Document:

Peninsula Energy Limited: Exhibit 4.2 - Filed by newsfilecorp.com

Confidential treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the
confidentiality request. Omissions are designated as [***]. A complete version
of this exhibit has been filed separately with the Securities and Exchange
Commission. 

URAMIN LUKISA JV COMPANY 
SHAREHOLDERS
AGREEMENT 

amongst 

 

LUKISA INVEST 100 (PROPRIETARY) LIMITED

URAMIN INCORPORATED 

and 

URAMINLUKISA JV COMPANY (PROPRIETARY) LIMITED

	 	 	 
	 	TABLE OF CONTENTS 	 
	 	 	 

	1. 	PARTIES 	1
    
	2. 	INTERPRETATION
      	1 
	3. 	RECORDAL 	12
      
	4. 	DURATION OF AGREEMENT
      	13 
	5. 	RELATIONSHIP OF THE PARTIES 	13

	6. 	CAPITAL STRUCTURE OF THE
      COMPANY 	13 
	7. 	BOARD
      	14

	8. 	SHAREHOLDERS’
      MEETINGS 	17 
	9. 	BUSINESS
      OF THE COMPANY 	18

	10. 	BUDGETS 	22 
	11. 	EXPLOITATION PROGRAM 	23

	PART THREE –FUNDING AND
      ACCOUNTING MATTERS 	24 
	12. 	FUNDING 	24

	13. 	GUARANTEES AND
      SURETYSHIPS 	28 
	14. 	FUNDING
      DEFAULT 	29

	15. 	DIVIDENDS AND
      CASHFLOW 	30 
	16. 	ACCOUNTING MATTERS 	31

	PART FOUR – RESTRICTED
      MATTERS 	32 
	17. 	RESTRICTED MATTERS 	32

	PART FIVE – TRANSFERS OF
      SHARES 	34 
	18. 	PRE-EMPTIVE RIGHTS 	34

	19. 	COME-ALONG 	37 
	20. 	TAG
      ALONG 	38

	21. 	CHANGE OF CONTROL
    	38 
	PART SIX –
      GENERAL AND MISCELLANEOUS PROVISIONS 	39

	22. 	SHAREHOLDERS’ CLAIMS
      	39 
	23. 	INFORMATION RELATING TO THE COMPANY AND ITS
      SUBSIDIARIES 	39

	24. 	VOTING SUPPORT
	40 
	25. 	INCONSISTENCY BETWEEN THIS AGREEMENT AND THE MEMORANDUM
      AND ARTICLES OF ASSOCIATION OF THE COMPANY 	40

	26. 	SUPPORT AND HARDSHIP
      	40 
	27. 	FORCE
      MAJEURE 	41

	28. 	APPLICATION OF THE
      SHAREHOLDERS’ AGREEMENT TO SUBSIDIARIES OF THE COMPANY 	41 
	29. 	DISPUTE
      RESOLUTION 	41

	30. 	ARBITRATION 	43 
	31. 	BREACH 	44
  

Page 2 

	32.
      	DOMICILIUM
      	46
      
	33.
      	TRANSACTIONS
      INDIVISIBLE 	47
      
	34.
      	COSTS
      	47
      
	35.
      	GOVERNING
      LAW AND JURISDICTION 	47
      
	36.
      	GENERAL
      	48
      

SCHEDULES: 

	SCHEDULE 1: 	EXISTING MINING TITLES

URAMIN – LUKISA JV COMPANY SHAREHOLDERS
AGREEMENT 

	1. 	
      PARTIES

	1.1 	
      LUKISA INVEST 100 (PROPRIETARY)
    LIMITED

	 	 
	1.2 	
      URAMIN INCORPORATED

	 	 
	1.3 	
      URAMINLUKISA JV COMPANY (PROPRIETARY)
      LIMITED

	2. 	
      INTERPRETATION

	
      2.1 
	
      The headings to the clauses of this Agreement are
      inserted for reference purposes only and shall in no way govern or affect
      the interpretation hereof. 

	
      
	
       

	
      2.2 
	
      Unless inconsistent with the context, the expressions set
      forth below shall bear the following meanings: 

	
      
	
       

		
      “the/this Agreement” 
	
      the shareholders agreement recorded herein, together with
      all schedules and annexures thereto 

	
      
	
       

		
      “Agreed Business” 
	
      the exploration and prospecting for Minerals (in
      particular, but not limited to uranium) in, on or under the Project Areas
      with a view, if viable, to pursuing the commercial exploitation of the
      Project Areas and all matters reasonably ancillary and/or incidental
      thereto, and such other business as may be agreed between the Parties from
      time to time in accordance with the provisions of this Agreement

	
      
	
       

		
      “Auditors” 
	
      the auditors of the Company from time to time, being BDO
      Spencer Steward as at Signature Date 

Page 2 

		
      “the Charter” 
	
      the charter on broad-based economic empowerment in
      respect of the mining and mining-related industries in the Republic
      published in terms of section 100 of the MPRDA 

	
       
	
      
	
      
	
      
	
      

		
      “Company” 
	
      Uramin Lukisa JV Company (Proprietary) Limited, (formerly
      Uramin-Mago-Lukisa JV Company (Pty), registration number 2005/044619/07
      

	
       
	
      
	
      
	
      
	
      

		
      “Decision to Mine” 
	
      in relation to each Project, a decision by the Board, on
      the basis of a Definitive Feasibility Study, to proceed with the
      development of a commercial mining operation in respect of the relevant
      Project Area 

	
       
	
      
	
      
	
      
	
      

	
       
	
      “Decision Not to Mine” 
	
      in relation to each Project, a decision by
      the  Board:  

	
       
		
       
	
       
	
       

				
      (i) 
	
      to abandon the relevant project (or any part of the
      relevant Project Area, in which case the Decision Not to Mine shall apply
      only to the part so abandoned; or 

	
       
	
      
	
      
	
      
	
      

				
      (ii) 
	
      on the basis of a Definitive Feasibility Study, not to
      proceed at the relevant time with the development of a commercial mining
      operation in respect of such Project 

	
       
	
      
	
      
	
      
	
      

		
      “Definitive Feasibility Study” 
	
      in relation to a Project, a comprehensive document or
      documents that addresses all matters which are customarily required for an
      effective assessment of the viability of the development and mining of
      Minerals in, on or under the relevant Project Area, in such form and detail
      as may be required for the purposes of enabling the Board to reach the
      Decision to Mine or Decision not to Mine, as the case may be, and which
      shall include (but is not limited to) appropriately detailed information
      and data in respect of the following issues: ownership, location, geology
      and ore reserves, metallurgy, mining, materials handling, processing,
      ancillary facilities and site services, infrastructure for and
      availability of labour, energy supply, water, environmental impact studies
      and rehabilitation obligations, capital costs, costs to be incurred to
      sustain production including initial working capital, the time and
      critical path to place a mine or mines into production and financing
      requirements throughout the construction phase, financial analysis
      (including price sensitivity analysis) assumptions as to mineral prices
      and utilisation of a discount rate consistent with financing costs at the
  time as well as project and country risks 

Page 3 

	
       
	
      “Companies Act” 
	
      the Companies Act, No. 61 of 1973 (as  amended)
      

	
       
		
       

	
       
	
      “Directors” 
	
      the directors for the time being of the Company

	
       
	
       
	
       

		
      “DME” 
	
      the Department of Minerals and Energy in
      the  Republic 

	
       
	
       
	
       

		
      “Exploitation” 
	
      the commercial exploitation by way of mining for and
      treatment of Minerals in, on or in respect of a Project Area after the
      completion of a Definitive Feasibility Study in respect thereof
  

Page 4 

		
      Existing Mining Titles 
	
      the prospecting rights issued in terms of the MPRDA
      applied for and/or granted to and/or held by the Company, or in respect of
      which the Company is entitled to take transfer, as at Signature Date, all
      as listed in Schedule 1 

	
       
	
      
	
      

		
      “Exploration” 
	
      the commercial exploitation by way of mining for the
      treatment of minerals Minerals in, on or under its Project Area after the
      completion of a Definitive Feasibility Study in respect thereof 

	
       
	
      
	
      

		
      “Exploration Phase” 
	
      in relation to a Project, the phase of its development
      prior to the adoption of a Decision to Mine in respect of the relevant
      Project Area, and “Exploration Budget” and “Exploration
      Program” shall mean any relevant budget and program, as the case
      may be, pertaining to such phase (or part thereof) approved by the Board
      from time to time 

	
       
	
      
	
      

		
      “Financial Year” 
	
      the financial year of the Company as described in clause
      16.7 

	
       
	
      
	
      

		
      “Financial Statements” 
	
      the annual audited financial statements of the Company in
      respect of a Financial Year 

	
       
	
      
	
      

		
      “HDP” 
	
      bears the meaning assigned to the term “historically
      disadvantaged persons” in section 1 of the MPRDA 

	
       
	
      
	
      

		
      “IFRS” 
	
      International financial reporting standards approved from
      time to time by the International Accounting Standards Committee

	
       
	
      
	
      

		
      “LIBOR” 
	
      the London Bank Inter-Offered Rate, as quoted from time
      to time by Barclays Bank plc 

Page 5 

		
      “License Date” 
	
      in relation to each prospecting and/or mining right
      applied for and/or held by the Company from time to time: 

	
       
	
      
	
      

	
       
	
      
	
      (i) 
	
      the later of the date upon which - 

	
       
	
      
	
      

	
       
	
      
		
      (a) 
	
      the DME has confirmed the grant thereof to the Company;
      and 

	
       
	
      
	
	
       
	
      
		
      (b) 
	
       such right has been notarially executed and
      registered in the Minerals and Petroleum Titles Registration Office in
      favour of the Company 

			 
	
       
	
      
	
      (ii) 
	
      the DME has finally refused the grant thereof to the
      Company and the Company has resolved not to opposed or contest such
      refusal 

			 
		
      “Lukisa” 
	
      Lukisa Invest 100 (Proprietary) Limited, registration
      number 2001/020922/07, trading as Lukisa Resources 

	
       
	
      
	
      

		
      “Market Value” 
	
      The manager appointed by the Company from time to time to
      conduct Exploitation and/or Exploitation as contemplated in clause 9, it
      being recorded that until completion of the Definitive Feasibility Study
      in respect of each Project or the appointment of any other person as
      Manager in terms of clause 9.3, the Manager shall be Uramin 

	
       
	
      
	
      

		
      “Market Value” 
	
      in respect of a Shareholding Interest, shall be the
      market value thereof determined by an independent individual or company
      (operating in the Republic who is experienced in valuations for the mining
      industry and approved by the Parties, and failing such approval, nominated by the
      Auditors) appointed by the Company (at the cost of the Party, the value of
      whose Shareholding Interest is required to be determined); and who in so
      determining, shall be deemed to be acting as an expert and not as an
      arbitrator and whose determination shall, in the absence of manifest
  error, be final and binding on the Parties 

Page 6 

		
      “Minerals” 
	
      bears generally the meaning ascribed thereto in section 1
      of the MPRDA, and in respect of the Agreed Business, means in particular
      (but is not limited to) uranium, molybdenum and minerals mineralogically
      associated therewith having a commercial or saleable value, to the extent
      that the Company shall from time to time hold and/or have applied for
      and/or intend to acquire Mining Titles thereto 

	
       
	
       
	
       

	
       
	
      “Minerals Act” 
	
      the Minerals Act, No. 50 of 1991 

	
       
	
       
	
       

	
       
	
      “Mineral Rights” 
	
      rights in and to Minerals as provided for in
      the  MPRDA 

	
       
	
       
	
       

		
      “Mining Titles” 
	
      collectively, any right to explore, prospect for and/or
      mine Minerals applied for, granted or issued to and/or held or acquired by
      the Company from time to time in terms of the applicable Mining Laws
    

	
       
	
       
	
       

		
      “Minister” 
	
      the Minister of Mineral and Energy Affairs of the South
      African government from time to time 

	
       
	
       
	
       

		
      Mining Information 
	
      all knowledge owned and/or licensed to the Company and/or
      available to the Parties with respect to the Project Assets and/or any
      Project Area, including but not limited to, all surveys, maps,
      mosaics, aerial photographs, electromagnetic tapes, electromagnetic or
      optical disks, sketches, drawings, memoranda, drill cores, logs of such
      drill cores, geophysical, geological or drill maps, sampling and assay
      reports, notes and other relevant information and data in whatever form      

Page 7 

		
      “Mining Laws” 
	
      Collectively, the Minerals Act, the MPRDA and the Charter
        and any other applicable legislation or governmental enactment that may be
        promulgated from time to time regulating the rights of persons to explore,
        prospect and/or mine for Minerals in the Republic and insofar as
        applicable to any rights in or to Minerals acquired by or issued to the
        Company in any jurisdiction outside of the Republic, the relevant
      legislation regulating such Mining Title in that jurisdiction 

	
       
	
       
	
       

		
      “MPRDA” 
	
      the Minerals and Petroleum Resources Development Act, No.
      28 of 2002 

	
       
	
       
	
       

		
      “Parties” 
	
      Uramin, Lukisa and the Company, and a “Party” shall mean
      each or any of them as the context requires 

	
       
	
       
	
       

		
      “Permitted Successors” 
	
      any person who acquires a Shareholding Interest from a
      Shareholder and binds itself as Party to this Agreement in accordance with
      its provision 

	
       
	
       
	
       

		
      “Prime Rate” 
	
      the rate of interest, nominal annual compounded monthly
      in arrears, charged from time to time on overdraft by First National Bank,
      a division of Firstrand Bank Limited (“the bank”) to its corporate
      customers, as certified by any officer or manager of the bank (whose appointment or authority it
      shall not be necessary to prove), and whose certificate shall be final and
      binding on the Parties in the absence of manifest error 

Page 8 

		
      “Profits” 
	
      the net after-tax profits of the Company in respect of
      each Financial Year determined in accordance with IAS 

	
       
	
       
	
      
	
      

		
      “Project” 
	
      any separate or distinct Mineral exploration and/or
      exploitation project undertaken by the Company from time to time in
      respect of the Project Area (or any part thereof), as designated from time
      to time by the Board 

	
       
	
       
	
      
	
      

		
      “Project Areas” 
	
      the geographic area or areas encompassed as at Signature
      Date by each of the Existing Mining Titles and Specified Prospecting
      Rights, and after the Signature Date shall include all and any other
      prospecting and/or mining rights held and/or applied for and/or intended
      to be applied for by the Company from time to time 

	
       
	
       
	
      
	
      

		
      Project Assets” 
	
      any and all assets of whatsoever nature, whether tangible
      or intangible, owned by the Company and/or used by the Company in
      connection with the Agreed Business, including without limitation:
  

	
       
	
      
	
      
	
      

	
       
	
      
		
      (i) 
	
      the Existing Mining Titles; 

	
       
	
      
	
      
	
      

	
       
	
      
		
      (ii) 
	
      the Mining Information; 

	 	  	  	  
	 			
      (iii) 
	
      any prospecting and/or mining and/or other rights applied
      for, granted or issued to or acquired or held by the Company at any time
      on or after Signature Date; 

Page 9 

	
      
      

      

       
	
      
      

      

      
	
      
      

      

      
	
      (iv)
      

      

      
	
      all and any rights or interests of the Company in and to
      any immovable properties, whether or not registered in its favour; and 

		 			
	
      
      

      

      
	
      
      

      

      
	
      
      

      

      
	
      (v)
      

      

      
	
      all and any other assets or rights of whatever nature
      owned by the Company as at Signature Date and/or acquired at any time on
      or after Signature Date 

		 			
		
      “Related Party” 
	
      with respect to any Party: 

	 	 			
	
      
      

      
	
      
      

       
	
      (i)
      

      
	
      its holding company or any subsidiary of its holding
      company; or 

				 	
	
      
      

      
	
      
      

       
	
      (ii)
      

      
	
      its associates or an associate of its holding company or
      of a subsidiary of its holding company; or 

				 	
	
      
      

      
	
      
      

       
	
      (iii)
      

      
	
      any corporation, limited or general partnership,
      association, company, joint venture, trust, unincorporated organisation
      

				 	
	
      
      

      
	
      
      

      
	
      
      

      
	
      or other entity analogous to any of the foregoing:
  

				 	
	
      
      

      

      

      
	
      
      

      

      

       
	
      
      

      

      

      
	
      (a)
      

      

      

      
	
      of which 30% or more of the equity ownership (or
      comparable interest) or 50% or more of the ordinary voting power or
      management control is directly or indirectly vested in or exercised by
      such Party; or 

				 	 
	
      
      

      
	
      
      

       
	
      
      

      
	
      (b)
      

      
	
      which directly or indirectly owns 30% or more of the
      equity (or comparable interest) or 50% or more of the ordinary voting power of,
  or exercises management control over, such Party; or 

Page 10 

	 			
      (c) 
	
      over which management control is exercised directly or
      indirectly, by an entity referred to in (b) above 

			  	 
		
      “the Republic” 
	
      the Republic of South Africa 

		 		
		
      “Restricted Matters” 
	
      the matters referred to in clause 17 

		 	
       
	
	
      
      

      
	
      “Shares” 
	
      ordinary shares of R0,01 each in the issued share capital
      of the Company 

		 		
	
      
      

      
	
      “Shareholder” 
	
      any person who is a beneficial owner of Shares, and
      “Shareholding” shall have the corresponding meaning 

		 		
	
      
      

       
	
      “Shareholding Interest”
      

      
	
      in relation to any Shareholder, such Shareholder’s
      shareholding in and its claims on loan account against the Company
  

		 	 	
	

      
      

      
	
      “Signature Date” 
	
      the date of signature of this Agreement by the Party last
      in time to sign the Agreement 

		 		
	
      
      

      

      

       
	
      “Uramin”
      

      

      
	
      Uramin Incorporated, a company incorporated under the
      International Business Companies Act of the British Virgin Islands under
      registration number 643886, the shares of which are listed on the
      Alternative Investment Market of the London Stock Exchange
  

	2.3 	
      Where any term is defined within the context of any
      particular clause in this Agreement, the term so defined, unless it is
      clear from the clause in question that the term so
  defined has limited application to the relevant clause,
      shall bear the meaning ascribed to it for all purposes in terms of this
      Agreement, notwithstanding that that term has not been defined in this
  interpretation clause. 

Page 11 

	2.4 	Unless inconsistent with the context, an
      expression which denotes: 

	
      2.4.1 
	
      any gender includes the other genders; 

	
       
	
       

	
      2.4.2 
	
      a natural person includes an artificial person and vice
      versa; 

	
       
	
       

	
      2.4.3 
	
      the singular includes the plural and vice versa.
  

	2.5 	Unless inconsistent with the context or save
      where the contrary is expressly indicated: 

	
      2.5.1 
	
      if any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it appears only in this interpretation clause, effect
      shall be given to it as if it were a substantive provision of this
      Agreement; 

	
       
	
       

	
      2.5.2 
	
      a reference to "days" shall be construed as calendar days
      unless qualified by the word "business", in which instance a "business
      day" shall be any day other than a Saturday, Sunday or official public
      holiday in the Republic. Any reference to "business hours" shall be
      construed as being the hours between 08h30 (eight hours and thirty
      minutes) and 17h00 (seventeen hours) on any business day. Any reference to
      time shall be based upon South African Standard Time. 

	
       
	
       

	
      2.5.3 
	
      when any number of days is prescribed in this Agreement,
      same shall be reckoned exclusively of the first and inclusively of the
      last day unless the last day falls on a day which is not a business day,
      in which case the last day shall be the next succeeding business day;
    

	
       
	
       

	
      2.5.4 
	
      in the event that the day for payment of any amount due
      in terms of this Agreement should fall on a day which is not a business
      day, the relevant day for payment shall be the subsequent business day;
      

	
       
	
       

	
      2.5.5 
	
      in the event that the day for performance of any
      obligation to be performed in terms of this Agreement should fall on a day
      which is not a business day, the relevant day for performance shall be the
      subsequent business day; 

Page 12 

	2.5.6 	
      any reference in this Agreement to an enactment is to
      that enactment as at the Signature Date and as amended or re-enacted from
      time to time;

	 	 
	2.5.7 	
      any reference in this Agreement to this agreement or to
      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 the
      same may have been, or may from time to time be, amended, varied, novated
      or supplemented;

	 	 
	2.5.8 	
      no provision of this Agreement constitutes a stipulation
      for the benefit of any person who is not a party to this
  Agreement;

	 	 
	2.5.9 	
      references to day/s, month/s or year/s shall be construed
      as Gregorian calendar day/s, month/s or year/s;

	 	 
	2.5.10 	
      a reference to a Party includes that Party’s
      successors-in-title and permitted assigns.

	2.6 	
      The rule of construction that the contract shall be
      interpreted against the Party responsible for the drafting or preparation
      of this Agreement, shall not apply.

	 	 
	2.7 	
      The interpretation and/or application of any term or
      provision of this Agreement shall not be affected by the fact that this
      Agreement has for convenience and ease of reference been separated into
      Parts.

	 	 
	2.8 	
      The schedules to this Agreement form an integral part
      hereof and words and expressions defined in this Agreement shall bear,
      unless the context otherwise requires, the same meaning in such
      schedules.

	3. 	
      RECORDAL

	3.1 	
      Uramin and Lukisa wish to co-operate with each other
      through the vehicle of the Company in the conduct of the Agreed
      Business.

	 	 
	3.2 	
      The Parties wish to regulate in writing their
      relationship inter se as shareholders in the Company and as between
      the Company and its shareholders, as well as the basis
  upon which they will conduct the Agreed Business, on the terms
  and conditions set out in this Agreement. 

Page 13 

	4. 	
      DURATION OF
AGREEMENT

	4.1 	
      This Agreement shall come into effect on the Signature
      Date and shall be and remain binding on each of the Parties and/or its
      Permitted Successors or assigns unless otherwise agreed.

