Document:

Contract for Professional and Technical Services

 Exhibit 10.2 

CONTRACT FOR PROFESSIONAL AND TECHNICAL SERVICES 

BETWEEN 

GEOVIC CAMEROON PLC 

AND 

GEOVIC, LTD. 
 This
Contract for Professional and Technical Services, and amendments thereto, together with the Schedules hereto (the “Services Contract”) is made effective as of January 1, 2010 (the “Effective Date”), by and between
Geovic Cameroon PLC, a company under Cameroonian Law, (hereinafter referred to as “Geovic Cameroon”) having a head office located at Bastos – Yaoundé, P.O. Box 11555, Cameroon; and Geovic Ltd., a body incorporated under the
laws of the Cayman Islands which holds a 60 percent equity ownership of Geovic Cameroon and which is a wholly-owned operating subsidiary of Geovic Mining Corporation, (hereinafter together referred to as “Geovic”) having a head office
located at 1200 Seventeenth Street, Suite 980, Denver, Colorado, 80202, USA (each a “Party” and collectively, the “Parties”). 

PREAMBLE 

WHEREAS, Geovic Cameroon, the exclusive holder of the mining rights and titles resulting from the Mining Convention of the 31
st of July 2002 and Mining Permit N° 33 of
11 April 2003, intends to procure as necessary professional and technical services from Geovic (the “Services”); 

WHEREAS, Geovic Cameroon is in need of Services to advance its Nkamouna and Mada cobalt-nickel-manganese projects and related projects within the
Mining Permit area (collectively the “Project”) in southeastern Cameroon; 
 WHEREAS, Geovic is duly qualified and willing to
perform the Services set forth in this Services Contract to Geovic Cameroon in support of the development and administration of certain aspects of Geovic Cameroon’s Project in southeastern Cameroon; 

WHEREAS, in order to provide these Services in a proficient and cost-effective manner, Geovic will capitalize on its unique strength in
management, planning and developing the operating competencies of mining companies and mining projects; Geovic has developed these strengths through the extensive experience of its management and staff with many mining companies, public and private,
and a multitude of resource-related projects located around the world; and 
 MINDFUL of the fact that the Services to be performed by
Geovic under this Services Contract are based on each Geovic Cameroon annual work program and budget approved and adopted by the Geovic Cameroon Board of Directors (the “Geovic Cameroon Annual Budget”), beginning with the Geovic Cameroon
Annual Budget for the year commencing January 2010, and continuing for each year thereafter until this Services Agreement is terminated in the manner described herein; and the Geovic Cameroon Annual Budget for each year thereafter, when
approved and adopted by the Geovic Cameroon Board of Directors, shall establish the basis for updating Schedule A, Scope of Services, and Schedule B, Financial Terms, to the Services Contract replacing Schedules A and B for the prior year;

  

 Contract for Professional and Technical Services – Page 1 of 6 

 NOW THEREFORE WITNESSES that in consideration of the mutual covenants and agreements contained
herein, the Parties agree that this Services Contract shall be implemented in accordance with the following terms and conditions: 
 1.
SERVICES TO BE PERFORMED 
 Geovic agrees to perform Services in accordance with the needs and requirements of the Project development cycle
as may be requested by Geovic Cameroon. Based on the Geovic Cameroon Annual Budget most recently adopted and approved by the Geovic Cameroon Board of Directors, Geovic agrees to perform the Services requested by Geovic Cameroon as described and
attached hereto as Schedule A; and the Parties acknowledge and agree that Schedule A may be revised annually upon the mutual written agreement of the Parties, consistent with the Geovic Cameroon Annual Budget then in effect. 

The general Services to be performed by Geovic and the anticipated quarterly deliverables to be accomplished and/or presented are described on Schedule
A. A quarterly report concerning the Services performed under the Services Contract shall be provided to the Geovic Cameroon General Manager by or before the last day of the month following the end of the quarter. The Parties recognize that the
quarterly deliverables defined on Schedule A represent the best available information at the time the Geovic Cameroon Annual Budget was approved. The Parties further recognize that the specific actions and/or schedule and/or budget may change during
the term of the Services Agreement. Geovic will use the quarterly reports to advise Geovic Cameroon of any deviations or modifications to the deliverable actions and/or schedule and/or budget. Geovic will not exceed the authorized budget amount
without prior authorization by Geovic Cameroon. 
 2. GEOVIC TEAM 

Key members of the Geovic Team are identified on Schedule C (the “Geovic Team”) along with a brief summary of their relevant qualifications and
experience. Geovic will give Geovic Cameroon at least 30 days prior written notice of any changes to the Geovic Team on Schedule C. The Geovic Team will be supported by a qualified group of technical and administrative personnel. Technical and
administrative staff may be Geovic employees or independent service providers. All Services provided under this Services Contract will be accomplished by properly qualified personnel and supervised by Geovic. 

