Document:

Exhibit 10.23

 

Certain information has been omitted from the
exhibit because it is both (i) not material and (ii) of the type that the registrant customarily and actually treats as private
or confidential. The omissions have been indicated by (“[***]”).

 

EXECUTION VERSION

 

Sale and Purchase Agreement (Rhodium)

 

Between

 

OMRF (Ni) LLC

as Purchaser

 

Pilanesberg Platinum Mines (Pty) Ltd

as ProjectCo

 

Sedibelo Group Services (Pty) Ltd

as Seller

 

Richtrau No. 123 (Pty) Ltd

as Magazynskraal MineCo

 

The parties identified herein as Guarantors

 

     

     

    

 

Table of Contents

 

Page

  

		1.	INTERPRETATION	4

 

		2.	PURCHASE AND SALE	51

 

		3.	PREPAYMENT	57

 

		4.	TERM	62

 

		5.	REPORTING; BOOKS AND RECORDS; INSPECTIONS	62

 

		6.	COVENANTS	69

 

		7.	TRANSFERS OF INTERESTS	79

 

		8.	SECURITY AND GUARANTEES	83

 

		9.	REPRESENTATIONS AND WARRANTIES	89

 

		10.	PROJECT ENTITY EVENTS OF DEFAULT	91

 

		11.	PURCHASER EVENTS OF DEFAULT	96

 

		12.	TAXES	98

 

		13.	INDEMNITIES	101

 

		14.	BUYBACK	102

 

		15.	GENERAL	103

 

	Schedule 1 PROJECT SCHEDULE AND BUDGET	116
	 	 
	Schedule 2 LEASED PROPERTIES	117
	 	 
	Schedule 3 REPRESENTATIONS AND WARRANTIES OF THE PROJECT ENTITIES, GUARANTORS AND MINECOS	118
	 	 
	Appendix 1 SELLER GROUP STRUCTURE	125
	 	 
	Appendix 2 MATERIAL CONTRACTS	126
	 	 
	Schedule 4 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER	127
	 	 
	Schedule 5 MINING AREAS	128
	 	 
	Schedule 6 DATA ROOM INDEX	129

 

    (i)

     

    

 

Page

 

	Schedule 7 HEDGING POLICY	130
	 	 
	Schedule 8 FORM OF OPERATION AND PRODUCTION REPORT	131
	 	 
	Schedule 9 BUYBACK FEE SAMPLE CALCULATION	132
	 	 
	Schedule 10 EARLY TERMINATION AMOUNT SAMPLE CALCULATION	133
	 	 
	Schedule 11 FORM OF STREAM ACCESSION DEED	134
	 	 
	Schedule 12 OUTPUT SUMMARY	135
	 	 
	Schedule 13 RHODIUM DESIGNATED METAL PERCENTAGE	136

 

    (ii)

     

    

 

THIS AGREEMENT
is dated                                              
and made

 

BETWEEN:

 

		(1)	OMRF (Ni) LLC, registered in the State of Delaware, United States of America as a limited
liability corporation and having its registered office at 251 Little Falls Drive, Wilmington, DE 19808 (the “Purchaser”);

 

		(2)	PILANESBERG PLATINUM MINES (PTY) LTD, registered in
South Africa as company number 2002/015572/07 and having its registered office at Unit FF04 First Floor, Block C, Southdowns Office Park,
corner of John Vorster Drive and Karee Road, Irene Ext 54, Gauteng, 0157 (the “ProjectCo”);

 

		(3)	SEDIBELO GROUP SERVICES (PTY) LTD, registered in South
Africa as company number 2021/773335/07 and having its registered office at Unit FF04 First Floor, Block C, Southdowns Office Park, corner
of John Vorster Drive and Karee Road, Irene Ext 54, Gauteng, 0157 (“Seller”);

 

		(4)	RICHTRAU NO. 123 (PTY) LTD, registered in South Africa as company number 2006/017346/07
and having its registered office at Unit FF04 First Floor, Block C, Southdowns Office Park, corner of John Vorster Drive and Karee Road, Irene
Ext 54, Gauteng, 0157 (“Magazynskraal MineCo”);

 

		(5)	SEDIBELO RESOURCES LIMITED, a non-cellular company incorporated under the laws of the Island
of Guernsey (“Guernsey”) with company number 54400 and having its registered office at Oak House, Hirzel Street St
Peter Port, Guernsey, GY1 3RH (the “Initial Parent”);

 

		(6)	CLIDET NO. 832 (PTY) LTD, registered in South Africa as company number 2008/011497/07 and
having its registered office at Unit FF04 First Floor, Block C, Southdowns Office Park, corner of John Vorster Drive and Karee Road, Irene
Ext 54, Gauteng, 0157 (“Clidet”);

 

		(7)	ORKID S.ÁR.L., Société à responsabilité limitée,
Registered office: 19, rue Eugène Ruppert, L - 2453 Luxembourg, R.C.S. Luxembourg: B167777 (“Orkid”); and

 

		(8)	PLATINUM INVESTOR CONSORTIUM (PTY) LTD, registered in South Africa as company number 2007/030604/07
and having its registered office at Unit FF04 First Floor, Block C, Southdowns Office Park, corner of John Vorster Drive and Karee Road, Irene
Ext 54, Gauteng, 0157 (“PIC”).

 

BACKGROUND:
The Seller has agreed to sell to the Purchaser, and the Purchaser has agreed to purchase from the Seller, Refined Platinum pursuant to
the Stream Minerals-Equivalent Platinum Stream, subject to and in accordance with the terms and conditions of this Agreement. The Guarantors,
acknowledging that such sale and purchase will be of benefit to the Seller Group Members as a whole, wish to guarantee, on a joint and
several basis, all of the obligations of the Seller (and each other Guarantor) arising under this Agreement as provided for herein.

 

    3

     

    

 

NOW THEREFORE:
in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the Parties hereto, the Parties mutually agree as follows:

 

		1.	INTERPRETATION

 

		1.1	Definitions

 

In this Agreement, including in the
recitals and schedules hereto:

 

“Abandonment
Notice” has the meaning given to it in Clause ‎6.13.

 

“Abandonment
Property” has the meaning given to it in Clause ‎6.13.

 

"Acceptable Bank" means:

 

		(A)	a bank or financial institution which has a rating for its long term unsecured and non-credit enhanced
debt obligations of A+ or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or A or higher by Moody's Investor
Services Limited or a comparable rating from an internationally recognised credit rating agency;

 

		(B)	[***]; or

 

		(C)	any other bank or financial institution approved by the Purchaser in writing.

 

“Acceptable Jurisdiction”
means, in respect of a metal account or accounts, such account is located in England.

 

“Acceptable Mining Reporting
Standards” means the SAMREC Code, National Instrument 43-101, the JORC Code or SEC Industry Guide 7.

 

“Acquisition” means,
with respect to any Person, any purchase or other acquisition by such Person, regardless of how accomplished or effected (including any
such purchase or other acquisition effected by way of amalgamation, merger, arrangement, business combination or other form of corporate
reorganization or by way of purchase, lease or other acquisition arrangements), of (A) any other Person (including any purchase or
acquisition of such number of the issued and outstanding securities of, or such portion of an equity interest in, such other Person so
that such other Person becomes a Subsidiary of the purchaser or of any of its Affiliates) or of all or substantially all of the property
of any other Person, or (B) any division, business, project, operation or undertaking of any other Person or of all or substantially
all of the property of any division, business, project, operation or undertaking of any other Person.

 

“Additional
Guarantor” means any Person to whom Clause ‎7.2(B) or
‎8.5 applies.

 

“Additional Shared Collateral”
means any and all Encumbrances created in connection with the terms of a Senior Financing and/or Existing Stream Agreement in respect
of any of the following:

 

		[***].	

 

“Additional Shared Senior Security
Document” means a security agreement (howsoever described) enter into in respect of Additional Shared Collateral and designated
as an “Additional Shared Senior Security Document” pursuant to the terms of the Intercreditor Agreement.

 

    4

     

    

 

		[***]	

 

[***]

 

“Affiliate” means
(A) with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, Controls, or is
Controlled by, or is under common Control with, such person.

 

“Aggregate Stream Minerals-Equivalent
Value” means, in respect of a Lot, the aggregate value, for each Produced Stream Mineral therein, defined as follows:

 

		(A)	the number of ounces of Produced Chromite in such Lot, multiplied by the Stream Minerals Market Price
for Produced Chromite multiplied by the applicable Designated Metal Percentage; PLUS

 

		(B)	the number of ounces of Produced Iridium in such Lot, multiplied by the Stream Minerals Market Price for
Produced Iridium multiplied by the applicable Designated Metal Percentage; PLUS

 

		(C)	the number of ounces of Produced Rhodium in such Lot, multiplied by the Stream Minerals Market Price for
Produced Rhodium multiplied by the applicable Designated Metal Percentage; PLUS

 

		(D)	the number of ounces of Produced Ruthenium in such Lot, multiplied by the Stream Minerals Market Price
for Produced Ruthenium multiplied by the applicable Designated Metal Percentage.

 

“Agreement” means
this purchase and sale agreement and all attached schedules, in each case as the same may be amended, restated, amended and restated,
supplemented, modified or superseded from time to time in accordance with the terms hereof.

 

“Anglo Agreement”
means the subscription agreement dated on or about 11 November 2012 entered into between, among others, Rustenburg Platinum Mines
Limited, the Parent, the Bakgatla Ba Kgafela Tribe, the ProjectCo and Magazynskraal MineCo.

 

“Annual
E&S Monitoring Report” means a written report prepared by Independent Consultant, in connection with the ProjectCo’s
performance in respect of the IFC Performance Standards in accordance with Clause ‎5.3,
incorporating inputs from suitably qualified third party consultants, where appropriate, in accordance with Performance Standard 1 of
the IFC Performance Standards, which shall be in such form as is generally adopted in connection with Performance Standard 1.

 

“Anti-Corruption Laws”
means the Prevention and Combating of Corrupt Activities Act, No. 12 of 2004, the United Kingdom Bribery Act 2010, and the United
States Foreign Corrupt Practices Act of 1977 (which shall each be deemed, for the purposes of this Agreement, to apply to each relevant
Person as if it was subject to such laws in all respects) and all other laws, rules, and regulations of any jurisdiction applicable to
any Seller Group Member from time to time concerning or relating to bribery or corruption.

 

    5

     

    

 

“Anti-Corruption
Policy” means the anti-bribery and anti-corruption policy of the Seller Group Members, adopted by the board of directors of
each Seller Group Member, as the same may be amended, revised, supplemented or replaced from time to time in accordance with Clause ‎6.3.

 

“Anti-Money Laundering Laws”
means the Prevention of Organised Crime Act, No. 121 of 1998, the Financial Intelligence Centre Act, No. 38 of 2001 and the
Protection of Constitutional Democracy Against Terrorist and Related Activities Act, No. 33 of 2004, and other applicable anti-money
laundering, anti-terrorist financing, government sanction and “know your client” Applicable Laws, whether within the Republic
of South Africa or, to the extent applicable to any Seller Group Member, elsewhere, including any regulations, guidelines or orders thereunder.

 

“Applicable Law”
means any law (including constitutional, statutory, common law and equity), legislation or statute including any international or other
treaty, any domestic or foreign constitution or any multinational, federal, provincial, territorial, state, municipal, county or local
statute, law, ordinance, code, rule, regulation, Order (including any securities laws or requirements of stock exchanges and any consent,
decree or administrative Order), or Licence of a Governmental Body, including any change in the interpretation of, or application of any
of the foregoing (including the characterisation or re-characterisation of any of the Stream Documents and the transactions contemplated
thereunder), in each case to the extent applicable to and legally binding upon or having the force of law over any specified Person, property,
transaction or event, or any of such Person’s property or assets.

 

“Approved Purchaser Transferee”
means a Person which:

 

		(A)	is not a PGM Producer/Refiner;

 

		(B)	prior to the earlier to occur of the payment of the Prepayment Amount and the Prepayment Longstop Date
has sufficient financial resources to meet its payment obligations in respect of the Prepayment Amount; and

 

		(C)	is not a Sanctioned Person or Sanctioned Entity,

 

unless otherwise consented to by the
Seller.

 

“Arbitration
Rules” has the meaning given to it in Clause ‎15.1(B)(1).

 

“Arm’s Length Terms”
means prices and terms no less favourable to the seller under the relevant contract than those which would be paid and agreed to by a
Third Party in an arm’s length transaction under similar circumstances.

 

“Assay” means a Provisional
Assay or a Final Assay, as applicable.

 

“Bank Indemnifier”
means Nedbank Ltd.

 

“B-BBEE”
means broad-based black economic empowerment as contemplated in the B-BBEE Act.

 

    6

     

    

 

“B-BBEE Act” means
the South African Broad-Based Black Economic Empowerment Act, No. 53 of 2003.

 

“B-BBEE Legislation”
means each and all of:

 

		(A)	the relevant provisions of the MPRDA;

 

		(B)	the B-BBEE Act; and

 

		(C)	the Mining Charter.

 

“B-BBEE Requirements”
means the B-BBEE requirements applicable from time to time to entities in the minerals industry, as contained in the B-BBEE Legislation,
material terms and conditions of the relevant Mining Right (including in particular clause 13.1.2 of the Mining Right) and conditions
and requirements otherwise imposed by the DMRE in so far as they apply to the minerals industry.

 

“B-BBEE
Status” means the B-BBEE status or rating of a Person under the B-BBEE Legislation.

 

“Board” means the
board of directors of the ProjectCo.

 

“Business” means
the business of each MineCo as set forth in the Mine Plan, being developing, constructing, owning, operating, and extracting mineral resources
from, the Mining Areas (including the ownership of all assets and/or possession of Licences and rights (including the relevant Mining
Right) required for, such business).

 

“Business Day” means
any day, other than (A) a Saturday, Sunday or statutory holiday in any one of Johannesburg, Republic of South Africa, Toronto, Canada,
New York City, New York or London, England, or (B) a day on which banks are generally closed in any one of those cities.

 

“Buyback
Completion” has the meaning given to it in Clause ‎14.4(A).

 

“Buyback
Fee” means the amount necessary to return to the Purchaser (i) a multiple of 2 on 50% of the Prepayment Amount advanced by the
Purchaser to the Seller minus (ii) the aggregate of 50% of:

 

		(A)	the aggregate Platinum Market Price for all ounces of Refined Platinum Delivered to the Purchaser under
this Agreement; LESS

 

		(B)	the aggregate Fixed Platinum Price for all ounces of Refined Platinum Delivered to the Purchaser under
this Agreement.

 

A
sample calculation is attached at Schedule 9 for illustrative purposes only and in the event of any conflict or inconsistency between
such calculation and the above definition then the above definition shall take precedence.

 

“Buyback
Notice” has the meaning given to it in Clause ‎‎14.2(A).

 

“Cash Equivalent Investments”
means at any time:

 

		(A)	certificates of deposit maturing within one year after the relevant date
of calculation and issued by an Acceptable Bank;

 

		(B)	any investment in marketable debt obligations issued or guaranteed by the government of the United States
of America, the United Kingdom, any member state of the European Economic Area, any Participating Member State, South Africa or by an
instrumentality or agency of any of them having an equivalent credit rating, provided that any such investment under this limb (B):

 

		(1)	matures within one year after the relevant date of calculation;

 

    7

     

    

 

		(2)	is not convertible or exchangeable to any other security; and

 

		(3)	into marketable debt obligations issued or guaranteed
by the government of South Africa or by an instrumentality or agency (in each case of the government of South Africa) having an equivalent
credit rating would not, when aggregated with other investments under this limb (B) into marketable debt obligations issued or guaranteed
by the government of South Africa or by an instrumentality or agency (in each case of the government of South Africa) having an equivalent
credit rating, exceed [***] of the total amount of the aggregate of the
Project Entities’ and MineCo’s Permitted Investments;

 

		(C)	freely marketable commercial paper not convertible or exchangeable to any other security:

 

		(1)	for which a recognised trading market exists;

 

		(2)	issued by an issuer incorporated in the United States of America, the United
Kingdom, any member state of the European Economic Area, any Participating Member State or South Africa;

 

		(3)	which matures within one year after the relevant date of calculation;
and

 

		(4)	which has a national scale credit rating of either A-1 or higher by Standard & Poor's Rating
Services or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investors Service Limited, or, if no national scale credit rating
is available in respect of the commercial paper, the issuer of which has, in respect of its long-term unsecured and non-credit enhanced
debt obligations, an equivalent rating;

 

		(D)	any investment in money market funds which:

 

		(1)	have a national scale credit rating of either A-1 or higher by Standard & Poor's Rating Services
or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investors Service Limited; and

 

		(2)	which invest substantially all
their assets in securities of the types described in paragraphs (A) to (C) and can be turned into cash on not more than [***]
notice; and

 

		(E)	any other debt security approved in advance by the Purchaser in writing,

 

in each case, denominated in ZAR or
USD and to which the relevant Seller Group Member is beneficially entitled at that time and which is not issued or guaranteed by any other
Seller Group Member or subject to any other Encumbrance (other than the Security or any Permitted Encumbrance).

 

“Change of Control”
of a Person (the “Subject Person”) means the consummation of any transaction or event (or series of transactions or
events), including any consolidation, business combination, arrangement, amalgamation or merger or any issue, Transfer or acquisition
of securities, the result of which is that any other Person (other than an Affiliate of the Subject Person) or group of other Persons
(other than an Affiliate of the Subject Person) acting jointly or in concert for purposes of such transaction or event (A) becomes
the beneficial owners, directly or indirectly, of more than 50% of the votes attached to the voting securities of the Subject Person or
(B) otherwise acquires Control, directly or indirectly and including by acting with a Seller Group Member or other Persons, of the
Subject Person.

 

    8

     

    

 

“Chromite Plant”
means the plant used to extract metallurgical grade chromite (40% to 42% Cr2O3) from the UG2 plant Primary Rougher tails.

 

“Closing
Date” means the date on which the Purchaser notifies the Seller that the conditions precedent in Clause ‎3.3
have been satisfied in accordance with Clause ‎3.4, or waived
by the Purchaser.

 

“Collateral” means,
subject to the terms of the Intercreditor Agreement and subject to and as specified in the relevant Security Documents:

 

		(A)	the PPM Mining Right and the IBMR Mining Right;

 

		(B)	the Process Plant;

 

		(C)	the movable property of the ProjectCo;

 

		(D)	any other presently held and future acquired undertaking, property and assets of the ProjectCo and (to
the extent that (i) it acquired any such undertaking, property or assets prior to a MineCo Release Event or (ii) any such undertaking,
property or assets (each acquired at any time) relate to the Project) each MineCo, including but not limited to tangible and intangible
real and personal property and assets, including (amongst other things):

 

		(1)	all onshore and, if any, offshore bank accounts,

 

		(2)	claims and receivables,

 

		(3)	insurance proceeds (other than in respect of third party liability insurances),

 

		(4)	cash and cash equivalents,

 

		(5)	intercompany loans; and

 

		(6)	shares in any Subsidiary which are acquired following the date of this Agreement;

 

		(E)	any shares held in the ProjectCo, Magazynskraal MineCo (for so long as Magazynskraal MineCo remains a
MineCo for the purposes of the Stream Documents) or Clidet (for so long as Magazynskraal MineCo remains a MineCo for the purposes of the
Stream Documents);

 

    9

     

    

 

		(F)	intercompany loans and offtake agreements between the ProjectCo and Seller;

 

		(G)	rights of the provider of, and recipient of, any Debt provided to or by the ProjectCo, Magazynskraal MineCo
or Clidet by or to an Affiliate of any of them;

 

		(H)	the Secured Material Contracts;

 

		(I)	the Seller Proceeds Account;

 

		(J)	any Material Real Property; and

 

		(K)	to the extent and for so long as provided as security or collateral to the Security SPV or any other Person
in connection with the Senior Financing, any Additional Shared Collateral,

 

but excludes, to the extent that it
is not Additional Shared Collateral:

 

		(1)	any Excluded Right;

 

		(2)	any Excluded Area;

 

		(3)	any Mining Equipment subject to a Permitted Encumbrance
in connection with Debt advanced pursuant to paragraph ‎(J) of
the definition of “Permitted Debt and Obligations”;

 

		(4)	any shares held in C and L Mining and Resources (Pty) Limited and any of its assets from time to time;

 

		(5)	any property which is the subject of a Non-Project Activity or shares in (or assets of) a Non-Project
Activities Subsidiary;

 

		(6)	the Impala Offtake Agreement, the Northam Offtake Agreement and any other Offtake Agreements, in each
case to the extent secured in connection with the Investec RCF or any other receivables financing from time to time; and

 

		(7)	any other undertakings, property and assets which are expressed not to constitute Collateral, or are otherwise
released from the Collateral from time to time, pursuant to the terms of the Intercreditor Agreement and/or the Security Documents,

 

(each
of the foregoing sub-paragraphs ‎(1) to ‎(7) constituting
 “Excluded Property”).

 

“Commingling
Plan” has the meaning set out in Clause ‎6.2(A).

 

“Companies Act” means
the Companies Act, No. 71 of 2008 of the Republic of South Africa, together with the Companies Regulations 2011, promulgated thereunder.

 

“Completion Date”
means the first day of the calendar month immediately following the first period of four consecutive calendar months during which:

 

    10

     

    

 

		(A)	the aggregate volume of ore recovered from and milled at the Project Real Property is equal to or greater
than 210,000 tonnes in each such calendar month; and

 

		(B)	average PGM (4E) recoveries from ore recovered from and milled at the Project Real Property during such
four calendar month period are in excess of 76.6%.

 

“Completion Longstop Date”
means 30 November 2032, or such other date as the Seller and Purchaser may agree in writing.

 

“Confidential
Information” has the meaning set out in Clause ‎6.14(A).

 

“Consolidation
Order” has the meaning given to it in Clause ‎15.1(C).

 

“Contract” means
any agreement, contract, lease, licence or mineral claim, and includes, without limitation, (A) any unilateral instrument such as
a mortgage, deed of trust, debenture, note or indenture, provided the same creates a legally valid and binding contractual obligation
of the Seller Group Member thereunder, enforceable by the grantee in accordance with its terms and (B) any agreements, contracts,
licences, servitudes, easements or mineral claims.

 

“Control” means,
without limiting the generality of the term, in relation to a Person the ability of another Person(s), directly or indirectly, to ensure
that the activities and business of the first mentioned Person(s) are conducted in accordance with the wishes of the latter Person(s),
and the latter Person(s) shall be deemed to so control the Person if the latter Person(s) owns, directly or indirectly, the
majority of the voting rights in the Person and/or through shareholding (or other ownership interest) or otherwise, controls the composition
of the board of directors of the Person (or where none is applicable, the management of such Person), and “Controlling”,
 “Controlled”, “Controlled by” and “under common Control with” shall be construed
accordingly.

 

“Counter-Indemnity
Agreement” means the counter indemnity agreement entered into or to be entered into between the MineCos, the Seller, the relevant
Guarantors, the Intercreditor Agent and the Security SPV on or about the date of this Agreement (and acceded to from time to time).

 

“Current Assets”
means the aggregate of all inventory, work in progress, trade and other receivables of the ProjectCo including prepayments in relation
to operating items and sundry debtors (but excluding cash and cash equivalents) expected to be realised within twelve months from the
date of computation but excluding amounts in respect of (1) receivables in relation to Tax, (2) Exceptional Items and other
non-operating items, and (3) insurance claims.

 

“Current Liabilities”
means the aggregate of all liabilities (including trade creditors, accruals and provisions) of the ProjectCo expected to be settled within
twelve months from the date of computation but excluding amounts in respect of (1) liabilities for DSCR Debt and Forward Finance
Charges, (2) liabilities for Tax, (3) Exceptional Items and other non-operating items and (4) insurance claims.

 

“Data
Room” means the electronic data room codenamed “[***]” hosted by the “Caplinked” service containing
copies of documents and certain other information relating to the Project as of the date of this Agreement, as listed on the index set
out in ‎‎Schedule 6.

 

    11

     

    

 

“Debt” means any
indebtedness for or in respect of:

 

		(A)	moneys borrowed or otherwise owed;

 

		(B)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;

 

		(C)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan
stock or any similar instrument;

 

		(D)	the amount of any liability in respect of any Finance Lease;

 

		(E)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse
basis);

 

		(F)	any amount raised under any other transaction (including any forward sale or purchase agreement) of a
type not referred to in any other paragraph of this definition having the commercial effect of a borrowing;

 

		(G)	any derivative transaction entered into in connection with protection against or benefit from fluctuation
in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual
amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account);

 

		(H)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter
of credit or any other instrument issued by a bank or financial institution; and

 

		(I)	the amount of any liability in respect of any
guarantee or indemnity for any of the items referred to in paragraphs ‎(A) to
‎(H).

 

“Delivery”
means, in respect of a delivery of Refined Platinum pursuant to the Stream
Minerals-Equivalent Platinum Stream, such applicable amount of Refined Platinum that has been or, as applicable, is to be credited to
the relevant designated metal account of the Purchaser (or deemed to have been so credited) further to Clause ‎11.2(B) made
at the Delivery Time on the Delivery Date, in the required manner in accordance with this Agreement; and “Delivered” shall
be construed accordingly.

 

“Delivery
Date” means the date the Refined Platinum pursuant to the Stream
Minerals-Equivalent Platinum Stream is credited or due to be credited to the relevant designated metal account of the Purchaser in accordance
with Clause ‎2.3.

 

“Delivery
Time” means, in respect of a Delivery, at the time the Refined Platinum is credited to the relevant designated metal account
of the Purchaser in accordance with Clause ‎2.3 and pursuant
to the Stream Minerals-Equivalent Platinum Stream.

 

    12

     

    

 

“Designated Metal Percentage”
means:

 

		(A)	in respect of Produced Rhodium, the Rhodium Designated Metal Percentage; and

 

		(B)	in respect of Produced Chromite, Produced Iridium and Produced Ruthenium:

 

		(1)	in respect of any Minerals contained in ore extracted from the Mining Area from above the depth of seven
hundred metres (700m) from the surface:

 

		(a)	until 1,765,227 ounces
(in aggregate) of Produced Rhodium, Produced Ruthenium and / or Produced Iridium have been produced from the Mining Area since the Closing
Date and the corresponding amounts of Refined Platinum have been Delivered to the Purchaser in accordance with Clause ‎2:

 

		(1)	4.15%; or

 

		(2)	if Buyback Completion has occurred,
2.075%; and

 

	 	(b)	after 1,765,227 ounces (in aggregate) of Produced Rhodium, Produced Ruthenium and / or Produced Iridium have been produced from the Mining Area since the Closing Date and the corresponding amounts of Refined Platinum have been Delivered to the Purchaser in accordance with Clause ‎2:

 

		(1)	1.0375%; or

 

	 	(2)	if Buyback Completion has occurred, 0.51875%; or

 

		(2)	in respect of any Minerals contained in ore extracted from the Mining Area from below the depth of seven
hundred metres (700m) from the surface:

 

	 	(a)	until 1,765,227 ounces (in aggregate) of Produced Rhodium, Produced Ruthenium and / or Produced Iridium have been produced from the Mining Area since the Closing Date and the corresponding amounts of Refined Platinum have been Delivered to the Purchaser in accordance with Clause ‎2:

 

		(1)	4.15%; or

 

		(2)	if Buyback Completion has occurred, 2.075%; and

 

	 	(b)	after 1,765,227 ounces (in aggregate) of Produced Rhodium, Produced Ruthenium and / or Produced Iridium have been produced from the Mining Area since the Closing Date and the corresponding amounts of Refined Platinum have been Delivered to the Purchaser in accordance with Clause ‎2:

 

		(1)	0.51875%; or

 

		(2)	if Buyback Completion has occurred, 0.259375%,

 

provided that, if the Completion Date
has not occurred on or before the Completion Longstop Date, each of the above percentages shall be multiplied by 1.2 for the period from
the Completion Longstop Date until the Completion Date.
 

    13

     

    

 

“Disclosure Letter”
means the disclosure letter delivered by the Seller to the Purchaser concurrently with the execution of this Agreement.

 

“Dispute” means any
dispute, controversy or claim arising out of or in connection with this Agreement including any question regarding its existence, validity
or termination or any non-contractual obligation arising out of or in connection with this Agreement.

 

“DMRE” means the
South African Department of Mineral Resources and Energy.

 

“DSCR Debt” means
Debt, other than any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate
or price, calculated in accordance with Good Industry Practice.

 

“EA” means the environmental
management programme approved by the DMRE for the Mining Right (i) in respect of the PPM Mining Right on 14 February 2008; and
(ii) in respect of the IBMR Mining Right, on 20 June 2008, as may be amplified and/or amended from time to time, (it being recorded
for the avoidance of doubt that the Richtrau Mining Right does not have an environmental management programme).

 

“Early Termination Amount”
means an amount equal to:

 

		(A)	the greater of:

 

		(1)	an amount equal to the NPV of the Remaining Stream; and

 

		(2)	an amount equal to the Uncredited Balance PLUS the aggregate amount (which may not be less than zero)
that would need to be paid to the Purchaser to yield, after taking into account the timing of the Prepayment Amounts, and the timing of
the payments and deliveries in respect of Refined Platinum pursuant to the Stream Minerals-Equivalent Platinum Stream under this Agreement
and the value of such Refined Platinum, and any Buyback Fee paid, an internal rate of return of 14% on the Prepayment Amounts,

 

provided, in each case, that such calculation
shall be made as of the date of the Termination Notice,

 

LESS

 

		(B)	any Losses already finally and irrevocably recovered (without any right of appeal in respect thereof)
under Clause  ‎10.2(A)(2) in respect of any and all Project Entity Events of Default continuing at the point of termination.

 

A sample calculation is attached at Schedule 10 for illustrative purposes
only and in the event of any conflict or inconsistency between such calculation and the above definition then the above definition shall
take precedence.

 

“EBITDA” means, in
respect of any Forward DSCR Test Period or Historic DSCR Test Period (as applicable), the earnings of the ProjectCo before interest, depreciation,
amortisation and taxation (and calculated in accordance with Good Industry Practice).

 

“Eligible Transferee”
means a Person who is:

 

		(A)	not a Sanctioned Person and who is in compliance with Anti-Corruption Laws and Anti-Money Laundering Laws
(as if such Person was subject to all Anti-Corruption Laws or Anti-Money Laundering Laws) and has sufficient financial resources and technical
and operational capability to continue the development and operation of the Project in a manner that provides reasonable assurance that
the Project will be developed and operated in a commercially reasonable manner and in accordance with the Stream Documents, all Applicable
Laws and Project Authorizations and otherwise in accordance with this Agreement and, until the Completion Date has been achieved, so as
to achieve the Completion Date; or

 

		(B)	is not a Sanctioned Person and who is in compliance
with Anti-Corruption Laws and Anti-Money Laundering Laws (as if such Person was subject to all Anti-Corruption Laws or Anti-Money Laundering
Laws) and whose obligations are fully and unconditionally guaranteed by a Person meeting the conditions in paragraph ‎(A) above
pursuant to an instrument in writing executed and delivered by such Person in favour of the Purchaser (in form and substance satisfactory
to the Purchaser, acting reasonably).

 

    14

     

    

 

“Encumbrance” means
any charge, mortgage, lien, power of sale, hypothecation, usufruct, retention of title, cession in security, assignment, notarial bond,
encumbrance, pledge, or any other security interest or other agreement having the effect of security for the payment of any debt, liability
or obligation, and “Encumbrances” and “Encumbered” shall have corresponding meanings.

 

“Engen Agreement”
means the diesel sale and purchase agreement entered into between Engen Petroleum Limited as the supplier and ProjectCo as the purchaser,
dated on or about 16 March 2021, in terms of which, inter alia, Engen Petroleum Limited undertakes to sell to ProjectCo and
ProjectCo agrees to purchase all of its requirements for 50 ppm low-sulphur grade diesel.

 

“Environment” means
the environment as defined in section 1 of NEMA and the term “Environmental” and other cognate terms shall be construed
accordingly.

 

“Environmental Authority”
means any legal Person or body of Persons (including any Governmental Body or court or tribunal) having jurisdiction to determine any
matter arising under Environmental Laws and/or relating to the Environment.

 

“Environmental Claim”
means any claim, litigation, arbitral proceeding, administrative proceeding, compliance notice or directive, other formal notice or investigation
by any Person or Governmental Body in respect of any Environmental Law or any authorisation from any Environmental Authority held (or
required to be held) under applicable Environmental Law.

 

“Environmental Laws”
means all Applicable Laws (including but not limited to the National Water Act, 1998, the National Environmental Management Act, 1998,
the Environment Conservation Act, 1989, the National Environmental Management: Air Quality Act, 2004, the National Environmental Management:
Biodiversity Act, 2004, the National Environmental Management: Waste Act, 2008, and the constitutional right to an environment that is
not harmful to health or wellbeing) which may include general remedies under the common law or civil code, national or provincial statutes,
regulations, statutory guidance notes and binding court and other tribunal decisions whose purpose is (A) to protect, or prevent
pollution of, or to remedy damage to, the environment, (B) to protect or prevent or compensate harm to human health and safety, (C) to
regulate emissions, discharges or releases of hazardous substances into the environment, or (D) to regulate the use, treatment, storage,
burial, disposal, transport or handling of hazardous substances. This includes all municipal by-laws, codes, regulations, decrees or orders
issued or promulgated or approved thereunder for such purposes to the extent that the same have force of law.

 

“Environmental
and Social Action Plan” means an environmental and social action plan as provided for in Performance Standard 1 of the IFC Performance
Standards (as amended, supplemented or replaced, in whole or in part, from time to time) as required further to Clause ‎6.10
(and for avoidance doubt, this will include contents of the social and labour plans that are approved for the Mining Right).

 

    15

     

    

 

“Equator Principles”
means that set of principles entitled "The Equator Principles – A financial industry benchmark for determining, assessing and
managing environmental and social risk in projects", dated July 2020 and available as at the date of this Agreement at: https://equator-principles.com/wp-content/uploads/2021/02/The-Equator-Principles-July-2020.pdf.

 

“Eskom Agreement”
means the electricity supply agreement for certain of ProjectCo’s open cast operations located on Tuschenkmost Farm 135 JP, North
of Pilanesberg, Rustenberg between Eskom Holdings Limited as the supplier and ProjectCo as the customer, dated on or about 3 December 2020.

 

“Exceptional Items”
means any exceptional, one off, non-recurring or extraordinary items.

 

“Exchange Control”
means the Financial Surveillance Department of the South African Reserve Bank responsible for the administration of exchange control on
behalf of the Minister of Finance or an officer of Treasury who, by virtue of the division of work in Treasury, deals with the matter
on the authority of the Minister of Finance.

 

“Exchange Control Regulations”
means the South African Exchange Control Regulations, 1961, as amended (including any applicable directive and rulings of Exchange Control
and National Treasury of South Africa).

 

“Excluded Areas”
means:

 

		(A)	the Kruidfontein Area;

 

		(B)	Portion 5 of the farm Ruighoek 169 J.P;

 

		(C)	Portion 171 of the farm Wildebeeslaagte 411; and

 

		(D)	Portion 2 of the farm Tusschenkomst 241.

 

“Excluded Rights”
means:

 

		(A)	any mining and/or prospecting rights in respect of the Excluded Areas, including for the avoidance of
doubt the mining right application lodged by C and L Mining Resources (Pty) Ltd on 9 May 2017 with the DMRE, and allocated with DMRE
reference number NW 30/5/1/2/2/10120 MR;

 

		(B)	any other mining and/or prospecting right(s) in respect of areas outside of the Mining Areas; and

 

		(C)	such other mining and/or prospecting right(s) as the Purchaser and a MineCo may agree in writing
from time to time.

 

“Excluded Tailings”
means all Tailings other than the Hot Tailings.

 

“Excluded
Taxes” has the meaning set out in Clause ‎‎12.1(D).

 

    16

     

    

 

“Existing
Tailings Facility” means the tailings storage facility approved in terms of the original environmental management programme
for the PPM Mining Right (with DMRE reference number: [***], as approved
by the DMRE on 14 February 2008, and existing as at the date of this Agreement, identified in the map set out in ‎‎Schedule
5, marked in the colour blue.

 

“Existing Stream Agreements”
means this Agreement, the Palladium and Gold Stream and the Platinum Stream.

 

“Existing Stream Obligations”
means the aggregate of the “Stream Obligations” as defined in each of the Existing Stream Agreements.

 

“Expert”
means an expert appointed in accordance with Clause ‎15.3.

 

“Expert
Dispute” has the meaning given in Clause ‎15.3.

 

“Final
Assay” means, in respect of a Lot, an assay of type and quantity of Minerals, including Produced Stream
Minerals, carried out for the purposes of final invoicing and payment further to the relevant Offtake Agreement, such assay to be carried
out in accordance with Clause ‎2.9.

 

“Finance Lease” means
any lease or hire purchase contract, a liability under which would, in accordance with IFRS, be treated as a balance sheet liability (other
than lease or hire purchase contract which would, in accordance with IFRS in force prior to 1 January 2019, have been treated as
an operating lease).

 

“Fixed Platinum Price”
means, per ounce, 20% of the Platinum Market Price.

 

“Forward DSCR” means
the ratio of Projected Cashflow to Projected Debt Service.

 

“Forward DSCR Test Period”
means the period from the first day of the fiscal quarter falling after the date of the relevant test up to and including the earlier
of the (i) the forecast Security Release Date and (ii) the latest maturity date of any then-existing Senior Financing.

 

“Forward Finance Charges”
means, for any Forward DSCR Test Period, the aggregate amount of interest, commission, fees, discounts, prepayment fees, premium or charges
in respect of DSCR Debt payable by the ProjectCo in cash or capitalised in respect of that Forward DSCR Test Period:

 

		(A)	excluding any upfront fees or costs;

 

		(B)	including the interest (but not capital) element of payments in respect of Finance Leases;

 

		(C)	including any commission, fees, discounts and other finance payments payable by (and deducting any such
amounts payable to) the ProjectCo under any interest rate hedging arrangement;

 

		(D)	taking no account of any unrealised gains or losses on any financial instruments;

 

		(E)	excluding any capitalised interest,

 

    17

     

    

 

and so that no amount shall be added
(or deducted) more than once (and calculated using Good Industry Practice).

 

“General
Guaranteed Obligations” has the meaning given to it in Clause ‎8.1(B).

 

“Global Industry Standard
on Tailings Management” means the “Global Industry Standard
on Tailings Management” as endorsed by the International Council on Mining and Metals and any implementation protocols (each as
updated, expanded or replaced in whole or in part from time to time).

 

“Global
Tailings Portal” means the “Global Tailings Portal” for the reporting of data on Tailings facilities which as at
the date of this Agreement is supported by the Investor Mining and Tailings Safety Initiative and the UN Environment Programme.

 

“Good Industry Practice”
means, in relation to any decision, undertaking, work activity or work product, the exercise of a degree of diligence, skill, care and
prudence (including, where applicable, factoring in appropriate assumptions and estimates) which would reasonably be expected to be observed
by skilled and experienced professionals:

 

		(A)	in the international or South African mining industry (whichever is higher) engaged in the same type of
undertaking under the same or similar circumstances; or

 

		(B)	in the international financial reporting and accounting services
industry,

 

(as applicable).

 

“Governmental Body”
means any domestic or foreign federal, provincial, regional, state, municipal or other government, governmental department, agency, authority
or body (whether administrative, legislative, executive or otherwise), court, tribunal, commission or commissioner, bureau, minister or
ministry, board or agency, or other regulatory authority having jurisdiction with respect to any specified Person, including any securities
regulatory authorities or stock exchange, or any quasi-governmental or private body exercising regulatory or other governmental or quasi-government
authority or function.

 

“Guarantee” means,
with respect to any Guarantor, any direct or indirect liability, contingent or otherwise, of such Guarantor with respect to any indebtedness,
letter of credit, lease, dividend or other obligation of another, including any such obligation directly or indirectly guaranteed, endorsed
(otherwise than for collection or deposit in the ordinary course of business) or discounted or sold with recourse by such Person, or in
respect of which such Person is otherwise directly or indirectly liable, including any such obligation in effect guaranteed by such Person
through any agreement (contingent or otherwise) to purchase, repurchase or otherwise acquire such obligation or any security therefor,
or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital
contributions or otherwise), or to maintain the solvency or any balance sheet or other financial condition of the obligor of such obligation
(including keep-well covenants), or to make payment for any products, materials or supplies or for any transportation or services regardless
of the non-delivery or non-furnishing thereof, in any such case if the purpose or intent of such agreement is to provide assurance that
such obligation will be paid or discharged, or that any agreements relating thereto will be complied with, or that the lender of such
obligation will be protected against loss in respect thereof. The amount of any guarantee shall be equal to the outstanding principal
amount of the obligation guaranteed or such lesser amount to which the maximum exposure of any Guarantor shall have been specifically
limited.

 

    18

     

    

 

“Guaranteed
Obligations” has the meaning given to it in Clause ‎8.1(B).

 

“Guarantor” means
any of the Initial Guarantors and any Additional Guarantors.

 

“Health and Safety Laws”
means all laws (common and statutory) (including but not limited to the Occupational Health and Safety Act, No. 85 of 1993 and the
Mine Health and Safety Act, No. 29 of 1996, national and provincial statutory instruments, local government by-laws relating to the
health and safety of employees and those affected by operations of the Seller Group Member, government notices regulations, orders, or
judgements of any court, administrative or regulatory authorities, national government, provincial government, local government or any
other body with responsibility for the protection of the health and safety of employees of the Seller Group Members and those affected
by operations of the Seller Group Member).

 

“Hedging Transaction”
means any transaction which is (A) a rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option,
equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, forward commodity transaction,
credit derivative transaction, repurchase or reverse repurchase transaction, securities lending transaction, cap transaction, floor transaction,
collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any similar transaction (including
any option with respect to any of these transactions) or (B) any combination of these transactions.

 

“Historic Cashflow”
means, in respect of any Historic DSCR Test Period, actual EBITDA for that Historic DSCR Test Period after:

 

		(A)	adding the amount of any actual decrease (and deducting the amount of any actual increase) in Working
Capital for that Historic DSCR Test Period;

 

		(B)	adding the amount of any actual final cash receipts during that Historic DSCR Test Period in respect of
any Tax rebates or credits and deducting the amount actually due and payable in respect of Taxes during that Historic DSCR Test Period
by the ProjectCo;

 

		(C)	adding the amount of any dividends, repayments actually received in cash in respect of any loans where
the ProjectCo is lender or other profit distributions actually received in cash by the ProjectCo during the Historic DSCR Test Period;

 

		(D)	adding the amount of any increase in provisions, other non-cash debits and other non-cash charges (which
are not Current Assets or Current Liabilities) and deducting the amount of any non-cash credits (which are not Current Assets or Current
Liabilities) in each case to the extent taken into account in establishing EBITDA;

 

		(E)	adding the amount of any cash receipts (and deducting the amount of any cash payments) during that Historic
DSCR Test Period in respect of any Exceptional Items not already taken account of in calculating EBITDA for any Historic DSCR Test Period,

 

    19

     

    

 

and so that no amount shall be added
(or deducted) more than once (and calculated in accordance with Good Industry Practice).

 

“Historic Debt Service”
means, in respect of any Historic DSCR Test Period, the aggregate of:

 

		(A)	Historic Finance Charges for that Historic DSCR Test Period;

 

		(B)	all scheduled and mandatory repayments in respect of DSCR Debt falling due during that Historic DSCR Test
Period but excluding:

 

		(1)	any amounts falling due under any overdraft or revolving facility or trade receivables facility and which
were available for simultaneous redrawing according to the terms of that facility;

 

		(2)	any balloon or bullet repayments on a final maturity date in respect of a Senior Financing which was refinanced
by another Senior Financing;

 

		(3)	any payments or repayments made by way of set-off in respect of the Seller Loan Agreement (and any “Seller
Loan Agreement” pursuant to, and as defined in, any Existing Stream Agreements); and

 

		(4)	any Permitted Restricted Payment that is effected by way of the repayment of Debt; and

 

		(C)	the amount of the capital element of any payments in respect of that Historic DSCR Test Period payable
under any Finance Leases entered into by ProjectCo,

 

and so that no amount shall be included
more than once (and calculated in accordance with Good Industry Practice).

 

“Historic DSCR” means
the ratio of Historic Cashflow to Historic Debt Service.

 

“Historic DSCR Test Period”
means the period of twelve months preceding the last day of the most recent complete fiscal quarter preceding the relevant test date.

 

“Historic Finance Charges”
means, for any Historic DSCR Test Period, the aggregate amount of interest, commission, fees, discounts, prepayment fees, premium or charges
in respect of DSCR Debt paid or payable by the ProjectCo in cash or capitalised in respect of that Historic DSCR Test Period:

 

		(A)	excluding any upfront fees or costs;

 

		(B)	including the interest (but not capital) element of payments in respect of Finance Leases;

 

    20

     

    

 

		(C)	including any commission, fees, discounts and other finance payments payable by (and deducting any such
amounts payable to) the ProjectCo under any interest rate hedging arrangement;

 

		(D)	taking no account of any unrealised gains or losses on any financial instruments;

 

		(E)	excluding any capitalised interest,

 

and so that no amount shall be added
(or deducted) more than once (and calculated in accordance with Good Industry Practice).

 

“Hot Tailings” means
Tailings mined, produced, extracted or otherwise recovered from or pursuant to the Project Real Property on or after the date of first
Delivery of Refined Platinum under this Agreement, (but excluding at all times any Tailings that are deposited in the Existing Tailings
Facility).

 

“IBMR MineCo” means
Itereleng Bakgatla Minerals Resources (Pty) Ltd., registered in South Africa as company number 2003/003721/07 and having its registered
office at Unit FF04 First Floor, Block C, Southdowns Office Park, corner of John Vorster Drive and Karee Road, Irene Ext 54, Gauteng,
0157.

 

“IBMR
Mining Right” means the new order mining right (DMR Ref: LP30/5/1/2/2/333MR) granted to IBMR MineCo in terms of section 23
of the MPRDA to mine platinum, palladium, rhodium, iridium, ruthenium, osmium, gold, copper, nickel, cobalt, and chrome on the farm Wilgespruit
2 JQ; a portion of portion 1 of the farm Rooderand 46 JQ; the farm A portion of the farm Legkraal 45JQ and a portion of the farm Koedoesfontein
42JQ, situated in the magisterial district of Mankwe in the North West Province, registered on 27 August 2008 in the Mining Titles
Office under MPT No. 50/2008, and which mining right was ceded to ProjectCo by virtue of a notarial deed of cession executed on 27
November 2020 and which deed of cession was registered at the Mining Titles Office on 29 March 2022.

 

“IFC Performance Standards”
means the International Finance Corporation’s Environmental and Social Performance Standards, contained in the English text 2012
edition of the International Finance Corporation’s Sustainability Framework, as amended, supplemented or replaced, in whole or in
part, from time to time.

 

“IFRS” means the
International Financial Reporting Standards formulated by the International Accounting Standards Board for the preparation of financial
statements, together with any authoritative interpretations issued by the International Financial Reporting Interpretations Committee,
in each case as updated and amended from time to time.

 

“Impala Offtake Agreement”
means the offtake agreement for the treatment and sale of metal between ProjectCo, as the seller, and Impala Platinum Limited, as the
purchaser, dated 23 August 2018, in terms of which, inter alia, Impala Platinum Limited agrees to purchase, and ProjectCo
agrees to sell on an exclusive basis to Impala Platinum Limited, the relevant processed platinum group metals and base metals as derived
from all ore mined at the Pilanesberg Platinum Mine.

 

    21

     

    

 

“Independent Consultant”
means an internationally recognized environmental and social consulting firm which has an office in South Africa and is utilising South
African based personnel appointed by the ProjectCo (following consultation with the Purchaser) at the ProjectCo’s cost.

 

“Independent Consultant (Purchaser)”
means an internationally recognized environmental and social consulting firm which has an office in South Africa and is utilising South
African based personnel appointed by the Purchaser at the Seller’s cost.

 

“Independent Engineer”
means an internationally recognized mine engineering firm which has an office in South Africa and is utilising South African based personnel
appointed by the Purchaser at the Seller’s cost.

 

“Initial Guarantor”
means each MineCo, the Initial Parent, Clidet, Orkid and PIC.

 

“Intercreditor Agent”
means the person designated as the “Intercreditor Agent” pursuant to the terms of the Intercreditor Agreement from time to
time.

 

“Intercreditor Agreement”
means an intercreditor agreement between, inter alios, the Seller, the Intercreditor Agent, each Purchaser, the Security SPV, the MineCos,
the Initial Parent, Clidet, Orkid, PIC and any financiers under a Senior Financing.

 

“Investec RCF” means
the revolving commodity financing facility agreement entered into on or about 26 June 2013 between, amongst others, the ProjectCo
(as borrower) and Investec Bank Limited.

 

“Investment” means,
with respect to any Person, the making by such Person of (A) any direct or indirect investment in or purchase or other acquisition
of the securities of or an equity interest in any other Person, (B) any loan or advance to, or arrangement for the purpose of providing
funds or credit to (excluding extensions of trade credit in the ordinary course of business in accordance with customary commercial terms),
any other Person, or (C) any capital contribution to (whether by means of a transfer of cash or other property or any payment for
property or services for the account or use of) any other Person; provided that, for greater certainty, an Acquisition shall not be treated
as an Investment.

 

“JORC Code” means
the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, promulgated by the Joint Ore Reserves
Committee, 2012 Edition, as amended and/or supplemented from time to time.

 

“Kell and East Limb Companies”
means Kelltech Limited, Kelltechnology South Africa (RF) (Pty) Ltd, Kellplant (Pty) Ltd, Platmin South Africa (Pty) Ltd, Mahube Mining
(Pty) Ltd, Tameng Mining and Exploration (Pty) Ltd, Intrax Investments 255 (Pty) Ltd, Newshelf 1101 (Pty) Ltd, Taung Platinum Exploration
(Pty) Ltd, Born Free Investments 144 (Pty) Ltd, Private Preview Investments 39 (Pty) Ltd, Dream World Investments 226 (Pty) Ltd and Defacto
Investments 275 (Pty) Ltd.

 

“Kellplant” means
a proposed integrated processing plant to be designed, constructed, commissioned and developed by or on behalf of Kellplant (Pty) Ltd
that utilises proprietary hydrometallurgical processes to (i) recover platinum group metals and base metals from a platinum group
metal concentrate; and (ii) produce platinum metal compounds.

 

    22

     

    

 

“Kellplant Property”
means any interest of the ProjectCo in Kellplant (including, without limitation, any leasehold or ownership interest, any royalties or
licences in connection with its operation of Kellplant and offtake agreements concluded in respect of the same).

 

“Key Transaction Documents”
means, collectively, the Stream Documents, the Seller Loan Agreement and the Seller Offtake Agreement.

 

“Kruidfontein Area”
means the farm Kruidfontein 40 JQ, remainder and portions 1 and 2 of the farm Middelkuil 8 JQ, remainder and portion 1 and 2 of the farm
Modderkuil 39 JQ situated in the Rustenburg magisterial district.

 

“LBMA” means the
London Bullion Market Association.

 

“Leased
Properties” means those properties listed in ‎Schedule 2
(Leased Properties).

 

“Legal Proceedings”
means any judicial, administrative or arbitral actions, suits, investigations, or proceedings (public or private), including any by or
before a Governmental Body (including, without limitation, any supra-national, national, state, municipal or local government, any tribunal
or any quasi-governmental or private body exercising any regulatory, Tax, importing or other Governmental Body).

 

“Licence” means any
authorization, approval, consent, concession, exemption, licence, lease, grant, permit, franchise, right, privilege or no-action letter
from any Governmental Body having jurisdiction with respect to any specified person, property, transaction or event, or with respect to
any of such Person’s property or business and affairs (including any zoning approval, mining permit, development permit or building
permit) or from any Person in connection with any easements, contractual rights or other matters.

 

“Liquidity” means
the aggregate of:

 

		(A)	amounts standing to the credit of bank accounts of the Project Entities or any MineCo which are available
for withdrawal and application to pay Project Costs;

 

		(B)	Cash Equivalent Investments; and

 

		(C)	amounts committed (with financial close having occurred in respect of all such debt funding) and available
in relation to Project Costs subject only to customary conditions for utilisation under any Permitted Debt and Obligations relating to
the submission of a utilisation request, absence of events of default and giving of repeating representations (in each case howsoever
defined) (and in calculating this any amounts that are not committed or available, or would not be committed or available immediately
following the relevant Restricted Payment being made, due to any default or equivalent under any such Permitted Debt and Obligations,
or which would not be required to be disbursed on a date which such Liquidity is determined, or immediately following the relevant Restricted
Payment being made, due to any such customary conditions not being capable of being satisfied at such time, will be disregarded) LESS
any amounts that would be deducted from or set-off against such committed amounts if utilised (including fees, administrative costs, foreign
exchange costs and bank transfer costs).

 

    23

     

    

 

“Loss”
or “Losses” means any loss of whatever description including, but not limited to, damages, dues, penalties, fines,
costs, reasonable amounts paid in settlement, liabilities (including contingent liabilities), Taxes, compensation (including compensation
paid or payable to any employee), expenses and fees (including reasonable fees and expenses of attorneys, counsel, accountants, consultants
and experts arising out of actions, applications, suits, proceedings, hearings, investigations, charges, complaints, claims, demands,
interdicts, judgements, orders (including for specific performance), decrees, directives, rulings, liens and obligations), in each case,
excluding all indirect and consequential loss and exemplary and punitive damages (except to the extent such losses or damages are claimed
by or awarded to a Person in connection with whom an Indemnified Party makes a claim further to Clause ‎13.1).

 

“Lot” means the applicable
quantity of each shipment of Minerals to an Offtaker pursuant to an Offtake Agreement.

 

“LPPM” means London
Platinum and Palladium Market.

 

“Magalies Water Agreement”
means the water supply agreement for mining purposes between Magalies Water (mandated in terms of Section 29 of the Water Services
Act, Act No 108 of 1997) as the supplier and Platmin South Africa Proprietary Limited as the customer, dated on or about 5 September 2016.

 

“Main
Plant” means the treatment plant(s) (concentrator(s)) used to extract PGM (4E)’s and other Stream Minerals
from the Silicate (Merensky Type Ore) and UG2 ore.

 

“Management Services Agreement”
means the management services agreement dated 19 November 2021 between, among others, the Seller and the MineCos.

 

“Material Adverse Effect”
means any effect that, when taken individually or together with all other events, occurrences, changes or effects, materially limits,
restricts or impairs:

 

		(A)	the operations, results of operations, business, affairs, properties, assets, liabilities and obligations
(contingent or otherwise), capitalization or condition (financial or otherwise) of any Seller Group Members and MineCos (taken as a whole);

 

		(B)	the Project or the Mining Areas, including (1) the ability of a Project Entity or any MineCo to develop
or operate the Project substantially in accordance with the Mine Plan in effect at the time of the occurrence of the relevant change,
event, occurrence, circumstance, fact or effect, or (2) any significant decrease to expected chromite, iridium, rhodium or ruthenium
production from the Project based on the Mine Plan (including the Output Summary) in effect at the time of the occurrence of such change,
event, occurrence, circumstance, fact or effect;

 

		(C)	the ability of any Seller Group Member to perform any of its material obligations under any Key Transaction
Document to which it is a party, or perform its obligations (unless such obligations can be and/or are in fact performed on behalf of
such Seller Group Member by another Seller Group Member);

 

    24

     

    

 

		(D)	the validity or enforceability of any of, or the effectiveness or ranking of any Security granted or purporting
to be granted pursuant to any of, the Key Transaction Documents; or

 

		(E)	the rights and remedies of the Purchaser (taken as a whole) under any of the Stream Documents.

 

“Material Contracts”
means:

 

		(A)	the
Contracts identified in ‎‎Appendix 2 to ‎‎Schedule
3 as the same may be amended, revised or supplemented from time to time in accordance with the terms of this Agreement and the Applicable
Laws; and

 

		(B)	any other Contract (other than Stream Documents and other Key Transaction Documents) in connection with
the Project to which a Seller Group Member is a party either:

 

		(1)	involving aggregate (x) future
expenditure of [***] or more or (y) revenue of [***] or
more, in each case in any calendar year;

 

		(2)	the loss or termination of which could reasonably be expected to result in a Material Adverse Effect;

 

		(3)	relating to the ownership, lease or use of all or an integral part of the Project or the Project Property;
or

 

		(4)	relating to access to and use of the Tailing Facilities or any other Tailings storage facility.

 

“Material
Project Authorization” means any Project Authorization, the breach, loss or termination of which is material to either (i) the
development of the Project, (ii) the commencement and ongoing operation of commercial production of the Project or (iii) the
achievement of the Completion Date, in each case in accordance with the then-current Mine Plan (which for the avoidance of doubt,
in the case of (i) and (ii) shall at all times include all Mining Rights).

 

“Material
Real Property” has the meaning set out in Clause ‎8.11,
subject to the caveats therein.

 

“Mine Plan” means:

 

		(A)	the development or mine plan, as applicable, for the Project (covering, collectively, all open pit and
all underground elements) as approved by the Board and each MineCo and the DMRE where required; and

 

		(B)	the information contained in the Output Summary which is derived from the information in (A) above
and is applied to the forecasts of ore production contained in (A) above in order to produce forecasts of Produced Stream Minerals
from the Project,

 

    25

     

    

 

as each of (A) and (B) above
may be amended revised, supplemented or replaced from time to time in accordance with the terms of this Agreement and the Applicable Laws.
As at the date hereof, the plan referred to in (A) above is the mine plan uploaded to the Data Room on 28 January 2022 with,
as of the date of this Agreement, index reference 5.6.3.0.1.

 

“MineCo Cession in Security”
means the cession in security agreement between the Intercreditor Agent, the Security SPV, Magazynskraal MineCo, ProjectCo and the
Seller in terms of which each of the ProjectCo, Magazynskraal MineCo and the Seller cedes in securitatem debiti the rights in and
to certain of its assets listed therein in accordance with the terms of that agreement (including inter alia onshore bank accounts, claims
and receivables, insurance proceeds, cash and cash equivalents, certain Offtake Agreements and in respect of the Seller, the Seller Proceeds
Account and amounts standing to the credit thereof).

 

“MineCos” means the
ProjectCo and Magazynskraal MineCo, and “MineCo” shall mean either of them, provided that, following the MineCo Release
Event in respect of Magazynskraal MineCo, Magazynskraal MineCo shall cease to be a MineCo for the purposes of the Stream Documents.

 

“MineCo Release Event”
means:

 

		(A)	in the case of the guarantee provided by Clidet and the pledge by PIC under the Obligor Cession and Pledge
in Security of its shares held in Clidet, the date upon which each of the following has occurred: (i) the Minister of Mineral Resources
grants consent in terms of section 102 of MPRDA to extend the area covered by the IBMR Mining Right (or, if applicable, the PPM Mining
Right) to incorporate and include the area covered by the Richtrau Mining Right; and (ii) Clidet has fully and effectively transferred
legal and beneficial title to the ProjectCo of any assets, rights and interests which are required to be pledged or otherwise Encumbered
hereunder or under any Security Document, including any Project Property; and

 

		(B)	in the case of the guarantee provided by Magazynskraal MineCo and the pledge by Clidet under the Obligor
Cession and Pledge in Security of its shares held in Magazynskraal MineCo, the date upon which each of the following has occurred: (i) the
Minister of Mineral Resources grants consent in terms of section 102 of MPRDA to extend the area covered by the IBMR Mining Right (or,
if applicable, the PPM Mining Right) to incorporate and include the area covered by the Richtrau Mining Right; and (ii) Magazynskraal
MineCo has fully and effectively transferred legal and beneficial title to the ProjectCo of any assets, rights and interests which are
required to be pledged or otherwise Encumbered hereunder or under any Security Document, including any Project Property,

 

provided that a MineCo Release Event
shall not occur in respect of Magazynskraal MineCo or Clidet until at the relevant time:

 

		(1)	all amounts then due to the Purchaser from any Seller Group Member have been irrevocably paid in full;
and

 

    26

     

    

 

		(2)	no Project Entity Event of Default (or event which with notice, determination or lapse of time or any
combination of them would become a Project Entity Event of Default) is continuing.

 

“Mineral and Petroleum Titles
Registration Office” shall bear the meaning ascribed to that term in section 1 of the MPRDA.

 

“Minerals” means
any and all marketable metal bearing material in whatever form or state that is mined, produced, extracted or otherwise recovered from
or pursuant to the Project Real Property, including ore, concentrate and doré and any other products resulting from the further
milling, processing or other beneficiation of Minerals, including any material derived from any processing or reprocessing of Hot Tailings
but excluding any material derived from any processing or reprocessing of Excluded Tailings.

 

“Mining
Areas” shall bear the meaning ascribed thereto in section 1 of the MPRDA in respect of the Mining Rights read with the
registered, executed or otherwise approved plans which are required in terms of regulation 2(2) of the MPRDA Regulations and delineated
by the yellow and green lines on the map set out in ‎‎Schedule
5, with the coordinates set out in ‎Schedule 5.

 

“Mining
Charter” means the Broad-Based Socio-Economic Empowerment Charter for the South African Mining Industry, developed in terms
of section 100 of the MPRDA, as amended from time to time.

 

“Mining Equipment”
means equipment purchased by the ProjectCo or any other Seller Group Member for the purposes of the Project.

 

“Mining Operations”
means every kind of work and activities carried out on or in respect of the Mining Rights including but without limitation, the following:

 

		(A)	the acquisition, registration and maintenance of the Mining Rights;

 

		(B)	developing, designing, constructing and equipping all mining facilities;

 

		(C)	extracting, mining, production of concentrate and associated handling and transportation of products and
Tailings and disposing of Tailings and despatching products won under authority of the Mining Rights;

 

		(D)	the construction and re-location of any roads, railway lines, telephone lines, waterways or other natural
or man-made utilities required in order to facilitate any activity conducted under authority of the Mining Rights;

 

		(E)	the restoration of the Mining Areas and all other work done after the completion of mining activities
to comply with environmental and like requirements; and

 

		(F)	ancillary activities relating to all of the foregoing,

 

in each case, excluding Non-Project
Activities.

 

    27

     

    

 

“Mining Real Property”
means all immovable properties and/or lease, surface use and/or access rights or servitudes over immovable properties, or portions of
immovable properties, within the Mining Areas which are or may be accessed, used, required and/or occupied for the purposes of the Project
(including the Leased Properties), the Mining Right, all real property interests, mineral claims, mineral leases and other mineral rights,
concessions and interests, and all surface access rights relating to the Project, in each case, to the extent required for the development
or operation of the Project.