	 	 
	4.2 	
      This Agreement l supersedes and replaces in their
      entirety, with effect from the Signature Date, all and any prior
      agreements entered into between the Company, Lukisa and Uramin in respect
      of the subject matter of this Agreement only, namely the terms of the
      joint venture arrangements between the Parties with regard to mining
      related activities in the Republic and all considerations ancillary
      thereto.

	5. 	
      RELATIONSHIP OF THE
  PARTIES

The relationship of the Parties amongst
themselves shall be governed by the terms of this Agreement and nothing
contained herein shall be deemed to constitute a partnership between them and
neither shall they by reason of the actions of any one of them incur any
personal liability as co-partners to any third party and none of them shall be
entitled or empowered to represent or hold out to any third party that the
relationship between them is that of partnership. 

	6. 	
      CAPITAL STRUCTURE OF THE
  COMPANY

	6.1 	
      The Parties record that, as at the Signature
  Date:

	6.1.1 	
      the authorised share capital of the Company comprised R1
      000,00, consisting of 100 000 Shares: and

	 	 
	6.1.2 	
      the paid-up and issued share capital of the Company
      comprised R120,00, consisting of 12,000 Shares, of
  which::

Page 14 

	6.1.2.1 	8,880 Shares, representing a 74%
      interest in the Company, are issued and registered in the name of Uramin:
      and 
	  	  	  	  
	6.1.2.2 	3,120 Shares, representing a 26%
      interest in the Company, are issued to and registered (or registrable) in
      the name of Lukisa.Uramin - 7 800; 

	6.2 	
      Without limiting the generality of any other provision of
      this Agreement, the Parties record that Uramin shall be entitled at any
      time to hold its shareholding Interests through one or more Related Party
      to Uramin, provided that such entity shall have bound itself in writing as
      a Party to this Agreement and Uramin shall have guaranteed the obligations
      of such Related Party.

	7. 	
      BOARD

	7.1 	
      The Parties shall procure
that:

	
      7.1.1 
	
      the Board shall consist of t of not fewer than 3 and not
      more than 7 Directors;

	
       
	
       

	
      7.1.2 
	
      each Shareholder shall be entitled (but not obliged) to
      nominate, appoint, remove and replace 1 (one) Director in respect of each
      completed 12,5% Shareholding held by it; provide that, for so long as
      Uramin and Lukisa shall be the only Shareholders holding 74% and 26%
      respectively of the Shares;

	
      7.1.2.1 
	
      Uramin shall be entitled (but not obliged) to nominate,
      appoint, remove and replace 4 Directors; and 

	 	 
	
       
	
      Lukisa shall be entitled (but not obliged) to nominate,
      appoint, remove and replace 3 Directors. 

	
      7.2 
	
      Should a Shareholder’s entitlement to appoint one or more
      directors in terms of 7.1.2 cease, such Shareholder shall forthwith at its
      own expense procure the removal of that number of its appointees to the
      Board and indemnifies the Company and the other Parties accordingly
      (including but not limited in respect to any claim by such Director
    for wrongful or unfair dismissal or redundancy or other
  compensation arising out of such removal or loss of office);

Page 15 

	
      7.3 
	
      Each Director shall be entitled to appoint an alternate
      to the Board. A person (who may also be a Director) may be appointed as
      alternate to represent more than one Director. Any person so appointed as
      an alternate director shall have a separate vote on behalf of each
      Director he is representing in addition to his own vote (if any) as a
      Director. An alternate director, whilst acting in the place of a Director,
      shall, in the absence of such Director, exercise and discharge all the
      duties and functions of the Director or Directors he represents. The
      appointment of an alternate director shall cease on the happening of any
      event which, if he is or were a Director, would cause him to cease to hold
      office as a Director of the Company or if the Shareholder who appointed
      the Director in respect of whom he is the appointed alternate director
      ceases to be a Shareholder, or if the Director in respect of whom he is
      appointed an alternate director gives notice to the Company that his
      appointment as such has been terminated..

	 	 
	7.4 	
      All appointments of Directors and alternate Directors
      shall be on written notice to the other Shareholders and the
    Company;

	 	 
	7.5 	
      For so long as Uramin holds the greatest number of
      Shares, the chairman of the Board shall be appointed by Uramin from among
      the Directors appointed by it, it being agreed
that:

	7.5.1 	
      the chairman shall preside at meetings of the Board and
      Shareholders; and

	 	 
	7.5.2 	
      the chairman shall not have a second or casting
    vote;

	7.6 	
      Each Director shall be entitled, at any meeting of the
      Board, to exercise a number of votes equal to the total number of Shares
      beneficially held by the Shareholder which nominated such Director
      pursuant to the provisions of clause7.1.2, divided by the
  number of Directors nominated by such Shareholder present and
      entitled to vote at such meeting, rounded up to the nearest whole figure;
      and subject to the provisions of this Agreement and the Companies Act,
      resolutions of Directors in order to be of force and effect must be
  approved by a simple majority;

Page 16 

	7.7 	
      A quorum for all meetings of the Board shall be 3
      Directors, at least 1 of whom shall be a Director appointed by Uramin and
      1 of whom shall be a Director appointed by either Lukisa, present in
      person or by proxy at commencement of the meeting. If, within 10 minutes
      from the time appointed for a meeting of the Board, a quorum is not
      present, the meeting shall stand adjourned until the same day at the same
      time in the next week (or, if that day is not a business day, then the
      next business day), and all members of the Board shall be given written
      notice of such adjourned meeting. If at the adjourned meeting a quorum is
      not present within 10 minutes of the time appointed for the holding of
      that adjourned meeting, the Directors present at such adjourned meeting
      shall constitute a quorum for the purposes of transacting the business for
      which the original meeting shall have been convened. In all other
      circumstances, a new meeting of the Board shall be convened. . The Board
      shall appoint a secretary whose responsibility it shall be to record the
      minutes of all meetings of the Board and to distribute such minutes to
      each of the Shareholders and to the Directors. The secretary shall, from
      time to time, as directed by the Board, convene meetings of the Board by
      delivery of not less than 48 (forty-eight) hours written notice to the
      Directors (or such shorter notice as may be necessary in the circumstances
      in the case of any urgent meeting, which notice shall not be less than 4
      (four) hours unless otherwise agreed by all the Directors, it being agreed
      by the Parties that for purposes of giving notice of any meeting of
      Directors, notice may be given by way of email or other electronic means,
      including by way of short message services on mobile telephony. The
      secretary shall have such other powers and/or duties as the Board may from
      time to time determine.

Page 17 

	7.8 	
      The Board will meet at least once per quarter, provided
      that any 2 Directors, acting together, shall be entitled on notice to the
      others of them to convene a meeting of the Board.

	 	 
	7.9 	
      Unless otherwise agreed by the Parties, meetings of the
      Board shall be held in Johannesburg, provided that, subject to proper
      notice as contemplated in this Agreement having been given or waived,
      meetings of the Board and all committees of the Board may be held by means
      of such telephone, video, electronic or other communication facility as
      permits all persons participating in the meeting to communicate with each
      other simultaneously and instantaneously.

	8. 	
      SHAREHOLDERS’
MEETINGS

	8.1 	
      Subject to the provisions of the Companies Act in
      relation to special resolutions, a quorum for all Shareholders’ meetings
      of the Company (including any adjournment thereof) shall be members
      present in person or represented by proxy holding at least 60% of the
      Shares, provided always that for so long as Uramin and Lukisa shall remain
      shareholders holding shares representing more than 20% of the issued share
      capital of the Company, each shall be present in person or represented by
      proxy.

	 	 
	8.2 	
      If, within 30 minutes from the time appointed for a
      Shareholders’ meeting, a quorum is not present, that meeting (“the
      first meeting”) shall stand adjourned until the same day and at the
      same time in the next week (or, if that day is not a business day, then to
      the next business day). Notice in writing of the adjourned meeting shall
      be given by the Company to all the Shareholders forthwith after the first
      meeting. If at the adjourned meeting a quorum is not present within 15
      minutes of the time appointed for the holding of that adjourned meeting,
      those Shareholders present at such adjourned meeting shall constitute a
      quorum and may transact the business for which the meeting was originally
      convened. In all other circumstances, a new meeting shall be
    convened.

	 	 
	8.3 	
      Voting at all Shareholders meetings shall be conducted on
      the basis of a poll (save for the appointment of the chairman to preside
      at such meeting, in circumstances where the chairman of the board is
      unavailable to preside at such meeting), and save and except for the
      Restricted Matters, all decisions taken, to be valid and effective, must
      have been adopted by simple majority.

Page 18 

	8.4 	
      Save as may otherwise be agreed in writing from time to
      time by all of the Shareholders, the provisions of clause7.8 and 7.10
      shall apply mutatis mutandis to meetings of the
  Shareholders.

	 	 
	8.5 	
      A resolution in writing circulated to all the
      Shareholders and signed by all of them shall be as valid and effectual as
      if such resolution had been passed at a Shareholders’ meeting duly
      convened and held. Any such resolution may consist of several documents in
      like form, each signed by one or more of the Shareholders. Unless the
      contrary is stated therein, any such resolution shall be deemed to have
      been passed on the date of the latest signature by the Shareholders
      signing such resolution. A facsimile copy of the resolution signed by a
      Shareholder shall be acceptable evidence that such resolution has been
      signed by the Shareholder whose signature appears on that facsimile;
      provided always that such Shareholder shall have signed the original copy
      of the resolution and such original copy shall be retained in the records
      of the Company as specified in the Companies Act. Should a written
      resolution circulated to all Shareholders not be signed by all the
      Shareholders, such resolution shall be of no force or effect and the
      matter or matters which are the subject of such written resolution shall
      be referred to a Shareholders’ meeting for
consideration.

	9. 	
      BUSINESS OF THE
COMPANY

	9.1 	
      The Parties shall procure (insofar as they are legally
      able) that with effect from the Signature
Date:

	9.1.1 	
      the only business conducted by the Company shall be the
      Agreed Business;

	 	 
	9.1.2 	
      subject to the provisions of this Agreement, the overall
      supervision, control and direction of the Agreed Business and the Company
      shall vest in the Board;

	 	 
	9.1.3 	
      without limiting the generality of the powers, duties
      and/or authorities of the Board, the Board shall be responsible for
      receiving, considering, approving (with or without amendment) and/or
      rejecting all budgets applicable to the activities of the Company and the
      conduct of the Agreed Business from time to time and the adoption of any
      Decision to Mine or Decision not to Mine, as the case may be;
  and and the Joint Venture from time to time and shall make
      the Decision to Mine or Decision Not to Mine, as the case may
be;

Page 19 

	9.1.4 	
      the members of the Board and the employees of the Company
      having executive functions and responsibilities shall have familiarised
      themselves with the provisions of this agreement and shall have undertaken
      to discharge their respective duties, functions and responsibilities for
      and on behalf of the Company in a manner which will not result in any
      breach by the Company of its provisions.

	
      9.2 
	
      The Parties record that subject always to the overall
      direction and control of the Board, at all material times prior to the
      Signature Date, Uramin has been the Manger in respect of the -day-today
      conduct and management of the Agreed Business and the affairs of the
      Company in respect of the matters more fully described in clause 9.3
      below, and unless and until otherwise resolved by the Board in accordance
      with the provisions of clause 9.3, shall continue with effect from
      Signature Date to act in that capacity on materially the same basis as
      previously. Save as otherwise provided for herein, Uramin shall be
      entitled to be reimbursed by the Company in respect of the costs, charges
      or expenses demonstrably incurred in connection with the conduct and
      management of the Agreed Business and the Company.

	
       
	
       

	
      9.3 
	
      Without derogating from the generality of the aforegoing,
      the Parties shall procure that, if deemed expedient by the Board, the
      Board shall formally appoint Uramin or such other party as it may deem
      appropriate as the Manager in terms of an arms-length written management
      services agreement, on terms and conditions to be negotiated between the
      Company and the manager, to conduct and carry out the Exploration and all
      ancillary business activities and operations relating thereto (including
      but not limited to the preparation and submission to the Board of the
      Definitive Feasibility Study in respect of any relevant Prospecting Area)
      and thereafter, as directed from time to time,
the Exploitation, and which management services agreement shall
  provide, amongst other matters; for: 

Page 20 

	9.3.1 	
      any compensation payable by the manager;

	 	 
	9.3.2 	
      the Manager to be responsible for the preparation and
      submission to the Board from time to time or as directed of the
      Exploration Programmes, Exploitation Budgets and Exploration Reports, or
      any amendments or modifications thereof.

	9.4 	
      Subject to the overall control and direction of the Board
      the Manager shall manage and administer on a day-to-day basis the Company
      and the Agreed Business. The Manager shall be accountable and shall report
      to the Board and its sub-committees in respect of its management and
      administration of the Company and the Agreed Business, and shall comply in
      all respects with the requirements and directions of the Board and its
      sub- committees from time to time.

	 	 
	9.5 	
      unless otherwise specifically so resolved by the Board,
      the Company shall have no employees and/or personnel of any kind,
      permanent or temporary, nor (save in respect of any fees, costs or charges
      payable in connection with the management, administration and conduct of
      the Agreed Business by the Manager and/or the Management Committee, as
      approved by the Board from time to time) shall the Company incur any fixed
      or recurring expenses of an operating nature;

	 	 
	9.6 	
      the Board shall, inasfar as possible, adopt and
    apply:

	9.6.1 	
      the recommendations of the King Commission on Corporate
      Governance; and

	 	 
	9.6.2 	
      a code of conduct which will deal with all issues
      relating to black economic empowerment and public relations (including,
      without limitation, relations with the employees of the Company from time
      to time). The code of conduct shall include (but shall not be limited to)
      a policy of non-racism, employment equity, and the maintaining of good
      relationships with the local community and with all workmen and/or
      independent contractors appointed by the Company from time to
  time.

Page 21 

	9.7 	
      the Board shall be entitled to form sub-committees and to
      delegate to such sub- committees such of the powers and responsibilities
      as the Board may determine from time to time, provided always that for so
      long as Uramin and Lukisa shall remain shareholders holding shares
      representing more than 20% of the issued share capital in the Company,
      each such sub-committee shall have at least one member appointed by each
      of Uramin and Lukisa. Without limiting the generality of the foregoing,
      the Board shall, as and when it deems it expedient to do so in furthering
      or facilitating the orderly conduct of the Agreed Business
  form

	9.7.1 	
      a management committee to supervise and interact with the
      Manager in respect of the -day-today conduct of the Agreed Business
      (including all matters of a technical nature) and to report to the Board
      in respect of the Manager’s administration of the Company and the conduct
      of the Agreed Business, on the basis, at such time and in such manner as
      the Board, in consultation with the management committee, may determine
      from time to time;

	 	 
	9.7.2 	
      an audit committee, on the basis described in
      clause16.6;

	 	 
	9.7.3 	
      as and when the Company shall employ any employees, a
      remuneration committee, consisting of 3 members, appointed by the Board,
      and which committee shall be chaired by a Director. The remuneration
      committee shall consider and make recommendations to the Board in respect
      of the remuneration of the employees of the
Company.

	9.8 	
      Where any obligation is placed on the Board and/or the
      Directors and/or any sub- committee of the Board (or any of them) in terms
      of this Agreement, the Parties shall use their respective reasonable
      endeavours inasfar as they shall be able and entitled to do so, to procure
      that the Board and/or the Directors (or any of them) shall comply with and
      shall perform such obligation timeously and appropriately in the
      circumstances.

	 	 
	9.9 	
      The Parties expressly record that the management
      committee contemplated in clause 9.7.1 shall be entitled from time to time
      to agree to such minor variations or adjustments of the Exploration or
      Exploitation Budget and/or Exploration or Exploitation Program,
  as the case may be, as shall be necessary in its reasonable
      discretion, in consultation with the Manager, to deal appropriately with
      the day-to-day exigencies (and/or any unforeseen emergencies) arising
      during the Exploration or Exploitation (for which purpose, a minor
      variation or adjustment shall be deemed to be any variation or change, on
      a cumulative basis, of less than 10% in aggregate in any approved
      Exploration or Exploitation Budget and/or any variation or change which
      will or may have the effect of postponing or delaying any scheduled works
      encompassed by an Exploration or Exploitation Program, as the case may be,
  of less than 6 weeks). 

Page 22 

	10. 	
BUDGETS

	10.1 	
      The Board (or if so directed, the management committee)
      Management Committee shall procure that the Manager shall, by no later
      than 1 calendar month before the end of the Financial Year during the
      currency of the is Agreement, or such other late date as the Board may
      determine prepare and submit to the Board a budget, in respect of the
      conduct generally of the Agreed Business, based on its proposed
      Exploration Program (or Exploitation Program, as the case may be), in
      respect of the following Financial Year. The Manager shall prepare such
      budget in such format as the Board (or the Management Committee, in
      consultation with the Board) shall determine from time to time.

	 	 
	10.2 	
      The Board shall consider each budget (and concomitant
      program) prepared by the Manager, and in so doing shall act reasonably and
      take into account generally accepted mining industry practices, sound
      economic principles and the best interests of the Company. The Board shall
      approve (with or without amendment) or reject the budget, by not later
      than one month after the budget shall have been delivered to the Board for
      its consideration. In the event that the Board shall have rejected the
      budget, the Manager shall as soon as reasonably possible in the
      circumstances prepare an amended budget, which shall be submitted to the
      Board for further consideration.

	 	 
	10.3 	
      The Board (or if so directed, the Management Committee)
      shall, at least once every quarter during the currency of this Agreement,
      review the financial performance and progress of the Company as measured
      against the budget. The Management Committee (if then applicable) shall report to the Board in respect
      of its review of the financial performance and progress of the Company as
      measured against the budget and shall make appropriate recommendations to
      the Board. The Board shall consider the financial performance and progress
      of the Company as measured against the budget, and the submissions of the
      Management Committee, in order to take account of and to assess changed
      economic and/or other relevant circumstances and/or the exploration or
      mining or other operations actually carried on by the Company. In so
      considering the budget, the Management Committee and the Board shall act
      reasonably and shall take into account generally accepted mining industry
      practices, sound economic principles and the best interests of the
  Company.

Page 23 

	
      10.4 
	
      In the event that it will be necessary and/or desirable,
      in the view of the Board, to amend the budget, the Manager shall, on the
      instruction of the Board, prepare such amended budget and submit same to
      the Board for consideration.

	
       
	
       

	
      10.5 
	
      The Manager shall implement and shall report on an
      ongoing basis (but in any not less frequently than once in each quarterly
      period) to the Management Committee in respect of its implementation of
      the budget (and concomitant program) in accordance with its terms,
      provided that, in the event that the Board (or the Management Committee)
      shall have rejected any budget in terms of clause10.2, the Manager shall
      implement the previous budget approved by the Board, notwithstanding that
      the period in respect of which such budget shall have been prepared and
      approved shall have expired.

	
       
	
       

	
      10.6 
	
      The Manager shall immediately notify the Board (or the
      Management Committee, as the case may be, who shall in such case, subject
      to 9.9, report to the Board in respect of any such material departure from
      any budget or program, as the case may be, and shall make recommendations
      to the Board in connection therewith of any material departure from any
      budget or program (for which purpose, “material” shall be deemed to be a
      variance of 10% or more in any headline item in any approved annual budget
      and/or a delay of 6 or more weeks in any scheduled work
  programme).

	11. 	
      EXPLOITATION
PROGRAM

The Parties shall procure that: 

	11.1 	
      The Manager (if applicable, in consultation with the
      Management Committee) shall from time to time after the finalisation of a
      Definitive Feasibility Study in respect of any
Project prepare and deliver to the Board for its consideration an
  Exploitation Program, which shall: 

Page 24 

	11.1.1 	
      deal with the conduct of each Project following the
      finalisation of the Definitive Feasibility Study relating thereto, on a
      monthly basis;

	 	 
	11.1.2 	
      deal with the conduct of the other business of the
      Company on an annual basis; and

	 	 
	11.1.3 	
      be revised not less frequently than every six months or
      otherwise as directed by the Board (or the Management Committee, as the
      case may be).

PART THREE –FUNDING AND ACCOUNTING MATTERS

	12. 	
      FUNDING

	12.1 	
      Funding prior to-Definitive Feasibility
    Study

	12.1.1 	
      The Parties record that prior to the Signature Date,
      Uramin provided all funding required for the activities of the Company
      (“the Prior Funding”.

	 	 
	12.1.2 	
      Uramin hereby undertakes to advance to the Company all
      funding required by the Company in relation to each Project undertaken by
      it for purposes of the Exploration, up to and including the preparation of
      a Definitive Feasibility Study in respect of such Project (“the Uramin
      Funding”).

	 	 
	12.1.3 	
      It is expressly recorded and agreed that, save as
      otherwise provided hereinafter, prior to the preparation of the Definitive
      Feasibility Study in respect of a Project, none of the Shareholders other
      than Uramin shall be obliged to contribute any funding to the Company or
      to incur any expenditure or liability whatsoever for or on behalf of the
      Company in respect of such Project.

	 	 
	12.1.4 	
      Notwithstanding clauses 12.1.1 and 12.1.3
  above:

Page 25 

	12.1.4.1 	
      insofar as Lukisa may elect in writing to provide funding
      to the Company in relation to any Project prior to the preparation of a
      Definitive Feasibility Study pertaining thereto, it shall be entitled (and
      if so elected, obliged) to do so pro rata in proportion to its
      Shareholding, in which event the same terms applicable to the Uramin
      Funding shall apply to such funding advanced by it; and

	 	 
	12.1.4.2 	
      insofar as any Party is able to procure third party
      funding for costs incurred by the Company prior to the preparation of a
      Definitive Feasibility Study in respect of any Project, and subject
      further to such funding being on terms more advantageous to the Company
      than the terms applicable to the Uramin Funding and otherwise commercially
      acceptable to the Board, the Parties shall use their respective reasonable
      commercial endeavours to procure that the Company uses such third party
      funding instead of the Uramin Funding.

