatment, transportation, handling, storage, loading and delivery of Minerals.

Mining Tenements means the mining tenements specified in Part 1 of Schedule 2. 
Month means a calendar month or such other period as is agreed by the Participants to comprise a Month.

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 85

MRA (Exploration Licences) means the Sale of Mining Property and Grant of Minerals Rights Agreement (for Exploration Licences) between Atlas and Talison Wodgina Pty Ltd dated 7 May 2008 as amended.
MRA (Mining Leases) means the Sale of Mining Property and Grant of Mineral Rights Agreement (for Mining Leases) between Atlas and Talison Wodgina Pty Ltd dated 1 July 2008 as amended.
MRL means Mineral Resources Limited (ACN 118 549 910).
Native Title Act means the Native Title Act 1993 (Cth).
Native Title Claims means any claim, application or proceeding in respect of either:
		
	(a)
	Native Title Rights which is accepted by the Native Title Tribunal or the Registrar thereof pursuant to the Native Title Act; or 

		
	(b)
	Native Title Interests.

Native Title Interests includes those rights, interests and statutory protections of and relating to aboriginal persons as set out in the Aboriginal Heritage Act 1972 (WA), Aboriginal Affairs Planning Authority Act 1972 (WA) or the Aboriginal and Torres Strait Islander Heritage Protection Act 1984 (Cth).
Native Title Rights includes:
		
	(a)
	“native title” or “native title rights and interests” as defined in section 223(1) of the Native Title Act; and 

		
	(b)
	Native Title Interests.

Non-consenting Participant has the meaning given to that term in clause 6.12(a).
Non-Defaulting Participants has the meaning given to that term in clause 13.2(a).
Notice of Consent has the meaning given to that term in clause 2.4(e).
Notice of Objection has the meaning given to that term in clause 2.4(d).
Notice of Proposed Activity has the meaning given to that term in clause 2.4(b).
Observer has the meaning given to that term in clause 6.13.
Offered Interest has the meaning given to that term in clause 12.12(b).
Operating Costs means all costs, expenses, losses and charges incurred by the Manager for the account of the Participants severally, in accordance with this agreement, in carrying out the Joint Venture Operations (other than Capital Costs).
Option Exercise Period has the meaning given to that term in clause 13.7(c).
Ordinary Resolution means a decision or determination of the Management Committee which satisfies the voting thresholds in clause 6.9.
Ore means ore derived from the Wodgina Resource. 

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 86

Participants means WLPL and AWPL and their respective successors and permitted assigns and (where applicable) legal personal representatives of any person which at any time hereafter becomes a Participant and each of those persons constitutes a Participant for the purposes of this agreement.
PCAOB means the Public Company Accounting Oversight Board of the US. 
Permitted Security Interest means:
		
	(a)
	any lien arising by operation of law:

		
	(i)
	for the unpaid balance of purchase moneys under an instalment contract entered into in the ordinary course of business; or

		
	(ii)
	in the ordinary course of day to day trading and securing obligations not more than 30 days old;

		
	(b)
	any bankers’ lien or right of set-off or combination arising by operation of law or practice over property or moneys deposited with a banker in the ordinary course of ordinary business of the depositor; 

		
	(c)
	any Security Interest arising under an operating lease or finance lease entered into in the ordinary course of business and not arising as a result of any default or omission by any Participant;

		
	(d)
	any retention of title arrangement in connection with the acquisition of goods on arm's length terms in the ordinary course of ordinary business on the suppliers' usual terms of sale;

		
	(e)
	any Security Interest created by statute in favour of Government Agency securing the payment of taxes, except as created because of any failure to duly pay any taxes; and

		
	(f)
	a deemed Security Interest under section 12(3) of the PPS Act that does not secure payment or performance of an obligation.

Personnel means in relation to a party, that party’s directors, officers, employees, agents, consultants, contractors and subcontractors.
Petroleum Pipelines Act means the Petroleum Pipelines Act 1969 (WA);
Pipeline Licences means petroleum pipeline licences PL 55, PL 56 and PL 116 granted under the Petroleum Pipelines Act, and any renewals, conversions, extensions, amalgamations or amendments of, and substitutions for these petroleum pipeline licences.
PPS Act means the Personal Property Securities Act 2009 (Cth).
Processing Plant means [insert description].
Product means Minerals recovered from the Tenements in the form in which it is to be made available to each Participant at the Delivery Point, initially in accordance with the Initial Mine Plan and Budget and the Refinery Plant Development Plan.
Project Facilities means the plant, equipment, machinery, facilities and other infrastructure used for the purposes of conducting the Joint Venture Operations, including those described in the Asset Sale and Share Subscription Agreement. 