 

 Contract for Professional and Technical Services – Page 2 of 6 

 3. REMUNERATION 

The remuneration for the performance of Services by Geovic during the term of this Services Contract shall be based on the total man-hours involved for
carrying out the said Services. The man-hours, utilization, hourly charge rates, and total budget estimate for the Geovic Team are detailed and attached hereto as Schedule B. Schedule B may, and is intended to be modified from time to time to
reflect changes in rates of compensation, difficulty of services, changing nature of services required and provided, and other factors. The Parties shall mutually agree to all material changes in Schedules B and shall negotiate changes in good
faith; until so changed, the charge rates shown of Schedule B shall continue to apply, notwithstanding that a Geovic Cameroon Annual Budget for a succeeding year may have been adopted. 

4. OUTSIDE CONTRACTORS AND OTHER PROJECT COSTS 

All agreements with, and obligations to, outside contractors and consultants relating to the Project within the scope of this Services Contract shall be
signed by Geovic Cameroon and all related costs shall be paid directly by Geovic Cameroon. 
 Geovic shall be reimbursed by Geovic Cameroon for
its cost and expenses. Geovic will report to Geovic Cameroon on work programs, budgets and delivery schedule of outside contractors and consultants in its quarterly report to Geovic Cameroon. 

5. TERMS AND CONDITIONS OF PAYMENT 
 The
financial terms of this Services Contract are presented on Schedule B. The remuneration for performance of Services by Geovic under this Services Contract has been negotiated for 2010 on reasonable commercial terms for a total budgeted amount
of $1,500,000 (one million, five hundred thousand) in consideration of arm’s length principles and the OHADA Uniform Acts, as well as in accordance with Article 3 and Article 7, Section 7.3 of the Geovic Cameroon Shareholders Agreement.
Each future revision to Schedule B will likewise be so negotiated. 
 Normal costs and expenses (notably transportation, lodging,
telecommunications, meals, and incidentals) incurred by the Geovic Team in respect of this Services Contract shall be paid directly by Geovic Cameroon or reimbursed on an actual cost reimbursable basis. 

Geovic shall invoice Geovic Cameroon quarterly for Services performed and reimbursable expenses or other costs incurred subject to the terms outlined
above in this Services Contract. Any payment not received within thirty (30) days of the date of the invoice will be subject to late payment fees of one percent (1%) per month delinquent. Such late payment fees will not be accounted
against Geovic’s authorized budget under this Services Agreement. 
 All payments made by Geovic Cameroon pursuant to this Services
Contract shall be paid by Geovic Cameroon in U.S. Dollars unless otherwise agreed to by the Parties. 
  

 Contract for Professional and Technical Services – Page 3 of 6 

 6. RESPONSIBILITY OF GEOVIC 

Geovic shall perform its duties under this Services Contract in compliance with the laws and regulations of the Republic of Cameroon, the Mining
Convention, and the Mining Permit in a prudent manner and with a comparable degree of care and skill as would be expected of a reputable third party service provider. 

7. LIMITATION OF LIABILITY 
 In provision
of the Services hereunder and subject to the application of the rules of agency, neither Geovic nor any of its affiliates nor any employees or agents of any of them shall be liable for any act or omission resulting in loss or damage to Geovic
Cameroon, or any of its respective affiliates, except to the extent that such loss or damage is caused by the gross negligence or willful misconduct of Geovic, nor any of its affiliates nor any employees or agents of any of them in the course of
their employment or agency. Notwithstanding the foregoing, neither Geovic, nor any of its affiliates, nor any employees or agents of any of them shall be liable for any indirect, consequential or punitive damages, including without limitation,
damages for lost profits or lost business opportunities. 
 8. OWNERSHIP OF DOCUMENTS AND INTELLECTUAL PROPERTY RIGHTS 

Geovic Cameroon is the owner of all rights, titles, and interests in all of the intellectual property rights, including copyrights, patents, trade
secrets, trademarks, and service marks in the Services, Works and Documents created under this Services Contract. 
 Services and Works means
all inventions, improvements, discoveries (whether or not patentable), databases, computer programs, reports, notes, studies, photographs, negatives, designs, drawings, specifications, materials, tapes, and disks conceived, reduced to practice,
created or originated by Geovic, its employees, agents, consultants, subcontractors, and offshore contractors, either individually or jointly with others in the performance of this Services Contract. 