  

“Mining Rights” means
the PPM Mining Right, the IBMR Mining Right and the Richtrau Mining Right, each as supplemented, augmented, amended or replaced from time
to time, excluding in each case any Excluded Right which may be combined with, or integrated or otherwise subsumed into, such Mining Right
from time to time and “Mining Right” shall mean any one of them.

 

“Mining Titles Office”
means the Mineral and Petroleum Titles Registration Office contemplated in section 2 of the Mining Titles Registration Act, No. 16
of 1967.

 

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

 

“National Instrument 43-101”
means National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian securities administrators or any
successor instrument, rule or policy.

 

“Non-Project
Activities” means the development, operation and management of the Kellplant (including, without limitation, any the Kellplant
Property), any other Smelter, any other Refinery or any tailings retreatment, except, in each case, to the extent required for any work
and/or activities referred to in paragraphs ‎(A)-‎(F) of
the definition of Mining Operations.

 

“Non-Project Activities Financing”
means any financing entered into in relation to Non-Project Activities provided that such financing meets the Non-Project Activities Financing
Conditions.

 

“Non-Project Activities Financing
Conditions” means:

 

		(A)	the purpose of the financing is solely to fund the Non-Project Activities;

 

		(B)	in respect of any security granted by any MineCo, the financing is secured only over the assets comprising
the Non-Project Activity; and

 

		(C)	other than in respect of any Non-Project Activities Financing provided by a Seller Group Member which
is already a party to the Intercreditor Agreement as an “Intra-Group Lender” (as defined therein), the relevant lenders in
respect of such Non-Project Activities Financing accede to the Intercreditor Agreement, or otherwise agree to such other arrangements
restricting their ability to enforce security and/or guarantees in their favour, on terms acceptable to the Purchaser (acting reasonably).

 

“Non-Project
Activities Subsidiary” means an entity whose sole purpose is to undertake a Non-Project Activity.

 

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“Northam
Offtake Agreement” means the sale of concentrate agreement between ProjectCo and Northam Platinum Limited, having contract
number ZDE_PLT003 2022, executed by ProjectCo on 20 June 2022 and executed by Northam Platinum Limited on 22 June 2022.

 

“NPV
Criteria” means a calculation by the Purchaser of net present value based on (A) the future production set forth in the
then current Mine Plan (including the Output Summary) and (B) consensus annual future prices for chromite, iridium, rhodium and ruthenium
calculated as the mean average of the most recent forecasts from each of the forecasters that contributes to the then current Duff &
Phelps consensus forecast, CRU Seller Group and (in case of PGM (4E) only) SFA (Oxford) (subject in each case to replacement further to
Clause ‎15.18).

 

“NPV of the Remaining Stream”
means the net present value of the Purchaser’s rights under this Agreement to receive Deliveries based on the NPV Criteria and applying
a discount rate of 8%, calculated on and from the date of the last Delivery immediately prior to the date of the Termination Notice.

 

“Obligor Cession and Pledge
in Security” means the cession and pledge in security between the Intercreditor Agent, the Security SPV, ProjectCo, PIC and
Clidet in terms of which each of ProjectCo, PIC and Clidet cedes in securitatem debiti the rights in and to inter alia certain
of its shares and claims listed therein in accordance with the terms of that agreement.

 

“OFAC” means The
Office of Foreign Assets Control of the US Department of the Treasury.

 

“Offtake Agreement”
means any offtake agreement entered into by the ProjectCo or any other Seller Group Member with any Person under which there is a sale
or other disposal of Minerals, but excluding an agreement for a sale to an Affiliate of the Parent or a Related Party of the Parent or
a Seller Group Member that precedes the ultimate sale of Minerals produced by the Project to a Person that is not an Affiliate of the
Parent or a Related Party of the Parent or a Seller Group Member, in which case the agreement for such ultimate sale by such Affiliate
or Related Party or a Seller Group Member to such Person shall be considered an Offtake Agreement.

 

“Offtaker”
means any Person that enters into an Offtake Agreement in respect of which a Seller Group Member, or, if applicable, an Affiliate
of the Parent or a Related Party of the Parent or a Seller Group Member, is the seller.

 

“Operation
and Production Report” means a written report prepared by or on behalf of the ProjectCo in relation to the immediately preceding
calendar month, which report shall include all material information pertaining to the construction and operation of the Project and Mining
Operations, which report shall be in the form set out in ‎‎Schedule
8 (Form of Operation and Production Report), including an excel spreadsheet for quantitative data.

 

“Order” means, in
respect of any Person, any order, directive, decree, judgment, ruling, award, injunction or direction of any Governmental Body or other
decision-making authority of competent jurisdiction which is legally binding on such Person.

 

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“Original Purchaser”
means the Purchaser as at the date of this Agreement.

 

“Other Minerals”
means any and all marketable metal bearing material in whatever form or state (including ore) that is mined, produced, extracted or otherwise
recovered from any location that is not within the Project Real Property.

 

“Other Rights” means,
to the extent not included in Licences, all licences, approvals, authorizations, consents, rights (including surface rights, access rights
and rights of way), privileges, concessions or franchises issued by or obtained from or which are or required to be issued by or obtained
from any Person not a Related Party to any Seller Group Member (other than a Governmental Body) and which are required in relation to
the Project and / or the Business.

 

“Output
Summary” means the information in the table set forth in ‎Schedule
12 (Output Summary) (as amended from time to time in accordance with this Agreement).

 

“Palladium and Gold Stream”
means the palladium and gold streaming agreement dated on or about the date of this Agreement and made between OMF Fund III (Kr) LLC as
purchaser and the Project Entities.

 

“Parent”
means Sedibelo Resources Limited or a permitted successor listed holding company pursuant to Clause ‎7.3(A)(3).

 

“Participating Member State”
means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union
relating to the European Monetary Union.

 

“Parties” means the
parties to this Agreement.

 

“Permitted Acquisition”
means an Acquisition by the ProjectCo, provided that:

 

		(A)	the capital stock, other equity interests, asset(s), line or segment of business or division acquired
in such Acquisition relates or is connected to the line of business similar to the business that the Parent or any of its Subsidiaries
is engaged in, including smelting and/or refining metal concentrate;

 

		(B)	in the case of an Acquisition of the capital stock or other equity interests of another Person, (i) the
board of directors (or other comparable governing body) of such other Person shall have duly approved such Acquisition (if required);
(ii) such Person shall become a direct or indirect Subsidiary of the ProjectCo or any such Person shall be merged into, or consolidated
or combined with any MineCo or any of their Subsidiaries in a transaction in which the ProjectCo or such Subsidiary, as the case may be,
is the surviving entity and (iii) if such Person shall become a direct or indirect Subsidiary of the ProjectCo, Security over the
shares in such Person has been granted to the Security SPV and perfected (in each case in form and substance satisfactory to the Purchaser);
and

 

    30

     

    

 

		(C)	the ProjectCo shall have delivered to the Purchaser, not less than 5 Business Days prior to the consummation
of such Acquisition, a pro forma certificate from a director or officer demonstrating that, upon giving effect to such Acquisition, the
ProjectCo (and where applicable such other Person) shall remain in compliance with each of its obligations and undertakings in this Agreement.

 

“Permitted Asset Disposition”
means, as at any particular time, a sale, transfer or other disposition:

 

		(A)	of tangible personal property that is no longer required in the conduct of the business of a Project Entity,
MineCo or Guarantor or is being replaced by tangible personal property of equal or better quality;

 

		(B)	of Minerals pursuant to this Agreement, an Offtake Agreement, the Seller Offtake Agreement or otherwise
in the ordinary course of business in compliance with the terms of this Agreement;

 

		(C)	other than in respect of Minerals, made in the ordinary course of the ProjectCo’s mining activities
or mining business;

 

		(D)	of assets in exchange for other assets comparable or superior as to type, value and quality;

 

		(E)	of shares in and/or the assets of C and L Mining and Resources (Pty) Limited;

 

		(F)	of any assets, rights or other property from Magazynskraal MineCo to the ProjectCo (including the Richtrau
Mining Right);

 

		(G)	of any Excluded Right or Excluded Area;

 

		(H)	arising as a result of the grant of, or (where expressly permitted under the Intercreditor Agreement)
enforcement of, any Permitted Encumbrances;

 

		(I)	of any asset by a Seller Group Member (the “Disposing Company”) to the ProjectCo, but
if the Disposing Company had given Security over the asset, the ProjectCo must give equivalent Security over that asset;

 

		(J)	of any shares to the extent constituting Collateral
provided that (1) such sale, transfer or other disposition does not result in a Change of Control; (2) the sale, transfer or
other disposition is to an Eligible Transferee; and (3) the provisions of Clause ‎8.5
are complied with; and

 

		(K)	of any asset for cash where the higher of the
market value and net consideration receivable (when aggregated with the higher of the market value and net consideration receivable for
any other sale, transfer or other disposal not allowed under the preceding paragraphs) does not exceed [***] (or
its equivalent) in total during the term of this Agreement.

 

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“Permitted Debt and Obligations”
means any of the following:

 

		(A)	all Debt owed by the Project Entities or any MineCo under a loan agreement and fully and effectively subordinated
to the Stream Obligations pursuant to (i) the Intercreditor Agreement or (ii) such other subordination agreement acceptable
to the Purchaser;

 

		(B)	the Investec RCF and any additional Debt incurred in connection with any other receivables financing from
time to time which is on customary market terms for South African PGM receivables financings provided that Encumbrances securing the Investec
RCF or such other Debt are limited to the relevant receivables;

 

		(C)	the Existing Stream Obligations;

 

		(D)	[***];

 

		(E)	any Debt incurred under any Senior Financing, provided that the Intercreditor Agreement has been entered
into (or acceded to) by all parties thereto;

 

		(F)	any Debt incurred in connection with any refinancing
or replacement of the debt or obligations listed in paragraphs ‎(A) to
‎(E) provided that: (i) the terms of such Debt are not materially
more onerous to any of the Project Entities, and (ii) any terms of subordination related to such debt or obligations are subject
to the Intercreditor Agreement and are not materially more onerous and are not less beneficial to the Purchaser than those of such debt
or obligations then in place;

 

		(G)	any obligations under any Permitted Hedging Arrangements;

 

		(H)	unsecured trade payables incurred in the ordinary course of business;

 

		(I)	unsecured Debt in respect of performance, surety or completion bonds, standby letters of credit or letters
of guarantee:

 

		(1)	securing mine closure, asset retirement or environmental reclamation obligations of any MineCo (or reimbursement
obligations in connection therewith) to the extent required by Applicable Laws or any Governmental Body; or

 

		(2)	required to be provided under any Material Contract;

 

		(J)	any additional Debt in an aggregate amount at
any one time outstanding not to exceed [***] provided that such Debt shall
be unsecured and if it is owed to a Related Party then such Debt will be fully and effectively subordinated under the Intercreditor Agreement;

 

		(K)	any additional Debt incurred in connection with the financing or refinancing of the acquisition by the
ProjectCo or any other Seller Group Member of Mining Equipment for the purposes of the Project provided that such additional Debt is either
unsecured or the Encumbrances created in connection therewith are solely over such equipment and for the benefit only of the providers
of that financing or re-financing;

 

		(L)	any additional Debt incurred in connection with a Non-Project Activities Financing, satisfying the Non-Project
Activities Financing Conditions (as applicable); and

 

    32

     

    

 

		(M)	any additional Debt incurred with the prior written consent of the Purchaser.

 

“Permitted Encumbrances”
means, in respect of any Collateral, any of the following:

 

		(A)	Encumbrance created in relation to any Key Transaction Document;

 

		(B)	any Encumbrance created in relation
to any Debt that is permitted further to paragraphs ‎(A) to
‎(G), ‎(K),
‎(L) and (M) of “Permitted Debt and Obligations”,
provided that in the case of paragraph ‎(B), such Encumbrances are
not created over any bank account and are limited to the relevant offtake agreement receivables;

 

		(C)	any netting or set-off arrangement entered into by any of the Project Entities or a MineCo in the ordinary
course of its banking arrangements for the purpose of netting debit and credit balances;

 

		(D)	any lien arising by operation of law and in the ordinary course of trading and not as a result of any
default or omission by any of the Project Entities or a MineCo;

 

		(E)	any Encumbrance or quasi-Encumbrance arising under any retention of title, hire purchase or conditional
sale arrangement or arrangements having similar effect in respect of goods supplied to any of the Project Entities in the ordinary course
of trading and on the supplier’s standard or usual terms and not arising as a result of any default or omission by any of the Project
Entities or a MineCo;

 

		(F)	any mechanic’s, material man’s, carrier’s, employee’s or other similar lien arising
in each case, in the ordinary course of business by statute or by operation of law in respect of obligations which are not overdue or
which are being contested in good faith by appropriate proceedings (where adequate provision has been made for their payment and provided
that such proceedings do not involve any material risk that the relevant asset will be sold, forfeited or lost);

 

		(G)	any Encumbrance over any plant, machinery or other property to the extent subject to a Non-Project Activities
Financing; and

 

		(H)	any Encumbrance created with the prior written consent of the Purchaser.

 

“Permitted
Hedging Arrangements” means derivative arrangements or Hedging Transactions which have been entered into for bona fide business
purposes, and pursuant to the hedging plan and policy set out in ‎Schedule
7 (Hedging Policy) or otherwise approved by the Purchaser in writing.

 

“Permitted Investments”
means:

 

		(A)	an acquisition of securities which are Cash Equivalent Investments so long as Security is granted over
those Cash Equivalent Investments as soon as is reasonably practicable; or

 

		(B)	deposits in bank accounts in the ordinary course of business.

 

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“Permitted
Restricted Payment” means a Restricted Payment made or to be made in compliance with Clause ‎6.12(A)(6).

 

“Person” means and
includes individuals, corporations, bodies corporate, limited or general partnerships, joint stock companies, limited liability companies,
joint ventures, associations, companies, trusts, banks, trust companies, Governmental Bodies or any other type of organization or entity,
whether or not a legal entity.

 

“PGM (4E)” means
platinum, palladium, rhodium, and/or gold.

 

“PGM (6E)” means
PGM (4E), plus iridium and/or ruthenium.

 

“PGM Producer/Refiner”
means any Person that is a producer and/or refiner of PGM (6E).

 

“Platinum
Market Price” means, per ounce, the mean average London Platinum Market PM Fixing price as set by the LPPM and distributed by
LBMA for the [***] of the calendar month preceding the Delivery Date.

 

“Platinum
Purchase Price” has the meaning given to it in Clause ‎2.5(A).

 

“Platinum Stream”
means the platinum streaming agreement dated on or about the date of this Agreement and made between OMF Fund III (In) LLC as purchaser
and the Project Entities.

 

“PPM
Mining Right” means the new order mining right (DMR Ref: NW30/5/1/2/2/320MR) granted to ProjectCo in terms of section 23
of the MPRDA to mine gold, platinum group metals, copper, nickel, cobalt, chrome, and other minerals associated with the foregoing in
respect of Portion 3 of the farm Rooderand 46JQ, the remaining extent of portion 1, 2, 3, 4, 6, 9, 13 and 15 of the farm Ruighoek 169JP,
the farm Tuschenkomst 135JP, Portion 1 and the remaining extent of the farm Witkleifontein 136JP, a portion of the farm Wilgespruit 2JQ
and Portion 1 of the farm Rooderand 46JQ situated in the magisterial district of Mankwe in the North West Province registered in the ProjectCo’s
name on 24 June 2008 in the Mining Titles Office under MPT No. 39/2008, amended by notarial deed of amendment to extend the
mining area to include a portion of Portion 1 of the farm Rooderand 46 JQ and a portion of the farm Wilgespruit 2 JQ and further amended
by notarial deed of amendment MPT No.24/2015 to include chrome in respect of the farm Tuschenkomst 135 JP.

 

“Prepayment Amount”
means US$ 31,100,000.

 

“Prepayment
Date” has the meaning given to it in Clause ‎3.1(F).

 

“Prepayment Longstop Date”
means 31 July 2022, or such other date as the Seller and Purchaser may agree in writing.

 

“Prepayment Reduction Date”
means the date on which the Uncredited Balance is reduced to nil in accordance with this Agreement.

 

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“Problast BS Agreement”
means the explosives supply and blasting services agreement between Pro Blast BS (Pty) Ltd as the contractor and Pilanesberg Platinum
Mines (Proprietary) Limited as the employer, dated on or about 8 August 2018.

 

“Process Plant” means
the existing treatment plant(s) certain of which are to be modified in connection with the Project and located in the Mining Areas,
as provided for in the Mine Plan, comprising:

 

		(A)	the Main Plant;

 

		(B)	the Chromite Plant; and

 

		(C)	the Tailings Plant.

 

For the avoidance of doubt, the definition
of Process Plant shall exclude the Kellplant and any other Smelter/Refinery.

 

“Produced Stream Minerals”
means Produced Chromite, Produced Iridium, Produced Rhodium and Produced Ruthenium.

 

“Produced Chromite”
means any and all chromite in whatever form or state that is contained in Minerals recovered from the Mining Area.

 

“Produced Iridium”
means any and all iridium in whatever form or state that is contained in Minerals recovered from the Mining Area.

 

“Produced Rhodium”
means any and all rhodium in whatever form or state that is contained in Minerals recovered from the Mining Area.

 

“Produced Ruthenium”
means any and all ruthenium in whatever form or state that is contained in Minerals recovered from the Mining Area.

 

“Production Interest”
means any royalty, stream, participation or production interest and related assets, or any agreements that are similar to a royalty, stream,
participation or production interest agreement, in each case in respect of any Minerals.

 

“Production
Records” means the books, accounts and records maintained by or on behalf of a Seller Group Member showing reasonable detail
in relation to:

 

		(A)	the quantity of Produced Stream Minerals and Other Minerals produced in each calendar month;

 

		(B)	the quantity of each of the Produced Stream Minerals sold or otherwise disposed of in each calendar month;

 

		(C)	the calculation of each component of the Refined Platinum Delivery for each calendar month;

 

		(D)	the amount and timing of Delivery of the Refined Platinum in each calendar month;

 

    35

     

    

 

		(E)	where there is any commingling of Minerals in a calendar month with materials from areas extracted outside
the Mining Areas, the measures, moistures and assays of the minerals and substances in all such Minerals and materials prior to the commingling;
and

 

		(F)	all other information required for the calculation and verification of the amount of Refined Platinum
due to be Delivered in each calendar month pursuant to the Stream Minerals-Equivalent Platinum Stream under this Agreement,

 

in each case, as may be updated as a
result of any Final Assays.

 

“Project” means Sedibelo-Magazynskraal
PGM(4E) mine, processing plant and expansion thereof (including any underground and / or open pit expansion) being, or to be, developed,
constructed, owned and operated by the MineCos on the Mining Areas, being the Mining Operations, the processing plant operations, and
all operations and activities incidental thereto and related infrastructure established to access and mine minerals in terms of the Mining
Right on the Mining Areas, including (A) all associated surface and underground equipment, structures, erections and infrastructure
located within such area and such other infrastructure located elsewhere in the Mining Areas which a MineCo has the right to access or
use for the purposes of the mining operations, and (B) all other movable equipment related to such mine and mining operations located
on the Mining Areas, in each case, excluding Non-Project Activities.

 

“Project Authorizations”
means all Licences, Orders and Other Rights (including environmental Licences) necessary for (A) the development, construction and/or
mining operations of the Project, and/or (B) the commencement and/or ongoing operation of commercial production transactions in relation
to the Project.

 

“Project Costs” means
all expenditures incurred by any MineCo for the purposes of the development, construction and operation of the Project, including escalation,
contingencies, initial working capital, taxes, duties, expenditures for plant equipment, spares and other capital goods, inventory, expenditures
required to maintain the Project at its design capacity (including repairs and replacements funded by insurance proceeds), interest during
construction, financing fees and expenses and other development costs.

 

“Project Entity”
means the ProjectCo and the Seller.

 

“Project
Entity Event of Default” has the meaning set out in Clause ‎10.1.

 

“Project Expansion Commitment
Date” means the date upon which the Board approves the capital expenditure plan designed to achieve the Completion Date.

 

“Project Property”
means all of the property, assets, undertaking and rights in and relating to the Project, whether now owned or existing or hereafter acquired
or arising, including but not limited to, Project Real Property, leases, rights of access or use, servitudes, usufructs, personal property
accounts, instruments, chattel paper, deposit accounts, certificates of deposit, intangibles, goods (including inventory, equipment and
fixtures), cash, cash equivalents, receivables, letter of credit rights, supporting obligations, claims, causes of action and other legal
rights and investment property; all products, proceeds (including proceeds of proceeds), rents and profits of the foregoing; and all books
and records related to any of the foregoing.

 

    36

     

    

 

“Project Real Property”
means all immovable properties constituting the surface and subsurface areas within the Mining Areas together with any other immovable
properties which are or may be accessed, used, or required and/or occupied for the purposes of the Project, including but not limited
to the Mining Real Property, the Usufruct and Servitude Properties, the Tailings Facilities, and all buildings, structures, improvements,
appurtenances and fixtures on the Mining Areas or attached thereto which are or may be accessed, used, required and/or occupied for the
purposes of the Project, and any term extension, renewal, replacement, conversion or substitution of any of the foregoing, whether or
not such ownership or interest is held continuously.

 

“Project
Schedule and Budget” means the schedule and budget for the construction, expansion and operation of the Project, as set forth
at ‎‎Schedule 1, as the same may be amended, revised, supplemented
or replaced from time to time in accordance with this Agreement.

 

“ProjectCo
Covering Mortgage Bond” means the covering mortgage bond over Portion 171 of the Farm Wildebeeslaagte 411, Registration Division
KQ, Limpopo Province, in extent 10,5964 hectares, held by certificate of consolidated title T63224/2014, to be granted and executed by
ProjectCo in favour of the Security SPV and registered in the relevant Deeds Registries Office in terms of the Deeds Registries
Act No. 47 of 1937.

 

“ProjectCo General Notarial
Bond” means, subject to the relevant exceptions set out therein, the general notarial continuing covering bond over all movable
assets of the ProjectCo, owned now or in the future and not covered otherwise by any of the other Security Documents, to be granted and
executed by the ProjectCo in favour of the Security SPV and registered in the relevant Deeds Registries Office in terms of the Deeds Registries
Act No. 47 of 1937.

 

“ProjectCo Mining Right Mortgage
Bond” means the continuing covering mortgage bond over the PPM Mining Right and the IBMR Mining Right to be granted and executed
by ProjectCo in favour of the Bank Indemnifier and registered in the Mining Titles Office in terms of the Mining Titles Registration Act
No. 16 of 1967.

 

“ProjectCo Special Notarial
Bond” means the special notarial continuing covering bond over the Main Plant, the Chromite Plant and the Tailings Plant granted
and executed by the ProjectCo in favour of the Security SPV and registered in the relevant Deeds Registries Office in terms of the Deeds
Registries Act No. 47 of 1937.

 

“Projected Cashflow”
means, in respect of any Forward DSCR Test Period, forecast EBITDA for that Forward DSCR Test Period after:

 

		(A)	adding the amount of any forecast decrease (and deducting the amount of any forecast increase) in Working
Capital for that Forward DSCR Test Period;

 

		(B)	adding the amount of any forecast cash receipts during that Forward DSCR Test Period in respect of any
Tax rebates or credits and deducting the amount forecast to be due and payable in respect of Taxes during that Forward DSCR Test Period
by the ProjectCo;

 

    37

     

    

 

		(C)	adding the amount of any dividends, repayments received in respect of any loans where the ProjectCo is
lender (other than loans to a Related Party of a Seller Group Member) or other profit distributions forecast to be received in cash by
the ProjectCo during the Forward DSCR Test Period;

 

		(D)	adding the amount of any increase in provisions, other non-cash debits and other non-cash charges (which
are not Current Assets or Current Liabilities) and deducting the amount of any non-cash credits (which are not Current Assets or Current
Liabilities) in each case to the extent taken into account in establishing EBITDA; and

 

		(E)	adding the amount of any cash receipts (and deducting the amount of any cash payments) during that Forward
DSCR Test Period in respect of any exceptional items not already taken account of in calculating EBITDA for any Forward DSCR Test Period,

 

and so that no amount shall be added
(or deducted) more than once (and calculated in accordance with Good Industry Practice).

 

“Projected Debt Service”
means, in respect of any Forward DSCR Test Period, the aggregate of:

 

		(A)	forecast Forward Finance Charges for that Forward DSCR Test Period;

 

		(B)	all scheduled and mandatory repayments in respect of DSCR Debt falling due during that Forward DSCR Test
Period but excluding:

 

		(1)	any amounts falling due under any overdraft or revolving facility or trade receivables facility and which
were available for simultaneous redrawing according to the terms of that facility and/or in respect of which committed refinancing facilities
are available for utilisation;

 

		(2)	any balloon or bullet repayments on a final maturity date in respect of a Senior Financing which are to
be refinanced by another committed Senior Financing which is available for utilisation;

 

		(3)	any payments to be made by way of set-off in respect of the Seller Loan Agreement (and any “Seller
Loan Agreement” pursuant to, and as defined in, any Existing Stream Agreements);

 

		(4)	any Permitted Restricted Payment reasonably expected to be made and that shall be effected by way of the
repayment of Debt; and

 

		(C)	the amount of the capital element of any payments in respect of that Forward DSCR Test Period payable
under any Finance Leases entered into by ProjectCo,

 

    38

     

    

 

and so that no amount shall be included
more than once (and calculated in accordance with Good Industry Practice).

 

“Provisional
Assay” means, in respect of a Lot, an assay of type and quantity of Minerals, including Produced Stream
Minerals, in such assay carried out for the purposes of provisional invoicing and payment further to the relevant Offtake Agreement, such
assay to be carried out in accordance with Clause ‎2.9.

 

“Public Official”
means:

 

		(A)	any officer, employee, director, principal, consultant, agent or representative whether appointed or elected,
of any Governmental Body, or any public international organisation, or any state or government owned or controlled entity, agency, enterprise,
joint venture, or partnership; or

 

		(B)	any person acting in an official capacity for or on behalf of:

 

		(1)	any Governmental Body, or any state or government owned or controlled entity, agency, enterprise, joint
venture, or partnership or part of any of them;

 

		(2)	any public international organisation; or

 

		(3)	any political party or political party official or candidate for office.

 

“Purchaser
Event of Default” has the meaning set out in Clause ‎11.1.

 

“Receiving
Party” has the meaning set out in Clause ‎6.14(A).

 

“Refined
Platinum” means marketable metal bearing material in the form of platinum bars that is refined to standards meeting or exceeding
[***] platinum, and otherwise conforming to the requirements of Clause ‎2.2.

 

“Refinery” means
any refinery that is recognized by the LBMA at the relevant time as producing platinum bars meeting the LBMA specifications for good delivery
(and if the LBMA ceases to publish such specifications then either the Purchaser or the ProjectCo may propose replacement specifications
published by a successor which the ProjectCo and the Purchaser (each acting reasonably) shall consider and agree (if applicable) as a
replacement) and chosen by the ProjectCo from time to time provided that the ProjectCo has given the Purchaser at least 10 Business Days’
written notice of such choice.

 

“Refund
Obligation” has the meaning given to it in Clause ‎11.2(C).

 

“Related Party” means,
with respect to any Person (the “First Named Person”), any Person that is an Affiliate or a direct or indirect shareholder
or owner (in whole or in part) of the First Named Person, or is in a joint venture, partnership or similar arrangement with the First
Named Person or is otherwise a related or associated Person of the First Name Person (each an “Affiliated Entity”)
and, in the case of the Seller Group Members includes: (A) any Affiliated Entity of a Seller Group Member, (B) any director,
officer, employee or associate of a Seller Group Member or any of its Affiliated Entities, and (C) any Person that is an associate
of a director, officer, employee or associate of a Seller Group Member or any of its Affiliated Entities.

 

    39

     

    

 

“Restricted Payment”
means, with respect to the Seller and each MineCo, any payment or repayment by such Person to any other Person:

 

		(A)	of any dividends or any other distribution on any shares of its capital or other equity interests;

 

		(B)	on account of (or for the purpose of setting apart any property for a sinking or other analogous fund
for) the purchase, redemption, retirement or other acquisition of any shares of its capital or other equity interests or any warrants,
options or rights to acquire any such shares;

 

		(C)	of any principal of, or interest or premium on (or of any amount in respect of a sinking or analogous
fund or defeasance fund for) any Debt of the Seller or such MineCo (as the case may be) owed to a Related Party of a Seller Group Member
(except in respect of Debt under the Seller Loan Agreement (including any set-off arrangements thereunder));

 

		(D)	any management, consulting or similar fee, or any material bonus or comparable payment, or material payment
by way of gift or other gratuity, to any Related Party, unless such payment is to a director, officer or employee of the Seller or such
MineCo (as applicable) in that capacity and consists of reimbursement for reasonable and ordinary course expenses related to the business
of any such entity incurred by such director, officer or employee in accordance with the policies in effect governing such reimbursements;

 

		(E)	of any Debt provided to, or from, any Related
Party (except for Debt provided by the Seller to the ProjectCo under the Seller Loan Agreement further to and in accordance with Clause ‎3.2(B));
or

 

		(F)	which is any other payment to, on behalf of or for the benefit of a Related Party of a Seller Group Member,
excluding in each case any payment or delivery:

 

		(1)	to the Purchaser under this Agreement;

 

		(2)	to the Purchaser under the Palladium and Gold Stream;

 

		(3)	to the Purchaser under the Rhodium Stream; or

 

		(4)	further to a Seller Offtake Agreement or Seller Loan Agreement, in each case as defined in this Agreement,
the Palladium and Gold Stream or the Rhodium Stream,

 

but excluding, any management fees paid
or payable on Arm’s Length Terms further to the Management Services Agreement.

 

    40

     

    

 

“Rhodium Designated Metal Percentage”
means:

 

		(A)	in respect of any Minerals contained in ore extracted from the Mining Area from above the depth of seven
hundred metres (700m) from the surface:

 

		(1)	until [***] ounces
(in aggregate) of Produced Rhodium, Produced Ruthenium and / or Produced Iridium have been produced from the Mining Area since the Closing
Date and the corresponding amounts of Refined Platinum have been Delivered to the Purchaser in accordance with Clause ‎2:

 

		(a)	the relevant percentage referred to in column A of the table set out in Schedule 13 (Rhodium Designated
Metal Percentage); or

 

		(b)	if Buyback Completion has occurred, the relevant percentage referred to in the table set out in column
B of the table set out in Schedule 13 (Rhodium Designated Metal Percentage);

 

		(2)	after [***] ounces
(in aggregate) of Produced Rhodium, Produced Ruthenium and / or Produced Iridium have been produced from the Mining Area since the Closing
Date and the corresponding amounts of Refined Platinum have been Delivered to the Purchaser in accordance with Clause ‎2:

 

		(a)	the relevant percentage referred to in column C of the table set out in Schedule 13 (Rhodium Designated
Metal Percentage); or

 

		(b)	if Buyback Completion has occurred, the relevant percentage referred
to in column D of the table set out in Schedule 13 (Rhodium Designated Metal Percentage);

 

		(B)	in respect of any Minerals contained in ore extracted from the Mining Area from below the depth of seven
hundred metres (700m) from the surface:

 

		(1)	until [***] ounces
(in aggregate) of Produced Rhodium, Produced Ruthenium and / or Produced Iridium have been produced from the Mining Area since the Closing
Date and the corresponding amounts of Refined Platinum have been Delivered to the Purchaser in accordance with Clause ‎2:

 

		(a)	the relevant percentage referred to in column E of the table set out in Schedule 13 (Rhodium Designated
Metal Percentage); or

 

		(b)	if Buyback Completion has occurred, the relevant percentage referred
to column F of the table set out in Schedule 13 (Rhodium Designated Metal Percentage); and

 

		(2)	after [***] ounces
(in aggregate) of Produced Rhodium, Produced Ruthenium and / or Produced Iridium have been produced from the Mining Area since the Closing
Date and the corresponding amounts of Refined Platinum have been Delivered to the Purchaser in accordance with Clause ‎2:

 

    41

     

    

 

		(a)	the relevant percentage referred to in column G of the table set out in Schedule 13 (Rhodium Designated
Metal Percentage); or

 

		(b)	if Buyback Completion has occurred, the relevant percentage referred
to in column H of the table set out in Schedule 13 (Rhodium Designated Metal Percentage),

 

provided
that, if the Completion Date has not occurred on or before the Completion Longstop Date, each of the above percentages shall be multiplied
by [***] for the period from the Completion Longstop Date until the Completion
Date.

 

“Richtrau
Mining Right” means the right to mine with DMRE reference number 10029MR, granted in terms of section 23 of the MPRDA.

 

“SAMREC Code” means
the South African Code for reporting of Exploration Results, Mineral Resources and Mineral Reserves including the guidelines contained
therein, 2016 Edition, as amended and/or supplemented from time to time.

 

“Sanctioned Entity”
means (A) a country or a government of a country, (B) an agency of the government of a country, (C) an organization directly
or indirectly controlled by a country or its government, or (D) a Person resident in or determined to be resident in a country, in
each case, that is subject to a country Sanctions program administered and enforced by OFAC or by any Governmental Body, the US Departments
of State or Commerce in the United States of America, Her Majesty’s Treasury, the United Nations Security Council, the European
Union or OFAC.

 

“Sanctioned Person”
means (A) any Person listed in any sanctions-related list of designated Persons maintained by any Governmental Body or (B) a
Person named on the list of Specially Designated Nationals maintained by OFAC, the Consolidated List of Financial Sanctions Targets and
the Investments Ban List maintained and published by HMT and any similar list maintained and published, or a public announcement of a
Sanctions designation made, by any Governmental Body, in each case as amended, supplemented or substituted from time to time.

 

“Sanctions” means
economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by any Governmental Body, the US
Departments of State or Commerce in the United States of America, the United Kingdom, the United Nations Security Council, the European
Union, OFAC or including South African Sanctions.

 

“SEC Industry Guide 7”
means the mining industry guide entitled “Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations”
contained in the Securities Act Industry Guides published by the United States Securities and Exchange Commission, as amended and/or supplemented
from time to time.

 

    42

     

    

 

“Secured Material Contracts”
means the following Contracts, as the same may be amended, revised, supplemented or replaced from time to time in accordance with the
terms of this Agreement and the Applicable Laws:

 

		(A)	Trollope Agreement;

 

		(B)	Eskom Agreement;

 

		(C)	each SPH Agreement; and

 

		(D)	Northam Offtake Agreement,

 

and “Secured
Material Contract” means any of them.

 

“Security” means
the Encumbrances granted in favour of the Security SPV (or another Person nominated by the Purchaser from time to time) pursuant to the
Security Documents.

 

“Security Assignment”
means the English law governed security assignment entered into by the ProjectCo and the Seller in favour of the Security SPV pursuant
to which the ProjectCo and the Seller assign certain rights in respect of the Seller Loan Agreement and Seller Offtake Agreement.

 

“Security Documents”
means:

 

		(A)	the ProjectCo Covering Mortgage Bond;

 

		(B)	the ProjectCo Mining Right Mortgage Bond;

 

		(C)	the ProjectCo General Notarial Bond;

 

		(D)	the ProjectCo Special Notarial Bond;

 

		(E)	the Security Assignment;

 

		(F)	the MineCo Cession in Security;

 

		(G)	the Obligor Cession and Pledge in Security;

 

		(H)	any security granted in respect of Material Real Property;

 

		(I)	any share security granted in respect of a Subsidiary
pursuant to Clause ‎8.5(A);

 

		(J)	to the extent and for so long as the same has been granted as security or collateral in connection with
the requirements of any Senior Financing, any Additional Shared Senior Security Documents;

 

		(K)	to the extent and for so long as the same has been granted in connection with the requirements of any
Senior Financing, any direct agreement or collateral warranty entered into in respect of the Trollope Agreement (or any replacement or
successor mining services contract entered into by the ProjectCo for the same or substantially the same purpose as the Trollope Agreement);
and

 

    43

     

    

 

		(L)	any other documents designated as such by the Purchaser, the Security SPV and the ProjectCo from time
to time.

 

“Security
Release Date” has the meaning given to it in Clause ‎8.8.

 

“Security SPV” means
Bowwood and Main No. 335 Proprietary Limited (to be renamed Bowwood and Main No. 335 (RF) Proprietary Limited), a private company
duly incorporated according to the company laws of South Africa with registration number 2021/855813/07.

 

“Security SPV Guarantee”
means the written agreement entitled “Second Ranking Stream Guarantee” entered into between the Security SPV, the Intercreditor
Agent and the Purchaser on or about the date of this Agreement in terms of which the Security SPV, inter alia, guarantees the obligations
of the Project Entities and Guarantors under this Agreement.

 

“Seller Group Members”
means, collectively, the Project Entities and each Guarantor, and “Seller Group Member” shall mean any one of them.

 

“Seller
Group Structure” means the organogram attached to this Agreement as ‎‎Appendix
1 to this ‎‎Schedule 3 which sets out the shareholding structure
of the Seller Group Members as at the date of this Agreement, as may be as supplemented and/or amended on the Prepayment Date.

 

“Seller
Guaranteed Obligations” has the meaning given to it in Clause ‎8.1(A).

 

“Seller
Loan Agreement” means the loan agreement entered into between the ProjectCo (as borrower) and the Seller (as lender), pursuant
to which the Seller shall advance funds to ProjectCo up to an amount which is equivalent to the Prepayment Amount received from the Purchaser,
pursuant to the Seller’s undertaking under Clause ‎3.2(B).

 

“Seller Offtake Agreement”
means the offtake agreement dated on or about the date of this Agreement in respect of Refined Platinum between ProjectCo, as seller and
the Seller, as purchaser.

 

“Seller
Proceeds Account” means the business bank account of [***],
and having electronic account number [***], and any replacement bank account
approved by the Purchaser in writing.

 

“Seller’s
Nominated Account” means the Customer Foreigner Currency bank account of [***],
located in [***] and having account number [***],
and any replacement bank account approved by the Purchaser in writing.

 

    44

     

    

 

“Semi-Annual Compliance Certificate”
means a certificate signed by an authorized senior officer of the Parent and the Seller certifying that as of the date of such certificate:

 

		(A)	each of the Seller Group Members has complied in all material respects with its covenants and obligations
under this Agreement and the other Stream Documents to which it is a party; and

 

		(B)	no Project Entity Event of Default has occurred and is continuing, and no event which with notice or lapse
of time or both would become a Project Entity Event of Default has occurred and is continuing,

 

in each case, except as specified in
such certificate, together with all material information relating to such exception, including, if applicable, any action which the Seller
Group Members have taken or propose to take with respect thereto.

 

“Senior Executive”
means any individual appointed by a Party with authority to negotiate the settlement of a Dispute on behalf of that Party.

 

“Senior Financing”
means any arrangements in order to finance or re-finance (excluding equity funding) the cost of the development, construction and operation
of the Project and/or for general working capital purposes of the Parent and its Subsidiaries, entered into between the ProjectCo and
any commercial bank or other financial institution, any export credit agency, any development finance institution or any other person,
provided that, the aggregate principal advanced for whatever purpose under such arrangements and outstanding:

 

		(A)	prior to the Project Expansion Commitment Date,
does not exceed [***];

 

		(B)	following the Project Expansion Commitment Date
and prior to the Completion Date, does not exceed an amount, expressed in [***],
equal to the higher of: (i) [***] of the total costs required in
order to achieve the Completion Date as set out in the Project Schedule and Budget as at the Project Expansion Commitment Date plus [***]
or (ii) [***];
and

 

		(C)	following the Completion Date, does not exceed
the amount determined further to paragraph ‎(B) above, unless
the ProjectCo demonstrates (forecasting in accordance with Good Industry Practice) that, at the time such principal is advanced, the Forward
DSCR and Historic DSCR shall each not be less than 1.3:1 for the relevant Forward DSCR Test Period or Historic DSCR Test Period (as applicable),

 

and
excludes, for the avoidance of doubt, any Existing Stream Agreements [***].

 

“Smelter” means any
smelter (other than a smelter forming part of the Process Plant or a smelter that is a Refinery) that processes Minerals in the form of
concentrate into a form suitable for delivery to a Refinery and which is chosen by the ProjectCo from time to time with in each case the
prior written approval of the Purchaser.

 

    45

     

    

 

“South African Consumer Price
Index” means the index of average retail prices as published by the South African Reserve Bank from time to time or, failing
such publication, the index that the Parties agree most closely resembles that index.

 

“South African Sanctions”
means sanctions imposed in South African law by virtue of the application of the Financial Intelligence Centre Act, No. 38 of 2001
and the Protection of Constitutional Democracy Against Terrorist and Related Activities Act, No. 33 of 2004.

 

“SPH Agreements”
means the (1) run-of-mine crushing services agreement between SPH Kundalila (Pty) Ltd as the contractor and ProjectCo as the employer,
dated 10 December 2020; and (2) the mining pit loading, hauling and tipping services between SPH Kundalila (Pty) Ltd as the
contractor and ProjectCo as the employer, dated 10 December 2020.

 

“Stream
Accession Deed” means a deed of accession to this Agreement (and any other relevant Stream Document or Intercreditor Agreement),
substantially in the form of Schedule 11, further to which a Person accedes to this Agreement (and such Stream Documents and /
or Intercreditor Agreement if any) as an Additional Guarantor.

 

“Stream Documents”
means this Agreement, the Intercreditor Agreement, the Guarantees and each of the Security Documents, and each other document designated
as a Stream Document by the Purchaser and the Seller.

 

“Stream Minerals”
means chromite, iridium, rhodium or ruthenium (as applicable).

 

“Stream
Minerals-Equivalent Platinum Stream” means the sales of Refined Platinum by the Seller to the Purchaser further to Clause ‎2.1(A).

 

“Stream Minerals Market Price”
means:

 

		(A)	in respect of Produced Chromite, per ounce, the Ferroalloy.net, CRU, and FastmarketsMB SA Chromite Concentrate
40%-42% CIF China Price less marketing fees and freight costs only, averaged over the calendar month preceding the calendar month in which
the Delivery Date occurs;

 

		(B)	in respect of Produced Iridium, per ounce, the S&P Global Platt’s Metals Week Iridium NY Dealer
Low/Bid Price averaged over the calendar month preceding the calendar month in which the Delivery Date occurs;

 

		(C)	in respect of Produced Rhodium, per ounce, the S&P Global Platt’s Metals Week Rhodium NY Dealer
Low/Bid Price averaged over the calendar month preceding the calendar month in which the Delivery Date occurs; and

 

		(D)	in respect of Produced Ruthenium, per ounce, the S&P Global Platt’s Metals Week Ruthenium NY
Dealer Low/Bid Price averaged over the calendar month preceding the calendar month in which the Delivery Date occurs.

 

“Stream Obligations”
means all indebtedness, liabilities and other obligations owed to the Purchaser hereunder or under any other Stream Document, whether
actual or contingent, direct or indirect, matured or not, now existing or hereafter arising.

 

    46

     

    

 

“Subsidiary” means,
with respect to any Person, any other Person which is Controlled directly or indirectly by that Person.

 

“Tailings” means
the materials left over after the primary process of separating the valuable fraction from the uneconomical fraction of ore and excludes
waste rock or other material that overlies an ore or mineral body and is displaced during mining without being processed.

 

“Tailings Facilities”
means the Tailings disposal facilities owned by the ProjectCo which will be used for deposition of Tailings from the Mine.

 

“Tailings
Plant” means the treatment plant used to extract PGM (4E)’s and base metals from the Silicate (Merensky Type Ore)
and UG2 ore tailings from the Main Plant concentrators.

 

“Tax Returns” means
all returns, declarations, reports, estimates, information returns and statements required to be filed with any Governmental Body in respect
of any Taxes, including any schedule or attachment thereto or amendment thereof.

 

“Taxation Authority”
means any governmental or other authority, including any Governmental Body, competent to impose Tax in any jurisdiction.

 

“Taxes” includes
all forms of taxation actually imposed, collected or assessed by, or payable to any Taxation Authority having jurisdiction over a Seller
Group Member (regardless of whether such is directly or primarily chargeable against or attributable to any Seller Group Member, and regardless
of whether any Seller Group Member has, or may have any right of reimbursement) and shall include statutory and governmental taxes, charges,
imposts, duty, contributions and levies, withholdings and deductions, whenever imposed and all related penalties, charges, costs and interest
whether by way of assessment or otherwise, and “Tax” and “Taxation” shall have a corresponding meaning.

 

“Technical
Committee” has the meaning given to it in Clause ‎5.14(A).

 

“Term”
has the meaning set out in Clause ‎4.1(A).

 

“Termination Notice”
means written notice to a Project Entity (with a copy to the Seller (but the delivery of any such copy to the Seller shall not be required
for a Termination Notice to be effective)) from the Purchaser terminating this Agreement further to Project Entity Event of Default which
shall include the calculation of the Early Termination Amount.

 

“Territory” means
the territory of the Republic of South Africa and includes the territorial waters, the contiguous zone and the continental shelf referred
to respectively in sections 4, 5 and 8 of the Maritime Zones Act, 1994 (Act No. 15 of 1994) as defined in section 1(1) of the
VAT Act.

 

“Third
Party” means a person that is not a Party, or an Affiliate or Related Party of that Party.

 

    47

     

    

 

“Transfer” means
to, directly or indirectly, sell, transfer, assign, cede, convey, dispose or otherwise grant a right, title or interest (including but
not limited to expropriation, or other transfer required or imposed by law or any Governmental Body, and/or any other right entitling
a Person to exercise and/or enjoy any right under Stream Documents), whether voluntary or involuntary.

 

“Trollope Agreement”
means the mining services agreement between entered into between Trollope Mining Services (2000) Proprietary Limited, as the contractor,
and ProjectCo, as the employer, dated on or about 18 April 2018 in terms of which, inter alia, Trollope Mining Services (2000)
Proprietary Limited provides certain extraction of mining material, open pit mining and delivery of mining material services to ProjectCo.

 

“Uncredited
Balance” means, at any time, an amount equal to the Prepayment Amount(s) advanced by the Purchaser to the Seller, LESS
amounts credited against the Prepayment Amount(s) as relate to the Platinum Purchase Price in accordance with Clause ‎‎2.5(A)(1).

 

“Unpaid
Prepayment Amount” has the meaning set out in Clause ‎11.1(A).

 

“U.S. Consumer Price Index”
means the index of average retail prices as published by the Bureau of Labor Statistics from time to time or, failing such publication,
the index that the Parties agree most closely resembles that index.

 

“Utility Commitment”
means any water service commitments and agreements, transmission or electrical service commitments and agreements and other utility commitments
and agreements including commitments or agreements to construct or provide the infrastructure, rights of way and easements necessary to
provide the aforementioned utility services.

 

“VAT” means value
added tax imposed pursuant to the VAT Act.

 

“VAT Act” means the
value added tax act No. 89 of 1991 of the Republic of South Africa.

 

“Warranties”
means the representations and warranties contained in ‎‎Schedule
3 and “Warranty” shall be construed accordingly.

 

“Working Capital”
means, on any date, Current Assets less Current Liabilities.

 

		1.2	Certain Rules of Interpretation

 

Except as may be otherwise specifically
provided in this Agreement and unless the context otherwise requires:

 

		(A)	The terms “Agreement”, “this Agreement”, “the Agreement”,
 “hereto”, “hereof”, “herein”, “hereby”, “hereunder”
and similar expressions refer to this Agreement in its entirety and not to any particular provision hereof.

 

		(B)	References to a “Clause”, “paragraph” or “Schedule”
followed by a number or letter refer to the specified Clause or paragraph of or Schedule to this Agreement.

 

		(C)	Headings of Clauses and subclauses are inserted for convenience of reference only and shall not affect
the construction or interpretation of this Agreement.

 

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		(D)	References to a Party in this Agreement mean the Party or its successors or permitted assigns.

 

		(E)	Where the word “including” or “includes” is used in this Agreement, it means “including
without limitation” or “includes without limitation”.

 

		(F)	The language used in this Agreement is the language chosen by the Parties to express their mutual intent,
and no rule of strict construction shall be applied against any Party.

 

		(G)	Words importing the singular include the plural and vice versa and words importing gender include all
genders.

 

		(H)	A reference to an agreement includes all schedules, exhibits and other appendices attached thereto and
shall include all subsequent amendments and other modifications thereto, but only to the extent such amendments and other modifications
are not prohibited by the terms of this Agreement.

 

		(I)	A reference to a statute includes all regulations made pursuant to and rules promulgated under such
statute and, unless otherwise specified, any reference to a statute or regulation includes the provisions of any statute or regulation
which amends, supplements or supersedes any such statute or any such regulation from time to time.

 

		(J)	Time is of the essence in the performance of the Parties’ respective obligations under this Agreement.

 

		(K)	In this Agreement a period of days shall be deemed to begin on the first day after the event which began
the period and to end at 5:00 pm (New York City time) on the last day of the period. Whenever any payment is required to be made, action
is required to be taken or period of time to expire on a day other than a Business Day, such payment shall be made, action shall be taken
or period shall expire on the next following Business Day.

 

		(L)	Unless specified otherwise in this Agreement

 

		(1)	all statements or references to dollar amounts, US$ or $ amounts in this Agreement are to United States
dollars; and

 

		(2)	all statements or references to rand amounts, ZAR or R amounts in this Agreement are to the lawful currency
of the Republic of South Africa.

 

		(M)	References to an “ounce” are to a troy ounce (being equal to 31.1034768 grams). References
to a “tonne” are to a metric tonne.

 

		(N)	References in this Agreement to an obligation of a Seller Group Member or Guarantor to do or not do anything
include an obligation on the Project Entities to procure that such Seller Group Member or Guarantor does or does not do such thing (as
applicable).

 

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		(O)	A Project Entity Event of Default will be “continuing” until such time that it is waived
by the Purchaser. An event which with notice, determination or lapse of time or any combination of them would become a Project Entity
Event of Default will be “continuing” until such time that it is waived by the Purchaser or remedied.

 

		(P)	A Purchaser Event of Default will be “continuing” until such time that it is waived
by the Seller.

 

		(Q)	The terms of this Agreement having been negotiated, the rule of construction that provisions are
to be construed against the party drafting an agreement or part of an agreement or on whose behalf an agreement or part of an agreement
was drafted shall not apply to this Agreement.

 

		1.3	Accounting Principles

 

Where the character or amount of any
asset or liability or item of revenue or expense is required to be determined, or any consolidation or other accounting computation is
required to be made, for the purposes of this Agreement, including the contents of any certificate to be delivered hereunder, such determination,
consolidation or computation shall, unless the Parties otherwise agree or the context otherwise requires, be made in accordance with IFRS.

 

		1.4	Indexation

 

		(A)	The amounts referred to in (“Indexed Amounts”):

 

		(1)	the definition of “Material Contracts” shall:

 

		(a)	in respect of contracts where the relevant expenditure or revenue under such contract is denominated in
a currency other than ZAR, increase or decrease (as applicable) by the percentage increase or decrease (as applicable) in the U.S. Consumer
Price Index; and

 

		(b)	in respect of contracts where the relevant expenditure or revenue under such contract is denominated in
ZAR, increase or decrease (as applicable) by the percentage increase or decrease (as applicable) in the South African Consumer Price Index;
and

 

		(B)	The Indexed Amounts shall increase or decrease
(as applicable) at the end of each 12 month period from the date of this Agreement by any percentage increase or decrease (as applicable)
in the South African Consumer Price Index (in the case of Clause ‎‎1.4(A)(1)(b) above)
and/or U.S. Consumer Price Index (in the case of Clause ‎1.4(A)(1)(a) above)
for the preceding 12-month period.

 

		1.5	Impact of non-advancement of a portion of the Prepayment Amount

 

If any portion of the Prepayment Amount
has not been advanced in full to the Seller under this Agreement by the Prepayment Longstop Date, the Parties agree that:

 

		(A)	the Prepayment Amount; and

 

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		(B)	the percentages and number of ounces (in aggregate)
of Produced Rhodium, Produced Ruthenium, Produced Chromite and / or Produced Iridium in paragraphs ‎(A) and
‎(B) of the definition of “Designated Metal Percentage”
and “Rhodium Designated Metal Percentage” to be delivered in respect of the Stream Minerals-Equivalent Platinum Stream,

 

shall be reduced pro rata in the proportion
that the non-advanced portion of the Prepayment Amount bears to the total Prepayment Amount.

 

		1.6	No Subordination

 

The use of the term “Permitted
Encumbrances” to describe any interests and Encumbrances permitted hereunder shall mean that they are permitted to exist (whether
in priority to or subsequent in priority to the Security, as determined by Applicable Law), and shall not be interpreted as meaning that
such interests and Encumbrances are entitled to priority over the Security, except as permitted or required under the Intercreditor Agreement
or this Agreement (as applicable).

 

		1.7	The Intercreditor Agreement and the Stream Documents

 

In the case of any conflict or inconsistency
between the provisions of the Intercreditor Agreement and any of the other Stream Documents, the provisions of the Intercreditor Agreement
shall prevail to the extent of the inconsistency.

 

		2.	PURCHASE AND SALE

 

		2.1	Purchase and Sale

 

		(A)	Subject to and in accordance with the terms of
this Agreement, on and from the payment of the Prepayment Amount and until the end of the Term, the Seller hereby agrees to sell to Purchaser,
and Purchaser hereby agrees to purchase from the Seller, in respect of each Lot, an amount of Refined Platinum (to be Delivered in the
form of credits to an unallocated account or, with the prior written consent of the Purchaser, to an allocated account) equal in value
to the Aggregate Stream Minerals-Equivalent Value in such Lot with such amount determined pursuant to Clause ‎2.3(A)(2),
free and clear of all Encumbrances at the Delivery Time.

 

		(B)	The amount of Produced Stream Minerals shall
be measured by the amount of contained rhodium, ruthenium, iridium or chromite (as applicable) in the Minerals delivered to the relevant
Offtaker or Refinery (as applicable), as determined by the relevant Provisional Assay or Final Assay (as applicable for the purposes of
Clauses ‎2.3(A) and ‎2.3(B)).
In respect of any Lot for which a Provisional Assay is carried out then the amount of Produced Stream Minerals shall be calculated for
the purposes of this Clause ‎2 on the basis of the Provisional
Assay. In addition, with respect to each of the foregoing, upon issuance of the Final Assay the sale and Delivery of Refined Platinum
in the calendar month following receipt of such Final Assay shall take account of any increase or decrease in the quantity of Produced
Stream Minerals shown by such Final Assay compared to the relevant Provisional Assay.

 

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		(C)	Except as otherwise provided herein, the amount of Produced Stream Minerals shall not be reduced for,
and the Purchaser shall not be responsible for, any Taxes, deductions, penalties, set-off, refining charges, treatment charges, penalties,
insurance charges, transportation charges, settlement charges, financing charges or price participation charges, or other similar charges
or deductions, regardless of whether such charges or deductions are expressed as a specific metal deduction, as a recovery rate or otherwise,
in any case, pursuant to the terms of the applicable Offtake Agreement or otherwise.

 

		2.2	Product Specifications

 

		(A)	The Refined Platinum Delivered by the Seller to the Purchaser pursuant to this Agreement need not come
from platinum physically produced at the Project.

 

		(B)	The Refined Platinum to be Delivered by the Seller
to the Purchaser pursuant to this Agreement shall be in the form of unallocated credits (or, with the prior written consent of the Purchaser,
allocated credits) for Refined Platinum which conforms in all respects with the LPPM specifications for good delivery of platinum bars
under the “Good Delivery Rules” published by the LPPM from time to time or such other specifications as agreed in writing
between the Seller and the Purchaser pursuant to Clause ‎2.2(C) below,
and the Purchaser shall not be required to purchase any Refined Platinum that does not meet such specifications.

 

		(C)	If the LPPM ceases to exist or ceases to publish specifications for the good delivery of platinum or such
specifications should no longer be internationally recognized as the basis for good delivery of platinum, the Purchaser and the Seller
shall promptly meet to agree on new specifications for determining good delivery of Refined Platinum. Until replacement specifications
for good delivery of platinum are mutually agreed on by the Purchaser and Seller, deliveries of Refined Platinum by the Seller to the
Purchaser under this Agreement shall conform to the last set of specifications for good delivery of platinum in effect under this Agreement
immediately prior to the time such rules ceased to be published or recognized and these specifications shall be the good delivery
specifications for the purposes of this Agreement.

 

		2.3	Delivery Obligations

 

		(A)	In respect of the Stream Minerals Equivalent Platinum Stream:

 

		(1)	on the fifth Business Day of each calendar month
the Seller shall sell and deliver to the Purchaser an amount of Refined Platinum as determined in accordance
with Clause ‎‎2.1(A) and
adjusted in accordance with Clause ‎2.1(B) if applicable,
in respect of each Lot containing Produced Stream Minerals for
which an Assay was carried out in the preceding calendar month; and

 

		(2)	such amount of Refined Platinum shall be determined by dividing the Aggregate Stream Minerals-Equivalent
Value of each applicable Lot by the Platinum Market Price on the Delivery Date.

 

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		(B)	The Seller shall sell and deliver to the Purchaser
all Refined Platinum to be sold or delivered under this Agreement by way of unallocated credits (in metal) (or, with the prior written
consent of the Purchaser, in allocated credits (in metal)) complying with Clause ‎2.2(B) to
the respective metal account or accounts located in an Acceptable Jurisdiction designated by the Purchaser, or such other jurisdiction
as the Seller may expressly agree to in writing (subject at all times to the Purchaser’s obligations under Clause ‎12.1(D)(3)),
which account details to be promptly notified to the Seller by the Purchaser by electronic communication from time to time in accordance
with Clauses ‎15.6 and ‎15.7,
no later than ten Business Days prior to anticipated first Delivery (and with any changes to the metal account or accounts to be notified
no later than ten Business Days prior to any subsequent Delivery, provided that the Seller shall have received from the Purchaser, completed
 “Know-Your-Client” questionnaires in respect of any metal account holder and any metal account provider, required to ensure
compliance with Applicable Laws).

 

		(C)	Title to, and risk of loss of, Refined Platinum shall pass from the Seller to the Purchaser at the Delivery
Time on the Delivery Date.

 

		(D)	All costs and expenses pertaining to each delivery of Refined Platinum to the Purchaser shall be borne
by the Seller.

 

		(E)	The Seller hereby represents and warrants to and covenants with the Purchaser that (1) immediately
prior to the Delivery Time the Seller will be the sole legal and beneficial owner of the Refined Platinum credited to the metal account(s) of
the Purchaser, (2) immediately prior to the Delivery Time the Seller will have good, valid and marketable title to such Refined Platinum,
and (3) at the Delivery Time such Refined Platinum will be free and clear of all Encumbrances.

 

		(F)	The obligation of the Seller to deliver Refined
Platinum with respect to each Lot under this Agreement shall be satisfied by the delivery of the appropriate amount of Refined Platinum
in accordance with this Clause ‎2.3. Parties acknowledge that
any delivery of the Refined Platinum shall in all instances occur outside the Territory and to a metal account or accounts located in
an Acceptable Jurisdiction, and agree for the avoidance of doubt that the costs of such delivery shall be for the Seller’s account,
subject to Clause ‎12.1(D).

 

		2.4	Delivery Notifications and Invoicing

 

		(A)	The Seller shall notify the Purchaser in writing
by email (at [***] or such other email address(es) designated by the Purchaser
in writing from time to time in accordance with Clauses ‎15.6
and ‎‎15.7), two Business Days before each required Delivery Date
in respect of the Stream Minerals-Equivalent Platinum Stream, of:

 

		(1)	the calculation of the amount of Produced Stream Minerals in the relevant calendar month, and the provisional
number of ounces of Refined Platinum (including a calculation of the Aggregate Stream Minerals-Equivalent Value for such month) expected
to be sold to the Purchaser pursuant to this Agreement on such Delivery Date, including any adjustments further to Clauses ‎2.3(A) and
 ‎2.3(B) (as applicable);

 

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		(2)	copies of the Provisional Assays and Final Assays (as applicable) in respect of a Lot in connection with
which deliveries of Refined Platinum are being calculated for such Delivery Date, including any increase or decrease in the quantity of
Produced Stream Minerals shown by such Final Assay compared to the relevant Provisional Assay;

 

		(3)	tonnes of ore mined since the preceding Delivery Date;

 

		(4)	head grade of mined ore;

 

		(5)	recovery rates;

 

		(6)	Taxes (if any) pertaining to and/or in respect of the Refined Platinum; and

 

		(7)	such other information as may be reasonably requested by the Purchaser to allow the Purchaser to verify
all aspects of the delivery of Refined Platinum reflected in such invoice.

 

		(B)	The Seller shall notify the Purchaser in writing
by email to [***] (or such other email address(es) designated by the Purchaser
in writing from time to time in accordance with Clauses ‎15.6
and ‎15.7), within three Business Days after each delivery and credit
to the account of the Purchaser pursuant to Clause ‎2.3, by delivery
of an invoice to the Purchaser that shall include:

 

		(1)	confirmation of the number of ounces of Refined Platinum sold and delivered through credit to the account
of the Purchaser (including the final calculation of the conversion of the Aggregate Stream Minerals-Equivalent Value for such month to
Refined Platinum utilizing the Platinum Market Price);

 

		(2)	the Delivery Time on the Delivery Date;

 

		(3)	the aggregate Platinum Purchase Price for Refined
Platinum sold further to Clause ‎2.1(A);

 

		(4)	the amount of the Uncredited Balance following
payment further to Clause ‎2.5; and

 

		(5)	reference to the Offtake Agreement under which such sale or other disposal was made.

 

		(C)	The Seller shall provide to the Purchaser copies of each Provisional Assay and Final Assay by the second
Business Day following the day on which each such Assay is prepared in respect of a Lot.

 

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		2.5	Platinum Purchase Price

 

		(A)	The Purchaser shall pay to the Seller a purchase
price for each ounce of Refined Platinum the number of ounces of which shall be calculated pursuant to Clauses ‎2.1
and ‎2.3 and sold by the Seller to the Purchaser (the “Platinum
Purchase Price”) equal to:

 

		(1)	until the Prepayment Reduction Date, the Platinum Market Price on the Delivery Date for such number of
ounces of such Refined Platinum, with (a) the Fixed Platinum Price component thereof being payable in cash or by wire transfer, and
(b) the balance (being an amount equal to the difference between such Platinum Market Price and the Fixed Platinum Price) to be credited
against the Prepayment Amount in order to reduce the Uncredited Balance until it has been credited and reduced to nil; and

 

		(2)	after the Prepayment Reduction Date, the Fixed Platinum Price on the Delivery Date for such number of
ounces of such Refined Platinum, payable in cash or by wire transfer.