	12.2 	
      Post Definitive Feasibility Study
  Funding

	
      12.2.1 
	
      After the preparation and completion of a Definitive
      Feasibility Study in respect of a Project, it is intended that, insofar as
      possible, the Company will thereafter in relation to such Project procure
      finance facilities and/or raise such funding (“Project Funding”) as
      it may require from time to time for purposes of the Exploitation from
      outside sources, in accordance with the specific finance required by the
      Company in connection with the particular Project and based generally on
      the Company’s own creditworthiness and otherwise on commercial terms
      reasonably acceptable to the Board. The Parties undertake to use their
      respective reasonable commercial endeavours to co-operate with and assist
      the Company to raise such Project Funding, including (without limitation)
      furnishing to any Lenders contemplated in clause 13 the security envisaged
      therein.

	12.3 	
      Terms Applicable to Uramin
  Funding

The following terms shall apply to the
Uramin Funding: 

	12.3.1 	
      the Uramin Funding shall accrue interest on the balance
      outstanding from time to time at the Prime Rate plus [***]; and
..

	 	 
	12.3.2 	
      the Uramin Funding shall be repayable by the Company to
      Uramin as a first charge against any Profits generated by the Company or
      amounts available for distribution by the Company to its Shareholders and prior to the payment
      of any dividends and/or other distributions whatsoever to the
      Shareholders, or if Uramin so elects may be repayable from the proceeds of
      any Project Funding raised by the Company in respect of any Project at any
  time after completion of any Definitive Feasibility Study.

Page 26 

	12.4 	
      General Funding
Provisions

	12.4.1 	
      Subject to the provisions of clauses 12.1 to and12.3
      inclusive and clause 17, the Board shall, from time to time, determine the
      amount of any Project Funding required by the Company, the time or times
      when such Project Funding shall be required and the manner in which and
      the terms on which, if so resolved by the Board, the Shareholders shall be
      obliged to provide such Project Funding.

	 	 
	12.4.2 	
      In the event that the Board shall have determined that
      the Company shall require Project Funding from the Shareholders, the Board
      shall deliver a written notice (“the Funding Notice”) to each of
      the Shareholders, specifying:

	12.4.2.1 	
      the aggregate amount of the Project Funding required by
      the Company and the amount of the Project Funding to be contributed by
      each of the Shareholders, it being recorded that all Project Funding shall
      be contributed by the Shareholders pro rata to their respective
      Shareholdings from time to time;

	 	 
	12.4.2.2 	
      when such Project Funding shall be required, it being
      recorded that the Shareholders, or any of them, shall not be required to
      provide any Project Funding before the expiry of a period of not less than
      30 business days after the delivery of the Funding Notice to each
      Shareholder;

	 	 
	12.4.2.3 	
      whether such Project Funding shall be required to be
      contributed by way of subscription for new Shares in the Company, or by
      way of loans to the Company, or by way of a combination of subscription
      for new Shares in the Company and loans to the Company;

	 	 
	12.4.2.4 	
      in the event that the Project Funding, or any portion
      thereof, shall be required to be contributed by way of subscription for
      new Shares in the Company, the number of Shares in respect of which each
      Shareholder shall be obliged to subscribe and the subscription price
      payable in respect of such new Shares. The subscription price in respect of such new
      Shares shall be expressed as the aggregate per Share of the par value of
      such Share and the premium in respect of such Share determined by the
  Board; and

Page 27 

	12.4.2.5 	
      in the event that the Project Funding, or any portion
      thereof, shall be required to be contributed by way of a loan or loans to
      the Company, the amount to be lent and advanced to the Company by each
      Shareholder and the terms upon which such amount shall be lent to the
      Company.

	12.4.3 	
      On the delivery of any Funding Notice to each of the
      Shareholders, each of the Shareholders shall be obliged to and shall
      contribute the Project Funding required in terms of the Funding Notice to
      the Company at the time, on the basis and on the terms set out in the
      Funding Notice. In the event that any Shareholder shall fail, for whatever
      reason, to comply with its obligations in terms of any Funding Notice, the
      provisions of clause 14shall apply.

	 	 
	12.4.4 	
      Without derogating from the generality of the aforegoing
      provisions of this clause12.4 or any other provision of the Agreement,
      Uramin undertakes in favour Lukisa that in the event that Lukisa is called
      upon to contribute Project Funding to the Company on the terms
      contemplated in this clause12.4 that Uramin shall, if so requested in
      writing by Lukisa, advance to the Company, as specified in the applicable
      Funding Notice. All such funding advanced by Uramin to the Company at
      Lukisa’s request shall be dement to constitute a demand loan
      (“Uramin-Lukisa Loan”) made by Uramin to Lukisa , to which the
      following terms and conditions shall be
applicable:

	12.4.4.1 	
      the outstanding amount of the Uramin-Lukisa Loan from
      time to time shall attract interest at the Prime Rate plus
[***];

	 	 
	12.4.4.2 	
      unless otherwise agreed in writing between Uramin and
      Lukisa, the Uramin- Lukisa loan shall be repayable as a first charge
      against any dividends and/or other amounts (“Distribution”) which
      may become payable by the Company to Lukisa in its capacity as a
      Shareholder, however and wherever arising;

	 	 
	12.4.4.3 	
      The Company shall maintain a separate notional loan
      account in its books and records in the name of Uramin in respect of the
      Uramin-Lukisa Loan,and shall record therein all transactions relating to
      and/or in connection with the Uramin-Lukisa Loan contemplated herein;
  and

Page 28 

	12.4.4.4 	
      Lukisa hereby irrevocably authorises and instructs the
      Company to pay over to Uramin, for and on its behalf, aand any
      Distribution payable to Lukisa until the full outstanding balance of the
      Uramin-Lukisa Loan together will all interest accrued therein, shall have
      been repaid to Uramin.

	13. 	
      GUARANTEES AND
SURETYSHIPS

	13.1 	
      The Board shall be entitled in its discretion to
      determine that any funding required by the Company, shall be provided by
      third parties, in which event the Company shall enter into appropriate
      agreements of loan (“the Loan Agreements”) with such third parties
      (“the Lenders”) on terms and conditions to be determined by the
      Board. In the event that the Lenders shall require, in respect of any Loan
      Agreement, that the Shareholders shall bind themselves as sureties for
      and/or co-principal debtors together with the Company in respect of any
      amount borrowed by the Company from the Lenders (“the Suretyship
      Undertakings”), or shall guarantee the obligations of the Company in
      terms of any Loan Agreement (“the Guarantees”), the Board shall be
      entitled to deliver a written notice (“the Guarantee Notice”) to
      each of the Shareholders, specifying:

	13.1.1 	
      the amount borrowed by the Company in terms of and the
      terms and conditions of the relevant Loan Agreement;

	 	 
	13.1.2 	
      that the Shareholders shall be obliged to execute
      Suretyship Undertakings and/or Guarantees in respect of the relevant Loan
      Agreement; provided further that nothing herein contained shall impose or
      be construed as imposing on any Shareholder the obligation to furnish
      security to a Lender jointly and severally with any other Shareholder
      and/or to assume any actual or contingent liability for the obligations of
      the Company to such Lender in excess of its proportionate share, relative
      to its pro rata Shareholding of the Company from time to time, of
      such obligations;

	 	 
	13.1.3 	
      when the Shareholders shall be obliged to execute the
      Suretyship Undertakings and/or the Guarantees, it being recorded that the
      Shareholders, or any of them, shall not be required so to execute the
      Suretyship Undertakings and/or the Guarantees before the expiry of a period of not less than
      20 business days after the delivery of the Guarantee Notice to each
  Shareholder; and

Page 29 

	13.1.4 	
      the terms and conditions applicable in respect of the
      Suretyship Undertakings and/or the Guarantees, it being specifically
      recorded that the Board shall use its reasonable commercial efforts to
      procure that the Shareholders shall be jointly, but not jointly and
      severally, liable in terms of such Suretyship Undertakings and/or
      Guarantees.

	13.2 	
      On the delivery of the Guarantee Notice, the Shareholders
      shall be obliged to and shall execute the Suretyship Undertakings and/or
      the Guarantees on the basis and at the time required in terms of the
      Guarantee Notice, failing which the provisions of clause 14shall
    apply.

	14. 	
      FUNDING DEFAULT

	14.1 	
      In the event that any Shareholder (“the Defaulting
      Shareholder”) shall fail, for whatever reason, to provide the Project
      Funding or shall fail to execute the Suretyship Undertakings and/or the
      Guarantees required in terms of clause 13 (“the Default Security”),
      the other Shareholders shall be entitled, without prejudice to any other
      entitlements which they may have, to advance the whole or a portion of the
      Project Funding, the Defaulting Shareholders shall be in default (“a
      Funding Default”) of its obligations in terms of this Agreement, and
      the Shareholder (or if there shall be more than one shareholder, all or
      any of them in proportion to their Shareholding, (“the Funding
      Shareholder”), shall be entitled (but no obliged), without prejudice
      to any other entitlements which it or they may have hereunder, thereupon
      to contribute the whole or in part the Defaulting Funding to the Company,
      or furnish the Default Security to the relevant Lenders and in which
      event:

	14.1.1 	
      The Default Funding so contributed by the Funding
      Shareholders shall constitute loans (“Default Funding Loans”)
      advanced by the Funding Shareholders to the Company on the following terms
      and conditions:

	14.1.1.1 	
      the Default Funding Loan shall accrue interest at the
      Prime Rate plus [***]: and

Page 30 

	14.1.1.2 	
      subject to the provisions of clause 12.3, the Default
      Funding Loan shall be repayable by the Company to the Funding
      Shareholders(s) in priority to the payments of any dividends or other
      distributions to the Shareholders;

Provided however that, the Defaulting
Shareholder shall nonetheless remain entitled at any time to remedy such Funding
Default by contributing to the Company, as and when it is able to do so, such
funding (“Remedial Funding”) in respect of the Default Funding, and if it
shall contribute any Remedial Funding, the Company shall forthwith apply all
such Remedial Funding towards repayment of the Funding Shareholders (pro-rata to
their respective Shareholdings) of the then –outstanding Default Funding Loans.

	14.2 	
      in the event that any Funding Default by a Default
      Shareholder shall not have been remedied on the basis contemplated in
      clause 14.1.1.1, to the reasonable satisfaction of the other Shareholders,
      within a period of 24 months after the Funding Default concerned shall
      have occurred, or if in the reasonable opinion of the Funding Shareholder
      such Funding Default shall at any time be or become incapable of being
      remedied by the Defaulting Shareholder, any Shareholder shall be entitled
      to deliver a notice of breach to the Defaulting Shareholder in terms of
      clause 31.1 and the further provisions of clause 31 shall be
      applicable.

	15. 	
      DIVIDENDS AND
CASHFLOW

	15.1 	
      Subject to the provisions of this Agreement the Company
      shall distribute to the Shareholders such portion of the accumulated
      Profits as the Board shall determine, by the declaration and payment of
      dividends in such amounts as the Board may, in its discretion, determine
      from time to time.

	 	 
	15.2 	
      Subject to clauses 12.3.2 and14.1.1.2, the Parties shall
      procure that the Company shall apply not less than 90% of all amounts
      available for distribution as Profits to the Shareholders, prior to any
      distribution of such Profits to the Shareholders in terms of clause 15.1,
      to the repayment of all amounts owing by the Company to the Shareholders
      and/or any Related Party of any of the Shareholders from time to time on
      loan account, provided that:

Page 31 

	15.2.1 	
      all such repayments shall be made pro rata to the
      respective Shareholdings of the Shareholders from time to time;
  and

	 	 
	15.2.2 	
      all amounts paid to the Shareholders in terms of the
      repayment of such loan accounts shall be applied in the first instance to
      interest accrued, and thereafter to capital
outstanding.

	15.3 	
      The Board shall instruct the Operator, subject to the
      overall control of the Board, to deposit in a bank account in the name of
      the Company (“the Bank Account”), all cash revenue of the Company,
      and all cash amounts paid by the Shareholders in respect of the funding of
      the Company.

	 	 
	15.4 	
      The Board shall instruct the Manager, subject to the
      overall control of the Board, to retain sufficient funds in the Bank
      Account to enable the Company to meet its ongoing
  commitments.

	16. 	
      ACCOUNTING
MATTERS

	16.1 	
      The Parties shall procure that the Company shall adopt a
      consistent and as far as possible uniform policy in the preparation of its
      financial statements in accordance with generally accepted international
      accounting standards.

	 	 
	16.2 	
      The Company shall, in accordance with IAS, keep full,
      complete and accurate books of account, records and information (“the
      Books”) with respect to the affairs of the Company. The Books shall be
      maintained at the head office of the Company or at such other place as the
      Board shall determine from time to time.

	 	 
	16.3 	
      Each Party shall have the right, acting reasonably, to
      have access to, to audit, to examine and to make copies and/or extracts
      from the Books.

	 	 
	16.4 	
      The initial Auditors of the Company shall be Ernst and
      Young, Johannesburg.

	 	 
	16.5 	
      The Board shall procure that the accounts of the Company
      shall be audited annually in arrears by the Auditors from time to time,
      and that copies of the audited financial statements of the Company shall
      be delivered to each Party. The accounts of the Company shall be audited
      in accordance with IAS.

Page 32 

	16.6 	
      The Company shall establish and maintain, as a
      sub-committee of the Board, an audit committee, consisting of at least 2
      Directors appointed by the Board (at least one of whom is a Director
      nominated by Uramin and one of whom is a Director nominated by Lukisa).
      The audit committee shall be responsible for and shall manage the
      accountancy and auditing aspects of the Joint Venture and shall report in
      respect of such management to the Board at such intervals and on such
      basis as the Board may from time to time require.

	 	 
	16.7 	
      The accounting period of the Company will be from 1 July
      of each year to 30 June of the immediately following
  year.

PART FOUR – RESTRICTED MATTERS 

	17. 	
      RESTRICTED MATTERS

Subject to the provisions of the
Companies Act in relation to special resolutions, no decision, whether of the
Board or of the members in general meeting of the Company, in relation to any of
the matters set out in this clause 17 shall be of any force and effect unless
Shareholders holding an aggregate of not less than 75% of the Shares in the
Company shall have agreed in respect of such matters–

	17.1 	
      the voluntary winding-up of the Company and/or any
      resolution requiring or proposing such winding-up;

	 	 
	17.2 	
      the entering into by the Company of any business other
      than that of Mineral exploration and/or mining in the Republic and (to the
      extent applicable as at the Signature Date), Botswana;

	 	 
	17.3 	
      any material change in the objects of the
  Company;

	 	 
	17.4 	
      the disposal or hypothecation of the greater part of the
      assets of the Company;

	 	 
	17.5 	
      save as otherwise provided in clause7, any change to the
      constitution and/or powers of the Board;

	 	 
	17.6 	
      save as otherwise provided in this Agreement, the
      approval of agreements concluded between the Company and any Party or any
      Related Party of any Party which impose a financial obligation on the Company in excess of [***] in
      aggregate in any Financial Year and/or which is not terminable without
  penalty on 30 calendar days’ notice;

Page 33 

	
      17.7 
	
      save as otherwise provided in this Agreement, the
      incurring by the Company of any material debt;

	
       
	
       

	
      17.8 
	
      the entering into by the Company of any management of the
      nature contemplated in clause 9.3;

	
       
	
       

	
      17.9 
	
      any change of the Company dividend policy;

	
       
	
       

	
      17.10 
	
      the approval of any annual budget of the
  Company;

	
       
	
       

	
      17.11 
	
      the allotment and/or issue of any shares in the
      authorised capital of the Company;

	
       
	
       

	
      17.12 
	
      the appointment of any agents or sub-contractors to the
      Company where the consideration payable to such agent or sub-contractor is
      material;

	
       
	
       

	
      17.13 
	
      the employment by the Company of any full-term senior
      executive or managerial personnel, including the terms thereof and/or the
      payment of any profit share or remuneration and bonuses to employees of
      the Company or any other person (other than a Shareholder) and the making
      of any offers, or granting of any options, to employees or any other
      person (other than a Shareholder);

	
       
	
       

	
      17.14 
	
      the dissolution or discontinuance, change or
      diversification of all or a material part of the Agreed Business or the
      cessation, permanent suspension or abandonment of any substantial part of
      the Agreed Business (whether temporary or not);

	
       
	
       

	
      17.15 
	
      the issue of any warrants or options with respect to
      Shares in the Company;

	
       
	
       

	
      17.16 
	
      any change in the accounting policies of the Company
      other than as required by law or where required by law, the manner in
      which such change is to be made;

	
       
	
       

	
      17.17 
	
      any change in the identity of the Auditors of the
      Company;

	
       
	
       

	
      17.18 
	
      with effect from the date from which the Shareholders
      shall be obliged to contribute funds pro rata to the Company in
      respect of a Project, the incurring of any
additional expenditure by the Company in relation to such Project in
      excess of 10% in aggregate of any budget relating thereto which has been
  duly adopted by the Board;

Page 34 

	17.19 	
      the disposal by the Company of the whole or the major
      portion of its assets or undertaking or the acquisition of any assets
      (including but not limited to shares, debentures or stock in any company)
      of a material nature;

	 	 
	17.20 	
      the entering into an amalgamation, merger or
      consolidation with any other body corporate;

	 	 
	17.21 	
      the granting of loans by the Company in the aggregate in
      excess of [***] during any Financial Year of the Company;

	 	 
	17.22 	
      the formation, sale or winding up of any
    subsidiary;

	 	 
	17.23 	
      the provision of any guarantee, suretyship or indemnity
      for the liabilities of a third party in the aggregate in excess of [***]
      during any Financial Year of the Company;

	 	 
	17.24 	
      the entering into a partnership or any arrangement for
      the sharing of Profits, union of interests, joint venture or reciprocal
      concession with any person other than in the ordinary course of business;
      and

	 	 
	17.25 	
      the cessation of any material contract not in the
      ordinary course of business. For the purposes of this clause17.25,
      “material” means having an aggregate value in excess of
  [***].

PART FIVE – TRANSFERS OF SHARES 

	18. 	
      PRE-EMPTIVE
RIGHTS

	18.1 	
      Subject to clauses 14 and 18.10, notwithstanding any
      provisions to the contrary in the Company’s memorandum and/or articles of
      association from time to time, unless otherwise agreed in writing by all
      of the Shareholders, no Shareholder shall sell or otherwise dispose of or
      alienate or transfer any of the Shares held by it in the Company save in
      accordance with the provisions of this clause
18.

Page 35 

	18.2 	
      No Shareholder shall be entitled to dispose of any of its
      Shares or any portion of its Shares in the Company unless it shall, in one
      and the same transaction dispose of a pro rata portion of its
    Claims.

	 	 
	18.3 	
      No Shares in the Company shall be sold and/or transferred
      to any purchaser thereof unless and until such purchaser shall first have
      bound itself as a party to this Agreement.

	 	 
	18.4 	
      If any of the Shareholders (“the Offeror”) intends
      to sell or otherwise dispose of or alienate or transfer any of its Shares
      or Claims or any part of thereof (“the Sale Interest”), the Offeror
      shall deliver to the other Shareholders (“the Offerees”) a written
      notice (“the First Notice”) of such intention to dispose of the
      interest.

	 	 
	18.5 	
      Upon the issue of the First Notice, the Offeror and the
      Offerees shall negotiate with one another in good faith in an endeavour to
      establish the price and the terms and conditions upon which the Sale
      Interest shall be sold to the Offerees, provided that the price stipulated
      in respect of the Sale Interest shall sound in money in South African
      Rands.

	 	 
	18.6 	
      Upon conclusion of the negotiations envisaged in terms of
      clause18.5, [***], the Offeror shall furnish a written notice (“the
      Second Notice”) to the Offerees stating the terms and conditions, and
      the price agreed with the Offerees in terms of clause 18.5 [***], provided
      that the price stipulated in respect of the Sale Interest shall sound in
      money in South African Rands.

	 	 
	18.7 	
      The Offerees may, [***], accept the offer contained in
      the Second Notice in full and not in part only by giving written notice to
      that effect to the Offeror. The Offeror shall forthwith on acceptance of
      the offer deliver the Sale Interest to the Offerees together with a share
      transfer form and a cession (if applicable) of the loan accounts, duly
      signed by the Offeror as transferor and cedent and left blank as to
      transferee and cessionary, against payment of the purchase
price.

	 	 
	18.8 	
      [***].

	 	 
	18.9 	
      If the Offerees reject or do not accept the offer in full
      [***] of the Second Notice, the Offeror [***], then the Offeror shall
      again be obliged to follow the procedure set out and stipulated in this
      clause 18 if it wishes to dispose of the interest, or any part
    thereof.

	 	 
	18.10 	
      Notwithstanding the other provisions of this clause18,
      any Shareholder shall be entitled freely and without complying with the
      provisions of this clause 18 to transfer its interest
to any Related Party of such Shareholder (collectively “the
      Group”) and any transferee shall similarly be entitled to transfer
  such interest to any other member of the Group; provided that: 

Page 36 

	18.10.1 	
      any such transferee shall first become a party to this
      Agreement;

	 	 
	18.10.2 	
      should any transferee cease to be a member at any time of
      the Group, then prior to such cessation, such transferee shall be obliged,
      and the transferring Shareholder shall procure that such transferee
      transfers the interest to another company which is then a member of the
      Group; and

	 	 
	18.10.3 	
      the transferring Shareholder guarantees the due and
      proper performance by any such transferee of its obligations in terms of
      this Agreement.