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 87

Proposed Activity has the meaning given to that term in clause 2.4(b).
Proposed Budget means a work programme and budget for a given Financial Year, or other relevant period, in relation to the conduct of Joint Venture Operations, proposed in accordance with the corresponding Business Plan.
Proposed Buyer has the meaning given to that term in clause 12.5(a)(i).
Proposed Sale Notice has the meaning given to that term in clause 12.5(a).
Quarter means a period of three Months commencing on the first day of January, April, July and October, as the case may be.
Refinery Operations means the construction and operation of the Refinery Plant.
Refinery Plant means the Initial Refinery Plant as may be expanded by a decision of the Management Committee, including by a Stage 2 Decision. 
Refinery Plant Business Plan means the business plan adopted for the construction, operation and maintenance of the Refinery Plant approved by the Management Committee in the previous Financial Year in accordance with clause 7, as amended or updated from time to time in accordance with clause 7 (which incorporates the Approved Budget).
Refinery Plant Decision means a resolution of the Management Committee to proceed with the construction of a Refinery Plant.
Refinery Plant Development means the development, construction and commissioning of the Refinery Plant and all activities necessary, expedient, conducive or incidental thereto.
Rehabilitation means all undertakings, works and efforts for the rehabilitation, reclamation, revegetation, decontamination and cleaning up of the Tenements.
Rehabilitation Levy means the mining rehabilitation levy under the Mining Rehabilitation Fund Act 2012 (WA).
Rehabilitation Obligations means the obligations of the holder(s) of the Tenements in relation to Rehabilitation required to be undertaken during or pertaining to the term of this agreement (regardless of when the activity giving rise to that Rehabilitation obligation arose) and which relate to the land the subject of the Tenements under:  
		
	(a)
	the Mining Act (including the terms and conditions of the Tenements); and

		
	(b)
	authorisations, approvals or licences granted by any Government Agency; and

all other applicable statutory and contractual obligations relating to the Rehabilitation of the Tenements. 
Related Party Contracts has the meaning given to that term in clause 5.8(a)(i).
Representative means a person for the time being appointed by a Participant as its representative on the Management Committee and includes any alternate of that person appointed under clause 6.2(b).
Resources and Reserves means Mineral Resources, Ore Reserves and Mineral Reserves, as those terms are defined in the JORC Code, located on the Tenements.

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 88

Retained Mineral Rights means the Iron Ore Rights retained by WLPL.
Sale Interest has the meaning given to that term in clause 12.5(a)(ii).
Security Interest means any mortgage, pledge, lien, charge, assignment, hypothecation, security interest, title retention, preferential right or trust arrangement and any other security agreement or arrangement securing obligations or liabilities, whether absolute or contingent and includes a security interest under the PPS Act.
Selling Participant has the meaning given to that term in clause 12.4.
Shareholders’ Deed means the Shareholders' Deed between WLPL and AWPL dated on or around the date of this agreement.
Sole Risk Participant has the meaning given to that term in clause 6.12(a).
Special Resolution means a decision or determination of the Management Committee which satisfies the voting thresholds set out in clause 6.10.
Stage 2 Decision means a decision of the Management Committee to proceed with an expansion of the Initial Refinery Plant up to a designed production capacity of approximately 100ktpa of lithium hydroxide monohydrate.
Stage 2 Refinery Plant means the expansion of the Initial Refinery Plant capable of converting additional spodumene concentrate produced from the Mine into lithium hydroxide monohydrate, consisting of a further two modules each designed to be capable of producing approximately 25ktpa of lithium hydroxide monohydrate, and taking the Initial Refinery Plant with the expansion up to a designed production capacity of approximately 100ktpa of lithium hydroxide monohydrate.
Subsidiary means a body corporate (first body) in which another body corporate holds the entire issued share capital or the first body is a subsidiary of a subsidiary of the other body corporate.
Tantalum means tantalum pentoxide (Ta2O5) and tantalum pentoxide bearing ore.
Tantalum Assets means the assets known as the ‘tantalum circuit’ forming part of the Processing Plant and owned by GAMG. 
Tantalum Rights means the rights to Tantalum retained by GAMG in relation to the Tenements pursuant to the GAMG Mineral Rights Agreement 
Tenement Applications means the mining tenements specified in Part 3 of Schedule 2;
Tenements means:
		