 

		(B)	The Platinum Purchase Price is the consideration for selling the Refined Platinum in respect of each Delivery
and invoice, including where a portion of such Platinum Purchase Price is credited against the Prepayment Amount.

 

		(C)	The Seller will record the Uncredited Balance from time to time and confirm this to the Purchaser on request.

 

		2.6	Payment by the Purchaser

 

Payment
by the Purchaser further to Clause ‎2.5 shall be made (A) on
the fifth Business Day following the Delivery Date and (B) to the Seller Proceeds Account.

 

		2.7	Currency and Method of Payments

 

All
payments of funds due by one Party to another under this Agreement shall be made in US Dollars and shall be made by wire transfer in immediately
available funds to the Seller Proceeds Account in respect of payments to the Seller (save in respect of payment of the Prepayment Amount
pursuant to Clause ‎3.1) and to bank account or accounts (which must
be outside South Africa) designated by the receiving Person in writing from time to time in respect of payments to the Purchaser or an
Indemnified Party.

 

		2.8	Unavailability of Benchmark Prices

 

		(A)	For the purposes of the definition of “Stream Minerals Market Price”:

 

		(1)	if any of the benchmark prices referred to in the definition of “Stream Minerals Market Price”
is no longer quoted by the provider referred to therein, then the applicable Stream Minerals Market Price shall be determined by reference
to the price of the relevant Stream Mineral in the manner endorsed by such provider; and

 

		(2)	if such provider ceases to be in operation or
does not, or ceases to, make such endorsement, the applicable Stream Minerals Market Price shall be determined by reference to the price
of the relevant Stream Mineral on a commodity exchange mutually acceptable to the Seller and the Purchaser, each acting reasonably, and
until such commodity exchange is agreed or otherwise determined further to Clause ‎15.1
the applicable commodity exchange shall be one specified by the Purchaser acting reasonably.

 

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		(B)	For the purposes of the definition of “Platinum Market Price”:

 

		(1)	if the London Platinum Market PM Fixing Price is no longer set by the LPPM, the Platinum Market Price
shall be determined by reference to the price of Refined Platinum in the manner endorsed by the LPPM; and

 

		(2)	if the LPPM ceases to be in operation, or does
not, or ceases to, make such endorsement referred to in Clause 2.8(B)(1), the Platinum Market Price shall be determined by reference to
the price of Refined Platinum on a commodity exchange mutually acceptable to the Seller and the Purchaser, each acting reasonably, and
until such commodity exchange is agreed or otherwise determined further to Clause ‎15.1
the applicable commodity exchange shall be one specified by the Purchaser acting reasonably.

 

		2.9	Assay Procedure

 

		(A)	All Assays shall be carried out in accordance with Good Industry Practice and the requirements of the
relevant Offtake Agreement.

 

		(B)	For each Lot where the Offtaker is a Related Party of the relevant Seller Group Member or the Refinery
is owned, leased or otherwise controlled by a Seller Group Member or any of their Affiliates then any Assay in respect of such Lot must
be carried out in accordance with Good Industry Practice by a reputable third party laboratory approved by the Purchaser in writing, acting
reasonably. The costs and expenses of all such Assays shall be borne by the Seller and ProjectCo.

 

		2.10	Excluded Tailings

 

If any Excluded Tailings, whether produced
before or after the date of this Agreement and whether or not extracted in the Mining Areas are processed or reprocessed at any time following
the date of this Agreement:

 

		(A)	the Seller and ProjectCo shall promptly notify the Purchaser at least 30 days prior to the commencement
thereof including its estimate of the quantity of Excluded Tailings they expect to be processed and the expected duration of that processing;
and

 

		(B)	such Excluded Tailings shall be deemed to not
result in Produced Stream Minerals and shall not be subject to Clause ‎2.

 

		2.11	Form of Invoices

 

All
invoices issued by the Seller further to this Clause ‎2 must
be in the form as required by the South African Revenue Service for the purposes of relying on any applicable VAT zero-rating and any
required supporting documentary evidence must be retained as required by Applicable Law.

 

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		3.	PREPAYMENT

 

		3.1	Payment of Prepayment Amount

 

		(A)	For the sale and delivery by the Seller to the
Purchaser of Refined Platinum (but subject to Clause ‎3.2) the
Purchaser agrees to pay to the Seller, and the Seller agrees to accept, the Prepayment Amount in connection with and as a prepayment of,
the Platinum Purchase Price further to Clause ‎2.5.

 

		(B)	The Prepayment Amount will become due and payable
by the Purchaser within 10 days after the Closing Date. The Purchaser will not be entitled to demand repayment of the Prepayment Amount
(without prejudice to the Purchaser’s remedies under Clause ‎10).
For the avoidance of doubt, the Prepayment Amount shall not be applied as consideration or as payment made for the sale and delivery by
the Seller to the Purchaser of Refined Platinum unless and until the Seller applies the Prepayment Amount further to Clause ‎2.5.

 

		(C)	No interest will be payable by the Seller on or in respect of the Prepayment Amount.

 

		(D)	Given that:

 

		(1)	the Purchaser is obliged to make payment of the
Prepayment Amount as per Clause ‎3.1(A) to the Seller; and

 

		(2)	the Seller is obliged to advance Debt funding to the ProjectCo amounting to the ZAR equivalent of the
Prepayment Amount under the terms of the Seller Loan Agreement,

 

the Purchaser, the Seller and the ProjectCo
hereby agree that the Purchaser will pay the Prepayment Amount directly to the Seller’s Nominated Account, and that such payments:

 

		(3)	shall constitute payment by the Purchaser to the Seller and therefore discharge the Purchaser’s
obligation to pay the Prepayment Amount to the Seller; and

 

		(4)	shall constitute payment by the Seller to the ProjectCo and therefore discharge the Seller’s obligation
to pay the corresponding advance to the ProjectCo under the Seller Loan Agreement.

 

		(E)	Subject to Clauses ‎3.3
to ‎3.4, the Purchaser will pay the Prepayment Amount into the Seller’s
Nominated Account, on a date to be selected by the Seller upon at least ten Business Days’ written notice to the Purchaser, subject
to the satisfaction of the conditions set forth in Clause ‎3.3.

 

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		(F)	The date upon which the Prepayment Amount is paid by the Purchaser shall be referred to in this Agreement
as the “Prepayment Date”.

 

		3.2	Use of Prepayment Amount

 

		(A)	The Seller must utilise the full Prepayment Amount
to fund expenditure to be incurred in the purchase of Refined Platinum, to be sold and delivered to the Purchaser pursuant to Clause ‎2.
To the extent that the Prepayment Amount has not yet been applied to fund such expenditure, the Seller must ensure that such amount is
available, as and when required, to defray the expenditure to be incurred in the purchase of such Refined Platinum. In respect of each
Delivery for which an invoice is raised, the Prepayment Amount so utilised must match the amount credited against the Prepayment Amount
further to Clause ‎2.5.

 

		(B)	In addition, the Seller will procure that, and the ProjectCo undertakes that, the ProjectCo shall apply
an amount equal to the Prepayment Amount to:

 

		(1)	develop the Project in accordance with the Mine Plan and the then current Project Schedule and Budget,
in order to produce Minerals; and

 

		(2)	the Seller further undertakes to ensure that
the ProjectCo is placed in funds, in total amounting to the Prepayment Amount, in order to enable the ProjectCo to develop the Project
as described above and pursuant to this the Seller and the ProjectCo will enter into the Seller Loan Agreement. Further to the Seller
Loan Agreement the Seller shall, in respect of any portion of the Prepayment Amount paid further to Clause ‎3.1,
advance Debt to the ProjectCo in an amount (in ZAR) equal to such portion of the Prepayment Amount. The amount of the advance will be
paid directly by the Purchaser to ProjectCo, on behalf of the Seller, as set out in Clause ‎3.1(D).
The Seller shall ensure that any Debt advanced to the ProjectCo under the Seller Loan Agreement as referred to in this Clause ‎3.2(B)(2) is
fully subordinated to the Stream Obligations further to the Intercreditor Agreement.

 

		3.3	Conditions Precedent to the Prepayment Amount

 

The
obligation of the Purchaser to pay the Prepayment Amount under Clause ‎3.1(A) shall
be subject to the Purchaser receiving all documents and evidence, in form and substance satisfactory to it (and acting reasonably where
specified in this Clause ‎3.3), demonstrating that each of the
following conditions are satisfied as at the Prepayment Date:

 

		(A)	all of the representations and warranties made by any Project Entity and each MineCo and Guarantor further
to this Agreement shall be true and correct in all material respects (other than those representations and warranties which are subject
to a materiality qualifier, which representations and warranties shall be true and accurate in all respects) as at the Prepayment Date
by reference to the facts and circumstances at such time;

 

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		(B)	no Project Entity Event of Default (or event which with notice, determination or lapse of time or any
combination of them would become a Project Entity Event of Default) shall have occurred and be continuing;

 

		(C)	the Purchaser shall have received a confirmation issued by the Companies and Intellectual Property Commission
for each Seller Group Member (or in the case of a Seller Group Member incorporated outside South Africa, an equivalent confirmation) that
each Seller Group Member is in business dated no earlier than the two Business Days prior to the Prepayment Date;

 

		(D)	the corporate secretary or other senior officer
(with knowledge of the relevant matters) of each Seller Group Member shall have executed a certificate, in a form agreed prior to the
date of this Agreement, dated as of the Prepayment Date and addressed to the Purchaser, as to (1) its constitutional documents; (2) the
resolutions of its board of directors (or equivalent) authorizing the execution, delivery and performance of this Agreement and the other
Stream Documents to which it is party and the transaction contemplated hereby and thereby, as well the requisite resolutions in terms
of sections 45 and/or 46 of the Companies Act, 2008 (as applicable); (3) the resolutions of its shareholders authorizing the execution,
delivery and performance of this Agreement and the other Stream Documents to which it is party and the transaction contemplated hereby
and thereby, as well the requisite resolutions in terms of section 45 of the Companies Act, 2008 (as applicable); (4) the names,
positions and true signatures of the persons authorized to sign this Agreement and the other Stream Documents on its behalf; (5) certification
of the matters set forth in Clauses ‎3.3(A) and ‎(B);
and (6) such other matters pertaining to the transactions contemplated hereby as the Purchaser may reasonably require;

 

		(E)	the Purchaser shall have received a copy of all Material Contracts (other than the Impala Offtake Agreement)
and Material Project Authorizations that have been obtained or entered into, or which are scheduled to be obtained or entered into further
to the Project Schedule and Budget and Mine Plan, on or before the Prepayment Date;

 

		(F)	

 

		(1)	the Stream Documents shall have been signed and delivered by the relevant Seller Group Members (and, in
respect of the Intercreditor Agreement, by all parties thereto), in form and substance satisfactory to the Purchaser, and the Security
Documents (excluding the ProjectCo Covering Mortgage Bond, the ProjectCo Mining Right Mortgage Bond, the ProjectCo General Notarial Bond,
the ProjectCo Special Notarial Bond and the Obligor Cession and Pledge in Security) are in full force and effect and are capable of enforcement
thereof in accordance with their terms;

 

		(2)	the Intercreditor Agent (or counsel on its behalf) has been provided with all requisite documents to enable
it to lodge the ProjectCo Covering Mortgage Bond, the ProjectCo General Notarial Bond and the ProjectCo Special Notarial Bond for registration
with the relevant deeds office;

 

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		(3)	the Intercreditor Agent (or counsel on its behalf) has been provided with all requisite documents (including
the consent to cancellation of the mortgage bond over the PPM Mining Right registered in favour of the Industrial Development Corporation
South Africa Limited) to enable it to attend to the lodgment of the ProjectCo Mining Right Mortgage Bond for registration with the Mining
Titles Office; and

 

		(4)	the Intercreditor Agent (or counsel on its behalf) has been provided with complete applications in terms
of section 11 of the MPRDA (in form and substance acceptable to the Purchaser) seeking the consent of the Minister of Mineral Resources
to enforce the pledge and cede all of the equity interest pledged under the Obligor Cession and Pledge in Security and (y) to cede
and transfer the PPM Mining Right (together, the “Section 11 Applications”). The said Section 11 Applications
should be duly approved by the board and the shareholders of the ProjectCo;

 

		(G)	the Purchaser shall have received a legal opinion addressed to it, in form and substance satisfactory
to it and as agreed by it on or before the date of this Agreement:

 

		(1)	of the Seller’s legal counsel relating to (a) the legal status of the Seller Group Members
and any other Person entering into any Stream Document, (b) the corporate power and authority of the Seller Group Members and any
other Person entering into any Stream Document to execute, deliver and perform this Agreement and the other Stream Documents, as applicable,
(c) the authorization, execution and delivery of this Agreement and the other Stream Documents by the Seller Group Members;

 

		(2)	of the Purchaser’s legal counsel relating to (a) the enforceability of this Agreement and the
other Stream Documents against the Seller Group Members and any other Person entering into any Stream Document, as applicable, (b) the
due registration or filing of any registrable or fileable Security Documents and, where applicable, the perfection of the security interest
of the Purchaser under the Security Documents and the results of the usual searches that would be conducted in connection with the Security;

 

		(H)	the Purchaser shall have received a title opinion, in form and substance satisfactory to it and as agreed
by it on or before the date of this Agreement, of the Seller’s legal counsel addressed to the Purchaser relating to title to the
Mining Rights, the material Project Property and each MineCo’s rights to access the Mining Areas for the purposes of the Project;

 

		(I)	all Key Transaction Documents shall have been executed and are in full force and effect;

 

		(J)	Purchaser has received confirmation from the Intercreditor Agent that any Additional Shared Collateral granted in connection with
any Senior Financing raised to fund the cost of the development, construction and/or operation of the Project concurrently with the closing
of this Agreement has been granted on terms such that the Purchaser also benefits from such Encumbrance;

 

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		(K)	all Orders and Licenses necessary for the completion of the transactions contemplated by the Key Transaction
Documents shall have been obtained and remain in full force and effect;

 

		(L)	no Order or Applicable Law, which restrains, enjoins, prohibits or otherwise makes illegal the consummation
of the transactions contemplated by the Key Transaction Documents shall be in effect;

 

		(M)	no action or proceeding, at law or in equity, shall be pending or threatened by any Person or Governmental
Body to restrain, enjoin or prohibit the consummation of the transactions contemplated by the Key Transaction Documents;

 

		(N)	any and all approvals required by the Financial Surveillance Department of the South African Reserve Bank
or an Authorised Dealer of the South African Reserve Bank (as applicable) in respect to all of the payments and obligations of any Project
Entity under, and transactions contemplated by, the Stream Documents requiring such approval, as applicable, have been duly obtained in
writing in accordance with the requirements of the Exchange Control Regulations;

 

		(O)	the Anti-Corruption Policy is in full force and effect;

 

		(P)	the Prepayment Longstop Date has not occurred; and

 

		(Q)	[***].

 

The
obligations of the Purchaser under Clauses ‎3.1(A) shall
be subject to the further condition that the Seller has issued to the Purchaser a request for payment for the Prepayment Amount.

 

		3.4	Satisfaction of Conditions Precedent

 

		(A)	Each Seller Group Member shall use commercially
reasonable efforts to procure the fulfilment of each of the conditions set out in Clause ‎3.3
by the Prepayment Longstop Date. The Parties shall co-operate in exchanging such information and providing such assistance as may be reasonably
required in connection with the foregoing. The Purchaser will act reasonably promptly in giving its view as to the acceptability of evidence
provided in respect of any conditions set forth in Clause ‎3.3.

 

		(B)	Each of the conditions set forth in Clause ‎3.3
is for the exclusive benefit of the Purchaser, and may be waived by the Purchaser in its sole discretion in whole or in part in writing.

 

		(C)	For greater certainty, the absence of satisfaction
of any or all of the conditions set forth in Clause ‎3.3 shall
not relieve the Project Entities, MineCos or Guarantors from their obligations under this Agreement.

 

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		3.5	Conditions Subsequent

 

Each of the Project Entities shall procure
that:

 

		(A)	within 30 days of the Prepayment Date, the ProjectCo General Notarial Bond shall have been lodged and
registered with the relevant deeds office;

 

		(B)	within 60 days of the Prepayment Date, the ProjectCo Special Notarial Bond shall have been lodged and
registered with the relevant deeds office;

 

		(C)	within 60 days of the Prepayment Date, the ProjectCo Mining Right Mortgage Bond shall have been lodged
and registered with the Mining Titles Office; and

 

		(D)	within 120 days of the Prepayment Date, the ProjectCo Covering Mortgage Bond shall have been lodged and
registered with the relevant deeds office.

 

		4.	TERM

 

		4.1	Term

 

		(A)	This Agreement shall be effective on the date
hereof and, subject to Clause ‎4.1(B), shall continue until the
date that is 40 years after the date of this Agreement (the “Initial Term”) and thereafter shall automatically
be extended for successive 20-year periods (each an “Additional Term” and, together with the Initial Term, the “Term”),
unless there has been no active Mining Operations during the last 20 years of the Initial Term or throughout such Additional Term,
as applicable, in which case this Agreement shall terminate at the end of the Initial Term or such Additional Term, as applicable (the
 “Term”).

 

		(B)	This Agreement may also be terminated by the
Parties on mutual written consent or by either Party in accordance with Clauses ‎10
or ‎11.

 

		(C)	If none of the Prepayment Amount has been advanced by the Prepayment Longstop Date, this Agreement shall
terminate.

 

		4.2	Survival

 

The
following provisions shall survive termination of this Agreement: Clause ‎6.14
and Clauses ‎12, ‎‎13
and ‎15, and such other provisions of this Agreement as are required
to give effect thereto.

 

		5.	REPORTING; BOOKS AND RECORDS; INSPECTIONS

 

		5.1	Geological and Engineering Reports and Mine Plan

 

		(A)	The ProjectCo shall promptly deliver to the Purchaser a copy of:

 

		(1)	if the Parent is listed on a public securities exchange, final technical reports which have been prepared
in accordance with an Acceptable Mining Reporting Standard, and updated publicly available mineral reserve and mineral resource estimates
produced that pertain to the Project; or

 

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		(2)	if the Parent is not listed on a public securities exchange, final board-approved technical reports which
have been prepared in accordance with an Acceptable Mining Reporting Standard, and updated mineral reserve and mineral resource estimates
produced that pertain to the Project.

 

		(B)	During the Term the ProjectCo shall, as soon as practicably possible, deliver or procure the delivery
of a copy of any amendment, revision or supplement to, or replacement of the Mine Plan and /or any amendment, revision or supplement to,
or replacement of the Output Summary to the Purchaser.

 

		5.2	Operation and Production Reports

 

On or before the 15th Business Day of
the calendar month after the end of each calendar month (until the Completion Date) or quarter (with effect on and from the Completion
Date) of the Term, the ProjectCo shall provide to the Purchaser an Operation and Production Report in respect of each relevant calendar
period.

 

		5.3	Annual E&S Monitoring Report

 

On or before the 120th day after the
beginning of each calendar year, the ProjectCo shall provide to the Purchaser an Annual E&S Monitoring Report in respect of the immediately
preceding calendar year.

 

		5.4	Semi-Annual Compliance Certificate

 

On or before March 31 and September 30
of each calendar year during the Term, the ProjectCo shall provide to the Purchaser a Semi-Annual Compliance Certificate in respect of
the immediately preceding six months.

 

		5.5	Financial Reports

 

		(A)	ProjectCo

 

		(1)	On or before the 45th day after the end of each of the ProjectCo’s fiscal quarters, the ProjectCo
shall provide to the Purchaser a copy of the ProjectCo’s quarterly unaudited management accounts for such quarter.

 

		(2)	As soon as reasonably practicable and in any event by not later than the 180th day after the end of each
of the ProjectCo’s fiscal years, the ProjectCo shall provide to the Purchaser a copy of the ProjectCo’s audited annual financial
statements for such year.

 

		(B)	Seller

 

		(1)	On or before the 45th day after the end of each of the Seller’s fiscal quarters, the Seller shall
provide to the Purchaser a copy of the Seller’s quarterly unaudited management accounts for such quarter.

 

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		(2)	As soon as reasonably practicable and in any event by not later than the 180th day after the end of each
of the Seller’s fiscal years, the Seller shall provide to the Purchaser a copy of the Seller’s audited annual financial statements
for such year.

 

		5.6	Notice of Completion

 

The Seller shall provide the Purchaser
with written notice of the Completion Date within five Business Days of the occurrence thereof.

 

		5.7	Other Reports

 

The ProjectCo shall promptly deliver
or furnish, or cause to be delivered or furnished, to the Purchaser a copy of any material reports, certificates, documents and notices
relating to the Project which are delivered by a Seller Group Member under other Key Transaction Documents to the extent not already delivered
to the Purchaser under the Stream Documents.

 

		5.8	Copies of Material Contracts and Other Information

 

Until the Security Release Date, the
ProjectCo shall promptly deliver or furnish, or cause to be delivered or furnished, to the Purchaser a copy of:

 

		(A)	any new Material Contract or any amendment or revision to any existing Material Contract;

 

		(B)	any new Material Project Authorization, or amendment, revision, reissuance or replacement of any existing
Material Project Authorization;

 

		(C)	documentation relating to the acquisition by
the Project Entities of any Project Real Property with a value in excess of [***] or
more, whether owned or leased;

 

		(D)	any amendment, revision or supplement to the
Project Schedule and Budget (provided that any such amendment, revision or supplement shall be subject to Clause ‎6.1(C));
and

 

		(E)	provide, or procure the provision, to the Purchaser
of any draft and final reports, analyses or plans referred to in Clause ‎6.10
at the same time as it receives the same.

 

		5.9	Notice of Adverse Impact

 

The ProjectCo shall, and the Seller
shall procure that the ProjectCo shall, provide the Purchaser with written notice of each of the following events promptly upon a Project
Entity or any MineCo becoming aware of or having knowledge of such event:

 

		(A)	the occurrence of any Project Entity Event of Default, or any event or circumstance which with notice
or lapse of time or both would become a Project Entity Event of Default;

 

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		(B)	any material default by any party under or termination or threatened termination of any Material Contract;

 

		(C)	the loss of or material non-compliance with the terms of, or any threat (whether or not in writing) by
a Governmental Body to revoke or suspend, any Material Project Authorization;

 

		(D)	any material violation of Applicable Law by any Seller Group Member;

 

		(E)	all material actions, hearings, investigations, notices of violation, hearings, investigations, suits,
claims and proceedings before any Governmental Body or arbitrator pending, or to the Seller’s or ProjectCo’s knowledge threatened,
against or affecting any Seller Group Member or the Project including any of their ownership;

 

		(F)	any material damage suffered to the Project, and whether any Seller Group Member has or plans to make
any insurance claim with respect to such damage;

 

		(G)	any material disputes or material disturbances relating to the Project or resulting from Mining Operations
involving local communities;

 

		(H)	any event, circumstance or fact that would be
expected to give rise to or that constitutes a “Default” or an “Event of Default” as defined under any Senior
Financing or any other agreement in respect of Debt of the Project Entities or any Guarantor in a principal amount of [***] or
more without any amendments or waivers from the creditor party thereunder;

 

		(I)	any dispute between the Seller or a MineCo and an Offtaker in respect of a material matter arising out
of or in connection with the relevant Offtake Agreement (the Seller shall provide the Purchaser with timely updates of the status of any
such dispute and the final decision and award of the court or arbitration panel with respect to such dispute, as the case may be), if
such dispute could affect the Project Entities’ performance of their obligations under this Agreement; and

 

		(J)	any other condition or event which has resulted or that could reasonably be expected to result, in a Material
Adverse Effect,

 

in each case, accompanied by a written
statement by a senior officer of the ProjectCo setting forth details of the occurrence referred to therein.

 

		5.10	Provision of Reports

 

Upon written notice to the Seller by
the Purchaser at any time and from time to time, the Seller and ProjectCo shall cease to provide any information or reports identified
for the time period specified in such notice. The Seller and ProjectCo shall recommence regular reporting under this Agreement upon completion
of such period or upon further written notice to the Seller by the Purchaser.

 

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		5.11	Books and Records

 

		(A)	The ProjectCo shall keep true, complete and accurate books and records of all of its respective operations
and activities with respect to the Project and this Agreement, including the mining and production of all Minerals from the Project Real
Property and the mining, treatment, processing, milling, transportation and sale or refining of all Minerals, and all operating or capital
costs.

 

		(B)	The ProjectCo shall, and the ProjectCo shall cause the Seller Group Members to, permit the Purchaser (and
its professional advisors) to perform audits or other reviews and examinations of their books and records and other information relevant
to the production, Delivery and determination of Refined Platinum under this Agreement and compliance with this Agreement from time to
time at reasonable times at the Purchaser’s sole risk and expense and not less than ten Business Days’ notice, provided that
the Purchaser will not exercise such rights more often than once during any calendar year absent the existence of a Project Entity Event
of Default, or absent a material deficiency identified during a previous audit or review, in which case such rights may be exercised at
such periods as may be reasonably determined by the Purchaser (and in any event at least once during any calendar quarter) until no material
deficiencies are identified during three consecutive audits or reviews, at which point the Purchaser will once again be limited to exercising
such rights once per calendar year. The Purchaser shall use its commercially reasonable efforts to diligently complete any audit or other
examination permitted hereunder. Such audit or other review or examination shall be at the Purchaser’s expense, provided that if
it is established by such audit or other review or examination, or further to a Dispute, that the amount of Refined Platinum Delivered
on a given Delivery Date was less than the amount that should have been Delivered under this Agreement by five percent or more, then the
Seller shall immediately on demand pay the costs of such audit or other review or examination to the Purchaser.

 

		5.12	Inspection and Financial Audit of Production Records

 

		(A)	Not more than twice every 12 calendar months, the Purchaser may, upon 20 Business Days written notice
to the Seller and at reasonable times of business and at its own cost, within 18 calendar months of a Delivery, inspect and audit, or
appoint a suitably qualified independent accounting firm to inspect, audit and report on to the Purchaser, the Production Records in respect
of that Delivery.

 

		(B)	The Seller shall, and, where applicable, shall procure that any relevant Seller Group Member shall, give
the auditor appointed by the Purchaser full and free access to the Production Records at its offices, or elsewhere as agreed, in respect
of such Delivery.

 

		(C)	Any Delivery not so audited shall, after the expiry of such 18 calendar month period, be deemed to be
final (and shall not thereafter be subject of audit or challenge) except in respect of fraud or manifest error.

 

		(D)	If the Purchaser notifies the Seller of any underdelivery or overdelivery of Refined Platinum which the
Purchaser’s auditor, in its reasonable opinion, considers exists, or the audit determines that any amount of Refined Platinum Delivered
has been calculated in error, Seller shall, on being provided with a copy of the report of the Purchaser’s auditor, make a corresponding
adjustment of the amount of Refined Platinum to be Delivered in respect of the calendar month in which such report is provided, unless
the Seller delivers a notification of a Dispute to the Purchaser in relation to the relevant matter within one calendar month of receiving
the report. If the Seller delivers such a notification of such Dispute, the dispute resolution procedures set out in this Agreement shall
apply. Such adjustment of amount of Refined Platinum shall be taken into account when calculating the amount of Refined Platinum to be
sold and Delivered on the next Delivery Date after such Purchaser notification or, if applicable, when any dispute in respect of such
notification is resolved or otherwise determined.

 

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		(E)	Such inspection or audit shall be at the Purchaser’s expense, provided that if it is established
by such inspection or audit, or further to a Dispute, that the amount of Refined Platinum Delivered on a given Delivery Date was less
than the amount that should have been Delivered under this Agreement by five percent or more, then the Seller shall immediately on demand
pay the costs of such inspection or audit to the Purchaser.

 

		5.13	Inspections

 

		(A)	Subject to Clause ‎5.13(B),
not more than once every 12 calendar months and upon no less than ten Business Days’ notice to the ProjectCo and subject at all
times to the workplace rules and Health and Safety Laws, and supervision of the ProjectCo, the ProjectCo shall grant, or cause to
be granted, to the Purchaser and the Independent Engineer and their representatives and agents, at reasonable times and at the ProjectCo’s
sole expense (until the Completion Date and thereafter at the Purchaser’s sole expense), the right to access the Project Real Property,
the Process Plant and other facilities of the Project, in each case to monitor the construction of the Project and / or compliance with
this Agreement (as applicable) during the Term. The Purchaser shall use its commercially reasonable efforts to not interfere with development,
mining or processing work conducted on the Project Real Property.

 

		(B)	After the Completion Date any costs incurred by the Purchaser, the Independent Engineer and their representatives
and agents in such inspection shall be for the Purchaser’s account.

 

		(C)	Where a Seller Group Member is commingling Minerals with Other Minerals (which shall include all Tailings
for the purposes of this sub-Clause):

 

		(1)	the Purchaser may, at reasonable times and at its own cost and risk and not more than once in every 12
calendar months upon reasonable notice to Seller, by itself or by the Independent Engineer appointed by it, inspect and conduct a technical
audit on the methods and practices used by the relevant Seller Group Member in weighing, sampling, assaying or other measuring or testing
such Minerals with Other Minerals; and

 

		(2)	in doing so shall comply with the reasonable requirements of any relevant Seller Group Member and its
safety officers.

 

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		5.14	Technical Committee

 

		(A)	The Seller will establish and maintain until the Completion Date, a technical committee (the “Technical
Committee”) comprising a representative of senior management of the Seller, a representative of the Purchaser plus an observer
each selected by the Purchaser and the Independent Engineer for the purposes of monitoring the construction and operation of the Project.
The Technical Committee members shall not be entitled to any salary, compensation or remuneration from the Seller in their capacity as
Technical Committee members. The Seller shall owe no liabilities or obligations whatsoever to any Technical Committee members in such
capacity.

 

		(B)	Unless the members unanimously agree otherwise, the Technical Committee will meet (by telephone, videoconference
or otherwise) no more than once per calendar month until the Completion Date, and no more than once per quarter thereafter to discuss
relevant matters. The Seller will provide any member of the Technical Committee with such information as it may reasonably request.

 

		(C)	The Technical Committee shall have no management or operational control of the Seller, the MineCos or
the Project and shall be advisory in nature.

 

		5.15	Other Notices and Information

 

Until the Security Release Date:

 

		(A)	the ProjectCo shall notify the Purchaser in writing at least 15 days prior to any change in a Project
Entity’s or Guarantor’s legal or operating name, or the location of its headquarters or location of its assets;

 

		(B)	the Seller shall reasonably promptly notify the Purchaser and the Intercreditor Agent of the acquisition
and location or relocation, by any Seller Group Member, of any material Project Property, whether owned or leased (other than inventory
in transit); and

 

		(C)	subject to Clause ‎5.16,
with respect to any Offtake Agreements entered into after the date of this Agreement (and copies of which have not been provided to the
Purchaser further to Clause ‎3.3), Seller shall reasonably promptly
provide to the Purchaser confirmation of the terms of any such Offtake Agreement and, within fifteen (15) Business Days after the execution
thereof by each of the parties thereto, Seller shall provide to the Purchaser a final signed copy of such Offtake Agreement.

 

		5.16	No Disclosure of Confidential Information

 

		(A)	A Project Entity’s obligations
under Clause ‎5 shall not extend to any documents, agreements, materials,
files or other information (whether held in electronic form or otherwise) that it is not permitted to disclose to the Purchaser (or any
of its professional advisors) pursuant to confidentiality obligations applicable to any Project Entity (or any of its Affiliates) and
accordingly a Project Entity shall be entitled not to disclose to the Purchaser (or any of its professional advisors) any such documents,
agreements, materials, files or other information.

 

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		(B)	Each Project Entity shall use reasonable endeavours to ensure that agreements or arrangements with third
parties include permission to disclose such documents, agreements, materials, files or other information, and to obtain or consent to
disclosure of such documents, agreements, materials, files or other information to the extent not provided for in such agreements or arrangements,
and will in any case provide to the Purchaser a summary of such documents, agreements, materials, files or other information (to the extent
permitted by such confidentiality obligations).

 

		6.	COVENANTS

 

		6.1	Conduct of Operations

 

		(A)	Except as otherwise provided herein, all decisions regarding the Project, including any decisions concerning
(1) the methods, extent, times, procedures and techniques of any development and mining related to the Project or any portion thereof,
(2) milling, processing, or extraction, (3) materials and equipment to be introduced on or to the Project, and (4) decisions
to operate or continue to operate the Project or any portion thereof, including with respect to closure and care and maintenance shall
be made by the ProjectCo or Magazynskraal MineCo (as applicable) in its sole discretion.

 

		(B)	The ProjectCo and Magazynskraal MineCo shall, and the Seller shall procure that they shall, develop, construct,
commission and operate the Project, in all material respects, in accordance with the Mine Plan and the Project Schedule and Budget. The
Mine Plan and the Output Summary shall be maintained and updated in accordance with Good Industry Practice and may not be amended, revised
supplemented or replaced in any material respect unless (1) such amendment, revision, supplement or replacement is made in accordance
with Good Industry Practice and (2) before the Security Release Date such amendment would not reasonably be expected to have a Material
Adverse Effect. The Output Summary shall be amended, revised supplemented or replaced (as applicable) to reflect any amendment, revision,
supplement or replacement to the Mine Plan at the same time as the Mine Plan is so amended, revised, supplemented or replaced.

 

		(C)	Until the Completion Date, the ProjectCo and the Seller shall procure that the Project Schedule and Budget
shall be maintained and updated in accordance with Good Industry Practice. The Project Schedule and Budget may only be amended in any
material respect if such amendment is made in accordance with Good Industry Practice.

 

		(D)	The ProjectCo and Magazynskraal MineCo shall ensure that they:

 

		(1)	hold legal and beneficial ownership in, or the requisite rights to use, all assets, rights and interests
relating to the Project or comprising Project Property (until, with respect to Magazynskraal MineCo, the relevant MineCo Release Event,
and prior to which they must have been fully and effectively transferred to the ProjectCo); and

 

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		(2)	operate the Project on a commercial basis as though it has the full economic interest in the Minerals
(including Hot Tailings) produced from the Project Real Property in the absence of this Agreement and as if it were entitled to receive
the Stream Minerals Market Price (as applicable) for all such Minerals (including Hot Tailings) produced.

 

The Seller, the ProjectCo and Magazynskraal
MineCo shall ensure that all cut-off grade, short term mine planning, longer term planning and production decisions, and all resource
and reserve calculations, concerning the Project shall be based consistent with Good Industry Practice.

 

		(E)	The Seller, the ProjectCo and Magazynskraal MineCo shall perform or procure the performance of all development,
and mining operations and activities pertaining to or in respect of the Project and their business (including in respect of grade control)
in all material respects in accordance with Applicable Laws, Mining Rights, Project Authorizations, Material Contracts, the Equator Principles,
Good Industry Practice and the EA.

 

		(F)	The ProjectCo and Magazynskraal MineCo shall, and the Seller shall procure that they shall, at all times
from and after the date hereof obtain, as and when required, and preserve and maintain, all Licences (including environmental Licences
and Utility Commitments) and Material Contracts which are required to permit the ProjectCo and Magazynskraal MineCo to (1) own the
Project, (2) develop, construct and operate the Project as contemplated by the Mine Plan, (3) commence and carry out the operation
of commercial production transactions from the Project, and (4) perform its obligations under the Stream Documents to which it is
a party.

 

		(G)	The ProjectCo and the Seller Group Members shall, and the Seller shall procure that they shall, timely
and fully perform, pay and observe, or cause to be performed, observed and paid, any and all liabilities and obligations required by any
Applicable Laws, Material Project Authorizations or by any Governmental Body or by Good Industry Practice, in each case:

 

		(1)	for the reclamation, restoration or closure of any facility or land; and

 

		(2)	in connection with the ProjectCo’s or the Seller Group Members’ operations or activities at,
on or in respect of the Project or required under this Agreement,

 

in each case, except where such liabilities
or obligations are diligently contested in good faith and appropriate provision has been made for them in the relevant Seller Group Member’s
account.

 

		(H)	Within six calendar months after the Closing Date the Seller shall procure that a suitably qualified independent
mining engineer shall have commenced preparation of a revised Mine Plan for the Project to reflect an accelerated development schedule
so as to achieve the Completion Date earlier than provided for in the Mine Plan as at the date of this Agreement.

 

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		6.2	Commingling

 

		(A)	From and after the date of this Agreement, only
the ProjectCo may process Other Minerals (which shall include all Excluded Tailings for the purposes of this sub-Clause) through the Process
Plant, or commingle Other Minerals with, Minerals which are or can be mined, produced, extracted or otherwise recovered from the Project
Real Property, and only if: (1) the ProjectCo has adopted and employs reasonable practices and procedures for weighing, determining
moisture content, sampling and assaying and determining recovery factors (a “Commingling Plan”), such Commingling Plan
to ensure the division of Other Minerals and Minerals for the purposes of determining the quantum of the Refined Platinum to be delivered
hereunder; (2) the Purchaser shall not be disadvantaged as a result of the processing of Other Minerals in place of, in priority
to, or concurrently with, Minerals; and (3) the ProjectCo keeps all books, records, data and samples required by the Commingling
Plan and makes such books, records, data and samples available to the Purchaser in accordance with Clause ‎5.11(B).
The ProjectCo shall compensate the Purchaser for any disadvantage incurred or suffered by the Purchaser if and to the extent that the
processing of Minerals mined, produced, extracted or otherwise recovered from the Project Real Property is adversely affected by Other
Minerals being processed through the Process Plant. For these purposes, “disadvantage” shall be assessed by reference to the
quantity and timing of expected deliveries as per the then current Mine Plan (including the Output Summary).

 

		6.3	Certain Corporate Standards

 

		(A)	The Project Entities shall, and the Project Entities shall cause all of the Seller Group Members and their
respective directors, officers and employees to, comply with all material Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions
applicable to such Person or its activities.

 

		(B)	The Project Entities shall, and the Project Entities shall cause all of the Seller Group Members to, at
all times comply with the Anti-Corruption Policy, and shall (to the extent permitted by Applicable Laws) immediately notify the Purchaser
upon becoming aware of any breach or suspected breach of such policy. No Seller Group Member shall, amend, terminate, replace or otherwise
vary the Anti-Corruption Policy so as to make it less comprehensive and/or restrictive without the prior written consent of the Purchaser.
In the event of any changes to the Anti-Corruption Laws and / or the Anti-Money Laundering Laws and / or Good Industry Practice, the Seller
shall cause the Anti-Corruption Policy to be updated in order to ensure compliance with the Anti-Corruption Laws, the Anti-Money Laundering
Laws and Good Industry Practice. In the event of any such update, the Seller shall promptly provide a copy of the updated policy to the
Purchaser and an explanation for the update.

 

		6.4	Preservation of Corporate Existence; Location of Assets

 

		(A)	The Project Entities shall, and shall cause each MineCo to, at all times from and after the date hereof
do and cause to be done all things necessary or advisable to maintain its corporate or other existence, including the making of all required
filings in connection therewith, and to obtain, and, once obtained, maintain all qualifications necessary to carry on its business and
own its assets in each jurisdiction in which they carry on business or in which their assets are located.

 

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		(B)	The Project Entities shall not, and shall not permit any MineCo to, merge, amalgamate or consolidate with
another Person, or change or reorganize its capital structure or amend its articles, by laws or any other constitutional documents, if
it would adversely impact the Purchaser’s rights under the Stream Documents.

 

		6.5	Maintenance of Property; Encumbrances

 

		(A)	Except as otherwise permitted under Clause ‎7,
the Project Entities and each MineCo shall at all times do or cause to be done all things necessary to maintain preserve, protect and
keep:

 

		(1)	all of its material ownership, lease, use, licence and other interests, as applicable as are necessary
or advisable in order for the ProjectCo to be able to develop, construct and operate the Project substantially in accordance with the
Mine Plan and Good Industry Practice; and

 

		(2)	all material tangible Collateral owned or used by it in good repair, working order, and condition (ordinary
wear and tear excepted) so that those aspects of the business carried on in connection therewith may be properly conducted at all times,
unless the continued maintenance of any of such Collateral ceases to be necessary or economically desirable for the development, construction
or continued operation of the Project substantially in accordance with the Mine Plan and Good Industry Practice.

 

		(B)	Until the Security Release Date, the Seller and the ProjectCo shall, and shall cause any other Seller
Group Members to, at all times warrant and defend the right, title and interest of the Seller, the ProjectCo and any other Seller Group
Members in and to any Collateral, and every part thereof, against the claims of any Person, subject only to Permitted Encumbrances.

 

		(C)	The ProjectCo shall use, and procure that Magazynskraal
MineCo uses, its reasonable endeavours to procure that the requisite consent of the Minister of Mineral Resources to the applications
referred to in Clauses ‎3.3(F)(3) and ‎(4) are
obtained as soon as reasonably practicable.

 

		(D)	By the date of the first production of Minerals
after the date of this Agreement the ProjectCo and Seller shall have obtained, or procured the obtaining of, such Licences as are required
(if any) for the ProjectCo and Seller to deliver, or procure the delivery of, Refined Platinum in accordance with Clause ‎2.
After the date of the first production of Minerals after the date of this Agreement the ProjectCo and Seller shall each maintain, renew
and comply with, or procure the maintenance and renewal of and compliance with, such Licences.

 

		(E)	Within 12 months after having obtained representative samples of stope reef from the relevant underground
portion of the Project, the Seller shall procure the carrying out, in accordance with Good Industry Practice, of complete metallurgical
testwork, to include HIG mill and column flotation testwork, to assess the option of processing of Minerals without the involvement of
any Kell and East Limb Companies or their assets.

 

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		(F)	By the date falling nine calendar months from the Prepayment Date, the ProjectCo shall procure, and maintain
until the Completion Date, the appointment, following consultation with the Purchaser, of a suitably qualified adviser experienced in
the development and operation of underground mining projects to provide advice in connection with the Project. The ProjectCo shall ensure
that such person is provided with information and access as required to perform its duties, is regularly consulted in connection with
the Project and that its recommendations are duly considered by ProjectCo. If the relevant adviser’s appointment terminates, the
ProjectCo shall appoint a suitably qualified replacement adviser experienced in the development and operation of underground mining projects
within 6 months of the termination of appointment.

 

		(G)	If the Purchaser so requests whilst a Project Entity Event of Default is continuing, the ProjectCo, Seller
and the Guarantors shall use all reasonable endeavours (and shall co-operate in good faith) to assist the Purchaser and the Security SPV
with obtaining the approval from the DMR for any enforcement of the Security created further to the ProjectCo Mining Right Mortgage Bond
and the Obligor Cession and Pledge in Security in accordance with their terms by the Security SPV or another Person nominated by the Purchaser
from time to time.

 

		(H)	The Seller shall:

 

		(1)	by the date falling one year after the date of this Agreement, procure the preparation by SRK Consulting
(or other suitable expert approved by the Purchaser acting reasonably) of an updated resource and reserve estimation for the Project,
to be prepared in accordance with an Acceptable Mining Standard; and

 

		(2)	within three months upon written request by the
Purchaser, procure the preparation, and delivery to the Purchaser, of an updated resource and reserve estimation for the Project, to be
prepared in accordance with an Acceptable Mining Standard, provided that, no such estimations shall be required to be provided if existing
estimations have been delivered to the Purchaser in accordance with Clauses ‎5.1‎(A) and/or
‎6.5(H)(1) within the preceding three years of the date of such
written request.

 

		6.6	Insurance

 

		(A)	Within 30 days of the date of this Agreement each MineCo (to the extent applicable) shall, have insured
and shall keep insured with financially sound and reputable independent insurance companies all of the Collateral and the Project Property,
and shall take out and maintain property damage insurance, comprehensive general liability insurance, South African Special Risk Insurance
Act (SASRIA) insurance, directors’ and officers’ liability insurance and any other insurances in relation to its business
and assets in each case in amounts and against losses, risks and/or damages, as is usual for reasonably prudent companies carrying on
the same or substantially similar business in South Africa, and cause the policies of insurance referred to above to contain customary
endorsements for the benefit of the Security SPV and the Purchaser. The ProjectCo shall cause the Security SPV and the Purchaser to be
added and maintained as a named insured with respect to property damage insurance and comprehensive general liability insurance. The ProjectCo
shall provide the Purchaser promptly with such evidence of insurance of any insurances and/or insurance policy information as the Purchaser
may from time to time reasonably require.

 

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		6.7	B-BBEE

 

Each MineCo shall, and shall procure
that, to the extent applicable to it, each Seller Group Member shall, comply with the Mining Charter and any other applicable Law promoting
B-BBEE and all applicable B-BBEE Requirements and shall maintain its B-BBEE Status at all times.

 

		6.8	Offtake Agreements

 

The Project
Entities shall ensure that when Produced Stream Minerals are sold or otherwise disposed of all such Produced Stream Minerals are
sold or otherwise disposed of by ProjectCo to an Offtaker pursuant to an Offtake Agreement. All such Offtake Agreements shall be on Arm’s
Length Terms and include appropriate and separate sampling and assaying so that the Seller and the applicable Offtaker can determine the
grade or content of Produced Stream Minerals (as applicable) and Other Minerals in each delivery to an Offtaker.

 

		6.9	Seller Loan and Offtake Agreements and the Management Services Agreement

 

The Project Entities shall not amend,
cancel, suspend, terminate or Transfer, in whole or in part, the Seller Loan Agreement, the Seller Offtake Agreement or the Management
Services Agreement, where such amendment, cancellation, suspension, termination and/or Transfer would have an adverse impact on a Purchaser’s
or the Security SPV’s rights under the Stream Documents, without the prior written consent of the Purchaser.

 

		6.10	Sustainability Framework

 

		(A)	The Seller and each MineCo shall:

 

		(1)	use all reasonable endeavours to perform or procure the performance of all Mining Operations and activities
pertaining to or in respect of the Project in accordance with the IFC Performance Standards by not later than the second anniversary of
the Closing Date;

 

		(2)	on and from the second anniversary of the Closing Date, to the extent such performance is not fully in
accordance with the IFC Performance Standards, use all reasonable endeavours to continue to perform all development and Mining Operations
and activities pertaining to or in respect of the Project in accordance with the IFC Performance Standards (or, if the IFC Performance
Standards cease, such other international mining industry recognised standards applicable to environmental and social matters);

 

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		(3)	procure that within three months after the date of this Agreement, the Independent Consultant develops,
and then they implement, an Environmental and Social Action Plan (giving reasonable consideration to any prompt comments received from
the Independent Consultant (Purchaser)) (i) designed to maximise the ProjectCo’s compliance with IFC Performance Standards
by the second anniversary of the Closing Date and thereafter and (ii) be in accordance with Good Industry Practice; and

 

		(4)	procure that the Independent Consultant conducts and completes by 01 July of each year after 2021
an annual audit and gaps analysis report of its compliance with the IFC Performance Standards, and Good Industry Practice, and promptly
updates the Environmental and Social Action Plan (giving reasonable consideration to any prompt comments received from the Independent
Consultant (Purchaser)) to reflect the outcome, and address the findings, of such audit and report.

 

	6.11	Tailings Facilities

 

		(A)	The Seller and each MineCo shall each procure
the completion by 1 December each year of a Tailings Facilities audit report (including dam and storm water studies), to include,
as dictated by Good Industry Practice and the Global Industry Standard
on Tailings Management, the factor of safety, for each of the Tailings Facilities to be carried out by the Independent Consultant.
Seller and each MineCo shall provide, or procure the provision, to the Purchaser of any draft and final audit report referred to in this
Clause ‎6.11 at the same time as it receives the same. Without
prejudice to any other obligations under this Agreement, each such Party shall ensure that the Mine Plan and Environmental and Social
Action Plan are promptly, and in any event within 15 Business Days of receipt of the final audit report, updated to reflect the outcome,
and address the findings, of the final audit report.

 

		(B)	The Seller shall procure that a report on the Tailings Facilities is submitted to the Global Tailings
Portal (or any initiative that replaces it in whole or in part) (and promptly updated as necessary to ensure it fully and correctly represents
the status of the Tailings Facilities from time to time) which shall fully address all of the disclosure questions required by the Global
Tailings Portal (or any such replacement initiative) from time to time, in each case in accordance with Good Industry Practice and the
Global Industry Standard on Tailings Management.

 

	6.12	Certain Negative Covenants

 

		(A)	Until the Security Release Date, except with the prior written consent of the Purchaser:

 

		(1)	no MineCo shall engage directly or indirectly in any material business activity or purchase or otherwise
acquire any material property, in either case, not related to the development, construction, and operation of, and extraction and processing
of mineral resources from, the Project, or that is not reasonably required to perform its obligations under the Key Transaction Documents
or the Senior Financing (other than in respect of, or in connection with any Non-Project Activity);

 

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		(2)	neither the Project Entities nor any MineCo shall:

 

		(a)	make any Investments other than Permitted Investments; and

 

		(b)	make any Acquisitions other than Permitted Acquisitions;

 

		(3)	without prejudice to their obligations elsewhere under this Agreement, the Project Entities and each MineCo
may only purchase, acquire or lease (whether directly or indirectly) any property from, or otherwise deal or enter into any agreement
with, any Related Party in the ordinary course of and pursuant to the reasonable requirements of the Project Entity’s or such MineCo’s
business and upon Arm’s Length Terms and further provided that any such purchased or acquired property constitutes part of the Collateral
unless it is Excluded Property;

 

		(4)	each of the Project Entities and each MineCo may have, assume or otherwise become directly or indirectly
liable upon or in respect of, or suffer to exist, any Debt only if such Debt constitutes Permitted Debt and Obligations;

 

		(5)	a MineCo may enter into any hedge instrument or incur any hedge obligations only if such hedge obligations
are pursuant to Permitted Hedging Arrangements;

 

		(6)	each of the Seller and each MineCo may only make any Restricted Payment if all of the following conditions
are satisfied:

 

		(a)	until the Completion Date, evidence has been
provided, to the satisfaction of the Purchaser, acting reasonably, that after making such Restricted Payment the aggregate amount of Liquidity
of the Project Entities and each MineCo which are available to pay Project Costs is at least [***];

 

		(b)	no Project Entity Event of Default and no event that, with the giving of notice or passage of time would
constitute a Project Entity Event of Default, has occurred and is continuing or would occur as a result of such Restricted Payment;

 

		(c)	all operating expenses of the Seller and each MineCo then due and owing have been paid in full (or, in
the case of any loan incurred by ProjectCo pursuant to a Senior Financing and on-advanced to Seller or Magazynskraal MineCo, would be
paid in full once advanced); and

 

		(d)	all amounts then due and owing in respect of any Debt of the Seller Group Members (other than Debt owing
to any Seller Group Member), and payment of which would not be a Restricted Payment, have been paid in full (or, in the case of any loan
incurred by ProjectCo pursuant to a Senior Financing and on-advanced to another Seller Group Member, would be paid in full once advanced),

 

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and
the relevant MineCo shall notify the Purchaser in writing at least [***] prior
to any intended Restricted Payment to be made in accordance with this Clause ‎6.12(A)(6) with
full particulars of such intended Restricted Payment;

 

		(7)	no MineCo shall transfer or assign any Debt owed to it (other than (1) further to the Security Documents,
(2) to the extent that such Debt does not relate to the Project or, (3) to each other); and

 

		(8)	the Seller and the ProjectCo shall not, and shall not permit any Seller Group Members to, create, incur,
assume or suffer to exist any Encumbrance upon all or any of the Collateral, whether now owned or hereafter acquired, other than Permitted
Encumbrances.

 

		(B)	Except for entering into this Agreement, any
Offtake Agreement, the Seller Offtake Agreement [***], or with the prior
written consent of the Purchaser, the Seller shall not, and shall not permit a MineCo or any other Seller Group Member to, Transfer a
Production Interest relating to Minerals (other than a Permitted Asset Disposition) to another Person or provide any guarantee, indemnity
or security in connection with the foregoing, provided that, consent of the Purchaser shall not be required if such Transfer of a Production
Interest constitutes Permitted Debt and Obligations.

 

	6.13	Abandonment

 

If the
ProjectCo or Magazynskraal MineCo intends to abandon, surrender, relinquish or let lapse all or a part of the Mining Right, including
by way of ceasing to maintain Project Authorizations or the validity of mineral claims or leases (the “Abandonment Property”),
the ProjectCo or Magazynskraal MineCo (as applicable) shall (A) have determined, acting in a commercially reasonable manner, that
it is not economical to mine minerals from the Abandonment Property, and (B) first give notice (the “Abandonment Notice”)
of such intention to the Purchaser at least 30 days in advance of the proposed date of abandonment. If, not later than 10 days after the
date of the Abandonment Notice, the ProjectCo receives from the Purchaser written notice that the Purchaser desires the ProjectCo to procure
the conveyance of the Abandonment Property to the Purchaser or an assignee, the ProjectCo or Magazynskraal MineCo (as applicable) shall,
without additional consideration, convey or cause the conveyance of the Abandonment Property to the Purchaser on an as is where is basis
and at the sole cost, risk and expense of the Purchaser and shall thereafter have no further obligation to maintain the title to the Abandonment
Property. If the Purchaser does not give such notice to the ProjectCo within the prescribed period of time and after the ProjectCo or
Magazynskraal MineCo (as applicable) having obtained the necessary regulatory authorisations for such abandonment, the ProjectCo or Magazynskraal
MineCo (as applicable) may abandon the Abandonment Property and shall thereafter have no further obligation to maintain the title to the
Abandonment Property; provided, however, that if the ProjectCo or any Seller Group Member reacquires a direct or indirect interest in
any of the ground covered by the Abandonment Property at any time within seven years following abandonment, the Produced Stream
Minerals from such property shall be subject to this Agreement. The ProjectCo shall give written notice to the Purchaser within ten days
of any such reacquisition.

 

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	6.14	Confidentiality

 

		(A)	Each Party (a “Receiving Party”) agrees that it shall maintain as confidential and
shall not disclose, and shall cause its Affiliates, employees, officers, directors, advisors and representatives to maintain as confidential
and not to disclose, the terms contained in this Agreement and all information (whether written, oral or in electronic format) received
or reviewed by it as a result of or in connection with this Agreement (collectively, the “Confidential Information”),
provided that a Receiving Party may disclose Confidential Information in the following circumstances:

 

		(1)	to its auditor, legal counsel, lenders, underwriters
and investment bankers and to persons, including any proposed transferee or acquiring Person under Clause ‎7
or assignee under Clause ‎7.7 with which it is considering or
intends to enter into a transaction for which such Confidential Information would be relevant (and to advisors and representatives, and
funders (and advisers and representatives of such funders) of any such Person), provided that (a) such recipients are advised of
the confidential nature of the Confidential Information, undertake to maintain the confidentiality of it and are strictly limited in their
use of the Confidential Information to those purposes necessary for such Persons to perform the services for which they were, or are proposed
to be, retained by the Receiving Party or to consider or effect the applicable transaction, as applicable;

 

		(2)	where that disclosure is necessary to comply with Applicable Laws, court order or regulatory request by
any Governmental Body having jurisdiction over such Party, provided that such disclosure is limited to only that Confidential Information
so required to be disclosed and, where applicable, that the Receiving Party will have availed itself of the full benefits of any laws,
rules, regulations or contractual rights as to disclosure on a confidential basis to which it may be entitled;

 

		(3)	for the purposes of the preparation and conduct
of any arbitration or court proceeding commenced under Clause ‎15.1;

 

		(4)	where such information is already available to the public other than by a breach of the confidentiality
terms of this Agreement or is known by the Receiving Party prior to the entry into of this Agreement or obtained independently of this
Agreement and the disclosure of such information would not breach any other confidentiality obligations;

 

		(5)	with the consent of the disclosing Party;

 

		(6)	to its Affiliates and those of its and its Affiliates’ directors, officers, employees, advisors
and representatives who need to have knowledge of the Confidential Information;

 

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		(7)	in the case of the Purchaser and any of its Affiliates, to any limited partner or co-investor or prospective
limited partner or co-investor in or with a private equity fund managed by the Purchaser or Affiliates of the Purchaser, to the extent
such information is reasonably relevant to the current investment or future investment decision of any such limited partner or co-investor
or prospective limited partner or co-investor, provided that such persons undertake to maintain the confidentiality of it and are strictly
limited in their use of the Confidential Information for the purpose of making an investment decision in or with respect to the Purchaser
or Affiliates of the Purchaser; and

 

		(8)	in the case of the Project Entities and any of their Affiliates, if and to the extent such disclosure
is required by any securities exchange or regulatory or Governmental Body wherever situated, including (amongst other bodies) the UK Listing
Authority, the London Stock Exchange, Euronext, in connection with an initial public offering.

 

		(B)	Each Party shall ensure that its Affiliates and
its and its Affiliates’ employees, directors, officers, advisors and representatives and those persons listed in Clauses ‎6.14‎(A)(1),
 ‎6.14‎(A)(6) and ‎6.14‎(A)(7) are made aware of this Clause ‎6.14
and comply with the provisions of this Clause ‎6.14. Each Party
shall be liable to the other Party for any improper use or disclosure of such terms or information by such persons.

 

	7.	TRANSFERS OF INTERESTS

 

	7.1	Prohibition on Transfers and Change of Control

 

The Project Entities and each MineCo
shall not, and shall ensure that no other Person shall:

 

		(A)	Transfer (or permit the Transfer of), all or part of the Project Property or other Collateral (in each
case, other than by way of a Permitted Asset Disposition); or

 

		(B)	agree to, or enter into any agreement, arrangement or other transaction with any Person that would cause,
or otherwise allow or permit to occur, a Change of Control of any Project Entity or any MineCo.

 

	7.2	Permitted Transfers and Change of Control

 

Subject
to Clause ‎7.3 below, Clause ‎7.1
shall not prohibit any Transfer (in whole or in part) by, or Change of Control in respect of, a Project Entity or MineCo if:

 

		(A)	the Purchaser has been provided with at least 30 days’ prior written notice of the proposed Transfer
or Change of Control;

 

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		(B)	in the case of:

 

		(1)	a Transfer by a Project Entity or MineCo:

 

		(a)	the proposed transferee becomes a party to this Agreement in a manner acceptable to the Purchaser (acting
reasonably) and assumes the same obligations as the Project Entity or MineCo to the extent of such Transfer;

 

		(b)	(prior to the Security Release Date only) where the Transfer is by the ProjectCo, the relevant Person
who Controls the transferee (or if such Person is controlled by another Person, the ultimate parent owner thereof) accedes to this Agreement
as an Additional Guarantor; and

 

		(2)	(prior to the Security Release Date only) a Change of Control of a Project Entity or MineCo, the Person
acquiring Control of the Project Entity or MineCo (or, if the Person acquiring Control is controlled by another Person, the ultimate parent
owner thereof) accedes to this Agreement as an Additional Guarantor;

 

		(C)	(prior to the Security Release Date only) each Person that, as a result of the Transfer or Change of Control,
acquires a direct or indirect interest in the Collateral grants the same charges and security interests in, to and over such Collateral,
and enters into substantially the same Security Documents, entered into by the relevant Seller Group Members in respect of the same;

 

		(D)	the Persons referred to in subclauses
 ‎7.2(B) and ‎7.2(C) above satisfy the conditions set forth
in Clauses ‎3.3(D), ‎3.3(F)(4) and ‎3.3(G) as if such provisions applied to them and such Transfer or Change
of Control, with appropriate modifications;

 

		(E)	all necessary consents and approvals of any Governmental Body or other Person are obtained or satisfied
with respect to such Transfer or Change of Control;

 

		(F)	there is no Project Entity Event of Default (or an event which with notice, determination or lapse of
time or any combination of them would become a Project Entity Event of Default) that has occurred and is continuing (unless the relevant
Project Entity Event of Default (or event which with notice, determination or lapse of time or any combination of them would become a
Project Entity Event of Default) would be remedied by the Transfer or Change of Control);

 

		(G)	such Transfer or Change of Control will not have
a Material Adverse Effect (where, in the definition of “Material Adverse Effect”, references to “Seller Group
Members” shall instead refer to the Persons referred to in subclauses ‎7.2(B) and
 ‎7.2(C) above, as applicable);

 

		(H)	the proposed transferee is an Eligible Transferee; and

 

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		(I)	if the Persons referred to in subclauses ‎7.2(B) and
 ‎7.2(C), or any of their Affiliates, have any outstanding Debt secured by the same assets secured under the Security Documents, their
secured lenders shall have entered into an intercreditor agreement with the Purchaser on terms and conditions acceptable to the Purchaser,

 

or,
in respect of a Transfer, if such Transfer complies with Clause ‎7.7.

 

	7.3	Permitted Change of Control

 

Clause ‎7.1
shall not prohibit a Change of Control of a Project Entity or MineCo (and the provisions of Clause ‎7.2
shall not apply to such Change of Control) if:

 

		(A)	the Change of Control results from:

 

		(1)	a change in the beneficial ownership of voting securities of the Parent, or acquisition of Control of
the Parent, if the common shares of the Parent are listed on a public securities exchange at the completion of such transaction;

 

		(2)	a change in the beneficial ownership of voting securities of the Parent if such securities were listed
on a public securities exchange immediately prior to the completion of such transaction;

 

		(3)	acquisition of Control of the Parent, if such acquisition results from the acquisition by a Person or
Persons acting in concert of more than 50% of the voting securities of the Parent, which were listed on a public securities exchange immediately
prior to the completion of such transaction; or

 

		(4)	a change in the beneficial ownership of a B-BBEE shareholder’s securities and/or interests in any
Seller Group Member in any way; and

 

		(B)	any Person or Persons acting in concert acquiring such voting securities is not at the time of any such
acquisition a Sanctioned Person or in breach of any Anti-Corruption Laws or Anti-Money Laundering Laws.

 

	7.4	Prohibition on Purchaser Transfers and Change of Control

 

The Purchaser shall not:

 

		(A)	Transfer, in whole or in part, any of its rights under the Stream Documents; or

 

		(B)	agree to, or enter into any agreement, arrangement or other transaction with any Person that would cause,
or otherwise allow or permit to occur, a Change of Control of the Purchaser,

 

in
each case, save as permitted pursuant to Clauses ‎7.5 or ‎7.7(C).

 

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	7.5	Permitted Purchaser Transfer and Change of Control

 

		(A)	Clause ‎7.4
shall not prohibit any Transfer of this Agreement or any Stream Document (in whole) by a Purchaser or Change of Control of a Purchaser
if:

 

		(1)	such Purchaser shall have provided the Project Entities with:

 

		(a)	until the Prepayment Date, 30 days’; and

 

		(b)	on and following the Prepayment Date, 10 days’,

 

prior written notice of the Transfer
or Change of Control completing;

 

		(2)	the transferee or Change of Control beneficiary is an Approved Purchaser Transferee; and

 

		(3)	in relation to any Transfer, the relevant transferee accedes to the Intercreditor Agreement if it is not
already a party thereto, on or before the date the Transfer is completed, in accordance with the terms of the Intercreditor Agreement.