	18.11 	
      It is specifically recorded that, insofar as ministerial
      consent in terms of Section 11 of the MPRDA shall be required in respect
      of the transfer by the Offeror of the Sale Interest to the Offerees (or
      any of them), the Offeror and the Offerees shall co-operate in good faith
      in making application for and taking all steps reasonably necessary for
      and incidental to and/or concerning the granting by the Minister of such
      ministerial consent. In the event that the Minister shall fail and/or
      refuse, for whatever reason, to grant the ministerial consent in respect
      of the transfer of the Sale Interest to the Offerees, or any of them
      (“the Affected Offeree Party”), the Affected Offeree Party shall be
      entitled in consultation with the Minister and the remaining Offerees (if
      any) to identify a third party reasonably acceptable to the other
      Shareholders and in respect of whom the Minister shall be prepared to and
      shall grant the ministerial consent in respect of the transfer of the Sale
      Interest to such third party, and the Affected Offeree Party shall be
      entitled to cede and delegate its rights and obligations arising in terms
      of this clause 18 to such third party, provided
that:

	18.11.1 	
      such third party shall, if it shall not already by a
      Party to this Shareholders’ Agreement, bind itself as a Party thereto;
      and

	 	 
	18.11.2 	
      in the event that the Affected Offeree Party shall fail,
      by not later than 60 business days after the Minister shall have refused
      to grant the ministerial consent in respect of the transfer of the Sale
      Interest to the Affected Offeree Party, to identify the third party
      described in this clause 18.11 and to procure the granting by the Minister
      of the ministerial consent in respect of the transfer of the Sale Interest
      to such third party, the Affected Offeree Party shall be deemed not to
      have accepted the Offer, whereupon the provisions of clause 18.9 shall
  apply. 

Page 37 

	18.12 	
      No Party shall be entitled, directly or indirectly, to
      encumber its Shareholding (“the
Hypothecation”):

	18.12.1 	
      in the event that such Hypothecation is created as
      security (“the Security”) in respect of a loan (for the purposes of
      and in connection with the funding of the Company by such Party in terms
      of clause6.1) from:

	18.12.1.1 	
      any bank, as defined in the Banks Act, 1990 (Act No. 94
      of 1990) (as amended) (“the Banks Act”); or

	 	 
	18.12.1.2 	
      any other person or any financial institution approved
      for that purpose by the Registrar of Banks in terms of the Banks Act, on
      request by the Minister in terms of Section 11(3)(b) of the
  MPRDA

unless and until the bank, person or
financial institution in question shall have undertaken in writing that any sale
in execution or any other disposal pursuant to the foreclosure of the Security
will be subject to the consent of the Minister and shall be subject in addition
to the pre-emptive rights of the other Shareholders in terms of the provisions
of this clause18; or 

	18.12.2 	
      without the prior written consent of the Minister in
      terms of Section 11(1) of the MPRDA.

	19. 	
      COME-ALONG

	19.1 	
      If a third party offers to purchase the Shares and the
      loan accounts of all the Shareholders in the Company on identical pro
      rata terms, and provided that Shareholders holding not less than 70%
      (seventy percent) of the issued share capital of the Company accept such
      offer in respect of their Shares (after first having complied with the
      relevant provisions of clause 18 and the remaining Shareholders having
      refused the offer made to them in terms of clause 18), then the remaining
      Shareholders in the Company shall be obliged to and shall be deemed to
      have accepted the offer of the third party in respect of all their Shares
      in the Company.

Page 38 

	19.2 	
      Each of the Shareholders irrevocably and in rem suam
      hereby appoints any of the other Shareholders at the time as his
      attorney and agent to do all such things as may be necessary to comply
      with the provisions of this clause 1919

	20. 	
      TAG ALONG

If a bona fide third party offers to
purchase Shares in the Company constituting at least 60% (sixty percent) of the
entire issued share capital of the Company, then notwithstanding that
Shareholders to whom such offer has been made have complied with the provisions
of clause18, such Shareholders shall not be entitled to sell their Shares to
such third party unless an offer to acquire a proportionate number of the Shares
(and claims on loan account against the Company) is simultaneously made on
identical terms by such third party to every other Shareholder of the Company to
whom such offer was not made, but who has indicated in writing its willingness
to dispose of its Shares in the Company on the same terms and conditions as
offered by the third party. 

	21. 	
      CHANGE OF CONTROL

Lukisa warrants and undertakes in
favour of Uramin that for so long as this Agreement shall endure, beneficial
ownership of all of its voting securities and effective management control over
its business and affairs shall at all times be and remain vested in HDPs of
HDSAs on such basis as shall ensure that, save as may otherwise be applicable
pursuant to the provisions of clauses 18 and/or be expressly approved by the DMR
(and then on such basis as shall not be prejudice or jeopardise and of the
Company’s Mining Titles, the voting securities in the Company shall at all times
be beneficially owned by HDPs or HDSAs in the proportions necessary from time to
time to ensure that the equity ownership of the Company complies at all times
with the applicable black economic empowerment requirements of the Mining Laws
and no conditions attaching to the Mining Titles in respect of the interests of
HDPs or HDSAs therein shall be breached. Without derogating from the generality
of the foregoing, in the event that at any time during the term of this
Agreement beneficial ownership of the share capital of Lukisa (“the Changed
Party”) shall change without the prior consent of Uramin and in consequence
thereof beneficial ownership of the Company shall cease to comply with the
minimum requirements for ownership by HDPs specified from time to time in terms
of the Charter (or any other applicable Mining Law), such change of control
shall be deemed to constitute a breach of this Agreement by such Changed Party
for purpose of and in terms of clause 31. For purposes hereof, a “change of
control” shall mean that the person or persons beneficially owning the
majority of, or entitled to exercise the majority of all voting rights in
respect of, the share capital of, or entitled to exercise management control
over, the Changed Party as at the Signature Date, shall cease beneficially to own the majority of
such shares (or members’ interests, as the case may be), or cease to be entitled
to exercise the majority of all voting rights in respect thereof and/or
management control over such Changed Party.

Page 39 

PART SIX – GENERAL AND MISCELLANEOUS
PROVISIONS 

	22. 	
      SHAREHOLDERS’
CLAIMS

Save as otherwise expressly provided
herein or as may be agreed in writing by Shareholders holding more than 75%
(seventy-five percent) of the Shares, the claims of the Shareholders on loan
account against the Company (“the Claims”) shall be subject to the
following terms and conditions, namely –

	22.1 	
      they shall be interest free;

	 	 
	22.2 	
      subject to the available cash resources of the Company,
      they shall be repaid as may be agreed from time to time between the
      Company and the Shareholders;

	 	 
	22.3 	
      all repayments by the Company to the Shareholders shall
      be made pro rata to their respective Claims: provided that if any
      Shareholder shall as at the time of such repayment have contributed
      funding to the Company in excess of its pro-rata share, which
      excess shall not have been repaid at that time, such excess shall first be
      repaid; and

	 	 
	22.4 	
      they shall in any event be repaid on the granting of any
      order (whether provisional or final) placing the Company under judicial
      management or in liquidation or on the granting of any final judgment
      against the Company if the Company does not satisfy the judgement within
      30 (thirty) days after it becomes final.

	23. 	
      INFORMATION RELATING TO THE COMPANY AND ITS
      SUBSIDIARIES

The Parties shall each be entitled to
examine the books and records of the Company and its subsidiaries and to be
supplied with all relevant financial and other information in relation to the
Company, its subsidiaries and joint venture in order to keep them properly
informed about the business and affairs of the Company and its subsidiaries and
generally to protect their respective interests.

Page 40 

	24. 	
      VOTING SUPPORT

The Parties mutually undertake each in
favour of the other, to exercise their respective voting rights in the Company
to implement, observe, maintain and support the provisions of this Shareholders’
Agreement. 

	25. 	
      INCONSISTENCY BETWEEN THIS AGREEMENT AND THE
      MEMORANDUM AND ARTICLES OF ASSOCIATION OF THE
  COMPANY

	25.1 	
      Notwithstanding anything herein implied or contained to
      the contrary and subject to all applicable laws, in the event of their
      being any inconsistency between the provisions of this Shareholders’
      Agreement and the rights and obligations of the Parties under the
      memorandum and Articles of Association of the Company, the provisions of
      this Shareholders’ Agreement shall prevail as amongst the
  Parties.

	 	 
	25.2 	
      Any Shareholder shall be entitled by written notice to
      the other Parties to require any or all of them to do all such things and
      to sign all such documents and to adopt all such resolutions as may be
      necessary to amend the memorandum and Articles of Association so as to
      conform with the provisions of this Agreement.

	26. 	
      SUPPORT AND
HARDSHIP

	26.1 	
      The Shareholders undertake at all times to do all such
      things, perform all 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 necessary or
      desirable for or incidental to the putting into effect or maintenance of
      the terms, conditions, important and intent of this Shareholders’
      Agreement.

	 	 
	26.2 	
      Where circumstances arise which were not contemplated by
      the Shareholders as at the Commencement Date, which render impractical the
      implementation of this Shareholders’ Agreement, the Shareholders will meet
      and negotiate in good faith to establish a modus operandi for the
      attainment and fulfilment of the fundamental purpose of this Shareholders’
      Agreement.

	 	 
	26.3 	
      The Shareholders agree that, if during the currency of
      this Shareholders’ Agreement, there is any significant change in
      circumstances, which results in one or more of the Shareholders being
      placed in an inequitable or unfavourable position, the Shareholders shall
      meet with a view to agreeing, in a spirit of mutual trust and
      understanding, what modification, if any, to this Shareholders’ Agreement
  would be appropriate in order to take account of such change.

Page 41 

	26.4 	
      The Shareholders undertake to act towards each other in
      all respects relating to this Shareholders’ Agreement in the utmost good
      faith.

	27. 	
      FORCE MAJEURE

If any Party is prevented or restricted
directly or indirectly from carrying out all or any of its obligations under
this agreement by reason of strike, lock-out, fire, explosion, floods, riot,
war, accident, act of God, embargo, legislation, shortage of or a breakdown in
transportation facilities, civil commotion, unrest or disturbances, cessation of
labour, government interference or control, or any other cause or contingency
beyond the control of that Party, the Party so affected shall be relieved of its
obligations hereunder during the period that such event and its consequences
continue but only to the extent so prevented and shall not be liable for any
delay or failure in the performance of any obligations hereunder or loss or
damages either general, special or consequential which the other Parties may
suffer due to or resulting from such delay or failure, provided always that
written notice shall forthwith be given of any such inability to perform by the
Affected Party. Any Party invoking force majeure shall upon termination of such
event giving rise thereto forthwith give written notice thereof to the other
Parties. 

	28. 	
      APPLICATION OF THE SHAREHOLDERS’ AGREEMENT TO
      SUBSIDIARIES OF THE COMPANY

The provisions of this Agreement shall
apply mutatis mutandis to any subsidiaries of the Company from time to
time 

	29. 	
      DISPUTE
RESOLUTION

	29.1 	
      In the event of any deadlock arising at any time between
      the Directors on the Board or between the Shareholders in relation to any
      Restricted Matter contemplated in clause17, such matter, if it remains
      unresolved for more than 10 (ten) business days after such deadlock or
      dispute shall have arisen, shall forthwith be referred to a special
      committee (“the CEO Committee”) comprising the respective chief
      executive officers (or their respective delegates nominated in writing) of
      all of the Shareholders and the Parties shall procure that the CEO
      Committee is placed in possession of sufficient information in regard to
      such deadlock or dispute as will enable its members to reach a decision in
      respect thereof. The CEO Committee shall use its bona fide efforts
      to resolve the matter on the basis of unanimous consensus between its members
      by no later than 10 (ten) business days after the deadlocked issue or
      dispute shall first have been referred to it; failing which, the issue in
      question will be decided by majority vote. Such majority decision shall be
      final and binding on the Shareholders and the Company and not capable of
  review or appeal.

Page 42 

	29.2 	
      In the event of any dispute (other than a matter
      contemplated in clause29.1) arising between the Parties in regard to the
      interpretation of, the effect of, the Parties’ respective rights and
      obligations under, a breach of and/or any matter arising out of this
      Agreement, such dispute shall firstly be referred mutatis mutandis
      to a CEO Committee comprising the chief executive officers (or his
      delegate nominated in writing) of each of the Parties to the dispute,
      which shall meet as soon as possible after referral of the dispute to it
      and shall use its bona fide best efforts to resolve the
    dispute.

	 	 
	29.3 	
      In the event that the CEO Committee referred to in 29.1
      shall reach deadlock, or the CEO Committee referred to in 29.2 shall have
      failed, for whatever reason, to resolve the dispute by not later than 20
      business days after the dispute shall first have arisen, the dispute shall
      forthwith be referred to a further committee (“the Special
      Committee”) consisting of the respective chief executive officers of
      each of the Shareholders who are parties to the dispute, an attorney
      nominated by each such Party and a professional mediator appointed by
      agreement between all of the attorneys nominated by each such Party. In
      the absence of agreement between the said attorneys on the identity of
      such mediator within 5 business days, the mediator shall be appointed at
      the request of any of the said attorneys by the President for the time
      being of the Law Society of the Northern Provinces.

	 	 
	29.4 	
      The Special Committee shall meet as soon as possible
      after referral of the dispute to it, and shall use its bona fide
      best efforts to resolve the dispute by no later than 30 business days
      after the dispute shall first have been referred to it. The Special
      Committee shall its first meeting determine its own rules and procedures;
      provided however that all decisions of the Special Committee shall be by
      way of majority vote, and shall be final and binding on the Shareholders
      and the Company and not capable of review or appeal.

	 	 
	29.5 	
      It is expressly recorded and agreed between the Parties
      that any deadlock between them, whether at Board or Shareholder level,
      shall not constitute grounds for the winding- up of the
  Company.

Page 43 

	30. 	
      ARBITRATION

	30.1 	
      Subject to the provisions of clause29, in the event that
      the Special Committee referred to in clause 29.3 shall fail to resolve or
      settle any dispute or difference referred to it within the period referred
      to therein, the said dispute or difference shall on written demand by any
      party to the dispute be submitted to arbitration in Johannesburg in
      accordance with the rules of the Arbitration Foundation of Southern Africa
      (“the “Foundation”). The said arbitration shall be held informally
      and in the English language, it being the intention that if possible it
      shall be held and concluded within 45 business days after it has been
      demanded.

	 	 
	30.2 	
      The arbitrator shall be if the question in issue
    is:

	30.2.1 	
      primarily an accounting matter, an independent practising
      chartered accountant of not less than 10 years standing agreed upon
      between the Parties to the dispute;

	 	 
	30.2.2 	
      primarily a legal matter, a practising Senior Counsel of
      no less than 10 years standing agreed upon between the Parties to the
      dispute;

	 	 
	30.2.3 	
      any other matter, an independent and appropriately
      qualified person agreed upon between the Parties to the
  dispute.

	30.3 	
      If the Parties to such dispute fail to agree in writing
      on an arbitrator within 10 (ten) days after arbitration has been demanded,
      the arbitrator shall be nominated at the request of any Party to the
      dispute by the President for the time being of the Foundation.

	 	 
	30.4 	
      The Parties irrevocably agree that the submission to
      arbitration in terms of this clause is subject to the rights of appeal set
      out hereunder.

	 	 
	30.5 	
      Any party to the arbitration may appeal the decision of
      the arbitrator within a period of 21 (twenty-one) days after the
      arbitrator’s ruling has been handed down, by giving written notice to that
      effect to the other party or parties to the arbitration. The appeal shall
      be dealt with in accordance with the rules of the Foundation by a panel of
      three arbitrators appointed by the Foundation.

	 	 
	30.6 	
      If no appeal has been lodged by any party to the
      arbitration, the decision of the arbitrator shall be final and binding on
      the parties to the arbitration after the expiry of the period of 21
      (twenty-one) days from the date of the arbitrator’s ruling. If an appeal
      has been lodged, the ruling of the panel of arbitrators shall be
      final and binding on the parties to the arbitration and not capable of
      review or further appeal. A decision which becomes final and binding in
      terms of this clause 30.6 may be made an Order of Court at the instance of
  any party to the arbitration.

Page 44 

	30.7 	
      Any arbitration in terms of this clause 30 shall be
      conducted in camera and the Parties shall treat as confidential and
      shall not, without the express written consent of the other parties to the
      arbitration, disclose to any third party details of the dispute submitted
      to arbitration, the conduct of the arbitration proceedings or the outcome
      of the arbitration.

	 	 
	30.8 	
      Nothing contained in this clause 30 shall prevent or
      preclude any Party from approaching any Court having competent
      jurisdiction for urgent or interlocutory relief in respect of any matter
      arising herefrom.

	 	 
	30.9 	
      The provisions of this clause 30 shall be divisible from
      any other part of the Agreement and shall survive the termination or
      cancellation of this Agreement for whatever reason, notwithstanding that
      the rest of the Agreement may be void or
voidable.

	31. 	
      BREACH

	
      31.1 
	
      If at any time a Shareholder (the “Affected
      Party”) is placed under judicial management or in liquidation (or any
      similar or analogous proceedings in its jurisdiction), whether voluntary,
      compulsory, final or provisional, or compounds or enters into an
      arrangement of compromise with its creditors (other than for purposes of a
      reconstruction or amalgamation of its business), the other Shareholders
      shall have the right (but not the obligation) to acquire at the Market
      Value all (but not part only) of the Shareholding Interest of the Affected
      Party (“the Affected Interest”), upon written notice to that effect
      given by the other Shareholders (or any of them) to the Affected Party
      after the occurrence of the events envisaged herein.

	
       
	
       

	
      31.2 
	
      Upon determination of the Market Value of the Affected
      Interest as envisaged in clause31.1, the other Shareholders shall be
      entitled within 60 (sixty) days thereafter, on written notice to the
      Affected Party (or its representative shareholder) to elect whether or not
      they (or any of them) wish to proceed with the acquisition of the Affected
      Interest, in such proportions between them as they may have agreed in
      writing (or failing such agreement, pro rata in proportion to their
      respective relative Shareholdings). If such Shareholders (or any of them)
      (“the Acquiring Shareholders”) elect so to proceed, they shall
      within such 60 (sixty) day period effect payment to the Affected Party, in
      cash in immediately available funds, of the price determined for
      the Affected Interest (but less the amount of any monies that may be owing
      by the Affected Party to the other Shareholders), against delivery thereof
      in such form as may be necessary or appropriate to transfer and vest
      ownership thereof in the Acquiring Shareholders in accordance with the
  laws of the Republic.

Page 45 

	31.3 	
      If at any time any Shareholder (“the Defaulting
      Shareholder”) commits a breach of any of the material terms and
      conditions of this Agreement and fails to remedy such breach within 30
      (thirty) days after the receipt of written notice from any of the other
      Shareholders requiring it to remedy such default, the other Shareholders
      shall have the right at their option, but without detracting from their
      further or alternative rights and remedies and without prejudice to any
      claim which they may have for damages for breach of contract or otherwise,
      to cancel this Agreement, in which event:

	31.3.1 	
      this Agreement shall terminate;

	 	 
	31.3.2 	
      the Defaulting Shareholder shall be released from all of
      its obligations under this Agreement, save and except where such
      obligations arose from events which occurred prior to breach;

	 	 
	31.3.3 	
      the non-defaulting Shareholders shall be entitled
      forthwith take transfer of the Defaulting Shareholder’s Shares in (but not
      its claims against) the Company and the provisions of clauses 31.1 and
      31.2 shall apply mutatis mutandis in relation
  thereto.

	31.4 	
      Notwithstanding the provisions of clause31.3, no
      Shareholder shall be entitled to exercise or enforce any remedy against
      another Shareholder in relation to any breach of the terms and conditions
      of this Agreement:

	31.4.1 	
      if this Agreement specifies the steps to be taken in the
      event of such breach, unless it takes such steps;

	 	 
	31.4.2 	
      if this Agreement specifies an alternative remedy for
      such breach;

	 	 
	31.4.3 	
      unless the said breach is fundamental, material and goes
      to the root of this Agreement.

Page 46 

	32. 	
      DOMICILIUM

	32.1 	
      The Parties hereto choose domicilia citandi et
      executandi for all purposes of and in connection with this Agreement
      as follows:

	 	Company: 	204 Rivonia Road 
	 	  	Block A 
	 	  	Morningside 
	 	  	Sandton 
	 	  	Telefax : (011) 884-9557 
	 	  	Attention: Mr J Pitman 
	 	  	  
	 	Uramin: 	204 Rivonia Road 
	 	  	Block A 
	 	  	Morningside 
	 	  	Sandton 
	 	  	Telefax : (011) 884-9557 
	 	  	Attention: Mr I Stalker 
	 	  	  
	 	  	  
	 	Lukisa: 	c/o AMB Capital Limited 
	 	  	18 Fricker Road 
	 	  	Illovo 
	 	  	Sandton 
	 	  	  
	 	  	Telefax : (011) 268-6886 
	 	  	For attention of: Mr T Maloisane

	32.2 	
      Any Party hereto shall be entitled to change its
      domicilium from time to time, provided that any new domicilium
      selected by it shall be an address other than a box number in the
      Republic of South Africa, and any such change shall only be effective upon
      receipt of notice in writing by the other Parties of such
change.

	 	 
	32.3 	
      All notices, demands, communications or payments intended
      for any Party shall be made or given at such Party’s domicilium for
      the time being.

Page 47 

	32.4 	
      A notice sent by one Party to another Party shall be
      deemed to be received:

	32.4.1 	
      on the same day, if delivered by hand;

	 	 
	32.4.2 	
      on the same day of transmission if sent by telefax and if
      sent by telefax with receipt received confirming completion of
      transmission;

	 	 
	32.4.3 	
      on the fifteenth day after posting, if sent by prepaid
      registered mail.

	32.5 	
      Any notice in terms of this Agreement shall only be
      validly given if in written or printed paper based form. For the avoidance
      of doubt, where any provision of this Agreement requires any Party to
      perform any act in writing, this requirement will only be satisfied if
      such performance is made in a written or printed paper base form. The
      provisions of the Electronic Communications and Transactions Act, 2002
      (No. 25 of 2002) are in this regard expressly excluded from this
      Agreement, and data messages (as defined in that Act) are excluded as a
      valid form of notice in terms hereof.

