Document:

Amended and Restated Joint Venture Agreement

 Exhibit 4.23 
 JOINT VENTURE AGREEMENT 
 between 

EVANDER GOLD MINES LIMITED 
 and 
 TAUNG GOLD HOLDINGS (PROPRIETARY) LIMITED 

 
 

 

 TABLE OF CONTENTS 

 

							
	 1
	  	INTERPRETATION	  	 	3	  
			
	 2
	  	 RECITALS
	  	 	17	  
			
	 3
	  	 CONDITIONS PRECEDENT
	  	 	18	  
			
	 4
	  	 JOINT VENTURE
	  	 	18	  
			
	 5
	  	 PARTICIPATION
	  	 	20	  
			
	 6
	  	 JOINT VENTURE EXPENSES
	  	 	21	  
			
	 7
	  	 NO PARTNERSHIP
	  	 	23	  
			
	 8
	  	 DURATION
	  	 	24	  
			
	 9
	  	 WARRANTIES BY THE PARTIES
	  	 	24	  
			
	 10
	  	 FUNDING
	  	 	26	  
			
	 11
	  	 MANAGEMENT
	  	 	29	  
			
	 12
	  	 RESTRICTED MATTERS
	  	 	32	  
			
	 13
	  	 ADMINISTRATION AND ACCOUNTING
	  	 	36	  
			
	 14
	  	 PROHIBITION OF ENCUMBRANCE
	  	 	38	  
			
	 15
	  	 PRE-EMPTIVE RIGHTS
	  	 	38	  
			
	 16
	  	 FORCE MAJEURE
	  	 	41	  
			
	 17
	  	 TERMINATION AND WITHDRAWAL
	  	 	42	  
			
	 18
	  	 FAIR MARKET VALUE
	  	 	46	  
			
	 19
	  	 CONFIDENTIALITY AND PUBLICITY
	  	 	47	  
			
	 20
	  	 BREACH
	  	 	49	  
			
	 21
	  	 DISPUTE RESOLUTION
	  	 	49	  
			
	 22
	  	 NOTICES AND DOMICILIA
	  	 	50	  
			
	 23
	  	 BENEFIT OF THE AGREEMENT
	  	 	52	  
			
	 24
	  	 APPLICABLE LAW AND JURISDICTION
	  	 	52	  
			
	 25
	  	 SUPPORT
	  	 	53	  
			
	 26
	  	 FAIRNESS
	  	 	53	  
			
	 27
	  	 GENERAL
	  	 	54	  
			
	 28
	  	 COSTS
	  	 	55	  
			
	 29
	  	 SIGNATURE
	  	 	56	  

 ANNEXES 
  

			
	ANNEXE “A” :	  	EVANDER 6 SHAFT AREA
		
	ANNEXE “B” :	  	TWISTDRAAI AREA

  

	
	

  

	
	

  
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 WHEREBY THE PARTIES AGREE AS FOLLOWS: 

 

	1	INTERPRETATION 

  

	1.1	In this Agreement - 

  

	1.1.1	clause headings are for convenience only and are not to be used in its interpretation; 

 

	1.1.2	an expression which denotes - 

  

	1.1.2.1	any gender includes the other genders, 

  

	1.1.2.2	a natural person includes a juristic person and vice versa; and 

  

	1.1.2.3	the singular includes the plural and vice versa. 

  

	1.2	In this Agreement, unless the context indicates a contrary intention, the following words and expressions bear the meanings assigned to them and cognate expressions
bear corresponding meanings – 

  

	1.2.1	“AFSA” means the Arbitration Foundation of Southern Africa; 

 

	1.2.2	“Annual Budget” means the annual budget of the Joint Venture referred to in clause 13.4; 

 

	1.2.3	“Associated Companies” means the holding company and all subsidiaries of the holding company of Evander or Taung, as the context may require;

  

	1.2.4	“Auditors” means the auditors from time to time of the Joint Venture; 

 

	1.2.5	 “BFS” means a bankable feasibility study, following the PFS, in either

  

	
	

  

	
	

  
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of both of the JV Areas (as determined in terms of the Subscription Agreements), comprising a comprehensive description of the design, construction, commissioning, operation, and a marketing plan
for The Mine in such form and detail as is normally required by a bank or other financial institution in the Republic of South Africa engaged in project finance (“Bank”), for the purposes of determining whether the Bank shall
finance and/or participate in the development of The Mine, The BFS shall include economic, legal, environmental, social, governmental studies and metallurgical studies (but shall not include a bulk sample) and shall contain estimates of both capital
and operating costs and shall analyze how to proceed with the construction and operation of The Mine; 

  

	1.2.6	“Claims” means all amounts of any nature whatsoever owing by the Joint Venture to the Participants from time to time, whether by way of loan account or
otherwise, whether in contract or in delict, actual or contingent, and includes any interest accrued thereon; 

  

	1.2.7	“Company” means, individually or collectively as the context may require – 

 

	1.2.7.1	Clidet No. 790 (Proprietary) Limited, registration number 2007/027545/07, a limited liability private company duly incorporated in the Republic of South Africa,
the name of which shall be changed in due course to “6 Shaft Joint Venture (Proprietary) Limited”, or such other name as may be acceptable to the Parties and the appropriate registering authorities; and 

 

	1.2.7.2	 Clidet No. 791 (Proprietary) Limited, registration number 2007/034585/07, a limited liability private company duly incorporated

  

	
	

  

	
	

  
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in the Republic of South Africa, the name of which shall be changed in due course to “Twistdraai Joint Venture (Proprietary) Limited”, or such other name as may be acceptable to the
Parties and the appropriate registering authorities; 

  

	1.2.8	“Company Assets” means the assets of the relevant Company to be leased to and used by the Joint Venture in terms of the Company Asset Lease/s,
including the New Order Mining Right, which assets are more fully described in the Sale Agreements; 

  

	1.2.9	“Company Asset Lease” means individually or collectively as the context may require the written lease agreement or agreements to be entered into
between the Company or Companies and the Parties in terms of which inter alia the Company (or each of the Companies, as the case may be) will lease Company Assets to the Joint Venture for the purposes of facilitating the operation of the JV
Business; 

  

	1.2.10	“Company Equity” means any and all shares in the relevant Company or Companies (being the Company or Companies that have entered into the Company Asset
Lease/s as contemplated in clauses 1.2.13.2.1 and 1.2.13.2,2), and any and all claims (of any amounts of any nature whatsoever, whether by way of loan account or otherwise, whether in contract or in delict, actual or contingent, and includes any
interest accrued thereon) against the relevant Company or Companies, held by a Participant; 

  

	1.2.11	“Conditions Precedent” means the suspensive conditions contemplated in clause 3.1; 

 

	1.2.12	 “CPIX” means the average annual rate of change (expressed as a

  

	
	

  

	
	

  
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percentage) in the Consumer Price Index, excluding interest rates on mortgage bonds, for all metropolitan areas as published in the Government Gazette by Statistics South Africa (or its successor
body), or such other index reflecting the official rate of inflation in the Republic of South Africa as may replace it, which annual change shall be determined by comparing the most recently published index with the index published in respect of the
corresponding month in the previous calendar year; 

  

	1.2.13	“Decision to Mine Date” means the date on which - 

  

	1.2.13.1	both Evander and Taung have unanimously agreed in writing; to proceed with Mining for Minerals in either or both of the JV Areas contemplated in clauses 1.2.25.1 and
1.2.25.2 (it being acknowledged that neither of them shall be obligated to so agree); and 

  

	1.2.13.2	either or both of the Company Asset Leases (as the case may be) have been duly entered into between the parties thereto and have become unconditional in terms thereof
(save in respect of any condition contained in the Company Asset Lease requiring that this Agreement becomes unconditional), it being recorded that – 

  

	1.2.13.2.1	the Parties shall enter into a Company Asset Lease with the Company contemplated in clause 1.2.7.1 if it is decided (as contemplated in clause 1.2.13.1) to proceed with
Mining tor Minerals in the J V Area contemplated in clause 1.2.25.1; 

  

	1.2.13.2.2	the Parties shall enter into a Company Asset Lease with the Company contemplated in clause 1.2.7.2 if it is decided (as contemplated in clause 1.2.13.1) to proceed with
Mining for Minerals in the JV Area contemplated in clause 1.2.25.2; and 

  

	
	

  

	
	

  
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	1.2.13.2.3	the Company Asset Lease/s shall inter alia be conditional upon the Minister of Minerals and Energy approving the provisions thereof to the extent necessary or
required in terms of the MPRDA; 

  

	1.2.14	“Effective Date” means the first business day in the month following the month in which all of the Conditions Precedent have been fulfilled or waived
(as the case may be); 

  

	1.2.15	“Evander” means Evander Gold Mines Limited, registration number 1963/006226/06, a limited liability public company duly incorporated in the Republic of
South Africa; 

  

	1.2.16	“Exploration Phase” means the period during which exploration and prospecting activities are conducted by Taung in respect of the relevant J V Areas in
terms of the Subscription Agreements, which activities include the completion of the following studies and the preparation of reports in respect thereof in the following chronological sequence (from first to last), as more particularly described in
the Subscription Agreements – 

  

	1.2.16.1	the Scoping Study; 

  

	1.2.16.2	the PFS; and 

  

	1.2.16.3	the BFS; 

  

	1.2.17	“Fair Market Value” means, in respect of any asset or interest, the fair market value thereof as agreed or determined in accordance with clause 18;

  

	1.2.18	 “Financial Year” means a financial year of the Joint Venture, as

  

	
	

  

	
	

  
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contemplated in clause 13.1.2 (including any amendment to such financial year made in terms of this Agreement); 

 

	1.2.19	“Gold” means the metal gold, gold ore and any other gold bearing material; 

 

	1.2.20	“IFRS” means the International Financial Reporting Standards formulated by the International Accounting Standards Board (or its successor body), as
updated and amended from time to time; 

  

	1.2.21	“Independent Auditors” means such independent auditors as may be agreed between the Participants, or failing agreement within 10 (ten) business days
from the date of a request by a Participant for such agreement, appointed by the Chairperson (or equivalent official) for the time being of the South African Institute of Chartered Accountants (or its successor body) from one of the 4 (four) largest
independent firms of auditors in the Republic of South Africa at the time; 

  

	1.2.22	“Independent Investment Bank” means an independent investment bank agreed to in writing by the Participants or, or failing agreement within 10 (ten)
business days from the date of a request by a Participant for such agreement, appointed by the Chairperson (or equivalent official) of the Johannesburg Bar Association (or its successor body); 

 

	1.2.23	 “Indexed” means in relation to any sum, that sum adjusted annually at the end of each Financial Year to take account of year-on-year
changes in the CPIX. In the event of a dispute between the Participants as to any adjustment, such dispute will be referred to the Independent Auditors for determination, who shall act as experts and not as arbitrators. If the basis of computation
of CPIX is at any time changed from the basis of 

  

	
	

  

	
	

  
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computation at the Signature Date, then CPIX shall be adjusted as far as possible to take account of such differences in the basis of computation; 

 

	1.2.24	“Joint Venture” means the joint venture established in terms of this Agreement; 

 

	1.2.25	“JV Area” means, individually or collectively as the context may require – 

 

	1.2.25.1	the Evander 6 Shaft Area, being the area indicated by the area shaded in pink on the map attached hereto as annexe “A”; and 

 

	1.2.25.2	the Twistdraai Area, being the area indicated by the area shaded in blue on the map attached hereto as annexe “B”; 

 

	1.2.26	“JV Business” means the business of Mining for Minerals within the JV Area contemplated in clause 1.2.25.1 and/or the JV Area contemplated in 1.2.25.2
(depending on which JV Area/s the Parties agree to Mine as at the Decision to Mine Date, as contemplated in clause 1.2.13.1); 

  

	1.2.27	“Management Committee” means the management committee constituted pursuant to the provisions of clause 11.1; 

 

	1.2.28	“Mine”, when used as a verb, shall bear the meaning ascribed thereto in section 1 of the MPRDA, and “Mining” shall have a
corresponding meaning; 

  

	1.2.29	“Minerals” means all metals and minerals that the Company is or shall, as at the Effective Date, be permitted to mine in the relevant JV Area/s in
terms of the New Order Mining Right, which includes or shall, as at the Effective Date, include Gold; 

  

	
	

  

	
	

  
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	1.2.30	“MPRDA” means the Mineral and Petroleum Resources Development Act, 2002; 

 

	1.2.31	“New Order Mining Right” means, individually or collectively as the context may require, the mining right or mining rights, as contemplated in the
MPRDA, to be acquired by – 

  

	1.2.31.1	the Company contemplated in clause 1.2.7.1 in respect of the JV Area contemplated in clause 1.2.25.1; and 

 

	1.2.31.2	the Company contemplated in clause 1.2.7.2 in respect of the JV Area contemplated in clause 1.2.25.2, 

 

	    	as more particularly described in the Sale Agreements; 

  

	1.2.32	“Net Smelter Royalty” means a net smelter royalty payable by the Joint Venture to Evander (or its cessionary), in an amount equivalent to 1.5% (one
point five percent) of the Net Smelter Revenue, subject to a maximum aggregate amount of R500,000,000.00 (five hundred million rand); 

  

	1.2.33	“Net Smelter Revenue” means the net amounts from time to time received by the Joint Venture from the Refinery, 

 

	1.2.34	“Participant” means any person who holds a Participation Interest in the Joint Venture from time to time; 

 

	1.2.35	“Participation Interest” means in relation to a Participant, the ownership interest, expressed as a percentage, of a Participant in the Joint Venture,
including the rights and obligations associated therewith, including losses, liabilities and expenditure; 

  

	
	

  

	
	

  
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	1.2.36	“Parties” means the parties to this Agreement, initially being Evander and Taung; 

 

	1.2.37	“PFS” means a work programme in either or both of the JV Areas ( as determined in terms of the Subscription Agreements), following the Scoping Study
and preceding the BFS, the objects of which work programme are – 

  

	1.2.37.1	to define Minerals grade, processing and recovery uncertainties; 

  

	1.2.37.2	to conduct a comparative evaluation of the full value and risk profiles of a chosen set of feasible alternatives for the business case relating to Mining for Minerals
in the relevant JV Area; and 

  

	1.2.37.3	to select from such alternatives a single preferred “go forward” alternative for further study and optimisation during the BFS 

which programme will include, but will not be limited to - 

 

	1.2.37.4	bench scale test work; 

  

	1.2.37.5	the conducting of operational, environmental and financial scoping studies; and 

 

	1.2.37.6	the continuation of exploration work to optimise the sizing of a potential Mining operation within the relevant JV Area, 

but shall exclude a bulk sample; 
  

	1.2.38	 “Prime Rate” means the publicly quoted basic rate of interest, compounded monthly in arrears and calculated on a 365 (three hundred
and sixty five) day year irrespective of whether or not the year is a leap 

  

	
	

  

	
	

  
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year, from time to time published by ABSA Bank Limited as being its prime overdraft rate, as certified by any representative of that bank whose appointment and designation it will not be
necessary to prove; 

  

	1.2.39	“Refinery” means the refinery to which Minerals Mined at The Mine are sold from time to time, as determined by the Management Committee;

  

	1.2.40	“Related Agreements” means, collectively – 

  

	1.2.40.1	the Sale Agreements; 

  

	1.2.40.2	the Shareholders Agreements; and 

  

	1.2.40.3	the Subscription Agreements; 

  

	1.2.41	“Sale Agreements” means – 

  

	1.2.41.1	the written sale of assets agreement entered into or to be entered into between Evander and the Company contemplated in clause 1.2.7.1 contemporaneously with this
Agreement, in terms of which inter alia Evander will sell certain assets pertaining to the JV Area contemplated in clause 1.2.25.1 to that Company; and 

 

	1.2.41.2	the written sale of assets agreement entered into or to be entered into between Evander and the Company contemplated in clause 1.2.7.2 contemporaneously with this
Agreement, in terms of which inter alia Evander will sell certain assets pertaining to the JV Area contemplated in clause 1.2.25.2 to that Company; 

  

	1.2.42	 “Scoping Study” means separate scoping studies, preceding the PFS, to be conducted in both of the JV Areas in terms of the
Subscription Agreements, the primary objective of which studies is to develop and 

  

	
	

  

	
	

  
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assess an investment opportunity in order to establish strategic fit and likely attractiveness of the business case relating to Mining for Minerals within the those JV Areas. Such a study shall
seek inter alia to identify any possible options to be assessed in terms of the PFS, should the said business case warrant further investigation; 

  

	1.2.43	“Shareholders Agreements” means – 

  

	1.2.43.1	the written shareholders agreement entered into or to be entered into between the Parties contemporaneously with this Agreement, in terms of which inter alia the
relationship between the Parties as shareholders of the Company contemplated in clause 1.2.7.1, and between that Company and its shareholders, shall be regulated; and 

 

	1.2.43.2	the written shareholders agreement entered into or to be entered into between the Parties contemporaneously with this Agreement, in terms of which inter alia the
relationship between the Parties as shareholders of the Company contemplated in clause 1.2.7.2, and between that Company and its shareholders, shall be regulated 

 

	1.2.44	“Signature Date” means the date of signature of this Agreement by the Party last signing; 

 

	1.2.45	“Subscription Agreements” means – 

  

	1.2.45.1	the written subscription agreement entered into or to be entered into between the Parties contemporaneously with this Agreement, in terms of which inter alia
Taung agrees to subscribe for shares in the Company contemplated in clause 1.2.7.1; and 

  

	1.2.45.2	 the written subscription agreement entered into or to be entered into 

  

	
	

  

	
	

  
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between the Parties contemporaneously with this Agreement, in terms of which inter alia Taung agrees to subscribe for shares in the Company contemplated in clause 1.2.7.2;

  

	1.2.46	“Taung” means Taung Gold Holdings (Proprietary) Limited, registration number 2004/023942/07, a limited liability private company duly incorporated in
the Republic of South Africa; and 

  

	1.2.47	“The Mine” means the mine excavations and all associated mine workings to be developed by the Joint Venture on, within and/or beneath the JV Area
contemplated in clause 1.2.25.1 and/or the JV Area contemplated in 1.2.25.2 (depending on which JV Area/s the Parties agree to Mine as at the Decision to Mine Date, as contemplated in clause 1.2.13.1), including all buildings, structures, machinery,
roads and appurtenances used or intended to be used for the purposes of prospecting for, winning and Mining of Minerals within the relevant JV Area/s. 

  

	1.3	Any substantive provision, conferring rights or imposing obligations on a Party and appearing in any of the definitions in this clause 1 or elsewhere in this Agreement,
shall be given effect to as if it were a substantive provision in the body of the Agreement. 

  

	1.4	Words and expressions defined in any clause shall, unless the application of any such word or expression is specifically limited to that clause., bear the meaning
assigned to such word or expression throughout this Agreement. 

  

	1.5	 Subject to clauses 1,6, 1.8, 1.13 and 1.16, defined terms appearing in this Agreement in title case shall be given their meaning as defined, while the
same terms appearing in lower case shall be interpreted in accordance with 

  

	
	

  

	
	

  
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their plain English meaning. 

  

	1.6	The terms “holding company” and “subsidiary” shall bear the meanings assigned thereto in the Companies Act, 1973. 

 

	1.7	A reference to any statutory enactment shall be construed as a reference to that enactment as at the Signature Date and as amended or substituted from time to time.

  

	1.8	Reference to “days” shall be construed as calendar days unless qualified by the word “business”, in which instance a “business day” will
be any day other than a Saturday, Sunday or public holiday as gazetted by the government of the Republic of South Africa from time to time. Any reference to “business hours” shall be construed as being the hours between 08h30 and 17h00 on
any business day. Any reference to lime shall be based upon South African Standard Time. 

  

	1.9	Unless specifically otherwise provided, any number of days prescribed shall be determined by excluding the first and including the last day or, where the last day falls
on a day that is not a business day, the next succeeding business day. 

  

	1.10	Where figures are referred to in numerals and in words, and there is any conflict between the two, the words shall prevail, unless the context indicates a contrary
intention. 

  

	1.11	No provision herein shall be construed against or interpreted to the disadvantage of a Party by reason of such Party having or being deemed to have structured, drafted
or introduced such provision. 

  

	1.12	 The expiration or termination of this Agreement shall not affect such of the

  

	
	

  

	
	

  
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provisions of this Agreement as expressly provide that they will operate after any such expiration or termination or which of necessity must continue to have effect after such expiration or
termination, notwithstanding that the clauses themselves do not expressly provide for this. 

  

	1.13	The words “include” and “including” mean “include without limitation” and “including without limitation”. The use of the words
“include” and “including” followed by a specific example or examples shall not be construed as limiting the meaning of the general wording preceding; it. 