 

		(B)	In the case of a Transfer by a Purchaser to an Approved Purchaser Transferee, the non-transferring Parties
shall, at the relevant Purchaser’s cost, execute such other documents as the Purchaser may reasonably require in connection with
the treatment of the Approved Purchaser Transferee as a Purchaser (as applicable) for all purposes of this Agreement, the Stream Documents
and the Intercreditor Agreement, its entitlement to the full benefit of the same and the release of the relevant Purchaser.

 

	7.6	Procedure for Accession

 

		(A)	It is acknowledged that Additional Guarantors
may accede to this Agreement from time to time pursuant to the terms of Clauses ‎7.2
and ‎8.5.

 

		(B)	A Person shall accede to this Agreement as an Additional Guarantor if it delivers to the Purchaser a duly
completed and executed Stream Accession Deed.

 

	7.7	Assignment by way of security

 

		(A)	Subject to Clause ‎7.7(B),
no Seller Group Member may assign or Transfer any of its rights or obligations under or in connection with this Agreement or the Stream
Documents.

 

		(B)	The Seller and the ProjectCo may assign by way of security its rights under this Agreement to a security
trustee or agent acting on behalf of the lenders in respect of any Senior Financing without the consent of the Purchaser (and the Purchaser
agrees to execute an acknowledgment of such security in a form reasonably customary for the relevant type of financing).

 

		(C)	The Purchaser may assign by way of security its rights under this Agreement to a provider of finance or
security trustee or agent acting on behalf of such provider without the consent of the Project Entities or Guarantors (and the Project
Entities and Guarantors agree to execute an acknowledgment of such security in a form reasonably customary for the relevant type of financing).

 

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	7.8	Continuing obligations

 

This Agreement and the other Stream
Documents shall enure to the benefit of and shall be binding on and enforceable by the Parties and their respective permitted successors
and assigns.

 

	8.	SECURITY AND GUARANTEES

 

	8.1	Guarantees

 

		(A)	The ProjectCo unconditionally and irrevocably:

 

		(1)	guarantees as a primary obligation to the Purchaser in payment when due of all amounts payable by the
Seller under or pursuant to the Stream Documents;

 

		(2)	undertakes to the Purchaser to ensure that the Seller will perform when due all of its obligations under
or pursuant to the Stream Documents;

 

		(3)	agrees that if and each time that the Seller
fails to make any payment under or pursuant to any Stream Document when it is due, it shall on demand (without requiring the Purchaser
(or, in respect of Clause ‎13 only, any Indemnified Party) to
first take steps against the Seller or any other Guarantor or any other Person) pay that amount to the Purchaser (as applicable) as if
it were the principal obligor in respect of that amount; and

 

		(4)	agrees as principal debtor and primary obligor to indemnify the Purchaser against all costs and/or Losses
sustained by it flowing from any non-payment or default of any kind by the Seller under or pursuant to any Stream Document or the unenforceability,
invalidity or illegality of any of the Seller’s, obligations,

 

(the “Seller Guaranteed Obligations”).

 

		(B)	Each Guarantor other than the ProjectCo jointly and severally and unconditionally and irrevocably:

 

		(1)	guarantees as a primary obligation to the Purchaser
(and, in respect of Clause ‎13 only, the other Indemnified Parties)
the payment when due of all amounts payable by each Project Entity and each other Guarantor under or pursuant to the Stream Documents;

 

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		(2)	undertakes to the Purchaser to ensure that each Project Entity and each other Guarantor will perform when
due all of their respective obligations under or pursuant to the Stream Documents;

 

		(3)	agrees that if and each time that each Project
Entity or any other Guarantor fails to make any payment under or pursuant to any Stream Document when it is due, each Guarantor shall
on demand (without requiring the Purchaser (or, in respect of Clause ‎13
only, any Indemnified Party) to first take steps against the Project Entities or any other Guarantor or any other Person) pay that amount
to the Purchaser (and, in respect of Clause ‎13 only, such Indemnified
Party) as if it were the principal obligor in respect of that amount; and

 

		(4)	agrees as principal debtor and primary obligor
to indemnify the Purchaser (and, in respect of Clause ‎13 only,
the Indemnified Parties) against all costs and/or Losses sustained by it flowing from any non-payment or default of any kind by any Project
Entity or any other Guarantor under or pursuant to any Stream Document or the unenforceability, invalidity or illegality of any Project
Entity’s or any other Guarantor’s, obligations,

 

(the “General Guaranteed Obligations”
and, together with the Seller Guaranteed Obligations, the “Guaranteed Obligations”).

 

		(C)	The guarantee and indemnity in Clause ‎8.1(A) is
to be a continuing guarantee and indemnity and accordingly is to remain in force until all of the Seller Guaranteed Obligations shall
have been performed or satisfied in full. The guarantee and indemnity in Clause ‎8.1(B) is
to be a continuing guarantee and indemnity and accordingly is to remain in force until the earlier to occur of (i) the Security Release
Date, (ii) the date on which the Guaranteed Obligations shall have been performed or satisfied in full and (iii) in the case
of Clidet or Magazynskraal MineCo, upon the occurrence of the relevant MineCo Release Event. Each guarantee and indemnity is in addition
to and without prejudice to and not in substitution for any rights or security which the Purchaser (and, in respect of Clause ‎13
only, the Indemnified Parties) may now or hereafter have in connection with the performance and observance of the Guaranteed Obligations.

 

	8.2	Waiver of Defences

 

Each Guarantor’s obligations under
this Agreement shall not be affected by any matter or thing which but for this provision might operate to affect or prejudice those obligations,
including without limitation:

 

		(1)	any time or indulgence granted to, or composition with, the Project Entities, any Guarantor or any other
person;

 

		(2)	the taking, variation, renewal or release of any right, guarantee, remedy or security from or against
the Project Entities, any Guarantor or any other person;

 

		(3)	neglecting to perfect or enforce any Stream Document against the Project Entities, any Guarantor or any
other person;

 

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		(4)	any variation or change to the terms of any Stream Document; or

 

		(5)	any unenforceability or invalidity of any obligation of the Project Entities or any Guarantor under any
Stream Document, so that such Stream Document shall be construed as if there were no such unenforceability or invalidity.

 

	8.3	Waiver of Droit de Division / Droit de Discussion

 

The Initial Parent hereby irrevocably
waives and abandons any and all rights under the laws of Guernsey:

 

		(A)	whether by virtue of the droit de division or otherwise, to require that any liability under this Agreement
be divided or apportioned with any other person or reduced in any manner whatsoever; and

 

		(B)	whether by virtue of the droit de discussion or otherwise, to require that recourse be had to the assets
of any other person before any claim is enforced against it under this Agreement.

 

	8.4	Security

 

		(A)	It is acknowledged that on or before the Prepayment Date:

 

		(1)	the Security SPV shall provide the Security SPV Guarantee in favour of the Purchaser;

 

		(2)	the Seller, the ProjectCo and each relevant Guarantor shall, amongst others, provide the Counter-Indemnity
Agreement in favour of the Security SPV; and

 

		(3)	to secure its obligations under the Counter-Indemnity Agreement, the Seller, the ProjectCo and each relevant
Guarantor shall provide (or procure the provision of) the Security Documents subject to and in accordance with the terms of this Agreement.

 

		(B)	It is further acknowledged that the Security Documents shall additionally secure any obligations under
any counter-indemnity agreement provided by a Project Entity (or any other entities) to the Security SPV in respect of any liabilities
guaranteed by the Security SPV relating to any Senior Financing or [***] and that the priority of the Purchaser’s interest(s) in
those Security Documents (together with its rights under the Security SPV Guarantee) shall be subject to the terms and conditions set
out in the Intercreditor Agreement. In addition, and for the avoidance of doubt, any interest of the Purchaser in the Security Documents
shall cease upon the Security Release Date.

 

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	8.5	Additional Security and Guarantees

 

Until the Security Release Date, the
Seller and each MineCo shall procure that:

 

		(A)	each Person that becomes a shareholder in or
a Subsidiary (other than a Non-Project Activities Subsidiary) of any of them shall accede to this Agreement as an Additional Guarantor
and provide security over its shares in such MineCo or security shall be granted over the shares in such Subsidiary (as applicable) in
favour of the Security SPV, in each case, within thirty (30) days of such Person first becoming a shareholder of such MineCo or a Subsidiary
(as applicable) and, to the extent applicable, it shall and each Seller Group Member shall further take such steps as are necessary in
order to make valid and effective the aforementioned agreements and perfect the Encumbrances provided for therein. The Seller or the relevant
MineCo (as applicable) shall further provide to the Purchaser a third party legal opinion from (i) such Person’s legal counsel
concerning such Person and any Security Document to which such Person becomes a party and (ii) where such Person is a Subsidiary
of one of them, the legal counsel of that party, concerning that party and any security which they enter into pursuant to this Clause ‎8.5,
each in form and substance satisfactory to the Purchaser;

 

		(B)	each MineCo that acquires a right, asset or interest that relates to the Project or any Project Property
(excluding any Excluded Property), provided that in each case it constitutes Collateral, shall provide security over such right, asset
or interest in favour of the Security SPV (or take steps to ensure such right, asset or interest becomes subject to an existing Security
Document), in each case, within thirty (30) days of the acquisition thereof (other than where such right, asset or interest has automatically
become subject to an existing Security Document pursuant to its terms). Each Seller Group Member shall further take such steps as are
necessary in order to make valid and effective the aforementioned security arrangements and perfect the Encumbrances provided for therein;
and

 

		(C)	each MineCo shall provide security (in favour of the Security SPV) over each replacement Secured Material
Contract (or take steps to ensure any such replacement Secured Material Contract becomes subject to an existing Security Document), in
each case within thirty (30) days of the replacement Secured Material Contract being entered into (other than where any such replacement
Secured Material Contract has automatically become subject to an existing Security Document pursuant to its terms). Each Seller Group
Member shall further take such steps as are necessary in order to make valid and effective the aforementioned security arrangements and
perfect the Encumbrances provided for therein.

 

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	8.6	Additional Shared Collateral

 

		(A)	If an Encumbrance is granted to the Security SPV or any other Person over any Additional Shared Collateral,
or a guarantee (including any supporting indemnity) is given by a Project Entity or a Related Party of a Project Entity to the Security
SPV or any other Person, in connection with any Senior Financing raised to fund the cost of the development, construction and/or operation
of the Project at any time before the Security Release Date, then the Project Entities shall procure that such Encumbrance or guarantee
(including any supporting indemnity) (as applicable) is granted on terms that the Purchaser benefits from such Encumbrance or guarantee
(including any supporting indemnity) (as applicable).

 

		(B)	If, prior to the Security Release Date, there
is no subsisting Senior Financing then the Purchaser shall take such steps as may be requested by the Project Entities to release any
continuing Additional Shared Collateral and/or guarantee (including any supporting indemnity) (as applicable) that has been granted for
the benefit of the Purchaser pursuant to Clause ‎8.6(A) (to the
extent not released pursuant to the terms of the Intercreditor Agreement).

 

	8.7	Further Assurances – Security

 

Until
the Security Release Date, the Project Entities shall take, and shall cause each other Person providing or required to provide Security
to take, or cause to be taken, such action and execute and deliver or cause to be executed and delivered to the Purchaser or the Security
SPV (as applicable) such agreements, documents and instruments as the Purchaser may reasonably request, and register, file or record the
same (or a notice or financing statement in respect thereof) in all offices where such registration, filing or recording is, in the reasonable
opinion of the Purchaser, necessary or advisable to constitute, perfect and maintain the Security Documents referred to in this Clause ‎8
as first-ranking Encumbrances of the Person granting such Encumbrances, subject only to the Permitted Encumbrances in each case, within
a reasonable time after the request therefor by the Purchaser or the Security SPV, and in each case, in form and substance satisfactory
to Purchaser, acting reasonably.

 

	8.8	Release of Security

 

		(A)	If:

 

		(1)	

 

		(a)	the aggregate Platinum Market Price for all ounces of Refined Platinum Delivered to the Purchaser LESS
the aggregate Fixed Platinum Price for all ounces of Refined Platinum Delivered to the Purchaser; PLUS

 

		(b)	any Buyback Fee paid to the Purchaser,

 

is at least equal to a US Dollar amount
that is equal to (x) the Prepayment Amount plus (y) an amount equal to an internal rate of return on the Prepayment Amount
of 9%, taking into account the timing of each of the above (including with respect to the timing of payment of the Prepayment Amount)
and compounding annually with effect from the date of this Agreement;
 

		(2)	all other amounts due to the Purchaser from any Seller Group Member have been irrevocably paid in full;
and

 

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		(3)	no Project Entity Event of Default (or event which with notice, determination
or lapse of time or any combination of them would become a Project Entity Event of Default) is continuing,

 

(the date on which these conditions are
satisfied, the “Security Release Date”). The Purchaser will promptly give notice to the Intercreditor Agent in accordance
with the Intercreditor Agreement that the Stream Security Release Date (as defined in the Intercreditor Agreement in respect of this Agreement)
has occurred.

 

		(B)	Subject to the Intercreditor Agreement, the Purchaser shall facilitate (to the extent within its control)
the release of:

 

		(1)	the pledge by PIC under the Obligor Cession and Pledge in Security of its shares held in Clidet; and

 

		(2)	the pledge by Clidet under the Obligor Cession and Pledge in Security of its shares held in Magazynskraal
MineCo,

 

as soon
as reasonably practicable following the relevant MineCo Release Event.

 

		(C)	The Purchaser shall further procure the release, by way of cancellation of the Security SPV Guarantee
by agreement between the Security SPV and the Purchaser, as soon as reasonably practicable following the Security Release Date.

 

	8.9	Disapplication of Project Entity Events of Default

 

With effect from:

 

		(A)	the Security Release Date, the Project Entity Events of Default shall no longer apply to any Guarantor
(other than the ProjectCo), the Security or any Security Document; and

 

		(B)	in respect of Magazynskraal MineCo and Clidet, the applicable MineCo Release Event, the Project Entity
Events of Default shall no longer apply to that Guarantor, the Security granted by that Guarantor or any Security Document under which
such Guarantor provided such Security.

 

		8.10	Stockpiling

 

If any Project Entity or any MineCo
intends to stockpile, store, warehouse or otherwise place Minerals off the Project Real Property, before doing so, the Project Entities
or such MineCo (as applicable) shall obtain from the property owner, operator or both, as applicable, where such stockpiling, storage,
warehousing or other placement occurs, to provide in favour of the Purchaser a written acknowledgement in form and substance satisfactory
to the Purchaser, acting reasonably, which provides that the relevant Project Entity’s or such MineCo’s (as applicable) rights
to the Minerals shall be preserved and which acknowledges the Security SPV’s Encumbrances thereon and provides the Security SPV
with a right of access in the event of enforcement by the Security SPV of the Security.

 

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	8.11	Material Real Property

 

		(A)	Subject to paragraphs (B) and (C), if:

 

		(1)	any freehold land integral to the Project (which shall include all freehold land required for access for
the purposes of the then-current Mine Plan); or

 

		(2)	any leasehold land integral to the Project (which shall include all leasehold land required for access
for the purposes of the then-current Mine Plan),

 

(together, “Material Real Property”)
exists then ProjectCo shall procure that:

 

		(3)	where no registration is required in respect of such Material Real Property, such Material Real Property
becomes subject to the relevant Security Documents within 20 Business Days of the later of such Material Real Property becoming integral
to the Project and the date of this Agreement; and

 

		(4)	where registration is required in respect of such Material Real Property, such registration is lodged
with the relevant authority within 20 Business Days of the later of such Material Real Property becoming integral to the Project and the
date of this Agreement, and ProjectCo shall use best endeavours to procure that such Material Real Property is then registered with the
relevant Governmental Body within 120 days thereof.

 

		(B)	If Security over any leasehold land constituting part of Material Real Property requires the consent of
a third party, then the Security over such land shall only become effective once the consent of that third party is obtained. ProjectCo
shall exercise reasonable endeavours to obtain such consent within 10 Business Days of such Material Real Property becoming integral to
the Project and if it is not obtained by such date then as soon as reasonably practicable thereafter, and, until such required consent
is obtained, such land shall be excluded from the scope of Material Real Property.

 

		(C)	If Security over any leasehold land constituting part of Material Real Property requires that ProjectCo
serves notice upon a third party, but does not otherwise require such third party’s consent, ProjectCo shall be required only to
exercise reasonable endeavours to obtain an acknowledgment of such notice.

 

	9.	REPRESENTATIONS AND WARRANTIES

 

	9.1	Representations and Warranties of the Project Entities, Guarantors and MineCos

 

Acknowledging
that the Purchaser is entering into this Agreement in reliance thereon, each Project Entity, Guarantor and MineCo hereby makes the representations
and warranties to the Purchaser set forth in ‎‎Schedule 3, on
and as of the date of this Agreement and on the Prepayment Date (by reference to the facts and circumstances then subsisting).

 

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	9.2	Representations and Warranties of the Purchaser

 

The
Purchaser hereby makes, on and as of the date hereof, the representations and warranties to the Seller Group Members set forth in ‎‎Schedule
4.

 

	9.3	Status of Representations and Warranties

 

		(A)	The representations and warranties set forth
in ‎Schedule 3 and ‎‎Schedule
4 shall survive the execution and delivery of this Agreement.

 

		(B)	The representations and warranties set forth
in ‎Schedule 3 shall continue and remain in force notwithstanding
the satisfaction or waiver of the conditions set out in Clause ‎3.3
and the performance of obligations under this Agreement (1) such that the Purchaser shall be entitled to bring any claims under this
Agreement in relation to any breach of any such Warranty; and (2) provided that no Warranty shall be given or deemed to have been
given on and as at any date following the satisfaction or waiver of all of the conditions set out in Clause ‎3.3,
except as expressly set out in Clauses ‎3.3 or ‎7.2(D).

 

	9.4	Knowledge

 

Where any Warranty is qualified by the
expression “to the knowledge of” or any similar expression, that expression shall be deemed to include the actual knowledge
of each of the Senior Executives at the date the relevant Warranty is given, with those persons having made due and reasonable enquiries
of any and all other Persons who may reasonably be expected to have knowledge of the facts, matters or circumstances to which the Warranty
relates.

 

	9.5	Warranties Not True and Correct

 

If at any time a Seller Group Member
becomes aware that any Warranty given by it under this Agreement is not true and correct it shall, as soon as practicable, notify the
Purchaser in writing of the occurrence and in sufficient detail to enable the Purchaser to reasonably identify and make a reasonably accurate
assessment of the notified occurrence.

 

	9.6	Separate Warranties

 

Each Warranty shall be a separate Warranty
and shall in no way be limited to, or restricted by reference to or by inference from, the terms of any other Warranty, or by any words
in this Agreement or any of the Schedules hereto.

 

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	10.	PROJECT ENTITY EVENTS OF DEFAULT

 

	10.1	Project Entity Events of Default

 

Subject
to Clause ‎8.9, each of the following events or circumstances
that is continuing constitutes an event of default by a Project Entity (each, a “Project Entity Event of Default”):

 

		(A)	

 

		(1)	the Seller fails to sell and deliver Refined
Platinum to the Purchaser on the terms and conditions set forth in this Agreement within [***] of
the date upon which sale and Delivery is required hereunder; or

 

		(2)	the Seller or any Guarantor fails to pay any
amount due under this Agreement within [***] of the date upon which payment
is required hereunder,

 

		(B)	other than as provided for elsewhere in this
Clause ‎10.1, a Project Entity, a MineCo or any Guarantor is
in material breach or material default of any other terms or any of its other covenants or obligations, set forth in this Agreement or
any other Stream Document which breach or default is not remedied within a period of [***] after
the earlier of (1) delivery by the Purchaser to the Seller of written notice of such breach or default, and (2) the date a Project
Entity, MineCo or Guarantor (as applicable), became aware of such breach or default;

 

		(C)	except where permitted under Clause ‎6.13,
a Project Entity or any MineCo (1) ceases, suspends or, abandons its construction, operation or development of all or a material
part of the Project, (2) fails to carry on such operations and development of all or a material part of the Project so as to enable
production of Produced Stream Minerals as contemplated in the Mine Plan (including the Output Summary) and / or Delivery of Refined Platinum
as contemplated in this Agreement, (3) puts all or a material portion of the Project on care and maintenance, or (4) abandons
the Collateral or all or a material part of the Mining Rights and, in each case, such cessation, suspension, abandonment, care and maintenance
or failure continues for more than [***] prior to the Completion Date
occurring; or otherwise [***];

 

		(D)	a Project Entity, a MineCo or any Guarantor makes
any warranty which is in any material respect (or in any respect in the case of representations and warranties that are qualified by materiality),
incorrect or incomplete when made or deemed to be made, and, if capable of remedy, the circumstances giving rise to such incorrectness
or incompleteness are not remedied within a period of [***] after the
earlier of (1) delivery by the Purchaser to the Seller of written notice of such breach or default, and (2) the date a Project
Entity, MineCo or Guarantor (as applicable), became aware of, or, if earlier, should reasonably have become aware of, such breach;

 

		(E)	a Project Entity, any MineCo or any Guarantor ceases to carry on its business or admits its inability,
or fails, to pay its debts generally as they become due;

 

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		(F)	a Project Entity, any MineCo or any Guarantor
becomes bankrupt, whether voluntarily or involuntarily, or is or is deemed by any authority or legislation to be “Financially
Distressed” (as defined in the Companies Act), or becomes subject to any proceeding seeking liquidation, arrangement, monitorship,
business rescue or reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise), relief of creditors or other
procedure or the appointment of a receiver, liquidator, trustee or business rescue practitioner or other similar officer over all or a
material part of the Collateral, and such proceeding is not contested by a Project Entity, any MineCo or any Guarantor, as applicable,
diligently, in good faith and on a timely basis and dismissed or stayed within [***] of
its commencement or issuance (for greater certainty, such [***] grace
period shall not apply if a Project Entity, MineCo or any Guarantor becomes bankrupt voluntarily or any such proceedings are initiated
by a Project Entity, any MineCo or any Guarantor);

 

		(G)	an order is made or a resolution is passed for
the winding up, liquidation or dissolution of a Project Entity, any MineCo or any Guarantor and such order or resolution is not contested
by a Project Entity, any MineCo or Guarantor (as applicable) diligently, in good faith and on a timely basis and dismissed or stayed finally
and irrevocably within [***] (save that, such [***] grace
period shall not apply if any such order is requested or resolution is passed by such Project Entity, MineCo or Guarantor or any of their
respective Affiliates);

 

		(H)	one or more judgments, orders, decrees, writs
of execution, garnishment or attachment or similar process is entered against any Project Entity, any MineCo or any Guarantor for either
(i) an amount in excess of [***] or (ii) any material portion
of the Project Real Property, and in either case is not restricted from being enforced or implemented;

 

		(I)	any Person takes possession of any material part of the Collateral by appointment of a receiver, receiver
and manager, business rescue practitioner or other similar officer;

 

		(J)	a Transfer or Change of Control (as applicable)
(in each case, other than by way of a Permitted Asset Disposition) occurs in respect of a Project Entity, any MineCo, or all or a material
part of the Project Property or, until the Security Release Date, the Collateral otherwise than in accordance with this Agreement, or
a Project Entity or MineCo is otherwise in breach or default of any of its obligations under Clause ‎7;

 

		(K)	any Governmental Body directly or indirectly
expropriates, nationalizes, seizes, appropriates, compulsorily acquires, intervenes or restricts any Project Entity, any MineCo or any
Guarantor (including the displacement of all or any part of the management), or all or a material part of the Project or the Project Property,
and such action or event is not contested by such Project Entity, MineCo or Guarantor (as applicable) diligently, in good faith and on
a timely basis and dismissed or stayed or remedied (as applicable) finally and irrevocably within [***] of
its commencement or occurrence (as applicable);

 

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		(L)	it is or becomes unlawful, or any action taken
by a Governmental Body makes it impractical or impossible, for any Seller Group Member to perform any of its material obligations under
any Stream Document and such unlawfulness or action is not contested by such Seller Group Member diligently, in good faith and on a timely
basis and reversed, stopped or suspended within [***] of its commencement
or occurrence;

 

		(M)	the Seller or a Seller Group Member, or any officer,
employee or representative of any of them, is charged with, or proven to be or admits, breaching any Anti-Money Laundering Laws, any Anti-Corruption
Laws or any Sanctions and the Seller Group Member’s relationship with such officer, employee or representative is not suspended
or terminated within [***] (or any such longer period required or provided
for under Applicable Laws) of the Project Entity or any Guarantor acquiring actual knowledge of such proven breach;

 

		(N)	as a result of the occurrence of an event of
default thereunder, the Senior Financing or any Debt of a Project Entity, a MineCo or a Guarantor shall be declared to be due and payable
in accordance with its terms prior to the stated maturity thereof, in each case in a principal amount of [***] or
more (or, following the Completion Date, [***] or more) and such Debt
is not fully paid by the first to occur of (x) the date which is [***] after
the earlier of (1) delivery by the Purchaser to the Seller of written notice of such occurrence, and (2) a Project Entity becoming
aware of such occurrence or (y) the commencement of enforcement action in respect of such Debt;

 

		(O)	any of the Security (until the Security Release
Date but not thereafter), any Stream Document (until, in respect of the Security Documents only, the Security Release Date but not thereafter)
or any obligation of any party under any of them, is repudiated, terminated, materially breached or contested, by any party under any
of them other than the Purchaser (in any capacity), in whole or in part, or is not or ceases to be in full force and effect, or is invalidated
or rendered unenforceable by any act, regulation or governmental action or is determined to be invalid by a court or other judicial entity
judgment (which is not restricted from being enforced or implemented) or, in the case of the Security, to not constitute an Encumbrance
on the Collateral (subject only to Permitted Encumbrances) except where any such event or circumstance is immaterial or is remedied within
a period of [***], or [***] in
respect of any regulation or governmental action or court or other judicial entity judgment (which is not restricted from being enforced
or implemented), after the earlier of (1) delivery by the Purchaser to the Seller of written notice of such occurrence, and (2) the
date a Project Entity, MineCo or Guarantor (as applicable), became aware of such occurrence;

 

		(P)	a Project Entity or any MineCo (as applicable)
fails to obtain, or loses the right to, or benefit of, a Material Project Authorization (or it is materially and adversely amended or
curtailed) and, where such circumstance or event is capable of being remedied and the Project Entity and/or MineCo (as applicable) is
diligently pursuing a remedy, such circumstance or event is not remedied within a period of [***] after
the earlier of (1) delivery by the Purchaser to the Seller of written notice of such circumstance or event, and (2) the date
the Project Entity or MineCo (as applicable) became aware of or if, earlier, should reasonably have become aware of such circumstance
or event;

 

		(Q)	NOT USED;

 

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		(R)	any:

 

		(1)	foreign exchange law or de facto law or rule, currency control or export restrictions are amended, enacted
or introduced in the Republic of South Africa that has the effect of prohibiting, or restricting or delaying in any material respect any
payment that any Seller Group Member is required to make in accordance with the terms of any of the Stream Documents or the ability of
any Seller Group Member or the Purchaser to convert, transfer or repatriate cash outside the Republic of South Africa; or

 

		(2)	except as a result of the Purchaser’s breach of Applicable Law, any Exchange Control approval required
for or in connection with the performance of any obligations under any Stream Document is cancelled, withdrawn, forfeited or revoked or
any other action having similar effect is taken; and

 

		(S)	the occurrence of a Material Adverse Effect.

 

	10.2	Remedies

 

		(A)	If a Project Entity Event of Default occurs, the Purchaser shall have the right, upon written notice to
a Project Entity (with a copy to the Seller (but the delivery of any such copy to the Seller shall not be required for any such written
notice to a Project Entity to be effective)), at its option, to take any or all of the following actions (in each case, without double
recovery):

 

		(1)	demand and promptly receive all Deliveries owing by a Project Entity to the Purchaser;

 

		(2)	claim and promptly receive all Losses of the Purchaser arising out of or in connection with such Project
Entity Event of Default, provided that:

 

		(a)	the Early Termination Amount has not been claimed; and

 

		(b)	the amount of Losses recoverable shall be capped at the Early Termination Amount (calculated in accordance
with paragraph (A) of such definition),

 

and
the Purchaser may issue a Termination Notice in respect of such Project Entity Event of Default but shall not be required to issue such
Termination Notice in order to exercise any rights under this Clause ‎10.2(A)(2);

 

		(3)	issue a Termination Notice and demand and promptly be paid the Early Termination Amount;

 

		(4)	until the Security Release Date, enforce any of the Security or otherwise exercise any of its rights under
or in connection the Security Documents subject to, and in accordance with, the provisions of the Intercreditor Agreement; and

 

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		(5)	demand
                                            and promptly receive all the Purchaser’s costs of enforcing its rights in connection
                                            with such Project Entity Event of Default and taking any of the actions under or in connection
                                            with this Clause ‎10.2(A).

 

		(B)	The
                                            Parties hereby acknowledge and agree that:

 

		(1)	the
                                            Purchaser will be damaged by a Project Entity Event of Default;

 

		(2)	it
                                            would be impracticable or extremely difficult to fix the actual damages or losses resulting
                                            from a Project Entity Event of Default;

 

		(3)	any
                                            sums payable in accordance with Clause ‎10.2(A)(3) with
                                            respect to a Project Entity Event of Default are in the nature of liquidated damages, not
                                            a penalty, and are fair and reasonable; and

 

		(4)	all
                                            amounts payable in accordance with Clause ‎10.2(A)(3) with
                                            respect to a Project Entity Event of Default are fair and reasonable and proportionate to
                                            the legitimate interests of the Purchaser having regard to the nature of the obligations
                                            that are to be performed in accordance with this Agreement subject to Clause ‎10.2(E),
                                            in full and final satisfaction of all amounts owed in respect of any and all Project Entity
                                            Events of Default.

 

		(C)	For
                                            greater certainty, if the Purchaser does not exercise its termination right under Clause ‎10.2(A)(3),
                                            the obligations of a Project Entity, each MineCo and / or any successors following a realization
                                            hereunder shall continue in full force and effect.

 

		(D)	Subject
                                            to the legal enforceability of Clause ‎10.2
                                            not being challenged by any Person and subject to Clause ‎10.2(E),
                                            the Purchaser acknowledges and agrees that, without prejudice to the right to seek injunction,
                                            specific performance or the Purchaser’s rights as a creditor in any insolvency or business
                                            rescue or restructuring process, the remedies set out in this Clause ‎10.2
                                            shall be the sole remedies of the Purchaser for any Project Entity Event of Default and the
                                            Purchaser shall have no additional right or remedy arising by common law (including, without
                                            limitation, any common law right of termination), by statute or otherwise under any Applicable
                                            Law.

 

		(E)	The
                                            Parties acknowledge that claims and remedies under this Clause ‎10.2
                                            are separate from, and in addition to, rights under Clauses ‎12,
                                            ‎13 (subject in all cases
                                            to no-double recovery and Clause ‎13.2)
                                            and ‎15.14.

 

		(F)	

 

In
the event of any Dispute regarding the amount of the Early Termination Amount, the Parties agree to a determination process by
an Expert in accordance with Clause ‎15.3. Pending resolution of
such Dispute, the amount of the Early Termination Amount claimed by the
Purchaser shall be paid in accordance with Clause ‎10.2(A)(3). Upon
the agreement or resolution (in accordance with Clause ‎15.3) of
the amount of the Early Termination Amount:

 

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		(1)	if
                                            the Early Termination Amount is determined to be higher than the amount claimed by the Purchaser
                                            further to Clause ‎10.2(A)(3),
                                            the Seller shall pay to the Purchaser the balance of the amount of the Early Termination
                                            Amount as agreed or determined plus interest on such balance at a per annum rate equal to
                                            [***] from and after the
                                            due date further to Clause ‎10.2(A)(3),
                                            calculated calendar monthly in arrears and compounded calendar monthly; and

 

		(2)	if
                                            the Early Termination Amount is determined to be lower than the amount claimed by the Purchaser
                                            further to Clause ‎10.2(A)(3),
                                            the Purchaser shall pay to the Seller the amount of any excess as agreed or determined plus
                                            interest on such excess at a per annum rate equal to [***] from
                                            and after the due date further to Clause ‎10.2(A)(3),
                                            calculated calendar monthly in arrears and compounded calendar monthly,

 

in
each case, within [***] of such agreement or determination.

 

		11.	PURCHASER EVENTS OF
                                            DEFAULT

 

		11.1	Purchaser
                                            Events of Default

 

Each of the following events or circumstances
constitutes an event of default by a Purchaser (each, a “Purchaser Event of Default”):

 

		(A)	the
                                            Purchaser fails to pay any portion of the Prepayment Amount to the Seller in accordance with
                                            this Agreement where all of the applicable conditions in Clause ‎3.3,
                                            have been satisfied or waived (any such unpaid portion of the Prepayment Amount, the “Unpaid
                                            Prepayment Amount”) and such breach is not remedied within a period of [***]
                                            following the due date for payment
                                            of such amount;

 

		(B)	the
                                            Purchaser fails to pay any amount due under this Agreement (other than the Unpaid Prepayment
                                            Amount) and such breach is not remedied within a period of [***] following
                                            the due date for payment of such amount;

 

		(C)	the
                                            Purchaser becomes a Sanctioned Person or Sanctioned Entity; and

 

		(D)	the
                                            Purchaser makes any representation or warranty under any Stream Document which is, in any
                                            material respect (or in any respect in the case of representations and warranties that are
                                            qualified by materiality), incorrect or incomplete when made or deemed to be made and, if
                                            capable of remedy, the circumstances giving rise to such incorrectness or incompleteness
                                            are not remedied within a period of [***] after
                                            the earlier of (1) delivery by the Seller to the Purchaser of written notice of such
                                            breach or default, and (2) the date the Purchaser became aware of such breach or default.

 

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		11.2	Remedies

 

		(A)	If
                                            a Purchaser Event of Default described in Clause ‎11.1(A) has
                                            occurred and is continuing for more than [***],
                                            then, the Project Entities shall have the right to without interest or penalty (as their
                                            sole remedy in contract, law or otherwise) demand all direct losses and costs suffered or
                                            incurred by them as a result of the occurrence of such Purchaser Event of Default, unless
                                            the Purchaser affected by such Purchaser Event of Default has Transferred all of its rights
                                            and obligations under the Stream Documents to another Person in accordance with Clause ‎7.5
                                            and the outstanding amount has been paid in full by the earlier of 60 days (1) from
                                            the Seller notifying the Purchaser of such Purchaser Event of Default, or (2) the Purchaser
                                            becoming aware of such Purchaser Event of Default.

 

		(B)	If
                                            a Purchaser Event of Default described in Clause ‎11.1(B):

 

		(1)	has
                                            occurred and is continuing, then, unless the outstanding amount is paid (including by an
                                            Approved Purchaser Transferee) by [***] before
                                            the next Delivery Date, the Seller shall have the right by notice to the Purchaser (which
                                            may be incorporated in the notification further to Clause 2.4), without interest or penalty,
                                            to set-off the unpaid amount on the next Delivery Date against a portion of the Delivery
                                            of Refined Platinum for which the aggregate Platinum Purchase Price would be equal to such
                                            unpaid amount at the Delivery Date; and

 

		(2)	occurs
                                            on more than one occasion, the Seller shall have the right by notice to the Purchaser, without
                                            interest or penalty, to set-off on each Delivery Date thereafter amount(s) that would
                                            become due and payable by the Purchaser in respect of the Delivery of Refined Platinum due
                                            on such Delivery Date (if the Delivery of Refined Platinum were to be made in full) , against
                                            a portion of such Delivery of Refined Platinum for which the aggregate Platinum Purchase
                                            Price would be equal to such amount(s) that would become payable by the Purchaser in
                                            respect of such Delivery of Refined Platinum (if such Delivery of Refined Platinum on such
                                            Delivery Date were to be made in full),

 

and
in each case, to the extent of such set-off, no payment shall be due to the Seller in respect of such Deliveries of Refined Platinum
but such Deliveries shall be deemed to have been made for the purposes of determining the Designated Metal Percentage from time to time.
The amount that the Seller shall be entitled to set-off pursuant to this Clause ‎11.2(B) shall
include such Taxes that become payable by the Seller on the set-off amount in excess of those that would have arisen had the Seller not
exercised the remedy set out above.

 

		(C)	If
                                            a Purchaser Event of Default described in Clause ‎11.1(C) has occurred and
                                            is continuing, unless the Purchaser affected by such Purchaser Event of Default has Transferred
                                            all of its rights and obligations under the Stream Documents to another Person in accordance
                                            with Clause ‎7.5
                                            by the earlier of [***] from:
                                            (1) the Seller notifying the Purchaser of such Purchaser Event of Default, or (2) the
                                            Purchaser becoming aware of such Project Entity Event of Default, then, unless the then-current
                                            Prepayment Amount has been paid in full or the Prepayment Longstop Date has occurred, the
                                            Seller, without interest or penalty, may terminate this Agreement by written notice to the
                                            Purchaser. Such termination shall be subject to the Seller, within [***] of
                                            the date of termination, fully and unconditionally refunding to the Purchaser an amount equal
                                            to the Purchaser’s pro rata portion of the Uncredited Balance (if any) at the date
                                            of such termination or (if it is not legal for the Seller to refund such amount) placing
                                            such amount in escrow on terms acceptable to the Purchaser and Seller (each, acting reasonably)
                                            (together the “Refund Obligation”). If the refunded amount has been placed
                                            in escrow then the Seller shall provide reasonable assistance (subject to Applicable Law)
                                            in procuring the release of such funds from escrow and payment to the Purchaser. Following
                                            such termination, the Purchaser shall cease to have any rights or liabilities under or in
                                            connection with the Stream Documents, other than in connection with the Refund Obligation.

 

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		(D)	If
                                            a Purchaser Event of Default under Clause ‎11.1(D) has
                                            occurred and is continuing, the Project Entities shall (as their sole remedy in contract,
                                            law or otherwise) have the right to demand and promptly receive all Losses suffered or incurred
                                            by them as a result of such Purchaser Event of Default.

 

		12.	TAXES

 

		12.1	Taxes

 

		(A)	Subject
                                            to Clauses ‎12.1(D) and ‎(E), all Deliveries of Refined Platinum and any other
                                            payments and transfers of property of any kind made under this Agreement or any other Stream
                                            Document by or on behalf of any Seller Group Member shall be made free and clear and without
                                            any present or future deduction, withholding, charge, levy or imposition for or on account
                                            of any Taxes, except as required by Applicable Laws. All Taxes, if any, as are required by
                                            Applicable Laws to be deducted, withheld, charged, levied, collected or imposed on any Person
                                            on or with respect to any such Delivery, payment, deemed payment or transfer made by or on
                                            behalf of any Seller Group Member shall be paid by a Project Entity or Guarantor (as applicable)
                                            by Delivering or paying to the Purchaser, in addition to such Delivery, payment, deemed payment
                                            or transfer, such additional Delivery, payment or transfer as is necessary to ensure that
                                            the net amount received by the Purchaser (net of any such Taxes, including any Taxes required
                                            to be deducted, withheld, charged, levied, collected or imposed on any such additional amount)
                                            equals the full amount that the Purchaser would have received had no such deduction, withholding,
                                            charge, levy, collection or imposition been required. The Purchaser agrees to reasonably
                                            cooperate (at the cost of the Seller) with the relevant Seller Group Member to provide such
                                            information and declarations to the relevant Seller Group Member to enable it to determine
                                            the correct amount of Taxes referred to above, provided that the provision of such information
                                            or declarations will not detract from or amend this Clause ‎12.1 or
                                            any other provision of this Agreement such that the Purchaser will suffer an economic
                                            burden of Taxes or otherwise in excess of that which would have applied had such information
                                            or declaration not been provided.

 

		(B)	Subject
                                            to Clauses ‎12.1(D) and ‎(E), if, as a result of it entering into any Key
                                            Transaction Document or any other arrangement pursuant thereto or contemplated therein to
                                            which the Purchaser (or an Affiliate of the Purchaser) and a Seller Group Member is a party
                                            (but not any other unconnected arrangement with third parties to which the Purchaser or any
                                            of its Affiliates is a party from time to time), the Purchaser becomes liable for any Tax,
                                            and as a result Taxes are imposed on any Deliveries, payments or deemed payments under or
                                            in connection with any Key Transaction Document or any other arrangement pursuant thereto
                                            or contemplated therein or on the Purchaser as a result of the Purchaser entering into any
                                            of the Key Transaction Documents, the Seller and each MineCo shall indemnify the Purchaser
                                            for such Tax (other than Excluded Taxes, as defined below) and any costs incurred in connection
                                            with such liability, and the indemnity payment shall be increased as necessary so that, after
                                            the imposition of any Tax on the indemnity payment (including Tax in respect of any such
                                            increase in the indemnity payment), the Purchaser shall receive an amount equal to the full
                                            amount of such Taxes for which it is liable. A certificate as to the amount of such payment
                                            or liability delivered to the Seller by the Purchaser shall be conclusive absent manifest
                                            error.

 

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		(C)	If
                                            the Purchaser determines, in its sole discretion, that it has received a refund of any Taxes
                                            as to which it has been indemnified by a Seller Group Member or with respect to which a Seller
                                            Group Member has paid additional amounts pursuant to this Clause ‎12.1
                                            or that, because of the payment of such Taxes, it has benefited from a reduction in Excluded
                                            Taxes otherwise payable by it, it shall pay to the relevant Seller Group Member an amount
                                            equal to such refund or reduction (but only to the extent of indemnity payments made, or
                                            additional amounts paid, by such Seller Group Member under this Clause ‎12.1
                                            with respect to the Taxes giving rise to such refund or reduction), net of all out-of-pocket
                                            expenses of the Purchaser and without interest (other than any net after-Tax interest paid
                                            by the relevant Governmental Body with respect to such refund). The relevant Seller Group
                                            Member, upon the request of the Purchaser, agrees to repay the amount paid over to such Seller
                                            Group Member (plus any penalties, interest or other charges imposed by the relevant Governmental
                                            Body) to the Purchaser if the Purchaser is required to repay such refund or reduction to
                                            such Governmental Body. This Clause ‎12.1(C) shall
                                            not be construed to require the Purchaser to make available its Tax Returns (or any other
                                            information relating to its Taxes that it deems confidential) to a Seller Group Member or
                                            any other Person, to arrange its affairs in any particular manner or to claim any available
                                            refund or reduction.

 

		(D)	Neither
                                            the Seller nor any MineCo shall be responsible pursuant to Clause ‎12.1(A) or
                                            ‎(B) for any Excluded
                                            Taxes (as defined below) imposed or collected by any jurisdiction in respect of deliveries
                                            of Refined Platinum or payments and transfers of property of any kind made by a Seller Group
                                            Member pursuant to this Agreement, the Guarantee or any Security Documents. For these purposes
                                            “Excluded Taxes” means:

 

		(1)	any
                                            Taxes that are recovered by a Purchaser or its assignees by way of input tax credit, refund
                                            or rebate;

 

		(2)	any
                                            Taxes imposed or collected by a jurisdiction by reason of the Purchaser being incorporated
                                            or resident in that jurisdiction, carrying on business in, or having a permanent establishment
                                            or a connection in that jurisdiction or participating in a transaction separate from this
                                            Agreement in that jurisdiction, in each case determined by application of the laws of that
                                            jurisdiction, other than where such Taxes are imposed as a result of or in connection with:

 

		(a)	receiving
                                            payments or deliveries under this Agreement in that jurisdiction; and

 

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		(b)	making
                                            payments under this Agreement;

 

		(3)	any
                                            Taxes imposed or collected by a jurisdiction by reason of the Purchaser designating a metal
                                            account or accounts in a jurisdiction other than an Acceptable Jurisdiction for Deliveries,
                                            in each case to the extent such Tax exceeds that which would have been applicable had such
                                            account(s) been in the relevant Acceptable Jurisdiction at the time of Delivery; and

 

		(4)	any
                                            Taxes arising as a result of the Seller exercising its remedies pursuant to Clause ‎11.2(C) following
                                            the occurrence of a Purchaser Event of Default,

 

other than (in each case) where such
Tax is imposed as a result of or in connection with:

 

		(A)	enforcing the Purchaser’s rights
                                            under any Key Transaction Document; or

 

		(B)	entering into any Key Transaction Document
                                            or any other arrangement pursuant thereto or contemplated therein to which the Purchaser
                                            (or any of its Affiliates) and a Seller Group Member are a party,

 

provided
further that in the case of sub-paragraph ‎12.1(D)(2) “Excluded
Taxes” does not include VAT or other value-added, sales, goods and services or similar taxes.

 

		(E)	If
                                            the Seller or any Guarantor is required under Clause ‎12.1(A) or
                                            ‎(B) to pay any
                                            amount to (i) a Purchaser that is not the Original Purchaser or (ii) the Original
                                            Purchaser where, after the date of this Agreement, a change in domicile of such Original
                                            Purchaser occurred, or a permanent establishment was created or a change in jurisdiction
                                            of a permanent establishment occurred through which the Original Purchaser exercises rights
                                            or performs obligations under this Agreement (excluding in each case where any such creation
                                            or change occurs as a result of any circumstances giving rise to indemnification of the Purchaser
                                            further to Clause ‎12.1(B)),
                                            then, in either case, the amount of such payment shall not exceed the amount that the Seller
                                            or that Guarantor would have been required to pay to the Original Purchaser if it was still
                                            the Purchaser, (or, in the case of paragraph (ii), the Original Purchaser prior to such change
                                            in domicile, change in jurisdiction or creation of a permanent establishment), but based
                                            on:

 

		(1)	the
                                            type of entity and domicile of the Original Purchaser as at the date of this Agreement; and

 

		(2)	the
                                            Applicable Law that would be applicable to the Original Purchaser at the time of such payment,

 

though disregarding the jurisdiction
of incorporation, domicile of and any circumstances of and / or Applicable Law applicable to, any direct or indirect shareholder of or
investor in the Original Purchaser (together “Investor Circumstances”) and any law applicable to the Original Purchaser
as a result of Investor Circumstances and assuming that the Original Purchaser is not entitled to benefit from any Tax treaty or other
arrangement between any countries relating to Taxation.

 

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		13.	INDEMNITIES

 

		13.1	Indemnity

 

Subject
to Clause ‎13.2, the Project Entities and each MineCo indemnifies
and holds harmless the Purchaser and its Affiliates (the “Indemnified Parties”) from any Loss incurred or suffered
by any such Indemnified Party that arises from a claim by a Person (who is not a current or former Purchaser or any of their Affiliates)
against any such Indemnified Party in respect of:

 

		(A)	any
                                            failure by a Seller Group Member to at all times comply with all Applicable Laws relating
                                            to any of them, the Project Property or the Mining Operations or any business or activities
                                            of any Seller Group Member (as applicable);

 

		(B)	any
                                            failure by a Seller Group Member to timely and fully perform all waste disposal, abandonment,
                                            restoration, remediation, reclamation or other obligations required by relevant Governmental
                                            Bodies (including the terms and conditions of Laws) pertaining or related to the Mining Operations
                                            or any business or activities of any Seller Group Member or required under this Agreement
                                            or otherwise to prevent liability in respect of the Project Property or any business or activities
                                            of any Seller Group Member;

 

		(C)	or
                                            arising out of, the Mining Operations or other activities on or with respect to the Project
                                            Property or any business or activities of any Seller Group Member, including in respect of
                                            property damage or injury or death to persons;

 

		(D)	a
                                            Seller Group Member causing, suffering, or permitting any condition or activity at, on or
                                            in the vicinity of a Mining Area, or in connection with any business or activities of any
                                            Seller Group Member, which constitutes a nuisance;

 

		(E)	any
                                            failure by a Seller Group Member to comply with Anti-Corruption Laws, the Anti-Money Laundering
                                            Laws, the Anti-Corruption Policy or their obligations under Clause ‎6.3;

 

		(F)	any
                                            actual or alleged breach of any Environmental Law (whether by a Project Entity, any Guarantor
                                            or any other Seller Group Member);

 

		(G)	an
                                            Environmental Claim;

 

		(H)	any
                                            enquiry, investigation, subpoena (or similar order) or litigation with respect to any Environmental
                                            Claim and any other enquiry, investigation, subpoena (or similar order) or litigation in
                                            respect of any breach of any Environmental Law that has or is reasonably likely to give rise
                                            to a liability for an Indemnified Party; or

 

		(I)	the
                                            enforcement of the rights of the Purchaser and/or its Affiliates under this Clause ‎13.1,

 

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provided that the foregoing shall not
apply to any Losses of an Indemnified Party to the extent they arise from the gross negligence or willful misconduct of such Indemnified
Party.

 

		13.2	No
                                            Double Recovery

 

To
the extent that an Indemnified Party recovers damages or obtains payment or reimbursement under or in connection with any provision of
this Agreement other than this Clause ‎13 in respect of any
Loss, then such Indemnified Party shall not be entitled to recover the amount it has so recovered or been paid or reimbursed in respect
of that Loss more than once under the indemnity in Clause ‎13.1.

 

		14.	BUYBACK

 

		14.1	Buyback

 

On any one of the first five anniversaries
of the Closing Date, the Seller shall be entitled, in its sole discretion, to reduce the then current Designated Metal Percentage by
50% by payment to the Purchaser of the Buyback Fee in accordance with this Clause ‎14.
 

		14.2	Buyback
                                            Notice

 

	 	(A)	If the Seller wishes to reduce the Designated Metal Percentage by 50%, it shall deliver a notice (“Buyback Notice”) to the Purchaser at least 45 days before the relevant anniversary that states:

 

		(1)	its
                                            intention to reduce the Designated Metal Percentage by 50%;
                                            and

 

		(2)	the
                                            calculation of the Buyback Fee (“Provisional Calculation”), together with
                                            all supporting materials relating to such calculation.

 

		(B)	Once
                                            delivered, the Buyback Notice cannot be revoked, except with the written consent of the Seller
                                            and the Purchaser.

 

		14.3	Buyback
                                            Fee

 

	 	(A)	The Purchaser shall have a period of 30 days from receipt of the Buyback Notice to deliver to a Project Entity a notice stating whether it agrees with the calculation of the Buyback Fee. If the Purchaser fails to deliver such a notice within such 30 day period it shall be deemed to have agreed with the Seller’s calculation of the Buyback Fee.

 

		(B)	If
                                            the notice delivered by the Purchaser under Clause ‎14.3(A) states
                                            that the Purchaser does not agree with the calculation of the Buyback Fee, then either Party
                                            may commence a Dispute.

 

		14.4	Payment

 

	 	(A)	Notwithstanding Clause ‎14.3(B), from the day the Purchaser receives the Buyback Fee from the Seller based on the Provisional Calculation (such date, “Buyback Completion”), the Designated Metal Percentage under this Agreement shall be reduced by 50% as provided for in the definition of “Designated Metal Percentage”.

 

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		(B)	In
                                            the event of any Dispute regarding the amount of the Buyback Fee, the Parties agree to a
                                            determination process by an Expert in accordance with Clause ‎15.3.
                                            Upon the agreement or resolution (in accordance with Clause ‎15.3)
                                            of the amount of the Buyback Fee:

 

	 	(1)	if the Buyback Fee is determined to be higher than the Provisional Calculation, a Project Entity shall pay to the Purchaser the balance of the amount of the Buyback Fee as agreed or determined plus interest on such balance at a per annum rate equal to 14% from and after Buyback Completion, calculated calendar monthly in arrears and compounded calendar monthly; and

 

	 	(2)	if the Buyback Fee is determined to be lower than the Provisional Calculation, the Purchaser shall pay to the relevant Project Entity the amount of any excess as agreed or determined plus interest on such excess at a per annum rate equal to 14% from and after Buyback Completion, calculated calendar monthly in arrears and compounded calendar monthly,

 

in each case, within 10 days of such agreement
or determination.

 

		15.	GENERAL

 

		15.1	Disputes
                                            and Arbitration

 

		(A)	Notice
                                            of Dispute and Negotiation

 

		(1)	Subject
                                            to Clause ‎15.3 (Expert
                                            Determination), a Party who desires to submit a Dispute for resolution shall commence
                                            the dispute resolution process by providing the other Parties to the Dispute written notice
                                            of the Dispute (“Notice of Dispute”). The Notice of Dispute shall identify
                                            the parties to the Dispute and contain a brief statement of the nature of the Dispute, the
                                            relief requested and a request for negotiations among Senior Executives.

 

		(2)	The
                                            parties to the Dispute shall seek to resolve any Dispute by negotiation between Senior Executives.
                                            Within 30 days after the date of the receipt by each party to the Dispute of the Notice of
                                            Dispute (which notice shall request negotiations among Senior Executives), the Senior Executives
                                            representing the parties to the Dispute shall meet at a mutually acceptable time and place
                                            to exchange relevant information in an attempt to resolve the Dispute.

 

		(3)	Any
                                            Senior Executive may be accompanied at any meeting agreed amongst the parties to the Dispute
                                            pursuant to Clause ‎15.1(A)(2) above
                                            by legal counsel or such other professional adviser as they deem necessary, provided that
                                            they have given written notice of such intention to each other party to the Dispute at least
                                            five Business Days in advance.

 

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		(B)	Arbitration

 

		(1)	Subject
                                            to Clause ‎15.3 (Expert
                                            Determination), any Dispute that is not finally resolved by negotiation in accordance
                                            with Clause ‎15.1(A) within
                                            30 days after the date of receipt by each party to the Dispute of the Notice of Dispute,
                                            may be referred by any party to the Dispute to, and finally resolved by, arbitration under
                                            the LCIA Arbitration Rules of the London Court of International Arbitration (the “Arbitration
                                            Rules”) (which are deemed to be incorporated by reference into this Clause ‎15.1).
                                            The number of arbitrators shall be three (3). The claimant shall nominate one (1) arbitrator
                                            for appointment by the LCIA Court and the respondent shall nominate one (1) arbitrator
                                            for appointment by the LCIA Court (in the Request and in the Response, respectively). To
                                            the extent that the claimant or respondent fails nominate an arbitrator for appointment by
                                            the LCIA Court in the Request and/or Response (as applicable), the relevant arbitrator shall
                                            be chosen and appointed by the LCIA Court. The third arbitrator, who shall be the president
                                            of the arbitral tribunal, shall be selected by the two co-arbitrators within thirty (30)
                                            days of their appointment. To the extent the third arbitrator is not selected by the end
                                            of this thirty (30) day period, such arbitrator shall be chosen and appointed by the LCIA
                                            Court. The seat of arbitration shall be London, England, and the language of arbitration
                                            shall be English. The award shall be final and binding upon the Parties and the costs of
                                            the arbitration shall be apportioned by the tribunal. Judgment on the award may be entered
                                            in any court having jurisdiction. The Emergency Arbitrator provisions in the Arbitration
                                            Rules shall not apply. This Clause ‎15.1
                                            shall not preclude the Parties from seeking provisional remedies in aid of arbitration from
                                            a court of competent jurisdiction. The Parties covenant and agree that they shall conduct
                                            all aspects of such arbitration having regard at all times to expediting the final resolution
                                            of such arbitration.

 

		(2)	The
                                            arbitration, including any settlement discussions between the Parties related to the subject
                                            matter of the arbitration, shall be conducted on a private and confidential basis and any
                                            and all information exchanged and disclosed during the course of the arbitration shall be
                                            used only for the purposes of the arbitration and any appeal therefrom. None of the Parties
                                            shall communicate any information obtained or disclosed during the course of the arbitration
                                            to any third party except to those experts or consultants employed or retained by, or consulted
                                            about retention on behalf of, such party in connection with the arbitration and solely to
                                            the extent necessary for assisting in the arbitration, and only after such persons have agreed
                                            to be bound by these confidentiality conditions. In the event that disclosure of any information
                                            related to the arbitration is required to comply with Applicable Law or court order, an application
                                            to a court for provisional remedies, or to satisfy that party’s financial reporting
                                            obligations, the disclosing party shall promptly notify the other party of such disclosure,
                                            shall limit such disclosure to only that information so required to be disclosed and shall
                                            have availed itself of the full benefits of any laws, rules, regulations or contractual rights
                                            as to disclosure on a confidential basis to which it may be entitled.

 

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		(3)	Any
                                            award of the tribunal and the reasons therefor shall also be kept confidential except (a) as
                                            may reasonably be necessary to obtain enforcement thereof or for the purposes of any challenge
                                            or appeal therefrom; (b) for either party to comply with its disclosure obligations
                                            under Applicable Law; (c) to permit the Parties to exercise properly their rights under
                                            the Arbitration Rules; and (d) to the extent that disclosure is required to allow the
                                            Parties to consult with their professional advisors or to satisfy their financial reporting
                                            obligations.

 

		(4)	The
                                            arbitration agreement set out in this Clause ‎15.1
                                            shall be governed by and construed in accordance with English law.

 

		(C)	Consolidated
                                            arbitration

 

		(1)	Subject
                                            to Clause ‎15.3 (Expert
                                            Determination), in order to facilitate the comprehensive resolution of related Disputes,
                                            all Disputes between any of the Parties in respect of this Agreement and/or any other related
                                            agreement to which the same Parties or their Affiliates or Related Funds are party may be
                                            consolidated into a single consolidated arbitration subject to the provisions of this section.
                                            If two or more arbitrations are commenced hereunder and/or the related agreements, any party
                                            named as claimant or respondent in any of these arbitrations may petition the arbitral tribunal
                                            appointed in the arbitration commenced first (the “First Tribunal”) for
                                            an order that the several arbitrations be consolidated in a single arbitration before that
                                            arbitral tribunal (a “Consolidation Order”). The First Tribunal may only
                                            make a Consolidation Order in the following circumstances:

 

		(a)	all
                                            parties to all the arbitrations sought to be consolidated agree to consolidation; or

 

		(b)	the
                                            First Tribunal determines that: (i) there are issues of fact or law common to the arbitrations
                                            such that a consolidated arbitration would be more efficient than separate arbitrations;
                                            and (ii) no party would be unduly prejudiced as a result of such consolidation through
                                            undue delay or otherwise.

 

All
the parties to the arbitrations consent to consolidation pursuant to a Consolidation Order and agree to waive any rights that they may
have to object to arbitrators of the First Tribunal on the ground that they have not been nominated or appointed by such parties. In
this Clause ‎15.1(C), “Related Fund” in relation
to a fund (the “First Fund”), means a fund which is managed or advised by the same investment manager or investment
adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager
or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

 

    105

     

    

 

		(D)	Courts

 

		(1)	Subject
                                            to Clause ‎15.3 (Expert
                                            Determination), nothing in this Clause ‎15.1,
                                            the LCIA Rules or the law of the seat under Clause ‎15.1(B)(1),
                                            shall prevent any Party from commencing proceedings in the courts of any jurisdiction it
                                            chooses to obtain urgent interlocutory relief and the other Party/ies hereby submits to the
                                            jurisdiction of any such courts for the purpose of any urgent interlocutory relief.

 

		(2)	In
                                            addition, notwithstanding anything in this Clause ‎15.1,
                                            the LCIA Rules or the law of the seat under Clause ‎15.1(B)(1),
                                            any Party shall be entitled in connection with any dispute, controversy or claim in respect
                                            of which it has served a Notice of Dispute to apply for any right, remedy or relief from
                                            any court in any jurisdiction and the other Parties hereby submit to the jurisdiction of
                                            any such courts.

 

		(3)	In
                                            addition, notwithstanding anything in this Clause ‎15.1,
                                            the LCIA Rules or the law of the seat under Clause ‎15.1(B)(1),
                                            any Party shall be entitled in connection with the enforcement of any judgment, determination,
                                            award or negotiated settlement to apply for any right, remedy or relief from any court in
                                            any jurisdiction and the other Parties hereby submit to the jurisdiction of any such courts.

 

		(E)	Process
                                            agent for each Project Entity and each Guarantor and waiver of immunity

 

		(1)	Each
                                            Project Entity, each MineCo and each Guarantor hereby irrevocably authorises and appoints
                                            Law Debenture Corporate Services Limited as its authorised agent to accept service of all
                                            legal process in England and Wales on its behalf and service on such appointee at the below
                                            address and shall be deemed to be service on such Project Entity or Guarantor:

 

Law Debenture Corporate Services Limited 

8th Floor, 100 Bishopsgate, 

London, EC2N 4AG

 

		(2)	Each
                                            Project Entity and each Guarantor agrees that any failure by its process agent to notify
                                            it of the legal process shall not invalidate the proceedings concerned. Nothing contained
                                            in this Clause ‎15.1(E) affects
                                            the right to serve process in another manner permitted by law.

 

		(3)	Each
                                            Project Entity and each Guarantor agrees that to the extent that they may in any proceedings
                                            in any jurisdiction arising out of or in connection with this Agreement or in any proceedings
                                            in any jurisdiction taken for the enforcement of any determination, decision, order or award
                                            made in such proceedings claim for itself or its assets, properties or revenues any immunity,
                                            sovereign or otherwise, from suit or other legal process including, without limitation, arbitration
                                            proceedings and all forms of execution, attachment or enforcement or to the extent that in
                                            any such proceedings there may be attributed to itself or its assets, properties or revenues
                                            any such immunity (whether or not claimed), each Project Entity and each Guarantor hereby
                                            irrevocably waives and agrees not to plead or claim any such immunity in relation to any
                                            such proceedings.

 

    106

     

    

 

		(F)	Process
                                            agent for the Purchaser and waiver of immunity

 

		(1)	The
                                            Purchaser hereby irrevocably authorises and appoints Orion Resource Partners (UK) LLP, a
                                            limited liability partnership incorporated under the laws of England & Wales with
                                            registered number OC404376 whose registered office is at [***] as
                                            its authorised agent to accept service of all legal process in England and Wales on its behalf
                                            and service on such appointee at such address shall be deemed to be service on the Purchaser.

 

		(2)	The
                                            Purchaser agrees that any failure by its process agent to notify it of the legal process
                                            shall not invalidate the proceedings concerned. Nothing contained in this Clause ‎15.1(F) affects
                                            the right to serve process in another manner permitted by law.

 

		(3)	The
                                            Purchaser agrees that to the extent that it may in any proceedings in any jurisdiction arising
                                            out of or in connection with this Agreement or in any proceedings in any jurisdiction taken
                                            for the enforcement of any determination, decision, order or award made in such proceedings
                                            claim for itself or its assets, properties or revenues any immunity, sovereign or otherwise,
                                            from suit or other legal process including, without limitation, arbitration proceedings and
                                            all forms of execution, attachment or enforcement or to the extent that in any such proceedings
                                            there may be attributed to itself or its assets, properties or revenues any such immunity
                                            (whether or not claimed), the Purchaser hereby irrevocably waives and agrees not to plead
                                            or claim any such immunity in relation to any such proceedings.