Services and Works include “Documents.” Documents are the originals of any databases, computer programs, reports, notes, studies, photographs,
negatives, designs, drawings, specifications, materials, tapes, disks, or other materials, whether in tangible or electronic forms, prepared by Geovic, its employees, agents, consultants, or subcontractors and offshore contractors, in the
performance of this Services Contract. The Documents will be the exclusive property of Geovic Cameroon and all such Documents must be immediately returned to Geovic Cameroon by Geovic upon completion or cancellation of this Services Contract.
Notwithstanding other provisions of this Section 8, Geovic shall be entitled to retain copies of Documents and to make reasonable use of them provided such use is not inconsistent with the successful commercialization of the Project by Geovic
Cameroon. 
  

 Contract for Professional and Technical Services – Page 4 of 6 

 9. EMPLOYEES AND CONSULTANTS ON SECONDMENT 

Notwithstanding any provisions to the contrary in this Services Contract, when Geovic provides its employee(s), consultant(s) or individual(s) to Geovic
Cameroon to perform Services under the supervision, direction and control of Geovic Cameroon under this Services Contract (hereinafter “Seconded Employees or/and Consultants”), the Seconded Employees or/and Consultants shall be advised by
Geovic Cameroon of all office, Project and facility rules, regulations, safety and health applicable procedures, and all laws and regulations of the Republic of Cameroon applicable to such persons. 

Except as the agent of Geovic Cameroon under this Services Agreement, Geovic shall retain no right to supervise, direct or control the Seconded Employees
and/or Consultants with respect to their performance of Services and all such supervision, direction and control shall only come from Geovic Cameroon but with technical coordination from Geovic as may be needed and appropriate. 

10. TAXES 
 Any registration or tax
requirements arising from the Services Contract or from Services performed under this Services Contract, notably the Special Tax on Revenue and Value Added Tax of the Republic of Cameroon shall be paid by Geovic Cameroon if and when applicable.

 11. TERM OF THE SERVICES CONTRACT 

The term of this Services Contract shall be one (1) year from the Effective Date (January
1st, 2010). 

12. GENERAL PROVISIONS 
 The persons for
each Party to whom notices are to be delivered are specified as follows: 
 Geovic Cameroon PLC 

P.O. Box 11555, 
 Bastos – Yaoundé,
Cameroon 
 Attention: General Manager 

Telephone: +237-22 21 45 18 
 Facsimile: +235-22
21 18 02 
 Geovic, Ltd. 
 1200
Seventeenth Street, Suite 980 
 Denver, Colorado, USA 80202 

Attention: Chief Executive Officer 
 Telephone:
+303-476-6455 
 Facsimile: +303-476-6456 
  

 Contract for Professional and Technical Services – Page 5 of 6 

 13. ATTACHMENTS 

Schedules A, B, and C, which are attached hereto, are incorporated by this reference into this Services Contract as fully set forth herein. 

Schedule A: Scope of Services 
 Schedule B:
Financial Terms 
 Schedule C: Geovic Team 

IN WITNESS WHEREOF, the Parties hereto have caused this Services Contract to be duly executed by their duly authorized representatives, effective as
of the Effective Date, signed in four (4) original copies in English. 
  

			
	GEOVIC CAMEROON PLC,
		
	By:	 	/s/ Richard HOWE
	Name:	 	Richard HOWE
	Title:	 	General Manager

  

			
	GEOVIC, LTD.,
		
	By:	 	/s/ JOHN E. SHERBORNE
	Name:	 	JOHN E. SHERBORNE
	Title:	 	Chairman and CEO

  

 Contract for Professional and Technical Services – Page 6 of 6 

 Schedule A 

SCOPE OF SERVICES 

2010 

Services Generally Requested by Geovic Cameroon 

Under the overall management, supervision and control of the Geovic Cameroon General Manager, Geovic will provide a range of services to Geovic Cameroon.
These Services shall generally include: 
  

	a)	Assist in the professional development and of key Geovic Cameroon employees; 

 

	b)	Assist in the planning, analysis, and interpretation and provide general oversight and supervision for exploration operations and other work relating to geology and
geologic interpretations for the Project; 

  

	c)	Assist in the analysis of and planning for development operations, mine construction operations and mining operations including all work related to the preparation of a
final feasibility study and necessary documents for project financing; 

  

	d)	Assist in the preparation of tender materials, reviewing bids and interviewing and selecting the engineering, architectural and construction firms that may work on any
aspect of the Project; 

  

	e)	Assist in negotiating contracts on behalf of Geovic Cameroon with any engineering, architectural and construction firms so selected; 

 

	f)	Assist in arranging for and supervising any mine planning, engineering, pre-stripping, site development and other work to be performed for Geovic Cameroon.