 

	1.14	Whenever any person is required to act “as an expert and not as an arbitrator” in terms of this Agreement, then – 

 

	1.14.1	the determination of the expert shall (in the absence of manifest error) be final and binding; 

 

	1.14.2	subject to any express provision to the contrary, the expert shall determine the liability for his or its charges, which shall be paid, accordingly;

  

	1.14.3	the expert shall be entitled to determine such methods and processes as he or it may, in his or its sole discretion, deem appropriate in the circumstances provided that
the expert may not adopt any process which is manifestly biased, unfair or unreasonable; 

  

	1.14.4	the expert shall consult with the relevant Parties (provided that the extent of the expert’s consultation shall be in his or its sole discretion) prior to
rendering a determination; and 

  

	1.14.5	 having regard to the sensitivity of any confidential information, the expert shall be entitled to take advice from any person considered by him

  

	
	

  

	
	

  
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or it to have expert knowledge with reference to the matter in question. 

  

	1.15	Any reference in this Agreement to “this Agreement” or any other agreement or document shall be construed as a reference to this Agreement or, as the case may
be, such other agreement or document, as amended, varied, novated or supplemented from time to time. 

  

	1.16	This Agreement incorporates the annexes which annexes shall have the same force and effect as if set out in the body of this Agreement. In this Agreement the words
“clause” or “clauses” and “annexe” or “annexes” refer to clauses of and annexes to this Agreement. 

  

	2	RECITALS 

  

	2.1	Evander carries on, inter alia, the business of Mining for Gold. 

  

	2.2	Taung carries on, inter alia, the business of exploration and prospecting for Gold. 

 

	2.3	Subject to – 

  

	2.3.1	the successful completion of the Exploration Phase; and 

  

	2.3.2	the Decision to Mine Date occurring, 

 the Parties wish to form a joint venture for the purpose of conducting the JV Business. 
  

	2.4	The Companies own their respective Company Assets, which the Parties intend to lease in terms of the Company Asset Lease/s, for the purpose of facilitating the
operation of the JV Business. 

  

	2.5	 The Parties wish to formalise their agreement regarding the Joint Venture 

  

	
	

  

	
	

  
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and matters ancillary thereto, by recording such agreement in writing, on the terms and conditions contained in this Agreement. 

 

	3	CONDITIONS PRECEDENT 

  

	3.1	Save for clause 1, this clause 3 and clauses 14,19 and 22 to 29 (inclusive) all of which will become effective immediately, this Agreement is subject to the fulfilment
of the Conditions Precedent that – 

  

	3.1.1	by not later than 17h00 on 31 March 2008, all of the Related Agreements are duly entered into by the parties thereto; and 

 

	3.1.2	within 30 (thirty) days of the completion of the last BFS (including approval of such BFS by the relevant committees) completed in terms of the Subscription Agreements,
the Decision to Mine Date has occurred. 

  

	3.2	All or any of the Conditions Precedent may only be waived if both Parties so agree in writing. 

 

	3.3	Unless all the Conditions Precedent have been fulfilled or waived by not later than the relevant dates for fulfilment thereof set out in clause 3.1 (or such later date
or dates as may be agreed in writing between the Parties) the provisions of this Agreement, save for clause 1, this clause 3 and clauses 14, 19 and 22 to 29 (inclusive) which will remain of full force and effect, will never become of any force or
effect and the status quo ante will be restored as near as may be and neither of the Parties will have any claim against the other in terms hereof or arising from the failure of the Conditions Precedent. 

 

	4	JOINT VENTURE 

  

	4.1	 The Parties hereby enter into a joint venture, which joint venture shall be 

  

	
	

  

	
	

  
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known as and shall conduct its business under the name and style of “The Evander Taung Twistdraai Joint Venture” or such other name as the Participants may agree in writing from time to
time. 

  

	4.2	The Joint Venture shall be deemed to have come into existence on the Effective Date and shall endure for an indefinite period until terminated in accordance with the
provisions of this Agreement. 

  

	4.3	The objects of the Joint Venture are – 

  

	4.3.1	to conduct the JV Business; and 

  

	4.3.2	all such other activities as may be necessary or desirable for or ancillary to the purposes of the successful conduct of the Joint Venture. 

 

	4.4	Unless the Participants unanimously otherwise agree in writing, all assets which the Management Committee agree are required for the purposes of the JV Business shall
be acquired by the Joint Venture and shall, to the extent permissible in law, when so acquired – 

  

	4.4.1	be deemed to be part of the Joint Venture operations; and 

  

	4.4.2	owned by each of the Participants in undivided shares in their respective Participation Interests. 

 

	4.5	The Mine shall be expeditiously Mined and the Minerals so Mined shall be processed and sold as determined in accordance with the BFS or as otherwise unanimously agreed
in writing by the Participants from time to time. 

  

	4.6	 For greater clarity, the Joint Venture shall not be terminated by the admission of any new Participant to the Joint Venture, or any adjustment of

  

	
	

  

	
	

  
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any Participation Interest/s agreed to by the Parties/Participants in terms of this Agreement. 

  

	5	PARTICIPATION 

  

	5.1	Unless otherwise agreed in writing by the Parties, as at the Effective Date the Participation Interests of the Participants shall be as follows -

  

	5.1.1	Evander - 48% (forty-eight percent); and 

  

	5.1.2	Taung - 52% (fifty-two percent). 

  

	5.2	Unless otherwise agreed in writing between the Parties, and save as is otherwise contemplated in terms of this Agreement, the Parties shall be the only Participants in
the Joint Venture. 

  

	5.3	The profit and/or loss of the Joint Venture shall be shared by the Participants in accordance with the Participation Interests. 

 

	5.4	All income generated by the Joint Venture shall be deposited into a separate bank account held at ABSA Bank Limited in the name of the Joint Venture (or such other bank
account as may be unanimously agreed in writing by the Participants) and administered by the Management Committee. The profits of the Joint Venture shall be distributed to the Participants from such bank account in accordance with their respective
Participation Interests, as follows - 

  

	5.4.1	one or more prepayments may be made during the course of the Financial Year, as determined by the Management Committee from time to time, based, inter alia, on
management accounts, budgeted profits and the availability of cash; and 

  

	
	

  

	
	

  
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	5.4.2	the balance if any will be paid upon finalisation of the annual financial statements of the Joint Venture in respect of the relevant Financial Year, subject always to
adequate provision being made for the working capital requirements of the Joint Venture, it being recorded that, unless otherwise unanimously agreed in writing by the Participants, the Participants intend for there to be a distribution of at least
50% (fifty percent) of the profits of the Joint Venture during each Financial Year. 

  

	5.5	In the event of any dispute between the Participants in regard to the determination of profits or losses, as to the allocation of a particular cost or expense, or as to
any matter arising from the preparation or certification of the annual financial statements of the Joint Venture, such dispute shall be referred for determination by the Independent Auditors. The Independent Auditors in determining the issue shall -

  

	5.5.1	act as experts and not as arbitrators; and 

  

	5.5.2	have regard to the basis on which such determination was made, allocation was done or accounts were prepared in previous Financial Years. 

 

	6	JOINT VENTURE EXPENSES 

  

	6.1	All the costs and expenses incurred as a result of the conduct of the JV Business shall be an expense of the Joint Venture, including - 

 

	6.1.1	 the costs directly attributable to the conduct of the JV Business, including the cost of salaries and wages payable to all appointed employees of the
Joint Venture and all employees seconded to the Joint Venture and electricity, water and utilities costs and any other overhead costs 

  

	
	

  

	
	

  
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associated with the JV Business; 

  

	6.1.2	the Net Smelter Royalty; 

  

	6.1.3	the cost of managing and administering the Joint Venture and of maintaining financial records of the activities of the Joint Venture; and 

 

	6.1.4	interest payable under third party borrowings. 

  

	6.2	The Net Smelter Royalty shall be payable by the Joint Venture to Evander (or its cessionary) in arrears in respect of each completed 3 (three) month period
(“Quarter”) for the duration of this Agreement, within 5 (five) business days of the end of each such Quarter. Without in any way limiting the rights of Evander (or its cessionary) in respect of the Net Smelter Royalty, any late
payments of the Net Smelter Royalty shall bear interest at the rate that is 200 (two hundred) basis points higher than the Prime Rate, from (and including) the due date for payment thereof to (but excluding) the date of actual payment thereof. The
Net Smelter Royalty shall be freely transferable by Evander and Evander shall be entitled to cede its rights in and to the Net Smelter Royalty at any time and to any person or third patty in its sole and absolute discretion (whether pursuant to a
sale as contemplated in clause 15, or otherwise). In the event of any such cession. Evander shall notify the other Participants and the Management Committee in writing, as soon as is reasonably possible thereafter, specifying the name of and payment
details for the cessionary. 

  

	6.3	 Notwithstanding any other provisions of this Agreement, the Net Smelter Royalty shall not exceed an amount of R500,000,000.00 (five hundred million
rand) in the aggregate (“Royalty Threshold”). Accordingly, the Net Smelter Royalty payments contemplated in clause 6.2 shall cease when 

  

	
	

  

	
	

  
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the Royalty Threshold is reached. Any amounts that have been paid by the Joint Venture in terms of clause 6.2 and which exceed the Royalty Threshold shall be refunded by Evander to the Joint
Venture within 10 (ten) business days of receipt by Evander of first written request in respect thereof by or on behalf of the Joint Venture. 

  

	7	NO PARTNERSHIP 

 The Joint
Venture is constituted for the purposes more fully described in clause 4.3 only and accordingly, save as specifically provided herein to the contrary - 
  

	7.1	nothing herein contained shall be construed as creating a partnership between the Parties (or between the Participants); 

 

	7.2	each Party shall be responsible only for its obligations as set forth in this Agreement; 

 

	7.3	neither Party shall have any authority to incur any liability on behalf of the other of them or to pledge the credit of the other of them save as specifically otherwise
provided for in this Agreement; 

  

	7.4	as against third parties, any Party incurring any liability in connection with the affairs of the Joint Venture shall be solely responsible for the discharge thereof.
As between the Parties, each Party shall be entitled to recover from the Joint Venture any payment, debt or liability properly incurred by such Party in terms of this Agreement; and 

 

	7.5	neither Party shall use any money or property of, or bind the credit of the Joint Venture, for any purpose other than the JV Business and subject to the provisions of
this Agreement. 

  

	
	

  

	
	

  
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	8	DURATION 

  

	8.1	The Joint Venture shall, notwithstanding the Signature Date, be deemed to have been established on the Effective Date and shall, subject to the provisions of clause 16,
continue for the duration of the New Order Mining Right, as extended from time to time. 

  

	8.2	After the initial period of the Joint Venture as contemplated in clause 8.1, either Party may withdraw from the Joint Venture on not less than 3 (three) month’s
written notice to the other Party. 

  

	9	WARRANTIES BY THE PARTIES 

  

	9.1	Each of the Parties hereby unconditionally gives to and in favour of the other of them the warranties more fully set out below. Each warranty shall -

  

	9.1.1	be a separate warranty and shall in no way be limited or restricted by inference from the terms of any other warranty; 

 

	9.1.2	continue and remain in force notwithstanding the completion of any or all the transactions contemplated in this Agreement; 

 

	9.1.3	be deemed to be material and to be a material representation inducing the other of them to enter into this Agreement. 

 

	9.2	Each warranting Party will procure that the warranties set out in clause 9.3 will be true and accurate as at the Effective Date, and hereby indemnifies the other of
them against any loss, damage or costs which it may suffer or incur as a result of a breach of or failure to comply with any of the warranties, representations or undertakings contained in this Agreement. 

 

	9.3	Each of the Parties hereby warrants to the other of them that - 

  

	
	

  

	
	

  
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	9.3.1	it is duly incorporated, registered and existing under the laws of the Republic of South Africa; 

 

	9.3.2	acceptance of this Agreement has been duly and fully authorised by it; 

  

	9.3.3	subject to the provisions of clause 3, this Agreement constitutes obligations that are legal, valid, binding and enforceable against it in accordance with its terms;
and 

  

	9.3.4	the provisions of this Agreement are not in conflict with, and will not constitute a breach of the provisions of any other agreement, obligation, restriction or
undertaking which is binding on it. 

  

	9.4	Notwithstanding anything to the contrary in this Agreement contained, should any warranty or undertaking herein contained be breached or fail to be true and correct in
consequence whereof one or more further or other warranties or undertakings become untrue or incorrect, the liability of the warranting Party shall be limited to such payment or correcting action as may be required to place the other Party in the
position in which it would have been had all the warranties and undertakings herein contained been true and correct. 

  

	9.5	Any claim by the Joint Venture in respect of any warranties or indemnities shall be reduced by the aggregate of– 

 

	9.5.1	an amount equal to any tax benefit received as a result thereof; 

  

	9.5.2	any amount recovered from any third party in respect thereof; 

  

	9.5.3	any specific provision or reserve directly relating to the subject matter of such claim; 

  

	
	

  

	
	

  
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	9.5.4	to the extent that the subject matter of the claim has been or is made good or otherwise compensated for without cost to the Joint Venture or the relevant subsidiary.

  

	10	FUNDING 

  

	10.1	It is agreed as a general principle that the Claims of the Participants must at all times he in proportion to their respective Participation Interests, and that all
Claims will be repaid by the Joint Venture prior to the Joint Venture distributing any profits as contemplated in clause 5.4. 

  

	10.2	All working capital and cash required by the Joint Venture shall, after exploring alternative funding sources, be funded and contributed by the Participants in
proportion to their respective Participation Interests. 

  

	10.3	In the event that a Participant (“Non-Funding Party”) should, in breach of the provisions hereof, fail to contribute its proportionate share of any
required funding, and should the Non-Funding Party fail to do so within 10 (ten) business days of receipt of a written notice from the other Participant calling upon the Non-Funding Party to provide such funding then – 

 

	10.3.1	the other Participant shall be entitled, but not obliged, to provide the funding that the Non-Funding Party was required to contribute (“Default
Funding”); 

  

	103.2	if the other Participant provides Default Funding – 

  

	10.3.2.1	the Non-Funding Party’s Participation Interest will be recalculated, effective from the date on which the Default Funding is provided by the other Participant
(“Dilution Date”), in accordance with the following formula - 

  

	
	

  

	
	

  
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	 R
	  	 =
	  	 ((FMV(A) x D%) + F) x 100%
	  	
		  		  	FMV(B)	  	

 Where: 
  

							
	 R
	  	 	=	  	  	The Non-Funding Party’s recalculated Participation Interest expressed as a percentage.
			
	 FMV(A)
	  	 	=	  	  	the aggregate Fair Market Value of all Participation Interests, immediately prior to the Dilution Date.

  

	
	

  

	
	

  
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	 D%
	  	 	=	  	  	the Non-Funding Party’s Participation Interest expressed as a percentage, immediately prior to the Dilution Date.
			
	 F
	  	 	=	  	  	the funding provided by the Non-Funding Party, if any.
			
	 FMV(B)
	  	 	=	  	  	the aggregate Fair Market Value of all Participation interests after the Dilution Date and, for greater certainty, taking into account all funding provided; and

  

	10.3.2.2	the other Participant’s Participation Interest, expressed as a percentage, shall be increased by the amount of the reduction in the Non-Funding Party’s
Participation Interest, expressed as a percentage; 

  

	10.3.2.3	the provisions of clauses 10.3.2.1 and 10.3.2.2 shall apply mutatis mutandis in respect of the Company Equity held by the Participants and, if required to give
effect to the aforegoing, the Participants shall procure that shares in the relevant Company or Companies will be allotted and issued as appropriate. 

  

	10.4	 Any cost, expenses, debt or liability (“Debt”) incurred by the Joint Venture shall ultimately be the responsibility of the
Participants in proportion to their respective Participation Interests and each Party indemnifies the other in respect of any payment or liability for any such Debts in excess of its proportionate share. Notwithstanding Such indemnity, should either
Party not timeously pay its proportionate share of any Debt of the Joint Venture, and fail to do so within a further 10 (ten) business days of delivery of written notice from or on behalf of the other Party requiring it to do so, then to the extent
that such other Party pays or procures payment of more than its own proportionate share of the Debt in consequence of such failure by the 

  

	
	

  

	
	

  
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remaining Party, the respective Participation interests of the Parties shall be recalculated mutatis mutandis in accordance with the provisions of clause 10.3.2. 

 

	11	MANAGEMENT 

  

	11.1	Control and management of the Joint Venture shall vest in a management committee to be constituted in accordance with the following provisions -

  

	11.1.1	Evander shall be entitled at any lime and from time to time to appoint 2 (two) representatives to the Management Committee and to appoint alternates to those
representatives and to remove or replace any such representative or alternate at any time and from time to time; 

  

	11.1.2	Taung shall be entitled at anytime and from time to time to appoint 3 (three) representatives to the Management Committee and to appoint alternates to those
representatives and to remove or replace any such representative or alternate at any time and from time to time; 

  

	11.1.3	the chairman of the Management Committee shall be appointed by the Management Committee from amongst its members, which chairman shall not be entitled to a second or
casting vote in addition to his deliberative vote; 

  

	11.1.4	any appointment, removal or replacement of representatives pursuant to the above provisions shall be by written notice to the other Party and shall be operative as soon
as such notice is received at the relevant address determined pursuant to the provisions of clause 22. 

  

	11.2	 The Management Committee shall determine all matters of principle in regard to the Joint Venture, subject to the further terms and conditions

  

	
	

  

	
	

  
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herein set out. The Participants shall be bound by all decisions of the Management Committee properly taken in accordance with the provisions of this Agreement. 

 

	11.3	Unless otherwise unanimously agreed in writing by the members or the Management Committee, there shall be at least monthly meetings of the Management Committee for the
duration of the Joint Venture and, in addition, the Management Committee shall meet when requested to do so on reasonable notice by any of the Participants. The time and place for meetings shall be determined by the Management Committee.

  

	11.4	Duly appointed alternate representatives shall be entitled to attend meetings of the Management Committee and shall have the right to speak thereat but no alternate
shall be entitled to vote if his principal is present at that meeting. 

  

	11.5	 A quorum for a meeting of the Management Committee shall be one representative of each of the Participants appointed to the Management Committee,
provided that there shall be no quorum unless at least one such representative appointed by each of the Participants is present and provided further that, subject to due and proper notice of the meeting (which shall include the proposed agenda and
any resolution to be proposed at the meeting) having been received by all the members of the Management Committee, if within half an hour (or such longer period as those present may agree) after the time appointed for the meeting a quorum is not
present, the meeting shall stand adjourned to the same day of the next week at the same time and place, and if at such adjourned meeting a quorum is not present within half an hour (or such longer period as those present may agree) after the time
appointed for the meeting, those present shall be a 

  

	
	

  

	
	

  
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quorum. 

  

	11.6	Each member of the Management Committee shall be entitled to one vote at meetings of the Management Committee. 

 

	11.7	Subject to the provisions of clause 12, questions arising at meetings of the Management Committee shall be decided by a simple majority vote, provided that –

  

	11.7.1	the requisite quorum for such a meeting shall be present; 

  

	11.7.2	proper notice of the meeting shall have been provided to the Participants, which notice shall stipulate all matters to be considered at the relevant meeting.

  

	11.8	The Management Committee shall appoint a secretary who shall keep minutes of each meeting of the Management Committee, arrange and co-ordinate each such meeting and
keep records of resolutions passed by the Management Committee. The secretary need not be a member of the Management Committee. The secretary may be removed and replaced by the Management Committee. The minutes so kept shall be circulated to the
members of the Management Committee within 14 (fourteen) days of each meeting and shall be signed by a member of the Management Committee representing each of the Participants. Such minute book shall at all times be available for inspection by the
members of the Management Committee or their duly authorised agents who shall be entitled to take copies thereof or to make extracts therefrom. 

  

	11.9	 Any resolution or written decision signed by all the members of the Management Committee (or their alternates, if applicable) shall be as valid

  

	
	

  

	
	

  
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and effective as if passed at a meeting of the Management Committee. All such resolutions shall, unless otherwise indicated therein, be deemed to have been passed on the date on which such
resolution was signed by the last Management Committee member signing such resolution. 

  

	11.10	Subject to the provisions of clause 12, the powers and duties of the Management Committee may be delegated by the Management Committee to a manager, who shall carry out
his or its duties in terms of and in accordance with the policies and decisions of the Management Committee. 