 

		15.2	Governing
                                            Law and Jurisdiction

 

		(A)	This
                                            Agreement and any non-contractual obligations arising from or connected with it shall be
                                            governed by English law and this Agreement shall be construed in accordance with English
                                            law.

 

		(B)	The
                                            uniform law on sales and the uniform law on formation to which effect is given by the uniform
                                            laws on International Sales Act 1967, the United Nations Convention on International Sales
                                            of Goods of 1980 and the United Nations Convention on Prescription (Limitation) in the International
                                            Sales of Goods of 1974 and the Amending Protocol of 1980 shall not apply to this Agreement
                                            or any other Stream Document.

 

		15.3	Expert
                                            Determination

 

		(A)	If
                                            any Parties are unable to achieve an agreement in relation to any matter which is expressly
                                            stated in this Agreement that may be referred to an Expert (as defined below), one Party
                                            may give the other relevant Parties a written notice of referral to expert determination
                                            (referred to as an “Expert Dispute”).

 

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		(B)	The
                                            Expert shall be appointed by agreement between the parties to the dispute within ten (10) days
                                            of the notice of referral or, failing such agreement, by the President of the LCIA Court
                                            for the time being. The Expert shall be an investment banker or finance professional with
                                            at least 10 years’ experience in the mining industry.

 

		(C)	The
                                            Expert shall have the power to determine an Expert Dispute. Subject to the terms of this
                                            Clause ‎15.3 the Expert
                                            shall be entitled to determine the procedure to be followed in arriving at his or her determination
                                            (in the absence of agreement between the parties to the dispute). The Expert shall be entitled
                                            to appoint legal or other advisers if the parties to the dispute agree.

 

		(D)	In
                                            making a determination:

 

		(1)	the
                                            Expert shall act in the capacity of an expert, not an arbitrator;

 

		(2)	each
                                            party to the dispute may make written representations to the Expert including its position
                                            on the issue in dispute. The Expert will set a timetable for the submission of such written
                                            representations. The Expert is entitled to make his or her determination after the expiry
                                            of the periods set out in the timetable, whether or not written representations were submitted
                                            by each party to the dispute; and

 

		(3)	in
                                            making his or her decision the Expert must select a position submitted by a party to the
                                            dispute and may not select or substitute his own view on the dispute (regardless of whether
                                            or not each party to the dispute submits a position).

 

		(E)	The
                                            Expert shall produce a determination within twenty (20) Business Days of his or her
                                            appointment and shall give written reasons for his or her determination transmitted to the
                                            parties to the dispute by email on the date of his or her determination. Any sum ordered
                                            to be payable shall be paid within fourteen (14) days of the date of the decision and
                                            the Parties must do all things necessary to give effect to and comply with the determination
                                            of the Expert (including, if applicable, paying the Expert determined Buyback Fee).

 

		(F)	Subject
                                            to Clause ‎15.3(I), the
                                            Expert’s determination shall be final and binding, save in the case of fraud or manifest
                                            error.

 

		(G)	The
                                            Expert shall have the power to award costs as well as interest on any sums awarded as he
                                            or she shall think appropriate. The fees of the Expert shall be shared equally unless he
                                            or she determines otherwise.

 

		(H)	If
                                            a Party raises an objection that an alleged Expert Dispute is not an Expert Dispute and should
                                            be resolved in accordance with Clause ‎15.1,
                                            the Expert shall be competent to rule on whether the alleged Expert Dispute is in fact
                                            an Expert Dispute.

 

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		(I)	The
                                            determination of the Expert will not be final and binding where, within fifteen (15) Business
                                            Days of the determination of the Expert being notified to the parties to the dispute:

 

		(1)	a party
                                            to the dispute gives notice to all other parties to the dispute that it is dissatisfied with
                                            the determination of the Expert; and

 

		(2)	that
                                            party to the dispute issues a Notice of Dispute under Clause ‎15.1
                                            in respect of the Expert Dispute the subject of the determination of the Expert,

 

in
which case, the determination of the Expert will be binding on an interim basis, and the Parties agree to do all things necessary to
give effect to and comply with the determination of the Expert until the Expert Dispute the subject of the determination of the Expert
is finally resolved by proceedings in accordance with Clause ‎15.1.

 

		15.4	Further
                                            Assurances

 

Each Party shall execute all such further
instruments and documents and do all such further actions as may be necessary to effectuate the documents and transactions contemplated
in this Agreement, in each case at the cost and expense of the Party requesting such further instrument, document or action, unless expressly
indicated otherwise.

 

		15.5	No
                                            Joint Venture

 

Nothing herein shall be construed to
create, expressly or by implication, a joint venture, mining partnership, commercial partnership, agency relationship, fiduciary relationship,
or other partnership relationship between the Purchaser and a Project Entity or any Seller Group Member.

 

		15.6	Notices

 

Unless otherwise specifically provided
in this Agreement, any notice or other communication required or permitted to be given hereunder shall be in writing and shall be delivered
by hand to an officer or other responsible employee of the addressee or transmitted by e-mail transmission or other by electronic communication,
addressed to:

 

		(A)	If
                                            to a Project Entity or any MineCo to:

 

[***]

 

E-mail:            [***]

 

[***]

 

[***]

 

    109

     

    

 

		(B)	If
                                            to Purchaser:

 

[***]

 

Attention:     [***] 

Email:             [***]

 

with a copy to:

 

[***]

 

Attention:     [***] 

Email:             [***]

 

or
at such other address or email address as such Party from time to time directs in writing to the other Party. Subject to Clause ‎15.7,
any notice or other communication given in accordance with this section, if delivered by hand as aforesaid shall be deemed to have been
validly and effectively given on the date of such delivery if such date is a Business Day and such delivery is received before 4:00 pm
at of the place of delivery; otherwise, it shall be deemed to be validly and effectively given on the Business Day next following the
date of delivery. Any notice of communication which is transmitted by electronic mail as aforesaid, shall be deemed to have been validly
and effectively given on the date of transmission if such date is a Business Day and such transmission was received before 4:00 pm at
the place of receipt; otherwise it shall be deemed to have been validly and effectively given on the Business Day next following such
date of transmission.

 

		15.7	Callback
                                            Contact

 

		(A)	Notwithstanding
                                            any other provision of this Agreement, no notice, instruction or other communication relating
                                            to any change in any details of the Purchaser or the Seller or any Seller Group Member relating
                                            to payment (including identity of such Person, receiving bank or receiving account number,
                                            broker, broker account number, or, if applicable, refinery), or in any details of such Person’s
                                            callback contact, will be valid, and shall not be complied with by any Party unless:

 

		(1)	written
                                            notice of the change is given in accordance with Clause ‎15.6;

 

		(2)	the
                                            Person giving notice of the change is not a callback contact further to Clause ‎15.7(B);
                                            and

 

		(3)	such
                                            instruction is confirmed verbally by telephone or voice over internet protocol call, and
                                            not by writing in any form, between the Purchaser’s callback contact and the Seller’s
                                            callback contact using the relevant details for that callback contact in Clause ‎15.7(B),
                                            with such verbal confirmation being
                                            further confirmed to the callback contact of the Party giving such instruction via a second
                                            written notice given by the callback contact of the Party receiving such instruction in accordance
                                            with Clause ‎15.6 (Notices)
                                            contemporaneously with the completion of such verbal confirmation.

 

    110

     

    

 

		(B)	Callback
                                            Contacts

 

The
callback contacts for this Clause ‎15.7 are the following Persons
with the following contact details, or such other Persons or contact details as the relevant Party may notify from time to time in accordance
with Clause ‎15.7(A).

 

	 	Purchaser callback
    contact	Seller callback contact
	 	 	 
	 	Name: [***]	Name:  [***]
	 	 	 
	 	Email: [***]	Email:  [***]
	 	 	 
	 	Telephone number: [***]	Telephone number:  [***]

 

		15.8	Press
                                            Releases

 

The Parties shall jointly plan and
co-ordinate, and shall cause their respective Affiliates to jointly plan and coordinate, any public notices, press releases, and any
other publicity concerning the entering into of this Agreement and none of the Parties or its Affiliates shall act in this regard without
reasonable prior consultation with the other Parties, unless such disclosure is required to meet timely disclosure obligations of such
Parties or their Affiliates under Applicable Laws in circumstances where prior consultation with the other Parties is not practicable,
and a copy of such disclosure shall be provided to the other Parties at such time as it is made publicly available.

 

		15.9	Amendments

 

This Agreement may not be changed,
amended or modified in any manner, except pursuant to an instrument in writing signed on behalf of each of the Parties.

 

		15.10	Third
                                            party rights

 

Except
for an Indemnified Party further to Clause ‎13.1, a person who
is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms.

 

		15.11	Entire
                                            Agreement

 

This Agreement and the Stream Documents
together constitute the entire agreement between the Parties with respect to the subject matter hereof and cancel and supersede any prior
understandings and agreements between the Parties with respect thereto. There are no representations, warranties, terms, conditions,
opinions, advice, assertions of fact, matters, undertakings or collateral agreements, express, implied or statutory, with respect to
the subject matter hereof and thereof by or between the Parties (or by any of their respective employees, directors, officers, representatives
or agents) other than as expressly set forth in this Agreement or the Stream Documents.

 

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		15.12	Waivers

 

Any waiver of, or consent to depart
from, the requirements of any provision of this Agreement shall be effective only if it is in writing and signed by the Party giving
it, and only in the specific instance and for the specific purpose for which it has been given. No failure on the part of any Party to
exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver of such right. No single or partial exercise
of any such right shall preclude any other or further exercise of such right or the exercise of any other right.

 

		15.13	Severability

 

If any provision of this Agreement
is determined to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain
in full force and effect and the Parties shall negotiate in good faith to replace any provision that is invalid, illegal or unenforceable
with such other valid provision that most closely replicates the economic effect and rights and benefits of such impugned provision.

 

		15.14	Costs
                                            and Expenses

 

		(A)	Except
                                            as otherwise provided for in this Agreement and subject to the following sentence, all costs
                                            and expenses incurred by a Party shall be for its own account.

 

		(B)	The
                                            Project Entities shall pay to the Purchaser on demand all reasonable and documented costs
                                            and expenses of the Purchaser (including, without limitation, all fees, expenses and disbursements
                                            of legal counsel) in connection with: (A) its due diligence investigations in connection
                                            with the transactions contemplated by this Agreement (provided that such reimbursement shall
                                            not exceed [***] without
                                            the written approval of the Project Entities); (B) the preparation, negotiation, and
                                            completion of, this Agreement and the other Stream Documents and all instruments supplemental
                                            or ancillary thereto; (C) any actual or proposed amendment or modification thereof or
                                            any waiver under the Stream Documents, and all instruments supplemental or ancillary thereto,
                                            made at the request of the Project Entities; and (D) the registration, maintenance or
                                            discharge of any Security in any public record office, provided that the Purchaser shall
                                            use reasonable efforts to keep such costs and expenses to a minimum.

 

		(C)	Any
                                            costs and/or fees under or in connection with any Transfer and/or Change of Control in respect
                                            of the Purchaser in each case, shall be for the account of the Purchaser only.

 

		(D)	The
                                            Seller shall pay all costs and expenses (including, without limitation, all fees, expenses
                                            and disbursements of legal counsel) of the Purchaser in connection with any exercise of rights
                                            pursuant to or compliance with the terms of Clauses ‎7.1
                                            or ‎7.2 (including any
                                            such costs and expenses incurred further to Clauses ‎7.6
                                            in connection with a Transfer or Change of Control permitted further to Clauses ‎7.1
                                            or ‎7.2) or in connection
                                            with Clause ‎8.5.

 

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		15.15	Overdue
                                            Payments

 

Any payment or Delivery not made by
a Party on or by any applicable payment or Delivery Date referred to in this Agreement shall incur interest from the due date until such
payment or Delivery is paid or made in full at a per annum rate equal to 14% from and after the due date, calculated and paid calendar
monthly in arrears and compounded calendar monthly if unpaid.
 

		15.16	Set-Off

 

Provided
that no Purchaser Event of Default is continuing, the Purchaser may set off any amount owed by the Purchaser to any Project Entity against
any dollar amount or Refined Platinum owed to the Purchaser by a Project Entity. Subject to Clause ‎2.5,
any amount of Refined Platinum set off and withheld against any non-payment by a Party shall be valued at the Platinum Market Price as
at two Business Days before the relevant Delivery Date and shall result in a reduction in an amount of Refined Platinum otherwise to
be delivered by that number of ounces equal to the dollar amount set off divided by the Platinum Market Price as at two Business Days
before the relevant Delivery Date.

 

		15.17	Counterparts

 

This Agreement may be executed in one
or more counterparts, and by the Parties in separate counterparts, each of which when executed shall be deemed to be an original, but
all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to
this Agreement in electronic format shall be effective as delivery of a manually executed counterpart of this Agreement.

 

		15.18	Unavailability
                                            of forecasts

 

If any of the forecasters referred
to in the definition of “NPV Criteria” has not published forecasts for the applicable metal(s) prior to end of the last
calendar quarter they shall be excluded with respect to such metal(s) for the purposes of such definition and the lists shall be
updated by the Purchaser and the Seller, acting reasonably, in writing from time to time in order to remove from such list(s) and
replace any institution that ceases to publish the relevant information.

 

IN WITNESS WHEREOF the Parties have executed
this Agreement as of the day and year first written above.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

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SIGNATURE PAGE TO THE PURCHASE AND SALE AGREEMENT
(RHODIUM)

 

	OMRF (Ni) LLC, in its capacity as Purchaser	 
	 	 	 
	By:	/s/ [***]	 
	 	Name:[***]	 
	 	Title: Authorized Signatory	 

 

	Pilanesberg Platinum Mines (Pty) Ltd, as ProjectCo	 
	 	 	 
	By:	/s/ Erich Clarke	 
	 	Name: Erich Clarke	 
	 	Title: Director	 

 

	Sedibelo Group Services (Pty) Ltd, as Seller	 
	 	 	 
	By:	/s/ Erich Clarke	 
	 	Name: Erich Clarke	 
	 	Title: Director	 

 

	Richtrau No. 123 (Pty) Limited, as Magazynskraal MineCo	 
	 	 	 
	By:	/s/ Erich Clarke	 
	 	Name: Erich Clarke	 
	 	Title: Director	 

 

	SEDIBELO RESOURCES LIMITED	 
	 	 	 
	By:	/s/ Erich Clarke	 
	 	Name: Erich Clarke	 
	 	Title: Director	 

 

SIGNATURE PAGE TO THE PURCHASE AND SALE AGREEMENT
(PLATINUM)

 

	CLIDET NO. 832 (PTY) LIMITED	 
	 	 	 
	By:	/s/ Erich Clarke	 
	 	Name: Erich Clarke	 
	 	Title: Director	 

 

    114

     

    

 

 

	ORKID S.Á R.L.	 
	 	 	 
	By:	/s/ Erich Clarke	 
	 	Name: Erich Clarke	 
	 	Title: Director	 

 

	PLATINUM INVESTOR CONSORTIUM (PTY) LIMITED	 
	 	 	 
	By:	/s/ Erich Clarke	 
	 	Name: Erich Clarke	 
	 	Title: Director	 

 

    115

     

    

 

Certain schedules and other similar attachments
to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K.

 

Schedule
1

PROJECT SCHEDULE AND BUDGET

 

[***]

 

     

     

    

 

Schedule
2

LEASED PROPERTIES

 

	 	 	 

 

	Item

    No	Farm
    Description	Portion

    Number	Hectares	Title
    Deed No.	Type
    of Right	Company

    Seller 

    Group 

    Holder
	1	Farm
    Wilgespruit 2, Registration Division JQ, North West Province	Farm	2969,6863	[***]	Sub-Lease	ProjectCo
	2.	Farm
    Wilgespruit 2, Registration Division JQ, North West Province	Farm  	2969,6863
     	[***]  	Notarial
    Lease [***]	IBMR
    MineCo

 

    117

     

    

 

Schedule
3

REPRESENTATIONS AND WARRANTIES OF THE PROJECT ENTITIES, GUARANTORS AND MINECOS

 

		1.	GENERAL
                                            CORPORATE

 

		1.1	It is
                                            validly incorporated, organised and subsisting in accordance with the Applicable Laws of
                                            its place of incorporation.

 

		1.2	It has
                                            full power and capacity to enter into and perform its obligations under the Stream Documents
                                            and to ensure that the obligations expressed to be assumed by it thereunder are legal, valid,
                                            binding and enforceable.

 

		1.3	All necessary
                                            consents and authorisations (corporate and otherwise) for the execution, delivery and performance
                                            by it of the Stream Documents in accordance with their terms and to ensure that the obligations
                                            expressed to be assumed by it thereunder are legal, valid, binding and enforceable have been
                                            obtained.

 

		1.4	Its execution,
                                            delivery and performance of the Stream Documents complies with its constitution and does
                                            not constitute a breach of any Applicable Law or obligations, conflict with or cause a default
                                            under any agreement by which it is bound.

 

		1.5	To the
                                            extent applicable to it, it is in compliance with the Mining Charter and any other Applicable
                                            Law promoting B-BBEE and all applicable B-BBEE Requirements.

 

		1.6	No meeting
                                            has been convened, resolution proposed or order made for the winding up, or the appointment
                                            of an administrator, of it, and no mortgagee or chargee has taken, attempted to take or indicated
                                            an intention to exercise its rights under any security granted by it or in relation to it.

 

		1.7	The
                                            Seller Group Structure attached to this Agreement as ‎Appendix
                                            1 to this ‎Schedule
                                            3 is true, complete and accurate in all material respects and shows the following information:

 

		(A)	each
                                            Seller Group Member, including its current name, jurisdiction of incorporation and shareholding;
                                            and

 

		(B)	all
                                            minority interests in any Seller Group Member and any person in which any Seller Group Member
                                            holds shares in its issued share capital or equivalent ownership interest of such person.

 

		2.	BOOKS
                                            AND RECORDS

 

		2.1	The statutory
                                            books, including all asset and securities and other registers and minute books and records,
                                            of each Seller Group Member have been kept substantially in accordance with the requirements
                                            of all Applicable Laws of its place of incorporation or formation, are up to date, and contain
                                            an accurate and complete record of the matters contained in those books and records.

 

		2.2	All statutory
                                            books and records of each Seller Group Member are in the possession or otherwise under the
                                            direct control of the relevant Seller Group Member.

 

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		3.	FINANCIAL
                                            STATEMENTS AND LIABILITIES

 

		3.1	Except
                                            as set forth in the notes thereto, the audited annual financial statements of the Seller
                                            Group Members have been prepared in accordance with all Applicable Laws with IFRS consistently
                                            applied, and they present a true and correct view of the financial position (including the
                                            assets and liabilities), results of operations (including the profits and losses) and cash
                                            flows of the Seller Group Members as at the dates and for the periods indicated therein.

 

		3.2	Except
                                            to the extent set out in paragraph 1, labelled “SARS Proceedings” of the
                                            Disclosure Letter, no Seller Group Member has any material liabilities of any kind (including,
                                            for the avoidance of doubt, financial position liabilities and contingent liabilities) that
                                            would have been required to be reflected in, reserved against or otherwise described in its
                                            financial statements or its audited statement of financial position or in the notes thereto
                                            in accordance with IFRS and were not so reflected, reserved against or described, other than
                                            liabilities incurred in the ordinary course of business after the date at which the relevant
                                            audited statement of financial position was prepared.

 

		3.3	The Security
                                            has or will have the ranking in priority which it is expressed to have in the Intercreditor
                                            Agreement and is not subject to any prior ranking or pari passu Security or any other rights
                                            or interests and any other rights or interests other than to the extent set out in the Intercreditor
                                            Agreement.

 

		4.	ABSENCE
                                            OF CERTAIN DEVELOPMENTS

 

No Project Entity Event of Default
is continuing under any Stream Document.

 

		5.	TAXES

 

		5.1	All Taxes
                                            due and payable by the Project Entities or any Guarantor or MineCo (whether or not shown
                                            due on any Tax returns and whether or not assessed (or reassessed) by the appropriate Governmental
                                            Body) have been timely paid to the extent not disputed in good faith (and all Taxes disputed
                                            in good faith have been disclosed at paragraph 1, labelled “SARS Proceedings”
                                            of the Disclosure Letter, and properly provisioned for in the relevant Person’s accounts).
                                            All assessments and reassessments received by the Project Entities, any Guarantor and any
                                            MineCo in respect of Taxes have been paid to the extent not disputed in good faith and all
                                            assessments and reassessments disputed in good faith have been disclosed in reasonable detail
                                            to the Purchaser and properly provisioned for in the relevant Person’s accounts.

 

		5.2	All Tax
                                            returns required by Applicable Law to be filed by or with respect to the Project Entities,
                                            any Guarantor and any MineCo have been properly prepared and timely filed and all such Tax
                                            returns (including information provided therewith or with respect thereto) are true, complete
                                            and correct in all material respects, and no material fact or facts have been omitted therefrom
                                            which would make any such Tax returns misleading.

 

		5.3	Adequate
                                            provision has been made by the Project Entities, each Guarantor and each MineCo in their
                                            respective audited annual financial statements for all Taxes for any period for which Tax
                                            returns are not yet required to be filed, or for which Taxes are not yet due or payable,
                                            up to the date of the audited annual financial statements.

 

    119

     

    

 

		6.	PROJECT
                                            PROPERTY

 

		6.1	Except
                                            to the extent set out in paragraph 2 , labelled “Mining Rights” and paragraph
                                            3, labelled “Access Rights”, of the Disclosure Letter, the MineCos are
                                            collectively the legal and beneficial holders of a one hundred percent (100%) interest in
                                            the Project Real Property, free of any Encumbrance (other than any Permitted Encumbrance).

 

		6.2	Except
                                            to the extent set out in paragraph 2, labelled “Mining Rights” and paragraph
                                            3, labelled “Access Rights”, of the Disclosure Letter, the ProjectCo and
                                            Magazynskraal MineCo are the lawful holders and sole beneficial owners of the Mining Rights
                                            and so far as the Seller Group Members are aware, no other Person is claiming to be entitled
                                            to a mining or prospecting right in respect of all or part of the Mining Areas and there
                                            is no dispute between the ProjectCo, IBMR MineCo, Magazynskraal MineCo, the DMR or the
                                            Minister of Mineral Resources, Mining Titles Office or any third party regarding the grant
                                            or registration of the Mining Rights or notarial deeds of amendment or cessions relating
                                            to the Mining Rights.

 

		6.3	Except
                                            to the extent set out in paragraph 2, labelled “Mining Rights”, of the
                                            Disclosure Letter in respect only of the IBMR Mining Right and the Richtrau Mining Right,
                                            the Mining Rights and each other Material Project Authorization are in good standing under
                                            the MPRDA, the Mining Charter and any other applicable regulations, have been fully and effectively
                                            acquired and are, to the knowledge of each Seller Group Member not liable to suspension,
                                            cancellation or forfeiture for any reason and, they are not aware of any circumstances which
                                            may give rise to such suspension, cancellation or forfeiture.

 

		6.4	Except
                                            to the extent set out in paragraph 3, labelled “Access Rights”, of the
                                            Disclosure Letter, the MineCos have complied with all Applicable Laws in respect of the relevant
                                            Project Property in all material respects and all fees (including annual fees per hectare
                                            and state inspection fees), rents, rates, royalties (including statutory royalty and landowner’s
                                            royalty), taxes and other similar payments due and payable in respect of all of the Mining
                                            Rights have been paid.

 

		6.5	That
                                            none of the Project Entities, the Guarantors or the MineCos are engaged in any litigation,
                                            arbitration or other proceeding concerning any of the Project Property and no Project Entity,
                                            Guarantor or MineCo is aware of any pending or threatened litigation, arbitration or other
                                            proceeding concerning the Project Property, which if successful would materially affect the
                                            operation of the Project or which has an amount in dispute in excess of [***] (or
                                            its equivalent in other currencies).

 

		6.6	Except
                                            to the extent set out in paragraph 3, labelled “Access Rights”, of the
                                            Disclosure Letter, to the knowledge of each of the Seller Group Members there is no basis
                                            for any claim adverse to the right, title and interest of any Seller Group Member to the
                                            Project Real Property.

 

		6.7	Apart
                                            from the Existing Stream Agreements, the Anglo Agreement or further to any Senior Financing,
                                            as required by Applicable Law or otherwise as permitted in this Agreement, there are no agreements,
                                            arrangements, understandings, rights or options to acquire or purchase any of the Project
                                            Property or any portion thereof or any interest therein (including any Encumbrance) or any
                                            claim to any royalty or other interest in any of the Project Property or production therefrom
                                            and no person other than the Seller and the MineCos (as applicable) and the Purchaser, has
                                            any right, title, interest or claim whatsoever in the Project Property or in production from
                                            the Project Property.

 

    120

     

    

 

		6.8	Except
                                            to the extent set out in paragraph 2, labelled “Mining Rights”, of the
                                            Disclosure Letter in respect only of the IBMR Mining Right and the Richtrau Mining Right,
                                            the MineCos hold all Material Project Authorizations, Mining Rights required from any Governmental
                                            Body to own their interest in the relevant Project Property, to conduct the then-current
                                            Mining Operations on the relevant Project Property, and to access the relevant Project Property.

 

		6.9	Except
                                            to the extent set out in paragraph 3, labelled “Access Rights”, of the
                                            Disclosure Letter, each MineCo has full and continuous access to the Project Property for
                                            the performance of its exploration, development, expansion, construction, operation and mining
                                            and related works on such Project Property, in each case, as required in order to ensure
                                            that the Project is constructed, developed and operated in accordance with the Mine Plan,
                                            and no event of default exists (and, to the knowledge of each Seller Group Member, no other
                                            circumstances exist which constitute or (with the giving of notice, lapse of time, determination
                                            of materiality, or the fulfilment of any other condition or any combination of the foregoing)
                                            would constitute a default) under the arrangements governing such rights of access to such
                                            Project Property.

 

		6.10	To the
                                            Seller Group Members’ knowledge, except to the extent set out in paragraph 4, labelled
                                            “Occupiers on the Farm Wilgespruit 2 JQ”, of the Disclosure Letter, no
                                            Seller Group Member or any of their respective Affiliates is party to any material disputes
                                            or material disturbances relating to the Project or resulting from Mining Operations involving
                                            local communities.

 

		6.11	All
                                            relocation agreements required in order to enable ProjectCo to have unhindered access to
                                            the Mining Area are in full force and effect and unconditional in accordance with their terms.

 

		7.	MATERIAL
                                            CONTRACTS

 

		7.1	Subject
                                            to Clause ‎5.16,
                                            the Seller Group Members have provided to the Purchaser prior to the date of this Agreement
                                            complete and accurate copies of the Material Contracts, all of which are listed in ‎Appendix
                                            2 to this ‎Schedule
                                            3.

 

		7.2	Each
                                            MineCo has entered into all Material Contracts required at the time such representation and
                                            warranty is made or given for the Project and such Material Contracts to which it or any
                                            Seller Group Member is a party or by which any of them are otherwise bound are in full force
                                            and effect and constitute valid and enforceable obligations of the parties thereto.

 

		7.3	Except
                                            to the extent set out in paragraph 6, labelled “Material Contracts”, of
                                            the Disclosure Letter, no Project Entity, Guarantor or MineCo, nor to knowledge of each Seller
                                            Group Member, any other person, is in default in any material respect in the observance or
                                            performance of any term, covenant or obligation under any Material Contract in respect of
                                            the Project, any Mining Operations or any financing or indebtedness in respect of the Project
                                            (including but not limited to the Senior Financing), and, to the knowledge of each Seller
                                            Group Member, no event has occurred which, with notice or lapse of time or both, would constitute
                                            such a material default thereunder.

 

    121

     

    

 

		7.4	No Project
                                            Entity, Guarantor or MineCo has received notice of any intention to terminate any Secured
                                            Material Contract or repudiate or disclaim any transaction contemplated thereby.

 

		8.	INSURANCES

 

All
of the insurance policies relating to the business of every Seller Group Member are held in the name of the relevant Seller Group Member
as set out in paragraph 5(D) of the Disclosure Letter, and every Seller Group Member has an insurable interest in such insurance
policies. Such insurance policies provide sufficient and adequate cover and protection for each Seller Group Member and its business
operations. All such insurance policies are in full force and effect and, as at the date of this Agreement, are not void or voidable.
All premiums payable to date have been paid and, to the knowledge of each Seller Group Member, there are no circumstances which might
lead to: (i) the insurers avoiding any liability under them; or (ii) except to the extent set out in paragraph 5(A) and
5(B) of the Disclosure Letter, the premiums being increased in an amount greater by [***].
Except to the extent set out in paragraph 5, labelled “Insurance”, of the Disclosure Letter, no Seller Group Member
has any outstanding claim under any such insurance in an amount greater than [***] and,
to the knowledge of each Seller Group Member, there are no circumstances likely to give rise to such a claim. To the knowledge of each
Seller Group Member, there are no facts, matters or circumstances which would give rise to the non-renewal of any insurance policy in
the future, or the renewal of any insurance policy subject to the imposition of onerous conditions not presently applicable.

 

		9.	LITIGATION

 

		9.1	Except
                                            to the extent set out in paragraph 1 of the Disclosure Letter, labelled “SARS Proceedings”,
                                            no Seller Group Member is party to any material Legal Proceedings, and there are no material
                                            Legal Proceedings pending or threatened against any Seller Group Member. For the purposes
                                            of this paragraph 9.1, “material” includes any Legal Proceedings with an expected
                                            value or liability of [***] or
                                            more.

 

		9.2	No Seller
                                            Group Member is in default under or with respect to any judgment, order or award, interdict,
                                            decree or any similar pronouncement (which is not restricted from being enforced or implemented)
                                            of any court or other similar tribunal (including administrative authority or body) having
                                            jurisdiction in respect of it.

 

		9.3	To the
                                            knowledge of each, no Seller Group Member, nor any of its current senior management, director’s
                                            or officer’s has been charged with, nor has committed, any crime or been subject to
                                            any criminal investigation within the last five years.

 

		9.4	Except
                                            to the extent set out in paragraph 8 of the Disclosure Letter, labelled “[***]”,
                                            So far as the Seller Group Members are aware, no Seller Group Member, nor any of its senior
                                            management, director’s or officer’s, is or has been the subject of any material
                                            investigation, enquiry or enforcement proceedings by any Governmental Body within the last
                                            five years.

 

    122

     

    

 

		10.	COMPLIANCE
                                            WITH LAWS

 

		10.1	Except
                                            to the extent set out in paragraph 2, labelled “Mining Rights”, of the
                                            Disclosure Letter, each Seller Group Member has acted, and the Mining Operations have been
                                            conducted, in all material respects in accordance with all Applicable Laws, including the
                                            MPRDA, all Environmental Laws and all Health and Safety Laws and, to the knowledge of each
                                            Seller Group Member, no circumstances have occurred in connection with the Mining Operations
                                            or otherwise in connection with the activities of any Seller Group Member which would constitute
                                            a breach of Applicable Laws, including the MPRDA, all Environmental Laws, all applicable
                                            workers’ compensation regulations and all Health and Safety Laws.

 

		11.	ANTI-BRIBERY,
                                            ANTI-MONEY-LAUNDERING AND SANCTIONS

 

		11.1	Each
                                            Seller Group Member and their respective directors, officers, employees, (and subject to
                                            the knowledge of each Seller Group Member) agents and representatives have complied in all
                                            material respects with all Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions
                                            applicable to such Person or its activities and, except to the extent set out in paragraph
                                            8, labelled “[***]”,
                                            of the Disclosure Letter, no Seller Group Member nor any of their directors, officers , employees,
                                            agents or representatives has been the subject to any claim by any Governmental Body or any
                                            Person regarding any offence or alleged offence under any Anti-Corruption Laws, Anti-Money
                                            Laundering Laws or Sanctions applicable to such Person no such claim has been threatened
                                            nor, to the knowledge of Seller Group Member, is pending, and there are no circumstances
                                            likely to give rise to any such claim.

 

		11.2	No Seller
                                            Group Member or their respective directors, officers, employees, (and subject to the knowledge
                                            of each Seller Group Member) agents or representatives, is or has been a Sanctioned Person
                                            or a Sanctioned Entity.

 

		11.3	No Seller
                                            Group Member nor any of their respective directors, officers, employees, (and subject to
                                            the knowledge of each Seller Group Member) agents or representatives have made, offered or
                                            authorised any payment, gift, promise or other advantage, whether directly or through any
                                            other person or entity, to or for the use or benefit of any Public Official, any political
                                            party, political party official, or candidate for office, or any other individual or entity,
                                            where such payment, gift, promise or advantage would violate the Anti-Corruption Laws, Anti-Money
                                            Laundering Laws and Sanctions applicable to such Person.

 

		11.4	Except
                                            to the extent set out in paragraph 7, labelled “Seller Group Member Director Disclosures”,
                                            of the Disclosure Letter, to the knowledge of each Seller Group Member, none of any Seller
                                            Group Member’s directors, officers, employees, agents or representatives is a Public
                                            Official, and no Public Official has any legal or beneficial interest in this Agreement or
                                            in any payments to be made by any Project Entity, Guarantor or MineCo hereunder.

 

    123

     

    

 

		12.	DISCLOSURE

 

		12.1	All
                                            information provided to the Purchaser or any Affiliate of it (including any of their advisers)
                                            in writing (including in the Data Room or by electronic means), in connection with the transactions
                                            contemplated by this Agreement and the Security Documents is true, complete and accurate
                                            in all material respects and is not misleading in any material respect and no information
                                            has been omitted or given to, or withheld from, the Purchaser or any Affiliate of it (including
                                            any of their advisers) that results in any of the aforementioned information being untrue,
                                            inaccurate or misleading in any material respect or (as applicable) which was necessary in
                                            order to make the information provided true, accurate and not misleading in all material
                                            respects.

 

		12.2	The
                                            most recent estimated measured, indicated and inferred mineral resources and proven and probable
                                            mineral reserves and technical reports disclosed in the Mine Plan for the Project have been
                                            prepared and disclosed in accordance with Applicable Law and Good Industry Practice. Each
                                            MineCo is in compliance, in all material respects, with the requirements prescribed by the
                                            SAMREC Code (as in effect on the date of publication of the relevant report or information).
                                            The mineral resources or mineral reserves (or any other material aspect of any technical
                                            reports) as disclosed in the Mine Plan were not, at the date of disclosure, inaccurate in
                                            any material respect. To the knowledge of the Seller Group Members, there has been no material
                                            reduction in the aggregate amount of estimated mineral resources and reserves for the Project
                                            from the amounts last disclosed by the ProjectCo in the Mine Plan. The Mine Plan was prepared
                                            and updated in all respects in compliance with the SAMREC Code.

 

		12.3	The
                                            expenses identified in the Project Schedule and Budget represent each MineCo’s best
                                            estimate (based on assumptions reasonably made at the time such estimate was prepared) of
                                            projected expenses and schedule for the period covered thereby.

 

    124

     

    

 

Appendix
1

SELLER GROUP STRUCTURE

 

[***]

 

    125

     

    

 

Appendix
2

MATERIAL CONTRACTS

 

[***]

 

    126

     

    

 

Schedule
4

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

 

		(A)	It is
                                            validly incorporated, organised and subsisting in accordance with the Applicable Laws of
                                            its place of incorporation.

 

		(B)	It has
                                            full power and capacity to enter into and perform its obligations under the Stream Documents.

 

		(C)	All necessary
                                            consents and authorisations for the execution, delivery and performance by it of this Agreement
                                            in accordance with its terms have been obtained.

 

		(D)	Its execution,
                                            delivery and performance of the Stream Documents complies with its constitution and does
                                            not constitute a breach by it of any Applicable Law or obligation, or cause a default under
                                            any agreement by which it is bound.

 

		(E)	No meeting
                                            has been convened, resolution proposed or order made for the winding up, or the appointment
                                            of an administrator, of it, and no mortgagee or chargee of it has taken, attempted to take
                                            or indicated an intention to exercise its rights under any security.

 

		(F)	It and
                                            its directors, officers and employees have complied with all material Anti-Corruption Laws,
                                            Anti-Money Laundering Laws and Sanctions applicable to such Person or its activities and
                                            that it is not and has not been a Sanctioned Person or Sanctioned Entity.

 

    127

     

    

 

Schedule
5

MINING AREAS

 

[***]

 

    128

     

    

 

Schedule
6

DATA ROOM INDEX

 

[***]

 

    129

     

    

 

Schedule
7

HEDGING POLICY

 

[***]

 

    130

     

    

 

Schedule
8

FORM OF OPERATION AND PRODUCTION REPORT

 

[***]

 

    131

     

    

 

Schedule
9 BUYBACK FEE SAMPLE CALCULATION

 

[***]

 

    132

     

    

 

Schedule
10 EARLY TERMINATION AMOUNT SAMPLE CALCULATION

 

[***]

 

    133

     

    

 

Schedule
11

FORM OF STREAM ACCESSION DEED

 

[***]

 

    134

     

    

 

Schedule
12 OUTPUT SUMMARY

 

[***]

 

    135

     

    

 

Schedule
13 RHODIUM DESIGNATED METAL PERCENTAGE

 

[***]

 

    136Exhibit 10.24

 

Dated 15 July 2022

 

Intercreditor Agreement

 

between

 

Each of the Financial Institutions Named Herein

as Senior Agents, Senior Arrangers and Senior
Lenders

 

Each of the Entities Named Herein

as Stream Purchasers

 

Each of the Entities Named Herein

as Senior Hedge Counterparties

 

Platinum Investor Consortium Proprietary Limited

as Shareholder Creditor

 

Sedibelo Group Services Proprietary Limited

as Management Company

 

Pilanesberg Platinum Mines Proprietary Limited

as Company

 

and others

 

    

     

    

 

Table of Contents

 

Page

 

	1.	Definitions and Interpretation	2
	2.	Ranking and Priority	32
	3.	Transaction Security	32
	4.	Senior Facilities Creditors and Senior Facilities Liabilities	35
	5.	Senior Hedge Counterparties and Senior Hedging Liabilities	38
	6.	Stream Purchasers and Stream Liabilities	44
	7.	Intra-Group Lenders and Intra-Group Liabilities	55
	8.	Shareholders and Shareholder Liabilities	57
	9.	Management Company Liabilities	58
	10.	Effect of Insolvency Event	60
	11.	Turnover of Receipts	62
	12.	Redistribution	64
	13.	Enforcement of Security SPV Guarantees and Transaction Security	65
	14.	Non-Distressed Disposals	67
	15.	Distressed Disposals and Appropriation	68
	16.	Non-Cash Recoveries	73
	17.	Further Assurance – Disposals and Releases	76
	18.	Pre-Enforcement Proceeds	76
	19.	Application of Proceeds	78
	20.	Equalisation	81
	21.	New Senior Facilities Liabilities or Refinancing of Senior Facilities Liabilities	83
	22.	New Stream Liabilities	85
	23.	The Intercreditor Agent	86
	24.	The Security SPV	94
	25.	Changes to the Parties	96
	26.	Costs and Expenses	100
	27.	Information	101
	28.	Notices	103
	29.	Preservation	105
	30.	Consents, Amendments and Override	107
	31.	Counterparts	113
	32.	Governing Law	113
	33.	Enforcement	113

	Schedule 1	Form of Debtor Accession Deed	114
	Schedule 2	Form of Creditor Accession Undertaking	117

 

    (i)

     

    

 

Page

 

	Schedule 3	Form of Debtor Resignation Request	119
	Schedule 4	Relevant Entities	120
	Part 1	Initial Senior Agent	120
	Part 2	Initial Senior Lender	121
	Part 3	Initial Senior Arranger	122
	Part 4	Initial Platinum Stream Purchaser	123
	Part 5	Initial Palladium and Gold Stream Purchaser	124
	Part 6	Initial Rhodium Stream Purchaser	125

 

    (ii)

     

    

 

This Intercreditor Agreement is made as a deed on                                        2022

 

Between:

 

		(1)	Each of the Financial Institutions
                                            set out in Part 1 of Schedule 4 as Initial Senior Agents (the “Initial
                                            Senior Agents”);

 

		(2)	Each of the Financial Institutions
                                            set out in Part 2 of Schedule 4 as Initial Senior Lenders (the “Initial
                                            Senior Lenders”);

 

		(3)	Each of the Financial Institutions
                                            set out in Part 3 of Schedule 4 as Initial Senior Arrangers (the “Initial
                                            Senior Arrangers”);

 

		(4)	The Entity set out in Part 4
                                            of Schedule 4 as the Initial Platinum Stream Purchaser (the “Initial Platinum Stream
                                            Purchaser”);

 

		(5)	The Entity set out in Part 5
                                            of Schedule 4 as the Initial Palladium and Gold Stream Purchaser (the “Initial Palladium
                                            and Gold Stream Purchaser”);

 

		(6)	The Entity set out in Part 6
                                            of Schedule 4 as the Initial Rhodium Stream Purchaser (the “Initial Rhodium Stream
                                            Purchaser” and, together with the Initial Platinum Stream Purchaser and the Initial
                                            Palladium and Gold Stream Purchaser, the “Initial Stream Purchasers”);

 

		(7)	Each of the Entities that enters
                                            into a Creditor Accession Undertaking as a Senior Hedge Counterparty in accordance with the
                                            terms of this Agreement (the “Senior Hedge Counterparties”);

 

		(8)	Each of the Entities that enters
                                            into a Creditor Accession Undertaking as a Senior Agent in accordance with the terms of this
                                            Agreement;

 

		(9)	Each of the Entities that enters
                                            into a Creditor Accession Undertaking as a Senior Lender in accordance with the terms of
                                            this Agreement;

 

		(10)	Each of the Entities that enters
                                            into a Creditor Accession Undertaking as a Stream Purchaser in accordance with the terms
                                            of this Agreement (the “Additional Stream Purchasers”);

 

		(11)	Sedibelo Resources Limited
                                            (the “Parent”);

 

		(12)	Platinum Investor Consortium Proprietary
                                            Limited (the “Initial Shareholder Creditor”);

 

		(13)	Sedibelo Group Services Proprietary
                                            Limited (the “Management Company”);

 

		(14)	Pilanesberg Platinum Mines Proprietary
                                            Limited (the “Company”);

 

		(15)	Itereleng Bakgatla Minerals Resources
                                            Proprietary Limited, Richtrau No. 123 Proprietary Limited, the Parent, Clidet
                                            No. 832 Proprietary Limited, Orkid S.á.r.l. (Société à
                                            responsabilité limitée, Registered office: 19, rue Eugène Ruppert,
                                            L - 2453 Luxembourg, R.C.S. Luxembourg: B167777), Platinum Investor Consortium Proprietary
                                            Limited and the Management Company (the “Senior Facility Guarantors”);

 

		(16)	Each Entity that enters into
                                            Debtor Accession Undertaking as a guarantor of the Senior Hedging Liabilities in accordance
                                            with the terms of this Agreement (the “Senior Hedging Guarantors”);

 

		(17)	Richtrau No. 123 Proprietary
                                            Limited, the Parent, Clidet No. 832 Proprietary Limited, Orkid S.á.r.l.
                                            (Société à responsabilité limitée, Registered office:
                                            19, rue Eugène Ruppert, L - 2453 Luxembourg, R.C.S. Luxembourg: B167777), Platinum
                                            Investor Consortium Proprietary Limited and the Company as guarantors of the Stream
                                            Liabilities in respect of the Platinum Stream Agreement (the “Platinum Stream Guarantors”);

 

    

     

    

 

		(18)	Richtrau No. 123 Proprietary
                                            Limited, the Parent, Clidet No. 832 Proprietary Limited, Orkid S.á.r.l.
                                            (Société à responsabilité limitée, Registered office:
                                            19, rue Eugène Ruppert, L - 2453 Luxembourg, R.C.S. Luxembourg: B167777), Platinum
                                            Investor Consortium Proprietary Limited and the Company as guarantors of the Stream
                                            Liabilities in respect of the Palladium and Gold Stream Agreement (the “Palladium
                                            and Gold Stream Guarantors”);

 

		(19)	Richtrau No. 123 Proprietary
                                            Limited, the Parent, Clidet No. 832 Proprietary Limited, Orkid S.á.r.l.
                                            (Société à responsabilité limitée, Registered office:
                                            19, rue Eugène Ruppert, L - 2453 Luxembourg, R.C.S. Luxembourg: B167777), Platinum
                                            Investor Consortium Proprietary Limited and the Company as guarantors of the Stream
                                            Liabilities in respect of the Rhodium Stream Agreement (the “Rhodium Stream Guarantors”
                                            and, together with the Platinum Stream Guarantors and the Palladium and Gold Stream Guarantors,
                                            the “Stream Guarantors”);

 

		(20)	Richtrau No. 123 Proprietary
                                            Limited, Clidet No. 832 Proprietary Limited, Platinum Investor Consortium Proprietary
                                            Limited, the Management Company and the Company as providers of the Transaction
                                            Security (the “Initial Security Providers”);

 

		(21)	Clidet No. 832 Proprietary
                                            Limited, Orkid S.á.r.l. (Société à responsabilité limitée,
                                            Registered office: 19, rue Eugène Ruppert, L - 2453 Luxembourg, R.C.S. Luxembourg:
                                            B167777), Pallinghurst Investor Consortium Proprietary Limited, the Company and
                                            the Parent (the “Initial Intra-Group Lenders”);

 

		(22)	Each other Entity that enters
                                            into a Debtor Accession Undertaking as a Debtor in accordance with the terms of this Agreement;

 

		(23)	Each other Entity that enters
                                            into a Creditor Accession Undertaking as a Creditor in accordance with the terms of this
                                            Agreement;

 

		(24)	Bowwood and Main No 335 Proprietary
                                            Limited (to be renamed "Bowwood and Main No 335 (RF) Proprietary Limited")
                                            (the “Security SPV”); and

 

		(25)	Nedbank Limited (acting through
                                            its Nedbank Corporate and Investment Banking division) as agent for the Primary Creditors
                                            (the “Intercreditor Agent”).

 

It is agreed as follows:

 

		1.	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

“1992 ISDA Master Agreement”
means the Master Agreement (Multicurrency – Cross Border) as published by the International Swaps and Derivatives Association, Inc.

 

“2002 ISDA Master Agreement”
means the 2002 Master Agreement as published by the International Swaps and Derivatives Association, Inc.

 

“Acceleration Event”
means a Senior Acceleration Event or a Stream Acceleration Event.

 

“Additional Shared Collateral”
means any and all Security created in connection with the terms of a Senior Finance Document and/or Initial Stream Agreement in respect
of any of the following:

 

		(a)	any other assets of the Company essential
                                            or otherwise integral to the Project (to the extent not subject to any of the existing Security
                                            Documents at the relevant time) unless such asset relates to a Non-Project Activity and is
                                            subject to a Non-Project Activity Financing;

 

    2

     

    

 

		(b)	any other assets of, or shares held in,
                                            a Mining Company (to the extent not subject to any of the existing Security Documents at
                                            the relevant time);

 

		(c)	any other assets of, or held shares in,
                                            the Management Company (to the extent not subject to any of the existing Security Documents
                                            at the relevant time); and

 

		(d)	any assets of, or shares held in, any
                                            Subsidiary of the Company or the Management Company (to the extent not subject to any of
                                            the existing Security Documents at the relevant time) unless such asset or shares relates
                                            to a Non-Project Activity and are subject to a Non-Project Activity Financing.

 

“Additional Shared Senior
Security Document” means any security agreement (howsoever described) entered into in respect of Additional Shared Collateral.

 

“Additional Stream Agreement”
means such stream agreement (which is permitted pursuant to Clause 22 (New Stream Liabilities)) entered into by a Debtor and a
new Stream Purchaser (who accedes to this Agreement) from time to time.

 

“Additional Stream Liabilities”
means:

 

		(a)	the Liabilities owed by the Debtors to
                                            the relevant Stream Purchasers under or in connection with any Additional Stream Agreements;
                                            and

 

		(b)	(without double counting) the Liabilities
                                            owed by the Security SPV to the relevant Stream Purchasers under the relevant Security SPV
                                            Guarantees.

 

“Additional Stream Purchaser”
means each Purchaser (as defined in the relevant Stream Agreement) which becomes a party to the relevant Stream Agreement and this Agreement
as a Stream Purchaser pursuant to Clause 25.2 (Change of Senior Lender or Stream Purchaser) or 25.3 (New Senior Lender
or Stream Purchaser).

 

“Affiliate” means,
in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

 

“Appropriation”
means the appropriation (or similar process) of the shares in the capital of a Debtor by the Security SPV (or any Receiver or Delegate)
which is effected (to the extent permitted under the relevant Security Document and applicable law) by enforcement of the Transaction
Security.

 

“Automatic Early Termination”
means the termination or close-out of any hedging transaction prior to the maturity of that hedging transaction which is brought about
automatically by the terms of the relevant Senior Hedging Agreement and without any party to the relevant Senior Hedging Agreement taking
any action to terminate that hedging transaction.

 

“Available Commitment”
means, in relation to a Senior Lender, the meaning given to the term “Available Commitment” in the relevant Senior Facilities
Agreement.

 

“Bank Indemnifier”
means:

 

		(a)	initially Nedbank, who shall hold the
                                            Security in respect of the Mining Rights Mortgage Bond, for so long as it is a Senior Lender;
                                            or

 

		(b)	any other South African Bank or financial
                                            institution appointed pursuant to the terms of the Senior Finance Documents (and under Clause
                                            3.9 (Specific Transaction Security Issues)) to hold the Security constituted by the
                                            Mining Rights Mortgage Bond.

 

    3

     

    

 

“Bank Indemnity Agreement”
means, to the extent applicable, any indemnity agreement entered into between a Bank Indemnifier and the Security SPV in respect of the
Mining Rights Mortgage Bond.

 

“Borrowing Liabilities”
means, in relation to a Debtor, the liabilities and obligations (not being Guarantee Liabilities or Stream Liabilities) it may have as
a principal debtor to a Creditor (other than to a Senior Arranger or a Senior Agent in such capacities) or in respect of Financial Indebtedness
arising under the Debt Documents (whether incurred solely or jointly and including liabilities and obligations as a borrower under the
Senior Finance Documents).

 

“BR Blocked Proposal”
has the meaning given to it in Clause 6.6(e)(ii).

 

“Business Day” means
a day (other than Saturday or Sunday) on which banks are open for general business in Johannesburg and London.

 

“Business Rescue”
means business rescue proceedings as provided for in Chapter 6 of the South African Companies’ Act, 2008.

 

“Business Rescue Practitioner”
means the business rescue practitioner as appointed in terms of Chapter 6 of the South African Companies’ Act, 2008.

 

“Cash Proceeds”
means:

 

		(a)	proceeds of the Security Property which
                                            are in the form of cash; and

 

		(b)	any cash which is generated by holding,
                                            managing, exploiting, collecting, realising or disposing of any proceeds of the Security
                                            Property which are in the form of Non-Cash Consideration.

 

“Cession in Security”
means the South African law governed cession in security agreement amongst, inter alios, the Intercreditor Agent, the Security
SPV, the Management Company and each Mining Company, in terms of which each Mining Company and the Management Company cedes in securitatem
debiti the rights in and to certain of its assets listed therein in accordance with the terms of that agreement (including, inter
alia, onshore bank accounts, claims and receivables, insurance proceeds, cash and cash equivalents, certain offtake agreements and
in respect of the Management Company, its proceeds account and amounts standing to the credit thereof).

 

“Charged Property”
means all of the assets which from time to time are, or are expressed to be, the subject of the Transaction Security.

 

“Clidet” means Clidet
No. 832 Proprietary Limited, a private company duly incorporated according to the company laws of South Africa with registration
number 2008/011497/07.

 

“Close-Out Netting”
means:

 

		(a)	in respect of a Senior Hedging Agreement
                                            based on a 1992 ISDA Master Agreement, any step involved in determining the amount payable
                                            in respect of an Early Termination Date (as defined in the 1992 ISDA Master Agreement) under
                                            section 6(e) (Payments on Early Termination) of the 1992 ISDA Master Agreement
                                            before the application of any subsequent Set-off (as defined in the 1992 ISDA Master Agreement);

 

		(b)	in respect of a Senior Hedging Agreement
                                            based on a 2002 ISDA Master Agreement, any step involved in determining an Early Termination
                                            Amount (as defined in the 2002 ISDA Master Agreement) under section 6(e) (Payments
                                            on Early Termination) of the 2002 ISDA Master Agreement; and

 

		(c)	in respect of a Senior Hedging Agreement
                                            not based on an ISDA Master Agreement, any step involved on a termination of the hedging
                                            transactions under that Senior Hedging Agreement pursuant to any provision of that Senior
                                            Hedging Agreement which has a similar effect to either provision referenced in paragraph (a) and
                                            paragraph (b) above,

 

    4

     

    

 

which in all cases, is performed without
the transfer by any party of cash.

 

“Common Assurance”
means any guarantee, indemnity or other assurance against loss in respect of any of the Liabilities, the benefit of which (however conferred)
is, to the extent legally possible, given to all the Secured Parties in respect of their Liabilities.

 

“Company Mining Right Extension
Date” means the date on which the Minister of Mineral Resources grants consent in terms of section 102 of the MPRDA to extend
the area covered by the Company Mining Rights (or either one of them) to incorporate and include the area covered by the Magazynskraal
Mining Right.

 

“Company Mining Rights”
means:

 

		(a)	the new order mining right granted to
                                            the Company (under DMRE Reference: NW30/5/1/2/2/320MR) to mine Gold, Platinum Group Metals,
                                            Copper, Nickel, Cobalt, Chrome, and other minerals associated with the foregoing in respect
                                            of Portion 3 of the farm Rooderand 46JQ, the remaining extent of portion 1, 2, 3, 4,
                                            6, 9, 13 and 15 of the farm Ruighoek 169JP, the farm Tuschenkomst 135JP, Portion 1 and the
                                            remaining extent of the farm Witkleifontein 136JP, a portion of the farm Wilgespruit 2JQ
                                            and Portion 1 of the farm Rooderand 46JQ situated in the magisterial district of Mankwe in
                                            the North West Province registered in the Company's name on 24 June 2008 in the MPTRO
                                            under MPT No. 39/2008, amended by notarial deed of amendment to extend the mining area
                                            to include a portion of Portion 1 of the farm Rooderand 46 JQ and a portion of
                                            the farm Wilgespruit 2 JQ and further amended by notarial deed of amendment MPT No.24/2015
                                            to include Chrome in respect of the farm Tuschenkomst; and

 

		(b)	the new order mining right granted to
                                            IBMR (under DMRE Reference LP30/5/1/2/2/333MR) to mine Platinum, Palladium, Rhodium, Iridium,
                                            Ruthenium, Osmium, Gold, Copper, Nickel, Cobalt, and Chrome on the farm Wilgespruit 2 JQ;
                                            a portion of portion 1 of the farm Rooderand 46 JQ; the farm A portion of the farm Legkraal
                                            45JQ and a portion of the farm Koedoesfontein 42JQ, situated in the magisterial district
                                            of Mankwe in the North West Province registered on 27 August 2008 in the MPTRO under
                                            MPT No. 50/2008, as amended by notarial deed of amendment to reduce the mining area
                                            to exclude a portion of portion 1 of the farm Rooderand 46 JQ and a portion of the farm Wilgespruit
                                            2 JQ, and which mining right was ceded to the Company by IBMR.

 

“Competitive Sales Process”
means:

 

		(a)	any auction or other competitive sales
                                            process; and

 

		(b)	any enforcement of the Transaction Security
                                            carried out by way of auction or other competitive sales process pursuant to requirements
                                            of applicable law,

 

in each case, to the extent permitted
by applicable law, conducted with the advice of a Financial Adviser appointed by, or approved by, the Security SPV pursuant to Clause 15.7
(Appointment of Financial Adviser).

 

“Completion Date”
has the meaning given to it in each Initial Stream Agreement as at the date of this Agreement.

 

“Compromise” means
a compromise between a company and its creditors as contemplated under and provided for in Chapter 6 of the South African Companies’
Act, 2008.

 

    5

     

    

 

“Compromise Blocked Proposal”
has the meaning given to it in Clause 6.6(f)(ii).

 

“Consent” means
any consent, approval, release or waiver or agreement to any amendment.

 

“Core Assets” means:

 

		(a)	the Mining Rights;

 

		(b)	such land which is secured subject to
                                            the Security Documents at the relevant time;

 

		(c)	any Mining Company’s plant, equipment
                                            and other material assets which are:

 

		(i)	secured subject to the Security Documents
                                            at the relevant time; and

 

		(ii)	required for the operation or development
                                            of the Project or any mine operated by a Mining Company; and

 

		(d)	any contract to which any Mining Company
                                            is a party:

 

		(i)	which is:

 

		(A)	a Secured Material Contract (as defined
                                            in each Initial Stream Agreement as at the date of this Agreement); or

 

		(B)	otherwise subject to the Transaction Security;
                                            and

 

		(C)	required for the operation or development
                                            of the Project or any mine operated by a Mining Company; and/or

 

		(ii)	in respect of which there is a direct agreement
                                            under which the Security SPV (acting on the instructions of the Majority Senior Creditors)
                                            has the right to have that contract novated from such Mining Company to the relevant bidder
                                            on a permanent basis (including after the Security SPV (acting on the instructions of the
                                            Majority Senior Creditors) or any of the Senior Creditors has exercised or transferred any
                                            right of such Mining Company to claim a receivable under a contract or to terminate a contract
                                            and claim a receivable under the contracts as a result),

 

excluding, in each case, any Specified
Non-Core Assets.

 

“Credit Related Close-Out”
means any Permitted Hedge Close-Out which is not a Non-Credit Related Close-Out.

 

“Creditor Accession Undertaking”
means:

 

		(a)	an undertaking substantially in the form
                                            set out in Schedule 2 (Form of Creditor Accession Undertaking); or

 

		(b)	a Transfer Certificate, Assignment Agreement
                                            or Increase Confirmation (each as defined in the relevant Senior Facilities Agreement or
                                            Stream Agreement (as the case may be)) (provided that it contains an accession to
                                            this Agreement which is substantially in the form set out in Schedule 2 (Form of
                                            Creditor Accession Undertaking)),

 

as the context may require, or

 

		(c)	in the case of an acceding Debtor which
                                            is expressed to accede as an Intra-Group Lender in the relevant Debtor Accession Deed, that
                                            Debtor Accession Deed.

 

    6

     

    

 

“Creditor Conflict”
means, at any time prior to the Senior Discharge Date, a conflict between:

 

		(a)	the interests of any Senior Creditor;
                                            and

 

		(b)	the interests of any Stream Purchaser.

 

“Creditors” means
the Primary Creditors, the Shareholder Creditors, any Intra-Group Lenders and the Management Company.

 

“Debt Disposal”
means any disposal of any Liabilities or Debtors’ Intra-Group Receivables pursuant to Clause 15.1(c)(facilitative disposal of
liabilities on a share sale/Appropriation) or Clause 15.1(e) (sale of liabilities on a share sale/Appropriation).

 

“Debt Document”
means each of this Agreement, the Senior Hedging Agreements, the Senior Finance Documents, the Stream Agreements, the Security Documents,
the Security SPV Guarantees, the Security SPV Counter-Indemnities, the Shareholder Loans, the Intra-Group Loans, the Management Company
Loan and any other document designated as such by both the Intercreditor Agent and the Company.

 

“Debtor” means the
Company, the Management Company, each Guarantor, each Security Provider and any person which becomes a Party as a Debtor in accordance
with the terms of Clause 25 (Changes to the Parties).

 

“Debtor Accession Deed”
means:

 

		(a)	a deed substantially in the form set out
                                            in Schedule 1 (Form of Debtor Accession Deed); or

 

		(b)	(only in the case of a member of the Group
                                            which is acceding as a borrower or guarantor under a Senior Facilities Agreement or a Stream
                                            Agreement) an accession document in the form required by the relevant Senior Facilities Agreement
                                            or Stream Agreement (as the case may be) (provided that it contains an accession to
                                            this Agreement which is substantially in the form set out in Schedule 1 (Form of
                                            Debtor Accession Deed)).

 

“Debtor Resignation Request”
means a notice substantially in the form set out in Schedule 3 (Form of Debtor Resignation Request).

 

“Debtors’ Intra-Group
Receivables” means, in relation to a member of the Group, any liabilities and obligations owed to any Debtor (whether actual
or contingent and whether incurred solely or jointly) by that member of the Group.

 

“Default” means
an Event of Default or any event or circumstance which would (with the expiry of a grace period, the giving of notice, the making of
any determination under the Debt Documents or any combination of any of the foregoing) be an Event of Default.

 

“Defaulting Creditor”
means a Defaulting Senior Lender or Defaulting Stream Purchaser (as the case may be).

 

“Defaulting Senior Lender”
means, in relation to a Senior Lender, a Senior Lender which is a Defaulting Lender under, and as defined in, the relevant Senior Facilities
Agreement.

 

“Defaulting Stream Purchaser”
means, in relation to a Stream Purchaser, a Stream Purchaser which has failed to pay its share of an instalment of any prepayment amount
or deposit which is due and payable in accordance with the provisions of the relevant Stream Agreement.

 

“Delegate” means
any delegate, agent, or attorney appointed by the Security SPV.

 

“Distress Event”
means any of:

 

		(a)	an Acceleration Event; or

 

    7

     

    

 

		(b)	the enforcement of any Transaction Security
                                            (including, to the extent applicable, the crystallisation of any floating charge forming
                                            part of the Transaction Security).

  

“Distressed Disposal”
means a disposal of an asset of a Debtor which is:

 

		(a)	being effected at the request of the Instructing
                                            Group or (to the extent permitted further to Clause 6.6 (Permitted Enforcement: Stream
                                            Purchasers)) the Stream Instructing Group, in circumstances where the Transaction Security
                                            has become enforceable;

 

		(b)	being effected by enforcement of the Transaction
                                            Security in accordance with the terms of this Agreement (including the disposal of any Property
                                            of a Debtor, the shares in which have been subject to an Appropriation); or

 

		(c)	after the occurrence of a Distress Event,
                                            being effected by a Debtor to a person or persons which is, or are, not a member, or members,
                                            of the Group, with the consent of the Instructing Group or (to the extent permitted further
                                            to Clause 6.6 (Permitted Enforcement: Stream Purchasers)) the Stream Instructing Group.