	 	 
	32.6 	
      Notwithstanding anything to the contrary herein
      contained, a written notice or communication actually received by a Party
      shall be an adequate written notice or communication to it notwithstanding
      that it was not sent to or delivered at its chosen domicilium citandi
      et executandi.

	33. 	
      TRANSACTIONS
INDIVISIBLE

All the transactions and arrangements
contained or contemplated by this Agreement constitute a single and indivisible
transaction. 

	34. 	
      COSTS

Each of the Parties shall bear its own
costs of and incidental to the negotiation, preparation and signature of this
Agreement. 

	35. 	
      GOVERNING LAW AND
  JURISDICTION

This Agreement shall be governed by and
construed in accordance with the laws of the Republic. Subject to clause 30, the
Parties hereby irrevocably and unconditionally consent to the non-exclusive
jurisdiction of the High Court of the Republic (Witwatersrand Local Division) in
respect of any matter arising in terms of and/or in connection with this
Agreement. 

Page 48 

	36. 	
      GENERAL

	36.1 	
      This Agreement constitutes the sole record of the
      agreement amongst the Parties in regard to the subject matter thereof, and
      expressly supersedes and novates all prior or other agreements, written or
      oral, between the Parties.

	 	 
	36.2 	
      No Party shall be bound by any express or implied term,
      representation, warranty, promise or the like, not recorded
  herein.

	 	 
	36.3 	
      No addition to, variation or consensual cancellation of
      this Agreement shall be of any force or effect unless in writing and
      signed by or on behalf of the Parties.

	 	 
	36.4 	
      No indulgence which any of the Parties (“the
      Grantor”) may grant to the other or others of them (“the
      Grantee(s)”) shall constitute a waiver of any of the rights of the
      Grantor, who shall not thereby be precluded from exercising any rights
      against the Grantee(s) which might have arisen in the past or which might
      arise in the future.

	 	 
	36.5 	
      The Parties undertake at all times to do all such things,
      to perform all such acts and to 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 necessary for or
      incidental to the putting into effect or maintenance of the terms,
      conditions and import of this Agreement.

	 	 
	36.6 	
      Save as expressly provided in this Agreement, none of the
      Parties shall be entitled to cede, assign or otherwise transfer all or any
      of its rights, interest or obligations under and in terms of this
      Agreement save and except with the prior written consent of the
    others.

Page 49 

THUS DONE and SIGNED at ___________________________on this the
________________day of ________________________2007. 

	 	For and on behalf of 
	 	URAMIN INCORPORATED 
	 	by name: 
	 	  
	 	  
	 	  
	 	
	 	 
	 	who warrants his authority hereto

THUS DONE and SIGNED at ___________________________on this the
________________day of ________________________2007. 

	 	For and on behalf of 
	 	LUKISA INVEST 100 (PROPRIETARY)
      LIMITED 
	 	by name: 
	 	  
	 	  
	 	  
	 	
	 	 
	 	who warrants his authority hereto

Page 50 

THUS DONE and SIGNED at ___________________________on this the
________________day of ________________________2007. 

	 	For and on behalf of 
	 	URAMIN LUKISA JV COMPANY
      (PROPRIETARY) LIMITED 
	 	by name: 
	 	  
	 	  
	 	  
	 	  
	 	
	 	who warrants his authority hereto

SCHEDULE 1 

EXISTING MINING TITLESPeninsula Energy Limited: Exhibit 4.4 - Filed by newsfilecorp.com

Confidential treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the
confidentiality request. Omissions are designated as [***]. A complete version
of this exhibit has been filed separately with the Securities and Exchange
Commission. 

	ORIGINAL 
	  
	  
	JOINT VENTURE AGREEMENT 
	  
	  
	TASMAN PACIFIC MINERALS LIMITED 
	AND 
	MMAKAU MINING (PROPRIETARY) LIMITED

	JOINT VENTURE AGREEMENT 
	 
	 
	 
	 
	between 
	 
	 
	 
	 
	TASMAN PACIFIC MINERALS LIMITED 
	 
	 
	 
	 
	and 
	 
	 
	 
	 
	MMAKAU MINING (PROPRIETARY) LIMITED

2. 

Table of Contents 

	1.
      	Definitions
      and Interpretation 	4
      
	 	 	 
	2.
      	Preamble
      	13
      
	 	 	 
	3.
      	Suspensive
      Conditions 	14
      
	 	 	 
	4.
      	Joint
      Venture 	14
      
	 	 	 
	5.
      	Contributions
      	15
      
	 	 	 
	6.
      	Broad
      Based Participants 	19
      
	 	 	 
	7.
      	Participation
      Interests 	20
      
	 	 	 
	8.
      	Scope
      and Objects 	20
      
	 	 	 
	9.
      	Liability
      for Funding 	21
      
	 	 	 
	10.
      	Empowerment
      Provisions 	29
      
	 	 	 
	11.
      	Transfer
      of Participation Interest and pre-emptive rights 	32
      
	 	 	 
	12.
      	Forced
      Sale by Mmakau 	37
      
	 	 	 
	13.
      	Exclusivity
      	37
      
	 	 	 
	14.
      	Disputes
      	38
      
	 	 	 
	15.
      	Progress
      decisions 	40
      
	 	 	 
	16.
      	Termination
      of Joint Venture 	43
      
	 	 	 
	17.
      	Warranties
      and Representations 	44
      
	 	 	 
	18.
      	Agreement
      in respect of Exploitation 	47
      
	 	 	 
	19.
      	Intellectual
      Property Rights 	51
      
	 	 	 
	20.
      	Cession
      and Assignment 	52
      
	 	 	 
	21.
      	Confidentiality
      and Publicity 	52
      
	 	 	 
	22.
      	Domicilium
      Citandi et Executandi 	53
      
	 	 	 
	23.
      	Whole
      Agreement, No Amendment 	55
      
	 	 	 
	24.
      	Governing
      Law 	56
      
	 	 	 
	25.
      	No
      Partnership 	56
      
	 	 	 
	26.
      	Costs
      	57
      

Annexures: 

	Annex
      TM 1 - Current Mmakau Group Structure 	59
      
	 	 
	Annex
      TM 2 - Applications for Prospecting Rights 	60
      
	 	 
	Annex
      TM 3 - Fair Market Value Determination 	62
      

3 

4. 

	MEMORANDUM OF AN AGREEMENT 
	 
	 
	 
	MADE AND ENTERED INTO BY AND BETWEEN: 
	 
	 
	 
	TASMAN PACIFIC MINERALS LIMITED 
	 
	 
	 
	AND 
	 
	 
	 
	MMAKAU MINING (PROPRIETARY) LIMITED 
	 
	 
	 
	Whereby it is agreed upon between the parties as
      follows: 

	1. 	
      Definitions and
Interpretation

	1.1 	
      For purposes of this Agreement the following words and
      expressions shall have the meanings assigned to them
  hereunder:

	1.1.1 	“this Agreement” 	
      means this Joint Venture agreement together with all
      schedules and annexes hereto, as amended or substituted from time to time;
      

	  	  	  
	1.1.2 	“Area of Interest” 	
      means all areas situated (in whole or in part) within 5
      kilometres from any point on the boundary of any of the Prospecting Right
      Areas; 

	  	  	  
	1.1.3 	“Bankable Feasibility Study” 	
      means, in respect of each Prospecting Right, the taking
      of all such steps as may be necessary to compile and the compilation of a
      comprehensive document or documents that
addresses all matters which are customarily required for an
effective assessment of the viability of the development, funding and mining of
the relevant Prospecting Right Area, in such form and detail as are required for
the purposes of determining whether to finance the development of a commercial
mining venture on the relevant Prospecting Right Area including, but not limited
to chapters on the following: ownership, location, geology and ore reserves,
metallurgy, mining, materials handling, processing, ancillary facilities and
site services, infrastructure for and availability of labour, energy supply,
water, environmental impact studies and rehabilitation obligations, capital
costs, costs to be incurred to sustain production including initial working
capital, the time and critical path to place the mine into production and
financing requirements throughout the construction phase, financial analysis
(including price sensitivity analysis) assumptions as to mineral prices and
utilisation of a discount rate consistent with financing costs at the time as
well as project and country risks; 

5. 

	1.1.4 	“Broad Based Participants” 	
      means one or more South African company(ies), trust(s) or
      corporate entity(ies), existing or to be established
by Mmakau in terms of clause 6 hereof, the entire issued share
capital or beneficial interest (as the case may be) of which must be held by
Broad Based Shareholders and which company(ies) or entity(ies) will become

6. 

	 	(i) 	
      a participant in the Joint Venture in respect of all the
      Prospecting Right Areas; alternatively

	 	 	 
	 	(ii) 	
      such different companies or entities will become
      participants in respect of different Prospecting Right
  Areas;

on the terms and subject to the
conditions set out in clause 6 hereof; 

	1.1.5 	“Broad Based Shareholder” 	
      means those shareholders or beneficiaries, directly or
      indirectly, of the Broad Based Participants who are representative
      entities (and not individuals directly) whose beneficiaries are
      collectively: 

	  	  	  
	1.1.5.1 	  	HDSA's; 
	  	  	  
	1.1.5.2 	  	of significant number; and 
	  	  	  
	1.1.5.3 		
      representative of a reasonable number, from among the
      different categories, of HDSA's including but without limitation black
      people, disabled people, black women, youths, aged people, communities,
      rural people, employees and employee representative organisations and local
communities, approved of by Taspac whose approval shall not be unreasonably
withheld or delayed; 

7. 

	1.1.6 	“Controlling Shareholders” 	means, in relation to Mmakau, Bridgette Radebe,
      Identity Number [***]; 
	  	  	  
	1.1.7 	“the Charter” 	
      means the Broad Based Socio Economic Empowerment Charter
      for the South African Mining industry developed by the Minister of
      Minerals and Energy pursuant to the provisions of section 100 of the MPRD
      Act, and includes the Scorecard relating thereto and all subsequent
      amendments or substitutes thereof and all additions thereto and shall
      further include all legislation, and codes of good practice and similar
      requirements having the force of law which may from time to time be
      applicable to Empowerment; 

	  	  	  
	1.1.8 	“Empowerment” 	
      means Broad Based Black Economic Empowerment as defined
      in, and in terms of, the Broad Based Black Economic Empowerment Act, No 53
      of 2003 (to the extent that it may apply to the activities of the Joint
      Venture and/or the Members) and include achieving the objects set out in
section 2(d) of the MPRD Act in accordance with the Charter;

8. 

	1.1.9 	“Environment” 	shall have the meaning assigned thereto in the
      National Environmental Management Act, No 107 of 1998; 
	  	  	  
	1.1.10 	“HDSA” 	means an historically disadvantaged South
      African citizen, who has been disadvantaged by racially discriminating
      laws and practices before the Interim Constitution of the Republic of
      South Africa, Act no 200 of 1993, took effect 
	  	  	  
	1.1.11 	“Intellectual Property Rights”
	means: 

	 	(a) 	
      all inventions, discoveries and novel designs, whether or
      not registered or as patents or designs, including developments or
      improvements of equipment, products, technology, processes, methods or
      techniques; 

	 	 	  
	 	(b) 	
      all trade marks (whether registered or unregistered) used
      by Taspac, and any associated goodwill incidental to such trade mark, and
      any styles, logos and other trade symbols; 

	 	 	  
	 	(c) 	
      copyright copyright) throughout the world in all literary
      works, artistic works, computer software and any other works or subject
      matter in which copyright subsists and may in the future subsist, including
without limitation all drawings, sketches, artwork, photographs, technical and
other specifications, designs, business plans, notes, products and formulae;

9. 

	 	(d) 	
      business names, trading names, company names and domain
      names; 

	 	 	  
	 	(e) 	
      confidential information, trade secrets, proprietary
      know-how and use and application know-how), concepts, processes, product
      designs, manufacturing, engineering and other drawings, technology,
      technical information, safety information, engineering data, design and
      engineering specifications, research records, market surveys and all
      promotional literature, customer and supplier lists and similar data and
      all derivatives of such material and improvements to such material;
  

	1.1.12 	“Joint Venture” 	means the Joint Venture formed in terms of
      clause 4 hereof; 
	  	  	  
	1.1.13 	“Joint Venture Area” 	
      means the total area in respect of which the Prospecting
      Rights (or such of them as may from time to time be
held by Taspac) apply(ies); 

10. 

	1.1.14 	“Management Committee” 	means the management committee
      established in terms of clause 9.4.1 hereof; 
	  	  	  
	1.1.15 	“Members” 	
      means, in relation to the Joint Venture, Taspac and
      Mmakau and after having given effect to the provisions of clause 6 read
      with clause 11.6 shall include the Broad Based Participants and
      “Member” shall mean either of them; 

	  	  	  
	1.1.16 	“the Minerals” 	means Uranium and/or Molybdenum
      and the ores thereof; 
	  	  	  
	1.1.17 	“Mmakau” 	
      means Mmakau Mining (Proprietary) Limited, a private
      company with limited liability registered and incorporated in accordance
      with the laws of South Africa with Registration Number 1995/000458/07;
    

	  	  	  
	1.1.18 	“MPRD Act” 	means the Mineral and Petroleum
      Resources Development Act, No 28 of 2002; 
	  	  	  
	1.1.19 	“Participation Interest” 	
      means, in relation to a Member, the ownership interest,
      expressed as percentage, of a Member in the Joint Venture, including the
      rights and obligations associated therewith, including losses,
      liabilities, expenditure, management control and the benefits of
      contributions by the Members to the Joint Venture and further including the Prospecting Rights and
any undivided share(s) therein held by the Members , or any of them, from time
to time; 

11. 

	1.1.20 	“Pre-feasibility Study” 	
      means the conduct of such prospecting activities, sample
      analyses, geological modelling, reserve estimation and mine modelling as
      may be reasonably necessary to enable the Members to take an informed
      decision whether or not the undertaking of the Bankable Feasibility Study
      is reasonably justified. The parties record that execution of the
      prospecting work programme submitted in support of the application for the
      Prospecting Right will substantially constitute the Pre- feasibility
      study; 

	  	  	  
	1.1.21 	“Prospecting Rights” 	means the six Prospecting Rights in respect of
      the Minerals which Taspac took steps to acquire pursuant to the
      Prospecting Right Applications and shall include any renewal thereof and
      any retention permits and renewals thereof obtained pursuant to such
      prospecting right, any amendment thereto all as contemplated in the MPRD
      Act; 
	  	  	  
	1.1.22 	“Prospecting Right Area” 	
      means, in relation to each of the Prospecting Rights, the
      area in respect of which such Prospecting Right applies from time to time;

12. 

	1.1.23 	“Prospecting Right Applications”
    	
      means the six applications for prospecting rights made by
      Taspac in terms of section 16 of the MPRD Act to prospect for the Minerals
      which applications are more fully described an Annex TM 2 hereto; and
    

	  	  	  
	1.1.24 	“Requirement” 	
      means, in relation to Empowerment, a requirement of any
      legislation or other law, the Charter, any code of Good Practice,
      governmental policy or practice to achieve or maintain HDSA ownership,
      HDSA managerial participation in, or HDSA benefits by any enterprise and
      “Required” shall bear a corresponding meaning; 

	  	  	  
	1.1.25 	“the Suspensive Condition” 	means the Suspensive Condition set out in
      clause 3.1; 
	  	  	  
	1.1.26 	“Taspac” 	
      means Tasman Pacific Minerals Limited, an Australian
      public company with limited liability registered and incorporated in
      accordance with the Laws of Australia with Registration Number 112 181 165
      and registered as an external company in terms of section 322 of the South
      African Companies Act, No 61 of 1973 with Registration Number
      2006/001646/10. 

	1.2 	
      If any provision in a definition is a substantive
      provision, conferring rights or imposing obligations on any party,
      notwithstanding that such provision is only contained in a definition,
      effect shall be given thereto as if such provision were a substantive provision contained in
the body of this Agreement. 

13. 

	1.3 	
      Unless inconsistent with the context, words referring
      to:

	1.3.1 	
      one gender include a reference to the other
  gender;

	 	 
	1.3.2 	
      the singular include the plural and visa versa;
  and

	 	 
	1.3.3 	
      natural persons include legal persons and visa
    versa.

	1.4 	
      Any schedules and annexures to this Agreement shall be
      deemed to form part of this Agreement and shall have the same force and
      effect as if expressly set out in the body hereof.

	 	 
	1.5 	
      The index to this Agreement and the headings of clauses
      and of the schedules and annexures, are for convenience only and shall not
      affect the interpretation hereof.

	 	 
	1.6 	
      The rule of interpretation that an agreement shall be
      interpreted against the party primarily responsible for the drafting
      thereof shall not apply.

	 	 
	1.7 	
      The terms “include” and “including” shall
      mean without limitation.

	2. 	
      Preamble

	2.1 	
      Taspac lodged applications for the Prospecting Rights at
      the offices of the relevant Regional Managers of the Department of
      Minerals and Energy which applications had been accepted in accordance
      with the provisions of section 16(4) of the MPRD Act;

	 	 
	2.2 	
      the parties wish to give effect to Empowerment by
      substantially and meaningfully expanding opportunities for HDSA's ,
      including women, to enter the mineral industry and to benefit from the
      exploitation of the Nation's mineral resources in accordance with the MPRD
      Act and the Charter;

14. 

	2.3 	
      the parties wish to form a joint venture in respect of
      the Prospecting Rights, if and when obtained, on the terms and subject to
      the conditions set out herein; and

	 	 
	2.4 	
      the parties wish to record their agreement in
    writing.

	3. 	
      Suspensive Conditions

	3.1 	
      The rights and obligations of the parties under this
      Agreement (other than those set out in this clause 3 and clauses 14 to 26
      inclusive) are subject to and conditional upon fulfilment or waiver of the
      following suspensive condition on or before 17h00 on 31 December 2007 or
      such extended dates agreed to in writing before such date (“the
      Termination Date”) that Taspac obtains at least one Prospecting Right
      pursuant to the Prospecting Right Applications.

	 	 
	3.2 	
      In order to procure fulfilment of the Suspensive
      Condition, Taspac undertakes to use all reasonable endeavours to pursue
      the Prospecting Right Applications and Mmakau undertakes to co-operate
      with Taspac and to render such support and assistance to Taspac as may be
      reasonably necessary to obtain the Prospecting Rights.

	 	 
	3.3 	
      The condition set out in 3.1 has been stipulated for the
      benefit of both Taspac and Mmakau and may only be waived or amended by
      written agreement between Taspac and Mmakau before the Termination
      Date.

	 	 
	3.4 	
      In the event that the Suspensive Condition not being
      fulfilled or waived by the Termination Date, the rights and obligations of
      the parties pursuant to this clause 3 will terminate and subject to the
      parties having complied with their respective obligations in terms of
      clause 3.2, neither party shall (other than in respect of a breach of
      clause 3.2 prior to the Termination Date) have any claim against the other
      arising from the non-fulfilment of the Suspensive
  Condition.

	4. 	
      Joint Venture

	4.1 	
      formation

Taspac and Mmakau hereby agree to form a Joint Venture to be
known as the Taspac Mmakau Joint Venture, in respect of the Prospecting Rights
and in relation to the Joint Venture Area, on the terms and conditions set out
in this Agreement. 

15. 

	4.2 	
      commencement and duration

	 	 
		
      The Joint Venture contemplated in 4.1 shall take effect
      on the date on which Taspac obtains the first of the Prospecting Rights
      pursuant to the Prospecting Right Applications and shall terminate upon
      the earlier of:

	4.2.1 	
      the date on which the last of the Prospecting Rights is
      either abandoned or lapses without having obtained a Mining Right in
      respect thereof or when a decision by the Members are taken, pursuant to
      an agreement as contemplated in clause 15, to develop the last Prospecting
      Right Area as a mining project;

	 	 
	4.2.2 	
      the date of termination of the Joint Venture in
      accordance with the provisions of this Agreement (other than as
      contemplated in clause 4.2.1); or

	 	 
	4.2.3 	
      the date on which the parties agree, in terms of an
      agreement in respect of the joint exploitation of the Prospecting Right
      Area contemplated in clause 15, to terminate the Joint
  Venture.

	5. 	
      Contributions

	5.1 	
      Taspac

	 	 
		
      Taspac will, at its own cost and expense, contribute and
      make available to the Joint Venture;

	5.1.1 	
      each of the Prospecting Rights or such of them as may be
      obtained by Taspac before 31 December 2009 or any undivided share therein
      held by Taspac from time to time;

16. 

	5.1.2 	
      its knowledge, experience and skills in all aspects of
      prospecting for the Minerals which will be made available through the
      members appointed by it to the Management Committee; and

	 	 
	5.1.3 	
      the services of such of its personnel as may be
      reasonably necessary and as reasonably required by the Management
      Committee to achieve the objects of the Joint Venture on the basis that
      the actual cost of such services to Taspac shall, subject to such costs
      being reflected in a budget approved in terms of clause 9.4.14 or clause
      9.4.15, be costs of the Joint Venture, which costs shall be funded as set
      out in clause 9.

	5.2 	
      Mmakau

	 	 
		
      As Taspac's principal black empowerment partner in
      respect of the Joint Venture Area, Mmakau will, at its own cost and
      expense, contribute and make available to, and for the benefit of, the
      Joint Venture:

	5.2.1 	
      all undivided shares in the Prospecting Rights or any of
      them, held by Mmakau from time to time

	 	 
	5.2.2 	
      its skills, knowledge and experience in all aspects of
      the South African prospecting and mining industries.