  

	12	RESTRICTED MATTERS 

  

	12.1	No decision of Participants and/or the Management Committee in relation to any of the matters set out in this clause 12 shall be of any force or effect unless all of
the Participants first agree thereto in writing and no Participant or member/s of the Management Committee may bind or purport to bind the Joint Venture to, and/or cause the Joint Venture to undertake, any action in respect of the matters set out in
this clause 12.1 unless and until such written agreement has been obtained - 

  

	12.1.1	the approval of and changes to the Annual Budgets and strategic and annual business plans and any modification thereof; 

 

	12.1.2	any individual or cumulative expenditure by the Joint Venture in excess of 15% (fifteen percent) of the total annual expenditure approved in terms of the Annual Budget;

  

	12.1.3	the borrowing of any money or incurring of any debt, other than in accordance with the Annual Budget; 

 

	12.1.4	 the creation and modification of mortgages, liens or other charges on the 

  

	
	

  

	
	

  
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Joint Venture’s assets; 

  

	12.1.5	the making of any loan to any Participant or third party or the payment of any Claims; 

 

	12.1.6	the issuing of guarantees, suretyships, indemnities or letters of comfort (or the like) of any nature whatsoever, other than in accordance with the Annual Budget,
unless and to the extent that such guarantees, suretyships, indemnities or letters of comfort (or the like) are required to be furnished in terms of the MPRDA; 

 

	12.1.7	any sale, transfer or disposal of the JV Business or of any assets of the Joint Venture (in the case of assets, otherwise than in the normal course of the JV Business)
or any change in the JV Business or the discontinuance of any business activities of the Joint Venture; 

  

	12.1.8	the establishment or the acquisition and purchase by the Joint Venture of other businesses, either directly or indirectly, or the entering into of mergers or
amalgamations with other businesses or entities; 

  

	12.1.9	the termination, liquidation or winding-up of the Joint Venture; 

  

	12.1.10	the appointment of any Participant or third party to manage The Mine and/or the JV Business, or the payment of any management fees by the Joint Venture to any
Participant or third party, other than in accordance with the Annual Budget; 

  

	12.1.11	the approval of transactions and contracts to be entered into by the Joint Venture outside the ordinary course of the JV Business (other than the Related Agreements and
the Company Asset Lease); 

  

	
	

  

	
	

  
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	12.1.12	the appointment and removal of the Auditors; 

  

	12.1.13	the approval of the audited annual financial statements of the Joint Venture; 

 

	12.1.14	the appointment or termination of the appointment of any senior employee of the Joint Venture, being an employee earning an annual remuneration (calculated based on the
cost thereof to the Joint Venture) in excess of R700,000.00 (seven hundred thousand rand) (Indexed) per annum (“Senior Employee”); 

  

	12.1.15	the alteration of salaries and remuneration of Senior Employees, other than in accordance with the Annual Budget or the payment of salaries, bonuses and/or profit share
to the employees of the Joint Venture, other than in accordance with the Annual Budget; 

  

	12.1.16	the authorisation by the Joint Venture of obligations expressed in or amounts payable in foreign currency involving individual or cumulative amounts in excess of USD
100,000.00 (one hundred thousand United States dollars) (Indexed) in any Financial Year; 

  

	12.1.17	any change in the basis of accounting, otherwise than in accordance with IFRS, from those used by the Joint Venture during the immediately preceding Financial Year;

  

	12.1.18	the purchase, sale, hiring, letting or sub-letting of any immovable property by the Joint Venture otherwise than in accordance with the Annual Budget from time to time;

  

	12.1.19	 the institution of litigation or settlement of any claim by the Joint Venture in excess of R500,000.00 (five hundred thousand rand)

  

	
	

  

	
	

  
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(Indexed) or any claim involving technical information or any intellectual property right or seeking relief for an order not sounding in money; 

 

	12.1.20	any decision not to insure the Joint Venture’s assets (or to insure such assets for a lesser amount) against such risks as may be recommended by the Joint
Venture’s insurance brokers; 

  

	12.1.21	any agreement (other than the Related Agreements and the Company Asset Lease) with any of the Participants or a company, trust, close corporation or any other entity in
which the shareholding of any of the Participants exceeds 25% (twenty-five percent) of the issued share capital of that Company, or the beneficial interest of any of the Participants exceeds 25% (twenty-five percent) of the total beneficial interest
in that trust, close corporation or other entity, or any amendment to such agreement; 

  

	12.1.22	the revaluation of any assets of the Joint Venture; 

  

	12.1.23	a compromise generally with the Joint Venture’s creditors; 

  

	12.1.24	the delegation of any powers, duties or function/s of the Management Committee, including the power to re-delegate and any limitations thereon; or

  

	12.1.25	the decision to suspend Mining operations within the JV Area for a period of more than 6 (six) months. 

 

	12.2	 Should the Participants fail to reach agreement on any of the matters contemplated in clause 12.1 then such failure shall not constitute a dispute for
the purposes of clause 21, nor shall it constitute a ground for winding-up of the Joint Venture and, unless and until otherwise determined in terms of 

  

	
	

  

	
	

  
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clause 12.1 or agreed in writing between all of the Participants, no action shall be taken in respect of such matter/s. 

 

	13	ADMINISTRATION AND ACCOUNTING 

  

	13.1	The Joint Venture shall have – 

  

	13.1.1	as its auditors Pricewaterhouse Coopers Inc., or such other auditors as may be appointed in terms of this Agreement from time to time; and 

 

	13.1.2	as its financial year-end, the last day of June in each year. 

  

	13.2	The Management Committee shall ensure that the operations of the Joint Venture will be conducted inter alia on the following basis –

  

	13.2.1	the Joint Venture’s books, records and accounts will be kept in compliance with IFRS; 

 

	13.2.2	audited accounts will be prepared as soon as is possible after each Financial Year end but in any event by not later than 90 (ninety) days thereafter;

  

	13.2.3	monthly management accounts will be prepared as soon as is possible after each month end and circulated to all Participants forthwith after completion, but in any event
within 15 (fifteen) business days of the relevant month end. 

  

	13.3	Senior accounting personnel and internal auditors of each of the Participants will have access to the books of account, records and vouchers of and pertaining to the
Joint Venture at all reasonable times. 

  

	13.4	 An annual budget for the conduct of the JV Business during the next 

  

	
	

  

	
	

  
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Financial Year, in the form and level of detail determined by the Participants from time to time, shall be prepared annually by the Management Committee and submitted to the Participants for
approval, by no later than 2 (two) clear calendar months prior to the month in which the new Financial Year commences. 

  

	13.5	The Annual Budget shall include but not be limited to – 

  

	13.5.1	a projected income statement, balance sheet and cash flow statement for the ensuing Financial Year; and 

 

	13.5.2	a capital expenditure programme specifying amounts outstanding on approved capital expenditure brought forward from the prior Financial Year as well as proposed future
capital expenditure commitments of the Joint Venture. 

  

	13.6	The Participant’s shall, subject to the provisions of clause 12.1.1, evaluate, amend and finalise the Annual Budget as soon as reasonably possible after receipt.
Until such time as the new Annual Budget has been approved by the Management Committee, the previous Annual Budget (Indexed), will be applied by the Management Committee and will be binding on the Participants and the Joint Venture as if it had been
approved in terms of clause 12. 

  

	13.7	The Joint Venture shall operate a banking account in the name of the Joint Venture into which all income earned by the Joint Venture shall be deposited.

  

	13.8	The Joint Venture shall register as a vendor in terms of the Value-Added Tax Act, 1993, as soon as reasonably possible after the Effective Date.

  

	
	

  

	
	

  
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	14	PROHIBITION OF ENCUMBRANCE 

Save as may otherwise be provided in this Agreement and unless the Parties otherwise agree in writing, no Participant shall be entitled to
self, donate, lease, transfer, make available to a third party or otherwise alienate or dispose of, or to pledge, cede in security, hypothecate or otherwise encumber or grant a security interest or create a right of participation in its Company
Equity, its Participation Interest its interest in any assets of the Joint Venture or my other interest it has in terms of this Agreement. 
  

	15	PRE-EMPTIVE RIGHTS 

  

	15.1	Should a Party wish to sell its Participation Interest (or any other interest it has in terms of this Agreement) then it may only do so if, at the same time, it
collectively sells all of the following (collectively referred to as its “Sale Interest”) under one indivisible transaction – 

  

	15.1.1	its entire Participation Interest; 

  

	15.1.2	all of its Claims; 

  

	15.1.3	its undivided share in any assets of the Joint Venture (as contemplated in clause 4.4); and 

 

	15.1.4	all of its Company Equity. 

  

	15.2	Should a Party (“Disposer”) wish to dispose of its Sale Interest, the Disposer shall offer (“Offer”) such Sale Interest by notice in
wilting to the remaining Party stating – 

  

	15.2.1	the price (in South African currency) at, and the terms and conditions upon which, the Disposer proposes to sell the Sale Interest; and 

  

	
	

  

	
	

  
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	15.2.2	to the extent applicable, the name of the proposed transferee to whom the Disposer intends selling and its ultimate holding company (if any), and including a copy of
any offer received. 

  

	15.3	Should the Offer not be accepted in full in writing within 20 (twenty) business days of the date upon which the Offer is made, and – 

 

	15.3.1	a proposed transferee has been identified as part of the Offer, then – 

 

	15.3.1.1	the Disposer will be entitled to dispose of its Sale Interest, within a further period of 20 (twenty) business days, to the proposed transferee referred to in clause
15.2.2 at a price not lower and on terms and conditions not more favourable to such person than the price and terms stated in the Offer, provided that the giving of warranties to a third party offeror will not constitute more favourable terms,
unless designed to increase the purchase price; and 

  

	15.3.1.2	unless the Disposer disposes of its Sale Interest to the proposed transferee within the said further period of 20 (twenty) business days, it may not thereafter dispose
of its Sale Interest without again adopting the procedure referred to herein; 

  

	15.3.2	no proposed transferee has been identified as part of the Offer, then the Disposer may not dispose of its Sale Interest to any third party without again adopting the
procedure set out above. 

  

	15.4	 The acceptance of any offer in terms of this clause 15 will be subject to the condition precedent that all approvals required by law or regulation to
give effect thereto or to the implementation of the transaction contemplated thereby, are obtained. The Parties undertake to do all things, perform all 

  

	
	

  

	
	

  
 Page 39

	 	
such actions and take all such steps and to procure the doing of all such things, the performance of all such actions and the taking of all such steps as may be open to them and reasonably
necessary for or incidental to expediting any regulatory approval process. Any period stipulated in this clause 15 shall be increased by such number of days as may reasonably be necessary in order to obtain any required regulatory approval as
aforesaid. 

  

	15.5	The purchaser of any Sale Interest, on successful completion of the sale, shall be deemed to have, inter alia, taken assignment of all of the lights and
obligations in and to the Disposer’s interest in this Agreement (together with the Disposer’s Sale Interest). The Parties and the purchaser shall procure that any Joint Venture obligations, to the extent that they pertain to the Disposer,
are delegated to the purchaser as soon as possible after, and/or on, the effective date of the sale. 

  

	15.6	Nothing contained in this Agreement shall preclude or be deemed to preclude a shareholder of a Party or Participant from selling or transferring or encumbering its or
their shares in or claims against such Party or Participant even if that should result in a change of control of such Party or Participant. 

  

	
	

  

	
	

  
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	16	FORCE MAJEURE 

  

	16.1	If either Party is prevented or restricted directly or indirectly from carrying out all or any of its obligations under this Agreement from any cause beyond the
reasonable control of that Party (including without limiting the generality of the foregoing, war, civil commotion, riot, insurrection, strikes, lock-outs, fire, explosion, flood and acts of God) (“Force Majeure”) the Party so
affected shall – 

  

	16.1.1	be relieved of its obligations hereunder during the period that such event and its consequences continue, but only to the extent so prevented; and

  

	16.1.2	not be liable for any delay or failure in the performance of any obligations hereunder or any loss or damage (whether general or special, direct or indirect
/consequential) which the other Party may suffer due to or resulting from such delay or failure. 

  

	16.2	The provisions of clause 16.1 arc subject to the proviso that written notice shall, within 48 (forty eight) hours of the occurrence constituting Force Majeure, be given
of any such inability to perform by the affected Party to the other Party and provided further that the obligation to give such notice shall be suspended to the extent necessitated by such Force Majeure. 

 

	16.3	A Party invoking Force Majeure shall use its commercially reasonable endeavours to mitigate the effects of the Force Majeure event or occurrence and, upon termination
of the such Force Majeure event or occurrence, shall forthwith give written notice thereof to the other Party. 

  

	16.4	 If the full and proper implementation of this Agreement is precluded by any of the events or a combination of the events contemplated in clause 16.1
for 

  

	
	

  

	
	

  
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a period of more than 90 (ninety) days at any one time, then the Parties shall endeavour to conclude new arrangements equitable to both of them and, should they fail to agree in writing upon any
such new arrangements within a further period of 30 (thirty) days of written notice by either Party calling upon the other to do so, then either Party shall be entitled to terminate this Agreement with immediate effect upon written notice to the
other Party. 

  

	17	TERMINATION AND WITHDRAWAL 

  

	17.1	Unless the Participants unanimously otherwise agree in writing, the participation of a Participant (“Terminating Party”) in the Joint Venture shall
terminate - 

  

	17.1.1	upon the withdrawal of the Terminating Party on notice given by it in accordance with the provisions of clause 8.2, on the date on which such notice takes effect in
compliance with clause 8.2; 

  

	17.1.2	on written notice given by the other Party if: the Terminating Party is deemed to be unable to pay its debts within the meaning of the Companies Act, 173; or if the
Terminating Party should enter into or attempt to enter into a compromise with any or all of its creditors; or if the Terminating Party is placed under judicial management, whether provisionally or finally, with effect from the date stipulated in
such notice; 

  

	17.1.3	automatically, if the Terminating Party should be liquidated or wound-up, whether provisionally or finally; 

 

	17.1.4	 automatically if the shareholding by HDS As in the Terminating Party is reduced for any reason in a manner that will prejudice, or may reasonably

  

	
	

  

	
	

  
 Page 42

	 	
be expected to prejudice, the New Order Mining Right held by the Company of which the Terminating Party is a member. For the purposes of this clause 17.1.4 – 

 

	17.1.4.1	“HDSA” means - 

  

	17.1.4.1.1	in relation to an individual, a Historically Disadvantaged South African, qualified as such in terms of the Charter; 

 

	17.1.4.1.2	in relation to a company, a company qualified as such in terms of the Charter, being a company directly or indirectly controlled by one or more persons contemplated in
clause 17.1.4.I.I and in which the majority of the board of directors are persons contemplated in clause 17.1.4.1.1; and 

  

	17.1.4.1.3	in relation to an unincorporated association or trust, an unincorporated association or trust controlled by one or more persons contemplated in clause 17.1.4.1.1; and

  

	17.1.4.2	“Charter” means the Broad-Based Socio-Economic Empowerment Charter for the South African Mining Industry, published in the Government Gazette pursuant
to the provisions of section 100(2) of the MPRDA; 

  

	17.1.5	 on written notice given by the other Party to the Terminating Party if the Terminating Party should commit a material breach of this Agreement or
should continuously breach the provisions of this Agreement and should fail to remedy such material breach or to cease such continuous breaches of this Agreement, within 30 (thirty) business days of the other Party calling upon the Terminating Party
to do so (and such notice shall be 

  

	
	

  

	
	

  
 Page 43

	 	
without prejudice to any other claims or rights which the Party giving such notice may have against the Terminating Party), with effect from the date stipulated in such notice; or

  

	17.1.6	on written notice given by a Party in terms of clause 16.4. 

  

	17.2	In the event of the termination of the participation of a Party in the Joint Venture, the Joint Venture shall be deemed to have dissolved on the date on which the
participation of the Terminating Party ceases and, unless the other Participant (“Remaining Party”) elects to continue the JV Business on its own or in association with or in a joint venture with any other person or third party, the
Joint Venture shall be wound-up in accordance with the provisions of clause 17.6. 

  

	17.3	The following provisions shall apply upon termination of the participation of a Party in the Joint Venture in circumstances where the Remaining Party elects to continue
the Joint Venture in accordance with clause 17.2 - 

  

	17.3.1	the Parties shall procure the preparation of financial accounts for the Joint Venture as at the date of termination of the Terminating Party’s participation;

  

	17.3.2	the Remaining Party continuing the Joint Venture shall be deemed to have agreed to purchase the Terminating Party’s Sale Interest (as contemplated in clause 15.1)
at a purchase price equivalent to the Fair Market Value thereof, determined in accordance with the provisions of clause 18. The said purchase price shall be paid as soon as is reasonably possible after determination of the Fair Market Value, but in
any event within 60 (sixty) business days thereof against constructive delivery by the Terminating Party of its Participation Interest to the Remaining Party; 

  

	
	

  

	
	

  
 Page 44

 and 
  

	17.3.3	the Terminating Party shall, until the date of termination of its participation in the Joint Venture, be obliged to fully comply with all of its obligations in terms of
this Agreement. 

  

	17.4	If the Remaining Party elects not to continue with the Joint Venture, it shall nevertheless have a right and option, on written notice to the Terminating Party to
purchase the Terminating Party's Sale Interest (as contemplated in clause 15.1), at a purchase price equivalent to the Fair Market Value thereof, determined in accordance with the provisions of clause 18. 

 

	17.5	Any purchase by the Remaining Party of the Terminating Party's Sale Interest (as contemplated in clause 15.1) in accordance with the provisions of this clause 17, shall
be subject to any and all required regulatory approvals being obtained, and the Parties undertake in favour of each other to cooperate fully in order to obtain the necessary approvals. 

 

	17.6	Unless the Parties otherwise agree in writing, the following provisions shall apply upon the winding-up of the Joint Venture in terms of this Agreement -

  

	17.6.1	the liquidator of the Joint Venture shall be a partner or director of the Independent Auditors; 

 

	17.6.2	the liquidator, in winding-up the Joint Venture shall - 

  

	17.6.2.1	compile accounts reflecting the assets and liabilities of the Joint Venture; 

 

	17.6.2.2	collect all debts due to the Joint Venture; 

  

	17.6.2.3	 in consultation with the Parties, realise the assets owned by the Joint 

  

	
	

  

	
	

  
 Page 45

	 	
Venture (if any) in whatever manner he may deem fit; 

  

	17.6.2.4	pay the creditors of the Joint Venture; 

  

	17.6.2.5	thereafter, pay the expenses of the realisation of the assets and the costs of liquidation of the Joint Venture; and 

 

	17.6.2.6	thereafter, distribute the remaining proceeds (if any) from the winding-up of the Joint Venture to the Parties in proportion to their respective Participation Interests
as at the date of the winding-up. 

  

	17.7	in the event of the proceeds of the realisation of the assets of the Joint Venture proving to be insufficient to meet the liabilities of the Joint Venture, levy a
contribution upon the Parties participating in the Joint Venture at the date of its winding-up to contribute to the deficit in proportion to their respective Participation Interests, but taking into account any funding shortfall by either Party or
any excess funding contributed by a Party to the Joint Venture. 

  

	18	FAIR MARKET VALUE 

  

	18.1	Whenever the Fair Market Value of an asset or any interest, including any Participation Interest or Sale Interest (as contemplated in clause 15.1), is required to be
determined, the Parties shall first attempt to agree such value in writing. 

  

	18.2	Should the Parties fail to so agree in writing the Fair Market Value of the asset or interest within 20 (twenty) business days from the date of a request by either
Party for such agreement, the Fair Market Value of the asset or interest will be determined by the an Independent Investment Bank. In so certifying the Independent Investment Bank shall - 

  

	
	

  

	
	

  
 Page 46

	18.2.1	act as an expert and not as an arbitrator; 

  

	18.2.2	value the asset or interest having regard to the price a willing buyer would pay in respect thereof to a willing seller negotiating at arm’s-length;

  

	18.2.3	not take into account the illiquidity of the such asset or interest; and 

  

	18.2.4	not take into account the fact that the relevant interest may constitute a minority or majority holding in the Joint Venture. 

 

	19	CONFIDENTIALITY AND PUBLICITY 

  

	19.1	The Parties shall take all reasonable steps to minimise the risk of disclosure of confidential information which is proprietary to the Joint Venture or either of the
Parties, by ensuring that only their employees and directors and those of the Joint Venture whose duties will require them to possess any such information shall have access thereto, and that they shall be instructed to treat the same as
confidential. The foregoing shall not be applicable to the Parties with respect to - 

  

	19.1.1	information which enters the public domain other than as a result of this Agreement; 

 

	19.1.2	information which is lawfully received from a third party not subject to any duty of confidentiality to the applicable Party with respect to such information;

  

	19.1.3	information which is known other than as a result of a disclosure in breach of any duty of confidentiality to the applicable Party with respect to such information; and

  

	
	

  

	
	

  
 Page 47

	19.1.4	disclosure made as required by law or enforceable legal process, or by the rules of any securities exchange or regulatory authority having jurisdiction over such
person. 

  

	19.2	Notwithstanding the provisions of clause 19.1, the Parties shall be entitled to disclose to their respective consultants and advisors any information required to be
kept confidential in terms of clause 19.1 for any bona fide purpose, provided that in such event the disclosing Party shall procure that such consultants and advisors keep such information strictly confidential. 