  

	g)	Assist in coordinating and scheduling the work of any outside service providers selected to perform offshore work, and supervising the performance of such service
providers as requested by Geovic Cameroon; 

  

	h)	Assist in procuring materials, supplies, equipment or services as may be needed or required in connection with the Project when suppliers are located abroad;

  

	i)	Assist in marketing minerals produced by or for the Project; 

  

	j)	Assist in securing insurance coverage for the Project; 

  

	k)	Assist in applying for, obtaining and maintaining, all necessary governmental approvals or permits necessary in connection with any activity of the Project;

  

	l)	Assist in conducting relations with international entities in connection with the Project; and 

 

	m)	Perform other such services as may be reasonably requested by Geovic Cameroon within the limits of the authorized budget in connection with any aspect or activity of
the Project. 

  

 Schedule A – Page 1 of 5 

 Deliverables for the First Quarter (January 1 through March 31, 2010): 

 

	Q1.1.	Not later than April 31, 2010, provide the Geovic Cameroon General Manager with a report concerning the Services performed and budget status under the Services
Contract for the quarter ending December 31, 2009. 

  

	Q1.2.	Deliver an initial mine plan and reserve estimate, to be used as input into the Feasibility Study Update (FSU). Such plan and estimate will be further refined in
coordination with Lycopodium as the FSU evaluations progress. 

  

	Q1.3.	Complete the initial resource estimate for the Rapodjumbo area. Completion of this task is predicated on receipt of the final survey data from Geovic Cameroon.

  

	Q1.4.	Initiate work defining mine equipment and maintenance shop requirements. 

  

	Q1.5.	Provide oversight and management of the batch and pilot testing programs being accomplished by Hazen Research to demonstrate and fix the metallurgical process by the
end of Q1. 

  

	Q1.6.	Facilitate the direct participation by TAP members in the metallurgical testing programs due to the time-critical nature of this testwork. 

 

	Q1.7.	Provide data, information, direction and oversight to Lycopodium as they proceed with the FSU. 

 

	Q1.8.	Solicit proposal, agree on work scope, facilitate Geovic Cameroon contract and oversee work by Knight Piésold to update the environmental and social impact
assessment conclusions relative to the current metallurgical process plans. 

  

	Q1.9.	Provide oversight for ongoing exploration, site activities and construction. 

 

	Q1.10.	Assist as needed in the selection process for strategic hires for Geovic Cameroon. 

 

	Q1.11.	Participate in marketing, financing, insurance and/or strategic alliance initiatives aimed at identifying potential metal sales agreements, identifying Project
financing strategies, limiting political and business risks, and other arrangements as may be appropriate and beneficial to furthering the Project’s business arrangements. 

 

 Schedule A – Page 2 of 5 

	Q1.12.	Represent Geovic Cameroon’s position in mediation actions with Alliance team members. 

 

	Q1.13.	Assist in the implementation, training, and ongoing utilization of the J.D. Edwards financial software. 

 

	Q1.14.	Assist with the financial closing of the Geovic Cameroon books for the quarter ended December 31, 2009 in accord with generally accepted accounting procedures.

 Deliverables for the Second Quarter (April 1 through June 30, 2010): 

 

	Q2.1.	Not later than May 31, 2010, provide the Geovic Cameroon General Manager with a report concerning the Services performed and budget status under the Services
Contract for the first quarter ending March 31, 2010. 

  

	Q2.2.	Provide data, information, direction and oversight to Lycopodium as they proceed with the FSU and work interactively with and supervise Lycopodium to deliver the final
FSU by the end of Q2. 

  

	Q2.3.	Provide mine equipment and maintenance shop requirements to Lycopodium for integration with the FSU. 

 

	Q2.4.	Provide plans for water handling, runoff control, explosives storage, and haul roads to Lycopodium for integration with the FSU. 

 

	Q2.5.	Deliver optimized mine plan and reserve estimate report documenting the production and grade assumptions used in Lycopodium’s final FSU financial model (Item
Q1.2). 

  

	Q2.6.	Provide mining scope capital cost estimate to Lycopodium for integration with the FSU. 

 

	Q2.7.	Identify qualified engineering, procurement, and construction management (EPCM) contractors, solicit bids and evaluate proposals to complete the final engineering and
manage the procurement and construction of the project. 

  

	Q2.8.	Provide oversight for ongoing exploration, site activities and construction. 

 

	Q2.9.	Assist as needed in the selection process for strategic hires for Geovic Cameroon. 