	 	 
	5.2.3 	
      the services of such of its personnel as may be
      reasonably necessary and as reasonably required by the Management
      Committee to achieve the objects of the Joint Venture and to ensure the
      active participation in the operations of the Joint Venture on the basis
      that the actual cost of such services to Mmakau, shall, subject to such
      costs being reflected in a budget approved in terms of clause 9.4.14 or
      clause 9.4.15 be costs of the Joint Venture, which costs shall be funded
      as set out in clause 9.

17. 

	5.2.4 	
      advice to the Joint Venture and making recommendations to
      the Management Committee on achieving the Empowerment objectives of the
      Joint Venture in the following major transformation
  areas:

	5.2.4.1 	
      governance and strategies, including monitoring the
      status of transformation strategy implementation and formulation of action
      plans;

	 	 
	5.2.4.2 	
      management of employment equity;

	 	 
	5.2.4.3 	
      human resource development;

	 	 
	5.2.4.4 	
      skills development, including strategic direction and
      prioritisation of employee development and training efforts:

	 	 
	5.2.4.5 	
      corporate social investment and responsibility;

	 	 
	5.2.4.6 	
      business improvement programmes including systems for
      employee performance review; and

	5.2.5 	
      rendering, subject to the Management Committee's
      instructions from time to time, the following services to the Joint
      Venture:

	5.2.5.1 	
      promoting the Joint Venture as a black empowered
      venture;

	 	 
	5.2.5.2 	
      assisting the Joint Venture in the measurement of
      compliance with Empowerment laws, the Charter and other Empowerment
      guidelines;

	 	 
	5.2.5.3 	
      liasing with the public and the private sector to promote
      the Joint Venture's initiative and to enhance and/or protect the Joint
      Venture's existing and future business opportunities;

	 	 
	5.2.5.4 	
      assisting the Joint Venture in affirmative action and
      affirmative procurement policies programmes and general advice on
      strategies to enhance the Joint Venture's Empowerment objectives;
    and

	5.2.6 	
      assuming the obligations to comply with the provisions of
      clause 6.

18. 

	5.3 	
      Prospecting Rights

	5.3.1 	
      obtaining

	 	 
		
      Taspac undertakes to use all reasonable commercial
      endeavours to obtain the Prospecting Rights.

	 	 
	5.3.2 	
      Mmakau support

	 	 
		
      Mmakau undertakes to afford to Taspac all such assistance
      and suppport as may be reasonably commercially available to it and as may
      be reasonable required by Taspac to obtain the Prospecting
  Rights.

	 	 
	5.3.3 	
      retention of ownership

	 	 
		
      Taspac undertakes, at all times during the existence of
      the Joint Venture and for the exclusive benefit of the Joint Venture, to
      use all reasonable commercial endeavours to retain ownership and the
      validity of the Prospecting Rights or such thereof as the Joint Venture
      may from time to time apply.

	 	 
	5.3.4 	
      transfer of undivided shares

	 	 
		
      Mmakau shall be entitled, at any time during the
      existence of the Joint Venture, to require Taspac to transfer to it, an
      undivided share in the Prospecting Rights or any of them equal to Mmakau's
      then Participation interest in the Joint Venture, subject to the
      following:

	5.3.4.1 	
      the grant of the Minister's consent to such transfer as
      contemplated in section 11 of the MPRD Act;

	 	 
	5.3.4.2 	
      in order to ensure that the Member's respective
      percentage ownership interests in the Prospecting Rights will be equal to
      their respective Participation Interests in the Joint Venture, the parties
      agree as follows. In the event that Mmakau's Participation Interest
      changes for any reason, Mmakau shall be obliged, forthwith after such
      change occurring, and at its own cost and expense, to obtain the Minister's consent to, and to
procure the transfer and registration of transfer of an undivided share in each
Prospecting Right in which Mmakau holds an undivided share, back to Taspac; 

19. 

	5.3.4.3 	
      with effect from the date on which an undivided share in
      any of the Prospecting Rights is transferred to Mmakau in terms of clause
      5.3.4.1 Taspac and Mmakau shall be jointly liable (in the ratio of their
      respective undivided ownership) for compliance with the provisions of
      clause 5.3.3; 

	  	  
	5.3.4.4 	
      notarial execution and registration of all transfers of
      undivided shares in the Prospecting Rights in terms of this clause 5.3.4
      shall be attended to by the attorneys of Taspac and all the costs of and
      incidental thereto shall be born and paid by Mmakau.

	6. 	
      Broad Based Participants

	 	 
		
      Mmakau shall be obliged, if and when required pursuant to
      the provisions of the Charter, and at its own cost and expense, to procure
      (within 6 months after broad based participation in the Joint Venture
      being Required) the following in order to ensure participation by Broad
      Based designated groups of HDSA's in the Joint Venture through the Broad
      Based Participants:

	6.1 	
      Incorporation and registration of the Broad Based
      Participants in accordance with applicable legislation;

	 	 
	6.2 	
      identification, and structuring of Broad Based
      Shareholders approved of by Taspac who will become shareholders or
      beneficiaries of the Broad Based Participants;

	 	 
	6.3 	
      the issue and allotment of the entire issued share
      capital of the Broad Based Participants to the Broad Based Shareholders or
      that the entire beneficial interest in the relevant Broad Based
      Participant will otherwise vest in the Broad Based
  Shareholder;

20. 

	6.4 	
      transfer (out of Mmakau's 26%) a 10% Participation
      Interest in the Joint Venture to the Broad Based Participants;
  and

	 	 
	6.5 	
      conclusion of an agreement between Taspac, Mmakau and the
      Broad Based Participants as contemplated in and in compliance with the
      provisions of clause 11.6 hereof and on the basis that Mmakau and the
      Broad Based Participants will jointly be liable for the obligations and
      entitled to the rights, of Mmakau in terms of this
  Agreement.

	7. 	
      Participation
Interests

	7.1 	
      Upon fulfilment of the Suspensive Condition, the Members
      shall have the following Participation interests in the Joint
    Venture:

	7.1.1 	
      Mmakau:26%;

	 	 
	7.1.2 	
      Taspac:74%.

	7.2 	
      Upon having given effect to the provisions of clause 6,
      the Participation Interests in the Joint Venture will be held as
      follows:

	7.2.1 	
      Mmakau 16%

	 	 
	7.2.2 	
      Broad Based Participants 10%

	 	 
	7.2.3 	
      Taspac 74%.

	8. 	
      Scope and Objects

	 	 
		
      The scope and objects of the Joint Venture will be in
      relation to the Joint Venture Area:

	8.1 	
      to conduct such prospecting for the Minerals in respect
      of each of the Prospecting Rights, as the Management Committee may
      determine from time to time;

	 	 
	8.2 	
      subject to the Management Committee's approval, to
      conduct the Pre- Feasibility Study in respect of each Prospecting Right
      Area;

21. 

	8.3 	
      subject to the Management Committee's decision to do so,
      to conduct a Bankable Feasibility Study in respect of each Prospecting
      Right Area;

	 	 
	8.4 	
      to rehabilitate all disturbances of the Environment
      caused by the activities of the Joint Venture in respect of each
      Prospecting Right Area;

	 	 
	8.5 	
      to comply with all legislation which may from time to
      time be applicable to the activities of the Joint Venture;

	 	 
	8.6 	
      to undertake such other activities in respect of each
      Prospecting Right as the Management Committee may from time to time
      determine;

	 	 
	8.7 	
      Subject to a unanimous decision to proceed with
      commercial exploitation of the Minerals on the Joint Venture Area in terms
      of clause 15.4 read with clause 15.5, to conclude an agreement in respect
      of such commercial exploitation on the basis as contemplated in clause 18;
      and

	 	 
	8.8 	
      to undertake any other activities which may be incidental
      to any of the aforesaid objects as determined by the Management Committee
      from time to time.

	9. 	
      Liability for Funding

	9.1 	
      Prospecting and Pre-feasibility Study

	 	 
		
      Taspac shall be liable to fund all costs incurred by the
      Joint Venture (the nature and amounts of which shall be approved by the
      Management Committee) in conducting prospecting and a Pre- feasibility
      Study in accordance with the prospecting works programme(s) submitted in
      support of the Prospecting Right Applications on each Prospecting Right
      Area.

	 	 
	9.2 	
      Bankable Feasibility Study

	 	 
		
      Should the Management Committee resolve to conduct a
      Bankable Feasibility Study in respect of any Prospecting Right Area the
      cost of such Bankable Feasibility Study shall be borne by Taspac,
Mmakau and the Broad Based Participants in accordance with their respective
Participation Interest in the Joint Venture . 

22. 

	9.3 	
      mining development

	 	 
		
      Should the Management Committee resolve to proceed with
      mining development in respect of any particular Prospecting Right Area,
      all the costs of and associated with such mining development shall be
      borne by Taspac, Mmakau and the Broad Based Participants in proportion to
      their then respective interest in the Joint Venture in respect of that
      particular Prospecting Right Area on the basis set out in clause 18
      below.

	 	 
	9.4 	
      management of the Joint
Venture

	9.4.1 	
      Management Committee

	 	 
		
      The business and business affairs of the Joint Venture
      shall be conducted on behalf of the Members by the Management Committee
      which the Members shall form as soon as possible after the first of the
      Prospecting Rights is obtained by Taspac.

	 	 
	9.4.2 	
      appointment

	 	 
		
      The Management Committee shall consist of 5 members of
      whom:

	9.4.2.1 	
      Taspac shall be entitled to appoint 3 members;

	 	 
	9.4.2.2 	
      Mmakau and the Broad Based Participants shall, jointly,
      be entitled to appoint 2 members;

	9.4.3 	
      removal

	 	 
		
      each Member shall be entitled to remove any person
      appointed by it as a member of the Management Committee and to appoint any
      other person in the stead of any person so removed or who for any other
      reason fails to take up or remain in office.

23. 

	9.4.4 	
      vote of Management Committee members

	 	 
		
      In respect of all decisions of the Management
      Committee:

	9.4.4.1 	
      the members appointed to the Management Committee by
      Taspac, or those of them present at a meeting of the Management Committee,
      shall collectively be entitled to 3 out of 5 votes of the Management
      Committee. Such collective vote shall be divided equally between all the
      members appointed by Taspac and who are present at such meeting of the
      Management Committee; and

	 	 
	9.4.4.2 	
      the members appointed to the Management Committee jointly
      by Mmakau and the Broad Based Participants, or those of them present at a
      meeting of the Management Committee, shall collectively be entitled to 2
      out of 5 votes of the Management Committee. Such collective vote shall be
      divided equally between all the members appointed jointly by Mmakau and
      the Broad Based Participants and who are present at such meeting of the
      Management Committee.

	9.4.5 	
      decisions

	9.4.5.1 	
      unanimity

	 	 
		
      decisions of the Management Committee to undertake the
      Bankable Feasibility Study in respect of the Prospecting Right Area and a
      decision to mine Minerals on the Prospecting Right Area may only be taken
      by unanimous resolution of the members of the Management Committee present
      and entitled to vote at a duly constituted meeting of the Management
      Committee. If the representative of a Member on the Management Committee
      is not present at a meeting of the Management Committee at which it is
      proposed to take a decision which requires a unanimous vote of the
      Members, such member of the Management Committee which is not present
      at such meeting, shall be deemed to have voted against the
decision which requires a unanimous decision. 

24. 

	9.4.5.2 	
      All decisions of the Management Committee, other than
      those which expressly requires a unanimous vote (as set out in clause
      9.4.4) in terms of 9.4.5.1, may be taken by a simple majority of the votes
      of the members present and entitled to vote at a duly constituted and
      quorated meeting of the Management Committee.

	9.4.6 	
      chairperson

	 	 
		
      The Member holding the majority of the Participation
      Interest in the Joint Venture from time to time shall be entitled to
      appoint the chairperson of the Management Committee from the members
      appointed in terms of 9.4.2 and to terminate such appointment. The
      chairperson shall not have a second or casting vote.

	 	 
	9.4.7 	
      right to call meeting

	 	 
		
      Any Member or any member of the Management Committee may
      call a meeting of the Management Committee by giving the required
      notice.

	 	 
	9.4.8 	
      quorum

	9.4.8.1 	
      A quorum for any meeting of the Management Committee
      shall be two members one of whom must be a member appointed by Taspac and
      one of whom must be a member appointed by Mmakau; present at the
      commencement and for the duration of the meeting, subject to clause
      9.4.8.2.

	 	 
	9.4.8.2 	
      If a quorum is not present at a meeting of the Management
      Committee within 30 minutes after the specified time, the meeting will be
      adjourned to the same day in the next week, at the same time and venue, or
      if that date is a public holiday, then the next succeeding day which is
      not a Saturday, Sunday or public holiday. The chairperson of the Management Committee
shall give written notice of the adjournment to each member of the management
Committee. If, at such adjourned meeting, a quorum as required by clause 9.4.8.1
is not present within 30 minutes from the time of that meeting, the members then
present, will constitute a quorum. 

25. 

	9.4.9 	
      notice of meetings

	9.4.9.1 	
      The notice period for convening a meeting of the
      Management Committee will be 14 days, unless otherwise agreed to by all
      the members; provided that in cases of urgency (determined by the
      chairperson of the Management Committee in his/her absolute discretion)
      the notice period will be 48 hours.

	 	 
	9.4.9.2 	
      Notice of all meetings of the Management Committee will
      be given to all members at their respective addresses notified to the
      Management Committee from time to time in writing. The notice shall
      contain an agenda, specifying in reasonable detail the matters to be
      discussed at the proposed meeting and the agenda will be accompanied by
      any relevant papers for discussion.

	9.4.10 	
      frequency of meetings

	 	 
		
      Management Committee meetings will be held at least
      quarterly, or more frequently as is necessary for the efficient conduct of
      the business and affairs of the Joint Venture;

	 	 
	9.4.11 	
      minutes

	 	 
		
      Minutes of meeting of the Management Committee will be
      circulated to all members within a reasonable time after the conclusion of
      each meeting and shall be tabled for approval at the next meeting of the
      Management Committee.

	 	 
	9.4.12 	
      conflicts of interest

Should any member of the Management Committee have a conflict
of interest in relation to any matter to be considered by the Management
Committee, such member shall make a full disclosure of such interest, and the
remaining members shall then decide whether or not such member shall be excluded
from the meeting or from the discussion of, and voting on, such matter. 

26. 

	9.4.13 	
      fees and disbursements

	 	 
		
      The members of the Management Committee shall not be
      entitled to any fees or other remuneration for holding office as members
      of the Management Committee. The members of the Management Committee shall
      further not be entitled to reimbursement of expenditure incurred in
      attending meetings of the Management Committee.

	 	 
	9.4.14 	
      budgeting process: Prior to the Bankable Feasibility
      Study

	9.4.14.1 	
      The Management Committee shall procure that an annual
      business plan for the Joint Venture shall be prepared and submitted
      annually in advance for approval by the Management Committee. Such
      business plan shall consist of an operations plan, and a capital
      expenditure budget (expenditure and funding). The annual business plan
      shall be prepared in accordance with the Taspac guidelines from time to
      time.

	 	 
	9.4.14.2 	
      The Management Committee will debate the annual business
      plan prepared in accordance with clause 9.4.14.1 with the objective of
      obtaining unanimous approval thereof by consensus (with or without
      amendment). Should the Management Committee be unable to approve the
      annual business plan on a unanimous basis, the following procedure shall
      apply:

	9.4.14.2.1 	
      The meeting of the Management Committee will be adjourned
      for a period of 14 days and the chairperson of the Management Committee shall give written notice of such
adjournment to all the members thereof. 

27. 

	9.4.14.2.2 	
      Should the Management Committee be unable to approve the
      annual business plan prepared in accordance with clause 9.4.14.1 (with our
      without amendment) unanimously by consensus at the adjourned meeting, a
      decision on the approval of the annual business plan prepared in
      accordance with clause 9.4.14.1 (with or without amendment), will be taken
      by a simple majority of the votes, casted in accordance with clause 9.4.4
      by the members present and entitled to vote at the adjourned meeting of
      the Management Committee. The annual business plan, as approved, will be
      the annual business plan of the Joint Venture for the ensuing financial
      year.

	9.4.15 	
      Budgeting Process : Bankable Feasibility Study

	 	 
		
      Should the Management Committee pass a resolution to
      proceed to undertake the Bankable Feasibility Study, the budgeting process
      of the Joint Venture, shall be as set out in clause 9.4.14.1, provided
      that, should Mmakau and/or the Broad Based Participants (“Non Contributing
      Member”) not approve or vote against an annual business plan in respect of
      any year during which the Joint Venture undertakes the Bankable
      Feasibility Study:

	9.4.15.1 	
      The Non Contributing Member shall be entitled, but not
      obliged, to contribute a proportionate share (in accordance with its
      Participation Interest) of the budgeted expenditure as reflected in such
      annual business plan; provided that the Non Contributing Member shall
      notify Taspac in writing within 30 days after approval of the relevant
      annual business plan whether or not and to what extent the Non
      Contributing Member elects to contribute its proportionate share of such
      budgeted expenditure. Such written notice shall, in relation to an
election to contribute, constitute an obligation on the Non Contributing Member
to contribute its proportionate share, and in relation to an election not to
contribute, constitute an irrevocable waiver of its right to contribute its
proportionate share of such expenditure.

28. 

	9.4.15.2 	
      To the extent that the Non Contributing Member elected
      not to contribute its proportionate share of the budgeted expenditure
      contained in such annual business plan, Taspac shall be entitled, without
      prejudice of its call option in terms of clause 15.6, to contribute such
      expenditure in which event the Participation Interest of the Non
      Contributing Member shall be reduced and the Participation Interest of
      Taspac be increased by a percentage calculated in accordance with the
      following formula:

where p equals the number of
percentage points by which both Members' respective Participation Interests will
be adjusted; 

a = the amount of the funding provided
by Taspac and for which the Non Contributing Member would have been liable had
it not been for the provisions of this clause; 

b = the fair market value of the Non
Contributing Members' Participation Interest in the Joint Venture immediately
before the relevant contribution is made and disregarding the enhancement of the
value of any contributions made or to be made by Taspac in respect of the year
to which the relevant annual business plan relates. 

	9.4.16 	
      use of adjustment

	 	 
		
      Taspac shall be obliged (as soon as reasonably possible
      after an adjustment of the Participation Interests of the Members in terms
      of clause 9.4.15.2 had been effected), to dispose of the
percentage increase of its Participation Interest pursuant to clause 9.4.15.2,
to HDSA's or to a company in which HDSA's hold not less than 70% of the issued
shares in order to retain the percentage Black empowerment participation in the
Joint Venture at a level of 26%. 

29. 

	9.4.17 	
      financial records

	 	 
		
      The Management Committee shall procure that financial
      records are kept and books of account are prepared in respect of the Joint
      Venture's activities, costs and disbursements and income (if any), for
      approval by the Management Committee.

	10. 	
      Empowerment Provisions

	10.1 	
      Taspac objectives

	 	 
		
      The parties record and agree that Taspac entered into the
      transactions constituted by this Agreement in order
to:

	10.1.1 	
      give effect to and comply with the objectives and
      requirements of the MPRD Act (including but without limitation the
      objectives set out in section 2(d) thereof), the Charter and Empowerment
      in general; and

	 	 
	10.1.2 	
      to establish a long term, mutually beneficial business
      relationship with Mmakau being a Company with the Empowerment
      characteristics set out in clause 10.2.

	10.2 	
      Mmakau characteristics

	 	 
		
      Mmakau warranted in favour of Taspac
  that:

	10.2.1 	
      Mmakau is a company of which 100% of its issued shares
      are directly held by shareholders who are HDSA's which include women as
      set out in Annex TM 1 hereto; and

30. 

	10.2.2 	
      the Broad Based Shareholder will be a company of which
      100% of the shares are directly held by shareholders who are Broad Based
      Participants or another entity of which all the beneficiaries are Broad
      Based Participants.

	 	 
	10.2.3 	
      the majority of the directors and senior management of
      both Mmakau and the Broad Based Participants are or will be
  HDSA's.

	10.3 	
      Mmakau objectives

	 	 
		
      Mmakau entered into this Agreement and the transaction
      contemplated herein in order to:

	10.3.1 	
      avail itself and its HDSA shareholders of the
      opportunities flowing from the objectives and intention contemplated in
      clause 10.1 hereof; and

	 	 
	10.3.2 	
      to establish an exclusive and long term mutually
      beneficial relationship with Taspac in respect of the Minerals in South
      Africa; and

	 	 
		
      to actively participate in the management and operations
      of the Joint Venture and to contribute to the successful achieving of the
      objects of the Joint Venture, which will be achieved through its
      contributions to the Joint Venture set out in clause 5.2 and through its
      appointed representatives on the Management
Committee.

	10.4 	
      joint objectives

	 	 
		
      In order to achieve the Member's joint objectives in
      relation to Empowerment, the parties agree that Taspac and Mmakau will
      jointly seek to achieve:

	10.4.1 	
      skills transfer and human resource development;

	 	 
	10.4.2 	
      social development through the development of a social
      and labour plan for each project of the Joint Venture;
  and

31. 

	10.4.3 	
      other transformational and Empowerment
  objectives.

	10.5 	
      achieving Taspac objectives

	 	 
		
      In order to enable Taspac to continue to achieve the
      objectives set out in clause 10.1 the parties agree as
  follows:

	10.5.1 	
      Mmakau Group structure

	 	 
		
      Mmakau undertakes to use all reasonable endeavours, at
      all times during the existence of the Joint Venture to procure that the
      Mmakau group structure as set in Annex TM 1 hereto, does not change for
      any reason or in any manner which will result
in:

	10.5.1.1 	
      a change in the Controlling Shareholders of Mmakau;
    or

	 	 
	10.5.1.2 	
      Mmakau ceasing to be an HDSA Company in respect of which
      100% (or such lower percentage as may be still compliant with the
      ownership element of Empowerment in terms of the MPRD Act read with the
      Charter and Scorecard relating thereto in order to ensure that Taspac will
      receive full credit for the 26% Empowerment ownership granted to Mmakau in
      respect of the Joint Venture Area by forming this Joint Venture on the
      terms set out in this Agreement to be evidenced by written confirmation by
      the Minister of Minerals and Energy) of the issued share capital is held
      by HDSA's.

