Document:

Exhibit 10.5

 

Execution Copy

 

AMENDMENT
AND NOVATION AGREEMENT

 

THIS AMENDMENT AND NOVATION AGREEMENT (this
 “Agreement”) is entered into as of March 23, 2012 by and among High Power Exploration Inc., a company
organized under the laws of the state of Delaware (formerly known as GoviEx IP Holdings Inc. and the assignee of a patent license
from Govi High Power Exploration Inc.) (“HPX Delaware”), GEO27 S.ar.l., a company organized under
the laws of Luxembourg (“GEO27”) and HPX TechCo Inc., a company organized under the laws of the
British Virgin Islands (formerly known as GoviEx TechCo Inc.) (“HPX TechCo”), (each, a
 “Party,” and collectively, the “Parties”).

 

WHEREAS,
HPX TechCo and HPX Delaware are parties to a Patent License Agreement entered into as of July 18, 2008 (the “Patent License
Agreement”) with respect to certain patent rights and Intellectual Property Rights worldwide, except for the European Union
(the “Non-EU Worldwide IP Rights”);

 

WHEREAS,
HPX TechCo wishes to enter into a novation with GEO27 to assign its rights, duties and obligations under the Patent License Agreement
with respect to the Non-EU Worldwide IP Rights, but excluding the United States rights (the “Non-EU/US Worldwide IP Rights”)
to GEO27 and GEO27 wishes to accept such rights, duties and obligations;

 

WHEREAS,
HPX Delaware wishes to consent to the novation of HPX TechCo’s rights, duties and obligations under the Patent License Agreement
with respect to the Non-EU/US Worldwide IP Rights”;

 

WHEREAS,
HPX Delaware and HPX TechCo wish to amend (for the avoidance of doubt, immediately prior to the foregoing novation of the Non-EU/US Worldwide
IP Rights to GEO27) the Patent License Agreement to delete the United States from the Territory in consideration for the termination of
any future License Fees thereunder.

 

WHEREAS,
HPX TechCo and Ibex Resources Inc. (formerly known as GoviEx Gold Inc.) (“Ibex”) are parties to a License and
Lease Agreement made effective as of November 18, 2008 and signed the 22nd day of January 2010, pursuant to which HPX TechCo granted certain
licenses and other rights to Ibex (the “License and Lease Agreement”); and

 

WHEREAS,
the Parties hereto acknowledge that the rights granted and assigned to GEO27 pursuant hereto are subject to Ibex’s rights under
the License and Lease Agreement.

 

NOW, THEREFORE,
for and in consideration of the above and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged
by the undersigned, the Parties agree as follows:

 

		1.	Amendment to Patent License Agreement.

 

1.1        
In consideration for the termination of any future License Fees under the Patent License Agreement, HPX Delaware and HPX TechCo
hereby agree that Schedule I of the Patent License Agreement is amended by inserting the words “and the United States of America
and its territories and possessions including the Commonwealth of Puerto Rico” after the words “Territory: Worldwide, except
for the European Union”.

 

1.2         In
further consideration for the termination of any future License Fees under the Patent License Agreement, HPX Delaware and HPX TechCo
hereby agree that Sections 1.6 (definition of “Discovery”), 1.7 (definition of “Discovery Interest”),
Section 1.16 (definition of “License Fee”), Section 1.23 (definition of “NSR”) and Section 3
(“License Fee”) of the Patent License Agreement are deleted.

 

     

     

    

 

1.3        
In further consideration for the termination of any future License Fees under the Patent License Agreement, HPX Delaware and HPX
TechCo hereby agree that Section 2.1 (“License”) of the Patent License Agreement is hereby amended by deleting “in consideration
for the payment of the License Fee, a” in the first sentence thereof, and inserting “a royalty-free,” in lieu thereof.

 

1.4        
In further consideration for the termination of any future License Fees under the Patent License Agreement, HPX Delaware and HPX
TechCo hereby agree that Section 4.6 (“Limitation on GoviEx Holdco Liability”) of the Patent License Agreement is hereby amended
by deleting the first two sentences thereof, and inserting the following in lieu thereof: “Notwithstanding anything to the contrary
set forth in this Agreement, in no event shall GoviEx Holdco’s obligations to GoviEx Tech, whether for indemnity, damages, or otherwise
in any respect, exceed one hundred thousand dollars ($100,000).”