 

	Q2.10.	Initiate search for financing and recommend the appointment of a financial advisor by the end of Q2. 

 

 Schedule A – Page 3 of 5 

	Q2.11.	Participate in marketing, financing, insurance, and/or strategic alliance initiatives as defined in Item 1.11. Focus on securing reliable off-take commitments by
the end of Q2. 

  

	Q2.12.	Assist in the implementation, training, and ongoing utilization of the J.D. Edwards financial software. 

 

	Q2.13.	Assist with the financial closing of the Geovic Cameroon books for the quarter ended March 30, 2010 in accord with generally accepted accounting procedures.

 Deliverables for the Third Quarter (July 1 through September 30, 2010): 

 

	Q3.1.	Not later than July 31, 2010, provide the Geovic Cameroon General Manager with a report concerning the Services performed and budget status under the Services
Contract for the second quarter ending June 30, 2010. 

  

	Q3.2.	Evaluate proposals (Item Q2.6) and recommend a preferred EPCM contractor to the Geovic Cameroon Board which, if appointed, will complete the final engineering and
manage the procurement and construction of the project. 

  

	Q3.3.	Provide data, information, direction and oversight to EPCM contractor for authorized work on final engineering evaluations and design. 

 

	Q3.4.	Participate in marketing, financing, insurance, and/or strategic alliance initiatives as defined in Item 1.11. Focus on securing off-take agreements and reliable
financing commitments. 

  

	Q3.5.	Assist in the oversight and management of follow up work needed on environmental permit requirements as a result of bank due diligence efforts.

  

	Q3.6.	Provide oversight for ongoing exploration, site activities and construction. 

 

	Q3.7.	Assist as needed in the selection process for strategic hires for Geovic Cameroon. 

 

	Q3.8.	Assist in the implementation, training, and ongoing utilization of the J.D. Edwards financial software; 

 

	Q3.9.	Assist with the financial closing of the Geovic Cameroon books for the quarter ended June 30, 2010 in accord with generally accepted accounting procedures.

  

 Schedule A – Page 4 of 5 

 Deliverables for the Fourth Quarter (October 1 through December 31, 2010): 

 

	Q4.1.	Not later than October 30, 2010, provide the Geovic Cameroon General Manager with a report concerning the Services performed and budget status under the Services
Contract for the third quarter ending September 30, 2010. 

  

	Q4.2.	Assist in directing the performance and completion of the studies contracted with Knight Piésold to design various project facilities, and in particular, the
distribution system for the Napene Creek tailings storage facility. 

  

	Q4.3.	Provide data, information, direction and oversight to EPCM contractor for authorized work on final engineering evaluations and design. 

 

	Q4.4.	Provide oversight for ongoing exploration, site activities and construction. 

 

	Q4.5.	Assist as needed in the selection process for strategic hires for Geovic Cameroon. 

 

	Q4.6.	Participate in marketing, financing, insurance, and/or strategic alliance initiatives as defined in Item 1.11. Focus on securing major financing by end of Q4.

  

	Q4.7.	Assist in the implementation, training, and ongoing utilization of the J.D. Edwards financial software; 

 

	Q4.8.	Assist with the financial closing of the Geovic Cameroon books for the quarter ended September 31, 2010 in accord with generally accepted accounting procedures.

  

 Schedule A – Page 5 of 5 

 SCHEDULE B 

FINANCIAL TERMS 

2010 - ANNUAL 
  

														
	 Discipline
	  	Service Type	  	Availability	 	 	Est Hours	  	Rate (US$/hr)	  	Budget (US$)	 
	 CEO/Sherborne
	  	Management	  	21	% 	 	440	  	225	  	 	99,000	  
		  		  			 		  		  	 	 	 
		  		  			 		  	Subtotal Management:	  	$	99,000	  
		  		  			 		  	Percent of Total:	  	 	6.6	% 
	 Pgm Mgr/Beling
	  	Technical	  	90	% 	 	1880	  	210	  	 	394,800	  
	 Chief Geologist/Buckovic
	  	Technical	  	22	% 	 	450	  	175	  	 	78,750	  
	 Enviro/Social Pgms
	  	Technical	  	13	% 	 	275	  	175	  	 	48,125	  
	 Technical Services/Briggs
	  	Technical	  	98	% 	 	2030	  	150	  	 	304,425	  
	 Commercial Aspects
	  	Technical	  	12	% 	 	250	  	150	  	 	37,500	  
	 Technical Support
	  	Technical	  			 	2550	  	90	  	 	229,500	  
		  		  			 		  		  	 	 	 