	10.5.2 	
      notification

	 	 
		
      Mmakau shall, forthwith upon becoming aware of any
      circumstances which may result in an event as contemplated in clause
      10.5.1, and if such event does occur, notify Taspac thereof in writing
      with full particulars of the expected or actual occurrence.

	 	 
	10.5.3 	
      call option

If and when any of the events contemplated in clauses 10.5.1.1,
or 10.5.1.2, occurs, Taspac shall be entitled to exercise the call option in
terms of clause 12. 

32. 

	11. 	
      Transfer of Participation Interest and pre-emptive
      rights

	11.1 	
      Mmakau to HDSA Entity

	 	 
		
      In order to enable Taspac to achieve its empowerment
      objectives in respect of the Joint Venture Area, Mmakau shall only be
      entitled to alienate, or to otherwise dispose of its entire Participation
      Interest in the Joint Venture (and not a portion or share thereof) held
      from time to time, until such time as Empowerment is no longer a
      Requirement in relation to the Joint Venture or its activities to an
      entity:

	11.1.1 	
      in which HDSA's hold directly 100% of the equity interest
      (or such lower percentage as may still render the Joint Venture compliant
      with the ownership element of Empowerment in order to ensure that Taspac
      will receive full credit for the 26% Empowerment ownership in respect of
      the Joint Venture Area achieved by entering into this agreement to be
      evidenced by written confirmation by the Minister of Minerals and Energy)
      with substantially the same level of knowledge, experience and expertise
      in respect of prospecting and mining as Mmakau; and

	 	 
	11.1.2 	
      which has been approved of by Taspac in writing, which
      approval shall not unreasonably be withheld or
delayed.

	11.2 	
      Mmakau to non HDSA Entity

	 	 
		
      Save as set out in clauses 11.1, and 11.4, Mmakau may
      only alienate or otherwise dispose of its Participation Interest in the
      Joint Venture or any portion thereof or any share
  therein:

	11.2.1 	
      subject to the pre-emptive rights set out in clause 11.5;
      and

	 	 
	11.2.2 	
      subject to the provisions of clause
  11.6.

33. 

	11.3 	
      Permitted disposal by Taspac

	 	 
		
      Provided that the provisions of clause 11.6 have been
      satisfied to Mmakau's reasonable satisfaction, Taspac shall be entitled to
      dispose of its entire or any portion of its Participation Interest in the
      Joint Venture held by it from time to time free from the pre-emptive
      rights provided for in terms of clause 11.5
to:

	11.3.1 	
      any wholly owned subsidiary of Taspac; and/or

	 	 
	11.3.2 	
      any third party in order to effect Empowerment in respect
      of the Prospecting Right Area which cannot reasonably be achieved through
      or involving Mmakau; or

	 	 
	11.3.3 	
      any vehicle which the Members may elect to house the
      Prospecting Right Area and/or the rights acquired in respect thereof for
      purposes of the Joint Venture or the exploitation thereof.

	 	 
	11.3.4 	
      to grant security interests over or in respect of
      Taspac's Participation Interest in the Joint Venture in favour of a bank
      as defined in, or other financial institution approved for that purpose by
      the Registrar of Banks in terms of, the Banks Act No 94 of 1990 for
      purposes of funding Taspac's financial obligations in terms of this
      Agreement, provided that Taspac shall, before such security interests are
      granted, furnish Mmakau in writing with full particulars of the financial
      assistance required and the security interests which it intends to grant
      in respect of its Participation interest in the Joint
  Venture.

	11.4 	
      permitted disposal by Mmakau

	 	 
		
      Provided that the provisions of clause 11.6 have been
      satisfied to Taspac's reasonable satisfaction, Mmakau shall only be
      entitled to dispose of its entire Participation Interest in the Joint
      Venture held by it from time to time free from the pre-emptive rights
      provided for in terms of clause 11.5:

34. 

	11.4.1 	
      to any wholly owned subsidiary of Mmakau;
and/or

	 	 
	11.4.2 	
      to any vehicle which the Members may elect to house the
      Prospecting Right Area and/or the rights acquired in respect thereof for
      purposes of the Joint Venture or the exploitation thereof; or

	 	 
	11.4.3 	
      to grant security interests over or in respect of
      Mmakau's Participation Interest in the Joint Venture in favour of a bank
      as defined in, or other financial institution approved for that purpose by
      the Registrar of Banks in terms of, the Banks Act No 94 of 1990 for
      purposes of funding Mmakau's financial obligations in terms of this
      Agreement, provided that Mmakau shall, before such security interests are
      granted, furnish Taspac in writing with full particulars of the financial
      assistance required and the security interests which it intends to grant
      in respect of its Participation interest in the Joint
  Venture.

	11.5 	
      pre-emptive rights

	11.5.1 	
      alienation by Mmakau

	11.5.1.1 	
      obligatory offer

	 	 
		
      Should Mmakau, wish to alienate or otherwise dispose of,
      or receive a bona fide offer from a third party to acquire its
      Participation Interest in the Joint Venture, other than as set out in
      clauses 11.1 and 11.4, it shall be obliged to offer such interest to
      Taspac in writing, irrevocable for a period of [***] from receipt thereof
      by Taspac at a price and on the terms as contained in the offer from a
      third party or on which Mmakau may wish to alienate its Participation
      Interest as the case may be (“the Offer”). Mmakau undertakes to
      disclose to Taspac the names of potential third parties to whom the shares
      may be alienated if the Offer is not accepted, if any such third party has
      then been identified by Mmakau.

35. 

	11.5.1.2 	
      pre-emptive right

	 	 
		
      Taspac shall be entitled, at any time during the [***]
      period contemplated in clause 11.5.1.1, to accept the Offer by written
      notice to that effect to Mmakau. Should the Offer be accepted the price
      contemplated in clause 11.5.1.1 shall be payable to Mmakau in cash within
      [***] of acceptance of the Offer.

	 	 
	11.5.1.3 	
      failure to exercise

	 	 
		
      Should Taspac decline the Offer, or fail to accept the
      offer before its expiry, the Offer shall lapse and Mmakau shall be
      entitled to alienate its Participation Interest to any third party
      approved of by Taspac, which approval shall not be unreasonably withheld
      or delayed at such price and on such terms and conditions contained in the
      Offer within a period of [***] from decline or lapse of the Offer (but not
      thereafter). Mmakau shall, however, not be entitled to alienate the
      interest to an approved third party on terms and at a price, on a fully
      funded cash basis, other than that contained in the Offer without again
      offering its Participation Interest to Taspac on such other amended terms
      and conditions for a further period of [***] on the basis set out in this
      clause.

	11.5.2 	
      alienation by Taspac

	11.5.2.1 	
      obligatory offer

	 	 
		
      Should Taspac wish to alienate or otherwise dispose of,
      or receive a bona fide offer from a third party to acquire its
      Participation Interest in the Joint Venture or any portion thereof, other
      than as set out in clause 11.3, it shall be obliged to offer such interest
      to Mmakau in writing, irrevocable for a period of [***] from receipt
      thereof by Mmakau at a price and on the terms as contained in the offer
      from a third party or on which Taspac may wish to alienate its
      Participation Interest, as the case may be (“the Offer”). Taspac undertakes to disclose to
Mmakau the names of potential third parties to whom the shares may be alienated
if the Offer is not accepted, if any such third party has then been identified
by Taspac. 

36. 

	11.5.2.2 	
      pre emptive right

	 	 
		
      Mmakau shall be entitled, at any time during the [***]
      period contemplated in clause 11.5.2.1 to accept the Offer by written
      notice to that effect to Taspac. Should the Offer be accepted the price
      contemplated in clause 11.5.2.1 shall be payable to Taspac in cash within
      [***] of acceptance of the Offer.

	 	 
	11.5.2.3 	
      failure to exercise

	 	 
		
      Should Mmakau decline the Offer, or fail to accept the
      Offer before its expiry, the Offer shall lapse and Taspac shall be
      entitled to alienate its Participation Interest to any third party
      approved of by Mmakau, which approval shall not unreasonably be withheld
      or delayed at such price and on such terms and conditions contained in the
      Offer within a period of [***] (but not thereafter). Taspac shall,
      however, not be entitled to alienate the offered interest to an approved
      third party on terms and conditions other than those contained in the
      Offer without again offering the Participation Interest or such portion
      thereof to Mmakau on such amended terms and conditions for a further
      period of [***] on the basis set out in this
clause.

	11.6 	
      new Joint Venture agreement

	 	 
		
      Should any Member become entitled to, and wish to
      transfer its Participation Interest in the Joint Venture to a third party,
      such transfer may only be effected if and when the proposed transferee
      enters into a Joint Venture agreement with the other Member on the terms
      and conditions contained in this Agreement with such amendments as may be
      required by the context.

37. 

	12. 	
      Forced Sale by Mmakau

	12.1 	
      application

	 	 
		
      Mmakau hereby grants to Taspac a call option to purchase
      Mmakau's entire Participation Interest in the Joint Venture then held by
      it which option may be exercised by Taspac should any of the following
      events occur:

	12.1.1 	
      changes in shareholding

	 	 
		
      the shareholding of Mmakau for any reason changes from
      that set out in Annex TM 1 hereto in such manner as will cause any of the
      results contemplated in clauses 10.5.1.1 or 10.5.1.2 hereof; or

	 	 
	12.1.2 	
      breach

	 	 
		
      Mmakau being in breach of the prohibition against
      alienation in terms of clause 11.1 of this Agreement and fails to remedy
      such breach within 14 days of receipt of a written notice from Taspac
      calling upon Mmakau to remedy such breach:

	12.2 	
      price

	 	 
		
      The price at which Taspac may exercise a call option
      pursuant to the provisions of this clause 12 shall be fair market value of
      Mmakau's then Participation Interest which will be determined in
      accordance with the provisions of Annex TM 3
hereto.

	13. 	
      Exclusivity

	 	 
		
      The parties undertake vis-à-vis each other not to
      participate in any uranium - molybdenum prospecting and/or mining within
      the Area of Interest outside of the scope of the Joint Venture. Should
      either party locate or become aware of any properties within the Area of
      Interest which may have potential of containing all or some of the
      Minerals, it shall be obliged to make full disclosure of such prospects to
      the Joint Venture and with the objective of affording the Joint Venture a first opportunity to apply for
prospecting rights in respect of the Minerals or other Participation Interest in
such properties. 

38. 

	14. 	
      Disputes

	14.1 	
      Save as otherwise expressly provided for in this
      Agreement, if any dispute or difference shall arise between the Members
      out of or in relation to or in connection with this Agreement, or the
      interpretation thereof, or any breach thereof, or its termination, both
      while in force and after its termination, the Member claiming such dispute
      or difference, shall forthwith advise the other in writing thereof. Within
      fourteen days of receipt of such notice, the Members shall meet and
      negotiate in good faith in order to resolve such dispute or
    difference.

	 	 
	14.2 	
      Should the Members fail to resolve such dispute or
      difference within fourteen days of their first meeting or such longer
      period as the Members may agree, either Member may refer such dispute or
      difference to mediation to be undertaken by a single mediator.

	 	 
	14.3 	
      The Member referring the dispute to mediation shall,
      within fourteen days of the Members having failed to resolve the dispute,
      submit to the other Member in writing the names and occupations of three
      persons proposed by it to act as mediator and request the other Member to
      agree to the appointment of any one of them in writing within seven days
      of receipt of such notice.

	 	 
	14.4 	
      In the event of the Members being unable to agree on the
      appointment of a mediator, such mediator shall, upon the written request
      of either Member within seven days of their failure to so agree, be
      appointed by the chairperson of the Arbitration Foundation of South Africa
      (“AFSA”).

	 	 
	14.5 	
      The mediator shall use every endeavour to facilitate a
      settlement of the dispute or difference between the Members within
      fourteen days of his appointment as such.

39. 

	14.6 	
      Should the Members, notwithstanding such mediation, fail
      to reach a settlement within the aforesaid fourteen days or such longer
      period as the Members may agree, the mediator shall within seven days
      thereafter express an opinion on the matter in writing, and furnish each
      of the Members with a copy thereof. Such opinion shall be binding upon the
      Members unless either Member refers the matter to arbitration in terms of
      clause 14.8.

	 	 
	14.7 	
      Each Member shall bear a portion (equal to its
      Participation interest in the Joint Venture) of the mediator's costs and
      expenses.

	 	 
	14.8 	
      Should the mediation not have induced a settlement,
      either Member may, within fourteen days after receipt of the mediator's
      opinion, refer the dispute to arbitration to be undertaken by a single
      arbitrator.

	 	 
	14.9 	
      The Member referring the dispute to arbitration shall
      within the fourteen days submit to the other Member in writing the names
      and occupations of three persons proposed by it to act as arbitrator and
      request the other Member to agree to the appointment of any one of them in
      writing within seven days of the receipt of such notice.

	 	 
	14.10 	
      In the event of the Members being unable to agree on the
      appointment of an arbitrator, such arbitrator shall be appointed by the
      chairperson of the Johannesburg Bar Council at the request of either
      Member.

	 	 
	14.11 	
      The arbitration shall take place in
  Johannesburg.

	 	 
	14.12 	
      The Member having referred the dispute to arbitration
      (“the claimant”) shall, within fourteen days of the appointment of the
      arbitrator, file its claim, setting out the nature of the claim and the
      details facts and documents in support thereof, by serving a copy thereof
      on the arbitrator and the other Member (“the respondent”). Within fourteen
      days of receipt of the claim, the respondent shall file its answer
      thereto, setting out in detail the grounds and facts upon which the claims
      is resisted and any documents in support thereof, by serving a copy
      thereof on the arbitrator and the claimant. Unless agreed to in
    writing by the Members, the South African High Court rules applicable
to the filing of pleadings and of discovery in the conduct of civil proceedings
shall apply to the arbitration proceedings. 

40. 

	14.13 	
      The arbitrator shall, save as herein provided, have the
      powers conferred upon an arbitrator under the Arbitration Act, 1965, as
      amended, but shall not be obliged to follow the procedures described in
      that Act, and shall be entitled to decide on such procedures as he may
      consider desirable for the speedy determination of the dispute. The
      arbitrator shall further be entitled to determine questions of law and the
      provisions of section 20 of the Arbitration Act are excluded.

	 	 
	14.14 	
      The decision of the arbitrator shall be final and binding
      on the Members, and may be made an order of any court of competent
      jurisdiction, including his award in respect of the costs of
      arbitration.

	 	 
	14.15 	
      The arbitrator shall make an award in respect of the
      costs of the arbitration having regard to the substantial success of each
      Member in the outcome of the proceedings.

	15. 	
      Progress decisions

	15.1 	
      after Pre-feasibility Study

	 	 
		
      Upon completion of the Pre-feasibility Study in respect
      of each Prospecting Right Area, the Management Committee will meet to
      consider the results of the Pre-feasibility Study and to
  decide:

	15.1.1 	
      whether further prospecting of such Prospecting Right
      Area is reasonably necessary before a decision whether or not to conduct a
      Bankable Feasibility Study can be taken; or

	 	 
	15.1.2 	
      whether to undertake the Bankable Feasibility Study in
      respect of a particular Prospecting Right
Area.

41. 

	15.2 	
      a decision as contemplated in 15.1.1 will be taken by a
      simple majority of the votes of the Members present at such meeting of the
      Management Committee, exercisable in accordance with clause
  9.4.4;

	 	 
	15.3 	
      a decision to undertake the Bankable Feasibility Study
      will require a unanimous decision as set out in clause 9.4.5.1;

	 	 
	15.4 	
      after Bankable Feasibility Study

	 	 
		
      Upon completion of the Bankable Feasibility Study in
      respect of a particular Prospecting Right Area, the Management Committee
      will meet to consider the results of such Bankable Feasibility Study and
      to decide whether to proceed with commercial exploitation of a particular
      Prospecting Right Area.

	 	 
	15.5 	
      unanimity

	 	 
		
      A decision to proceed with commercial exploitation in
      terms of clause 15.4 may only be taken by a unanimous decision of the
      members of the Management Committee present at a quorated
  meeting.

	 	 
	15.6 	
      failure to reach unanimous decision

	 	 
		
      Should the Management Committee be unable to reach a
      unanimous decision in terms of clauses 15.1.2 or 15.4, the Member whose
      appointees to the Management Committee supported a decision to proceed
      with the Bankable Feasibility Study or commercial exploitation (“Acquiring
      Member”) shall have a call option to acquire the Participation Interest of
      the other Member (“Disposing Member”) in the Joint Venture in respect of
      the relevant Prospecting Right Area only, on the following
  basis;

	15.6.1 	
      The price at which the Acquiring Member may acquire the
      Participation Interest of the Disposing Member shall be the fair market
      value thereof to be determined as set out in Annex TM 3 hereto. The
      Acquiring Member shall pay the amount of the purchase price to a firm of attorneys nominated by the
Disposing Member which attorneys will hold the amount so paid to it, in trust in
an interest bearing bank account and all interest earned on such amount shall
accrue to the Disposing Member. Upon obtaining the Minister's consent as
contemplated in clause 15.6.3 and registration of transfer of the relevant
Prospecting Right to the Acquiring Member, the said attorneys shall be
authorised to pay the amount of the purchase price together with all interest
earned thereon, to the Disposing Member.; 

42. 

	15.6.2 	
      The option must be exercised in writing within 30 days
      after the fair market value of the Disposing Member's Participation
      Interest in the Joint Venture shall have been determined, failing which
      the option shall lapse;

	 	 
	15.6.3 	
      Provided that the option was properly exercised, and the
      purchase price duly paid, if Mmakau is the Acquiring Member, Taspac shall,
      at its own cost and expense, and as soon as reasonably possible after
      payment of the purchase price, seek the Minister's consent in terms of
      section 11 of the MPRD Act and upon obtaining such consent, to transfer
      the relevant Prospecting Right to Mmakau and Mmakau will provide all
      reasonable support and assistance to that end;

	 	 
		
      Should such consent not be obtained within a period of 6
      calendar months after payment of the purchase price, the sale resulting
      from exercise of the option shall terminate automatically upon expiry of
      the 6 month period, and the Attorneys to whom the purchase price had been
      paid, shall refund such purchase price to Mmakau.

	 	 
	15.6.4 	
      upon payment of the purchase price of the Disposing
      Member's Participation Interest in the Joint Venture so acquired, the
      Acquiring Member shall accept liability for and shall indemnify and hold
      the Disposing Member harmless against all liabilities of whatsoever nature
      which may then exist or which at any time thereafter arise
  in respect of the relevant Prospecting Right Area, including but
without limitation, Environmental liabilities and rehabilitation obligations,
and to procure the release of all guarantees which the Disposing Member may have
furnished in respect of rehabilitation obligations and liabilities in which
event the Joint Venture will terminate in relation to such Prospecting Right
Area. 

43. 

	16. 	
      Termination of Joint
Venture

	16.1 	
      unanimous resolution

	 	 
		
      Should the Management Committee resolve unanimously
      (after having considered the results of the Pre-feasibility Study or that
      of the Bankable Feasibility Study or at any time after having conducted
      further prospecting as contemplated in terms of clause 16.3) not to
      conduct any further prospecting activities in respect of any particular
      Prospecting Right Area and to permanently abandon all rights held in
      respect thereof, the Joint Venture will terminate in respect of the
      relevant Prospecting Right Area only, on the date on which the Joint
      Venture has completed rehabilitation of the disturbances caused by its
      activities on the area of such Prospecting Right Area.

	 	 
	16.2 	
      Should the Management Committee fail to reach unanimous
      resolutions to undertake the Bankable Feasibility Study or to proceed with
      commercial exploitation, in respect of any particular Prospecting Right
      Area, the Joint Venture will terminate in respect of such Prospecting
      Right Area;

	16.2.1 	
      upon the acquisition of the Joint Venture Interest in
      respect of such Prospecting Right Area by the Acquiring Member in terms of
      clause 15.6; or

	 	 
	16.2.2 	
      upon the Member who supported a decision in respect of
      which unanimity could not be reached fail to exercise its call option to
      acquire the Participation Interest of the other Member in respect of that
      particular Prospecting Right Area.

44. 

	16.3 	
      Bankable Feasibility Study results

	 	 
		
      Should the results of the Bankable Feasibility Study in
      respect of any particular Prospecting Right Area indicate that
      exploitation of the relevant Prospecting Right Area may be economically
      viable and the Management Committee adopt a unanimous resolution to
      proceed with further prospecting, the Joint Venture will continue in
      respect of such Prospecting Right Area on the terms and conditions set out
      in this Agreement until terminated in accordance with its
    provisions.

	 	 
	16.4 	
      effects of termination

	 	 
		
      Should the Joint Venture terminate in terms of 16.1, or
      16.2:

	16.4.1 	
      Taspac shall, to the extent that Mmakau has not elected
      to take transfer of an undivided share of the Prospecting Rights, or any
      of them, in terms of clause 5.3,4, remain the unencumbered holder of the
      Prospecting Rights and/or the Prospecting Right and Mmakau shall have no
      claims in respect thereof; and

	 	 
	16.4.2 	
      Taspac shall have no claims against Mmakau in respect of
      any costs incurred by Taspac and or the Joint Venture in respect of, or
      liability arising from, the Prospecting Right Area,

	 	 
		
      subject to the provisions of clause
16.5

	16.5 	
      Intellectual Property Rights on
  termination

	 	 
		
      Should the Joint Venture terminate under any of the
      provisions of this Agreement, Taspac's Intellectual Property Rights will
      be, and will continue to be regulated by the provisions of clause 19
      hereof.