 

	19.3	Unless otherwise agreed in writing between the Parties, neither of the Parties shall issue or make any public announcement or statement (including any written or oral
statement under circumstances where it could reasonably be expected that such statement would be published in any media) or any other disclosure to any third party regarding this Agreement or the transactions contemplated hereby, including, without
limitation, any reference to their terms or conditions, unless required by law or enforceable legal process or the rules of any securities exchange or the rules governing the production and publication of audited financial statements or any
regulatory authority having jurisdiction over the Parties or either of them. 

  

	19.4	 Should a Party wish to negotiate with a bona fide third party (not being a competitor, directly or indirectly, in relation to the Joint Venture)
for the possible disposal of any Participation Interest to that bona fide third party, such Party shall be entitled to disclose confidential information concerning the Joint Venture to such bona fide third party provided that such
third party has signed and executed a confidentiality undertaking on terms and conditions reasonably acceptable to the other Party and there shall be no obligation on the disclosing Party to reveal the identity of the bona fide third

  

	
	

  

	
	

  
 Page 48

	 	
party at that stage. 

  

	20	BREACH 

 The Parties agree
that (subject to the provisions of clause 16) the cancellation of this Agreement in the event of a breach would be an inappropriate and insufficient remedy and that irreparable damage would occur if the provisions of this Agreement were not complied
with. It is accordingly agreed that, in the event of a breach, the aggrieved Party shall be entitled (without prejudice to any other rights which it may have in law, save for the right to cancel the Agreement, and the rights that it has in terms of
clause 16) to an order for specific performance and/or to recover any damages which it may have suffered. 
  

	21	DISPUTE RESOLUTION 

  

	21.1	In the event of there being any dispute or difference between the Parties arising out of this Agreement, the said dispute or difference shall on written demand by
either Party be submitted to arbitration in Johannesburg in accordance with the AFSA rules, which arbitration shall be administered by AFSA. 

  

	21.2	 Should AFSA, as an institution, not be operating at that time or not be accepting requests for arbitration for any reason, then the arbitration shall
be conducted in accordance with the AFSA rules for commercial arbitration (as last applied by AFSA) (“AFSA Rules”) before an arbitrator appointed by agreement between the parties to the dispute or failing agreement within 10 (ten)
business days of the demand for arbitration, then any party to the dispute shall be entitled to forthwith call upon the chairperson of the Johannesburg Bar Council to nominate the arbitrator, provided that the

  

	
	

  

	
	

  
 Page 49

	 	
person so nominated shall be an advocate of not less than 10 (ten) years standing as such. The person so nominated shall be the duly appointed arbitrator in respect of the dispute. In the event
of the attorneys of the parties to the dispute failing to agree on any matter relating to the administration of the arbitration, such matter shall be referred to and decided by the arbitrator whose decision shall be final and binding on the parties
to the dispute. 

  

	21.3	Any party to the arbitration may appeal the decision of the arbitrator or arbitrators in terms of the AFSA Rules. 

 

	21.4	Nothing herein contained shall be deemed to prevent or prohibit a party to the arbitration from applying to the appropriate court for urgent relief or for judgment in
relation to a liquidated claim. 

  

	21.5	Any arbitration in terms of this clause 21 (including any appeal proceedings) shall be conducted in camera and the Parties shall treat as confidential details of
the dispute submitted to arbitration, the conduct of the arbitration proceedings and the outcome of the arbitration. 

  

	21.6	This clause 21 will continue to be binding on the Parties notwithstanding any termination or cancellation of the Agreement. 

 

	21.7	The Parties agree that the written demand by a party to the dispute in terms of clause 21.1 that the dispute or difference be submitted to arbitration, is to be deemed
to be a legal process for the purpose of interrupting extinctive prescription in terms of the Prescription Act, 1969. 

  

	22	NOTICES AND DOMICILIA 

  

	22.1	 The Parties select as their respective domicilia citandi et executandi the

  

	
	

  

	
	

  
 Page 50

	 	
following physical addresses, and for the purposes of giving or sending any notice provided for or required under this Agreement, the said physical addresses as well as the following telefax
numbers - 

  

					
	 Name
	  	 Physical Address
	  	 Telefax

	Taung	  	Suite 4A	  	(012) 665-3641
		  	Manhattan Office Park	  	
		  	16 Pieter Street	  	
		  	Highveld Techno Park	  	
		  	Centurion	  	

 Marked for the attention of: The Manager 

 

					
	 Name
	  	 Physical Address
	  	 Telefax

	Evander	  	Block 27	  	(011) 684-0188
		  	Randfontein Office Park	  	
		  	Corner Main Reef Road and	  	
		  	Ward Avenue	  	
		  	Randfontein	  	

 Marked for the attention of: The Company Secretary 

provided that a Party may change its domicilium or its address for the purposes of notices to any other physical address or telefax
number by written notice to the other Party to that effect. Such change of address will be effective 5 (five) business days after receipt of the notice of the change. 
  

	22.2	All notices to be given in terms of this Agreement will be given in writing, in English, and will - 

 

	22.2.1	be delivered by hand or sent by telefax; 

  

	22.2.2	if delivered by hand during business hours, be presumed to have been received on the date of delivery. Any notice delivered after business hours or on a day which is
not a business day will be presumed to have been received on the following business day; and 

  

	
	

  

	
	

  
 Page 51

	22.2.3	if sent by telefax during business hours, be presumed to have been received on the date of successful transmission of the telefax. Any telefax sent after business hours
or on a day which is not a business day will be presumed to have been received on the following business day. 

  

	22.3	Notwithstanding the above, any notice given in writing in English, and actually received by the Party to whom the notice is addressed, will be deemed to have been
properly given and received, notwithstanding that such notice has not been given in accordance with this clause. 

  

	22.4	The Parties record that whilst they may correspond via email during the currency of this Agreement for operational reasons, no formal notice required in terms of this
Agreement, nor any amendment of or variation to this Agreement may be given or concluded via email. 

  

	23	BENEFIT OF THE AGREEMENT 

This Agreement will also be for the benefit of and be binding upon the successors in title and permitted assigns of the Parties or either
of them. 
  

	24	APPLICABLE LAW AND JURISDICTION 

  

	24.1	This Agreement will in all respects be governed by and construed under the laws of the Republic of South Africa. 

 

	24.2	 For the purposes of clause 21.4 and for the purposes of making any arbitration award or expert determination an order of Court, the Parties hereby
consent and submit to the non-exclusive jurisdiction of the Witwatersrand Local Division of the High Court of the Republic of South Africa in any dispute arising from or in connection with this Agreement. The Parties agree that any costs awarded
will be recoverable on an attorney-and-own-client 

  

	
	

  

	
	

  
 Page 52

	 	
scale unless the Court specifically determines that such scale shall not apply, in which event the costs will be recoverable in accordance with the High Court tariff, determined on an
attorney-and-client scale. 

  

	25	SUPPORT 

 Each of the
Parties undertakes to and in favour of the other Party that it shall at all times - 
  

	25.1	act in good faith in its dealings with such other Party in regard to this Agreement and the manner in which their future relationships will be conducted; and

  

	25.2	do all such things, perform all such actions and take all such steps and procure the doing of all such steps as may reasonably be open to it and reasonably necessary
for or incidental to the implementation or maintenance of the terms, conditions and import of this Agreement. In particular, Evander undertakes to make available to the Management Committee (at Evander’s own cost and expense and as soon as is
reasonably possible after receipt by Evander of a written request in respect thereof) such information pertaining to the Evander 2 and 5 Shafts as is reasonably required or necessary in connection with the conduct of the JV Business.

  

	26	FAIRNESS 

 The Parties
recognise that it is impractical to make provision for every contingency which may arise during the period of operation of this Agreement, and the Parties hereby declare that their intention is that this Agreement shall operate between them with
fairness and without undue hardship to either Party. Should either Party advise the other of a perceived unfairness or undue 

  

	
	

  

	
	

  
 Page 53

 
hardship, the Parties shall use their respective commercially reasonable endeavours in the circumstances to agree upon a suitable course of action to remove such cause of unfairness or undue
hardship. 
  

	27	GENERAL 

  

	27.1	This Agreement constitutes the whole of the agreement between the Parties relating to the matters dealt with herein and, save to the extent otherwise provided herein,
no undertaking, representation, term or condition relating to the subject matter of this Agreement not incorporated in this Agreement shall be binding on either of the Parties. 

 

	27.2	No addition to or variation, deletion, or agreed cancellation of all or any clauses or provisions of this Agreement will be of any force or effect unless in writing and
signed by the Parties. 

  

	27.3	No waiver of any of the terms and conditions of this Agreement wilt be binding or effectual for any purpose unless in writing and signed by the Party giving the same.
Any such waiver will be effective only in the specific instance and for the purpose given. Failure or delay on the part of either Party in exercising any right, power or privilege hereunder will not constitute or be deemed to be a waiver thereof,
nor will any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

 

	27.4	 All provisions and the various clauses of this Agreement are, notwithstanding the manner in which they have been grouped together or linked
grammatically, severable from each other. Any provision or clause of this Agreement which is or becomes unenforceable in any jurisdiction, whether due to voidness, invalidity, illegality, unlawfulness or for any other

  

	
	

  

	
	

  
 Page 54

	 	
reason whatever, shall, in such jurisdiction only and only to the extent that it is so unenforceable, be treated as pro non scripto and the remaining provisions and clauses of this
Agreement shall remain of full force and effect. The Parties declare that it is their intention that this Agreement would be executed without such unenforceable provision if they were aware of such unenforceability at the time of execution hereof.

  

	27.5	Neither this Agreement nor any part, share or interest herein nor any rights or obligations hereunder may be ceded, delegated or assigned by either Party without the
prior written consent of the other Party, save as otherwise provided herein. 

  

	27.6	This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same Agreement as at
the date of signature of the Party last signing one of the counterparts. 

  

	28	COSTS 

 Each Party will
bear and pay its own legal costs and expenses of and incidental to the negotiation, drafting, preparation and implementation of this Agreement. 

  

	
	

  

	
	

  
 Page 55

	29	SIGNATURE 

 Signed on
behalf of the Parties, each signatory hereto warranting that he/she has due authority to do so. 
 SIGNED at RANDFONTEIN on 29/2/2008.

  

	
	 For and on behalf of

EVANDER GOLD MINES LIMITED

	
	 

	Signature
	 

	Name of Signatory
	 EXECUTIVE

	Designation of Signatory

 SIGNED at SANDTON on 27 FEBRUARY 2008. 

 

	
	 For and on behalf of
 TAUNG
GOLD HOLDINGS (PROPRIETARY) LIMITED

	
	 

	Signature
	 

	Name of Signatory
	 Director

	Designation of Signatory

  
 

 

  
 Page 56

 ANNEXE “A” 

EVANDER 6 SHAFT AREA 

  

	
	

  

	
	

 

 

  
 

 

 ANNEXE “B” 

TWISTDRAAI AREA 

  
 

 

 

 

  
 

 

 FIRST ADDENDUM TO THE 

JOINT VENTURE AGREEMENT 
 between 
 EVANDER GOLD MINES LIMITED 

and 
 TAUNG
GOLD HOLDINGS (PROPRIETARY) LIMITED 
  

					
		 	

	  	

 TABLE OF CONTENTS 

 

							
	 1
	 	INTERPRETATION	  	 	3	  
			
	 2
	 	RECITALS	  	 	3	  
			
	 3
	 	AMENDMENT OF THE JV AGREEMENT	  	 	3	  
			
	 4
	 	SAVINGS	  	 	4	  
			
	 5
	 	COUNTERPARTS	  	 	4	  
			
	 6
	 	COSTS	  	 	4	  
			
	 7
	 	SIGNATURE	  	 	5	  

  

					
		 	

	 	

  
 Page 2

 WHEREBY THE PARTIES AGREE AS FOLLOWS: 

 

	1	INTERPRETATION 

 In this
Addendum - 
  

	1.1	“JV Agreement” means the written joint venture agreement entered into between the parties hereto on 11 January 2008; and 

 

	1.2	words and phrases defined in the JV Agreement will bear the same meanings herein. 

 

	2	RECITALS 

 The Parties
have agreed to amend the Net Smelter Royalty provisions contained in the JV Agreement and wish to record such amendment in this Addendum. 
  

	3	AMENDMENT OF THE JV AGREEMENT 

 The JV Agreement is hereby amended by the insertion of the – 
  

	3.1	words “, subject to a maximum aggregate amount of R1,281,000,000.00 (one billion two hundred and eighty one million rand)” at the end of clause
1.2.32; and 

  

	3.2	following clause after clause 6.2 - 

  

	 	“6.3	Notwithstanding any other provisions of this Agreement, the Net Smelter Royalty shall not exceed an amount of R1,281,000,000.00 (one billion two hundred and eighty
one million rand) in the aggregate (“Royalty Threshold”). Accordingly, the Net Smelter Royalty payments contemplated in clause 6.2 shall cease when the Royalty Threshold is reached. Any amounts that have been paid by
the Joint 

  

					
		 	

	 	

  
 Page 3

	 	
Venture in terms of clause 6.2 and which exceed the Royalty Threshold shall be refunded by Evander to the Joint Venture within 10 (ten) business days of receipt by Evander of first written
request in respect thereof by or on behalf of the Joint Venture.” 

  

	4	SAVINGS 

 Save to the
extent specifically or by necessary implication modified in or inconsistent with the provisions of this Addendum, all the terms and conditions of the JV Agreement shall mutatis mutandis continue in full force and effect. Should any provision
of the JV Agreement conflict with or differ from the provisions of this Addendum, then the provisions of this Addendum will prevail. 
  

	5	COUNTERPARTS 

 This
Addendum may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same agreement as at the date of signature of the Party last signing one of the counterparts. 

 

	6	COSTS 

 Each Party shall
bear its own costs of and in connection with this Addendum. 

  

					
		 	

	 	

  
 Page 4

	7	SIGNATURE 

 Signed on
behalf of the Parties as set out below, each signatory warranting that he or she has due authority to do so - 

SIGNED at
                     on                     
2008. 
  

	
	For and on behalf of
	EVANDER GOLD MINES LIMITED
	
	  

	Signature
	  

	Name of Signatory
	  

	Designation of Signatory

 SIGNED at Sandton on 21 January 2008. 

 

	
	For and on behalf of
	 TAUNG GOLD HOLDINGS

(PROPRIETARY) LIMITED

	
	 

	Signature
	 

	Name of Signatory
	 Director

	Designation of Signatory

  
 

 

  
 Page 5

 SECOND ADDENDUM TO THE SALE OF ASSETS 

AGREEMENT 

between 

EVANDER GOLD MINES LIMITED 
 and 
 CLIDET NO 791 (PROPRIETARY) LIMITED 

and 
 TAUNG
GOLD HOLDINGS (PROPRIETARY) LIMITED 
 

 

 WHEREBY THE PARTIES AGREE AS FOLLOWS - 

 

	1	INTERPRETATION 

 In this
Addendum – 
  

	1.1	“Sale Agreement” means the sale of assets agreement entered into between Evander Gold Mines Limited and Clidet No 791 (Proprietary) Limited on
11 January 2008, as amended from time to time; and 

  

	1.2	words and expressions defined in the Sale Agreement will have the same meanings. 

 

	2	INTRODUCTION 

 The Parties
have agreed to make a further amendment to clause 3.1.4.1 of the Sale Agreement. 
  

	3	AMENDMENT 

 Clause 3.1.4.1
of the Sale Agreement is hereby amended by the substitution of the word “Twistdraal” for the words “Evander 6 Shaft”. 
  

	4	TAUNG CONSENT 

 Taung
hereby consents to the entering into of this Addendum and to the amendment set out in clause 3. 
  

	5	SAVINGS CLAUSE 

 Save to
the extent specifically or by necessary implication modified in or inconsistent with the provisions of this Addendum or unless otherwise agreed in writing between the Parties, all the terms and conditions of the Sale Agreement shall mutatis
mutandis continue to apply. 

  
 

 

  
 Page 2

	6	COUNTERPARTS 

 This
Addendum may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same agreement as at the date of signature of the party last signing one of the counterparts. 

 

	7	SIGNATURE 

 Signed on
behalf of the parties as set out below, each signatory warranting that he or she has due authority to do so - 
 SIGNED at
                     on                     
2008. 
  

	
	For and on behalf of
	EVANDER GOLD MINES LIMITED
	
	  

	 Signature

	
	  

	 Name of Signatory

	
	  

	 Designation of Signatory

  
 

 

  
 Page 3

 SIGNED at
                     on                     
2008. 
  

	
	 For and on behalf of

CLIDET NO 791 (PROPRIETARY)

LIMITED

	
	  

	Signature
	
	  

	Name of Signatory
	
	  

	Designation of Signatory

 SIGNED at
                     on                     
2008. 
  

	
	 For and on behalf of

TAUNG GOLD HOLDINGS
 (PROPRIETARY)
LIMITED

	
	  

	Signature
	
	  

	Name of Signatory
	
	  

	Designation of Signatory

  
 

 

  
 Page 4Amended and Restated Mining Right Abandonment Agreement

 Exhibit 4.24 
 EXECUTION   
 3 September 2010 

MINING RIGHT ABANDONMENT AGREEMENT 
 between 
 HARMONY GOLD MINING COMPANY LIMITED 

and 

WITWATERSRAND CONSOLIDATED GOLD RESOURCES LIMITED 
 

 

 TABLE OF CONTENTS 

 

							
	 1
	 	 PARTIES
	  	 	1	  
	 2
	 	 INTERPRETATION
	  	 	1	  
	 3
	 	 INTRODUCTION
	  	 	7	  
	 4
	 	 CONDITIONS PRECEDENT
	  	 	7	  
	 5
	 	 ESCROW AMOUNT
	  	 	10	  
	 6
	 	 PAYMENT OF THE CONSIDERATION
	  	 	13	  
	 7
	 	 LODGEMENT OF DEEDS
	  	 	13	  
	 8
	 	 FLOODING
	  	 	15	  
	 9
	 	 ACCESS TO INFORMATION
	  	 	16	  
	 10
	 	 DRILLING OPERATIONS
	  	 	16	  
	 11
	 	 INTEREST
	  	 	18	  
	 12
	 	 GENERAL WARRANTIES
	  	 	18	  
	 13
	 	 PUBLICITY
	  	 	19	  
	 14
	 	 BREACH
	  	 	20	  
	 15
	 	 DISPUTE RESOLUTION
	  	 	20	  
	 16
	 	 NOTICES AND DOMICILIA
	  	 	21	  
	 17
	 	 BENEFIT OF THE AGREEMENT
	  	 	22	  
	 18
	 	 APPLICABLE LAW AND JURISDICTION
	  	 	23	  
	 19
	 	 GENERAL
	  	 	23	  
	 20
	 	 COSTS
	  	 	25	  
	 21
	 	 SIGNATURE
	  	 	25	  

 ANNEXURES 
 ANNEXURE “1” : DEED OF ABANDONMENT 
 ANNEXURE “2” : DEED OF AMENDMENT
OF MINING RIGHT 
 ANNEXURE “3” : DEED OF AMENDMENT OF PROSPECTING RIGHT 

ANNEXURE “4” : PLAN OF MERRIESPRUIT SOUTH AREA 
 ANNEXURE “5” : MINING RIGHT 
 ANNEXURE “6” : PLAN OF MINING RIGHT
AREA 
 ANNEXURE “7” : SECTION 102 APPLICATION 

  
 

 

	1	PARTIES 

  

	1.1	The Parties to this Agreement are – 

  

	1.1.1	Harmony Gold Mining Company Limited; and 

  

	1.1.2	Witwatersrand Consolidated Gold Resources Limited. 

  

	1.2	The Parties agree as set out below. 

  

	2	INTERPRETATION 

  

	2.1	In this Agreement, unless the context indicates a contrary intention, the following words and expressions bear the meanings assigned to them and cognate expressions
bear corresponding meanings – 

  

	2.1.1	“Abandonment” means the abandonment by Harmony of that portion of the Mining Right pertaining to the Merriespruit South Area in terms of section 56(f)
of the MPRDA; 

  

	2.1.2	“AFSA” means the Arbitration Foundation of Southern Africa; 

 

	2.1.3	“Agreement” means the agreement contained in this document, including all annexures hereto; 

 

	2.1.4	“Balance of the Consideration” means the Consideration less the Escrow Amount; 

 

	2.1.5	“Conditions Precedent” means the conditions precedent set out in clause 4; 

 

	2.1.6	“Consent” means the consent of the Minister under and pursuant to the grant of the Section 102 Application to add the Merriespruit South Area to
the Wits Gold Prospecting Right; 

  

	2.1.7	“Consideration” means an amount equal to R61,000,000 (sixty one million rand) exclusive of VAT thereon; 

 

	2.1.8	“Deeds of Amendment” means the – 

  

	2.1.8.1	Deed of Mining Right Amendment; and 

  

	2.1.8.2	Deed of Prospecting Right Amendment; 

  
 

 