 

“Enforcement Action”
means:

 

		(a)	in relation to any Liabilities:

 

		(i)	the acceleration of any Liabilities or the
                                            making of any declaration that any such Liabilities are prematurely due and payable (other
                                            than as a result of it becoming unlawful for a Primary Creditor to perform its obligations
                                            under, or of any voluntary or mandatory prepayment arising under, the Debt Documents);

 

		(ii)	the making of any declaration that any
                                            such Liabilities are payable on demand;

 

		(iii)	the making of a demand in relation to
                                            any such Liability that is payable on demand (other than, in the case of an Intra-Group Lender,
                                            a demand made by such Intra-Group Lender in relation to any Intra-Group Liabilities which
                                            are on demand Liabilities to the extent that (A) the demand is made in the ordinary
                                            course of dealings between the relevant Debtor and Intra-Group Lender and (B) any resulting
                                            Payment would be a Permitted Intra-Group Payment);

 

		(iv)	the making of any demand against any Guarantor
                                            in relation to any Guarantee Liabilities of that Guarantor in respect of any such Liability;

 

		(v)	the exercise of any right to require any
                                            Debtor to acquire any such Liability (including exercising any put or call option against
                                            any Debtor for the redemption or purchase of any Liability (but excluding any such right
                                            which relates to a debt purchase transaction permitted under the Debt Documents)); and

 

		(vi)	the exercise of any right of set-off, account
                                            combination or payment netting against any Debtor in respect of any Liabilities other than
                                            the exercise of any such right:

 

		(A)	as Close-Out Netting by a Senior Hedge
                                            Counterparty;

 

		(B)	as Payment Netting by a Senior Hedge Counterparty;

 

		(C)	as Inter-Senior Hedging Agreement Netting
                                            by a Senior Hedge Counterparty; or

 

    8

     

    

 

		(D)	which is otherwise expressly permitted
                                            under the relevant Senior Facilities Agreement or the relevant Stream Agreement to the extent
                                            that the exercise of that right gives effect to a Permitted Payment;

  

		(vii)	the suing for, commencing or joining of
                                            any legal or arbitration proceedings against a Debtor to recover any such Liabilities;

 

		(b)	the premature termination or close-out
                                            of any hedging transaction under, or designation of an Early Termination Date (as defined
                                            in the relevant ISDA Master Agreement), pursuant to any Senior Hedging Agreement;

 

		(c)	the taking of any steps to enforce or
                                            require the enforcement of the Transaction Security (including the crystallisation of any
                                            floating charge forming part of the Transaction Security);

 

		(d)	save in relation to any amendment, consent
                                            or waiver entered into in accordance with Clause 30 (Consent, Amendment and Override)
                                            or the analogous provisions of any Senior Facility Agreement or Stream Agreement, the entering
                                            into of any composition, compromise, assignment or arrangement with any Debtor which owes
                                            any Liabilities, or has given any Security, guarantee or indemnity or other assurance against
                                            loss in respect of the Liabilities (other than any action permitted under Clause 25
                                            (Changes to the Parties));

 

		(e)	the petitioning, applying or voting for,
                                            or the taking of any steps (including the appointment of any liquidator, receiver, administrator,
                                            Business Rescue Practitioner or similar officer) in relation to, the winding up, dissolution,
                                            administration, reorganisation or Business Rescue of any Debtor which owes any Liabilities,
                                            or has given any Security, guarantee, indemnity or other assurance against loss in respect
                                            of any of the Liabilities, or any of such Debtor’s assets or any suspension of payments
                                            or moratorium of any indebtedness of any such Debtor, or any analogous procedure or step
                                            in any jurisdiction; or

 

		(f)	subject to Clause 13.2 (Demands
                                            under Security SPV Guarantees), the making of any demand under any Security SPV Guarantee
                                            against the Security SPV,

 

except that the following shall not
constitute Enforcement Action:

 

		(i)	the taking of any action falling within
                                            paragraph (a)(vii) or paragraph (e) above which is necessary (but only to the extent
                                            necessary) to preserve the validity, existence or priority of claims in respect of Liabilities,
                                            including the registration of such claims before any court or governmental authority and
                                            the bringing, supporting or joining of proceedings to prevent any loss of the right to bring,
                                            support or join proceedings by reason of applicable limitation periods;

 

		(ii)	a Senior Hedge Counterparty, Issuing
                                            Bank or Stream Purchaser bringing legal proceedings against any person solely for the purpose
                                            of:

 

		(A)	obtaining injunctive relief (or any analogous
                                            remedy outside England and Wales) to restrain any actual or putative breach of any Debt Document
                                            to which it is party;

 

		(B)	obtaining specific performance (other
                                            than specific performance of an obligation to make a payment) with no claim for damages;
                                            or

 

		(C)	requesting judicial interpretation of
                                            any provision of any Debt Document to which it is party with no claim for damages; and

 

		(iii)	any Unrestricted Action.

 

    9

     

    

 

“Event of Default”
means:

  

		(a)	any Senior Event of Default; or

 

		(b)	any Stream Event of Default.

 

“Exposure” has the
meaning given to that term in Clause 20.1 (Equalisation Definitions).

 

“Fairness Opinion”
means, in respect of a Distressed Disposal or a Liabilities Sale, an opinion that the proceeds received or recovered in connection with
that Distressed Disposal or Liabilities Sale are fair from a financial point of view taking into account all relevant circumstances,
including the method of enforcement or disposal.

 

“Final Release Date”
means the later to occur of the Senior Discharge Date and the last Stream Security Release Date.

 

“Financial Adviser”
means any:

 

		(a)	independent internationally recognised
                                            investment bank;

 

		(b)	independent internationally recognised
                                            accountancy firm; or

 

		(c)	other independent internationally recognised
                                            professional services firm which is regularly engaged in providing valuations of mining businesses
                                            or assets or, where applicable, advising on competitive sales processes in relation thereto.

 

“Financial Indebtedness”
means any indebtedness for or in respect of:

 

		(a)	moneys borrowed and debit balances at
                                            banks or other financial institutions;

 

		(b)	any acceptance under any acceptance credit
                                            or bill discounting facility (or dematerialised equivalent);

 

		(c)	any note purchase facility or the issue
                                            of bonds, notes, debentures, loan stock or any similar instrument;

 

		(d)	the amount of any liability in respect
                                            of any lease or hire purchase contract, a liability under which would, in accordance with
                                            IFRS, be treated as a balance sheet liability (other than a lease or hire purchase contract
                                            which would, in accordance with IFRS in force prior to 1 January 2019, have been
                                            treated as an operating lease);

 

		(e)	receivables sold or discounted (other
                                            than any receivables to the extent they are sold on a non-recourse basis and meet any requirement
                                            for de-recognition under the applicable accounting principles);

 

		(f)	any Treasury Transaction (and, when calculating
                                            the value of that Treasury Transaction, only the marked to market value (or, if any actual
                                            amount is due as a result of the termination or close-out of that Treasury Transaction, that
                                            amount) shall be taken into account)

 

		(g)	any counter-indemnity obligation in respect
                                            of a guarantee, bond, standby or documentary letter of credit or any other instrument issued
                                            by a bank or financial institution in respect of (i) an underlying liability of an entity
                                            which is not a member of the Group which liability would fall within one of the other paragraphs
                                            of this definition or (ii) any liabilities of any member of the Group relating to any
                                            post-retirement benefit scheme;

 

		(h)	any amount raised by the issue of shares
                                            which are redeemable (other than at the option of the issuer) before the Senior Discharge
                                            Date or are otherwise classified as borrowings under the applicable accounting principles;

 

    10

     

    

 

		(i)	any amount of any liability under an advance
                                            or deferred purchase agreement if (i) one of the primary reasons behind entering into
                                            the agreement is to raise finance or to finance the acquisition or construction of the asset
                                            or service in question or (ii) the agreement is in respect of the supply of assets or
                                            services and payment is due more than 30 days after the date of supply;

  

		(j)	any amount raised under any other transaction
                                            (including any forward sale or purchase, sale and sale back or sale and leaseback agreement)
                                            having the commercial effect of a borrowing or otherwise classified as borrowings under the
                                            applicable accounting principles; and

 

		(k)	the amount of any liability in respect
                                            of any guarantee for any of the items referred to in paragraphs (a) to (j) above.

 

“General Notarial Bond”
means the South African law governed general notarial continuing covering bond over all movable assets of the Company, granted or to
be granted and executed by the Company in favour of the Security SPV.

 

“Group” means the
Parent, each Debtor, each Shareholder Creditor and each Intra-Group Lender from time to time.

 

“Guarantee Liabilities”
means, in relation to a Debtor, the liabilities and obligations under the Debt Documents (present or future, actual or contingent and
whether incurred solely or jointly) it may have to a Creditor (other than to a Senior Arranger or a Senior Agent) or as a result of its
being a guarantor or surety (including liabilities and obligations arising by way of guarantee, indemnity, contribution or subrogation
and in particular any guarantee or indemnity arising under or in respect of the Senior Finance Documents and the Stream Agreements).

 

“Guarantor” means
each Senior Facility Guarantor, each Hedging Guarantor and each Stream Guarantor.

 

“Hedge Transfer”
means a transfer to the Stream Purchasers (or to their nominee or nominees) of (subject to paragraph (b) of Clause 6.8
(Hedge Transfer: Stream Purchasers)), each Senior Hedging Agreement as identified in paragraph (a) of the definition of “Senior
Hedging Agreement” together with:

 

		(a)	all the rights in respect of the Senior
                                            Hedging Liabilities owed by the Debtors to each relevant Senior Hedge Counterparty; and

 

		(b)	all the Senior Hedge Counterparty Obligations
                                            owed by each relevant Senior Hedge Counterparty to the Debtors,

 

in accordance with Clause 25.5
(Change of Senior Hedge Counterparty).

 

“Hedging Force Majeure”
means:

 

		(a)	in relation to a Senior Hedging Agreement
                                            which is based on the 1992 ISDA Master Agreement:

 

		(i)	an Illegality or Tax Event or Tax Event
                                            Upon Merger (each as defined in the 1992 ISDA Master Agreement); or

 

		(ii)	an event similar in meaning and effect
                                            to a “Force Majeure Event” (as referred to in paragraph (b) below);

 

		(b)	in relation to a Senior Hedging Agreement
                                            which is based on the 2002 ISDA Master Agreement, an Illegality or Tax Event, Tax Event Upon
                                            Merger or a Force Majeure Event (each as defined in the 2002 ISDA Master Agreement); or

 

    11

     

    

 

		(c)	in relation to a Senior Hedging Agreement
                                            which is not based on an ISDA Master Agreement, any event similar in meaning and effect to
                                            an event described in paragraphs (a) or (b) above.

  

“Hedging Policy”
means:

 

		(a)	prior to the Senior Discharge Date:

 

		(i)	a Senior Hedging Policy, or portion thereof,
                                            in terms of which the Senior Facilities Creditors require or mandate the execution or implementation
                                            of certain Treasury Transactions; or

 

		(ii)	a Senior Hedging Policy, or portion thereof,
                                            in terms of which the Senior Facilities Creditors permit or allow (including within certain
                                            thresholds or limits) the execution or implementation of certain Treasury Transactions, to
                                            the extent not inconsistent with any Stream Hedging Policy; and

 

		(b)	after the Senior Discharge Date, each
                                            Stream Hedging Policy.

 

“Hedging Purchase Amount”
means:

 

		(a)	in respect of a hedging transaction under
                                            a Senior Hedging Agreement that has, as of the relevant time, not been terminated or closed
                                            out, the amount that would be payable to (expressed as a positive number) or by (expressed
                                            as a negative number) the relevant Senior Hedge Counterparty on the relevant date if:

 

		(i)	in the case of a Senior Hedging Agreement
                                            which is based on an ISDA Master Agreement:

 

		(A)	that date was an Early Termination Date
                                            (as defined in the relevant ISDA Master Agreement); and

 

		(B)	the relevant Debtor was the Defaulting
                                            Party (under and as defined in the relevant ISDA Master Agreement); or

 

		(ii)	in the case of a Senior Hedging Agreement
                                            which is not based on an ISDA Master Agreement:

 

		(A)	that date was the date on which an event
                                            similar in meaning and effect (under that Senior Hedging Agreement) to an Early Termination
                                            Date (as defined in any ISDA Master Agreement) occurred under that Senior Hedging Agreement;
                                            and

 

		(B)	the relevant Debtor was in a position
                                            which is similar in meaning and effect to that of a Defaulting Party (under and as defined
                                            in the same ISDA Master Agreement),

 

in each case as certified by the relevant
Senior Hedge Counterparty and as calculated in accordance with the relevant Senior Hedging Agreement; and

 

		(b)	in respect of a hedging transaction that
                                            has, as of the relevant time, been terminated or closed out in accordance with the terms
                                            of this Agreement, the amount that is payable to (expressed as a positive number) or by (expressed
                                            as a negative number) the relevant Senior Hedge Counterparty under any Senior Hedging Agreement
                                            in respect of that termination or close-out to the extent that amount is unpaid.

 

“Hedging Termination Amount”
means any amount falling due from a Senior Hedge Counterparty under a Senior Hedging Agreement as a result of the termination of that
Senior Hedging Agreement or any transactions thereunder.

 

    12

     

    

 

“Holding Company”
means, in relation to a person, any other person in respect of which it is a Subsidiary.

  

“IBMR” means Itereleng
Bakgatla Minerals Resources Proprietary Limited, a private company duly incorporated according to the company laws of South Africa with
registration number 2003/003721/07.

 

“Individual Claims Basis”
means:

 

		(a)	during the Business Rescue of a Debtor,
                                            the Business Rescue Practitioner determines that the Security SPV is entitled or permitted
                                            to vote the claims of each of the Senior Liabilities, the Intra-Group Liabilities, the Shareholder
                                            Liabilities and the Stream Liabilities of that Debtor on the basis of separate and individual
                                            votes of each of those liabilities; or

 

		(b)	for the purposes of any vote cast on a
                                            Compromise proposal made by a Debtor, the Security SPV is entitled or permitted to vote the
                                            claims of each of the Senior Liabilities, the Intra-Group Liabilities, the Shareholder Liabilities
                                            and the Stream Liabilities of that Debtor on the basis of separate and individual votes of
                                            each of those liabilities.

 

“Initial Senior Facilities
Agreement” means the senior facilities agreement to be entered into between the Company, the Initial Senior Lenders and others.

 

“Initial Stream Agreement”
means each of:

 

		(a)	the Platinum Stream Agreement;

 

		(b)	the Palladium and Gold Stream Agreement; and

 

		(c)	the Rhodium Stream Agreement.

 

“Insolvency Event”
means, in relation to any person:

 

		(a)	any resolution is passed or order made
                                            for the winding up, dissolution, administration or reorganisation or Business Rescue of that
                                            person, a moratorium is declared in relation to any indebtedness of that person or an administrator
                                            is appointed to that person;

 

		(b)	any composition, compromise, assignment
                                            or arrangement is made with any of its creditors;

 

		(c)	the appointment of any liquidator, provisional
                                            liquidator, receiver, administrative receiver, administrator, compulsory manager, Business
                                            Rescue Practitioner or other similar officer in respect of that person or any of its assets;

 

		(d)	any Business Rescue is commenced in relation
                                            to that person; or

 

		(e)	any analogous procedure or step is taken
                                            in any jurisdiction.

 

“Instructing Group”
means at any time:

 

		(a)	prior to the Senior Discharge Date, the
                                            Majority Senior Creditors; and

 

		(b)	on or after the Senior Discharge Date
                                            and until the Stream Security Release Date, the Stream Instructing Group.

 

“Intercreditor Amendment”
means any amendment or waiver which is subject to Clause 30 (Consents, Amendments and Override).

 

    13

     

    

 

“Inter-Senior Hedging Agreement
Netting” means the exercise of any right of set-off, account combination, close-out netting or payment netting (whether arising
out of a cross agreement netting agreement or otherwise) by a Senior Hedge Counterparty against liabilities owed to a Debtor by that
Senior Hedge Counterparty under a Senior Hedging Agreement in respect of Senior Hedging Liabilities owed to that Senior Hedge Counterparty
by that Debtor under another Senior Hedging Agreement.

 

“Intra-Group Lenders”
means:

 

		(a)	each Initial Intra-Group Lender; and

 

		(b)	each Affiliate of a Debtor which has made
                                            a loan available to, granted credit to or made any other financial arrangement having similar
                                            effect with a Debtor and which becomes a Party as an Intra-Group Lender in accordance with
                                            the terms of Clause 25 (Changes to the Parties) (other than the Management Company
                                            under each Management Company Loan and the Shareholder Creditors under each Shareholder Loan).

 

“Intra-Group Liabilities”
means the Liabilities owed by a Debtor pursuant to an Intra-Group Loan.

 

“Intra-Group Loan”
means any loan, credit or other financial arrangement having similar effect made available by a member of the Group (or any Affiliate
of any member of the Group) to a Debtor (other than any Management Company Loan and any Shareholder Loan).

 

“ISDA Master Agreement”
means a 1992 ISDA Master Agreement or a 2002 ISDA Master Agreement.

 

“Issuing Bank” means
any person that becomes a party to the Senior CTA for the purposes of issuing Letters of Credit and in each case, which becomes a party
to this Agreement as a Senior Lender pursuant to Clause 25.2 (Change of Senior Lender or Stream Purchaser) or 25.3 (New
Senior Lender or Stream Purchaser).

 

“Letter of Credit”
means any “Letter of Credit” under and as defined in any Senior Facilities Agreement, where such Letter of Credit has been
issued for or on behalf of the Company pursuant to a letter of credit facility in such Senior Facilities Agreement.

 

“Liabilities” means
all present and future liabilities and obligations at any time of any Debtor to any Creditor under the Debt Documents, both actual and
contingent and whether incurred solely or jointly or as principal or surety or in any other capacity together with any of the following
matters relating to or arising in respect of those liabilities and obligations:

 

		(a)	any refinancing, novation, deferral or
                                            extension;

 

		(b)	any claim for breach of representation,
                                            warranty or undertaking or on an event of default or under any indemnity given under or in
                                            connection with any document or agreement evidencing or constituting any other liability
                                            or obligation falling within this definition;

 

		(c)	any claim for damages or restitution;
                                            and

 

		(d)	any claim as a result of any recovery
                                            by any Debtor of a Payment on the grounds of preference or otherwise,

 

and any amounts which would be included
in any of the above but for any discharge, non-provability, unenforceability or non-allowance of those amounts in any insolvency or other
proceedings.

 

    14

     

    

 

“Liabilities Acquisition”
means, in relation to a person and to any Liabilities, a transaction where that person:

 

		(a)	purchases by way of assignment or transfer;

 

		(b)	enters into any sub-participation in respect
                                            of; or

 

		(c)	enters into any other agreement or arrangement
                                            having an economic effect substantially similar to a sub-participation in respect of,

 

the rights in respect of those Liabilities.

 

“Liabilities Sale”
means a Debt Disposal pursuant to paragraph (e) of Clause 15.1 (Facilitation of Distressed Disposals and Appropriation).

 

“Magazynskraal Mining Right”
means the unexecuted new order mining right (DMR Ref: NW30/5/1/2/2/10029MR) granted to Richtrau on 3 December 2015 in terms
of section 23 of the MPRDA to mine Chrome, Platinum, Rhodium, Ruthenium, Osmium, Iridium, Cobalt, Gold, Silver, Nickel and
Copper over the farm Magazynskraal 3JQ situated in the magisterial district of Mankwe in the North West Province.

 

“Majority Senior Creditors”
means at any time those Senior Creditors whose Senior Credit Participations at the relevant time aggregate more than 66.67 per cent of
the total Senior Credit Participations at such time, after the application of:

 

		(a)	Clause 30.6 (Disenfranchisement
                                            of Sponsor Affiliates); and

 

		(b)	Clause 30.7 (Disenfranchisement
                                            of Defaulting Creditors).

 

“Majority Senior Lenders”
means the "Majority Lenders" under and as defined in each Senior Facilities Agreement, after the application of:

 

		(a)	Clause 30.6 (Disenfranchisement
                                            of Sponsor Affiliates); and

 

		(b)	Clause 30.7 (Disenfranchisement
                                            of Defaulting Creditors).

 

“Majority Stream Purchaser(s)”
means, in respect of a Stream Agreement, those Stream Purchasers whose Stream Participations under that Stream Agreement at that time
aggregate more than 66.67 per cent of the total Stream Participations under that Stream Agreement at that time.

 

“Management Company Agreements”
means the Management Company Loans and the Management Company Offtake Agreements.

 

“Management Company Liabilities”
means all Liabilities owed by the Company to the Management Company under a Management Company Agreement.

 

“Management Company Loans”
means:

 

		(a)	the loan agreement entered into on or
                                            about the date of this Agreement between the Management Company (as lender) and the Company
                                            (as borrower) in relation to the Platinum Stream Agreement;

 

		(b)	the loan agreement entered into on or
                                            about the date of this Agreement between the Management Company (as lender) and the Company
                                            (as borrower) in relation to the Palladium and Gold Stream Agreement;

 

		(c)	the loan agreement entered into on or
                                            about the date of this Agreement between the Management Company (as lender) and the Company
                                            (as borrower) in relation to the Rhodium Stream Agreement; and

 

    15

     

    

 

		(d)	any loan agreement entered into between
                                            the Management Company (as lender) and the Company (as borrower) in relation to any Additional
                                            Stream Agreement.

 

“Management Company Offtake
Agreements” means:

 

		(a)	the offtake agreement entered into on
                                            or about the date of this Agreement between the Company (as seller) and the Management Company
                                            (as purchaser) in relation to the Platinum Stream Agreement;

 

		(b)	the offtake agreement entered into on
                                            or about the date of this Agreement between the Company (as seller) and the Management Company
                                            (as purchaser) in relation to the Palladium and Gold Stream Agreement;

 

		(c)	the offtake agreement entered into on
                                            or about the date of this Agreement between the Company (as seller) and the Management Company
                                            (as purchaser) in relation to the Rhodium Stream Agreement; and

 

		(d)	any offtake agreement entered into between
                                            the Company (as seller) and the Management Company (as purchaser) in relation to any Additional
                                            Stream Agreement.

 

"Mining Companies"
means:

 

		(a)	the Company;

 

		(b)	Richtrau; and

 

		(c)	any other person that acquires, is granted
                                            or holds a Mining Right from time to time,

 

provided that following the
occurrence of the relevant Mining Company Release Event in respect of Richtrau, Richtrau shall cease to be a Mining Company for the purposes
of this Agreement.

 

"Mining Company Release Event"
means, in respect of Richtrau, the later to occur of:

 

		(a)	a MineCo Release Event (as defined in
                                            each Initial Stream Agreement) has occurred; and

 

		(b)	Richtrau has ceased to be a Senior Facility
                                            Guarantor in accordance with the terms of the Senior CTA;

 

“Mining Rights”
means:

 

		(a)	the Company Mining Rights; and

 

		(b)	until the Company Mining Right Extension
                                            Date, the Magazynskraal Mining Right.

 

“Mining Rights Mortgage Bond”
means the South African law governed mortgage bond registered or to be registered in favour of the Bank Indemnifier by the Company over
the Company Mining Rights.

 

“Mortgage Bonds”
means the South African law governed continuing covering mortgage bond over certain immoveable properties of the Company granted or to
be granted and executed by the Company in favour of the Security SPV.

 

“MPRDA” means the
Mineral and Petroleum Resources Development Act, 2002 and any regulations promulgated thereunder.

 

“MPTRO” means the
Mineral and Petroleum Titles Registration Office and any successor thereto performing a like or comparable function.

 

    16

     

    

 

“Nedbank” means
Nedbank Limited, acting through its Nedbank Corporate and Investment Banking division.

 

“Non-BR/Non-Compromise Insolvency
Event” means, in relation to any person:

 

		(a)	any resolution is passed or order made
                                            for the winding up, dissolution, administration or reorganisation (other than a solvent reorganisation
                                            which is without prejudice to the rights of the Primary Creditors) of that person, a moratorium
                                            is declared in relation to any indebtedness of that person or an administrator is appointed
                                            to that person (save, in each case, in connection with a Business Rescue);

 

		(b)	the appointment of any liquidator, provisional
                                            liquidator, receiver, administrative receiver, administrator, compulsory manager or other
                                            similar officer in respect of that person or any of its assets (save, in each case, in connection
                                            with a Business Rescue); or

 

		(c)	any analogous procedure or step is taken
                                            in any jurisdiction.

 

“Non-Cash Consideration”
means consideration in a form other than cash.

 

“Non-Cash Recoveries”
means:

 

		(a)	any proceeds of a Distressed Disposal
                                            or a Debt Disposal; or

 

		(b)	any amount distributed to the Security
                                            SPV pursuant to Clause 11.2 (Turnover by the Creditors),

 

which are, or is, in the form of Non-Cash
Consideration.

 

“Non-Credit Related Close-Out”
means a Permitted Hedge Close-Out described in any of paragraphs (a)(i) or (a)(ii) of Clause 5.8 (Permitted Enforcement:
Senior Hedge Counterparties).

 

“Non-Distressed Disposal”
has the meaning given to that term in Clause 14 (Non-Distressed Disposals).

 

“Non-Project Activity”
has the meaning given to it in each Initial Stream Agreement as at the date of this Agreement.

 

“Non-Project Activity Financing”
has the meaning given to it in each Initial Stream Agreement as at the date of this Agreement.

 

“Obligor Cession and Pledge
in Security” means the South African law governed cession and pledge in security agreement between the Intercreditor Agent,
the Security SPV, the Company, Platinum Investor Consortium Proprietary Limited and Clidet in terms of which each of the Company, Platinum
Investor Consortium Proprietary Limited and Clidet pledges and cedes in securitatem debiti the rights in and to inter alia
certain of its shares and claims listed therein in accordance with the terms of that agreement.

 

“Other Liabilities”
means, in relation to a Debtor, any trading and other liabilities and obligations (not being Borrowing Liabilities, Guarantee Liabilities,
Stream Liabilities, Management Company Liabilities, Shareholders Liabilities or Intra-Group Liabilities) it may have to an Intra-Group
Lender, the Management Company or a Debtor.

 

“Palladium and Gold Stream
Agreement” means the stream agreement entered into between, inter alios, the Management Company and the Initial Palladium
and Gold Stream Purchasers on or about the date of this Agreement.

 

“Party” means a
party to this Agreement.

 

    17

     

    

 

“Payment” means,
in respect of any Liabilities (or any other liabilities or obligations), a payment, prepayment, repayment, redemption, defeasance or
discharge of those Liabilities (or such other liabilities or obligations) which includes delivery of Relevant Credits to satisfy Stream
Liabilities and the application of the proceeds of any legal or arbitration proceedings in or toward payment in respect of delivery or
non-delivery of Relevant Credits.

 

“Payment Netting”
means:

 

		(a)	in respect of a Senior Hedging Agreement
                                            based on an ISDA Master Agreement, netting under section 2(c) of the relevant ISDA
                                            Master Agreement; and

 

		(b)	in respect of a Senior Hedging Agreement
                                            not based on an ISDA Master Agreement, netting pursuant to any provision of that Senior Hedging
                                            Agreement which has a similar effect to the provision referenced in paragraph (a) above.

 

“Permitted Hedge Close-Out”
means, in relation to a hedging transaction under a Senior Hedging Agreement, a termination or close-out of that hedging transaction
which is permitted pursuant to Clause 5.8 (Permitted Enforcement: Senior Hedge Counterparties).

 

“Permitted Hedge Payments”
means the Payments permitted by Clause 5.3 (Permitted Payments: Senior Hedging Liabilities).

 

“Permitted Intra-Group Payments”
means the Payments permitted by Clause 7.2 (Permitted Payments: Intra-Group Liabilities).

 

“Permitted Payment”
means a Permitted Hedge Payment, a Permitted Intra-Group Payment, a Permitted Stream Payment, a Permitted Shareholder Payment, or a Permitted
Senior Facility Payment.

 

“Permitted Senior Facility
Payments” means the Payments permitted by Clause 4.1 (Payment of Senior Liabilities).

 

“Permitted Shareholder Payments”
means the Payments permitted by Clause 8.2 (Permitted Payments: Shareholder Liabilities).

 

“Permitted Stream Payments”
means the Payments permitted by Clause 6.2 (Permitted Payments: Stream Liabilities).

 

“Platinum Stream Agreement”
means the stream agreement entered into between, inter alios, the Management Company and the Initial Platinum Stream Purchasers on or
about the date of this Agreement.

 

“Primary Creditors”
means the Stream Purchasers and the Senior Creditors.

 

“Project” has the
meaning given to it in each Initial Stream Agreement as at the date of this Agreement.

 

“Project Accounts”
means any bank accounts:

 

		(a)	designated as “Project Accounts”
                                            in terms of, or in accordance with, the Senior Finance Documents and/or the Stream Agreements
                                            from time to time; and /or

 

		(b)	otherwise used by the Company in connection
                                            with the ordinary course of business of the development, construction and operation of the
                                            Project.

 

“Project Costs”
means all project and/or operating costs in respect of the Project (as further described in the definition of Project Costs in the Senior
Finance Documents from time to time) excluding all Senior Liabilities, Stream Liabilities and Management Company Liabilities and all
payments to purchase Relevant Credits in order to satisfy such Stream Liabilities and Management Company Liabilities.

 

    18

     

    

 

“Project Entity Event of Default”
has the meaning given to that term in the Platinum Stream Agreement, the Palladium and Gold Stream Agreement or the Rhodium Stream Agreement,
as applicable.

 

“Property” of a
Debtor means:

 

		(a)	any asset of that Debtor;

 

		(b)	any Subsidiary of that Debtor; and

 

		(c)	any asset of any such Subsidiary.

 

“Receiver” means
a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property.

 

“Recoveries” has
the meaning given to that term in Clause 19.1 (Order of Application).

 

“Relevant Credits”
means, in respect of a Stream Agreement, the relevant metal credits to be sold and transferred to, or at the direction of, the relevant
Stream Purchaser thereunder.

 

“Relevant Issuing Bank”
means, in respect of any SFA Cash Cover, the Issuing Bank (if any) for which that SFA Cash Cover is provided.

 

“Relevant Liabilities”
means:

 

		(a)	in the case of a Creditor:

 

		(i)	the Liabilities owed to Creditors ranking
                                            (in accordance with the terms of this Agreement) pari passu with or in priority to
                                            that Creditor (as the case may be); and

 

		(ii)	all present and future liabilities and
                                            obligations, actual and contingent, of the Debtors to the Security SPV; and

 

		(b)	in the case of a Debtor, the Liabilities
                                            owed to the Creditors together with all present and future liabilities and obligations, actual
                                            and contingent, of the Debtors to the Security SPV.

 

“Relevant Purchase Price”
means, in respect of each Initial Stream Agreement:

 

		(a)	with respect to the Platinum Stream Agreement,
                                            the Platinum Purchase Price (as defined therein);

 

		(b)	with respect to the Palladium and Gold
                                            Stream Agreement, the Palladium Purchase Price or Gold Purchase Price (as applicable) (each
                                            as defined therein); and

 

		(c)	with respect to the Rhodium Stream Agreement,
                                            the Platinum Purchase Price (as defined therein).

 

“Reversion Event”
means, following the occurrence of a Senior Acceleration Event:

 

		(a)	the Senior Discharge Date occurs or that
                                            Senior Acceleration Event is waived by the relevant Senior Creditors and all applicable conditions
                                            to such waiver have been satisfied (provided that any extension of time for payment
                                            of amounts due as a result of such Senior Acceleration Event shall not constitute a waiver
                                            for these purposes); and

 

		(b)	the Majority Stream Purchaser(s) in
                                            respect of each Initial Stream Agreement notifies the Company and the Management Company
                                            that the provisions of Clause 18 (Pre-Enforcement Proceeds) shall again apply.

 

    19

     

    

 

“Rhodium Stream Agreement”
means the stream agreement entered into between, inter alios, the Management Company and the Initial Rhodium Stream Purchasers on or
about the date of this Agreement.

 

“Richtrau” means
Richtrau No. 123 Proprietary Limited, a private company duly incorporated according to the company laws of South Africa with registration
number 2006/017346/07.

 

“Sanctioned Entity”
means:

 

		(a)	a person which is listed on, or owned
                                            or controlled by, or acting on behalf of, a person listed on any Sanctions List or which
                                            is subject to Sanctions; or

 

		(b)	a person which is ordinarily resident
                                            in a country or territory which is listed on a Sanctions List or is subject to Sanctions.

 

“Sanctioned Transaction”
means financing or providing any credit to:

 

		(a)	a Sanctioned Entity; and

 

		(b)	any other person or entity, if the Company,
                                            any Guarantor or any of its or their Affiliates has actual knowledge that the person or entity
                                            proposes financing or providing any credit, directly or indirectly, to a Sanctioned Entity,

 

in each case to the extent that to
do so is prohibited by, or would cause any breach of, Sanctions.

 

“Sanctions” means
trade, economic or financial sanctions, laws, regulations, embargoes or other restrictive measures published and imposed, administered
or enforced from time to time by any Sanctions Authority.

 

“Sanctions Authority”
means:

 

		(a)	the Government of South Africa;

 

		(b)	the United Nations;

 

		(c)	the European Union;

 

		(d)	the Council of Europe (founded under the
                                            Treaty of London, 1946);

 

		(e)	the Government of the United States of
                                            America;

 

		(f)	the Government of the United Kingdom;
                                            and

 

		(g)	the Government of the Republic of France,

 

and any of their governmental authorities,
including, without limitation, the Office of Foreign Assets Control for the US Department of Treasury (“OFAC”), the
US Department of Commerce, the US State Department or the US Department of the Treasury, Her Majesty's Treasury (“HMT”)
and the French Ministry of Finance.

 

“Sanctions List”
means:

 

		(a)	the Specially Designated Nationals and
                                            Blocked Persons List maintained and published by OFAC;

 

		(b)	the Consolidated List of Financial Sanctions
                                            Targets and the Investments Ban List maintained and published by HMT;

 

		(c)	the Denied Persons List maintained by
                                            the US Department of Commerce;

 

    20

     

    

 

		(d)	the European Union's lists of restrictive
                                            measures against persons and entities issued pursuant to its Common Foreign and Security
                                            Policy, for which a consolidated list is provided on the website of the European External
                                            Action Service, and any implementing lists of restrictive measures against persons or entities
                                            issued by its member states in furtherance of such European Union lists of restrictive measures;
                                            and

 

		(e)	any similar list maintained and published,
                                            or a public announcement of a Sanctions designation made, by any Sanctions Authority of persons
                                            the subject of Sanctions (including investment or related restrictions),

 

in each case as amended, supplemented
or substituted from time to time.

 

“Secured Obligations”
means all the Liabilities and all other present and future liabilities and obligations at any time due, owing or incurred by any Debtor
to any Secured Party under the Debt Documents, both actual and contingent and whether incurred solely or jointly and as principal or
surety or in any other capacity.

 

“Secured Parties”
means the Security SPV, any Receiver or Delegate and each of the Primary Creditors from time to time but, in the case of each Primary
Creditor, only if it is a Party or has acceded to this Agreement, in the appropriate capacity, pursuant to Clause 25.12 (Creditor
Accession Undertaking).

 

“Security” means
a mortgage, charge, pledge, lien, assignment, cession in security, hypothecation, usufruct, notarial bond or other security interest
securing any obligation of any person or any other agreement or arrangement having a similar effect.

 

“Security Assignment”
means the English law governed assignment agreement entered into by the Company and the Management Company in favour of the Security
SPV in respect of the Management Company Agreements.

 

“Security Documents”
means:

 

		(a)	the Cession in Security;

 

		(b)	the General Notarial Bond;

 

		(c)	the Special Notarial Bond;

 

		(d)	the Mortgage Bond;

 

		(e)	the Mining Rights Mortgage Bond;

 

		(f)	the Security Assignment;

 

		(g)	the Obligor Cession and Pledge in Security;

 

		(h)	any Additional Shared Senior Security
                                            Document; and

 

		(i)	each and every notice, acknowledgment,
                                            certificate or document delivered under any of the foregoing.

 

“Security Property”
means:

 

		(a)	the Transaction Security expressed to
                                            be granted in favour of the Security SPV and all proceeds from the realisation and enforcement
                                            of that Transaction Security;

 

		(b)	all obligations expressed to be undertaken
                                            by a Debtor to pay amounts in respect of the Liabilities to the Security SPV and secured
                                            by the Transaction Security together with all representations and warranties expressed to
                                            be given by a Debtor in favour of the Security SPV;

 

    21

     

    

 

		(c)	the Security SPV’s interest in any
                                            trust fund created pursuant to Clause 11 (Turnover of Receipts); and

 

		(d)	any other amounts or property, whether
                                            rights, entitlements, choses in action or otherwise, actual or contingent, which the Security
                                            SPV (or any other holder of Transaction Security permitted under this Agreement) is required
                                            by the terms of the Debt Documents to hold.

 

“Security Providers”
means:

 

		(a)	the Initial Security Providers; and

 

		(b)	any person other than the Initial Security
                                            Providers who provides Transaction Security on or after the date of this Agreement.

 

“Security SPV Counter-Indemnity”
means each counter-indemnity between a Security Provider and the Security SPV pursuant to which that Security Provider indemnifies the
Security SPV against any loss, cost, liability or expense which the Security SPV may suffer or incur under or in connection with a Security
SPV Guarantee.

 

“Security SPV Guarantee”
means each guarantee granted by the Security SPV in favour of any of the Secured Parties pursuant to which the Security SPV guarantees
the obligations of the relevant Debtors to the relevant Secured Parties under the relevant Debt Documents.

 

“Security SPV Liabilities”
means all Liabilities of any Security Provider to the Security SPV under the Security SPV Counter-Indemnities.

 

“Security SPV’s Spot
Rate of Exchange” means, in respect of the conversion of one currency (the “First Currency”) into another
currency (the “Second Currency”):

 

		(a)	the Security SPV’s spot rate of
                                            exchange; or

 

		(b)	(if the Security SPV does not have an
                                            available spot rate of exchange) any other publicly available spot rate of exchange selected
                                            by the Security SPV (acting reasonably),

 

for the purchase of the Second Currency
with the First Currency in the London foreign exchange market at or about 11:00 a.m. (London time) on a particular day.

 

“Senior Acceleration Event”
means a Senior Agent exercising any of its rights, as a result of a Senior Event of Default, to declare that all of the Senior Liabilities,
or all of the Senior Facilities Liabilities, be immediately due and payable.

 

“Senior Agent” means,
as the context requires, the Initial Senior Agent and any agent appointed in respect of any Senior Facility and which accedes to this
Agreement as a Senior Agent.

 

“Senior Arranger”
means, as the context requires, the Initial Senior Arranger and any arranger appointed in respect of any Senior Facility and which accedes
to this Agreement as a Senior Arranger.

 

“Senior Commitment”
means a “Commitment” under and as defined in a Senior Facilities Agreement.

 

“Senior CTA” means
the common terms agreement entered into or acceded to (as the case may be) by the Senior Creditors from time to time (as amended, supplemented
or modified from time to time).

 

    22

     

    

 

 

“Senior Credit Participation”
means, in relation to a Senior Lender or a Senior Hedge Counterparty the aggregate of:

 

		(a)	its aggregate Senior Commitments, if any;

 

		(b)	with respect to any Senior Hedge Counterparty that has terminated and closed out any hedging transaction
under a Senior Hedging Agreement, as of the date the calculation is made, and which transaction has been terminated or closed out in accordance
with the terms of this Agreement, the amount, if any, payable to it thereunder in respect of that termination or close-out as of the date
of termination or close-out (and before taking into account any interest accrued on that amount since the date of termination or close-out)
to the extent that amount is unpaid, provided that if more than one such transaction has been terminated or closed out, the amount
due to the Senior Hedge Counterparty shall, for purposes of this definition, be determined net of the amount due to the Company from the
Senior Hedge Counterparty on account of such other transaction(s), (that amount to be certified by the relevant Senior Hedge Counterparty
and as calculated in accordance with the relevant Senior Hedging Agreement); and

 

		(c)	after the Senior Facilities Discharge Date only (save as otherwise agreed in the Senior Finance Documents),
with respect to any hedging transaction under a Senior Hedging Agreement that has, as of the date the calculation is made, not been terminated
or closed out:

 

		(i)	if the relevant Senior Hedging Agreement is based on an ISDA Master Agreement the amount, if any, which
would be payable to it under that Senior Hedging Agreement in respect of that hedging transaction, if the date on which the calculation
is made was deemed to be an Early Termination Date (as defined in the relevant ISDA Master Agreement) for which the relevant Debtor is
the Defaulting Party (as defined in the relevant ISDA Master Agreement); or

 

		(ii)	if the relevant Senior Hedging Agreement is not based on an ISDA Master Agreement, the amount, if any,
which would be payable to it under that Senior Hedging Agreement in respect of that hedging transaction, if the date on which the calculation
is made was deemed to be the date on which an event similar in meaning and effect (under that Senior Hedging Agreement) to an Early Termination
Date (as defined in any ISDA Master Agreement) occurred under that Senior Hedging Agreement for which the relevant Debtor is in a position
similar in meaning and effect (under that Senior Hedging Agreement) to that of a Defaulting Party (under and as defined in the same ISDA
Master Agreement),

 

that amount, in each case, to be certified
by the relevant Senior Hedge Counterparty and as calculated in accordance with the relevant Senior Hedging Agreement.

 

“Senior Creditors”
means the Senior Facilities Creditors and the Senior Hedge Counterparties.

 

“Senior Discharge Date”
means the first date on which all Senior Liabilities have been fully and finally discharged as confirmed by each relevant Senior Agent
(in the case of the Senior Facilities Liabilities) and each Senior Hedge Counterparty (in the case of its Senior Hedging Liabilities),
whether or not as the result of an enforcement or any demand made upon the relevant Security SPV Guarantees, and the Senior Creditors
are under no further obligation to provide financial accommodation to any of the Debtors under the Debt Documents.

 

“Senior Event of Default”
means an Event of Default under (and as defined in) any Senior Facilities Agreement or the Senior CTA.

 

“Senior Facilities Agreement”
means an agreement documenting a Senior Facility.

 

    23

    

    

 

“Senior Facilities Creditors”
means each Senior Agent, Senior Arranger and Senior Lender to the extent that such person is a creditor in respect of any Senior Facilities.

 

“Senior Facilities Discharge
Date” means the first date on which:

 

		(a)	all Senior Facilities Liabilities have been fully and finally discharged (other than where replaced by
Senior Refinancing Facility Liabilities) as confirmed by each relevant Senior Agent, whether or not as the result of an enforcement; and

 

		(b)	the Senior Facilities Creditors are under no further obligation to provide financial accommodation to
any of the Debtors under any of the Debt Documents.

 

“Senior Facilities Liabilities”
means:

 

		(a)	the Liabilities owed by the Debtors to the Senior Facilities Creditors under the Senior Finance Documents;

 

		(b)	(without double counting) the Liabilities owed by the Security SPV to the Senior Facilities Creditors
under the relevant Security SPV Guarantees in respect of any Senior Facilities Agreement; and

 

		(c)	if applicable, any Senior New Facility Liabilities and Senior Refinancing Facility Liabilities and (without
double counting) the Liabilities owed by the Security SPV to the Senior Facilities Creditors under the relevant Security SPV Guarantees
in respect of them,

 

provided that for such Liabilities
to constitute Senior Facilities Liabilities prior to the Stream Security Release Date having occurred in respect of all Initial Stream
Agreements:

 

		(i)	the aggregate amount of Senior Principal in respect of such Liabilities may not exceed an amount equal
to the Senior Headroom; and

 

		(ii)	the relevant Liabilities have been incurred:

 

		(A)	in order to finance or re-finance (excluding equity funding) the cost of the development, construction
and operation of the Project and/or for general working capital purposes of the Parent and any of its Subsidiaries; and

 

		(B)	further to an arrangement entered into between the Company and any commercial bank or other financial
institution, any export credit agency, any development finance institution or any other Person.

 

“Senior Facilities Liabilities
Transfer” means a transfer of the Senior Facilities Liabilities to the Stream Purchasers described in Clause 6.7 (Option
to Purchase: Stream Purchasers).

 

“Senior Facility”
means any facility or agreement entered into by any Debtor in connection with Senior Facilities Liabilities (including any Senior New
Facility Liabilities or Senior Refinancing Facility Liabilities), the providers of which are parties to or have acceded to this Agreement
and “Senior Facilities” shall be construed accordingly.

 

“Senior Finance Documents”
means:

 

		(a)	the “Finance Documents” (or any equivalent term) under and as defined in the Senior CTA from
time to time; and

 

		(b)	any document designated as a "Senior Finance Document” (or any equivalent term) by the Intercreditor
Agent and the Company.

 

    24

    

    

 

“Senior Headroom”
means, at any time prior to the Stream Security Release Date having occurred in respect of all Initial Stream Agreements:

 

		(a)	the amounts referred to in paragraphs (A) to (C) of the definition of ‘Senior Financing’
in the Initial Stream Agreements as at the date of this Agreement; or

 

		(b)	any greater amount(s) (than as set out in paragraph (a) above) which is or are:

 

		(i)	referred to in paragraphs (A) to (C) of the definition of ‘Senior Financing’ in
all of the Initial Stream Agreements after the date of this Agreement; or

 

		(ii)	agreed to in writing by the Majority Stream Purchaser(s) in respect of each Initial Stream Agreement.

 

“Senior Hedge Counterparty”
means any entity (other than a Group member) which is or becomes a Party as a Senior Hedge Counterparty in respect of a Senior Hedging
Agreement pursuant to Clause 25.12 (Creditor Accession Undertaking).

 

“Senior Hedge Counterparty
Obligations” means the liabilities and obligations owed by any Senior Hedge Counterparty to the Debtors under or in connection
with the Senior Hedging Agreements.

 

“Senior Hedging Agreement”
means either:

 

		(a)	before the Completion Date, any agreement entered into by the Company and a Senior Hedge Counterparty
which is:

 

		(i)	a “Hedging Agreement” for purposes of the Senior Finance Documents; and

 

		(ii)	entered into in accordance with the relevant Hedging Policy identified in paragraph (a)(i) of the
definition of “Hedging Policy”; or

 

		(b)	on or after the Completion Date, any hedging agreement between the Company and a Senior Hedge Counterparty
which is in compliance with the relevant Hedging Policy,

 

which in each case, meets the requirements
set out in Clause 5.11.

 

“Senior Hedging Liabilities”
means:

 

		(a)	the Liabilities owed by any Debtor to the Senior Hedge Counterparties under or in connection with the
Senior Hedging Agreements; and

 

		(b)	(without double counting) the Liabilities owed by the Security SPV to the Senior Hedge Counterparties
in connection with any Security SPV Guarantee in respect of the Senior Hedging Agreements.

 

“Senior Hedging Policy”
means the “Hedging Policy” under and as defined in the Senior CTA from time to time.

 

“Senior Lender Cash Collateral”
means any cash collateral provided by a Senior Lender to an Issuing Bank pursuant to the terms of a Senior Facilities Agreement.

 

“Senior Lenders”
means each of:

 

		(a)	the Initial Senior Lenders;

 

		(b)	any Issuing Bank; and

 

		(c)	each other Lender (as defined in the relevant Senior Facilities Agreement) and which becomes a party to
this Agreement as a Senior Lender pursuant to Clause 25.2 (Change of Senior Lender or Stream Purchaser) or 25.3 (New Senior
Lender or Stream Purchaser).

 

    25

    

    

 

“Senior Liabilities”
means the Senior Facilities Liabilities and the Senior Hedging Liabilities.

 

“Senior New Facility Liabilities”
has the meaning set out in Clause 21 (New Senior Facilities Liabilities of Refinancing of Senior Facilities Liabilities).

 

“Senior Payment Default”
means any failure to pay principal, interest or any other amount then due under any Senior Facilities Agreement and which gives rise to
a Default thereunder.

 

“Senior Principal”
means, at any time, the aggregate of (without double counting):

 

		(a)	the principal amount(s) advanced to, or deemed to be advanced to, any Debtor(s) under the Senior
Facilities at that time (including all amounts advanced by way of a refinancing); and

 

		(b)	the face value of any Letter of Credit which has been issued on behalf of any Debtor(s) pursuant
to a letter of credit facility in a Senior Facilities Agreement at that time,

 

which, in each case, shall exclude any
accrued, compounded or capitalised fees, costs, interest or expenses on such amounts unless and until such amounts are refinanced in whole
or in part.

 

“Senior Refinancing Facility
Liabilities” has the meaning set out in Clause 21 (New Senior Facilities Liabilities of Refinancing of Senior Facilities
Liabilities).

 

“SFA Cash Cover”
means “cash cover” under and as defined in any Senior Facilities Agreement.

 

“SFA Cash Cover Document”
means, in relation to any SFA Cash Cover, any Senior Finance Document which creates or evidences, or is expressed to create or evidence,
the Security required to be provided over that SFA Cash Cover by such Senior Facilities Agreement.

 

“Shareholder Creditors”
means the Initial Shareholder Creditor and any person that becomes a Shareholder Creditor in accordance with Clause 8.4 (No acquisition
of Shareholder Liabilities) or Clause 25.7 (New Shareholder Creditor).

 

“Shareholder Loan”
means any loan agreement entered into from time to time between a Shareholder Creditor and the Company.

 

“Shareholders Liabilities”
means all Liabilities owed by the Company to a Shareholder Creditor under any Shareholder Loan, excluding, for the avoidance of doubt,
at all times any Management Company Liabilities.

 

“Shares” means the
shares in the Company or any other person which are subject to the Transaction Security.

 

“Single Claims Basis”
means:

 

		(a)	during the Business Rescue of a Debtor, the Business Rescue Practitioner determines that the Security
SPV must vote:

 

		(i)	claims in respect of the Liabilities of that Debtor; and

 

		(ii)	claims in respect of the Security SPV Liabilities of that Debtor,

 

on the basis of a single vote for all
of those liabilities; or

 

    26

    

    

 

		(b)	for the purposes of any vote cast on a Compromise proposal made by the board of a Debtor or the liquidator
of such a Debtor, it is required (either by the Debtor itself or for any other reason) that the Security SPV must vote:

 

		(i)	claims in respect of the Liabilities of that Debtor; and

 

		(ii)	claims in respect of the Security SPV Liabilities of that Debtor,

 

on the basis of a single vote for all
of those liabilities.

 

“Special Notarial Bond”
means the South African law governed special notarial continuing covering bond over certain specified assets of the Company granted or
to be granted and executed by the Company in favour of the Security SPV.

 

“Specified Non-Core Assets”
means:

 

		(a)	any amounts standing to the credit of any Project Account in the name of the Company;

 

		(b)	any right of the Company to claim a receivable under a contract;

 

		(c)	any right of the Company to terminate a contract and to claim a receivable under the contract as a result;

 

		(d)	any stockpiles and goods in process owned by the Company; and

 

		(e)	any right of the Company to terminate a Senior Hedging Agreement or any transactions thereunder and to
claim the resulting Hedging Termination Amounts.

 

“Sponsor Affiliate”
means the Parent, each of its Affiliates, any trust of which the Parent or any of its Affiliates is a trustee, any partnership of which
the Parent or any of its Affiliates is a partner and any trust, fund or other entity which is managed by, or is under the control of,
the Parent or any of its Affiliates.

 

“Standstill Period”
means a period of 210 days.

 

“Stream Acceleration Event”
means, in relation to a Stream Agreement, a Stream Purchaser exercising any of its rights under or in terms of that Stream Agreement to:

 

		(a)	terminate that Stream Agreement (which shall include the issuing of any termination notice and/or any
demand to be paid any Stream Early Termination Amount); or

 

		(b)	take any other action (including a claim for damages substantially equivalent to any Stream Early Termination
Amount, as calculated at the relevant time) which has substantially the same effect as paragraph (a) above,

 

including, in each case, where the effect
of such exercise is subject to any standstill period.

 

“Stream Agreement”
means:

 

		(a)	each Initial Stream Agreement; and

 

		(b)	any Additional Stream Agreement.

 

“Stream Default Notice”
means, in relation to a Stream Agreement, a notice from the relevant Stream Purchaser(s) under that Stream Agreement to the Intercreditor
Agent and each Senior Agent specifying that a Stream Event of Default has occurred.

 

“Stream Early Termination Amount”
means any Early Termination Amount (as defined in the relevant Stream Agreement).

 

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“Stream Event of Default”
means any Project Entity Event of Default (as defined in the relevant Stream Agreement).

 

“Stream Hedging Policy”
means:

 

		(a)	initially, the hedging policy set out in Schedule 7 (Hedging Policy) of each Initial Stream Agreement;
or

 

		(b)	thereafter, any other hedging policy agreed in writing between the Company and the Majority Stream Purchaser(s) in
respect of each Initial Stream Agreement.

 

“Stream Instructing Group”
means the Stream Purchaser, from time to time, nominated on behalf of:

 

		(a)	all Initial Stream Agreements (in respect of which the Stream Security Release Date has not occurred)
by the Majority Stream Purchaser(s) in respect of each such Initial Stream Agreement; and

 

		(b)	after the Stream Security Release Date has occurred in respect of all Initial Stream Agreements, all Stream
Agreements by the Majority Stream Purchaser(s) in respect of each Stream Agreement,

 

to act as the representative of such
persons in accordance with the provisions of this Agreement.

 

“Stream Liabilities”
means:

 

		(a)	the Liabilities owed by the Debtors to the Stream Purchasers under or in connection with the Stream Agreements;
and

 

		(b)	(without double counting) the Liabilities owed by the Security SPV to the Stream Purchasers under the
relevant Security SPV Guarantees.

 

“Stream Participation”
means, in relation to a Stream Purchaser and a Stream Agreement, at any time, the percentage of Relevant Credits to be delivered under
such Stream Agreement which such Purchaser is entitled to receive at the relevant time.

 

“Stream Payment Liabilities”
means, in relation to a Stream Agreement, at any time, any indebtedness or payment obligations of a Debtor to a Stream Purchaser which
constitute Stream Liabilities under that Stream Agreement.

 

“Stream Prejudicial Proposal”
means, in the context of Business Rescue proceedings or a Compromise proposal, any proposal which contains or proposes:

 

		(a)	any reduction or deferral of any Stream Liabilities under any Initial Stream Agreement or Management Company
Liabilities in connection with under any Initial Stream Agreement or any Liabilities owed by the Management Company under any Initial
Stream Agreement (in each case, whether present or future and whether actual or contingent);

 

		(b)	any increase in the Relevant Purchase Price (or any constituent part or method of calculation thereof),
or reduction in the amount of minerals sold, under any of the Initial Stream Agreements;

 

		(c)	any release of Transaction Security prior to the Stream Security Release Date that is not expressly permitted
pursuant to the terms of each Initial Stream Agreement or agreed to in writing by the Stream Purchasers in respect of each Initial Stream
Agreement; or

 

    28

    

    

 

		(d)	any other change to any of the terms of an Initial Stream Agreement which is adverse to a Stream Purchaser;

 

“Stream Purchasers”
means:

 

		(a)	the Initial Stream Purchasers;

 

		(b)	each Additional Stream Purchaser; and

 

		(c)	each Purchaser (as defined in the relevant Stream Agreement) which becomes party to this Agreement pursuant
to Clause 25.2 (Change of Senior Lender or Stream Purchaser) or Clause 25.3 (New Senior Lender or Stream Purchaser).

 

“Stream Security Release Date”
means, in respect of each Stream Agreement, the “Security Release Date” as defined in such Stream Agreement.

 

“Stream Termination Notice”
has the meaning given to that term in Clause 6.6(a)(i)(B) (Permitted Enforcement: Stream Purchasers)).

 

“Subsidiary” means
a subsidiary within the meaning of section 1159 of the Companies Act 2006.

 

“Tax” means any tax,
levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any
failure to pay or any delay in paying any of the same).

 

“Termination Date”
has the meaning given to it in Clause 6.6(a)(i)(C).

 

“Transaction Security”
means the Security created or evidenced or expressed to be created or evidenced under or pursuant to the Security Documents.

 

“Treasury Transactions”
means any derivative transaction (including any currency or interest or commodity swap, forward, option, cap, collar or floor transaction,
any combination thereof or other similar agreement) entered into in connection with protection against or benefit from fluctuation in
any rate or price .

 

“Unrestricted Action”
means any of the following actions:

 

		(a)	making a demand in respect of any deliveries of Relevant Credits or any payment of any amount which is
or are due in accordance with any Stream Agreement;

 

		(b)	receipt by any Stream Purchaser of any deliveries of Relevant Credits or payment of any amount due in
accordance with Clause 18 (Pre-Enforcement Proceeds) or Clause 19 (Application of Proceeds), in accordance with any Stream
Agreement;

 

		(c)	any Stream Purchaser sending notices of Default or other non-compliance under any Stream Agreement;

 

		(d)	any Stream Purchaser suing, commencing or joining of any legal or arbitration proceedings against any
Debtor in respect of any demands for deliveries or payments which are permitted pursuant to paragraph (b) above;

 

		(e)	to the extent it is not restricted from doing so in terms of Clause 6.6(e) or Clause 6.6(f):

 

		(i)	any Stream Purchaser filing a proof of claim in respect of any demands for deliveries or payments which
are permitted pursuant to paragraph (a) above in connection with any Insolvency Event; and

 

		(ii)	any Stream Purchaser filing responsive or defensive pleadings, or other submissions or applications, to
any objections to any Stream Purchaser's claim in respect of demands for deliveries or payments which are permitted pursuant to paragraph
(a) above in connection with an Insolvency Event,

 

    29

    

    

 

provided that any such action
by any Stream Purchaser does not consist of or result in:

 

		(A)	such Stream Purchaser serving any Termination Notice (as defined in the relevant Stream Agreement);

 

		(B)	such Stream Purchaser taking any steps to enforce or require the enforcement of any Transaction Security;
or

 

		(C)	such Stream Purchaser itself taking any action or steps specified in paragraph (e) of the definition
of Enforcement Action,

 

except, in each case, to the
extent not restricted in terms of Clause 6.6 (Permitted Enforcement: Stream
Purchasers).

 

“VAT” means:

 

		(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system
of value added tax (EC Directive 2006/112); and

 

		(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

 

		1.2	Construction

 

		(a)	Unless a contrary indication appears, a reference in this Agreement to:

 

		(i)	any “Company”, “Creditor”, “Debtor”, “Senior
Hedge Counterparty”, “Intra-Group Lender”, "Issuing Bank", “Management Company”,
 “Party”, “Primary Creditor”, “Senior Agent”, “Senior Arranger”,
 “Senior Creditor”, “Senior Facility Creditor”, “Senior Lender” or “Stream
Purchaser” shall be construed to be a reference to it in its capacity as such and not in any other capacity;

 

		(ii)	any “Company”, “Creditor”, “Debtor”, “Senior
Hedge Counterparty”, “Intra-Group Lender”, "Issuing Bank", “Management Company”,
 “Party”, “Primary Creditor”, “Senior Agent”, “Senior Arranger”,
 “Senior Creditor”, “Senior Facility Creditor”, “Senior Lender”, or “Stream
Purchaser” or any other person shall be construed so as to include its permitted successors in title, permitted assigns and
permitted transferees to, or of, its rights and/or obligations under the Debt Documents;

 

		(iii)	an “amount” includes an amount of cash and an amount of Non-Cash Consideration;

 

		(iv)	“assets” includes present and future properties, revenues and rights of every description;

 

		(v)	a “Debt Document” or any other agreement or instrument is (other than a reference to
a “Debt Document” or any other agreement or instrument in “original form”) a reference to that Debt
Document, or other agreement or instrument, as amended, novated, supplemented, extended or restated as permitted by this Agreement;

 

		(vi)	a “distribution” of or out of the assets of a Debtor, includes a distribution of cash
and a distribution of Non-Cash Consideration;

 

    30

    

    

 

		(vii)	“enforcing” (or any derivation) the Transaction Security includes the appointment of
an administrator (or any analogous officer in any jurisdiction) of a Debtor by the Security SPV;

 

		(viii)	a “group of Creditors” includes all the Creditors and a “group of Primary
Creditors” includes all the Primary Creditors;

 

		(ix)	save where the language expressly provides otherwise, “includes” and its derivatives
shall be deemed to be followed by the words “without limitation”;

 

		(x)	“indebtedness” includes any obligation (whether incurred as principal or as surety)
for the payment or repayment of money, whether present or future, actual or contingent;

 

		(xi)	the “original form” of a “Debt Document” or any other agreement
or instrument is a reference to that Debt Document, agreement or instrument as originally entered into;

 

		(xii)	a “person” includes any individual, firm, company, corporation, government, state or
agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal
personality);

 

		(xiii)	“proceeds” of a Distressed Disposal or of a Debt Disposal includes proceeds in cash
and in Non-Cash Consideration;

 

		(xiv)	a “regulation” includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory,
self-regulatory or other authority or organisation; and

 

		(xv)	a provision of law is a reference to that provision as amended or re-enacted from time to time.

 

		(b)	Section, Clause and Schedule headings are for ease of reference only.

 

		(c)	A Default (other than an Event of Default) is “continuing” and an Event of Default
is “continuing” in accordance with the provisions of the Senior Finance Document or the Stream Agreement (as applicable)
under which it arises.

 

		1.3	Third Party Rights

 

		(a)	Unless expressly provided to the contrary in this Agreement, a person who is not a Party has no right
under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or to enjoy the benefit
of any term of this Agreement.

 

		(b)	Notwithstanding any term of this Agreement, the consent of any person who is not a Party is not required
to rescind or vary this Agreement at any time.

 

		(c)	Any Receiver, Delegate or any other person described in paragraph (b) of Clause 23.10 (Exclusion
of Liability) may, subject to this Clause 1.3 and the Third Parties Act, rely on any Clause of this Agreement which expressly
confers rights on it.

 

Section 2

Ranking and Primary Creditors

 

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		2.	Ranking and Priority

 

		2.1	Primary Creditor Liabilities

 

Notwithstanding Clause 3.2 (Ranking
and Priority of Transaction Security) and the structural arrangements in place with respect to Transaction Security, but without prejudice
to Clause 18 (Pre-Enforcement Proceeds), each of the Parties agrees that the Liabilities owed by the Debtors to the Primary Creditors
shall rank in right and priority of payment in the following order and are postponed and subordinated to any prior ranking Liabilities
as follows:

 

		(a)	first, the Senior Liabilities pari passu and without any preference between them; and

 

		(b)	second, the Stream Liabilities (other than any Additional Stream Liabilities) pari passu
and without any preference between them; and

 

		(c)	third, any Additional Stream Liabilities.

 

		2.2	Intra-Group, Shareholder and Management Company Liabilities

 

		(a)	Each of the Parties agrees that the Intra-Group Liabilities, the Shareholder Liabilities and (subject
to Clause 9.2 (Permitted Payments: Management Company Liabilities)) the Management Company Liabilities are postponed and subordinated
to the Liabilities owed by the Debtors to the Primary Creditors.