		  		  			 		  	Subtotal Technical:	  	$	1,093,100	  
		  		  			 		  	Percent of Total:	  	 	72.9	% 
	 CFO/Hill
	  	Financial	  	34	% 	 	700	  	170	  	 	119,000	  
	 Accounting Staff
	  	Financial	  			 	1100	  	130	  	 	143,000	  
		  		  			 		  		  	 	 	 
		  		  			 		  	Subtotal Financial:	  	$	262,000	  
		  		  			 		  	Percent of Total:	  	 	17.5	% 
	 Admin Staff
	  	Administration	  			 	765	  	60	  	 	45,900	  
		  		  			 		  		  	 	 	 
		  		  			 		  	Subtotal
Administration:	  	$	45,900	  
		  		  			 		  	Percent of Total:	  	 	3.1	% 
		  		  			 		  		  	 	 	 
		  		  			 		  	Total Budget:	  	$	1,500,000	  

  

 Schedule B – Page 1 of 2 

 SCHEDULE B 

FINANCIAL TERMS 

2010 - MONTHLY 
  

																																								
	 Discipline
	  	Budget (US$)	  	Jan-10	  	Feb-10	  	Mar-10	  	Apr-10	  	May-10	  	Jun-10	  	Jul-10	  	Aug-10	  	Sep-10	  	Oct-10	  	Nov-10	  	Dec-10
	 CEO/Sherborne
	  	 	99,000	  	 	8,140	  	 	8,140	  	 	8,140	  	 	8,140	  	 	8,140	  	 	8,140	  	 	7,920	  	 	7,920	  	 	7,920	  	 	8,800	  	 	8,800	  	 	8,800
	 Pgm Mgr/Beling
	  	 	394,800	  	 	32,461	  	 	32,461	  	 	32,461	  	 	32,461	  	 	32,461	  	 	32,461	  	 	31,584	  	 	31,584	  	 	31,584	  	 	35,093	  	 	35,093	  	 	35,093
	 Enviro/Social Pgms
	  	 	48,125	  	 	3,957	  	 	3,957	  	 	3,957	  	 	3,957	  	 	3,957	  	 	3,957	  	 	3,850	  	 	3,850	  	 	3,850	  	 	4,278	  	 	4,278	  	 	4,278
	 Chief Geologist/Buckovic
	  	 	78,750	  	 	6,475	  	 	6,475	  	 	6,475	  	 	6,475	  	 	6,475	  	 	6,475	  	 	6,300	  	 	6,300	  	 	6,300	  	 	7,000	  	 	7,000	  	 	7,000
	 Technical Services/Briggs
	  	 	304,425	  	 	25,030	  	 	25,030	  	 	25,031	  	 	25,030	  	 	25,030	  	 	25,031	  	 	24,354	  	 	24,354	  	 	24,354	  	 	27,060	  	 	27,060	  	 	27,060
	 Commercial Aspects
	  	 	37,500	  	 	3,083	  	 	3,083	  	 	3,083	  	 	3,083	  	 	3,083	  	 	3,083	  	 	3,000	  	 	3,000	  	 	3,000	  	 	3,333	  	 	3,333	  	 	3,333
	 Technical Support
	  	 	229,500	  	 	18,870	  	 	18,870	  	 	18,870	  	 	18,870	  	 	18,870	  	 	18,870	  	 	18,360	  	 	18,360	  	 	18,360	  	 	20,400	  	 	20,400	  	 	20,400
	 CFO/Hill
	  	 	119,000	  	 	9,784	  	 	9,784	  	 	9,784	  	 	9,784	  	 	9,784	  	 	9,784	  	 	9,520	  	 	9,520	  	 	9,520	  	 	10,578	  	 	10,578	  	 	10,578
	 Accounting Staff
	  	 	143,000	  	 	11,758	  	 	11,758	  	 	11,758	  	 	11,758	  	 	11,758	  	 	11,758	  	 	11,440	  	 	11,440	  	 	11,440	  	 	12,711	  	 	12,711	  	 	12,711
	 Admin Staff
	  	 	45,900	  	 	3,774	  	 	3,774	  	 	3,774	  	 	3,774	  	 	3,774	  	 	3,774	  	 	3,672	  	 	3,672	  	 	3,672	  	 	4,080	  	 	4,080	  	 	4,080
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Total Budget:
	  	$	1,500,000	  	$	123,333	  	$	123,333	  	$	123,333	  	$	123,333	  	$	123,333	  	$	123,333	  	$	120,000	  	$	120,000	  	$	120,000	  	$	133,333	  	$	133,333	  	$	133,333
		  	 	Subtotal Q1-10:	  	$	370,000	  	 	Subtotal Q2-10:	  	$	370,000	  	 	Subtotal Q3-10:	  	$	360,000	  	 	Subtotal Q4-10:	  	$	400,000