  
 1 

	2.1.9	“Deed of Abandonment” means a notarial deed of abandonment, giving effect to the Abandonment, substantially in the form of the draft attached hereto as
annexure “1”, or such other form as may be agreed between the Parties; 

  

	2.1.10	“Deed of Mining Right Amendment” means a notarial deed of amendment giving effect to the Mining Right Amendment, substantially in the form of the draft
attached hereto as annexure “2”, or such other form as may be agreed between the Parties; 

  

	2.1.11	“Deed of Prospecting Right Amendment” means a notarial deed of amendment giving effect to the Prospecting Right Amendment, substantially in the form of
the draft attached hereto as annexure “3”, or such other form as may be agreed between the Parties; 

  

	2.1.12	“DMR” means the Department of Mineral Resources, formerly the Department of Minerals and Energy; 

 

	2.1.13	“Drilling Operations” means the drilling operations to be conducted by Wits Gold in, on or under the Merriespruit South Area which are necessary to
enable Wits Gold to update its geological model in respect of the Merriespruit South Area; 

  

	2.1.14	“Effective Date” means the day on which the last in time of the Conditions Precedent to be fulfilled or waived, is fulfilled or waived, as the case may
be; 

  

	2.1.15	“Escrow Amount” means an amount equal to R10,000,000 (ten million rand); 

 

	2.1.16	“Escrow Agent” means Cliffe Dekker Hofmeyr Incorporated, registration number 2008/018923/21, a firm of attorneys duly incorporated as a private company
in the Republic of South Africa; 

  

	2.1.17	“Escrow Account” means the following account of the Escrow Agent – 

 

			
	Name of Account:	  	Cliffe Dekker Hofmeyr Inc Trust Account
	Bank:	  	Nedbank
	Branch:	  	100 Main Street, Johannesburg
	Branch Code:	  	197905
	Account Number:	  	1979312176

  

	2.1.18	 “Freegold” means ARMGold/Harmony Freegold Joint Venture Company (Proprietary) Limited, registration number 2001/029602/07, a limited
liability 

  
 

 

  
 2 

	 	
private company duly incorporated in the Republic of South Africa; 

  

	2.1.19	“Harmony” means Harmony Gold Mining Company Limited, registration number 1950/038232/06, a limited liability public company duly incorporated in the
Republic of South Africa; 

  

	2.1.20	“Harmony 3 Shaft Operations” means the current mining operations conducted by Harmony in, on and under the Mining Right Area; 

 

	2.1.21	“Harmony’s Designated Account” means the bank account nominated by Harmony, the details of which are set out below, or such other account as
Harmony may designate in writing on 5 (five) business days notice to Wits Gold and the Escrow Agent – 

  

			
	Name of Account:	  	Harmony Gold Mining Company Current Account
	Bank:	  	Nedbank
	Branch:	  	Corporate Client Services
	Branch Code:	  	145405
	Account Number:	  	1454115866

  

	2.1.22	“JSE” means JSE Limited, registration number 2005/022939/06, a limited liability public company duly incorporated in the Republic of South Africa and
licensed as an exchange under the Securities Services Act, 2001; 

  

	2.1.23	“Listings Requirements” means the Listings Requirements of the JSE; 

 

	2.1.24	“Merriespruit South Area” means that portion of the Mining Right Area hatched in red on the plan annexed hereto marked annexure “4”
and having the co-ordinates ABCDEFGHJKM as reflected on annexure “4”; 

  

	2.1.25	“Mining Titles Office” means the Mining Titles Office contemplated in section 2 of the Mining Titles Registration Act, 1967; 

 

	2.1.26	“Mining Right” means the mining right granted to Harmony in terms of Item 7 of Schedule II to the MPRDA, read with section 23(1) of the MPRDA,
entitling Harmony to mine for gold ore in, on and under the Mining Right Area executed on 11 December 2007, a copy of which is attached hereto as annexure “5”; 

 

	2.1.27	“Mining Right Area” means the area shaded in green on the plan attached hereto marked annexure “6”, which area includes the
Merriespruit South Area; 

  

	2.1.28	 “Mining Right Amendment” means the amendment of the Mining Right by

  
 

 

  
 3 

	 	
the deletion therefrom of the Merriespruit South Area; 

  

	2.1.29	“Minister” means the Minister of Mineral Resources, and includes any person to whom the Minister has delegated powers and functions in terms of section
103 of the MPRDA; 

  

	2.1.30	“MPRDA” means the Mineral and Petroleum Resources Development Act, 2002; 

 

	2.1.31	“Option Cancellation Agreement” means the option cancellation agreement entered into, or to be entered into, amongst Wits Gold, Freegold and Harmony,
in terms of which Freegold cancels an option granted to it by Wits Gold; 

  

	2.1.32	“Parties” means the parties to this Agreement; 

  

	2.1.33	“Prime Rate” means the publicly quoted basic rate of interest, compounded monthly in arrears and calculated on a 365 (three hundred and sixty five) day
year irrespective of whether or not the year is a leap year, from time to time published by Nedbank Limited as being its prime overdraft rate, as certified by any representative of that bank whose appointment and designation it shall not be
necessary to prove; 

  

	2.1.34	“Prospecting Right Amendment” means the amendment of the Wits Gold Prospecting Right by the addition thereto of the Merriespruit South Area;

  

	2.1.35	“Section 102 Application” means an application by Wits Gold to the Minister in terms of section 102 of the MPRDA to add the Merriespruit South Area to
the Wits Gold Prospecting Right, substantially in the form of the draft attached hereto as annexure “7”, or such other form as may be agreed between the Parties; 

 

	2.1.36	“Signature Date” means the date of signature of this Agreement by the Party last in time signing; 

 

	2.1.37	“VAT” means value-added tax as levied from time to time in terms of the Value-Added Tax Act, 1991; 

 

	2.1.38	“Wits Gold” means Witwatersrand Consolidated Gold Resources Limited, registration number 2002/031365/06, a limited liability public company duly
incorporated in the Republic of South Africa (formerly Witwatersrand Consolidated Gold Resources (Proprietary) Limited; 

  
 

 

  
 4 

	2.1.39	“Wits Gold’s Designated Account” means the bank account nominated by Wits Gold, the details of which are set out below, or such other account as
Wits Gold may designate in writing on 5 (five) business days notice to Harmony and the Escrow Agent – 

  

			
	Name of Account:	  	Witwatersrand Consolidated Gold Resources Limited
	Bank:	  	ABSA Bank Limited
	Branch:	  	Fourways
	Branch Code:	  	632905
	Account Number:	  	4063800562

  

	2.1.40	“Wits Gold Prospecting Right” means the prospecting right FS30/5/1/1/2/76PR granted to Wits Gold in terms of section 17(1) of the MPRDA, registered in
the Mining Titles Office under number MPTNO99/2006 (PR). 

  

	2.2	In this Agreement – 

  

	2.2.1	clause headings and the heading of the Agreement are for convenience only and are not to be used in its interpretation; 

 

	2.2.2	an expression which denotes – 

  

	2.2.2.1	any gender includes the other genders; 

  

	2.2.2.2	a natural person includes a juristic person and vice versa; 

  

	2.2.2.3	the singular includes the plural and vice versa; and 

  

	2.2.2.4	a Party includes a reference to that Party’s successors in title and assigns allowed at law. 

 

	2.3	Any reference in this Agreement to – 

  

	2.3.1	“business hours” shall be construed as being the hours between 08h30 and 17hOO on any business day. Any reference to time shall be based upon South
African Standard Time; 

  

	2.3.2	“days” shall be construed as calendar days unless qualified by the word “business”, in which instance a “business day” will be any
day other than a Saturday, Sunday or public holiday as gazetted by the government of the Republic of South Africa from time to time; 

  
 

 

  
 5 

	2.3.3	“law” means any law of general application and includes the common law and any statute, constitution, decree, treaty, regulation, directive, ordinance,
by- law, order or any other enactment of legislative measure of government (including local and provincial government) statutory or regulatory body which has the force of law; 

 

	2.3.4	“person” means any person, company, close corporation, trust, partnership or other entity whether or not having separate legal personality; and

  

	2.3.5	“writing” means legible writing and in English, 

  

	2.4	The words “include” and “including” mean “include without limitation” and “including without limitation”. The use
of the words “include” and “including” followed by a specific example or examples shall not be construed as limiting the meaning of the general wording preceding it. 

 

	2.5	Any substantive provision, conferring rights or imposing obligations on a Party and appearing in any of the definitions in this clause 2 or elsewhere in this Agreement,
shall be given effect to as if it were a substantive provision in the body of the Agreement. 

  

	2.6	Words and expressions defined in any clause shall, unless the application of any such word or expression is specifically limited to that clause, bear the meaning
assigned to such word or expression throughout this Agreement. 

  

	2.7	Unless otherwise provided, defined terms appearing in this Agreement in title case shall be given their meaning as defined, while the same terms appearing in lower case
shall be interpreted in accordance with their plain English meaning. 

  

	2.8	A reference to any statutory enactment shall be construed as a reference to that enactment as at the Signature Date and as amended or substituted from time to time.

  

	2.9	Unless specifically otherwise provided, any number of days prescribed shall be determined by excluding the first and including the last day or, where the last day falls
on a day that is not a business day, the next succeeding business day. 

  

	2.10	If the due date for performance of any obligation in terms of this Agreement is a day which is not a business day then (unless otherwise stipulated) the due date for
performance of the relevant obligation shall be the immediately preceding business day. 

  
 

 

  
 6 

	2.11	Where figures are referred to in numerals and in words, and there is any conflict between the two, the words shall prevail, unless the context indicates a contrary
intention. 

  

	2.12	The rule of construction that this Agreement shall be interpreted against the Party responsible for the drafting of this Agreement, shall not apply.

  

	2.13	No provision of this Agreement shall (unless otherwise stipulated) constitute a stipulation for the benefit of any person (stipulatio alteri) who is not a Party
to this Agreement. 

  

	2.14	The use of any expression in this Agreement covering a process available under South African law, such as winding-up, shall, if either of the Parties to this Agreement
is subject to the law of any other jurisdiction, be construed as including any equivalent or analogous proceedings under the law of such other jurisdiction. 

 

	2.15	Any reference in this Agreement to “this Agreement” or any other agreement or document shall be construed as a reference to this Agreement or, as the
case may be, such other agreement or document, as amended, varied, novated or supplemented from time to time. 

  

	2.16	In this Agreement the words “clause” or “clauses” and “annexure” or “annexures” refer to clauses of
and annexures to this Agreement. 

  

	3	INTRODUCTION 

  

	3.1	Harmony is the holder of the Mining Right over the Mining Right Area. 

  

	3.2	Harmony has agreed to abandon that portion of the Mining Right Area referred to as the Merriespruit South Area, subject to the granting of the Section 102
Application by the Minister. 

  

	3.3	The Parties wish to record in writing their agreement in respect of the above and matters ancillary thereto. 

 

	4	CONDITIONS PRECEDENT 

  

	4.1	Save for clauses 1 to 5, and clauses 10,11 and 13 to 22 all of which will become effective immediately, this Agreement is subject to the fulfilment of the Conditions
Precedent that – 

  
 

 

  
 7 

	4.1.1	the Option Cancellation Agreement shall have been entered into contemporaneously with this Agreement; 

 

	4.1.2	by not later than 17h00 on 13 September 2010, Wits Gold shall have received a certified copy of resolutions of the board of directors of Harmony –

  

	4.1.2.1	approving and, where applicable, ratifying the entering into of this Agreement; 

 

	4.1.2.2	authorising a specified person or persons to execute this Agreement and, where applicable, ratifying the execution of this Agreement by such specified person or
persons; 

  

	4.1.2.3	authorising a specified person or persons to execute the Deed of Mining Right Amendment and the Deed of Abandonment; and 

 

	4.1.2.4	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection
with this Agreement; 

  

	4.1.3	by not later than 17h00 on 13 September 2010, Harmony shall have received a certified copy of resolutions of the board of directors of Wits Gold –

  

	4.1.3.1	approving and, where applicable, ratifying the entering into of this Agreement; 

 

	4.1.3.2	authorising a specified person or persons to execute this Agreement and, where applicable, ratifying the execution of this Agreement by such specified person or
persons; 

  

	4.1.3.3	authorising a specified person or persons to execute the Deed of Prospecting Right Amendment; and 

 

	4.1.3.4	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection
with this Agreement; 

  

	4.1.4	by not later than 13 September 2010, the Section 102 Application has been signed on behalf of Wits Gold and submitted to the DMR with an unsigned Deed of
Abandonment and unsigned Deeds of Amendment; 

  

	4.1.5	 by not later than 17h00 on 5 November 2010, the Option Cancellation 

  
 

 

  
 8 

	 	
Agreement has become unconditional in accordance with its terms and has been fully implemented; 

  

	4.1.6	by not later than 31 May 2011, Wits Gold has obtained funding in an amount of at least R61,000,000 (sixty one million rand) for the purpose of paying Harmony the
Consideration; 

  

	4.1.7	within 3 (three) business days following the later of the fulfilment or waiver, as the case may be, of the Condition Precedent contained in clause 4.1.6 and the
fulfilment of the Condition Precedent contained in clause 4.1.8, Wits Gold has paid the Balance of the Consideration plus VAT on the full Consideration into the Escrow Account; 

 

	4.1.8	by not later than 17h00 on 31 October 2011, the Consent has been granted by the Minister, either unconditionally or subject to such further conditions as have been
approved in writing between the Parties; 

  

	4.1.9	by not later than 10 (ten) business days following the fulfilment, or where applicable, the waiver of the last of the Conditions Precedent, the representatives of the
Parties and the Escrow Agent shall have met at the offices of the regional manager of the DMR: Welkom, at which meeting – 

  

	4.1.9.1	Harmony shall procure that the Deed of Abandonment is executed; and immediately thereafter 

 

	4.1.9.2	Harmony and Wits Gold shall procure that the Deed of Mining Right Amendment and the Deed of Prospecting Right Amendment respectively are executed.

  

	4.2	Harmony shall use commercially reasonable endeavours to procure the fulfilment of the Condition Precedent contained in clause 4.1.2 as soon as reasonably possible and
in any case prior to the expiry of the relevant time periods set out in those clauses and furnish to the other Party documents evidencing the fulfilment of such Conditions Precedent. 

 

	4.3	Wits Gold shall use commercially reasonable endeavours to procure the fulfilment of the Conditions Precedent contained in clauses 4.1.3,4.1.4, 4.1.6 and 4.1,7 as soon
as reasonably and in any case prior to the expiry of the relevant time periods set out in those clauses and furnish to the other Party documents evidencing the fulfilment of such Conditions Precedent. 

  
 

 

  
 9 

	4.4	The Parties shall use commercially reasonable endeavours and the Parties will co-operate in good faith to procure the fulfilment of the Conditions Precedent contained
in clauses 4.1.1, 4.1.5, 4,1.8 and 4.1.9 as soon as reasonably and in any case prior to the expiry of the relevant time periods set out in those clauses. 

  

	4.5	The Conditions Precedent set out in – 

  

	4.5.1	clauses 4.1.2 and 4.1.6 have been inserted for the benefit of Wits Gold which will be entitled to waive fulfilment of any of the said Conditions Precedent, in whole or
in part, on written notice to the other Party prior to the expiry of the relevant time periods set out in those clauses; 

  

	4.5.2	clauses 4.1.3, 4.1.5, 4.1.7 have been inserted for the benefit of Harmony which will be entitled to waive fulfilment of any of the said Conditions Precedent, in whole
or in part, on written notice to the other Party prior to the expiry of the relevant time periods set out in those clauses; 

  

	4.5.3	clauses 4.1.1 and 4.1.4 have been inserted for the benefit of the Parties who will be entitled to waive fulfilment of such Conditions Precedent, in whole or in part, by
written agreement prior to the expiry of the relevant time periods set out in those clause; and 

  

	4.5.4	clauses 4.1.8 and 4.1.9 are not capable of being waived. 

  

	4.6	Unless all the Conditions Precedent have been fulfilled or waived by not later than the relevant dates for fulfilment thereof set out in clause 4.1 (or such later date
or dates as may be agreed in writing between the Parties) the provisions of this Agreement, save for clauses 1 to 5, and clauses 11 and 13 to 22, which will remain of full force and effect, will never become of any force or effect and the status
quo ante will be restored as near as may be and neither of the Parties will have any claim against the other in terms hereof or arising from the failure of the Conditions Precedent, save for any claims arising from a breach of clause 4.2, 4.3
and/or clause 4.4. 

  

	5	ESCROW AMOUNT 

  

	5.1	On the Signature Date, Wits Gold shall pay the Escrow Amount to the Escrow Agent, to be held in trust in an interest bearing trust account for the benefit of Wits Gold
pending fulfilment of the Conditions Precedent. This clause 5 constitutes the mandate to the Escrow Agent in terms of section 78(2A) of the Attorneys Act, 1979. 

  
 

 

  
 10 

	5.2	The Escrow Amount shall be paid by Wits Gold by electronic transfer of immediately available and freely transferable funds into the Escrow Account.

  

	5.3	In the event that – 

  

	5.3.1	either or both of the Conditions Precedent contained in clauses 4.1.6 and 4.1.7 are not fulfilled or waived by the date for fulfilment thereof set out in those clauses
(or such later date as may be agreed in writing between the Parties); or 

  

	5.3.2	any of the other Conditions Precedent are not fulfilled as a result of any deliberate act or omission of Wits Gold intended by Wits Gold to frustrate and/or prevent
such fulfilment, 

 Wits Gold shall forfeit the Escrow Amount, which shall be paid to Harmony by way of
pre-estimated liquidated damages, it being specifically recorded that in such circumstance, Harmony shall be entitled to unilaterally instruct the Escrow Agent in writing to pay the Escrow Amount to Harmony into Harmony’s Designated Account.

  

	5.4	Harmony shall be obliged to provide Wits Gold with a copy of any instruction to the Escrow Agent given by it under the provisions of clause 5.3.

  

	5.5	The Escrow Agent shall be entitled to pay the Escrow Amount to Harmony in accordance with Harmony’s written instruction, provided that the Escrow Agent has given
Wits Gold at least 48 (forty eight) hours written notice that it intends to pay the Escrow Amount to Harmony and Wits Gold has not objected to such payment by written notice to the Escrow Agent prior to the expiry of the said 48 (forty eight) hours.
If Wits Gold has objected as contemplated in this clause 5.5, the resultant dispute may be referred by either Party for resolution in terms of clause 16. 

  

	5.6	If the Escrow Agent receives a notice from Wits Gold in accordance with the provisions of clause 5.5, it shall be obliged to retain the Escrow Amount until such time as
the Escrow Agent receives written notification signed on behalf of both Parties or written notification from the arbitrator appointed in terms of clause 16 to release the Escrow Amount to Harmony. 

 

	5.7	In the event that Wits Gold forfeits the Escrow Amount as contemplated in clause 5.3 and the Escrow Amount is paid into Harmony’s Designated Account, the interest
accruing on the Escrow Amount shall be simultaneously paid by the 

  
 

 

  
 11 

	 	
Escrow Agent into Wits Gold’s Designated Account. 

  

	5.8	In the event that the Conditions Precedent or any of them are not fulfilled (otherwise than as is contemplated in clause 5.3), the Escrow Agent shall forthwith after
the date of lapse of this Agreement as a result thereof, pay the Escrow Amount together with accrued interest thereon into Wits Gold’s Designated Account. 

 

	5.9	In the event that the Conditions Precedent are all fulfilled or waived, as the case may be, by the relevant dates set out for fulfilment thereof in clause 4.1, the
Escrow Agent shall pay an amount equal to - 

  

	5.9.1	the Escrow Amount to Harmony; and 

  

	5.9.2	the interest accrued on the Escrow Amount to Wits Gold, 

 on the Effective Date by electronic transfer of immediately available and freely transferable funds into Harmony’s Designated Account and Wits Gold’s Designated Account respectively, free of any
deductions or set-off whatsoever, in the currency of the Republic of South Africa. 
  

	5.10	Wits Gold shall, in fulfilment of the Condition Precedent contained in clause 4.1.7, pay the Balance of the Consideration, plus VAT on the full Consideration, to the
Escrow Agent, to be held in trust in an interest-bearing trust account for the benefit of Wits Gold pending fulfilment of the remainder of the Conditions Precedent. This clause 5 constitutes the mandate to the Escrow Agent in terms of section 78(2A)
of the Attorneys Act, 1979. 

  

	5.11	The amount referred to in clause 5.10 shall be paid by Wits Gold by electronic transfer of immediately available and freely transferable funds into the Escrow Account.

  

	5.12	In the event that, after payment of the Balance of the Consideration by Wits Gold in fulfilment of the Condition Precedent contained in clause 4.1.7, any of the
Conditions Precedent contained in clauses 4.1.5 or 4.1.9 are not fulfilled, then Wits Gold shall be entitled to unilaterally instruct the Escrow Agent in writing to pay the Balance of the Consideration, plus VAT on the full Consideration and accrued
interest thereon, into Wits Gold’s Designated Account. 