 

		(b)	This Agreement does not purport to rank any of the Intra-Group Liabilities or the Shareholder Liabilities
as between themselves.

 

		2.3	Additional Liabilities

 

The Creditors acknowledge that the Debtors
(or any of them) may wish to incur additional or modified Borrowing Liabilities, Guarantee Liabilities and/or Stream Liabilities from
time to time pursuant to Clauses 21 (New Senior Facilities Liabilities or Refinancing Senior Facilities Liabilities) and 22
(New Stream Liabilities).

 

		3.	Transaction Security

 

		3.1	Transaction Security

 

Subject to Clauses 3.5 (Future
Additional Shared Collateral), 3.6 (Future Non-Shared Collateral and Non-Shared Guarantee) and Clause 4.4 (Security:
Issuing Banks), each of the Parties agrees that the Transaction Security shall be given to the Security SPV (or, as applicable, the
Bank Indemnifier) only and that no Secured Party other than the Security SPV (or, as applicable, the Bank Indemnifier) shall take, accept
or receive the benefit of any Security from any Debtor or other member of the Group in respect of any Liabilities without the prior written
consent of the Majority Senior Creditors and the Majority Stream Purchaser(s) in respect of each Stream Agreement.

 

		3.2	Ranking and Priority of Transaction Security

 

Each of the Parties agrees that the
Transaction Security has been granted in respect of the Security SPV Liabilities and that the Transaction Security shall rank and secure
the Security SPV Liabilities in the following order:

 

		(a)	first, Security SPV Liabilities arising in connection with Security SPV Counter-Indemnities corresponding
to the Senior Liabilities pari passu and without any preference between them;

 

    32

    

    

 

		(b)	second, Security SPV Liabilities arising in connection with Security SPV Counter-Indemnities corresponding
to the Stream Liabilities (other than, prior to the Stream Security Release Date in respect of each of the Initial Stream Agreements,
any Additional Stream Liabilities) pari passu and without any preference between them; and

 

		(c)	third, prior to the Stream Security Release Date in respect of each of the Initial Stream Agreements,
Security SPV Liabilities arising in connection with Security SPV Counter-Indemnities corresponding to any Additional Stream Liabilities.

 

		3.3	Security SPV Guarantees

 

No Secured Party shall take any Enforcement
Action in respect of a Security SPV Guarantee other than as permitted under this Agreement.

 

		3.4	Security SPV Counter-Indemnities

 

The Security SPV shall not take any
Enforcement Action in respect of a Security SPV Counter-Indemnity unless it is taking steps to enforce the Transaction Security in accordance
with Clause 13 (Enforcement of Transaction Security).

 

		3.5	Future Additional Shared Collateral

 

It is acknowledged that, pursuant to
the Senior Finance Documents, the Senior Creditors may be entitled to receive Security over assets and shares to which the Stream Purchasers
had not previously been entitled under the Stream Documents. To the extent that such assets and shares being secured constitute Additional
Shared Collateral, the relevant Transaction Security shall be granted in favour of the Security SPV, provided that, in the case
of any jurisdiction in which effective Security cannot be granted in favour of the Security SPV, such Security may instead by granted:

 

		(a)	to all Secured Parties in respect of their Liabilities;

 

		(b)	to the Security SPV under a parallel debt structure, joint and several creditor structure, agency structure,
back-to-back indemnity structure or otherwise for the benefit of the other Secured Parties; or

 

		(c)	to a Bank Indemnifier (where applicable) under a back-to-back indemnity structure or otherwise for the
benefit of the other Secured Parties,

 

provided that all amounts received
or recovered by any Secured Party with respect to such Security are immediately paid to the Security SPV and held and applied in accordance
with Clause 19 (Application of Proceeds).

 

		3.6	Future Non-Shared Collateral and Non-Shared Guarantee

 

Notwithstanding any other term of this
Agreement, it is hereby acknowledged that, save in respect of Additional Shared Collateral:

 

		(a)	certain Senior Creditors (whether individually or as a class) may, from time to time, benefit from Security
granted over assets which are not otherwise the subject of the Security Documents (such Security, "Non-Shared Collateral)
or a guarantee, insurance or other assurance against loss in respect of any of the Liabilities (such guarantee, insurance or other assurance,
 "Non-Shared Guarantee");

 

		(b)	any Non-Shared Collateral or Non-Shared Guarantee may be enforced, and the proceeds of such enforcement
may be retained, independently of the other terms of this Agreement; and

 

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		(c)	any other Non-Shared Collateral or Non-Shared Guarantee shall be enforced in accordance with the other
terms of this Agreement but the proceeds of such enforcement may be retained independently of the other terms of this Agreement.

 

		3.7	Release of Transaction Security

 

Provided that such release is
expressly permitted pursuant to the terms of the Stream Documents and the Senior Finance Documents:

 

		(a)	the Company may request from time to time that certain assets and shares subject to the Transaction Security
(such assets, the “Relevant Assets”) are released from its scope; and

 

		(b)	the Security SPV and/or Bank Indemnifier shall promptly take such steps as are required to release the
Relevant Assets from the scope of the Transaction Security (at the cost of the Company).

 

		3.8	Stream Security Release Date

 

Each Stream Purchaser under a Stream
Agreement shall promptly notify the Intercreditor Agent once the Stream Security Release Date under that Stream Agreement has occurred.

 

		3.9	Specific Transaction Security Issues

 

		(a)	As at the date of this Agreement, it is recorded that the Senior Lenders have appointed and designated
Nedbank as the initial Bank Indemnifier, and Nedbank has agreed to such an appointment and designation. To the extent that Nedbank, for
whatever reason, ceases to be a Senior Lender at any time for purposes of the Senior Finance Documents, Nedbank shall, subject to Clause
3.9(b), be entitled to retire as Bank Indemnifier and, in such an instance, the remaining Secured Parties shall generally and promptly
do everything that may be required in order to:

 

		(i)	appoint a South African bank or financial institution to act as Bank Indemnifier for the purposes of the
Bank Indemnity Agreement and/or the Mining Rights Mortgage Bond; or

 

		(ii)	apply for and obtain all required authorisations to permit any other person to hold the Transaction Security
in respect of the Mining Rights Mortgage Bond.

 

		(b)	Notwithstanding anything to the contrary in this Agreement, Nedbank shall be entitled to retire as Bank
Indemnifier if a successor Bank Indemnifier has not been appointed in terms of Clause 3.9(a)(i) or 3.9(a)(ii) above within 90
days from the later of Nedbank ceasing to be a Senior Lender for purposes of the Senior Finance Documents and the date on which Nedbank
gives notice to the Debtors and the Stream Purchasers of its intention to retire as Bank Indemnifier.

 

		(c)	Each Security Provider hereby irrevocably waives any rights of recourse which it may have from time to
time against any Debtor as a result of any enforcement of any Transaction Security given by that Security Provider.

 

		3.10	Shared Security

 

To the extent any creditor of a Debtor
(other than any Primary Creditor) wishes to share or participate in the Transaction Security, such creditor shall not be entitled to share
or participate in such Security without having:

 

		(a)	first obtained the consent of the Majority Senior Creditors, to the extent (i) not expressly permitted
or (ii) expressly prohibited, under the Senior Finance Documents;

 

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		(b)	first obtained the consent of the Majority Stream Purchaser(s) in respect of each Initial Stream
Agreement, to the extent (i) not expressly permitted, or (ii) expressly prohibited, under the Stream Agreements; and

 

		(c)	acceded to this Agreement on terms (including any amendments to this Agreement) satisfactory to each of
the abovementioned parties.

 

		4.	Senior Facilities Creditors and Senior Facilities Liabilities

 

		4.1	Payment of Senior Facilities Liabilities

 

The Debtors may make Payments of the
Senior Facilities Liabilities at any time in accordance with the Senior Finance Documents.

 

		4.2	Amendments and Waivers: Senior Facilities Creditors

 

		(a)	Subject to Clause 4.2(b), the Senior Facilities Creditors may amend or waive the terms of the Senior Finance
Documents in accordance with their terms (and subject to any consent required under them) at any time.

 

		(b)	The Senior Facilities Creditors may not amend or waive the terms of the Senior Finance Documents if the
amendment or waiver results in, or will result in, the Senior Principal exceeding the then applicable Senior Headroom at that time, provided
that to the extent those amendments or waivers constitute a refinancing or replacement of any Senior Facilities Liabilities, the Senior
Facilities Creditors comply with Clause 21.3 (Refinancing of Senior Facilities Liabilities) and Clause 21.4 (Conditions)
(to the extent applicable).

 

		4.3	Restriction on Enforcement: Senior Creditors

 

		(a)	Subject to Clause 4.3(b) and the other provisions of this Agreement, the Senior Creditors shall be
entitled to take such Enforcement Action as may be available to them in accordance with the terms of the Senior Finance Documents.

 

		(b)	No Senior Creditor nor the Security SPV shall, without the prior consent of:

 

		(i)	prior to the Stream Security Release Date having occurred in respect of all Initial Stream Agreements,
the Majority Stream Purchaser(s) in respect of each Initial Stream Agreement; or

 

		(ii)	on and after the Stream Security Release Date has occurred in respect of all Initial Stream Agreements,
the Majority Stream Purchaser(s) in respect of each Additional Stream Agreement,

 

be entitled to take any Enforcement Action
falling within paragraph (c) of the definition of Enforcement Action which results in the sale of any of the Core Assets or
any of the Shares at any time before the earlier of (i) the Stream Security Release Date having occurred under all of the Stream
Agreements, and (ii) the date on which all Stream Agreements have been terminated in full, unless the Majority Senior Creditors have
consulted with the Stream Purchasers on the basis set out in Clause 4.3(c) (First Notice) to (and including) Clause 4.3(g) (Obligation
to Co-operate) below.

 

		(c)	First Notice

 

Where the Majority Senior Creditors are
required to consult with the Stream Purchasers pursuant to Clause 4.3(b) above, the requirements set out in this Clause 4.3(c) (First
Notice) to (and including) Clause 4.3(g) (Obligation to Co-operate) shall apply:

 

		(i)	the Majority Senior Creditors desiring to take such Enforcement Action shall first inform the Stream Purchasers
of such intention and the reasons therefor (the "First Notice");

 

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		(ii)	within seven calendar days of the dispatch of the First Notice, the Stream Purchasers to whom such First
Notice has been given may confirm that they wish to engage in consultation with the Majority Senior Creditors giving the First Notice
(the "Consultation Notice"); and

 

		(iii)	if no Consultation Notice is received within seven calendar days of the dispatch of the First Notice (the
"Request Period"), the Majority Senior Creditors giving the First Notice may take the Enforcement Action contemplated
in the First Notice.

 

		(d)	Consultation Notice

 

If, pursuant to Clause 4.3(c) (First
Notice), a Consultation Notice is received within the Request Period, then:

 

		(i)	the Majority Senior Creditors desiring to take the relevant Enforcement Action, shall request a meeting
or conference call with the Stream Purchasers which gave the Consultation Notice, with that meeting or conference call to be held within
14 calendar days after the Consultation Notice is received;

 

		(ii)	the Majority Senior Creditors and the relevant Stream Purchasers (the "Consulting Parties")
shall, at the meeting or conference call and for a period of ten (10) Business Days thereafter, strive to develop a plan for any
enforcement of the Transaction Security (including, among other things, bidder selection, documentation to be shared with bidders and
bid valuation methodology) that is acceptable to all those present;

 

		(iii)	if the Consulting Parties fail to agree on a plan for taking the relevant Enforcement Action by the end
of such ten (10) Business Day period, they shall negotiate in good faith for a further period of 30 calendar days, and if the Consulting
Parties fail to reach agreement at the end of that further period, the relevant Majority Senior Creditors shall be entitled to take the
relevant Enforcement Action as originally proposed; and

 

		(iv)	in any event and notwithstanding the outcome of the aforementioned consultation, the Senior Creditors
shall additionally consult with:

 

		(A)	prior to the Stream Security Release Date having occurred in respect of all Initial Stream Agreements,
the Stream Purchaser(s) in respect of each Initial Stream Agreement; or

 

		(B)	on and after the Stream Security Release Date has occurred in respect of all Initial Stream Agreements,
the Stream Purchaser(s) in respect of each Additional Stream Agreement,

 

in respect of each key stage of the
Enforcement Action process, including evaluation of bids.

 

Any Enforcement Action which relates to
the enforcement of Transaction Security which is commenced pursuant to and in accordance with the terms of this Agreement shall, for the
avoidance of doubt, be an enforcement of such Transaction Security on behalf of all of the Senior Creditors and for that purpose each
Senior Creditor may declare all amounts owing to it under the Debt Documents to be immediately due and payable in accordance with the
terms of the relevant Debt Documents.

 

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		(e)	No Modification of Rights

 

Nothing contained in this Clause 4.3 shall:

 

		(i)	modify any of the rights of any of the Primary Creditors against the Debtors under any Debt Document;
or

 

		(ii)	prevent any of the Senior Creditors from taking any action, or instructing the Security SPV to take such
action, to:

 

		(A)	perfect, protect or conserve the Security interests created (or intended to be created) by the Security
Documents; or

 

		(B)	preserve or protect any of the rights of the Security SPV or any of the Primary Creditors under the Security
Document,

 

provided that the Senior Creditors
taking such action notify the other Primary Creditors of their decision to take such action as soon as reasonably practicable after taking
such action.

 

		(f)	Notice to other Primary Creditors

 

If a Senior Creditor takes any action,
or requires any action to be taken, in accordance with Clause 4.3(c)(iii) (First Notice) or Clause 4.3(d)(iii) (Consultation
Notice), such Senior Creditor shall send, or procure to be sent, notice or details of such action to the Stream Purchasers immediately
after such action is taken.

 

		(g)	Obligation to Co-operate

 

Without limiting Clause 15 (Distressed
Disposals and Appropriation), provided that the requirements of this Clause 4.3 have been complied with, the Stream Purchasers
agree that if the Senior Creditors (or any group on their behalf, including the Majority Senior Creditors) or the Security SPV (in each
case, the "Enforcing Creditor(s)") notify the Stream Purchasers of any Enforcement Action of the type referred in Clause
4.3(b) being taken, the Stream Purchasers will co-operate fully with the Enforcing Creditor(s) in such manner as shall reasonably
be required for them to commence and complete that Enforcement Action.

 

		4.4	Security: Issuing Banks

 

No Issuing Bank will take, accept or
receive from any member of the Group the benefit of any Security, guarantee, indemnity or other assurance against loss in respect of any
of the Liabilities owed to it other than:

 

		(a)	the Transaction Security;

 

		(b)	each guarantee, indemnity or other assurance against loss contained in:

 

		(i)	the original form of the Senior CTA;

 

		(ii)	this Agreement; or

 

		(iii)	any Common Assurance; or

 

		(c)	any SFA Cash Cover permitted under a Senior Facilities Agreement relating to any Letter of Credit issued
by the Issuing Bank.

 

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		4.5	Restriction on Enforcement: Issuing Banks

 

Subject to Clause 4.6 (Permitted
Enforcement: Issuing Banks), so long as any of the Senior Liabilities (other than any Liabilities owed to Issuing Banks) are or may
be outstanding, none of the Issuing Banks shall be entitled to take any Enforcement Action in respect of any of the Liabilities owed to
it.

 

		4.6	Permitted Enforcement: Issuing Banks

 

		(a)	Each Issuing Bank may, in respect of Senior Liabilities owing to that Issuing Bank, take Enforcement Action
which would be available to it but for Clause 4.5 (Restriction on Enforcement: Issuing Banks) if:

 

		(i)	at the same time as, or prior to, that action, Enforcement Action has been taken in respect of the Senior
Facility Liabilities (excluding the Liabilities owing to the Issuing Banks), in which case the Issuing Banks may take the same Enforcement
Action as has been taken in respect of those Senior Facility Liabilities;

 

		(ii)	at the same time as or prior to, that action, the consent of the Majority Senior Creditors to that Enforcement
Action is obtained;

 

		(iii)	that Enforcement Action is taken in respect of SFA Cash Cover which has been provided in accordance with
a Senior Facilities Agreement; or

 

		(iv)	an Insolvency Event has occurred in relation to any Debtor, in which case after the occurrence of that
Insolvency Event, each Issuing Bank shall be entitled (if it has not already done so) to exercise any right it may otherwise have in respect
of that Debtor to:

 

		(A)	accelerate any of that Debtor's Senior Facility Liabilities owing to that Issuing Bank or declare them
prematurely due and payable on demand;

 

		(B)	make a demand under any guarantee, indemnity or other assurance against loss given by that Debtor in respect
of any Senior Facility Liabilities owing to that Issuing Bank;

 

		(C)	exercise any right of set-off or take or receive any Payment in respect of any Senior Facility Liabilities
of that Debtor owing to that Issuing Bank; or

 

		(D)	claim and prove in any insolvency process of that Debtor for the Senior Facility Liabilities owing to
that Issuing Bank.

 

		5.	Senior Hedge Counterparties and Senior Hedging Liabilities

 

		5.1	Identity of Senior Hedge Counterparties

 

No entity providing hedging arrangements
to any Debtor shall be entitled to share in any of the Transaction Security or in the benefit of any guarantee or indemnity in respect
of any of the liabilities and obligations arising in relation to those hedging arrangements nor shall those liabilities and obligations
be treated as Senior Hedging Liabilities unless that entity is or becomes a Party as a Senior Hedge Counterparty.

 

		5.2	Restriction on Payment: Senior Hedging Liabilities

 

The Debtors shall not make any Payment
of the Senior Hedging Liabilities at any time unless:

 

		(a)	that Payment is permitted under Clause 5.3 (Permitted Payments: Senior Hedging Liabilities);
or

 

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		(b)	the taking or receipt of that Payment is permitted under paragraph (c) of Clause 5.8 (Permitted
Enforcement: Senior Hedge Counterparties).

 

		5.3	Permitted Payments: Senior Hedging Liabilities

 

		(a)	Subject to paragraph (b) below, the Debtors may make Payments to any Senior Hedge Counterparty
in respect of the Senior Hedging Liabilities then due to that Senior Hedge Counterparty under any Senior Hedging Agreement in accordance
with the terms of that Senior Hedging Agreement:

 

		(i)	if the Payment is a scheduled Payment arising under the relevant Senior Hedging Agreement;

 

		(ii)	to the extent that the relevant Debtor’s obligation to make the Payment arises as a result of the
operation of:

 

		(A)	any of sections 2(d) (Deduction or Withholding for Tax), 2(e) (Default Interest;
Other Amounts), 8(a) (Payment in the Contractual Currency), 8(b) (Judgments) and 11 (Expenses) of the
1992 ISDA Master Agreement (if the Senior Hedging Agreement is based on a 1992 ISDA Master Agreement);

 

		(B)	any of sections 2(d) (Deduction or Withholding for Tax), 8(a) (Payment in the
Contractual Currency), 8(b) (Judgments), 9(h)(i) (Prior to Early Termination) and 11 (Expenses) of
the 2002 ISDA Master Agreement (if the Senior Hedging Agreement is based on a 2002 ISDA Master Agreement); or

 

		(C)	any provision of a Senior Hedging Agreement which is similar in meaning and effect to any provision listed
in paragraphs (A) or (B) above (if the Senior Hedging Agreement is not based on an ISDA Master Agreement);

 

		(iii)	to the extent that the relevant Debtor’s obligation to make the Payment arises from a Non-Credit
Related Close-Out;

 

		(iv)	to the extent that:

 

		(A)	the relevant Debtor’s obligation to make the Payment arises from a Credit Related Close-Out in relation
to that Senior Hedging Agreement; and

 

		(B)	no Senior Event of Default is continuing at the time of that Payment or would result from that Payment;

 

		(v)	to the extent that no Senior Event of Default is continuing or would result from that Payment and the
relevant Debtor’s obligation to make the Payment arises as a result of a close-out or termination arising as a result of:

 

		(A)	section 5(a)(vii) (Bankruptcy) of the 1992 ISDA Master Agreement (if the relevant Senior
Hedging Agreement is based on a 1992 ISDA Master Agreement) and the Event of Default (as defined in the relevant Senior Hedging Agreement)
has occurred with respect to the relevant Senior Hedge Counterparty;

 

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		(B)	section 5(a)(vii) (Bankruptcy) of the 2002 ISDA Master Agreement (if the relevant Senior
Hedging Agreement is based on a 2002 ISDA Master Agreement) and the Event of Default (as defined in the relevant Senior Hedging Agreement)
has occurred with respect to the relevant Senior Hedge Counterparty;

 

		(C)	any provision of a Senior Hedging Agreement which is similar in meaning and effect to any provision listed
in paragraphs (A) or (B) above (if the Senior Hedging Agreement is not based on an ISDA Master Agreement) and the equivalent
event of default has occurred with respect to the relevant Senior Hedge Counterparty; or

 

		(D)	the relevant Debtor terminating or closing-out the relevant Senior Hedging Agreement as a result of a
Hedging Force Majeure and the Termination Event (as defined in the relevant Senior Hedging Agreement in the case of a Senior Hedging Agreement
based on an ISDA Master Agreement) or the equivalent termination event (in the case of a Senior Hedging Agreement not based on an ISDA
Master Agreement) has occurred with respect to the relevant Senior Hedge Counterparty; or

 

		(vi)	if the Majority Senior Creditors (and, following an Acceleration Event, the Majority Stream Purchaser(s) in
respect of each Initial Stream Agreement) give prior consent to the Payment being made.

 

		(b)	No Payment may be made to a Senior Hedge Counterparty under paragraph (a) above if any scheduled
Payment due from that Senior Hedge Counterparty to a Debtor under a Senior Hedging Agreement to which they are both party is due and unpaid
unless the prior consent of the Majority Senior Creditors (and, following an Acceleration Event, the Majority Stream Purchaser(s) in
respect of each Initial Stream Agreement) is obtained.

 

		(c)	Failure by a Debtor to make a Payment to a Senior Hedge Counterparty which results solely from the operation
of paragraph (b) above shall, without prejudice to Clause 5.4 (Payment Obligations Continue), not result in a default
(however described) in respect of that Debtor under that Senior Hedging Agreement.

 

		5.4	Payment Obligations Continue

 

No Debtor shall be released from the
liability to make any Payment (including of default interest, which shall continue to accrue) under any Debt Document by the operation
of Clauses 5.2 (Restriction on Payment: Senior Hedging Liabilities) and 5.3 (Permitted Payments: Senior Hedging Liabilities)
even if its obligation to make that Payment is restricted at any time by the terms of any of those Clauses.

 

		5.5	No Acquisition of Senior Hedging Liabilities

 

The Debtors shall not, and shall procure
that no other member of the Group will:

 

		(a)	enter into any Liabilities Acquisition; or

 

		(b)	beneficially own all or any part of the share capital of a company that is party to a Liabilities Acquisition,

 

in respect of any of the Senior Hedging
Liabilities unless the prior consent of the Majority Senior Creditors and the Majority Stream Purchaser(s) in respect of each Initial
Stream Agreement is obtained.

 

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		5.6	Amendments and Waivers: Senior Hedging Agreements

 

		(a)	Subject to paragraph (b) below, the Senior Hedge Counterparties may not, at any time, amend
or waive any term of the Senior Hedging Agreements.

 

		(b)	A Senior Hedge Counterparty may amend or waive any term of a Senior Hedging Agreement in accordance with
the terms of that Senior Hedging Agreement if:

 

		(i)	that amendment or waiver does not breach another term of this Agreement; and

 

		(ii)	that amendment or waiver would not result in a breach of the relevant Hedging Policy or of the Senior
Facility Agreements.

 

		5.7	Restriction on Enforcement: Senior Hedge Counterparties

 

Subject to Clause 5.8 (Permitted
Enforcement: Senior Hedge Counterparties) and Clause 5.9 (Required Enforcement: Senior Hedge Counterparties) and without
prejudice to each Senior Hedge Counterparty’s rights under Clauses 13.3 (Enforcement Instructions) and 13.4 (Manner
of Enforcement), the Senior Hedge Counterparties shall not take any Enforcement Action in respect of any of the Senior Hedging Liabilities
or any of the hedging transactions under any of the Senior Hedging Agreements at any time.

 

		5.8	Permitted Enforcement: Senior Hedge Counterparties

 

		(a)	To the extent it is able to do so under the relevant Senior Hedging Agreement, a Senior Hedge Counterparty
may terminate or close-out in whole or in part any hedging transaction under that Senior Hedging Agreement prior to its stated maturity:

 

Non-Credit Related Close-Outs

 

		(i)	if, prior to a Senior Acceleration Event (or following a Reversion Event in respect of that Senior Acceleration
Event), that termination or close-out would not result in a breach of the relevant Hedging Policy or any of the relevant Senior Facility
Agreements; or

 

		(ii)	if a Hedging Force Majeure has occurred in respect of that Senior Hedging Agreement;

 

Credit Related Close-Outs

 

		(iii)	if a Senior Acceleration Event has occurred where no Reversion Event in respect of that Senior Acceleration
Event has occurred;

 

		(iv)	if any insolvency-related Event of Default has occurred under the Senior CTA in relation to a Debtor which
is party to that Senior Hedging Agreement;

 

		(v)	if the Majority Senior Creditors and, following an Acceleration Event, the Majority Stream Purchaser(s) in
respect of each Initial Stream Agreement give prior consent to that termination or close-out being made; or

 

		(vi)	on or immediately following a repayment or cancellation in full of all Senior Facility Liabilities.

 

		(b)	If a Debtor has defaulted on any Payment due under a Senior Hedging Agreement (after allowing any applicable
notice or grace periods) and the default has continued unwaived for more than ten (10) Business Days after notice of that default
has been given to the Intercreditor Agent pursuant to paragraph (g) of Clause 27.3 (Notification of Prescribed Events),
the relevant Senior Hedge Counterparty:

 

		(i)	may, to the extent it is able to do so under the relevant Senior Hedging Agreement, terminate or close-out
in whole or in part any transaction under that Senior Hedging Agreement; and

 

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		(ii)	until such time as the Intercreditor Agent or Security SPV (as the case may be) has given notice to that
Senior Hedge Counterparty that the Transaction Security is being enforced (or that any formal steps are being taken to enforce the Transaction
Security), shall be entitled to exercise any right it might otherwise have to sue for, commence or join legal or arbitration proceedings
against any Debtor to recover any Senior Hedging Liabilities due under that Senior Hedging Agreement.

 

		(c)	After the occurrence of an Insolvency Event in relation to any Debtor, each Senior Hedge Counterparty
shall be entitled to exercise any right it may otherwise have in respect of that Debtor to:

 

		(i)	close-out or terminate the Senior Hedging Agreement with that Debtor;

 

		(ii)	make a demand under any guarantee, indemnity or other assurance against loss given by that Debtor in respect
of any Senior Hedging Liabilities;

 

		(iii)	exercise any right of set-off; or

 

		(iv)	claim and prove in any insolvency process of that Debtor for the Senior Hedging Liabilities owing to it.

 

		5.9	Required Enforcement: Senior Hedge Counterparties

 

		(a)	Subject to paragraph (b) below, a Senior Hedge Counterparty shall promptly terminate or close-out
in full any hedging transaction under all or any of the Senior Hedging Agreements to which it is party prior to their stated maturity,
following:

 

		(i)	the occurrence of a Senior Acceleration Event and delivery to it of a notice from the Intercreditor Agent
that that Senior Acceleration Event has occurred; and

 

		(ii)	delivery to it of a subsequent notice from the Intercreditor Agent:

 

		(A)	acting on the instructions of the Majority Senior Creditors ; or

 

		(B)	to the extent Stream Purchasers are permitted to take Enforcement Action further to Clause 6.6 (Permitted
Enforcement: Stream Purchasers) (but without prejudice to the rights of the Majority Senior Creditors to give such instructions),
acting on the instructions of the Stream Instructing Group,

 

instructing it to do so.

 

		(b)	Paragraph (a) above shall not apply to the extent that that Senior Acceleration Event occurred
as a result of an arrangement made between any Debtor and any Primary Creditor with the purpose of bringing about that Senior Acceleration
Event.

 

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		(c)	If a Senior Hedge Counterparty is entitled to terminate or close-out any hedging transaction under paragraph (b) of
Clause 5.8 (Permitted Enforcement: Hedge Counterparties) (or would have been able to if that Senior Hedge Counterparty had
given the notice referred to in that paragraph) but has not terminated or closed out each such hedging transaction, that Senior Hedge
Counterparty shall promptly terminate or close-out in full each such hedging transaction following a request to do so by the Intercreditor
Agent (acting on the instructions of the Majority Senior Creditors) or, following the Completion Date and to the extent Stream Purchasers
are permitted to take Enforcement Action further to Clause 6.6 (Permitted Enforcement: Stream Purchasers) but without prejudice
to the rights of the Instructing Group to give such instructions, the Stream Instructing Group).

 

		5.10	Treatment of Payments due to Debtors on Termination of Hedging Transactions

 

		(a)	If, on termination of any hedging transaction under any Senior Hedging Agreement occurring after a Distress
Event, a settlement amount or other amount (following the application of any Close-Out Netting, Payment Netting or Inter-Senior Hedging
Agreement Netting in respect of that Senior Hedging Agreement) falls due from a Senior Hedge Counterparty to the relevant Debtor then
that amount shall be paid by that Senior Hedge Counterparty to the Security SPV, treated as the proceeds of enforcement of the Transaction
Security and applied in accordance with the terms of this Agreement.

 

		(b)	The payment of that amount by the Senior Hedge Counterparty to the Security SPV in accordance with paragraph (a) above
shall discharge the Senior Hedge Counterparty’s obligation to pay that amount to that Debtor.

 

		5.11	Terms of Senior Hedging Agreements

 

The Senior Hedge Counterparties (to
the extent party to the Senior Hedging Agreement in question) and the Debtors party to the Senior Hedging Agreements shall ensure that,
at all times:

 

		(a)	each Senior Hedging Agreement documents only hedging arrangements entered into for the purpose of hedging
the types of risks or exposures described in the relevant Hedging Policy;

 

		(b)	each Senior Hedging Agreement is based either:

 

		(i)	on an ISDA Master Agreement; or

 

		(ii)	on another framework agreement which is similar in effect to an ISDA Master Agreement;

 

		(c)	in the event of a termination of the hedging transaction entered into under a Senior Hedging Agreement,
whether as a result of:

 

		(i)	a Termination Event or an Event of Default, each as defined in the relevant Senior Hedging Agreement (in
the case of a Senior Hedging Agreement which is based on an ISDA Master Agreement); or

 

		(ii)	an event similar in meaning and effect to either of those described in paragraph (i) above (in
the case of a Senior Hedging Agreement which is not based on an ISDA Master Agreement),

 

that Senior Hedging Agreement will:

 

		(A)	if it is based on a 1992 ISDA Master Agreement, provide for payments under the “Second Method”
and will make no material amendment to section 6(e) (Payments on Early Termination) of the ISDA Master Agreement;

 

    43

    

    

 

		(B)	if it is based on a 2002 ISDA Master Agreement, make no material amendment to section 6(e) (Payments
on Early Termination) of the ISDA Master Agreement; or

 

		(C)	if it is not based on an ISDA Master Agreement, provide for any other method the effect of which is that
the party to which that event is referable will be entitled to receive payment under the relevant termination provisions if the net replacement
value of all terminated transactions entered into under that Senior Hedging Agreement is in its favour;

 

		(d)	each Senior Hedging Agreement will not provide for Automatic Early Termination;

 

		(e)	each Senior Hedging Agreement will provide that the relevant Senior Hedge Counterparty will be entitled
to designate an Early Termination Date or otherwise be able to terminate each transaction under such Senior Hedging Agreement if so required
pursuant to Clause 5.9 (Required Enforcement: Senior Hedge Counterparties); and

 

		(f)	each Senior Hedging Agreement will permit the relevant Senior Hedge Counterparty and each relevant Debtor
to take such action as may be necessary to comply with Clause 5.12 (Hedging Policy).

 

		5.12	Hedging Policy

 

Each member of the Group shall, at all
times, comply with the relevant Hedging Policy from time to time.

 

		6.	Stream Purchasers and Stream Liabilities

 

		6.1	Restriction on Payment: Stream Liabilities

 

The Debtors shall not make any Payments
of the Stream Liabilities at any time unless:

 

		(a)	that Payment is permitted under Clause 6.2 (Permitted Payments: Stream Liabilities); or

 

		(b)	the taking or receipt of that Payment is permitted under Clause 6.5 (Restriction on Enforcement:
Stream Purchasers) or Clause 6.6 (Permitted Enforcement: Stream Purchasers).

 

		6.2	Permitted Payments: Stream Liabilities

 

		(a)	Prior to the occurrence of any Senior Acceleration Event or following a Reversion Event in respect of
any such Senior Acceleration Event, the Debtors shall make Payments to the Stream Purchasers in respect of the Stream Liabilities then
due in accordance with Clause 18 (Pre-Enforcement Proceeds).

 

		(b)	Following the occurrence of a Senior Acceleration Event until discharge in full of the Management Company
Liabilities and Stream Liabilities, Management Company Liabilities and Stream Liabilities shall continue to accrue and be treated as accrued
and outstanding in accordance with the terms of the relevant Stream Agreement (and late payment interest shall be treated as accruing
thereon pursuant to clause 15.15 (Overdue Payments) of the Initial Stream Agreements or the equivalent clause under any Additional
Stream Agreement) or Management Company Agreement, but shall not be considered to be due and payable until the earlier of:

 

		(i)	a Reversion Event occurring in respect of that Senior Acceleration Event;

 

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		(ii)	the date on which the Majority Stream Purchaser(s) in respect of a Stream Agreement may take, or
are deemed to have taken, Enforcement Action in respect of any of the Stream Liabilities in accordance with Clause 6.6 (Permitted Enforcement:
Stream Purchasers); and

 

		(iii)	the date on which any relevant proceeds are to be distributed further to Clause 19.1 (Order of Application).

 

		6.3	Amendments and Waivers: Stream Purchasers

 

		(a)	Subject to paragraph (b) below, the Stream Purchasers may amend or waive the terms of the Stream
Agreements in accordance with their terms (and subject to any consent required under them) at any time.

 

		(b)	Prior to the Senior Discharge Date, a Stream Purchaser may not:

 

		(i)	amend any of the following provisions or definitions in each relevant Initial Stream Agreement:

 

		(A)	in relation to the Platinum Stream Agreement, “Base Metal”, “Designated Metal Percentage”,
 “Fixed Platinum Price”, “Produced Base Metals”, “Produced Cobalt”, “Produced Copper” and
 “Produced Nickel”;

 

		(B)	in relation to the Gold and Palladium Stream Agreement, “Designated Metal Percentage”, “Fixed
Gold Price”, “Fixed Palladium Price”, “PGM (4E)”, “PGM (6E)”, “Produced Gold” and
 “Produced Palladium”; or

 

		(C)	in relation to the Rhodium Stream Agreement, “Designated Metal Percentage”, “Fixed Platinum
Price”, “PGM (4E)”, “PGM (6E)”, “Produced Stream Minerals”, “Produced Chromite”,
 “Produced Iridium”, “Produced Rhodium”, “Produced Ruthenium”, “Rhodium Designated Metal Percentage”
and “Stream Minerals”,

 

or any equivalent or analogous provision
in any Additional Stream Agreement;

 

		(ii)	without limiting the foregoing, amend or waive any term of any Stream Agreement if the effect of the amendment
or waiver is to impose greater or additional Stream Payment Liabilities (as a condition thereto or otherwise) or, in relation to the original
form of a Stream Agreement to increase the amount of Relevant Credits, change the currency of payment, make more frequent the dates of
delivery of any Relevant Credits or change the basis on which any Stream Payment Liabilities (including interest, fees or expenses) accrue,
are calculated or are payable, other than an amendment or waiver:

 

		(A)	which is contemplated by the original form of the relevant Stream Agreement;

 

		(B)	the effect of which is solely to defer any scheduled delivery of Relevant Credits or payment of Stream
Liabilities, as the case may be; or

 

		(C)	which is:

 

		(1)	a minor or administrative change or correction; or

 

		(2)	a correction of a manifest error,

 

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which, in the case of 6.3(b)(ii)(B) or
6.3(b)(ii)(C) above, is not prejudicial to the Senior Creditors;

 

		(iii)	make an amendment to the terms of clause 10.1 (Project Entity Events of Default) of the original
form of an Initial Stream Agreement (or any equivalent clause or provision of any Additional Stream Agreement), the effect of which would:

 

		(A)	reduce any remedy periods or any financial thresholds applicable to any Stream Event of Default; or

 

		(B)	otherwise be prejudicial or adverse to any Debtor,

 

without having obtained the prior written
confirmation from the Intercreditor Agent that such amendment or waiver (as the case may be) would not result in a breach of the Senior
CTA or any Senior Facilities Agreement or that any consent required under the Senior CTA or any Senior Facilities Agreement in respect
of such amendment or waiver has been provided and is in full force and effect. The Intercreditor Agent shall confirm within five Business
Days of written request from the relevant Stream Purchaser or the Management Company whether or not the proposed amendment or waiver would
require such consent. If a consent is granted under, or in terms of the relevant Senior CTA or any Senior Facilities Agreement, the Intercreditor
Agent shall provide confirmation of any such consent (including a copy of the relevant consent) within three Business Days of that consent
being granted.

 

		(c)	If any amendment or waiver referred to in Clause 6.3(a) is made to any Stream Agreement, the Stream
Purchaser which is party to that Stream Agreement must ensure that a copy of the amendment or waiver document is provided to the Intercreditor
Agent not less than 10 Business Days (or such shorter period agreed between the Majority Senior Creditors and the relevant Stream Purchaser)
after that document is entered into and/or the relevant amendment made or waiver given.

 

		6.4	Not Used

 

		6.5	Restriction on Enforcement: Stream Purchasers

 

Subject to Clause 6.6 (Permitted
Enforcement: Stream Purchasers), no Stream Purchaser shall be entitled to take any Enforcement Action in respect of any of the Stream
Liabilities prior to the Senior Discharge Date. Nothing in this Agreement shall restrict any Stream Purchaser from taking Unrestricted
Action.

 

		6.6	Permitted Enforcement: Stream Purchasers

 

		(a)	A Stream Purchaser (i) in respect of an Initial Stream Agreement or, (ii) after the Stream Security
Release Date has occurred in respect of all Initial Stream Agreements, in respect of any Additional Stream Agreement, may exercise any
rights which would be available to it but for Clause 6.5 (Restriction on Enforcement: Stream Purchasers) to terminate a Stream
Agreement, provided that:

 

		(i)	

 

		(A)	the Majority Stream Purchaser(s) in respect of the relevant Stream Agreement have given their consent
to such action;

 

		(B)	the relevant Stream Purchasers in respect of that Stream Agreement have given notice (a “Stream
Termination Notice”) to the Intercreditor Agent and each Senior Agent specifying:

 

		(1)	that a Stream Event of Default has occurred and is continuing under that Stream Agreement;

 

    46

    

    

 

		(2)	that the Stream Purchasers who are party to that Stream Agreement intend to terminate that Stream Agreement;
and

 

		(3)	an estimate of the amount payable in connection with the termination of that Stream Agreement in accordance
with the terms thereof; and

 

		(C)	notwithstanding any provision of any Stream Agreement, the termination shall take effect immediately on
the date on which that Stream Termination Notice becomes effective in accordance with Clause 28.4 (Delivery) (the “Termination
Date”) and any Stream Obligations resulting from such termination shall be calculated in accordance with the relevant Stream
Agreement and shall continue to accrue from the Termination Date. Such Stream Obligations shall be treated as accrued and outstanding
(and late payment interest shall be treated as accruing thereon pursuant to clause 15.15 (Overdue Payments) of the applicable Stream
Agreement from the Termination Date) but from the Termination Date until the Senior Discharge Date no amount forming part of such Stream
Obligations shall be considered to be due and payable (other than for the purposes of determining if a Project Entity Event of Default
under clause 10.1(A)(2) of an Initial Stream Agreement (or an equivalent clause under an Additional Stream Agreement) has occurred)
until the earlier to occur of:

 

		(1)	in relation to any Stream Event of Default which has occurred under that Stream Agreement, the expiry
of the Standstill Period, such Standstill Period commencing on the earlier of:

 

		(I)	the Termination Date as a result of that Stream Event of Default; or

 

		(II)	the date on which a Stream Default Notice in respect of that Stream Event of Default became effective
in accordance with Clause 28.4 (Delivery);

 

		(2)	each Stream Purchaser under that Stream Agreement or the Security SPV (for and on behalf of each such
Stream Purchaser) being deemed to have exercised any right such Stream Purchaser may otherwise have to terminate that Stream Agreement
and accelerate all of the Stream Obligations pursuant to Clause 6.6(c) (Permitted Enforcement: Stream Providers); and

 

		(3)	the Senior Discharge Date; or

 

		(ii)	the Majority Senior Creditors have given their prior written consent.

 

    47

    

    

 

 

		(b)	Without prejudice to the rights of the Instructing Group to give instructions as to the manner of enforcement
of the Transaction Security at any time, the Majority Stream Purchaser(s) (i) in respect of an Initial Stream Agreement, or
(ii) after the Stream Security Release Date has occurred in respect of all Initial Stream Agreements, in respect of any Additional
Stream Agreement, may take any Enforcement Action in respect of any of the Stream Liabilities under a Stream Agreement only if:

 

		(i)	a Stream Event of Default has occurred under that Stream Agreement and the relevant Stream Purchasers
have delivered:

 

		(A)	a Stream Default Notice to the Intercreditor Agent and each Senior Agent in respect of that Stream Event
of Default; or

 

		(B)	a Termination Notice to the Intercreditor Agent and each Senior Agent in respect of that Stream Event
of Default; and

 

		(ii)	at that time:

 

		(A)	the Standstill Period has expired, where that Standstill Period commenced on the earlier of the date on
which the Stream Default Notice or Termination Notice contemplated in Clause 6.6(b)(i) above became effective in accordance with
Clause 28.4 (Delivery);

 

		(B)	in respect only of a Stream Event of Default for which no Termination Notice has been issued, the Stream
Event of Default which was the subject of any Stream Default Notice contemplated above, is continuing; and

 

		(C)	the Majority Senior Creditors are not consulting with the Stream Purchasers in accordance with Clause
4.3(c) (First Notice) to (and including) Clause 4.3(d)(iii) (Consultation Notice),

 

or otherwise if
the Majority Senior Creditors have given their prior written consent.

 

		(c)	Not used

 

		(d)	After the occurrence of a Non-BR/Non-Compromise Insolvency Event in relation to the Company which has
not been stayed or discharged within 14 days:

 

		(i)	each Stream Purchaser and the Security SPV (for and on behalf of each Stream Purchaser) shall be deemed
to have exercised any right the Stream Purchasers may otherwise have to terminate the Stream Agreements and demand payment of all of the
Stream Liabilities (provided that each Stream Purchaser shall serve a notice on the Company, the Intercreditor Agent and each Senior
Agent containing the same information as required to be included in a Stream Termination Notice) and such Stream Liabilities shall be
deemed to be immediately due and payable; and

 

		(ii)	each Stream Purchaser may (unless the Security SPV has taken, or has given notice that it intends to take,
action on behalf of that Stream Purchaser in accordance with Clause 10.5 (Filing of Claims)):

 

		(A)	make a demand under any guarantee, indemnity or other assurance against loss given by the Company or the
Management Company in respect of any Stream Liabilities;

 

		(B)	exercise any right of set-off or take or receive any Payment in respect of any Stream Liabilities of the
Company or the Management Company;

 

		(C)	claim and prove in any insolvency process of the Company or the Management Company for the Stream Liabilities
owing to it; or

 

		(D)	take any other Enforcement Action, without prejudice to the rights of the Instructing Group to give instructions
as to the manner of the enforcement of the Transaction Security at any time.

 

    	 	48	 

     

    

 

		(e)	Business Rescue Voting

 

Upon the occurrence of the formal commencement
of Business Rescue in respect of a Debtor, each of the Senior Creditors and Stream Purchasers shall individually be entitled to exercise
their vote (and communicate with, and make proposals to, the Business Rescue Practitioner) by virtue of the Senior Facilities Liabilities
or Stream Liabilities, as applicable, owed to them by that Debtor, provided that:

 

		(i)	the Senior Creditors shall also be entitled to exercise the vote of the Intra-Group Lenders and the Shareholder
Creditors (and communicate with, and make proposals to, the Business Rescue Practitioner as representatives of the Intra-Group Lenders
and the Shareholder Creditors) or, if that is not possible, the Intra-Group Lenders and the Shareholder Creditors shall exercise their
votes (and communicate with, and make proposals to, the Business Rescue Practitioner) in accordance with the instructions of the Majority
Senior Creditors, provided that the Majority Senior Creditors shall not use the votes of the Intra-Group Lenders and the Shareholder
Creditors, or instruct the Intra-Group Lenders and the Shareholder Creditors, to propose or vote in favour of a Stream Prejudicial Proposal;

 

		(ii)	in the event that:

 

		(A)	the Business Rescue Practitioner informs the Senior Creditors and the Stream Purchasers that the aggregate
of any vote(s) cast by the Senior Creditors (by virtue of the Senior Liabilities owed to them by that Debtor), together with:

 

		(1)	the votes of the Intra-Group Lenders and the Shareholder Creditors which the Senior Creditors are entitled
to vote; or

 

		(2)	the votes that the Senior Creditors are entitled to instruct the Intra-Group Lenders and the Shareholder
Creditors to vote,

 

(and on the basis that the Management
Company will abstain from voting in all such instances), will not permit or allow the Senior Creditors to block or vote down or against
any proposal made in Business Rescue; and

 

		(B)	the Majority Senior Creditors (or the Senior Agent on their behalf) have notified the Stream Purchasers
in writing no later than 5 Business Days prior to an all creditors vote for a Business Rescue plan proposed by the Business Rescue Practitioner,
that they will vote against such Business Rescue plan (the “BR Blocked Proposal”),

 

then the Stream Purchasers will exercise
their vote by virtue of the Stream Liabilities owed to them by that Debtor, to vote against that BR Blocked Proposal with the Senior Creditors;

 

		(iii)	if the Business Rescue Practitioner determines that voting in such Business Rescue is to be exercised
by the Security SPV:

 

		(A)	on an Individual Claims Basis, then in that Business Rescue the Security SPV shall:

 

		(1)	vote (and will communicate with, and make proposals to, the Business Rescue Practitioner) each of the
Senior Liabilities, the Intra-Group Liabilities and the Shareholder Liabilities, in accordance with the instructions of the Majority Senior
Creditors, provided that the Majority Senior Creditors shall not be entitled to exercise, or instruct the Security SPV to exercise,
the votes of the Intra-Group Lenders and the Shareholder Creditors to propose or vote in favour of a Stream Prejudicial Proposal, and

 

    	 	49	 

     

    

 

		(2)	vote (and will communicate with, and make proposals to, the Business Rescue Practitioner) the Stream Liabilities
in respect of each Stream Agreement in accordance with the instructions of the Majority Stream Purchaser(s) in respect of such Stream
Agreement, provided that if the Majority Senior Creditors (or the Senior Agent on their behalf) have notified the Stream Purchasers
in writing no later than 5 Business Days prior to an all creditors vote for a Business Rescue plan proposed by the Business Rescue Practitioner,
that they will instruct the Security SPV to vote against such Business Rescue plan, then the Security SPV shall vote the Stream Liabilities
in respect of each Stream Agreement against such Business Rescue plan in the same manner contemplated by the BR Blocked Proposal provisions
above;

 

		(B)	on a Single Claims Basis, then in that Business Rescue the Security SPV shall vote (and communicate with,
and make proposals to, the Business Rescue Practitioner) in accordance with the instructions of the Majority Senior Creditors, provided
that the Majority Senior Creditors shall not propose or vote in favour of, and shall not be entitled to instruct the Security SPV
to propose or vote in favour of, a Stream Prejudicial Proposal.

 

For the avoidance of doubt, nothing in
paragraph 6.6(e)(iii)(B) above shall preclude or restrict the Majority Senior Creditors from being entitled to vote against, and
being entitled to instruct the Security SPV to vote against, any proposed Business Rescue plan on a Single Claims Basis.

 

		(f)	Compromise voting

 

If the board of a Debtor or the liquidator
of a Debtor (if that Debtor is being wound up) proposes a Compromise in respect of that Debtor, each of the Senior Creditors and Stream
Purchasers shall individually be entitled to exercise their vote at any meeting convened by that Debtor for purposes of voting on a Compromise
proposal, by virtue of the Senior Facilities Liabilities or Stream Liabilities, as applicable, owed to them by that Debtor, provided
that:

 

		(i)	the Senior Creditors shall also be entitled to exercise the vote of the Intra-Group Lenders and the Shareholder
Creditors or, if that is not possible, the Intra-Group Lenders and the Shareholder Creditors shall exercise their votes in accordance
with the instructions of the Majority Senior Creditors, provided that the Majority Senior Creditors shall not use the votes of
the Intra-Group Lenders and the Shareholder Creditors, or instruct the Intra-Group Lenders and the Shareholder Creditors, to propose or
vote in favour of a Stream Prejudicial Proposal;

 

    	 	50	 

     

    

 

		(ii)	in the event that:

 

		(A)	that Debtor informs the Senior Creditors and the Stream Purchasers that the aggregate of any vote(s) cast
by the Senior Creditors (by virtue of the Senior Liabilities owed to them by that Debtor), together with:

 

		(1)	the votes of the Intra-Group Lenders and the Shareholder Creditors which the Senior Creditors are entitled
to vote; or

 

		(2)	the votes that the Senior Creditors are entitled to instruct the Intra-Group Lenders and the Shareholder
Creditors to vote,

 

(and on the basis that the Management
Company will abstain from voting in all such instances), will not permit or allow the Senior Creditors to block or vote down or against
any Compromise proposal by that Debtor at such a meeting; and

 

		(B)	the Majority Senior Creditors (or the Senior Agent on their behalf) have notified the Stream Purchasers
in writing no later than 5 Business Days prior to an all creditors vote on that Compromise proposal, that they will vote against such
proposal (the “Compromise Blocked Proposal”),

 

then the Stream Purchasers will exercise
their vote by virtue of the Stream Liabilities owed to them by that Debtor, to vote against that Compromise Blocked Proposal with the
Senior Creditors; or

 

		(iii)	to the extent that the votes in any meeting convened by that Debtor to consider a Compromise proposal
are required, for whatever reason, to be exercised by the Security SPV:

 

		(A)	on an Individual Claims Basis at such a meeting, the Security SPV shall:

 

		(1)	vote each of the Senior Liabilities, the Intra-Group Liabilities and the Shareholder Liabilities, in accordance
with the instructions of the Majority Senior Creditors, provided that the Majority Senior Creditors shall not be entitled to exercise,
or instruct the Security SPV to exercise, the votes of the Intra-Group Lenders and the Shareholder Creditors to propose or vote in favour
of a Stream Prejudicial Proposal, and

 

		(2)	vote the Stream Liabilities in respect of each Stream Agreement in accordance with the instructions of
the Majority Stream Purchaser(s) in respect of such Stream Agreement, provided that if the Majority Senior Creditors (or the
Senior Agent on their behalf) have notified the Stream Purchasers in writing no later than 5 Business Days prior to an all creditors vote
for such a Compromise proposal, that they will instruct the Security SPV to vote against such proposal, then the Security SPV shall vote
the Stream Liabilities in respect of each Stream Agreement against such proposal in the same manner contemplated by the Compromise Blocked
Proposal provisions above;

 

		(B)	on a Single Claims Basis, then in that meeting the Security SPV shall vote (and communicate with, and
make proposals) in accordance with the instructions of the Majority Senior Creditors, provided that the Majority Senior Creditors
shall not propose or vote in favour of, and shall not be entitled to instruct the Security SPV to propose or vote in favour of, a Stream
Prejudicial Proposal.

 

For the avoidance of doubt, nothing in
paragraph 6.6(f)(iii)(B) above shall preclude or restrict the Majority Senior Creditors from being entitled to vote against, and
being entitled to instruct the Security SPV to vote against, any proposed Compromise proposal on a Single Claims Basis.

 

    	 	51	 

     

    

 

		(g)	Subject to Clauses 6.6(a) to 6.6(f), each Stream Purchaser undertakes that it shall not, at any time
prior to the Senior Discharge Date, petition, apply or vote for, or take any steps (including the appointment of a Business Rescue Practitioner)
in relation to, the Business Rescue of any Debtor, provided that, in any Business Rescue in respect of a Debtor, no Stream Purchaser
shall be restricted from:

 

		(i)	voting in any such Business Rescue;

 

		(ii)	making any proposals in such Business Rescue or communicating with the Business Rescue Practitioner;

 

		(iii)	taking any Enforcement Action which is expressly permitted by the other provisions of this Clause 6.6;
or

 

		(iv)	confirming any factual matters (including the existence of the Transaction Security over the Shares and
the Core Assets, the amount of the Stream Liabilities and whether they are currently due and payable to any trustee, liquidator, provisional
liquidator, receiver, administrative receiver, administrator, sequestrator, custodian, judicial manager, court official, Business Rescue
Practitioner or similar officer).

 

		6.7	Option to Purchase: Stream Purchasers

 

		(a)	Subject to paragraph (b) below, the Stream Purchasers (i) in respect of the Initial Stream
Agreements or, (ii) after the Stream Security Release Date has occurred in respect of all Initial Stream Agreements, in respect of
all Stream Agreements, acting together, may, in each case, after a Senior Event of Default occurs and while it is continuing and if the
Senior Lenders have given their prior written consent, by giving not less than ten (10) days’ notice to the Intercreditor Agent,
require the transfer to one of them or, in specified parts, to more than one of them (or to a nominee or nominees), in accordance with
Clause 25.2 (Change of Senior Lender or Stream Purchaser), of all, but not part, of the rights and obligations in respect
of the Senior Facilities Liabilities if:

 

		(i)	that transfer is lawful and, subject to paragraph (ii) below, otherwise permitted by the terms
of the relevant Senior Facilities Agreements;

 

		(ii)	any conditions relating to such a transfer contained in the relevant Senior Facilities Agreements are
complied with, other than any requirement to obtain the consent of, or consult with, any Debtor or other member of the Group relating
to such transfer, which consent or consultation shall not be required;

 

		(iii)	each Senior Agent, on behalf of the relevant Senior Lenders, is paid an amount equal to the aggregate
of:

 

		(A)	all of the Senior Facilities Liabilities at that time (whether or not due), including all amounts that
would have been payable under that Senior Facilities Agreement if the Senior Facilities were being prepaid by the relevant Debtors on
the date of that payment; and

 

		(B)	all costs and expenses (including legal fees) incurred by such Senior Agent and/or the relevant Senior
Lenders as a consequence of giving effect to that transfer;

 

    	 	52	 

     

    

 

		(iv)	as a result of that transfer the Senior Lenders have no further actual or contingent liability to any
Debtor under the relevant Debt Documents;

 

		(v)	an indemnity is provided from each relevant Stream Purchaser (or from another third party acceptable to
all the Senior Lenders) in a form satisfactory to each Senior Lender in respect of all losses which may be sustained or incurred by any
Senior Lender in consequence of any sum received or recovered by any Senior Lender from any person being required (or it being alleged
that it is required) to be paid back by or clawed back from any Senior Lender for any reason; and

 

		(vi)	the transfer is made without recourse to, or representation or warranty from, the Senior Lenders, except
that each Senior Lender shall be deemed to have represented and warranted on the date of that transfer that it has the corporate power
to effect that transfer and it has taken all necessary action to authorise the making by it of that transfer.

 

		(b)	Subject to paragraph (b) of Clause 6.8 (Hedge Transfer: Stream Purchasers), the
relevant Stream Purchasers, acting together, may only require a Senior Facilities Liabilities Transfer if, at the same time, they require
a Hedge Transfer in accordance with Clause 6.8 (Hedge Transfer: Stream Purchasers) and if, for any reason, a Hedge Transfer
cannot be made in accordance with Clause 6.8 (Hedge Transfer: Stream Purchasers), no Senior Facilities Liabilities Transfer
may be required to be made.

 

		(c)	Each relevant Senior Agent shall, at the request of any Stream Purchaser notify such Stream Purchaser
of:

 

		(i)	the sum of the amounts described in paragraphs (a)(iii)(A) and (B) above; and

 

		(ii)	to the extent not included in paragraph (i) above, the amount of each Letter of Credit for which
cash cover is to be provided by such Stream Purchasers.

 

		6.8	Hedge Transfer: Stream Purchasers

 

		(a)	Subject to paragraph (b) below, all Stream Purchasers (i) in respect of the Initial Stream
Agreements or, (ii) after the Stream Security Release Date has occurred in respect of all Initial Stream Agreements, all Stream Agreements,
acting together, may, by giving not less than ten (10) days’ notice to the Intercreditor Agent, require a Hedge Transfer:

 

		(i)	if either:

 

		(A)	all relevant Stream Purchasers, acting together, require, at the same time, a Senior Facilities Liabilities
Transfer; or

 

		(B)	all relevant Stream Purchasers, acting together, require that Hedge Transfer at any time on or after the
Senior Facilities Discharge Date; and

 

		(ii)	if:

 

		(A)	that transfer is lawful and otherwise permitted by the terms of the Senior Hedging Agreements in which
case no Debtor or, if relevant, other member of the Group shall be entitled to withhold its consent to that transfer;

 

		(B)	any conditions (other than the consent of, or any consultation with, any Debtor or, if relevant, other
member of the Group) relating to that transfer contained in the Senior Hedging Agreements are complied with;

 

    	 	53	 

     

    

 

		(C)	each Senior Hedge Counterparty is paid (in the case of a positive number) or pays (in the case of a negative
number) a total amount for that transfer equal to the aggregate of (i) the Hedging Purchase Amount in respect of the hedging transactions
under the relevant Senior Hedging Agreement at that time and (ii) all reasonable costs and expenses (including legal fees) incurred
by such Senior Hedge Counterparty as a consequence of giving effect to that transfer;

 

		(D)	as a result of that transfer, the Senior Hedge Counterparties have no further actual or contingent liability
to any Debtor under the Senior Hedging Agreements save to the extent such liability is indemnified pursuant to paragraph (E) below;

 

		(E)	an indemnity is provided from each relevant Stream Purchaser which is receiving (or for which a nominee
is receiving) that transfer (or from another third party acceptable to the relevant Senior Hedge Counterparty) in a form satisfactory
to the relevant Senior Hedge Counterparty in respect of all losses which may be sustained or incurred by that Senior Hedge Counterparty
in consequence of any sum received or recovered by that Senior Hedge Counterparty being required (or it being alleged that it is required)
to be paid back by or clawed back from the Senior Hedge Counterparty for any reason; and

 

		(F)	that transfer is made without recourse to, or representation or warranty from, the relevant Senior Hedge
Counterparty, except that the relevant Senior Hedge Counterparty shall be deemed to have represented and warranted on the date of that
transfer that it has the corporate power to effect that transfer and it has taken all necessary action to authorise the making by it of
that transfer.

 

		(b)	In relation to any Hedge Transfer pursuant to paragraph (a) above, the relevant Stream Purchasers,
acting together, and any Senior Hedge Counterparty may agree (in respect of the Senior Hedging Agreements (or one or more of them) to
which that Senior Hedge Counterparty is a party) that a Hedge Transfer required by the Stream Purchasers (acting together) shall not apply
to that Senior Hedging Agreement(s) or to the Senior Hedging Liabilities and Senior Hedge Counterparty Obligations under that Senior
Hedging Agreement(s).

 

		6.9	Stream Instructing Group Indemnity

 

		(a)	Each Stream Purchaser shall (in the proportion that the Liabilities due to it bear to the aggregate of
the Liabilities due to all of the Stream Purchasers for the time being (or, if the Liabilities due to the Stream Purchasers are zero,
immediately prior to their being reduced to zero)), indemnify and hold harmless any Stream Purchaser acting as a representative of the
Stream Instructing Group in accordance with the provisions of this Agreement and/or the Stream Agreements (a “Nominated Stream
Instructing Group Representative”) , within three (3) Business Days of demand, against any cost, loss or liability
incurred by any such Nominated Stream Instructing Group Representative (otherwise than by reason of such Nominated Stream Instructing
Group Representative’s gross negligence or wilful misconduct) in acting as Nominated Stream Instructing Group Representative under,
or exercising any authority conferred under, the Debt Documents in relation thereto (unless the Nominated Stream Instructing Group Representative
has been reimbursed by a Debtor pursuant to a Debt Document).

 

    	 	54	 

     

    

 

		(b)	Without prejudice to the terms of any Stream Agreement, the Company shall immediately on demand reimburse
any Stream Purchaser for any payment that that Stream Purchaser makes to a Nominated Stream Instructing Group Representative pursuant
to paragraph (a) above, provided that the Company has been notified of the appointment and identity of the Nominated
Stream Instructing Group Representative. Such reimbursement shall not apply to the extent that the indemnity payment in respect of which
the Nominated Stream Instructing Group Representative claims reimbursement relates to a liability of such Nominated Stream Instructing
Group Representative to a Debtor.

 

		7.	Intra-Group Lenders and Intra-Group Liabilities

 

		7.1	Restriction on Payment: Intra-Group Liabilities

 

Prior to the Final Release Date, the
Debtors shall not make any Payments of the Intra-Group Liabilities at any time unless that Payment is permitted under Clause 7.2
(Permitted Payments: Intra-Group Liabilities).

 

		7.2	Permitted Payments: Intra-Group Liabilities

 

The Debtors may make Payments in respect
of the Intra-Group Liabilities then due if:

 

		(a)	the Payment is expressly permitted by the Senior CTA and the Stream Agreements; or

 

		(b)	the Majority Senior Creditors and the Majority Stream Purchaser(s) in respect of each such Stream
Agreement consent to that Payment being made.

 

		7.3	Payment Obligations Continue

 

The Debtors shall not be released from
the liability to make any Payment (including of default interest, which shall continue to accrue) under any Debt Document by the operation
of Clauses 7.1 (Restriction on Payment: Intra-Group Liabilities) and 7.2 (Permitted Payments: Intra-Group Liabilities)
even if its obligation to make that Payment is restricted at any time by the terms of any of those Clauses.

 

		7.4	Acquisition of Intra-Group Liabilities

 

		(a)	Subject to paragraph (b) below, no Debtor or Affiliate of a Debtor may:

 

		(i)	enter into any Liabilities Acquisition; or

 

		(ii)	beneficially own all or any part of the share capital of a company that is party to a Liabilities Acquisition,

 

in respect of any Intra-Group Liabilities
at any time unless such Debtor or Affiliate of a Debtor (excluding the Company) accedes to this Agreement as an Intra-Group Lender or
where such acquisition results in such Intra-Group Liabilities being recharacterised as Shareholder Liabilities, as a Shareholder Creditor
pursuant to the terms of this Agreement.