	(a)
	the Mining Tenements; 

		
	(b)
	the Assigned Tenements;  

		
	(c)
	the Tenement Applications;

		
	(d)
	all other permits, licences and leases under the Mining Act (if any) granted to, or applied for by or on behalf of, the Participants for the purposes of the Joint Venture from time to time; and

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 89

		
	(e)
	all renewals, conversions, extensions, amalgamations or amendments of, and substitutions for, the tenements and applications mentioned in paragraphs (a) to (d).

Third Party means a person not a party, or an Affiliate of a party, to this agreement.
Third Party Agreement means each of the contracts for the provisions of goods or services relating to the Joint Venture, including those described in the Asset Sale and Share Subscription Agreement. 
Transfer Approvals means necessary Government Agency consents, approvals or clearances and any consents or approvals required under competition laws and the foreign investment laws of Australia or any relevant foreign jurisdiction that are required to affect a transfer of a Participant's Joint Venture Interest as described in clauses 12.5(j), 12.6(a) and 12.12(f)(ii).
Transferee has the meaning given to that term in clause 12.2.
Transferor has the meaning given to that term in clause 12.2.
Ultimate Holding Company has the meaning given to that term in section 9 of the Corporations Act.
US means the United States of America. 
Valuer means a suitably qualified and experienced person, having at least 10 years' experience in valuing mining assets, to determine the value of:
		
	(a)
	the Offered Interest; or

		
	(b)
	the Joint Venture Interest of the Defaulting Participant,

as applicable. 
Wilful Misconduct means an intentional and conscious disregard of any provision of this agreement, but does not include any error of judgement or mistake made by the person alleged to be culpable or by any director, employee, agent or contractor of that person in the exercise, in good faith, of any function, power, authority or discretion conferred on that person under this agreement or under any law.
WLPL Assets means the New Crusher and the Old Crusher (each as defined in the Asset Sale and Share Subscription Agreement). 
WLPL Ownership Period means the period from 9 September 2016 to the Effective Date.
Wodgina Resource means the lithium resource identified within the area of the Tenements and the subject of MRL’s ASX announcements dated 21 March 2017 and 28 April 2017.

		
	2
	Interpretation

In this agreement headings are for convenience only and do not affect the interpretation of this agreement and the following rules of interpretation apply unless the contrary intention appears:

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 90

		
	(a)
	the singular includes the plural and vice versa;

		
	(b)
	words that are gender neutral or gender specific include each gender;

		
	(c)
	where a word or phrase is given a particular meaning, other parts of speech and grammatical forms of that word or phrase have corresponding meanings;

		
	(d)
	the words 'such as', 'including', 'particularly' and similar expressions are not used as, nor are intended to be, interpreted as words of limitation;

		
	(e)
	a reference to:

		
	(i)
	a person includes a natural person, partnership, joint venture, Government Agency, association, corporation or other body corporate;

		
	(ii)
	a thing (including, but not limited to, a chose in action or other right) includes a part of that thing;

		
	(iii)
	a party includes its successors and permitted assigns;

		
	(iv)
	a document includes all amendments or supplements to that document;

		
	(v)
	a clause, term, party, schedule or attachment is a reference to a clause or term of, or party, schedule or attachment to this agreement;

		
	(vi)
	this agreement includes all schedules and attachments to it;

		
	(vii)
	a law includes a constitutional provision, treaty, decree, convention, statute, regulation, ordinance, by-law, judgment, rule of common law or equity and is a reference to that law as amended, consolidated or replaced;

		
	(viii)
	an agreement other than this agreement includes an undertaking, or legally enforceable arrangement or understanding, whether or not in writing; and

		
	(ix)
	a monetary amount is in Australian dollars;