  

	5.13	 The Escrow Agent shall be entitled to pay the Balance of the Consideration, plus VAT on the full Consideration to Wits Gold in accordance with Wits
Gold’s written 

  
 

 

  
 12 

	 	
instruction, provided that the Escrow Agent has given Harmony at least 48 (forty eight) hours written notice that it intends to pay the said amount to Wits Gold and Harmony has not objected to
such payment by written notice to the Escrow Agent prior to the expiry of the said 48 (forty eight) hours. If Harmony has objected as contemplated in this clause 5.13, the resultant dispute may be referred by either Party for resolution in terms of
clause 16. 

  

	5.14	If the Escrow Agent receives a notice from Harmony in accordance with the provisions of clause 5.13, it shall be obliged to retain the Escrow Amount until such time as
the Escrow Agent receives written notification signed on behalf of both Parties or written notification from the arbitrator appointed in terms of clause 16 to release the Escrow Amount to Wits Gold. 

 

	5.15	In the event that all of the Conditions Precedent are fulfilled or waived, the Escrow Agent shall pay an amount equal to the Balance of the Consideration plus VAT on
the full Consideration to Harmony on the Effective Date and the interest accrued thereon to Wits Gold. 

  

	6	PAYMENT OF THE CONSIDERATION 

  

	6.1	The Consideration shall be paid as follows, an amount equal to the – 

  

	6.1.1	Escrow Amount held in escrow by the Escrow Agent, to Harmony by the Escrow Agent for and on behalf of Wits Gold; and 

 

	6.1.2	the Balance of the Consideration, plus VAT on the full Consideration, held in escrow by the Escrow Agent, to Harmony by the Escrow Agent for and on behalf of Wits Gold,

 on the Effective Date. 
  

	6.2	All payments to be made in terms of this Agreement will be made by electronic transfer of immediately available and freely transferable funds into Harmony’s
Designated Account, free of any deductions or set-off whatsoever, in the currency of the Republic of South Africa. 

  

	7	LODGEMENT OF DEEDS 

 As
soon as reasonably possible after the Effective Date, and in any event by not later than 30 (thirty) days thereafter – 
  

	7.1	 Harmony shall procure that the Deed of Abandonment and the Deed of Mining 

  
 

 

  
 13 

	 	
Right Amendment; and 

  

	7.2	Wits Gold shall procure that the Deed of Prospecting Right Amendment, 

 are lodged simultaneously for registration in the Mining Titles Office. 
  

	8	CERTIFICATE OF REGISTRATION 

  

	8.1	Harmony has been granted a certificate of registration (“COR”) in respect of the Mining Right Area in terms of the National Nuclear Regulator Act,
1999. 

  

	8.2	Harmony intends to request the National Nuclear Regulator to amend the COR to remove the surface of the Merriespruit South Area from the COR. It is anticipated that all
operations undertaken by Harmony which are below the ground level of the Merriespruit South Area (“Underground Operations”) will remain subject to the COR. 

 

	8.3	Wits Gold hereby, unconditionally and irrevocably undertakes that – 

  

	8.3.1	it will not access the Underground Operations unless and until – 

  

	8.3.1.1	it has procured the removal of the Underground Operations from Harmony’s COR, by obtaining its own COR in respect of the Underground Operations, or by any other
means; 

  

	8.3.1.2	Harmony has been released from the COR in respect of the Underground Operations; or 

 

	8.3.1.3	Harmony has consented in writing to Wits Gold accessing the Underground Operations; 

 

	8.3.2	subject to its rights under clause 11, it shall refrain from any activity which may negatively impact Harmony’s COR; 

 

	8.3.3	to the extent that Wits Gold accesses the Underground Operations in breach of clause 8.3.1, or Harmony consents in writing to Wits Gold accessing the Underground
Operations, it shall indemnify Harmony against and hold it harmless from all claims, liability, damage, loss, penalty, expense and cost (including legal costs on an attorney and own client scale, clean-up costs and reasonable expert fees) of any
nature whatsoever which Harmony or any successor in title may sustain as a result of Wits Gold’s access to and/or operations in respect of the Underground Operations. 

  
 

 

  
 14 

	9	FLOODING 

  

	9.1	Harmony is considering the cessation or reduction of water pumping activities in respect of the Harmony 3 Shaft Operations. 

 

	9.2	Wits Gold acknowledges that the cessation or reduction of water pumping activities in respect of the Harmony 3 Shaft Operations may cause, inter alia, the
flooding of the Underground Operations. 

  

	9.3	Harmony undertakes to provide Wits Gold with not less than 30 (thirty) days written notice of its intention to cease or reduce pumping activities in respect of the
Harmony 3 Shaft Operations and shall consider, but shall not be obliged to adopt, any proposal made by Wits Gold in respect of, or as an alternative to, the cessation or reduction of water pumping activities in respect of the Harmony 3 Shaft
Operations. 

  

	9.4	Harmony shall remain responsible and liable for any liabilities (including the costs in relation thereto) that would have been imposed on it by law in regard to
Harmony’s prior mining activities and in regard to the cessation or reduction of water pumping activities in respect of the Harmony 3 Shaft Operations, had this Agreement not been entered into. 

 

	9.5	Wits Gold shall be responsible and liable for all liabilities, including all pumping liabilities and obligations, (including the costs in relation thereto) which arise
directly or indirectly as a result of any prospecting or mining activities by Wits Gold which take place in, on or under the Merriespruit South Area after the Signature Date. 

 

	9.6	Wits Gold hereby, irrevocably and unconditionally – 

  

	9.6.1	acknowledges that any decision to cease or reduce water pumping activities in respect of the Harmony 3 Shaft Operations, will be at the sole and unfettered discretion
of Harmony and accepts all risk, insofar as it relates to the Merriespruit South Area, and in particular the Underground Operations, arising directly or indirectly out of the cessation or reduction of water pumping activities in respect of the
Harmony 3 Shaft Operations, subject to the provisions of clauses 9.4 and 9.5; 

  

	9.6.2	 indemnifies Harmony against and shall hold it harmless from all claims, liability, damage, loss, penalty, expense and cost (including legal costs on an
attorney and own client scale, clean-up costs and reasonable expert fees) of 

  
 

 

  
 15 

	 	
any nature whatsoever which Wits Gold or any successor in title may sustain as a result of the cessation or reduction of water pumping activities in respect of the Harmony 3 Shaft Operations,
subject to the provisions of clauses 9.4 and 9.5; and 

  

	9.6.3	undertakes not to lodge any objection, of any nature whatsoever in respect of such cessation or reduction of water pumping activities in respect of the Harmony 3 Shaft
Operations. 

  

	10	ACCESS TO INFORMATION 

  

	10.1	Forthwith after the Signature Date, Harmony will procure that Wits Gold and its representatives are, during business hours, given full and unrestricted access to all
information, books of account, records and other documents in respect of the Merriespruit South Area as may reasonably be required by Wits Gold for the purposes of analysing the Merriespruit South Area, including but not limited to, all diamond
drill cores, related geological reports, assay results, bore hole logs, survey data, maps and reports (“Information”). 

  

	10.2	In the event that the Agreement fails to become unconditional in accordance with the provisions of clause 4, Wits Gold will be required to forthwith –

  

	10.2.1	return all Information provided by Harmony in terms of clause 10.1 (whether in paper, electronic or other format) without keeping any copies or partial copies thereof;

  

	10.2.2	destroy or delete, and procure the destruction or deletion of all analyses, compilations, notes, studies, memoranda or other documents prepared by Wits Gold which
contain or otherwise reflect or are generated from the Information; and 

  

	10.2.3	confirm in writing to Harmony that Wits Gold has fully complied with the provisions of clauses 10.2.1 and 10.2.2. 

 

	11	DRILLING OPERATIONS 

  

	11.1	 From the Signature Date to the earlier of the date of completion of the Drilling Operations or the date on which this Agreement lapses in accordance
with the provisions of clause 4.6, subject to a maximum period of 180 (one hundred and eighty) days, Harmony shall allow Wits Gold access to the Merriespruit South Area in order to allow Wits Gold to conduct the Drilling Operations, which Drilling

  
 

 

  
 16 

	 	
Operations shall be undertaken at the sole cost and expense of Wits Gold as independent contractor as contemplated by section 101 of the MPRDA. 

 

	11.2	Wits Gold hereby, irrevocably and unconditionally – 

  

	11.2.1	undertakes that in performing the Drilling Operations, it will comply in all respects, with all applicable laws and regulatory obligations and/or requirements,
including such obligations and/or requirements as may be imposed on Harmony, as holder of the Mining Right, were Harmony to undertake the Drilling Operations; 

 

	11.2.2	undertakes to and in favour of Harmony, that the Drilling Operations shall not, in any way, impact adversely on the mining operations of Harmony in respect of the
Mining Right Area; 

  

	11.2.3	indemnifies Harmony against and shall hold it harmless from all claims, liability, damage, loss, penalty, expense and cost (including legal costs on an attorney and own
client scale, clean-up costs and reasonable expert fees) of any nature whatsoever which Harmony may sustain as a result of or attributable to all or any rehabilitation costs incurred in relation to the Drilling Operations, including all costs of and
incidental to the rehabilitation of the Merriespruit South Area flowing from such Drilling Operations; and 

  

	11.2.4	indemnifies Harmony against and shall hold it harmless from all claims, liability, damage, loss, penalty, expense and cost (including legal costs on an attorney and own
client scale, clean-up costs and reasonable expert fees) of any nature whatsoever which Harmony may sustain under the COR in relation to the Drilling Operations, including all costs of and incidental to the rehabilitation of the Merriespruit South
Area flowing from such Drilling Operations. 

  

	11.3	 Wits Gold shall be entitled to retain as its property all information and data gathered and drill core received as a result of the Drilling Operations,
notwithstanding any lapse or cancellation of this Agreement. In the event that this Agreement fails to become unconditional in accordance with the provisions of clause 4, Wits Gold shall forthwith provide Harmony with copies of all such information
and data gathered, provided that Harmony shall not, unless such information and/or data has become generally available to the public, use, disseminate, dispose of or distribute such information and/or data without the prior written consent of Wits
Gold, which consent shall not be unreasonably 

  
 

 

  
 17 

	 	
withheld or delayed. 

  

	12	INTEREST 

 Should any
payment under or arising from this Agreement fail to be made on the due date thereof then, without prejudice to such other rights as may accrue to the payee consequent upon such failure, such overdue amounts will bear interest at the Prime Rate plus
300 (three hundred) basis points, from the due date for payment to the date of actual payment, both dates inclusive. 
  

	13	GENERAL WARRANTIES 

  

	13.1	Each of the Parties hereby warrants to and in favour of the other that – 

 

	13.1.1	it has the legal capacity and has taken all necessary corporate action required to empower and authorise it to enter into this Agreement; 

 

	13.1.2	this Agreement constitutes an agreement valid and binding on it and enforceable against it in accordance with its terms; 

 

	13.1.3	the execution of this Agreement and the performance of its obligations hereunder does not and shall not – 

 

	13.1.3.1	contravene any law or regulation to which that Party is subject; 

  

	13.1.3.2	contravene any provision of that Party’s constitutional documents; or 

 

	13.1.3.3	conflict with, or constitute a breach of any of the provisions of any other agreement, obligation, restriction or undertaking which is binding on it; and

  

	13.1.4	to the best of its knowledge and belief, it is not aware of the existence of any fact or circumstance that may impair its ability to comply with all of its obligations
in terms of this Agreement; 

  

	13.1.5	it is entering into this Agreement as principal (and not as agent or in any other capacity); 

 

	13.1.6	the natural person who signs and executes this Agreement on its behalf is validly and duly authorised to do so; 

 

	13.1.7	no other party is acting as a fiduciary for it; and 

  

	13.1.8	it is not relying upon any statement or representation by or on behalf of any 

  
 

 

  
 18 

	 	
other Party, except those expressly set forth in this Agreement. 

  

	13.2	Each of the representations and warranties given by the Parties in terms of clause 13.1 shall – 

 

	13.2.1	be a separate warranty and will in no way be limited or restricted by inference from the terms of any other warranty or by any other words in this Agreement;

  

	13.2.2	continue and remain in force notwithstanding the completion of any or all the transactions contemplated in this Agreement; and 

 

	13.2.3	prima facie be deemed to be material and to be a material representation inducing the other Party to enter into this Agreement. 

 

	14	PUBLICITY 

  

	14.1	Subject to clause 14.3, each Party undertakes to keep confidential and not to disclose to any third party, save as may be required in law (including by the rules of any
recognised securities exchange, where applicable) or permitted in terms of this Agreement, the nature, content or existence of this Agreement and any and all information given by a Party to the other Party pursuant to this Agreement.

  

	14.2	No announcements of any nature whatsoever will be made by or on behalf of a Party relating to this Agreement without the prior written consent of the other Party, which
consent shall not be unreasonably withheld or delayed, save for any announcement or other statement required to be made in terms of the provisions of any law or by the rules of any recognised securities exchange, in which event the Party obliged to
make such statement will first consult with the other Party in order to enable the Parties in good faith to attempt to agree the content of such announcement, which (unless agreed) must go no further than is required in terms of such law or rules.
This will not apply to a Party wishing to respond to the other Party which has made an announcement of some nature in breach of this clause 14. 

  

	14.3	This clause 14 shall not apply to any disclosure made by a Party to its officers, employees, agents, professional advisors or consultants, provided that they have
agreed to the same confidentiality undertakings, or to any judicial, regulatory or arbitral tribunal or officer, in connection with any matter relating to this Agreement or arising out of it. 

  
 

 

  
 19 

	15	BREACH 

  

	15.1	If a Party (“Defaulting Party”) commits any breach of this Agreement and fails to remedy such breach within 10 (ten) business days (“Notice
Period”) of written notice requiring the breach to be remedied, then the Party giving the notice (“Aggrieved Party”) will be entitled, at its option – 

 

	15.1.1	to claim immediate specific performance of any of the Defaulting Party’s obligations under this Agreement, with or without claiming damages, whether or not such
obligation has fallen due for performance; or 

  

	15.1.2	to cancel this Agreement, with or without claiming damages, in which case written notice of the cancellation shall be given to the Defaulting Party, and the
cancellation shall take effect on the giving of the notice. 

  

	15.2	Neither Party shall be entitled to cancel this Agreement unless the breach is a material breach. A breach will be deemed to be a material breach if –

  

	15.2.1	it is capable of being remedied, but is not so remedied within the Notice Period; or 

 

	15.2.2	it is incapable of being remedied, or is not remedied within the Notice Period; and payment in money will compensate for such breach but such payment is not made within
the Notice Period. 

  

	15.3	The Parties agree that any costs awarded will be recoverable on an attorney-and-own-client scale unless the Court specifically determines that such scale shall not
apply, in which event the costs will be recoverable in accordance with the High Court tariff, determined on an attorney-and-client scale. 

  

	15.4	The Aggrieved Party’s remedies in terms of this clause 15 are without prejudice to any other remedies to which the Aggrieved Party may be entitled in law.

  

	15.5	Notwithstanding the aforegoing, from the Effective Date, neither of the Parties will have the right to cancel this Agreement as a result of a breach thereof, and the
Parties’ only remedies thereafter will be to claim specific performance of all the Defaulting Party’s obligations, together with damages, if any. 

 

	16	DISPUTE RESOLUTION 

  

	16.1	In the event of there being any dispute or difference between the Parties arising out of this Agreement, the said dispute or difference shall on written demand by

  
 

 

  
 20 

	 	
either Party be submitted to arbitration in Johannesburg in accordance with the AFSA rules, which arbitration shall be administered by AFSA. 

 

	16.2	Should AFSA, as an institution, not be operating at that time or not be accepting requests for arbitration for any reason, then the arbitration shall be conducted in
accordance with the AFSA rules for commercial arbitration (as last applied by AFSA) before an arbitrator appointed by agreement between the Parties or failing agreement within 10 (ten) business days of the demand for arbitration, then either Party
shall be entitled to forthwith call upon the chairperson of the Johannesburg Bar Council to nominate the arbitrator, provided that the person so nominated shall be an advocate of not less than 15 (fifteen) years standing as such. The person so
nominated shall be the duly appointed arbitrator in respect of the dispute. In the event of the attorneys of the Parties failing to agree on any matter relating to the administration of the arbitration, such matter shall be referred to and decided
by the arbitrator whose decision shall be final and binding on the Parties. 

  

	16.3	Either Party may appeal the decision of the arbitrator or arbitrators in terms of the AFSA rules for commercial arbitration. 

 

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

  

	16.5	Any arbitration in terms of this clause 16 (including any appeal proceedings) shall be conducted in camera and the Parties shall treat as confidential details of
the dispute submitted to arbitration, the conduct of the arbitration proceedings and the outcome of the arbitration. 

  

	16.6	This clause 16 will continue to be binding on the Parties notwithstanding any termination or cancellation of the Agreement. 

 

	16.7	The Parties agree that the written demand by a Party in terms of clause 16.1 that the dispute or difference be submitted to arbitration, is to be deemed to be a legal
process for the purpose of interrupting extinctive prescription in terms of the Prescription Act, 1969. 

  

	17	NOTICES AND DOMICILIA 

  

	17.1	The Parties select as their respective domicilia citandi et executandi the following physical addresses, and for the purposes of giving or sending any notice

  
 

 

  
 21 

	 	
provided for or required under this Agreement, the said physical addresses as well as the following telefax numbers - 

 

					
	 Name
	  	 Physical Address
	  	 Telefax

	Harmony	  	 Block 27
 Randfontein Office
Park
 Cnr Main Reef Road and
 Ward
Avenue
 Randfontein
	  	+27 (0)86 628 2332

 Marked for the attention of: The Chief Executive Officer 

 

					
	 Name
	  	 Physical Address
	  	 Telefax

	Wits Gold	  	
12th Floor
 70 Fox Street
 Johannesburg
	  	(011) 838 3208

 Marked for the attention of: The Company Secretary 

provided that a Party may change its domicilium or its address for the purposes of notices to any other physical address or telefax
number by written notice to the other Party to that effect. Such change of address will be effective 5 (five) business days after receipt of the notice of the change. 
  

	17.2	All notices to be given in terms of this Agreement will be given in writing and will - 

 

	17.2.1	be delivered by hand or sent by telefax; 

  

	17.2.2	if delivered by hand during business hours, be presumed to have been received on the date of delivery. Any notice delivered after business hours or on a day which is
not a business day will be presumed to have been received on the following business day; and 

  

	17.2.3	if sent by telefax during business hours, be presumed to have been received on the date of successful transmission of the telefax. Any telefax sent after business hours
or on a day which is not a business day will be presumed to have been received on the following business day. 

  

	17.3	Notwithstanding the above, any notice given in writing, and actually received by the Party to whom the notice is addressed, will be deemed to have been properly given
and received, notwithstanding that such notice has not been given in accordance with this clause 17. 

  

	18	BENEFIT OF THE AGREEMENT 

This Agreement will also be for the benefit of and be binding upon the successors in

  
 

 

  
 22 

 
title and permitted assigns of the Parties or either of them. 
  

	19	APPLICABLE LAW AND JURISDICTION 

  

	19.1	This Agreement will in all respects be governed by and construed under the laws of the Republic of South Africa. 

 

	19.2	For the purpose of clause 16.4 or for the purpose of making the arbitration award an order of court, the Parties hereby consent and submit to the non-exclusive
jurisdiction of the South Gauteng High Court, Johannesburg in any dispute arising from or in connection with this Agreement. The Parties agree that any costs awarded will be recoverable on an attorney-and-own-client scale unless the Court
specifically determines that such scale shall not apply, in which event the costs will be recoverable in accordance with the High Court tariff, determined on an attorney-and-client scale. 

 

	20	GENERAL 

  

	20.1	Whole Agreement 

  

	20.1.1	This Agreement constitutes the whole of the agreement between the Parties relating to the matters dealt with herein and, save to the extent otherwise provided herein,
no undertaking, representation, term or condition relating to the subject matter of this Agreement not incorporated in this Agreement shall be binding on either of the Parties. 

 

	20.1.2	This Agreement supersedes and replaces any and all agreements between the Parties (and other persons, as may be applicable) and undertakings given to or on behalf of
the Parties (and other persons, as may be applicable) in relation to the subject matter hereof. 

  

	20.2	Variations to be in Writing 

 No addition to or variation, deletion, or agreed cancellation of all or any clauses or provisions of this Agreement will be of any force or effect unless in writing and signed by the Parties. 