 

1.5       
HPX Delaware and HPX TechCo hereby agree that Sections 1.10 (definition of “GoviEx Holdco Improvements”) and 1.11 (definition
of “GoviEx Tech Improvements”) of the Patent License Agreement are hereby amended by deleting the words “, as well as
any related technologies and inventions in the Licensed Field” from the end thereof.

 

1.6       
HPX Delaware and HPX TechCo hereby agree that Section 1.12 (definition of “Improvements”) of the Patent License Agreement
is hereby amended by deleting the words “, as well as any related technologies and inventions, whether or not in the Licensed Field”
from the end thereof.

 

1.7      
HPX Delaware and HPX TechCo hereby agree that the second paragraph of Schedule I of the Patent License Agreement, beginning “All
other patents and patent applications...”, is hereby deleted in its entirety and replaced with the following in lieu thereof:

 

“All other patents and patent
applications with respect to the Licensed Field, including, for the avoidance of doubt, with respect to the Zeus and Typhoon Transmitters,
issued or licensed to HPX Delaware, or applied for by, or on behalf of, HPX Delaware as of the date hereof. This Schedule I may
be amended from time to time by mutual agreement by notation of the Parties without the need for a formal amendment to this Agreement
to further specify such patents and patent applications.”

 

		2.	Novation and Assignment.

 

2.1        
Immediately after the amendment of the Patent License Agreement pursuant to Section 1.1, HPX TechCo hereby assigns all of
its rights, duties and obligations (without prejudice to its duties and obligations thereunder immediately prior to such assignment) under
the Patent License Agreement to GEO27 and GEO27 hereby accepts such rights, duties and obligations. For the avoidance of doubt, the foregoing
assignment is subject to Ibex’s rights under the License and Lease Agreement.

 

2.2        
In consideration of the foregoing assignment, HPX Delaware’s consent thereto, and the termination of any future License
Fees, GEO27 agrees to pay and shall pay HPX Delaware, within sixty (60) days of the final determination thereof, a sum equal to the fair
market value of the Non-EU/US Worldwide IP Rights, based on a valuation determined by an independent appraiser agreed to
by and among the Parties, to be selected from the following: (i) PricewaterhouseCoopers LLP; (ii) Ernst & Young LLP; (iii) Deloitte
LLP; (iv) KPMG LLP; (v) Duff & Phelps, LLC; (vi) FTI Consulting, Inc.; or (vii) Houlihan Lokey, Inc.

 

    2

     

    

 

2.3        
HPX Delaware hereby agrees to, and consents to, the foregoing novation and assignment of the Patent License Agreement to GEO27,
and each of HPX Delaware and GEO27 agree that such assignment shall constitute a novation.

 

		3.	Intellectual Property Rights.

 

3.1        
Section 1.13 (definition of Intellectual Property Rights) is hereby deleted in its entirety and replaced with the following in
lieu thereof:

 

1.13. “Intellectual
Property Rights” means (a) all rights under all copyright laws of the United States and all other countries for the full
terms thereof (of all rights accruing by virtue of copyright treaties and conventions), including but not limited to all renewals,
extensions, reversions or restorations of copyrights now or hereafter provided by law and all rights to make applications for and
obtain copyright registrations therefor and recordations thereof, and including without limitation all copyright rights in all
software, documentation, user and application interfaces including without limitation the look and feel and the structure, sequence
and organization thereof; (b) all rights to and under new and useful inventions, discoveries, designs, technology and art and all
other patentable subject matter, including, but not limited to, all improvements thereof and all know-how related thereto, and all
applications for and the right to make applications for Letters Patent in the United States and all other countries, all Letters
Patents that issue therefrom and all reissues, extensions, renewals, divisions and continuations (including continuations-in-part)
thereof, for the full term thereof; (c) all trademarks, service marks and Internet domain names and the like and the goodwill
associated therewith throughout the world; (d) all trade secrets, confidential business information, evaluations and reports; (e)
all know-how under the laws of any jurisdiction and all know-how not otherwise included in the foregoing; and (f) all other
intellectual and industrial property and proprietary rights throughout the world not otherwise included in the foregoing, including
without limitation all techniques, methodologies and concepts and trade dress.