		
	(f)
	when the day on which something must be done is not a Business Day, that thing must be done on the following Business Day;

		
	(g)
	in determining the time of day, where relevant to this agreement, the relevant time of day is:

		
	(i)
	for the purposes of giving or receiving notices, the time of day where a party receiving a notice is located; or

		
	(ii)
	for any other purpose under this agreement, the time of day in the place where the party required to perform an obligation is located; 

		
	(h)
	A reference to AWPL and WLPL, includes in each case each of their respective successors and permitted assigns and (where applicable) legal personal representatives which at any time hereafter becomes a Participant; and

		
	(i)
	no rule of construction applies to the disadvantage of a party because that party was responsible for the preparation of this agreement or any part of it.

	
			
	 
	 
	   Schedule 1 – Dictionary | page | 91

		
	Schedule 1
	Special Resolutions

Any of the following matters and things may be done, decided or authorised by the Management Committee, but only by Special Resolution:  
		
	(a)
	The disposition or surrender or relinquishment of a Tenement other than as required by the Mining Act or terms and conditions of the Tenement.

		
	(b)
	A sale, lease or exchange of all or substantially all of the Joint Venture Assets or merger or consolidation of any of the Project Facilities or the Joint Venture Operations with any other business or entity.

		
	(c)
	The disposal or sale of any Project Facilities referred to in clause 5.1(b)(xii) or other Joint Venture Assets, the written down book value of which exceeds $500,000.

		
	(d)
	Placing the Joint Venture Operations on “care and maintenance”. 

		
	(e)
	Suspending the Joint Venture Operations for more than 60 days, other than due to Force Majeure.

		
	(f)
	The appointment of the Manager or any successor Manager.

		
	(g)
	Changing the Manager’s remuneration.

		
	(h)
	The selection of a new Auditor.

		
	(i)
	The Manager taking forward cover for, or hedging, foreign currency obligations or pre-paying or taking any other appropriate action to avoid currency losses, in each case in relation to Joint Venture Operations. 

		
	(j)
	Any of the following actions by the Manager:

		
	(i)
	borrowing of money;

		
	(ii)
	entering into any financing arrangement or any commitment with respect to financial derivatives; or

		
	(iii)
	any leasing or finance leasing of assets. 

		
	(k)
	Granting by the Manager of any Security Interest over any or all or substantially all of the Joint Venture Assets other than Permitted Security Interests or as otherwise permitted by this agreement.

		
	(l)
	The initiation, defence, compromise or settlement of any court or arbitration proceedings affecting or relating to the Joint Venture Operations or Joint Venture Assets where the total claim amount is reasonably estimated by the Manager to exceed $250,000 (provided that the Manager may initiate or defend a court or arbitration proceeding affecting or relating to the Joint Venture Operations or Joint Venture Assets if it reasonably decides that it must take immediate action in order to protect the rights of the Participants).

		
	(m)
	The approval of any Closure Plan prior to submission to any Government Agency.

		
	(n)
	The ratification of expenditure outside of the authority of the Manager.  

	
			
	 
	 
	Schedule 393

		
	(o)
	Any other matter which the Management Committee may from time to time, by Special Resolution, resolve shall only be done or authorised by such a vote and any other matter which is expressed under this agreement to require a Special Resolution. 

	
			
	 
	 
	Schedule 394

Execution page

Executed as an agreement.

	
			
	Signed by Wodgina Lithium Pty Ltd in accordance with section 127 of the Corporations Act 2001 (Cth) by:
	 
	 

	Signature of director
	 
	Signature of director/secretary

	Name of director (print)
	 
	Name of director/secretary (print)

	
			
	Signed by Albemarle Wodgina Pty Ltd in accordance with section 127 of the Corporations Act 2001 (Cth) by:
	 
	 

	Signature of director
	 
	Signature of director/secretary

	Name of director (print)
	 
	Name of director/secretary (print)

	
			
	Signed by Wodgina Lithium Operations Pty Ltd in accordance with section 127 of the Corporations Act 2001 (Cth) by:
	 
	 

	Signature of director
	 
	Signature of director/secretary

	Name of director (print)
	 
	Name of director/secretary (print)

	
			
	 
	 
	   Execution | page | 97

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