  

 Schedule B – Page 2 of 2 

 Schedule C 

GEOVIC TEAM 

2010 

Key members of the Geovic Team: 

Mr. John E. Sherborne, Geovic’s Chief Executive Officer (CEO), will be responsible for overall direction of the Services.
Mr. Sherborne has held the CEO position since 2004 and before that served as the company’s Executive Vice President since 2002. Previously, he worked as an independent consultant for petroleum and mining companies specializing in strategic
planning and new business development. Earlier, Mr. Sherborne served in a number of senior executive and management positions with Unocal Corporation over a career spanning 30 years. 

Ms. Barbara A. Filas, Geovic’s Executive Vice President and Chief Administrative Officer (CAO), will be responsible for
oversight and administration of social and environmental issues. Ms. Filas is a mining engineer who has been Executive Vice President and CAO of the Company since May 2009. Ms. Filas has been a Director of Geovic Cameroon PLC since
December 2009. Prior to joining Geovic, Ms. Filas was the President of Knight Piesold and Co., a privately held Colorado corporation, which provided consulting services to the Company. 

Mr. David C. Beling, Geovic’s Chief Operating Officer (COO), will provide technical direction of all Project related
activities. Mr. Beling is a mining engineer and licensed professional engineer with more than 40 years experience in all facets of the mining industry, from technical studies to project and corporate financing to executive management.
Mr. Beling has been with Geovic since 2003. 
 Mr. William A. Buckovic, Geovic’s Executive Vice President of
Exploration, will serve as the Chief Geologist for the Services. Mr. Buckovic is Geovic’s founder and President, and is also a co-founder of GeoCam. Mr. Buckovic is an international exploration professional with a number of
significant mineral deposit discoveries to his credit during his 35 year career, including the recognition of the major cobalt potential of the Cameroon nickel occurrences. 

Mr. Brian K. Briggs, Geovic’s Manager of Technical Services, will oversee the ore reserve estimates and mine engineering
aspects of the Services. Mr. Briggs is a mining engineer and licensed professional engineer who joined Geovic in 2009 with over 20 years of experience in a variety of civil, mining and construction settings. 

Mr. Greg Hill, Geovic’s Chief Financial Officer (CFO), will be responsible for all finance related needs of GeoCam. Mr. Hill
joined the Geovic team in 2006 following more than 30 years of finance related experience with energy, mining and information and medical technology companies. Mr. Hill holds an MBA from the Harvard Business School. 

The above-named key members of the Geovic Team will be supported by a highly-qualified group of engineers, scientists, technicians and administrative
staff. All support staff will work under the direct supervision of the above-named Geovic Team. 
  

 Schedule C – Page 1 of 1Professional Services Agreement

 Exhibit 10.3 

 

 

 PROFESSIONAL SERVICES AGREEMENT 

This Agreement, dated the 27th day of April, 2010, between Hazen Research, Inc., a Colorado Corporation, 4601 Indiana Street, Golden, Colorado 80403,
hereinafter called “Hazen”, and Geovic Cameroon, PLC, BP 11555 Yaoundé, Cameroon, hereinafter called “Client”, 

RECITALS: 
 WHEREAS, Hazen is willing and able
to render services for performance of the work as hereinafter described, and 
 WHEREAS, Client desires to obtain said professional services for
said work. 
 NOW THEREFORE, in consideration of the covenants and obligations hereinafter set forth, the parties agree as follows: 

ARTICLE I 

SCOPE OF WORK 
 The work
to be performed by Hazen under the terms of this Agreement consists of bench-scale laboratory work and the construction and operation of a pilot plant to verify the process flowsheet and generate design data for the recovery of metal values.
Additional work authorized by Client during the duration of this Agreement shall be covered by the Agreement. 
 ARTICLE II

 COSTS 

The estimated cost of the work to be performed by Hazen is $3,900,000. Actual fees for services will be charged in accordance with Schedule A.

 Accounting records related to all charges to Client will be available for Client’s inspection at any time during Hazen’s normal
working hours for a period of one (1) year following conclusion of the project. 

 

 

 ARTICLE III 

PAYMENT 
 An initial
deposit of $500,000 is required prior to the start of work. A statement of actual charges will be submitted monthly or semi-monthly and such statements shall be paid by Client within fourteen (14) days thereafter. The initial deposit will be
credited against the final invoice, which will also include the charges noted in Article IV. A finance charge of 1.5% per month will be added to overdue accounts. Invoices will be submitted semi-monthly if charges greater than $25,000 are
incurred by mid-month. Failure by Client to make payments required hereunder permit Hazen, at its option, to suspend the work to be performed or terminate this Agreement. 