 

	20.3	No Indulgences 

 No
latitude, extension of time or other indulgence which may be given or allowed by any Party to the other Party in respect of the performance of any obligation hereunder, and no delay or forbearance in the enforcement of any right of any

  
 

 

  
 23 

 
Party arising from this Agreement and no single or partial exercise of any right by any Party under this Agreement, shall in any circumstances be construed to be an implied consent or election by
such Party or operate as a waiver or a novation of or otherwise affect any of the Party’s rights in terms of or arising from this Agreement or estop or preclude any such Party from enforcing at any time and without notice, strict and punctual
compliance with each and every provision or term hereof. Failure or delay on the part of any Party in exercising any right, power or privilege under this Agreement will not constitute or be deemed to be a waiver thereof, nor will any single or
partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 
  

	20.4	No Waiver or Suspension of Rights 

 No waiver, suspension or postponement by any Party of any right arising out of or in connection with this Agreement shall be of any force or effect unless in writing and signed by such Party. Any such
waiver, suspension or postponement will be effective only in the specific instance and for the purpose given. 
  

	20.5	Provisions Severable 

 All
provisions and the various clauses of this Agreement are, notwithstanding the manner in which they have been grouped together or linked grammatically, severable from each other. Any provision or clause of this Agreement which is or becomes
unenforceable in any jurisdiction, whether due to voidness, invalidity, illegality, unlawfulness or for any other reason whatever, shall, in such jurisdiction only and only to the extent that it is so unenforceable, be treated as pro non
scripto and the remaining provisions and clauses of this Agreement shall remain of full force and effect. The Parties declare that it is their intention that this Agreement would be executed without such unenforceable provision if they were
aware of such unenforceability at the time of execution hereof. 
  

	20.6	Continuing Effectiveness of Certain Provisions 

 The expiration or termination of this Agreement shall not affect such of the provisions of this Agreement as expressly provide that they will operate after any such expiration or termination or which of
necessity must continue to have effect after such expiration or termination, notwithstanding that the clauses themselves do not expressly provide for this. 

  
 

 

  
 24 

	20.7	No Assignment 

 Neither
this Agreement nor any part, share or interest herein nor any rights or obligations hereunder may be ceded, delegated or assigned by either Party without the prior written consent of the other Party, save as otherwise provided herein. 

 

	21	COSTS 

 Each Party will
bear and pay its own legal costs and expenses of and incidental to the negotiation, drafting, preparation and implementation of this Agreement. 
  

	22	SIGNATURE 

  

	22.1	This Agreement is signed by the Parties on the dates and at the places indicated below. 

 

	22.2	This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same Agreement as at
the date of signature of the Party last in time signing one of the counterparts. 

  

	22.3	The persons signing this Agreement in a representative capacity warrant their authority to do so. 

 

	22.4	The Parties record that it is not required for this Agreement to be valid and enforceable that a Party shall initial the pages of this Agreement and/or have its
signature of this Agreement verified by a witness. 

 SIGNED at Sandton on 3 September 2010 

 

	
	For and on behalf of
	HARMONY GOLD MINING COMPANY LIMITED
	
	 

	Signature
	 A.J. Boshoff

	Name of Signatory
	 Executive

	Designation of Signatory

  
 

 

  
 25 

 SIGNED at SANDTON on 3 SEPTEMBER 2010 

 

	
	For and on behalf of
	WITWATERSRAND CONSOLIDATED GOLD RESOURCES LIMITED
	
	 

	Signature
	 D M URQUHART

	Name of Signatory
	 CFO

	Designation of Signatory

  
 

 

  
 26 

 ANNEXURE “1” 

DEED OF ABANDONMENT 
 Protocol 
 NOTARIAL ABANDONMENT OF A CERTAIN PORTION OF 

A MINING RIGHT 
 BE IT
HEREBY MADE KNOWN: 
 THAT on the [—] day of
[—], before me, 
 [NOTARY PUBLIC] 

Notary Public, duly admitted and sworn, residing and practising at Johannesburg in the Province of Gauteng, and in the presence of the subscribing
witnesses, personally came and appeared - 
 [APPEARER] 
 in his/her capacity as the attorney and agent of 
 HARMONY GOLD MINING COMPANY LIMITED

 (registration number 1950/038232/06) 
 (hereinafter referred to as the “Holder”), 
 [s/he], the said Appearer, being
duly authorised hereto under and by virtue of a power of attorney granted in [his/her] favour on the [—] day of [—] by [—], in his capacity as the duly authorised representative of the Holder under and by virtue of a resolution of the directors of the Holder passed on the
[—] day of [—], which power of attorney and certified copy of which resolution has this day been exhibited to me, the Notary, and now remain filed in
my Protocol; 
 AND THE APPEARERS DECLARED THAT WHEREAS: 
  

	A	 the Holder holds mining right number FS 30/5/1/2/2/82 MR granted in terms of section 23(1) of the Mineral and Petroleum Resources Development Act, 2002
(“MPRDA”) which was notarially executed on [INSERT DATE] before Notary Public, [INSERT NOTARY], and duly registered in the Mining Titles Office in 

  
 

 

	 	
[INSERT PLACE] on [INSERT DATE] under registration number [—] in respect [INSERT AREA] [CDH Note: Details to be inserted] (“Mining
Right”); and 

  

	B	the Holder wishes to abandon a portion of the Mining Right, subject to the terms and conditions set out below. 

 

	1.	ABANDONMENT 

 The Holder,
in accordance with section 56(f) of the MPRDA and in accordance with clause [—] of the Mining Right hereby abandons [—]. 

 

	2.	BALANCE OF MINING RIGHT 

The remaining portions of the Mining Right not abandoned as set out above shall remain of full force and effect. 

THUS DONE AND EXECUTED at Sandton on the day, month and year first aforewritten in the presence of the undersigned witnesses. 

AS WITNESSES 
  

							
	1.	 	  
	 		 	  

		 		 		 	q.q. HOLDER
				
	2.	 	  
	 		 	
				
		 		 		 	  

		 		 		 	 QUOD ATTESTOR
 NOTARY
PUBLIC

  
 

 

 ANNEXURE “2” 

DEED OF AMENDMENT OF MINING RIGHT 
 Protocol 
 NOTARIAL AMENDMENT OF MINING RIGHT 

BE IT HEREBY MADE KNOWN: 
 THAT
on the [—] day of [—], before me, 
 [NOTARY PUBLIC] 
 Notary Public, duly admitted and sworn, residing and practising at
Johannesburg in the Province of Gauteng, and in the presence of the subscribing witnesses, personally came and appeared – 

[APPEARER] 
 in his/her
capacity as the attorney and agent of 
  

	1.	HARMONY GOLD MINING COMPANY LIMITED 

 (registration number 1950/038232/06) 
 (hereinafter referred to as the
“Holder”), 
 [s/he], the said Appearer, being duly authorised hereto under and by virtue of a
power of attorney granted in [his/her] favour on the [—] day of [—] by [—], in his capacity as the
duly authorised representative of the Holder under and by virtue of a resolution of the directors of the Holder passed on the [—] day of [—],

 and 
  

	2	The Minister of Mineral Resources represented by the Regional Manager: Free State, he being duly authorised by a power of attorney signed by the Acting Deputy
Director-General: Mineral Regulation, he being duly authorised by virtue of a delegation of powers dated [—], 

 which powers of attorney and certified copy of which resolution have this day been exhibited to me, the Notary, and now remain filed in my Protocol; 

AND THE APPEARERS DECLARED THAT WHEREAS: 

  
 

 

	A	the Holder holds mining right number FS 30/5/1/2/2/82 MR granted in terms of section 23(1) of the Mineral and Petroleum Resources Development Act, 2002 which was
notarially executed on [INSERT DATE] before Notary Public, [INSERT NOTARY], and duly registered in the Mining Titles Office in [INSERT PLACE] on [INSERT DATE] under registration number [—] in respect
of [INSERT AREA] [CDH Note: Details to be inserted] (“Mining Right”); and 

  

	B	the Holder wishes to amend the Mining Right, as set out below. 

  

	1.	INTRODUCTION 

 Consequent
upon the grant of an application under section 102(1) of the MPRDA by the Minister of Mineral Resources on [—], the Holder has abandoned a portion of the Mining Area of the Mining Right
(“Abandonment”) with effect from the date of execution of this deed, as set out below. 
  

	2.	AMENDMENT 

 The Mining
Right, in accordance with the Abandonment is amended with effect from the date of notarial execution of this notarial amendment by excluding [—], such that the Mining Area referred to in clause [—] of the Mining Right, as a result of this amendment, is [—], 
 THUS DONE AND EXECUTED at Sandton on the day, month and year first aforewritten in the presence of the undersigned witnesses. 
 AS WITNESSES 
  

							
	1.	 	  
	 		 	  

		 		 		 	q.q. HOLDER
				
	2.	 	  
	 		 	  

		 		 		 	q.q. MINISTER OF MINERALS RESOURCES
				
		 		 		 	  

		 		 		 	 QUOD ATTESTOR
 NOTARY
PUBLIC

  
 

 

 ANNEXURE “3” 

DEED OF AMENDMENT OF PROSPECTING RIGHT 
 Protocol 
 NOTARIAL AMENDMENT OF PROSPECTING RIGHT 

BE IT HEREBY MADE KNOWN: 
 THAT
on the [—] day of [—], before me, 
 [NOTARY PUBLIC] 
 Notary Public, duly admitted and sworn, residing and practising at
Johannesburg in the Province of Gauteng, and in the presence of the subscribing witnesses, personally came and appeared – 

[APPEARER] 
 in his/her
capacity as the attorney and agent of 
  

	1.	WITWATERSRAND CONSOLIDATED GOLD RESOURCES LIMITED 

 (registration number 2002/031361/06) 
 (hereinafter referred to as the
“Holder”), 
 [s/he], the said Appearer, being duly authorised hereto under and by virtue of a power of attorney
granted in [his/her] favour on the [—] day of [—] by [—], in his capacity as the duly authorised
representative of the Holder under and by virtue of a resolution of the directors of the Holder passed on the [—] day of [—], 

and 
  

	2	The Minister of Mineral Resources represented by the Regional Manager: Free State, he being duly authorised by a power of attorney signed by the Acting Deputy
Director-General: Mineral Regulation, he being duly authorised by virtue of a delegation of powers dated [—], 

 which powers of attorney and certified copy of which resolution have this day been exhibited to me, the Notary, and now remain filed in my Protocol; 

  
 

 

 AND THE APPEARERS DECLARED THAT WHEREAS: 

 

	A	the Holder holds prospecting right number FS30/5/1/1/2/76 PR granted in terms of section 17(1) of the Mineral and Petroleum Resources Development Act, 2002 which was
notarially executed on [INSERT DATE] before Notary Public, [INSERT NOTARY], and duly registered in the Mining Titles Office in [INSERT PLACE] on [INSERT DATE] under registration number [—] in respect
of [INSERT AREA] [CDH Note: Details to be inserted] (“Prospecting Right”); 

  

	B	Harmony Gold Mining Company Limited has abandoned, in accordance with section 56(f) of the MPRDA (“Abandonment”), the following portion of its mining
right – [—] (“Abandoned Portion”); and 

  

	C	the Holder wishes to amend the Prospecting Right, as set out below. 

  

	1.	INTRODUCTION 

 Consequent
upon the Abandonment of the Abandoned Portion, the Abandoned Portion will be added to the Prospecting Right with effect from the date of execution of this deed, as set out below. 

 

	2.	AMENDMENT 

 The
Prospecting Right is amended with effect from the date of notarial execution of this notarial amendment by including the Abandoned Portion, such that the Prospecting Area referred to in clause [—] of
the Prospecting Right, as a result of this amendment, is [—]. 
 THUS DONE AND EXECUTED
at Sandton on the day, month and year first aforewritten in the presence of the undersigned witnesses. 
 AS WITNESSES 

 

							
	1.	 	  
	 		 	  

		 		 		 	q.q. HOLDER

  
 

 

							
				
	2.	 	  
	 		 	  

		 		 		 	q.q. MINISTER OF MINERALS RESOURCES
				
		 		 		 	  

		 		 		 	 QUOD ATTESTOR
 NOTARY
PUBLIC

  
 

 

 ANNEXURE “4” 

PLAN OF MERRIESPRUIT SOUTH AREA 

  
 

 

 

 

 ANNEXURE “5” 

MINING RIGHT 

  
 

 

 DME 388 

 

					
		  	

	  	  
 FS 30/5/1/2/2/82 MR

C/2005/12/20/001

 DEPARTMENT OF MINERALS AND ENERGY 

REPUBLIC OF SOUTH AFRICA 
 CONVERTED MINING RIGHT 
 Converted in terms of Item 7 of Schedule II of
the Mineral and Petroleum Resources Development Act, 
 2002 (Act No. 28 of 2002) 

 
 Minerals and Energy for Development and Prosperity 

 

 TABLE OF CONTENTS 

 

					
	 Heading
	  	 Clause
	 
	 Preamble
	  			
	 Definitions
	  			
	 Description of the Mining Area
	  	 	1	  
	 Conversion of Mining Right
	  	 	2	  
	 Commencement, Duration and Renewal
	  	 	3	  
	 Amendment, Variation and Abandonment
	  	 	4	  
	 Payment of Royalties
	  	 	5	  
	 Payment of Interest
	  	 	6	  
	 Restrictions and Obligations Imposed on the Holder
	  	 	7	  
	 Conditions on Disposal of Minerals and or Products Derived from Mining
	  	 	8	  
	 Mortgage, Cession, Transfer, and Alienation
	  	 	9	  
	 Protection of Boreholes, Shafts, Adits, Openings and Excavations
	  	 	10	  
	 Holder’s liability for Compensation for Loss or damage
	  	 	11	  
	 Inspection of Mining Area
	  	 	12	  
	 Cancellation or Suspension of Mining Right
	  	 	13	  
	 Records and Returns
	  	 	14	  
	 Minister’s liability for payment of Compensation
	  	 	15	  
	 Compliance with the Laws of the Republic of South Africa
	  	 	16	  
	 Provisions relating to Section 2(d) and (f) of the Act
	  	 	17	  
	 Social and Labour Plan
	  	 	18	  
	 Severability
	  	 	19	  
	 Domicilia citandi et executandi
	  	 	20	  
	 Costs
	  	 	21	  

  
 

             
  

 Converted Mining Right:: Converted in terms of item 7 of the Mineral and Petroleum Resources
Development Act, No. 28 of 2002 

  
 2 

					
		 		  	Protocol No 294/2007
		 		  	File No
		 		  	[FS] 30/5/1/2/2/82 MR
		 		  	Application No
		 		  	C/2005/12/20/001

 LET IT HEREBY BE MADE KNOWN: 
 THAT on this 11th day of DECEMBER in the year 2007, before me, ADOLPH JOHANNES DE LA REY a Notary Public, duly sworn and admitted, residing and practising at WELKOM, in the FREE STATE Province of South Africa, and in the
presence of the subscribing competent witnesses, personally came and appeared: 
 KALIPA KEWUTI, Acting Regional Manager, FREE
STATE Region of the Department of Minerals and Energy, and as such in his / her capacity as the duty authorised representative of: 

  

			
	THE MINISTER OF MINERALS AND ENERGY	 	

            

  

 Converted Mining Right:: Converted in terms of item 7 of the Mineral and Petroleum Resources
Development Act, No. 28 of 2002 

  
 3 

 The said Regional Manager, being duly authorised thereto under and by virtue of a Power
of Attorney granted by the DIRECTOR-GENERAL: MINERALS AND ENERGY of the Department of Minerals and Energy on the
27TH day of SEPTEMBER in the year 2007 in terms of the powers delegated by the Minister on the 12th day of May 2004 in terms of section 103 (1) of the Act. 

AND GEORGE EDWARD WARREN DE WIT 

(REPRESENTATIVE’S SURNAME AND INITIALS) in his/her personal capacity or as the company’s (POSITION OF REPRESENTATIVE) and as such, the duly
authorised representative of HARMONY GOLD MINING COMPANY LIMITED, Registration number: 
  

																															
		 	 1

 
	 	9	 	5	 	0	 	/	 	0	 	3	 	8	 	2	 	3	 	2	 	/	 	0	 	6	 	 

 (Hereinafter together with his/her/its successors in title and assigns referred to as “the
Holder”, he/she, the said representative, being duly authorised thereto under and by virtue of a power of attorney/resolution of directors of the Holder, signed or passed at JOHANNES BURG on the 10th day of DECEMBER in the year 2007 which power of attorney or a
certified copy of a resolution has this day been exhibited to me, the notary, and remain filed of record in my protocol with the minutes hereof.) 
 AND THE MINISTER AND HOLDER DECLARED THAT: 
  

			
	WHEREAS	  	The State is the custodian of the Nation’s mineral and petroleum resources in terms of section 3 of the Act.
		
	AND WHEREAS	  	The Holder has applied for conversion of an old order mining right in terms of Item 7 of Schedule 2 to the Act,
		
	AND WHEREAS	  	The DIRECTOR-GENERAL: MINERALS AND ENERGY of the Department of Minerals and Energy has by virtue of powers delegated to him, converted the Holder’s old order, mining
right in terms of Item 7 of the Schedule to the Act.

 NOW THEREFORE THE MINISTER CONVERTS THE HOLDER’S OLD ORDER MINING RIGHT SUBJECT TO THE FOLLOWING TERMS AND
CONDITIONS: 
  
 

             
  
 Converted Mining Right:: Converted in terms of item 7 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 

  
 4 

 Definitions 
 In this mining right, the following words and expressions shall have the following meanings: 

“Act” means the Mineral and Petroleum Resources Development Act, 2002 (Act 28 of 2002) and includes the Regulations, guidelines,
circulars, directives and orders made in terms of that Act; 
 “Environmental Management Programme” is as defined in the
Act and includes any other Environmental Management Programme approved in terms of the previous mining legislation; 

“Financial year” means a complete financial year of the Holder which, at the time of the granting of this
mining right, commences on 1st day of JULY in the year
2007; and ends on 30th day of JUNE in the year 2008;

 “Holder” is as defined in the Act, and specifically in relation to this right, it means HARMONY GOLD MINING
COMPANY LIMITED, Registration No 195003823206; 
 “Mineral” is as defined in the Act, and specifically in relation
to this right means GOLD ORE; 
 “Mining Area” is as defined in the Act and includes any additional area of
environmental liability as may be reflected on the Environmental Management Programme relating to this right; 
 “Mining
right” is as defined in the Act and includes all the Annexures to it, agreements and inclusions by reference; 
 “Mining
Work Programme” is as defined in the Act and as reflected in the attached Annexure “A” to this mining right; 
 “Minister” means the Minister of Minerals and Energy and includes the successors in title, the assignee or any person duly authorised to act in the Minister’s place and stead;

 “Old order mining right” is as defined in the Schedule to the Act. 
 “Regional Manager” is as defined in the Act and specifically in relation to this right means the Regional Manager for the FREE STATE Region of the Department of
Minerals and Energy; 
 “Social and Labour Plan”, is as contemplated in regulation 46 of the Regulations to the Act and
is as reflected in the attached Annexure “B” to this mining right; and 
  
 

             
  
 Converted Mining Right:: Converted in terms of item 7 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 

  
 5 

	1.	Description of the Mining Area 

 The Mining Area shall comprise the following: 
  

			
	Certain:	 	VARIOUS PROPERTIES
	 Situated:
	 	     Magisterial District of WELKOM AND VIRGINIA
[FREE STATE PROVINCE]

	 Measuring:
	 	 2 2582,9876 hectares in extent.

 (In the case of various farms being involved, a list can be attached and referred to as
Annexure “C”); Which Mining Area is described in detail on the attached Diagram/plan marked Annexure “D”. 
  

	2.	Conversion of Old Order Mining Right 

 Without detracting from the provisions of Item 7 of the schedule to the Act, sections 5 and 25 of the Act, the Minister converts the holder’s old order right and grants to the Holder the sole
and exclusive right to mine, and recover the mineral/s in, on and under the mining area for the Holder’s own benefit and account, and to deal with, remove and sell or otherwise dispose of the mineral/s, subject to the terms and conditions of
this mining right, the provisions of the Act and any other relevant law in force for the duration of this right. 
  

	3.	Commencement, Duration and Renewal 

  

	3.1.	 This mining right shall commence on 11th DECEMBER 2007 and, unless cancelled or suspended in terms of clause 13 of this right and or section 47 of the Act,
will continue to be in force for a period of 22 [TWENTY-TWO] years ending on 10th DECEMBER, 2029. 

  

	3.2.	The Holder must continue to conduct mining operations failing which this right may be cancelled or suspended. 

 

	3.3.	Any application for renewal must be submitted to the Regional Manger not later than 60 working days prior to the date of expiry of this right. 

 

	4.	Amendments, Variation and Abandonment 

  

	4.1.	The terms of this right (including by extension of the area covered by it or by the addition of minerals or a share or shares or seams, mineralized bodies, or strata,
which are not at the time the subject thereof) may not be amended or varied without the written consent of the Minister. 