 

		4.	General Provisions.

 

4.1        
Each Party to this Agreement shall at all times hereinafter and at their own cost and expense make, do and execute or cause to
be made, done or executed all such acts, instruments, assurances and writings whatsoever as may be reasonable to perform or give effect
to this Agreement.

 

4.2        
Unless defined herein, all terms with initial capitalization shall have the meanings set forth in the Patent License Agreement.

 

4.3        
Except as expressly amended by this Agreement, the terms and conditions of the Patent License Agreement shall remain in full force
and effect. In the event of any inconsistency between the provisions of the Patent License Agreement and this Agreement, the provisions
of this Agreement shall prevail with respect to the specific matter referenced herein.

 

4.4        
This Agreement shall be construed under and governed by the substantive laws of the State of New York, U.S.A., without giving effect
to its rules pertaining to conflicts of laws, except for those giving effect to this choice of law.

 

4.5        
This Agreement may be signed in multiple counterparts, each of which will be considered an original, and all of which will be considered
one and the same document. This Agreement may be executed by facsimile signature (including “pdf” by email).

 

[signature page follows]

 

    3

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly
authorized representatives as of the date first above written.

 

 

		HPX TECHCO INC.
	 	 
	 	By:	/s/ Mark Gibson
	 	Name: 	mark
                                        gibson
	 	Title: 	DIRECTOR
	 	 
	 	HIGH POWER EXPLORATION INC.
	 	 
	 	By:	/s/ Mark Gibson
	 	Name:	mark
                                        gibson
	 	Title:	chief
                                        executive  officer

 

     5

     

    

 

	 	 

 

    6Exhibit 10.6

 

ASSIGNMENT AND NOVATION AGREEMENT

 

This Assignment and Novation
Agreement, is entered into as of April 30, 2021 (this "Agreement") by and among HIGH POWER EXPLORATION INC.,
a corporation organized under the laws of the State of Delaware ("HPX Delaware"), IVANHOE ELECTRIC INC.,
a corporation organized under the laws of the State of Delaware ("Ivanhoe Electric"), GEO27 S.A.R.L., a corporation
organized under the laws of Luxembourg ("GEO27"), HPX TECHCO INC., a corporation organized under the laws of the
British Virgin Islands ("HPX TechCo"), and I-PULSE INC., a corporation organized under the laws of the State of
Delaware ("I-Pulse") (each, a "Party", and collectively, the "Parties").

 

RECITALS:

 

WHEREAS, HPX Delaware
and I-Pulse are parties to a Technology License Agreement entered into as of March 23, 2012 (the “I-Pulse License Agreement”,
and attached hereto as Schedule A) with respect to certain patent rights and intellectual property rights for the term and in the
territory and the licensed field as contemplated thereunder;

 

WHEREAS, HPX Delaware
and HPX TechCo are parties to a Patent License Agreement entered into as of July 18, 2008 (the “2008 License Agreement”)
with respect to certain patent rights and intellectual property rights for the term and in the territory and the licensed field as contemplated
thereunder, as amended by an Amendment and Novation Agreement entered into as of March 23, 2012 among HPX Delaware, GEO27 and HPX
TechCo (the “Amendment and Novation Agreement”, and together with the 2008 License Agreement, the “Amended
and Novated 2008 License Agreement”, and attached hereto as Schedule B), whereby HPX TechCo assigned its rights, duties
and obligations under the 2008 License Agreement to GEO27 (the “Amended and Novated 2008 License Agreement IP Rights”);

 

WHEREAS, pursuant to
the Amended and Novated 2008 License Agreement, HPX Delaware, as a licensor thereunder, grants to GEO27 a license in respect of the Amended
and Novated 2008 License Agreement IP Rights, which HPX Delaware has obtained as a licensee from I-Pulse pursuant to the I-Pulse License
Agreement;

 

WHEREAS, HPX Delaware
and GEO27 are parties to a Technology License Agreement entered into as of March 23, 2012 (the “GEO27 License Agreement”,
and attached hereto as Schedule C) with respect to certain patent rights and intellectual property rights for the term and in the
territory and the licensed field as contemplated thereunder (the “GEO27 License Agreement IP Rights”);