ARTICLE IV 

SAMPLES 
 Client’s
nonhazardous unprocessed materials, byproducts, residues, and other nonhazardous waste materials resulting from or produced as part of the work will be shipped back to Client within sixty (60) days of completion of the work unless Client has
made other arrangements for the disposition of the material. All project-related materials, byproducts, residues, and waste materials are and shall remain the property of Client. Any cost for storage, monitoring, shipping, preparing materials for
disposal, and cost of disposal will be Client’s responsibility. 
 Any wastes generated by the project that are classified as hazardous or
other project-related hazardous materials, as defined by the Environmental Protection Agency (EPA) regulations, must be properly managed and disposed at a licensed Treatment, Storage, and Disposal Facility. Hazen is authorized to act as agent on
Client’s behalf and at Client’s cost in managing and disposing of hazardous wastes and materials. Hazen is authorized to obtain an EPA identification number in Client’s name for hazardous waste and materials disposal. 

ARTICLE V 

TIME 
 Hazen will
immediately proceed with this work. Hazen estimates that the work will be completed within eight (8) months. 
  

 Hazen Research, Inc.
Ÿ 2 

 ARTICLE VI 

INVENTIONS AND PATENTS 

Hazen agrees that any invention related to this project that is made by Hazen as a direct consequence of the services rendered to Client hereunder during
the term of this Agreement will be assigned to Client. Upon the request and at the expense of Client, Hazen shall use reasonable efforts to assist and support any patent application made by Client with respect to such invention. 

Hazen makes no representation or warranty that the work to be performed hereunder does not infringe or otherwise conflict with any existing patents,
patent applications, or patent rights. Client is advised to undertake its own patent search before applying information developed under this Agreement. 

ARTICLE VII 

NONDISCLOSURE 
 Hazen
shall use reasonable efforts to prevent the disclosure of any information related to the work to others than Client, unless authorized to do so by Client, and represents that Hazen has entered into written agreements with all employees, contract
laborers, and consultants requiring them not to disclose any such information. 
 ARTICLE VIII 

ADVERTISING AND PUBLICITY 

Client shall not use the name of Hazen or of any of Hazen’s employees, contract laborers, or consultants in any advertising, publicity, or selling
material without prior written approval of Hazen. 
 ARTICLE IX 

WARRANTY 
 Hazen will
apply present engineering and/or scientific judgment and use a level of effort consistent with the standard of practice as measured on the date hereof and in the locale where the services are to be performed. Except as set forth herein, Hazen
makes no warranty, expressed or implied, in fact or by law, whether of merchantability, fitness for a particular purpose, or otherwise, concerning any of the materials or services which may be furnished by Hazen under this project. In the event
that such “services” do not meet the above described standards, the sole remedy is for Hazen to re-perform such “services” for Client at no charge to Client, provided that failure to meet the standards is called to the attention
of the Hazen Project Manager assigned to the project within sixty (60) days from the completion of this service. 
  

 Hazen Research, Inc.
Ÿ 3 

 ARTICLE X 

MISCELLANEOUS 
 Hazen
carries business insurance in the types and limits as described in Schedule B, Certificate of Insurance. 
 This Agreement shall be governed by
the laws of the state of Colorado and the parties consent to the jurisdiction of the Colorado courts in any action to enforce or interpret this Agreement. In the event of litigation to enforce this Agreement or to collect payment thereon, the
prevailing party shall be entitled to recover reasonable attorneys’ fees and costs in addition to all other rights and remedies. Notice given hereunder shall be given in writing to the address of the parties contained herein. It shall be deemed
given five (5) days after deposit of such notice in the United States mail, postage prepaid, addressed to the party. 

ARTICLE XI 

TERMINATION 
 Client or
Hazen may terminate this Agreement at any time, provided that written notice of the intention to terminate is given fifteen (15) days before the proposed date of termination. Client shall pay any charges incurred up to and including the
effective date of termination. In the absence of such notice, this Agreement shall automatically terminate on December 31, 2010. 
  

							
		 		 	HAZEN RESEARCH, INC.
				
	Date: April 27, 2010	 		 	By:	 	

		 		 		 	 Dennis D. Gertenbach
 Senior
Vice President

  

							
		 		 	GEOVIC, CAMEROON, PLC
				
	Date:                        	 		 	By:	 	 
		 		 		 	 David C. Beling
 Senior Vice
President-Operations

  

 Hazen Research, Inc.
Ÿ 4

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