  

	4.2.	The Holder shall be entitled to abandon or relinquish the right or the area covered by the right entirely or in part. Upon abandonment or relinquishment of the mining
area or any portion thereof, the Holder must: 

  
 

             
  
 Converted Mining Right:: Converted in terms of item 7 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 

  
 6 

	4.2.1.	Furnish the Regional Manager with all prospecting and /or mining results and/or information, as well as the general evaluation of the geological, geophysical and
borehole data in respect of such abandoned area in so far as it applies to the mineral or any other mineral/s obtained in respect of this right and, 

  

	4.2.2.	Apply for a closure certificate in terms of section 43 (3) of the Act. 

 

	4.3	With effect from the date the Holder has abandoned or relinquished a portion or portions of the mining area, and subject to section 43 of the Act, the Minister is
entitled to grant any right, permit, or permission referred to in the Act in, on, or under the portion/s, so abandoned or relinquished, to any person/s. 

  

	5.	Payment of Royalties and other Monies 

  

	 	5.1.	The Holder shall as contemplated in section 25 (2) (g) pay to the State throughout the duration of this mining right, any royalties payable in terms of any
Act or Amendment to an Act of Parliament implemented. 

  

	 	5.2.	If, prior to the commencement of the Act, the Holder of this right paid any royalties, levies, fees, or consideration to the state, the Holder shall continue to pay
same applicable to such old order mining right until such time a relevant Act of parliament is implemented. 

  

	6.	Payment of Interest 

 If
mining fees, any fees, any levy, royalties or consideration referred to in clause 5 are not paid punctually, the Holder shall be in mora and shall pay interest thereon at the rate prescribed in terms of section 80 of the Public Finance
Management Act, 1999(Act 1 of 1999) reckoned from the date on which payment is due and payable, to the date of actual payment. 
  

	7.	Restrictions and Obligations Imposed on the Holder 

  

	7.1	The Holder is entitled to the rights referred to in section 5(2), (3) and section 25 of the Act, and such other rights as may be contained in this mining right or
such other right as may be granted to, acquired by or conferred upon the Holder by any other applicable law. 

  

	7.2	Mining operations in the mining area must be conducted in accordance with the Mining Work Programme and any amendment to such Mining Work Programme and an approved
Environmental Management Plan. 

  

	7.3	The Holder shall not trespass or enter into any homestead, house or its curtilage nor interfere with or prejudice the interests of the occupiers and/or owners of the
surface of the Mining Area except to the extent to which such interference or prejudice is necessary for the purposes of enabling the Holder to properly exercise the Holder’s rights under this mining right. 

  
 

 
  

 Converted Mining Right:: Converted in terms of item 7 of the Mineral and Petroleum Resources
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 7 

	8.	Conditions on disposal of Minerals and/ or Products Derived from Mining 

 It is a condition of the conversion of this old order mining right that the Holder shall dispose of all minerals and/ or products derived from the exploitation of the mineral at competitive market prices
which shall mean in all cases, non-discriminatory prices or non-export parity prices. If the minerals are sold to any entity, which is an affiliate or non-affiliated agent or subsidiary of the Holder, or is directly or indirectly controlled by the
Holder, such purchaser must unconditionally undertake in writing to dispose of the minerals and any products produced from the minerals, at competitive market prices. 
  

	9.	Mortgage, Cession, Transfer, and Alienation 

 This mining right, a shareholding, an equity, an interest or participation in the right or joint venture, or a controlling interest in a company, close corporation or joint venture, may not be encumbered,
ceded, transferred, mortgaged, let, sublet, assigned, alienated or otherwise disposed of without the written consent of the Minister, except in the case of a change of controlling interest in listed companies. 

 

	10.	Protection of Boreholes, Shafts, Adits and Openings. 

 All boreholes, shafts, Adits, excavations, and openings sunk or made, by the Holder during the currency of this mining right shall be sealed, closed, fenced, made safe by the Holder in accordance with the
approved Environmental Management Programme, the Mine Health and Safety Act, 1996 or any other applicable laws and Regulations. 
  

	11.	Holder’s Liability for payment of Compensation for Loss or Damage 

 

	11.1.	Subject to section 43 of the Act, the Holder shall, during the tenure of this right while carrying out the mining operations under this right, take alt such necessary
and reasonable steps to adequately safeguard and protect the environment, the mining area and any person/s using or entitled to use the surface of the mining area from any possible damage or injury associated with any activities on the mining area.

  

	11.2.	Should holder fail to take reasonable steps referred to above, and to the extent that there is legal liability, the holder shall compensate such person or persons for
any damage or losses, including but not limited to damage to the surface, to any crops or improvements, which such person or persons may suffer as a result of, arising from or in connection with the exercise of his/her rights under this mining right
or of any act or omission in connection therewith. 

  
 

 
  

 Converted Mining Right:: Converted in terms of item 7 of the Mineral and Petroleum Resources
Development Act, No. 28 of 2002 

  
 8 

	12.	Inspection of Mining Area 

The Minister and/or any person duly authorised thereto in writing by the Minister shall be entitled to inspect the mining area, the
Holder’s mining operations and the execution of the approved Environmental Management Programme on the Mining Area as provided for in the Act, and any instruction conveyed in writing by the Minister to the Holder requiring the proper
performance by the Holder of the Holder's obligations under this mining right shall be put into effect by the Holder in terms of the Act. 
  

	13.	Cancellation or Suspension 

  

	13.1	Subject to section 47 of the Act, this mining right may be cancelled or suspended if the Holder: 

 

	13.1.1	Submits inaccurate, incorrect and or misleading information in connection with any matter required to be submitted under the Act; 

 

	13.1.2	Fails to honour or carry out any agreement, arrangement, or undertaking, including the undertaking made by the Holder in terms of the Broad Based Socio Economic
Empowerment Charter and Social and Labour plan, on which the Minister relied for the conversion of this right; 

  

	13.1.3	Breaches any material term and condition of this mining right; 

  

	13.1.4	Conducts mining operations in contravention of the provisions of the Act; 

  

	13.1.5	Contravenes the requirement of the approved Environmental Management Programme; or 

 

	13.1.6	Contravenes any provisions of this Act in any other manner. 

  

	13.2	Before the Minister cancels or suspends this right, the Minister shall: 

  

	13.2.1	Give written notice to the Holder indicating the intention to suspend or cancel this right; 

 

	13.2.2	Give reason/s why the Minister is considering the suspension or cancellation of this right; 

 

	13.2.3	Give the Holder 30 days to show reasons why the right should not be suspended or cancelled; 

 

	13.2.4	Notify, the mortgagee [if any], of the intention to suspend or cancel this right; and 

 

	13.2.5	Direct the Holder, where it is possible to remedy any contravention, breach or failure, to comply or to take such specified measures to remedy any contravention, breach
or failure to comply. 

  

	13.3	If the Holder does not take the measures as specified by the Minister to remedy a contravention, breach or failure, the Minister may cancel or suspend this right after
considering representations made by the Holder in terms of clause 13.2.3. 

  

	14.	Records and Returns 

  

	14.1	The Holder shall maintain all such books, plans and records in regard to mining on the Mining Area as may be required by the Act and shall furnish to the office of the
Regional Manager such reports and documents as may be relevant under this right. 

  
 

 
  

 Converted Mining Right:: Converted in terms of item 7 of the Mineral and Petroleum Resources
Development Act, No. 28 of 2002 

  
 9 

	14.2.	 The Holder shall furnish to the Regional Manager all such monthly returns contemplated in section 28 (2) A of the Act not later than the 15th day of the month following the month in respect of which it was
reported. 

  

	14.3	The Holder shall furthermore at the end of each year following commencement of this mining right, inform the Regional Manager in writing of any new developments and of
the future mining activities planned in connection with the exploitation/mining of the minerals on the Mining Area. 

  

	15.	Minister’s liability for Payment of Compensation 

 The Minister shall not at any time be liable or responsible for the payment of compensation of whatever nature to the Holder, the Holder’s successors-in-title or assignee, or any person whomsoever as
a result of the conversion of this right. 
  

	16.	Compliance with the Laws of the Republic of South Africa 

 The conversion of this Right, does not exempt the Holder and its successors in title and/or assigns from complying with the relevant provisions of the Mine Health and Safety Act, (Act No.29 of 1996) and
any other law in force in the Republic of South Africa. 
  

	17.	Provisions relating to section 2(d) and (f) of the Act 

In the furthering of the objects of this Act, the Holder is bound by the provisions of an agreement or arrangement
dated 5th APRIL 2002 entered into between the Holder/
empowering partner and AFRICAN RAINBOW MINERALS (PROPRIETARY) LIMITED (the empowerment partner) which agreement or arrangement was taken into consideration for purposes of compliance with the requirements of the Act and or Broad Based Economic
Empowerment Charter developed in terms of the Act and such agreement shall form part of this right. 
 

 
  

	18.	Social and Labour Plan 

  

	18.1	The holder must annually, not later than three months before the end of its financial year, submit a detailed implementation plan to give effect to Regulation 46(e)
(i), (ii) and (iii) in line with the Social and Labour Plan. 

  

	18.2	The holder must annually, not later than three months after finalisation of its audited annual report, submit a detailed report on the implementation of the previous
year’s social and labour plan. 

  
 

 
  

 Converted Mining Right:: Converted in terms of item 7 of the Mineral and Petroleum Resources
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 10 

	19.	Severability 

Notwithstanding anything to the contrary, any provision of this mining right which is contrary to any provision of the Act or which is
otherwise ultra vires, null and void, voidable, or unenforceable, shall be severable from the rest of this right, such rest thus being and remaining of full force, effect and enforceable. 

 

	20.	Domicilia citandi et executandi 

  

	20.1.	The parties hereto choose the following addresses as their domicilia citandi et executandi and for all purposes arising from this mining right, in particular for
the purposes of serving of any notice in terms of this mining right, and any notice properly addressed to the under mentioned postal addresses of the parties shall be deemed to have been received by the addressee within 14 days if given in writing
and posted by prepaid registered post addressed to the addressee at the relevant postal address: 

  

	20.1.1.	In the case of the Minister. 

  

			
	Physical Address	  	Postal Address
	 	 
	DME BUILDING	  	PRIVATE BAG X33
	C/O RYK AND DE KAAP STREETS, WELKOM	  	WELKOM
	Code 9460	  	9460
	Tel [057] 391 1300	  	 
	Fax [057] 357 6003/357 1241	  	 

  

	20.1.2.	In the case of the Holder. 

  

			
	Physical Address	  	Postal Address
	 	 
	RANDFONTEIN PARK OFFICE	  	P.O. BOX 2
	 C/O MAIN REEF AND WARD STREET

RANDFONTEIN
	  	RANDFONTEIN
	Code 1760	  	1760
	Tel [011] 411 2259	  	 
	Fax [011] 412 1203	  	 

  

	20.2.	 Notwithstanding anything to the contrary herein contained, a written notice or communication actually received by a party at any place other than the
chosen domicilia citandi et executandi 

  
 

 
  

 Converted Mining Right:: Converted in terms of item 7 of the Mineral and Petroleum Resources
Development Act, No. 28 of 2002 

  
 11 

	 	
shall constitute adequate notice or communication to the party notwithstanding that it was not sent to or delivered at such party’s chosen domicilium citandi et executandi.

  

	20.3	Either party shall be entitled from time to time to change the domicilia citandi et executandi or postal address furnished above after giving at least 14 days
prior written notice of such change to the other party, failing which the above mentioned addresses will remain in force. 

  

	20.4.	Any written notice or communication contemplated in this clause which is forwarded by one party to the other by registered post will be presumed to have been received
by the addressee on the fourteenth day following the date of posting from an address within the Republic of South Africa to the addressee at the postal address of the addressee for the time being as determined in accordance with the provisions of
this clause. 

  

	21.	Costs 

 The Holder shall
pay all costs and charges incurred in connection with the execution and registration of this prospecting right. 
 Thus done
and signed at WELKOM on the 11th day of DECEMBER in
the year 2007 in the presence of the undersigned witnesses: 
 AS WITNESS: 

 

			
	 

	 

  

			
	 

	For and on behalf of the Minister

 AS WITNESS: 

 

			
	 

  

			
	 

	For and on behalf of the Holder
	
	 

	Notary Public

  
 

 
  

 Converted Mining Right:: Converted in terms of item 7 of the Mineral and Petroleum Resources
Development Act, No. 28 of 2002 

  
 12 

 ANNEXURE “6” 

PLAN OF MINING RIGHT AREA 

  
 

 

 

 

 ANNEXURE “7” 

SECTION 102 APPLICATION 
 APPLICATION IN TERMS OF SECTION 102 OF THE MINERAL AND PETROLEUM 

RESOURCES DEVELOPMENT ACT, 28 OF 2002 
  

	1	INTRODUCTION 

  

	1.1	Witwatersrand Consolidated Gold Resources Limited (registration number 2002/031365/06, a limited liability public company duly incorporated in the Republic of South
Africa (“Wits Gold”) is the holder of a prospecting right granted by the Minister of Mineral Resources (“the Minister”) granted in terms of section 17(1) of the Mineral and Petroleum Resources Development Act, 28 of
2002 (“MPRDA”) over [description of farms covered by the right to be inserted] (“the Current Prospecting Area”) for [details of mineral covered by the right to be inserted] and bearing the Department
of Mineral Resources (“DMR”) reference number FS30/5/1/1/2/76PR, currently registered in the Mineral and Petroleum Titles Registration Office in the name of Wits Gold under MPT No. 99/2006 (PR) (“Wits Gold Prospecting
Right”) 

  

	1.2	Clause 4.1 of the Wits Gold Prospecting Right provides that – 

 “The terms of this right (including by extension of the area covered by it or by the addition of minerals or a share or seams, mineralised bodies, or strata, which are not at the time the subject
thereof) may not be amended or varied without the written consent of the Minister.” 
  

	1.3	Likewise, section 102 of the MPRDA provides that a prospecting right may not be amended or varied, including by extension of the area covered by it, without the consent
of the Minister. 

  

	2	THE CURRENT PROSPECTING AREA AND THE ADDITIONAL AREA 

  

	2.1	The Current Prospecting Area comprises an aggregate of [—] hectares extending over [a
description of the farms to be inserted]. 

  

	2.2	The additional area, to which this application relates is 100% (one hundred percent) of an area known as the Merriespruit South Area, being that area shaded in
green on the plan annexed hereto marked Annexure “1”, measuring approximately [—] hectares and situated on [description of farms on which the Merriespruit South
Area falls to be inserted] (“Additional Area”). 

  
 

 

	2.3	The Additional Area currently forms part of a mining right granted to Harmony Gold Mining Company Limited (registration number 1950/03823/06) a limited liability
company duly incorporated in the Republic of South Africa (“Harmony”) in terms of item 7 of Schedule II to the MPRDA, read with section 23(1) of the MPRDA, entitling Harmony to mine for gold ore in, on and under the mining right
area executed on 11 December 2007 (“Mining Right”). 

  

	3	THE PURPOSE OF THIS APPLICATION AND WITS GOLD’S MOTIVATION FOR IT 

 

	3.1	The purpose of this application is to obtain the written consent of the Minister, or her authorised delegate, under section 102 of the MPRDA, to incorporate the
Additional Area into the Current Prospecting Area of the Wits Gold Prospecting Right. 

  

	3.2	A motivation letter addressed to the Regional Manager, the Free State Region, dated [—] 2010 and
which followed a meeting between representatives of Harmony and Wits Gold on [—] 2010 and which explains the rationale for this transaction is annexed hereto as Annexure
“2”. It has now been agreed between Harmony, Wits Gold and certain representatives of the DMR that the Additional Area effectively be transferred to Wits Gold by way of section 102 of the MPRDA, Harmony agreeing to sign an unconditional
deed of abandonment of the Additional Area in terms of section 56(f) of the MPRDA which it is entitled to do in terms of the terms of the Mining Right and which will be signed contemporaneously with the DMR’s granting of this application under
section 102 of the MPRDA. 

  

	3.3	In further motivation of this application it should be noted that the Additional Areas is contiguous to the Current Prospecting Area and upon grant of the amendment
under section 102 of the MPRDA, Wits Gold shall amend its prospecting work programme and environmental management plan to incorporate the Additional Area. Wits Gold shall furthermore consult with interested and affected parties in relation to the
Additional Area in regard to the incorporation of the Additional Area within the ambit of the Wits Gold Prospecting Right. 

  

	4	EFFECT OF THE GRANTING OF THE CONSENT BY THE MINISTER UNDER SECTION 102 OF THE MPRDA 

 

	4.1	 If the Minister consents under section 102 of the MPRDA to amend the Wits Gold

  
 

 

	 	
Prospecting Right to include the Additional Area, the reference to “Prospecting Area” as defined in the definitions part of the Wits Gold prospecting right, will be amended to read as
follows – [Description of area and measurement to be included by reference to the farm portions] 

  

	4.2	The Wits Gold Prospecting Right will be amended as anticipated in 4.1, by the execution of a notarial deed of amendment to the Wits Gold Prospecting Right, which
notarial amendment will, after such notarial execution, be registered in the Mineral and Petroleum Titles Registration Office. 

  

	5	APPLICATION 

 Wits Gold
hereby applies, in accordance with the provisions of section 102 of the MPRDA for the consent of the Minister to the amendment of the Wits Gold Prospecting Right (DMR reference FS30/5/1/1/2/76PR, registered in the Mineral and Petroleum Titles
Registration Office as 99/2006PR), to include the Additional Area identified in paragraph 2.2 above. 
  

	6	Please do not hesitate to contact Mr. Marc Watchorn from Wits Gold on [—] should you require any further
information. 

 SIGNED ON THE      DAY OF      2010. 

 

	
	  

	For and on behalf of Wits Gold

  
 

 

 FIRST ADDENDUM TO MINING RIGHT 

ABANDONMENT AGREEMENT 
 between 
 HARMONY GOLD MINING COMPANY LIMITED 

and 

WITWATERSRAND CONSOLIDATED GOLD RESOURCES LIMITED 

  
 

             

	1	INTERPRETATION 

 In this
Addendum – 
  

	1.1	“Addendum” means this first addendum to the Mining Right Abandonment Agreement; 

 

	1.2	“Mining Right Abandonment Agreement” means the agreement headed “Mining Right Abandonment Agreement” entered into between the parties
hereto on 3 September 2010; and 

  

	1.3.	words and expressions defined in the Mining Right Abandonment Agreement will have the same meanings and any reference to the words “clause” or
“clauses” will refer to clauses of the Mining Right Abandonment Agreement. 

  

	2	INTRODUCTION 

  

	2.1	The Mining Right Abandonment Agreement is subject to the fulfilment of a number of Conditions Precedent. 

 

	2.2	The Condition Precedent contained in clause 4.1.5 was not fulfilled by the required date and time for fulfilment thereof and accordingly the Mining Right Abandonment
Agreement has failed to become of any force or effect and has lapsed. 

  

	2.3	The Parties have agreed to revive the Mining Right Abandonment Agreement on the same terms and conditions save for extending the date for fulfilment of the Condition
Precedent contained in clause 4.1.5. 

  

	3	REVIVAL AND AMENDMENT 

The Parties hereby revive the Mining Right Abandonment Agreement (and to the extent required hereby re-enter into the Mining Right
Abandonment Agreement) and agree that it shall again be of full force and effect on the same terms and conditions, save that the Mining Right Abandonment Agreement is hereby amended by substituting “10 November 2010” for “5
November 2010” where it appears in clause 4.1.5. 

  
 

 

  
 2 

	4	SAVINGS CLAUSE 

 Save to
the extent specifically or by necessary implication modified in or inconsistent with the provisions of this Addendum or unless otherwise agreed in writing between the Parties, all the terms and conditions of the Mining Right Abandonment Agreement
shall mutatis mutandis continue to apply. 
  

	5	COSTS 

 Each Party will
bear and pay its own legal costs and expenses of and incidental to the negotiation, drafting, preparation and implementation of this Addendum. 
  

	6	SIGNATURE 

  

	6.1	This Addendum is signed by the Parties on the dates and at the places indicated below. 

 

	6.2	This Addendum may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same Agreement as at
the date of signature of the Party last signing one of the counterparts. 

  

	6.3	The persons signing this Addendum in a representative capacity warrant their authority to do so. 

 SIGNED at Johannesburg on 11/11/10 2010. 
  

	
	For and on behalf of
	HARMONY GOLD MIMING COMPANY LIMlTED
	
	 

	Signature
	 A.J. Boshoff

	Name of Signatory
	 Executive

	Designation of Signatory

  
 

 

  
 3 

 SIGNED at Johannesburg on 9 November 2010. 

 

	
	For and on behalf of
	WITWATERSRAND CONSOLIDATED
GOLD RESOURCES LIMITED
	
	 

	Signature
	 D M URQUHART

	Name of Signatory
	 CHIEF FINANCIAL OFFICER

	Designation of Signatory

  
 

 

  
 4

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