 

WHEREAS, pursuant to
the GEO27 License Agreement, HPX Delaware, as a licensor thereunder, grants to GEO27 a license in respect of the GEO27 License Agreement
IP Rights, which HPX Delaware has obtained as a licensee from I-Pulse pursuant to the I-Pulse License Agreement;

 

     

     

    

 

WHEREAS, HPX Delaware
wishes to enter into a novation with Ivanhoe Electric to assign its rights, duties and obligations under the Amended and Novated 2008
License Agreement, the I-Pulse License Agreement and the GEO27 License Agreement and Ivanhoe Electric wishes to accept such rights, duties
and obligations;

 

WHEREAS, HPX TechCo wishes
to consent to the novation of HPX Delaware’s rights, duties and obligations under the Amended and Novated 2008 License Agreement;

 

WHEREAS, I-Pulse
wishes to consent to the novation of HPX Delaware’s rights, duties and obligations under the I-Pulse License Agreement;

 

WHEREAS, GEO27 wishes
to consent to the novation of HPX Delaware’s rights, duties and obligations under the Amended and Novated 2008 License Agreement
and the GEO27 License Agreement;

 

WHEREAS, the Parties
wish to enter into and consent to each assignment and novation contemplated by this Agreement, whereby this Agreement and the transactions
contemplated hereby are a part of the consideration for the transfer of certain assets and the contribution of certain securities in exchange
for the issuance of shares of common stock of Ivanhoe Electric pursuant to a contribution agreement between Ivanhoe Electric and HPX Delaware
dated as of the date hereof;

 

NOW, THEREFORE, in consideration
of the covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, hereby agree as follows:

 

ARTICLE I

 

ASSIGNMENT AND NOVATION OF THE I-PULSE LICENSE
AGREEMENT

 

SECTION 1.01. Assignment and Novation.
HPX Delaware hereby assigns all of its rights, duties and obligations (without prejudice to its duties and obligations thereunder immediately
prior to such assignment) under the I-Pulse License Agreement to Ivanhoe Electric and Ivanhoe Electric hereby accepts such rights, duties
and obligations.

 

SECTION 1.02. Consent. I-Pulse hereby
agrees to, and consents to, the foregoing novation and assignment of the I-Pulse License Agreement to Ivanhoe Electric, and each of HPX
Delaware, I-Pulse and Ivanhoe Electric agree that such assignment shall constitute a novation.

 

ARTICLE II

 

ASSIGNMENT AND NOVATION OF THE AMENDED AND
NOVATED 2008 LICENSE AGREEMENT

 

SECTION 2.01. Assignment and Novation.
HPX Delaware hereby assigns all of its rights, duties and obligations (without prejudice to its duties and obligations thereunder immediately
prior to such assignment) under the Amended and Novated 2008 License Agreement to Ivanhoe Electric and Ivanhoe Electric hereby accepts
such rights, duties and obligations.

 

     

     

    

 

SECTION 2.02. Consent. GEO27 hereby
agrees to, and consents to, the foregoing novation and assignment of the Amended and Novated 2008 License Agreement to Ivanhoe Electric,
and each of HPX Delaware, GEO27 and Ivanhoe Electric agree that such assignment shall constitute a novation.

 

SECTION 2.03. I-Pulse Acknowledgement.
For the avoidance of doubt, I-Pulse hereby acknowledges HPX Delaware’s right to consent to the foregoing novation and assignment
of GEO27’s rights, duties and obligations under the Amended and Novated 2008 License Agreement to Ivanhoe Electric and further agrees
that such assignment shall constitute a novation.

 

SECTION 2.04. HPX TechCo Acknowledgement.
For the avoidance of doubt, HPX TechCo hereby acknowledges GEO27’s right to consent to the foregoing novation and assignment of
GEO27’s rights, duties and obligations under the Amended and Novated 2008 License Agreement to Ivanhoe Electric and further agrees
that such assignment shall constitute a novation.