	17. 	
      Warranties and
Representations

	17.1 	
      Mmakau hereby represents and warrants in favour of
      Taspac, acknowledging and confirming that Taspac, after due enquiry, are
      relying on such representations and warranties in concluding this
      Agreement:

45. 

	17.1.1 	
      that Mmakau is a private company duly incorporated and
      existing under the laws of South Africa;

	 	 
	17.1.2 	
      it has the capacity to enter into and to perform its
      obligations under this Agreement and any agreement referred to in or
      contemplated by this Agreement;

	 	 
	17.1.3 	
      it is not insolvent and that no proceedings for its
      liquidation, either provisionally or finally are threatened or
    pending;

	 	 
	17.1.4 	
      the entering into and giving effect to the provisions and
      obligations imposed on it by this Agreement and any other agreement
      referred to in or contemplated by, this Agreement and all the transactions
      contemplated in this Agreement have been duly authorised by Mmakau and
      constitute legally valid and binding obligations on Mmakau.

	 	 
	17.1.5 	
      that 100% of the issued shares of Mmakau are directly
      held by shareholders who are HDSA's which include women as set out in
      Annex TM 1 hereto; and the majority of its directors and the majority of
      its senior management are HDSA's.

	 	 
	17.1.6 	
      that it will use all reasonable endeavours to ensure that
      the Broad Based Participants will, upon its incorporation and at all times
      thereafter during the existence of the Joint
Venture:

	17.1.6.1 	
      be a private company(ies) or other corporate entity(ies)
      duly incorporated and existing under the laws of South Africa;

	 	 
	17.1.6.2 	
      have the capacity to enter into and to perform its
      obligations under this Agreement and any agreement referred to in or
      contemplated by this Agreement;

	 	 
	17.1.6.3 	
      not be insolvent and that no proceedings for its
      liquidation, either provisionally or finally will be threatened or
      pending;

46. 

	17.1.6.4 	
      by entering into and giving effect to the provisions and
      obligations imposed on it by this Agreement and any other agreement
      referred to in or contemplated by, this Agreement and all the transactions
      contemplated in this Agreement have been duly authorised by the Broad
      Based Participants and will constitute legally valid and binding
      obligations on it.

	 	 
	17.1.6.5 	
      that 100% of the issued shares of the Broad Based
      Participants will be held by Broad Based
Shareholders.

	17.2 	
      Taspac hereby represents and warrants in favour of
      Mmakau, acknowledging and confirming that Mmakau, after due enquiry, are
      relying on such representations and warranties in concluding this
      Agreement:

	17.2.1 	
      that Taspac is a public company duly incorporated and
      existing under the laws of Australia;

	 	 
	17.2.2 	
      it has the capacity to enter into and to perform its
      obligations under this Agreement and any agreement referred to in or
      contemplated by this Agreement;

	 	 
	17.2.3 	
      it is not insolvent and that no proceedings for its
      liquidation, either provisionally or finally are threatened or
    pending;

	 	 
	17.2.4 	
      the entering into and giving effect to the provisions and
      obligations imposed on it by this Agreement and any other agreement
      referred to in or contemplated by, this Agreement and all the transactions
      contemplated in this Agreement have been duly authorised by Taspac and
      constitute legally valid and binding obligations on
  Taspac.

	17.3 	
      Ongoing nature of warranties

	 	 
		
      The representations and warranties given in this clause
      17 are of a continuous nature and are given in respect of all relevant
      times during the term of this Agreement.

47. 

	18. 	
      Agreement in respect of Exploitation

	 	 
		
      Should the Management Committee resolve to proceed with
      exploitation of Minerals on any Prospecting Right Area (“Exploitation
      Decision”), the parties undertake to negotiate with each other
      exclusively and in good faith with the objective of concluding an
      agreement in respect of the joint exploitation of the relevant Prospecting
      Right Area. Notwithstanding anything to the contrary contained herein the
      parties shall be bound in reaching and concluding such agreement, to the
      following principles:

	18.1 	
      participation

	 	 
		
      The parties' Participation Interest in such exploitation
      shall be:

	 	Mmakau: 	26% 
	 	 	 
	 	Taspac: 	74%. 

subject to adjustment in terms of
clause 9.4.15.2, clause 18.4 and/or clause 18.5 

	18.2 	
      funding

	 	 
		
      Each party shall be liable to contribute as and when
      required, and from time to time, the entire funding requirements of such
      exploitation including, without limitation capital expenditure and
      operating costs, (“initial funding requirements”) in accordance
      with the Participation Interests of the parties determined in accordance
      with the provisions of clause 18.1. Nothing contained herein shall oblige
      either party to contribute funding before expiry of [***] after concluding
      the agreement in respect of exploitation or after a subsequent decision to
      incur further expenditure shall have been taken (“subsequent funding
      requirements”);

	 	 
	18.3 	
      prospecting expenditure

	 	 
		
      All prospecting expenditure incurred by either Member (in
      accordance with the provisions of this Agreement) for purposes of the
      Joint Venture until completion of the Bankable Feasibility Study, shall form
part of the initial funding requirements of the proposed exploitation, and to
the extent that either of the Members have contributed more or less than its
proportionate share thereof, (a percentage of total prospecting expenditure
equal to such Members' Participation Interest in the Joint Venture at the time
that the funding was provided) the funding obligations of the Members in terms
of clause 18.2 shall be adjusted by such shortfall or excess. Such adjustment
shall further take account of interest on the amount of the excess or shortfall
at the prime rate published from time to time by Absa Bank Limited from the date
of funding until the date of adjustment in terms of this clause. 

48. 

	18.4 	
      failure to fund initial funding
  requirements

	 	 
		
      Should the parties fail to contribute the initial funding
      requirements of exploitation of the relevant Prospecting Right Area in
      accordance with their respective Participation Interests, their
      Participation Interests shall be adjusted to reflect their respective
      actual contributions relative to each other.

	 	 
	18.5 	
      failure to fund subsequent funding
    requirements

	 	 
		
      Should either party fail to contribute its proportionate
      share of any subsequent funding requirements the other party shall be
      entitled, but not obliged to contribute such requirements and the parties'
      respective interests will be adjusted in a just and equitable manner based
      on the actual contributions by either party to the subsequent funding
      requirements relative to the fair market value of the business. For
      purposes hereof fair market value of the business shall be such value
      immediately before the subsequent funding is provided (To be determined in
      accordance with Annex TM 3) plus the Rand amount of the subsequent
      funding.

	 	 
		
      Should Mmakau's Participation Interest at any time and
      from time to time be adjusted pursuant to the provisions of clauses 18.4
      or 18.5, Taspac shall be entitled (notwithstanding anything to the
      contrary contained herein) to utilise the Participation Interest so
acquired to maintain the Empowerment Participation interest in the Joint Venture
at a minimum level of 26% free from any pre-emptive rights contained in this
Agreement. 

49. 

	18.6 	
      pre-emptive rights and forced sales:

	 	 
		
      An agreement in respect of exploitation of the Minerals
      from any Prospecting Right Area shall be subject to the pre-emptive rights
      and forced sale provisions:

	18.6.1 	
      in respect of a sale by Mmakau on the basis contained in
      clause 11 and clause 12 hereof until Empowerment is no longer a
      Requirement in respect of the exploitation of Minerals on the Joint
      Venture Area; and

	 	 
	18.6.2 	
      in relation to a sale by Mmakau after the period
      contemplated in clause 18.6.1 and in relation to a sale by Taspac at any
      time, at fair market value to be determined in accordance with the
      provisions set out in Annex TM 3 hereto.

	18.7 	
      limitation to mining and beneficiation

	 	 
		
      An agreement in relation to the proposed exploitation by
      the parties hereto shall be limited to the mining of the Minerals and the
      normal beneficiation of such Minerals in order to produce saleable
      products or products of a particular quality. Such agreement shall not
      entitle Mmakau to participate in any processing activities subsequent to
      extraction and normal beneficiation, such as processes whereby any
      substance other than the Minerals in beneficiated form are manufactured
      from the Minerals or processes whereby such Minerals are transformed into
      any other substance or product.

	 	 
		
      Should either Member conduct any beneficiation (other
      than extraction and normal beneficiation of the Minerals in order to
      produce saleable uranium or molybdenum products) such as enrichment or
      process(es) whereby the Minerals are transformed into other substances, and
such member wish to conduct such activities jointly with a third party, the
Member who wishes to conduct such beneficiation or process grants to the other
Member, a right of first refusal to participate in such beneficiation or
process(es) 

50. 

	18.8 	
      Intellectual Property Rights

	 	 
		
      Neither Member shall be obliged to make any Intellectual
      Property Rights as set out in clause 19 available for purposes of such
      exploitation.

	 	 
	18.9 	
      management of exploitation
  operations

	18.9.1 	
      Taspac and Mmakau shall jointly manage all operations
      relating to exploitation of the Prospecting Right Area on terms which are
      customary in the South African mining industry and on an arms length
      basis.

	 	 
	18.9.2 	
      Should Taspac and Mmakau wish to appoint another entity
      to manage the exploitation operations, Mmakau shall have a right of first
      refusal, for a period of 30 days after receipt of a written offer to it,
      to be appointed the manager of such operation(s) on such terms offered to
      it or on which a third party with the ability to do so is willing to
      perform such management function. Should Mmakau decline the offer in
      writing or fail to accept the offer in writing before expiry of the 30 day
      period, the offer shall lapse and the Members shall be entitled to appoint
      a third party to manage the exploitation operations, provided that such
      third party shall not be appointed on terms and conditions which are
      different from that contained in the offer to Mmakau without extending
      another offer to Mmakau on such amended terms and conditions for a further
      30 day period.

	18.10 	
      minority protection

the Member who may from time to time hold a minority interest
in the exploitation vehicle shall be entitled to appropriate minority protection
provisions as are customary in the South African mining industry and as are fair
and reasonable to both parties in view of all the circumstances then prevailing.

51. 

	18.11 	
      budgeting procedures

	 	 
		
      The parties shall be bound by the budgeting procedures
      set out in clause 9.4.15.

	 	 
	18.12 	
      remaining terms and conditions

	 	 
		
      Save that the parties will be bound to the principles set
      out in clauses 18.1 to 18.11 above, the parties undertake to negotiate in
      good faith (but on an arms length commercial basis) with the objective of
      reaching agreement in respect of all the other terms and conditions of a
      proposed agreement in respect of the exploitation of Minerals on the Joint
      Venture Area. To the extent that the parties are unable to reach agreement
      and to conclude a written agreement within 90 days after an Exploitation
      Decision, such remaining terms and conditions in respect of which the
      parties are unable to reach agreement, will, at the request of either
      party, be determined by arbitration in terms of clause 14 on a basis
      which, taking into account all the facts and circumstances the prevailing
      and the principles and intention of the parties expressed in this
      Agreement, will be:

	18.12.1 	
      fair and reasonable to both parties; and

	 	 
	18.12.2 	
      customary and usual in the South African mining
      industry.

	19. 	
      Intellectual Property Rights

	 	 
		
      Each party shall retain all Intellectual Property Rights
      which it may now own or which it may at any time during the existence of
      the Joint Venture or during exploitation of the Prospecting Right Area
      develop in addition to or in enhancement of any Intellectual Property
      Rights of any nature which it may own, hold or be licensed to use, in relation to the Minerals or
any of them, chemical processes, beneficiation, other beneficial use or methods
of extracting any substances therefrom or transforming such substances into
other substances. Without derogating from the generality of the aforesaid
provisions, any agreement as contemplated in clause 18 shall exclude all of the
Parties' Intellectual Property Rights. 

52. 

	20. 	
      Cession and Assignment

	 	 
		
      Neither party shall be entitled to cede and assign its
      rights and obligations in terms of this Agreement save only to the effect
      that such cession and assignment is effected as an integral part of a sale
      of such Member's Participation Interest in the Joint Venture.

	 	 
	21. 	
      Confidentiality and Publicity

	 	 
		
      No party shall publish or disclose to any person not
      being a party to this Agreement (other than affiliates, legal or other
      advisors of the parties who are under an obligation to maintain the
      confidentiality of any information made available to them) any information
      concerning the conclusion of this Agreement, the reason therefor or the
      terms hereof or information regarding the business or other affairs of the
      Joint Venture or discuss any matter of policy with the government,
      government official, representative of any Government department, in
      relation to any aspect of the Joint Venture's business or affairs, without
      the prior written consent of the other Member, provided that
  —

	21.1 	
      any information which is required to be furnished by law
      or by existing contract or by any stock exchange on which the shares of
      any party are listed may be so furnished;

	 	 
	21.2 	
      any party shall be entitled (after consultation with the
      other party so as to avoid embarrassment or prejudice to the extent
      possible) to make such information available to its shareholders as may be
      necessary to enable such shareholders to consider the value and prospects
      of their Participation Interests ;

53. 

	21.3 	
      no party shall be precluded from divulging any
      information to any person who is negotiating with such party for the
      acquisition of an interest in such party, provided that the person to whom
      any disclosure is made in the aforesaid circumstances shall first have
      undertaken in writing to keep such information confidential and not to
      divulge such information to any other person and to use it only for the
      purpose of evaluating the proposed transaction;

	 	 
	21.4 	
      no party shall be precluded from using or divulging such
      information in order to pursue any legal remedy available to
  it.

	22. 	
      Domicilium Citandi et
Executandi

	22.1 	
      election

	 	 
		
      The parties choose as their domicilia citandi et
      executandi for all purposes under this Agreement, and as addresses
      where all, notices or other documents or communications of whatsoever
      nature (including the exercise of any option) may be served, the following
      addresses:

	22.1.1 	
      Taspac:

	 	Postal Address: 	Physical Address: 
	 	 	 
	 	The Company Secretary 	The Company Secretary 
	 	 	 
		Tasman Pacific Minerals Limited Limited 	Tasman Pacific Minerals 
	 	 	 
		C/o Moore Stephens MWM Inc Inc 	C/o Moore Stephens MWM 
	 	 	 
	 	Reference: Derek Irish 	Reference: Derek Irish 
	 	 	 
	 	P O Box 1574 	7 West Street 
	 	 	 
	 	Houghton 	Houghton 
	 	 	 
	 	2041 	Johannesburg 
	 	 	 
	 	 	Fax No:
	 	 	 
	 	 	(011) 728 1409

54. 

	22.1.2 	
      Mmakau:

	 	Postal Address: 	Physical Address: 
	 	 	 
	 	P O Box 2236 	No 34 8th Street 
	 	 	 
	 	Houghton 	Houghton 
	 	 	 
	 	2041 	Johannesburg 
	 	 	 
	 	  	Fax No. (011) 880 0207 

	22.1.3 	
      The Management Committee:

	 	 
		
      At the address of the Member who appointed the then
      chairman of the Management Committee addressed to the Chairman by name and
      designation.

	22.2 	
      notices in writing

	 	 
		
      Any notice or communication required or permitted to be
      given in terms of this Agreement shall be valid and effective only if in
      writing but it shall be competent to give notice by facsimile.

	 	 
	22.3 	
      changes

	 	 
		
      Any party may by notice to the other party change the
      physical address chosen as its domicilium citandi et executandi to
      another physical address in South Africa or its facsimile number: Provided
      that the change shall become effective on the 14th business day from the
      deemed receipt of the notice by the addressee.

	 	 
	22.4 	
      notices

	 	 
		
      Any notice to a party:

55. 

	22.4.1 	
      sent by prepaid registered post in a correctly addressed
      envelope to it at its domicilium citandi et executandi shall be
      deemed to have been received on the 10th business day after
      posting (unless the contrary is proved);

	 	 
	22.4.2 	
      delivered by hand to a responsible person during ordinary
      business hours at its domicilium citandi et executandi shall be
      deemed to have been received on the day of delivery; or

	 	 
	22.4.3 	
      sent by facsimile to its chosen facsimile number
      stipulated in clause 22.1, during ordinary business hours shall be deemed
      to have been received on the date of despatch (unless the contrary is
      proved).

	22.5 	
      actual receipt

	 	 
		
      Notwithstanding anything to the contrary herein contained
      a written notice or communication actually received by a party shall be an
      adequate written notice or communication to it notwithstanding that it was
      not sent to or delivered at its chosen domicilium citandi et
      executandi.

	 	 
	22.6 	
      business hours

	 	 
		
      For purposes of this clause, the expression “ordinary
      business hours” means 08h00 to 16h00 on days which are not Saturdays,
      Sundays or public holidays in the Republic of South
  Africa.

	23. 	
      Whole Agreement, No
Amendment

	23.1 	
      This Agreement constitutes the whole, and the sole record
      of, the agreement between the parties relating to the subject matter
      hereof.

	 	 
	23.2 	
      No amendment or consensual cancellation of this Agreement
      or any provision or term thereof or of any agreement, bill of exchange or
      other document issued or executed pursuant to or in terms of this
      Agreement and no settlement of any disputes arising under this Agreement
      and no extension of time, waiver or relaxation or suspension of any of
the provisions or terms of this Agreement or of any agreement, bill of exchange
or other document issued pursuant to or in terms of this Agreement shall be
binding unless recorded in a written document signed by both the parties hereto.
Any such extension, waiver or relaxation or suspension which is so given or made
shall be strictly construed as relating strictly to the matter in respect
whereof it was made or given. 

56. 

	23.3 	
      No extension of time or waiver or relaxation of any of
      the provisions or terms of this Agreement or any agreement, bill of
      exchange or other document issued or executed pursuant to or in terms of
      this Agreement, shall operate as a waiver or as an estoppel against any
      party in respect of its rights under this Agreement, nor shall it operate
      so as to preclude such party thereafter from exercising its rights
      strictly in accordance with this Agreement.

	 	 
	23.4 	
      No party shall be bound by any express or implied term,
      representation, warranty, promise or the like not recorded
  herein.

	24. 	
      Governing Law

	 	 
		
      This Agreement will be governed by, and construed in
      accordance with, the laws of the Republic of South Africa.

	 	 
	25. 	
      No Partnership

	 	 
		
      Nothing contained in this Agreement
  shall:

	25.1 	
      constitute either party the partner, agent or legal
      representative of the other or create a fiduciary relationship between the
      parties, or create any trust or any partnership for any purpose
      whatsoever; or

	 	 
	25.2 	
      confer on any party the authority to act for or to assume
      any obligation or responsibility on behalf of the other party or otherwise
      to bind the other party as to any matter or thing to be done in relation
      to the subject matter of this Agreement.

57. 

	26. 	
      Costs

	 	 
		
      Each party shall bear its own costs incurred in the
      negotiations, drafting and conclusion of this
Agreement.

58. 

SIGNED at Johannesburg on this
9th March 2006 in the presence of the undersigned witnesses: 

AS WITNESSES: 

	1. 	 	 	 
    
	 	 	 	 
	  	 	 	  
	2. 	 	 	Managing Director: 
	  	 	 	For and on behalf of: 
	  	 	 	Tasman Pacific Minerals

	Limited 	 
		who warrants his/her authority hereto
  

SIGNED at Johannesburg on this 9th March 2006 in the
presence of the undersigned witnesses: 

WITNESSES: 

	1. 	 	 	
	 	 	 	  
	2. 	 	 	
	 	 	 	  
	 	 	 	Director: 
	 	 	 	For and on behalf of: 
	 	 	 	Mmakau Mining (Proprietary) Limited 
		 	 	who warrants his/her authority hereto
  

59. 

Annex TM 1 

Current Mmakau Group Structure 

60. 

Annex TM 2 

Applications for Prospecting Rights 

61. 

SCHEDULE I 

Tasman Pacific Minerals Limited 

South African Prospecting Right Applications 

	Province 	DME Reference Number 	Number of 
Farms 	Total Area 
(Hectares) 
	Western Cape 	  	  	  
	Site 22 	(WC) 30/5/1/1/2/168PR 	19 	32,909.7932 
	Site 29 	(WC) 30/5/1/1/2/170PR 	5 	10,623.9826 
	  	  	  	  
	Eastern Cape 	  	  	  
	Site 37 	(EC) 30/5/1/1/2 (28)PR 	20 	21,887.6443 
	  	  	  	  
	Northern Cape 	  	  	  
	Site 5 	(NC) 30/5/1/1/2/331PR 	4 	20,574.6708 
	Site 45 (incorporating Site 43) 	(NC) 30/5/1/1/2/330PR 	11 	48,945.4746 
	Site 49 (incorporating Sites 44a
      &44b) 	(NC) 30/5/1/1/2/347PR 	19 	63,687.5217 
	Totals 	  	78 	198,629.0872 

62. 

Annex TM 3 

Fair Market Value Determination 

The fair market value of either party's Participation Interest
in the Joint Venture shall be agreed upon between the parties or failing
agreement within 30 days of the relevant option having been exercised, to be
determined by the then senior partner of any major international audit firm (not
being the auditors of any of the parties) who shall act as an expert and not as
an arbitrator. If the parties cannot agree on the auditor firm within 7 days,
the then senior partner of such major international audit firm nominated by the
chairperson of the Public Accountants and Auditors Board at the request of
either party (or if he is or she is of the opinion that no suitable independent
major international audit firm can be nominated, the chief executive of an
independent merchant bank) shall determine the fair market value of the
Participation Interest. In determining the fair market value of the
Participation Interest each of the parties shall be entitled to make
representations to the auditor or chief executive. Unless the decision of the
auditor or the independent merchant bank is challenged within 30 days of the
aforesaid determination and notification thereof to the parties, it shall be
final and binding on the parties. If any of the parties challenges the fair
market value, determined as aforesaid it shall do so by written notice to the
other party and to the person who determined the fair market value accompanied
by a certificate by another auditor setting out the basis on which such decision
is challenged. In such case the matter shall be referred to an independent
chartered accountant appointed by the chairperson for the time being of the
Public Accountants and Auditors Board to re-determine the fair market value of
the Participation Interest. Such independent chartered accountants shall act as
an expert and not as an arbitrator and his or her decision shall be final and
binding on the parties.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]