 

ARTICLE III

 

ASSIGNMENT AND NOVATION OF THE GEO27 LICENSE
AGREEMENT

 

SECTION 3.01. Assignment and Novation.
HPX Delaware hereby assigns all of its rights, duties and obligations (without prejudice to its duties and obligations thereunder immediately
prior to such assignment) under the GEO27 License Agreement to Ivanhoe Electric and Ivanhoe Electric hereby accepts such rights, duties
and obligations.

 

SECTION 3.02. Consent. GEO27 hereby
agrees to, and consents to, the foregoing novation and assignment of the GEO27 License Agreement to Ivanhoe Electric, and each of HPX
Delaware, GEO27 and Ivanhoe Electric agree that such assignment shall constitute a novation.

 

SECTION 3.03. I-Pulse Acknowledgement.
For the avoidance of doubt, I-Pulse hereby acknowledges HPX Delaware’s right to consent to the foregoing novation and assignment
of HPX Delaware’s rights, duties and obligations under the GEO27 License Agreement to Ivanhoe Electric and further agrees that such
assignment shall constitute a novation.

 

ARTICLE IV

 

GENERAL PROVISIONS

 

SECTION 4.01. Further Assurances. Each
party hereto shall execute, deliver, file and record, or cause to be executed, delivered, filed and recorded, such further agreements,
instruments and other documents, and take, or cause to be taken, such further actions, as the other party hereto may reasonably request
as being necessary or advisable to effect or evidence the transactions contemplated by this Agreement.

 

     

     

    

 

SECTION 4.02. Terms and Conditions.
Except as expressly amended by this Agreement, the terms and conditions of the Amended and Novated 2008 License Agreement, the I-Pulse
License Agreement and the GEO27 License Agreement shall remain in full force and effect. In the event of any inconsistency between the
provisions of the Amended and Novated 2008 License Agreement, the I-Pulse License Agreement and the GEO27 License Agreement and this Agreement,
the provisions of this Agreement shall prevail with respect to the specific matter referenced herein.

 

SECTION 4.03. Successors and Assigns.
The provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and assigns.

 

SECTION 4.04. Severability. Any provision
of this Agreement which is prohibited or unenforceable in any jurisdiction will not invalidate the remaining provisions hereof and any
such prohibitions or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.

 

SECTION 4.05. Governing Law. This Agreement
shall be governed by and construed in accordance with the domestic laws of the State of Delaware, without giving effect to any choice
of law or conflict of law provisions or rule that would cause the application of the laws of any jurisdiction other than the State
of Delaware.

 

SECTION 4.06. Entire Agreement; Counterparts.
This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes any
prior agreements or understandings, whether written or oral, that may have been made or entered into by the parties hereto with respect
to the subject matter hereof. This Agreement may be executed in counterparts, each of which will be deemed to be an original and will
together constitute one and the same instrument.

 

[Remainder of page intentionally left blank.

Next page is the signature page.]

 

     

     

    

 

IN WITNESS WHEREOF, the Parties have caused the
execution and delivery of this Agreement as of the date first written above.

 

	 	HIGH
    POWER EXPLORATION INC.
	 	 
	 	By:	/s/ Eric Finlayson
	 	 	Name:	Eric Finlayson
	 	 	Title:	President

 

	 	IVANHOE
    ELECTRIC INC.
	 	 
	 	By:	/s/ Eric Finlayson
	 	 	Name:	Eric Finlayson
	 	 	Title:	President

 

	 	GEO27
    S.A.R.L.
	 	 
	 	By:	/s/
    Dominique Plizenat
	 	 	Name:	Dominique Plizenat
	 	 	Title:	Manager
    Class A

 

	 	HPX
    TECHCO INC.
	 	 
	 	By:	/s/ Eric Finlayson
	 	 	Name:	Eric Finlayson
	 	 	Title:	President

 

	 	I-PULSE
    INC.
	 	 
	 	By:	/s/
    Laurent Frescaline
	 	 	Name:	Laurent Frescaline
	 	 	Title:	CEO

 

[Signature Page to Assignment and Novation Agreement]

 

     

     

    

 

Schedule A

I-Pulse License
Agreement

 

Please see attached.

 

    A - 1 

     

    

 

Schedule B

Amended and Novated
2008 License Agreement

 

Please see attached.

 

    B - 1 

     

    

 

Schedule C

GEO27 License
Agreement

 

Please see attached.

 

    C - 1

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