 

		(b)	The restrictions in paragraph (a) above shall not apply if:

 

		(i)	prior to the Senior Discharge Date, the Majority Senior Creditors and the Majority Stream Purchaser(s) in
respect of each Stream Agreement consent to that action;

 

		(ii)	on or after the Senior Discharge Date, the Majority Stream Purchaser(s) in respect of each Stream
Agreement consent to that action; or

 

		(iii)	that action is taken in accordance with Clause 18 (Pre-Enforcement Proceeds) to facilitate
Payment of the Senior Liabilities or the making of any Permitted Stream Payment.

 

    	 	55	 

     

    

 

		7.5	Security: Intra-Group Lenders

 

Prior to the Final Release Date, the
Intra-Group Lenders may not take, accept or receive the benefit of any Security, guarantee, indemnity or other assurance against loss
in respect of the Intra-Group Liabilities unless:

 

		(a)	that Security, guarantee, indemnity or other assurance against loss is expressly permitted by the Senior
CTA and the Stream Agreements;

 

		(b)	prior to the Senior Discharge Date, the prior consent of the Majority Senior Creditors and the Majority
Stream Purchaser(s) in respect of each Initial Stream Agreement is obtained; or

 

		(c)	on or after the Senior Discharge Date, the prior consent of the Majority Stream Purchaser(s) in respect
of each Stream Agreement is obtained.

 

		7.6	Restriction on enforcement: Intra-Group Lenders

 

Subject to Clause 7.7 (Permitted
Enforcement: Intra-Group Lenders), none of the Intra-Group Lenders shall be entitled to take any Enforcement Action in respect of
any of the Intra-Group Liabilities at any time prior to the Final Release Date.

 

		7.7	Permitted Enforcement: Intra-Group Lenders

 

After the occurrence of an Insolvency
Event in relation to a Debtor, each Intra-Group Lender may (unless otherwise directed by the Security SPV or unless the Security SPV has
taken, or has given notice that it intends to take, action on behalf of that Intra-Group Lender in accordance with Clause 10.5 (Filing
of Claims)), exercise any right it may otherwise have against that Debtor to:

 

		(a)	with the prior consent of the Instructing Group and the Majority Stream Purchaser(s) in respect of
each Stream Agreement, accelerate any of that Debtor’s Intra-Group Liabilities or declare them prematurely due and payable or payable
on demand;

 

		(b)	with the prior consent of the Instructing Group and the Majority Stream Purchaser(s) in respect of
each Stream Agreement, make a demand under any guarantee, indemnity or other assurance against loss given by that Debtor in respect of
any Intra-Group Liabilities;

 

		(c)	claim and prove in any insolvency process of that Debtor for the Intra-Group Liabilities owing to it;
or

 

		(d)	exercise its vote in any Business Rescue of that Debtor (subject to Clause 6.6(e) (Business Rescue
Voting)).

 

		7.8	Intra-Group
                                            Loans

 

Prior to the Final Release Date, no
Debtor shall, without the prior consent of the Instructing Group and the Majority Stream Purchaser(s) in respect of each Stream Agreement,
enter into or incur an Intra-Group Loan unless the lender under such Intra-Group Loan is already a party to this Agreement as an Intra-Group
Lender or, prior to or simultaneously with the entry into such Intra-Group Loan, such lender accedes to this Agreement as a new Intra-Group
Lender.

 

    	 	56	 

     

    

 

		8.	Shareholders
                                            and Shareholder Liabilities

 

		8.1	Restriction on Payment: Shareholder Liabilities

 

Prior to the Final Release Date, the
Company shall not make any Payment of the Shareholder Liabilities at any time unless:

 

		(a)	that Payment is permitted under Clause 8.2 (Permitted Payments: Shareholder Liabilities);
or

 

		(b)	the taking or receipt of that Payment is permitted under Clause 8.7 (Permitted Enforcement: Shareholders).

 

		8.2	Permitted Payments: Shareholder Liabilities

 

The Company may make Payments in respect
of the Shareholder Liabilities then due if:

 

		(a)	the Payment is expressly permitted by the Senior CTA and the Stream Agreements; or

 

		(b)	the Majority Senior Creditors and the Majority Stream Purchaser(s) in respect of each Stream Agreement,
consent to that Payment being made.

 

		8.3	Payment obligations continue

 

Neither the Company nor any other Debtor
shall be released from the liability to make any Payment (including of default interest, which shall continue to accrue) under any Debt
Document by the operation of Clauses 8.1 (Restriction on Payment: Shareholder Liabilities) and 8.2 (Permitted Payments:
Shareholder Liabilities) even if its obligation to make that Payment is restricted at any time by the terms of any of those Clauses.

 

		8.4	No acquisition of Shareholder Liabilities

 

Prior to the Final Release Date, the
Company shall not, and shall procure that no person will:

 

		(a)	enter into any Liabilities Acquisition; or

 

		(b)	beneficially own all or any part of the share capital of a company that is party to a Liabilities Acquisition,

 

in respect of any of the Shareholder
Liabilities, unless such person is a member of the Group (excluding the Company) and accedes to this Agreement as a Shareholder Creditor
pursuant to Clause 25.7 (New Shareholder Creditor).

 

		8.5	Security: Shareholder Liabilities

 

Prior to the Final Release Date, the
Shareholder Creditors may not take, accept or receive the benefit of any Security, guarantee, indemnity or other assurance against loss
in respect of the Shareholder Liabilities other than as expressly permitted by the Senior CTA and the Stream Agreements.

 

		8.6	Restriction on Enforcement: Shareholders

 

Subject to Clause 8.7 (Permitted
Enforcement: Shareholders) the Shareholder Creditors shall not be entitled to take any Enforcement Action in respect of any of the
Shareholder Liabilities at any time prior to the Final Release Date.

 

    	 	57	 

     

    

 

		8.7	Permitted Enforcement: Shareholders

 

After the occurrence of an Insolvency
Event in relation to the Company, the Shareholder Creditors may (unless otherwise directed by the Security SPV or unless the Security
SPV has taken, or has given notice that it intends to take, action on behalf of the Shareholder Creditors in accordance with Clause 10.5
(Filing of Claims)), exercise any right it may otherwise have against the Company to:

 

		(a)	accelerate any of the Company’s Shareholder Liabilities or declare them prematurely due and payable
or payable on demand;

 

		(b)	make a demand under any guarantee, indemnity or other assurance against loss given by the Company in respect
of any Shareholder Liabilities;

 

		(c)	exercise any right of set-off or take or receive any Payment in respect of any Shareholder Liabilities
of the Company;

 

		(d)	claim and prove in any insolvency process of the Company for the Shareholder Liabilities owing to it;
or

 

		(e)	exercise its vote in any Business Rescue of the Company.

 

		9.	Management Company Liabilities

 

		9.1	Restriction on Payment: Management Company Liabilities

 

Prior to the Final Release Date, the
Company shall not make any Payment of the Management Company Liabilities at any time unless that Payment is permitted under Clause 9.2
(Permitted Payments: Management Company Liabilities).

 

		9.2	Permitted Payments: Management Company Liabilities

 

Prior to any Senior Acceleration Event,
and following the occurrence of a Reversion Event in respect of such Senior Acceleration Event, the Company shall make Payments in respect
of the Management Company Liabilities then due and payable in accordance with Clause 18 (Pre-Enforcement Proceeds) or, to
the extent permitted by the Stream Agreements, may make Payments in part by way of set-off against amounts owed by the Management Company
to the Company under the Management Company Offtake Agreements; provided that no set-off will be permitted if the result of the
application of any such set-off is the inability to deliver sufficient Relevant Credits under the Stream Agreements.

 

		9.3	Amendments and Waivers: Management Company Agreements

 

The Management Company may amend or
waive the terms of the Management Company Agreements in accordance with their terms (and subject to any consent required under them) at
any time, provided that such amendments or waivers are expressly permitted under the Senior CTA and the Stream Agreements.

 

		9.4	Payment obligations continue

 

The Company shall not be released from
the liability to make any Payment (including of default interest, which shall continue to accrue) under the Management Company Loans by
the operation of Clauses 9.1 (Restriction on Payment: Management Company Liabilities) and 9.2 (Permitted Payments: Management
Company Liabilities) even if its obligation to make that Payment is restricted at any time by the terms of any of those Clauses.

 

		9.5	No acquisition of Management Company Liabilities

 

No Debtor or Affiliate of a Debtor will:

 

		(a)	enter into any Liabilities Acquisition; or

 

    	 	58	 

     

    

 

		(b)	beneficially own all or any part of the share capital of a company that is party to a Liabilities
                                                               Acquisition, 

 

in respect of any of the Management
Company Liabilities, unless:

 

		(i)	prior to the Senior Discharge Date, the prior consent of the Majority Senior Creditors and the Majority
Stream Purchaser(s) in respect of each Stream Agreement is obtained; or

 

		(ii)	on or after the Senior Discharge Date, the prior consent of the Majority Stream Purchaser(s) in respect
of each Stream Agreement is obtained.

 

		9.6	Security: Management Company

 

Prior to the Final Release Date, the
Management Company may not take, accept or receive the benefit of any Security, guarantee, indemnity or other assurance against loss in
respect of the Management Company Liabilities other than as expressly permitted by the Senior CTA and the Stream Agreements.

 

		9.7	Restriction on Enforcement: Management Company

 

Without prejudice to Clause 9.2 (Permitted
Payments: Management Company Liabilities) and subject to Clause 9.8 (Permitted Enforcement: Management Company), the Management
Company shall not be entitled to take any Enforcement Action in respect of any of the Management Company Liabilities at any time prior
to the Final Release Date.

 

		9.8	Permitted Enforcement: Management Company

 

After the occurrence of an Insolvency
Event in relation to the Company, the Management Company may (unless otherwise directed by the Security SPV or unless the Security SPV
has taken, or has given notice that it intends to take, action on behalf of the Management Company in accordance with Clause 10.5
(Filing of Claims)) exercise any right it may otherwise have in respect of the Company to:

 

		(a)	with the prior consent of the Instructing Group and the Majority Stream Purchaser(s) (i) in
respect of the Initial Stream Agreements, or (ii) after the Stream Security Release Date has occurred in respect of all Initial Stream
Agreements, in respect of all Additional Stream Agreements, accelerate any of the Management Company Liabilities or declare them prematurely
due and payable or payable on demand;

 

		(b)	with the prior consent of the Instructing Group and the Majority Stream Purchaser(s) (i) in
respect of the Initial Stream Agreements, or (ii) after the Stream Security Release Date has occurred in respect of all Initial Stream
Agreements, in respect of all Additional Stream Agreements, make a demand under any guarantee, indemnity or other assurance against loss
given in respect of any Management Company Liabilities; or

 

		(c)	claim and prove in any insolvency process of the Company for the Management Company Liabilities owing
to it.

 

		9.9	Non-BR/Non-Compromise Insolvency Event in Respect of Management Company

 

		(a)	Where no Insolvency Event has occurred in respect of the Company, then immediately prior to the occurrence
of a Non-BR/Non-Compromise Insolvency Event in relation to the Management Company:

 

		(i)	the rights and obligations of the Management Company under the Stream Agreements shall automatically be
transferred to, and assumed in full by, the Company in consideration for the full and final settlement of any amount owing by the Company
under the Management Company Loans and the termination of the Management Company Offtake Agreements; and

 

    	 	59	 

     

    

 

		(ii)	the Parties hereby acknowledge the Security created by the Company pursuant to the Security Documents
over the rights transferred to it under Clause 9.9(a)(i).

 

		(b)	Where all or any part of the transfer of rights and obligations provided for in Clause 9.9(a)(i) above
is held or declared by a duly appointed insolvency practitioner, competent court or competent authority to be void, ineffective or prohibited
or is, or is purported to be, set aside, voided, prohibited, cancelled or reversed by a duly appointed insolvency practitioner, competent
court or competent authority, the Security SPV and the Primary Creditors shall be entitled to take such Enforcement Action as may be available
to them subject to the other provisions of this Agreement (other than this Clause 9.9), and the amounts owing by the Company under the
Management Company Loans and the Management Company Offtake Agreements shall be deemed not to have been settled or terminated further
to Clause 9.9(a) and the Management Company Agreements shall continue in full force and effect.

 

		(c)	The Management Company hereby irrevocably appoints the Company as its attorney to enter into such documents
as may be necessary to consummate the transactions contemplated in this Clause 9.9.

 

		9.10	Management Company and Shareholder Creditor Liability Covenants

 

Unless otherwise agreed by Majority
Senior Creditors and the Majority Stream Purchaser(s) in respect of each Initial Stream Agreement, each of the Management Company
and the Shareholder Creditor covenants from this date of this Agreement that it shall not transact or carry on any business, or incur
any present or future liability, obligations or Financial Indebtedness (whether actual or contingent) in any capacity, other than:

 

		(a)	in relation to its ownership and / or funding of the Company and the Project (as applicable); or

 

		(b)	as otherwise expressly permitted or not prohibited under the Senior Finance Documents and the Stream Agreements.

 

		10.	Effect of Insolvency Event

 

		10.1	SFA Cash Cover

 

This Clause 10 is subject to Clause 19.3
(Treatment of SFA Cash Cover and Senior Lender Cash Collateral).

 

		10.2	Distributions

 

		(a)	After the occurrence of an Insolvency Event in relation to any Debtor, any Party entitled to receive a
distribution out of the assets of that Debtor in respect of Liabilities owed to that Party shall, to the extent it is able to do so, direct
the person responsible for the distribution of the assets of that Debtor to make that distribution to the Security SPV (or to such other
person as the Security SPV shall direct) until the Liabilities owing to the Secured Parties have been paid in full.

 

		(b)	The Security SPV shall apply distributions made to it under paragraph (a) above in accordance
with Clause 19 (Application of Proceeds).

 

		10.3	Set-Off

 

		(a)	Subject to paragraph (b) below, to the extent that any Debtor’s Liabilities are discharged
by way of set-off (mandatory or otherwise) after the occurrence of an Insolvency Event in relation to that Debtor, any Creditor which
benefited from that set-off shall pay an amount equal to the amount of the Liabilities owed to it which are discharged by that set-off
to the Security SPV for application in accordance with Clause 19 (Application of Proceeds).

 

    	 	60	 

     

    

 

		(b)	Paragraph (a) above shall not apply to:

 

		(i)	any Close-Out Netting by a Senior Hedge Counterparty;

 

		(ii)	any Payment Netting by a Senior Hedge Counterparty; and

 

		(iii)	any Inter-Senior Hedging Agreement Netting by a Senior Hedge Counterparty.

 

		10.4	Non-cash Distributions

 

If the Security SPV or any other Secured
Party receives a distribution in the form of Non-Cash Consideration in respect of any of the Liabilities (other than any distribution
of Non-Cash Recoveries), the Liabilities will not be reduced by that distribution until and except to the extent that the realisation
proceeds are actually applied to discharge the Liabilities.

 

		10.5	Filing of Claims

 

After the occurrence of an Insolvency
Event in relation to any Debtor, each Creditor irrevocably authorises the Security SPV, on its behalf, to:

 

		(a)	take any Enforcement Action (in accordance with the terms of this Agreement) against that Debtor;

 

		(b)	demand, sue, prove and give receipt for any or all of that Debtor’s Liabilities;

 

		(c)	collect and receive all distributions on, or on account of, any or all of that Debtor’s Liabilities;
and

 

		(d)	(subject to Clauses 4.3 (Restriction on Enforcement: Senior Creditors) and 6.5 (Restriction
on Enforcement: Stream Purchasers), file claims, take proceedings and do all other things the Security SPV considers reasonably necessary
to recover that Debtor’s Liabilities.

 

		10.6	Further Assurance – Insolvency Event

 

Each Creditor will:

 

		(a)	do all things that the Security SPV requests in order to give effect to this Clause 10; and

 

		(b)	if the Security SPV is not entitled to take any of the actions contemplated by this Clause 10 or
if the Security SPV requests that a Creditor take that action, undertake that action itself in accordance with the instructions of the
Security SPV or grant a power of attorney to the Security SPV (on such terms as the Security SPV may reasonably require) to enable the
Security SPV to take such action.

 

		10.7	Security SPV instructions

 

For the purposes of Clause 10.2
(Distributions), Clause 10.5 (Filing of Claims) and Clause 10.6 (Further Assurance – Insolvency Event)
the Security SPV shall act:

 

		(a)	on the instructions of the group of Primary Creditors entitled, at that time, to give instructions under
Clause 13.3 (Enforcement Instructions) or Clause 13.4 (Manner of Enforcement); or

 

		(b)	in the absence of any such instructions, as the Security SPV sees fit.

 

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		11.	Turnover of Receipts

 

		11.1	SFA Cash Cover

 

This Clause 11 is subject to Clause 19.3
(Treatment of SFA Cash Cover and Senior Lender Cash Collateral).

 

		11.2	Turnover by the Creditors

 

Subject to Clause 11.3 (Exclusions)
and to Clause 11.4 (Permitted Assurance and Receipts), if at any time prior to the Final Release Date, any Creditor receives
or recovers:

 

		(a)	any Payment or distribution of, or on account of or in relation to, any of the Liabilities which is not:

 

		(i)	a Permitted Payment;

 

		(ii)	made in accordance with Clause 18 (Pre-Enforcement Proceeds); or

 

		(iii)	made in accordance with Clause 19 (Application of Proceeds);

 

		(b)	other than where paragraph (a) of Clause 10.3 (Set-Off) applies, any amount by way
of set-off in respect of any of the Liabilities owed to it which does not give effect to a Permitted Payment or a Payment made in accordance
with Clause 18 (Pre-Enforcement Proceeds) or Clause 19 (Application of Proceeds);

 

		(c)	notwithstanding paragraphs (a) and (b) above, and other than where paragraph (b) of
Clause 10.3 (Set-Off) applies, any amount:

 

		(i)	on account of, or in relation to, any of the Liabilities:

 

		(A)	after the occurrence of a Senior Acceleration Event, and until the occurrence of a Reversion Event in
respect of that Senior Acceleration Event; or

 

		(B)	as a result of any litigation or proceedings against a Debtor; or

 

		(ii)	by way of set-off in respect of any of the Liabilities owed to it after the occurrence of a Senior Acceleration
Event, and until the occurrence of a Reversion Event in respect of that Senior Acceleration Event,

 

except to the extent that such amount
was received or recovered in accordance with Clause 18 (Pre-Enforcement Proceeds) or Clause 19 (Application of Proceeds);

 

		(d)	the proceeds of any enforcement of any Transaction Security except in accordance with Clause 19 (Application
of Proceeds); or

 

		(e)	other than where paragraph (a) of Clause 10.3 (Set-Off) applies, any distribution
or Payment of, or on account of or in relation to, any of the Liabilities owed by any Debtor which is not in accordance with Clause 19
(Application of Proceeds) and which is made as a result of, or after, the occurrence of an Insolvency Event in respect of that
Debtor,

 

that Creditor will:

 

		(i)	in relation to receipts and recoveries not received or recovered by way of set-off:

 

		(A)	hold the amount of that receipt or recovery equal to the Relevant Liabilities (or if less, the amount
received or recovered) on trust for the Security SPV and promptly pay or distribute that amount to the Security SPV for application in
accordance with the terms of this Agreement; and

 

    	 	62	 

     

    

 

		(B)	promptly pay or distribute an amount equal to the amount (if any) by which the receipt or recovery exceeds
the Relevant Liabilities to the Security SPV for application in accordance with the terms of this Agreement; and

 

		(ii)	in relation to receipts and recoveries received or recovered by way of set-off, promptly pay an amount
equal to that recovery to the Security SPV for application in accordance with the terms of this Agreement.

 

		11.3	Exclusions

 

Clause 11.2 (Turnover by the
Creditors) shall not apply to any receipt or recovery:

 

		(a)	by way of:

 

		(i)	Close-Out Netting by a Senior Hedge Counterparty;

 

		(ii)	Payment Netting by a Senior Hedge Counterparty;

 

		(iii)	Inter-Senior Hedging Agreement Netting by a Senior Hedge Counterparty; or

 

		(iv)	set-off by a Stream Purchaser under (i) an Initial Stream Agreement, or (ii) after the Stream
Security Release Date has occurred in respect of all Initial Stream Agreements, any Stream Agreement, in connection with any Permitted
Stream Payment;

 

		(b)	by way of recovery under any guarantee, indemnity or other assurance against loss given by a Guarantor
under a Senior Finance Document or Senior Hedging Agreement where a Stream Purchaser is not entitled (or are no longer entitled) to a
corresponding guarantee, indemnity or other assurance against loss under a Stream Agreement; or

 

		(c)	made in accordance with Clause 20 (Equalisation).

 

		11.4	Permitted Assurance and Receipts

 

Nothing in this Agreement shall restrict
the ability of any Primary Creditor to:

 

		(a)	arrange with any person which is not a member of the Group any assurance against loss in respect of, or
reduction of its credit exposure to, a Debtor (including assurance by way of credit-based derivative or sub-participation); or

 

		(b)	make any assignment or transfer permitted by Clause 25 (Changes to the Parties),

 

which:

 

		(i)	is permitted by:

 

		(A)	the relevant Senior Facilities Agreement; or

 

		(B)	the relevant Stream Agreement; and

 

		(ii)	is not in breach of Clause 5.5 (No Acquisition of Senior Hedging Liabilities),

 

and that Primary Creditor shall not
be obliged to account to any other Party for any sum received by it as a result of that action.

 

    	 	63	 

     

    

 

		11.5	Amounts Received by Debtors

 

If any of the Debtors receives or recovers
any amount which, under the terms of any of the Debt Documents, should have been paid to the Security SPV, that Debtor will (without prejudice
to its obligations as a Creditor, if applicable):

 

		(a)	hold an amount of that receipt or recovery equal to the Relevant Liabilities (or if less, the amount received
or recovered) on trust for the Security SPV and promptly pay that amount to the Security SPV for application in accordance with the terms
of this Agreement; and

 

		(b)	promptly pay an amount equal to the amount (if any) by which the receipt or recovery exceeds the Relevant
Liabilities to the Security SPV for application in accordance with the terms of this Agreement.

 

		11.6	Saving Provision

 

If, for any reason, any of the trusts
expressed to be created in this Clause 11 should fail or be unenforceable, the affected Creditor or Debtor will promptly pay or distribute
an amount equal to that receipt or recovery to the Security SPV to be held on trust by the Security SPV for application in accordance
with the terms of this Agreement.

 

		11.7	Turnover of Non-Cash Consideration

 

For the purposes of this Clause 11,
if any Creditor receives or recovers any amount or distribution in the form of Non-Cash Consideration which is subject to Clause 11.2
(Turnover by the Creditors) the cash value of that Non-Cash Consideration shall be determined in accordance with Clause 16.2
(Cash value of Non-Cash Recoveries).

 

		12.	Redistribution

 

		12.1	Recovering Creditor’s Rights

 

		(a)	Any amount paid or distributed by a Creditor (a “Recovering Creditor”) to the Security
SPV under Clause 10 (Effect of Insolvency Event) or Clause 11 (Turnover of Receipts) shall be treated as having
been paid or distributed by the relevant Debtor and shall be applied by the Security SPV in accordance with Clause 19 (Application
of Proceeds).

 

		(b)	On an application by the Security SPV pursuant to Clause 19 (Application of Proceeds) of a
Payment or distribution received by a Recovering Creditor from a Debtor, as between the relevant Debtor and the Recovering Creditor an
amount equal to the amount received or recovered by the Recovering Creditor and paid or distributed to the Security SPV by the Recovering
Creditor (the “Shared Amount”) will be treated as not having been paid or distributed by that Debtor.

 

		12.2	Reversal of Redistribution

 

		(a)	If any part of the Shared Amount received or recovered by a Recovering Creditor becomes repayable or returnable
to a Debtor and is repaid or returned by that Recovering Creditor to that Debtor, then:

 

		(i)	each Party that received any part of that Shared Amount pursuant to an application by the Security SPV
of that Shared Amount under Clause 12.1 (Recovering Creditor’s Rights) (a “Sharing Party”) shall,
upon request of the Security SPV, pay or distribute to the Security SPV for the account of that Recovering Creditor an amount equal to
the appropriate part of its share of the Shared Amount (together with an amount as is necessary to reimburse that Recovering Creditor
for its proportion of any interest on the Shared Amount which that Recovering Creditor is required to pay) (the “Redistributed
Amount”); and

 

    	 	64	 

     

    

 

		(ii)	as between the relevant Debtor and each relevant Sharing Party, an amount equal to the relevant Redistributed
Amount will be treated as not having been paid or distributed by that Debtor.

 

		(b)	The Security SPV shall not be obliged to pay or distribute any Redistributed Amount to a Recovering Creditor
under paragraph (a)(i) above until it has been able to establish to its satisfaction that it has actually received that Redistributed
Amount from the relevant Sharing Party.

 

		12.3	Deferral of Subrogation

 

No Creditor or Debtor will exercise
any rights which it may have by reason of the performance by it of its obligations under the Debt Documents to take the benefit (in whole
or in part and whether by way of subrogation or otherwise) of any rights under the Debt Documents of any Creditor which ranks ahead of
it in accordance with the priorities set out in Clause 2 (Ranking and Priority) until such time as all of the Liabilities
owing to each prior ranking Creditor (or, in the case of any Debtor, owing to each Creditor) have been irrevocably discharged in full.

 

		13.	Enforcement of Security SPV Guarantees
                                            and Transaction Security

 

		13.1	SFA Cash Cover

 

This Clause 13 is subject to Clause 19.3
(Treatment of SFA Cash Cover and Senior Lender Cash Collateral).

 

		13.2	Demands under Security SPV Guarantees

 

		(a)	Subject to clause 13.2(c), no Secured Party may make a demand (or consent to the making of a demand) under
a Security SPV Guarantee unless consented to by:

 

		(i)	the Instructing Group; or

 

		(ii)	if required under paragraph (b) below, the Majority Stream Purchaser(s) (i) in respect
of the Initial Stream Agreements or, (ii) after the Stream Security Release Date has occurred in respect of all Initial Stream Agreements,
in respect of all Additional Stream Agreements.

 

		(b)	Prior to the Senior Discharge Date:

 

		(i)	if the Instructing Group has instructed the Security SPV not to enforce or to cease enforcing the Transaction
Security; or

 

		(ii)	in the absence of instructions from the Instructing Group,

 

and if, in each case, the Instructing
Group has not required any Debtor to make a Distressed Disposal or has required such Debtor to cease such Distressed Disposal (or otherwise
agreed to such Distressed Disposal ceasing), then the Majority Stream Purchaser(s) (i) in respect of the Initial Stream Agreements
or, (ii) after the Stream Security Release Date has occurred in respect of all Initial Stream Agreements, in respect of all Stream
Agreements, are then entitled to make a demand under any Security SPV Guarantee to the extent permitted under Clause 6.6 (Permitted
Enforcement: Stream Purchasers).

 

    	 	65	 

     

    

 

		(c)	Prior to the Senior Discharge Date, the Majority Stream Purchaser(s) in respect of any Stream Agreement
are entitled to make a demand under the relevant Security SPV Guarantee if a Senior Creditor has made a demand under a Security SPV Guarantee.

 

		13.3	Enforcement Instructions

 

		(a)	The Security SPV may refrain from enforcing the Transaction Security unless a demand has been made under
a Security SPV Guarantee.

 

		(b)	Subject to the Transaction Security having become enforceable in accordance with its terms and demand(s) having
been made under the relevant Security SPV Guarantee(s):

 

		(i)	subject to Clause 4.3 (Restriction on Enforcement: Senior Creditors), the Intercreditor Agent
(acting on behalf of, and on the instructions of, the Instructing Group); or

 

		(ii)	to the extent permitted to enforce or to require the enforcement of the Transaction Security prior to
the Senior Discharge Date under Clause 6.6 (Permitted Enforcement: Stream Purchasers), the Intercreditor Agent (acting on
behalf of, and on the instructions of, the Majority Stream Purchaser(s) in respect of any Initial Stream Agreement),

 

may give or refrain from giving instructions
to the Security SPV to enforce or refrain from enforcing the Transaction Security as it sees fit.

 

		(c)	The Security SPV is entitled to rely on and comply with instructions given in accordance with Clause 13.2
(Demands under Security SPV Guarantees) and this Clause 13.3

 

		13.4	Manner of Enforcement

 

If the Transaction Security is being
enforced pursuant to Clause 13.3 (Enforcement Instructions), the Security SPV shall (subject to Clause 4.3 (Restriction
on Enforcement: Senior Creditors)) enforce the Transaction Security in such manner (including the selection of any administrator (or
any analogous officer in any jurisdiction) of any Debtor to be appointed by the Security SPV) as:

 

		(a)	the Instructing Group; or

 

		(b)	prior to the Senior Discharge Date, if

 

		(i)	the Security SPV has, pursuant to paragraph (b) of Clause 13.3 (Enforcement Instructions),
given effect to instructions given by the Stream Instructing Group to enforce the Transaction Security; and

 

		(ii)	the Instructing Group has not given instructions as to the manner of enforcement of the Transaction Security,

 

the Stream Instructing Group,

 

shall instruct (through the Intercreditor
Agent) or, in the absence of any such instructions, as the Security SPV considers in its discretion to be appropriate.

 

		13.5	Waiver of Rights

 

To the extent permitted under applicable
law and subject to Clause 4.3 (Restriction on Enforcement: Senior Creditors), Clause 6.6 (Permitted Enforcement: Stream
Purchasers), Clause 13.3 (Enforcement Instructions), Clause 13.4 (Manner of Enforcement), Clause 15.4
(Fair Value) and Clause 19 (Application of Proceeds), each of the Secured Parties and the Debtors waives all rights
it may otherwise have to require that the Transaction Security be enforced in any particular order or manner or at any particular time
or that any amount received or recovered from any person, or by virtue of the enforcement of any of the Transaction Security or of any
other security interest, which is capable of being applied in or towards discharge of any of the Secured Obligations is so applied.

 

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		13.6	Enforcement Through Security SPV Only

 

The Secured Parties shall not have any
independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any right, power, authority or discretion
arising under the Security Documents except through the Security SPV.

 

		14.	Non-Distressed Disposals

 

		14.1	Definitions

 

In this Clause 14:

 

		(a)	“Disposal Proceeds” means the proceeds of a Non-Distressed Disposal; and

 

		(b)	“Non-Distressed Disposal” means a disposal of:

 

		(i)	an asset of a Debtor; or

 

		(ii)	an asset which is subject to the Transaction Security,

 

to a person or persons outside the Group
where:

 

		(A)	prior to the occurrence of an Acceleration Event, and following the occurrence of a Reversion Event in
respect of that Senior Acceleration Event, the disposal is of Relevant Credits (or relates to the delivery of Relevant Credits), or any
payments, in accordance with an Initial Stream Agreement; or

 

		(B)	each of the following conditions are satisfied:

 

		(1)	(prior to the Senior Facilities Discharge Date) each Senior Agent notifies the Intercreditor Agent and
Security SPV that that disposal is permitted under the relevant Senior Finance Documents (and, if permitted subject to conditions, those
conditions were so satisfied);

 

		(2)	each Stream Purchaser notifies the Intercreditor Agent and Security SPV that that disposal is permitted
under the relevant Stream Agreements (and, if permitted subject to conditions, those conditions were so satisfied); and

 

		(3)	that disposal is not a Distressed Disposal.

 

		14.2	Facilitation of Non-Distressed Disposals

 

		(a)	If a disposal of an asset is a Non-Distressed Disposal, the Security SPV is irrevocably authorised (at
the cost of the Company and without any consent, sanction, authority or further confirmation from any Creditor, other Secured Party or
Debtor) but subject to paragraph (b) below:

 

		(i)	to release the Transaction Security or any other claim (relating to a Debt Document) over that asset;

 

    	 	67	 

     

    

 

		(ii)	where that asset consists of all of the shares in the capital of a Debtor, to release the Transaction
Security or any other claim (relating to a Debt Document) over that Debtor’s Property, but not any of its Stream Liabilities; and

 

		(iii)	to execute and deliver or enter into any release of the Transaction Security or any claim described in
paragraphs (i) and (ii) above and issue any certificates of non-crystallisation of any floating charge or any consent to
dealing that may, in the discretion of the Security SPV, be considered necessary or desirable.

 

		(b)	Each release of Transaction Security or any claim described in paragraph (a) above shall become
effective only on the making of the relevant Non-Distressed Disposal and, where applicable, the satisfaction of conditions (if any) identified
pursuant to paragraphs (ii)(B)(1) and (2) of the definition of Non-Distressed Disposal.

 

		(c)	Notwithstanding any other term of this Agreement, disposals of Relevant Credits (or that relate to the
delivery of Relevant Credits), or other payments further to a Stream Agreement, may be made in accordance with the terms of that Stream
Agreement and the provisions of Clause 18 (Pre-Enforcement Proceeds) at any time until a Senior Acceleration Event has occurred
and following a Reversion Event in respect of that Senior Acceleration Event.

 

		14.3	Disposal Proceeds

 

If any Disposal Proceeds are required
to be applied in mandatory prepayment of the Senior Liabilities or the Stream Liabilities then those Disposal Proceeds shall be applied
in or towards Payment of:

 

		(a)	first, the Senior Liabilities in accordance with the terms of the relevant Senior Facilities Agreements
(without any obligation to apply those amounts towards the Stream Liabilities);

 

		(b)	second, after the discharge in full of the Senior Liabilities, the Stream Liabilities in respect
of each Initial Stream Agreement in accordance with the terms of the relevant Initial Stream Agreements; and

 

		(c)	third, after the discharge in full of the Senior Liabilities and the Stream Liabilities in respect
of each Initial Stream Agreement, the Stream Liabilities in respect of each Additional Stream Agreement in accordance with the terms of
the relevant Additional Stream Agreements,

 

and the consent of any other Party shall
not be required for that application.

 

		15.	Distressed Disposals and Appropriation

 

		15.1	Facilitation of Distressed Disposals and Appropriation

 

Subject to Clause 4.3 (Restriction
on Enforcement: Senior Creditors) and Clause 15.6 (Restriction on Stream Enforcement) and Clause 19.1 (Order of Application),
if a Distressed Disposal or an Appropriation is being effected the Security SPV is irrevocably authorised (at the cost of the Company
and without any consent, sanction, authority or further confirmation from any Creditor, other Secured Party or Debtor):

 

		(a)	release of Transaction Security/non-crystallisation certificates: to release the Transaction Security
or any other claim over the asset (excluding any Stream Liabilities in respect of any Initial Stream Agreement or Management Company Liabilities
which relate or correspond to Stream Liabilities in respect of any Initial Stream Agreements, in circumstances where the relevant asset
is shares in the capital of a Debtor) subject to the Distressed Disposal or Appropriation and execute and deliver or enter into any release
of that Transaction Security or claim and issue any letters of non-crystallisation of any floating charge or any consent to dealing that
may, in the discretion of the Security SPV, be considered necessary or desirable;

 

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		(b)	release of liabilities and Transaction Security on a share sale/Appropriation (Debtor): if the
asset subject to the Distressed Disposal or Appropriation consists of shares in the capital of a Debtor, to release:

 

		(i)	that Debtor and any Subsidiary of that Debtor from all or any part of:

 

		(A)	its Borrowing Liabilities;

 

		(B)	its Guarantee Liabilities;

 

		(C)	its Intra-Group Liabilities;

 

		(D)	its Shareholders Liabilities; and

 

		(E)	its Other Liabilities,

 

but not any of its Stream Liabilities
in respect of any Initial Stream Agreement or Management Company Liabilities which relate or correspond to Stream Liabilities in respect
of any Initial Stream Agreements;

 

		(ii)	any Transaction Security granted by that Debtor or any Subsidiary of that Debtor over any of its assets
but, prior to the Stream Security Release Date in respect of each Initial Stream Agreement, if that Debtor is the Company, this shall
exclude any Transaction Security over any assets of the Company or of any Subsidiary of the Company (with the effect that such Transaction
Security over such assets of the Company or any Subsidiary of the Company shall continue notwithstanding any such Distressed Disposal
or Appropriation of shares in the capital of the Company); and

 

		(iii)	any other claim of an Intra-Group Lender or another Debtor over that Debtor’s assets or over the
assets of any Subsidiary of that Debtor,

 

on behalf of the relevant Creditors and
Debtors;

 

		(c)	facilitative disposal of liabilities on a share sale/Appropriation: if the asset subject to the
Distressed Disposal or Appropriation consists of shares in the capital of a Debtor and the Security SPV is required or instructed (by,
or in accordance with, the terms of this Agreement) to dispose of all or any part of:

 

		(i)	the Liabilities, other than:

 

		(A)	Liabilities due to any Senior Agent or Senior Arranger;

 

		(B)	Stream Liabilities in respect of any Initial Stream Agreement; or

 

		(C)	Management Company Liabilities which relate or correspond to Stream Liabilities in respect of any Initial
Stream Agreements; or

 

		(ii)	the Debtors’ Intra-Group Receivables,

 

owed by that Debtor or any Subsidiary
of that Debtor on the basis that any transferee of those Liabilities or Debtors’ Intra-Group Receivables (the “Transferee”)
will not be treated as a Primary Creditor or a Secured Party for the purposes of this Agreement, to execute and deliver or enter into
any agreement to dispose of all or part of those Liabilities or Debtors’ Intra-Group Receivables on behalf of the relevant Creditors
and Debtors provided that notwithstanding any other provision of any Debt Document the Transferee shall not be treated as a Primary
Creditor or a Secured Party for the purposes of this Agreement;

 

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		(d)	release of Transaction Security on a sale of Core Assets: if the assets subject to the Distressed
Disposal include the Core Assets (and not shares), to release any Transaction Security over such assets immediately after the distribution
to the Creditors of the proceeds of such Distressed Disposal pursuant to Clause 19 (Application of Proceeds);

 

		(e)	sale of liabilities on a share sale/Appropriation: if the asset subject to the Distressed Disposal
or Appropriation consists of shares in the capital of a Debtor and the Security SPV is required or instructed (by, or in accordance with,
the terms of this Agreement) to dispose of all or any part of:

 

		(i)	the Liabilities, other than:

 

		(A)	Liabilities due to any Senior Agent or Senior Arranger;

 

		(B)	Stream Liabilities in respect of any Initial Stream Agreement; or

 

		(C)	Management Company Liabilities which relate or correspond to Stream Liabilities in respect of any Initial
Stream Agreements,

 

(the Liabilities, excluding those set
out in paragraphs (A) to (C) above, being the “Net Liabilities”); or

 

		(ii)	the Debtors’ Intra-Group Receivables,

 

owed by that Debtor or any Subsidiary
of that Debtor on the basis that any transferee of those Liabilities or Debtors’ Intra-Group Receivables will be treated as a Primary
Creditor or a Secured Party for the purposes of this Agreement, to execute and deliver or enter into any agreement to dispose of:

 

		(A)	all (and not part only) of the Net Liabilities owed to the Primary Creditors (other than to any Senior
Agent, any Senior Arranger, Management Company or Initial Stream Purchaser); and

 

		(B)	all or part of any other Net Liabilities (other than Liabilities owed to any Senior Agent, Management
Company or Initial Stream Purchaser) and the Debtors’ Intra-Group Receivables,

 

on behalf of, in each case, the relevant
Creditors and Debtors;

 

		(f)	transfer of obligations in respect of liabilities on a share sale/Appropriation: if the asset subject
to the Distressed Disposal or Appropriation consists of shares in the capital of a Debtor (the “Disposed Entity”) and
the Security SPV is required or instructed (by, or in accordance with, the terms of this Agreement) to transfer to another Debtor (the
 “Receiving Entity”) all or any part of the Disposed Entity’s obligations or any obligations of any Subsidiary
of that Disposed Entity in respect of:

 

		(i)	the Intra-Group Liabilities; or

 

		(ii)	the Debtors’ Intra-Group Receivables,

 

to execute and deliver or enter into any
agreement to:

 

		(A)	agree to the transfer of all or part of the obligations in respect of those Intra-Group Liabilities or
Debtors’ Intra-Group Receivables on behalf of the relevant Intra-Group Lenders and Debtors to which those obligations are owed and
on behalf of the Debtors which owe those obligations; and

 

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		(B)	to accept the transfer of all or part of the obligations in respect of those Intra-Group Liabilities or
Debtors’ Intra-Group Receivables on behalf of the Receiving Entity or Receiving Entities to which the obligations in respect of
those Intra-Group Liabilities or Debtors’ Intra-Group Receivables are to be transferred.

 

		15.2	Form of Consideration for Distressed Disposals and Debt Disposals

 

Subject to Clause 15.6 (Restriction
on Stream Enforcement) and Clause 16.5 (Security SPV Protection), a Distressed Disposal or a Debt Disposal may be made
in whole or in part for consideration in the form of cash or, if not for cash, for Non-Cash Consideration which is acceptable to the Security
SPV with the consent of the Instructing Group and, to the extent Stream Purchasers are permitted to take Enforcement Action further to
Clause 6.6 (Permitted Enforcement: Stream Purchasers), the Majority Stream Purchaser(s) (i) in respect of each Initial
Stream Agreement or, (ii) after the Stream Security Release Date has occurred in respect of all Initial Stream Agreements, in respect
of each Stream Agreement.

 

		15.3	Proceeds of Distressed Disposals and Debt Disposals

 

The net proceeds of each Appropriation,
Distressed Disposal and each Debt Disposal shall be paid, or distributed, to the Security SPV for application in accordance with Clause 19
(Application of Proceeds) and, to the extent that:

 

		(a)	any Liabilities Sale has occurred; or

 

		(b)	any Appropriation or Distressed Disposal has occurred,

 

as if that Liabilities Sale, or any
reduction in the Secured Obligations resulting from that Appropriation or Distressed Disposal, had not occurred.

 

		15.4	Fair Value

 

In the case of:

 

		(a)	a Distressed Disposal; or

 

		(b)	a Liabilities Sale,

 

effected by, or at the request of, the
Security SPV, the Security SPV shall obtain a fair market value having regard to the prevailing market conditions (though the Security
SPV shall have no obligation to postpone (or request the postponement of) any Distressed Disposal or Liabilities Sale in order to achieve
a higher value).

 

		15.5	Fair Value – Safe Harbours

 

		(a)	The Security SPV may seek to satisfy the requirement in Clause 15.4 (Fair Value) in any manner.

 

		(b)	Without prejudice to the generality of paragraph (a) above, the requirement in Clause 15.4
(Fair Value) shall be satisfied (and as between the Creditors and the Debtors shall be conclusively presumed to be satisfied) and
the Security SPV will be taken to have discharged all its obligations in this respect under this Agreement, the other Debt Documents and
generally at law if:

 

		(i)	that Distressed Disposal or Liabilities Sale is made pursuant to any process or proceedings approved or
supervised by or on behalf of any court of law;

 

		(ii)	that Distressed Disposal or Liabilities Sale is made by, at the direction of or under the control of,
a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer (or any analogous officer
in any jurisdiction) appointed in respect of a Debtor or the assets of a Debtor;

 

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		(iii)	that Distressed Disposal or Liabilities Sale is made pursuant to a Competitive Sales Process; or

 

		(iv)	a Financial Adviser appointed by the Security SPV pursuant to Clause 15.7 (Appointment of Financial
Adviser) has delivered a Fairness Opinion to the Security SPV in respect of that Distressed Disposal or Liabilities Sale.

 

		15.6	Restriction on Stream Enforcement

 

If, prior to the Senior Discharge Date,
a Distressed Disposal or a Liabilities Sale is being effected at a time when the Majority Stream Purchaser(s) in respect of any Stream
Agreement are entitled to give, and have given, instructions under Clause 13.4 (Manner of Enforcement) on which the Security
SPV is acting:

 

		(a)	the Security SPV is not authorised to release any Debtor from any Borrowing Liabilities or Guarantee Liabilities
owed to any Senior Creditor unless those Borrowing Liabilities or Guarantee Liabilities and any other Senior Liabilities will be paid
(or repaid) in full (or, in the case of any contingent Liability relating to a Letter of Credit, made the subject of cash collateral arrangements
acceptable to the relevant Senior Creditor) by no later than that release; and

 

		(b)	no Distressed Disposal or Debt Disposal may be made for Non-Cash Consideration unless the prior consent
of the Instructing Group and the Majority Stream Purchaser(s) (i) in respect of each Initial Stream Agreement or, (ii) after
the Stream Security Release Date has occurred in respect of all Initial Stream Agreements, in respect of each Stream Agreement is obtained.

 

		15.7	Appointment of Financial Adviser

 

		(a)	The Security SPV shall engage, or approve the engagement of a Financial Adviser, on such terms (in each
case, subject to Clause 15.7(c)) as it may consider appropriate (including restrictions on that Financial Adviser’s liability and
the extent to which any advice, valuation or opinion may be relied on or disclosed)), and shall pay for and rely on the services of such
Financial Adviser to provide advice (including, if required, a valuation or an opinion) in connection with:

 

		(i)	a Distressed Disposal or a Debt Disposal;

 

		(ii)	the application or distribution of any proceeds of a Distressed Disposal or a Debt Disposal; or

 

		(iii)	any amount of Non-Cash Consideration which is subject to Clause 11.2 (Turnover by the Creditors).

 

		(b)	For the purposes of paragraph (a) above, the Security SPV shall act:

 

		(i)	if the Financial Adviser is providing a valuation for the purposes of Clause 16.2 (Cash Value
of Non-Cash Recoveries):

 

		(A)	on the instructions of the Instructing Group; or

 

		(B)	to the extent Stream Purchasers are permitted to take Enforcement Action further to Clause 6.6 (Permitted
Enforcement: Stream Purchasers), on the instructions of the Stream Instructing Group, but without prejudice to the rights of the Instructing
Group to give such instructions; or

 

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		(ii)	otherwise in accordance with Clause 15.8 (Security SPV’s Actions).

 

		(c)	Without prejudice to, and subject to, Clause 15.4 (Fair Value), the Financial Adviser shall be
appointed on terms requiring it to do all such things which are reasonably practicable in the circumstances to:

 

		(i)	maximise returns for the benefit of the Primary Creditors pursuant to any Competitive Sales Process; and

 

		(ii)	ensure, as far as possible, that a fair and reasonable process is pursued in conducting any Competitive
Sales Process which is implemented in accordance with good market practice.

 

		15.8	Security SPV’s Actions

 

For the purposes of Clause 15.1
(Facilitation of Distressed Disposals and Appropriation), Clause 15.2 (Form of Consideration for Distressed Disposals
and Debt Disposals), Clause 15.4 (Fair Value) and Clause 15.5 (Fair Value – Safe Harbours), the Security
SPV shall act:

 

		(a)	in the case of an Appropriation or if the relevant Distressed Disposal is being effected by way of enforcement
of the Transaction Security, in accordance with Clause 13.4 (Manner of Enforcement); and

 

		(b)	in any other case:

 

		(i)	on the instructions of the Instructing Group;

 

		(ii)	to the extent Stream Purchasers are permitted to take Enforcement Action further to Clause 6.6 (Permitted
Enforcement: Stream Purchasers), on the instructions of the Stream Instructing Group, but without prejudice to the rights of the Instructing
Group to give such instructions; or

 

		(iii)	in the absence of any such instructions, as the Security SPV sees fit,

 

in each case, without prejudice to the
obligations of the Security SPV, the Senior Creditors and the Stream Purchasers under Clause 4.3 (Restriction on Enforcement:
Senior Creditors).

 

		16.	Non-Cash Recoveries

 

		16.1	Security SPV and Non-Cash Recoveries

 

To the extent the Security SPV receives
or recovers any Non-Cash Recoveries, it may (acting on the instructions of the Instructing Group or, to the extent Stream Purchasers are
permitted to take Enforcement Action further to Clause 6.6 (Permitted Enforcement: Stream Purchasers) but without prejudice to
the rights of the Instructing Group to give such instructions, the Stream Instructing Group) but without prejudice to its ability to exercise
discretion under Clause 19.2 (Prospective Liabilities)):

 

		(a)	distribute those Non-Cash Recoveries pursuant to Clause 19 (Application of Proceeds) as if
they were Cash Proceeds;

 

		(b)	hold, manage, exploit, collect, realise and dispose of those Non-Cash Recoveries; and

 

		(c)	distribute any resulting Cash Proceeds pursuant to Clause 19 (Application of Proceeds).

 

		16.2	Cash Value of Non-Cash Recoveries

 

		(a)	The cash value of any Non-Cash Recoveries shall be determined by reference to a valuation obtained by
the Security SPV from a Financial Adviser appointed by the Security SPV pursuant to Clause 15.7 (Appointment of Financial Adviser)
taking into account any notional conversion made pursuant to Clause 19.5 (Currency Conversion).

 

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		(b)	If any Non-Cash Recoveries are distributed pursuant to Clause 19 (Application of Proceeds),
the extent to which such distribution is treated as discharging the Liabilities shall be determined by reference to the cash value of
those Non-Cash Recoveries determined pursuant to paragraph (a) above.

 

		16.3	Senior Agents and Non-Cash Recoveries

 

		(a)	Subject to paragraph (b) below and to Clause 16.4 (Alternative to Non-Cash Consideration),
if, pursuant to Clause 19.1 (Order of Application), a Senior Agent receives Non-Cash Recoveries for application towards the
discharge of any Liabilities, that Senior Agent shall apply those Non-Cash Recoveries in accordance with the relevant Senior Facilities
Agreement or Stream Agreement (as the case may be) as if they were Cash Proceeds.

 

		(b)	A Senior Agent may:

 

		(i)	use any reasonably suitable method of distribution, as it may determine in its discretion, to distribute
those Non-Cash Recoveries in the order of priority that would apply under the relevant Senior Facilities Agreement or Stream Agreement
(as the case may be) if those Non-Cash Recoveries were Cash Proceeds;

 

		(ii)	hold any Non-Cash Recoveries through another person; and

 

		(iii)	hold any amount of Non-Cash Recoveries for so long as that Senior Agent shall think fit for later application
pursuant to paragraph (a) above.

 

		16.4	Alternative to Non-Cash Consideration

 

		(a)	If any Non-Cash Recoveries are to be distributed pursuant to Clause 19 (Application of Proceeds),
the Security SPV shall (prior to that distribution and taking into account the Liabilities then outstanding and the cash value of those
Non-Cash Recoveries) notify the Primary Creditors entitled to receive those Non-Cash Recoveries pursuant to that distribution (the “Entitled
Creditors”).

 

		(b)	If:

 

		(i)	it would be unlawful for an Entitled Creditor to receive such Non-Cash Recoveries (or it would otherwise
conflict with that Entitled Creditor’s constitutional documents for it to do so); and

 

		(ii)	that Entitled Creditor promptly so notifies the Security SPV and supplies such supporting evidence as
the Security SPV may reasonably require,

 

that Primary Creditor shall be a “Cash
Only Creditor” and the Non-Cash Recoveries to which it is entitled shall be “Retained Non-Cash”.

 

		(c)	To the extent that, in relation to any distribution of Non-Cash Recoveries, there is a Cash Only Creditor:

 

		(i)	the Security SPV shall not distribute any Retained Non-Cash to that Cash Only Creditor (or to any Senior
Agent on behalf of that Cash Only Creditor) but shall otherwise treat the Non-Cash Recoveries in accordance with this Agreement;

 

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		(ii)	if that Cash Only Creditor is a Senior Facility Creditor or a Stream Purchaser the Security SPV shall
notify the relevant Senior Agent of that Cash Only Creditor’s identity and its status as a Cash Only Creditor; and

 

		(iii)	to the extent notified pursuant to paragraph (ii) above, no Senior Agent shall distribute any
of those Non-Cash Recoveries to that Cash Only Creditor.

 

		(d)	Subject to Clause 16.5 (Security SPV Protection), the Security SPV shall hold any Retained
Non-Cash and shall, acting on the instructions of the Cash Only Creditor entitled to it, manage, exploit, collect, realise and dispose
of that Retained Non-Cash for cash consideration and shall distribute any Cash Proceeds of that Retained Non-Cash to that Cash Only Creditor
in accordance with Clause 19 (Application of Proceeds). To the extent that the Cash Proceeds of that Retained Non-Cash are
less than the remaining Senior Liabilities or Stream Liabilities (as applicable) owed to such Cash Only Creditor then the balance of Senior
Liabilities or Stream Liabilities (as applicable) shall remain outstanding.

 

		(e)	On any such distribution of Cash Proceeds which are attributable to a disposal of any Retained Non-Cash,
the extent to which such distribution is treated as discharging the Liabilities due to the relevant Cash Only Creditor shall be determined
by reference to:

 

		(i)	the valuation which determined the extent to which the distribution of the Non-Cash Recoveries to the
other Entitled Creditors discharged the Liabilities due to those Entitled Creditors; and

 

		(ii)	the Retained Non-Cash to which those Cash Proceeds are attributable.

 

To the extent that the Cash Proceeds of
that Retained Non-Cash are less than the remaining Senior Liabilities or Stream Liabilities (as applicable) owed to such Cash Only Creditor
then the balance of Senior Liabilities or Stream Liabilities (as applicable) shall remain outstanding.

 

		(f)	Each Primary Creditor shall, following a request by the Security SPV (acting in accordance with Clause 15.8
(Security SPV’s Actions)), notify the Security SPV of the extent to which paragraph (b)(i) above would apply to
it in relation to any distribution or proposed distribution of Non-Cash Recoveries.

 

		16.5	Security SPV Protection

 

		(a)	No Distressed Disposal or Debt Disposal may be made in whole or part for Non-Cash Consideration if the
Security SPV has reasonable grounds for believing that its receiving, distributing, holding, managing, exploiting, collecting, realising
or disposing of that Non-Cash Consideration would be illegal or a breach of any applicable law.

 

		(b)	If Non-Cash Consideration is distributed to the Security SPV pursuant to Clause 11.2 (Turnover
by the Creditors) the Security SPV may, at any time after notifying the Creditors entitled to that Non-Cash Consideration and notwithstanding
any instruction from a Creditor or group of Creditors pursuant to the terms of any Debt Document, immediately realise and dispose of that
Non-Cash Consideration for cash consideration (and distribute any Cash Proceeds of that Non-Cash Consideration to the relevant Creditors
in accordance with Clause 19 (Application of Proceeds)) if the Security SPV has reasonable grounds for believing that holding,
managing, exploiting or collecting that Non-Cash Consideration would be illegal or a breach of any applicable law.

 

		(c)	If the Security SPV holds Retained Non-Cash for a Cash Only Creditor (each as defined in Clause 16.4
(Alternative to Non-Cash Consideration)) the Security SPV may at any time, after notifying that Cash Only Creditor and notwithstanding
any instruction from a Creditor or group of Creditors pursuant to the terms of any Debt Document, immediately realise and dispose of that
Retained Non-Cash for cash consideration (and distribute any Cash Proceeds of that Retained Non-Cash to that Cash Only Creditor in accordance
with Clause 19 (Application of Proceeds)) if the Security SPV has reasonable grounds for believing that holding, managing,
exploiting or collecting that Retained Non-Cash would be illegal or a breach of any applicable law.

 

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		17.	Further Assurance – Disposals and Releases

 

Each Creditor and Debtor will:

 

		(a)	do all things that the Security SPV requests in order to give effect to Clause 4.3 (Restriction
on Enforcement: Senior Creditors), Clause 6.6 (Permitted Enforcement: Stream Purchasers), Clause 14 (Non-Distressed
Disposals) and Clause 15 (Distressed Disposals and Appropriation) or any of the transactions contemplated thereby (which
shall include the execution of any assignments, transfers, releases or other documents that the Security SPV may consider to be necessary
to give effect to the releases or disposals contemplated by those Clauses), subject in each case to the restrictions therein; and

 

		(b)	if the Security SPV is not entitled to take any of the actions contemplated by those Clauses, subject
in each case to the restrictions therein, or if the Security SPV requests that any Creditor or Debtor take any such action, take that
action itself in accordance with the instructions of the Security SPV,

 

provided that the proceeds of
any disposals are applied in accordance with Clause 14 (Non-Distressed Disposals), Clause 15 (Distressed Disposals
and Appropriation) or Clause 19.1 (Order of Application) as the case may be and further provided that this Clause 17
shall not require the Stream Purchasers in respect of the Initial Stream Agreements to release or allow the Security SPV to release any
of the Stream Liabilities in respect of the Initial Stream Agreements in connection with a disposal of shares in the capital of any Debtor.

 

Section 6

Proceeds and New/Refinancing of Liabilities

 

		18.	Pre-Enforcement Proceeds

 

		18.1	Company

 

Prior to a Senior Acceleration Event,
or following the occurrence of a Reversion Event in respect of that Senior Acceleration Event, on any date on which a payment or delivery
of Relevant Credits is due to be made by the Company, the Company shall apply all amounts standing to the credit of its bank or bullion
accounts in or towards payment or delivery (as applicable) of the amounts referred to in (a) to (f) (inclusive) below in the
following manner and, if payment or delivery (as applicable) is due in respect of more than one such item on such date, in the following
order (together in each case with any applicable VAT or other Taxes thereon):

 

		(a)	all costs, charges, fees and expenses of the Senior Agents, the Senior Arrangers and the Security SPV
due under the Senior Finance Documents on a pari passu and pro rata basis;

 

		(b)	on a pari passu and pro rata basis between and among items (i) and (ii):

 

		(i)	Project Costs; and

 

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		(ii)	any Payment which relates to the purchase or delivery of Relevant Credits in order to satisfy any delivery
of Relevant Credits pursuant to a Management Company Agreement in connection with an Initial Stream Agreement (provided that no
Insolvency Event has occurred in relation to the Management Company) or an Initial Stream Agreement (including any payment in respect
of a Tax Deduction as defined in each Initial Stream Agreement) on a pari passu and pro rata (based on the relative value
of such Relevant Credits (including any payment in respect of any such Tax Deduction)) basis,

 

provided that the above shall specifically
exclude any Payments of Stream Liabilities which are due and payable pursuant to a Stream Termination Notice in accordance with Clause
6.6 (Permitted Enforcement: Stream Purchasers);

 

		(c)	such other payments in respect of Senior Liabilities as may be required under, and in the order prescribed
in, the Senior Finance Documents;

 

		(d)	Payments of any Stream Liabilities under an Initial Stream Agreement (in each case other than any paid
under (b)(ii) above) on a pari passu and pro rata (based on the relative value of such Stream Liabilities) basis;

 

		(e)	Payments of any Stream Liabilities under an Additional Stream Agreement; and

 

		(f)	such other payments to any person as may be permitted under the Senior Finance Documents and the Stream
Documents.

 

Such application
shall be without prejudice (prior to an Insolvency Event in respect of the Company or the Management Company) to the rights of the Company
to set off the value of any Relevant Credits delivered by it to the Management Company or to any Stream Purchaser against any Management
Company Liabilities.

 

		18.2	Management Company

 

Prior to a Senior Acceleration Event,
or following the occurrence of a Reversion Event in respect of that Senior Acceleration Event, on any date on which a payment is due to
be made by the Management Company, the Management Company shall apply all amounts standing to the credit of its bank or bullion accounts
in or towards payment or delivery (as applicable) of the amounts referred to in paragraphs (a) to (e) (inclusive) below in the
following manner and, if payment or delivery (as applicable) is due in respect of more than one such item on such date, in the following
order (together in each case with any applicable VAT or other Taxes thereon):

 

		(a)	provided that no Insolvency Event has occurred in respect of the Company, Payments due to the Company
under any of the Management Company Agreements on a pari passu and pro rata basis;

 

		(b)	delivery of Relevant Credits due, and any Payment which relates to the purchase of Relevant Credits in
order to satisfy any delivery of Relevant Credits pursuant to an Initial Stream Agreement (including any payment in respect of a Tax Deduction
as defined in each Initial Stream Agreement), on a pari passu and pro rata (based on the relative value of such Relevant
Credits (including any payment in respect of any such Tax Deduction)) basis;

 

		(c)	such other payments in respect of Senior Liabilities as may be required under, and in the order prescribed
in, the Senior Finance Documents;

 

		(d)	Payments of any Stream Liabilities under an Initial Stream Agreement (in each case other than any paid
under (b) above) on a pari passu and pro rata (based on the relative value of such Stream Liabilities) basis; and

 

		(e)	Payments of any Stream Liabilities under an Additional Stream Agreement.

 

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Such application shall be without prejudice
(prior to an Insolvency Event in respect of the Company or the Management Company) to the rights of the Management Company to set off
the value of any Relevant Credits delivered by it to any Stream Purchaser against any Management Company Liabilities.

 

		19.	Application of Proceeds

 

		19.1	Order of Application

 

Subject to Clauses 19.2 (Prospective
Liabilities) and 19.3 (Treatment of SFA Cash Cover and Senior Lender Cash Collateral), after a Senior Acceleration Event
and until such time as a Reversion Event occurs in respect of that Senior Acceleration Event, all amounts from time to time held, received
or recovered by the Security SPV pursuant to the terms of any Debt Document or in connection with the realisation or enforcement of all
or any part of the Transaction Security and all amounts standing to the credit of any Project Accounts, bank or bullion accounts which
are subject to the Transaction Security (for the purposes of this Clause 19, the “Recoveries”) shall be held by
the Security SPV on trust and applied by the Security SPV, to the extent permitted by applicable law (and subject to the provisions of
this Clause 19), in the following order of priority:

 

		(a)	in discharging any sums owing to the Security SPV, the Intercreditor Agent, each Senior Agent, any Receiver
or any Delegate;

 

		(b)	in discharging all costs and expenses incurred by any Primary Creditor in connection with any realisation
or enforcement of the Transaction Security taken in accordance with the terms of this Agreement or any action taken at the request of
the Security SPV under Clause 10.6 (Further Assurance – Insolvency Event) on a pari passu and pro rata
basis;

 

		(c)	in payment or distribution to:

 

		(i)	each Senior Agent on its own behalf and on behalf of the corresponding Senior Creditors for which it acts
as agent; and

 

		(ii)	the Senior Hedge Counterparties;

 

for application towards the discharge
of:

 

		(iii)	the Senior Liabilities (in accordance with the terms of the Senior Finance Documents, on a pro rata
basis between the Senior Liabilities of each relevant Senior Creditor); and

 

		(iv)	the Senior Hedging Liabilities (on a pro rata basis between the Senior Hedging Liabilities of each
Senior Hedge Counterparty);

 

on a pro rata basis between paragraph (i) above
and paragraph (ii) above;

 

		(d)	on a pari passu and pro rata (based on the relative value of the relevant Stream Liabilities)
basis in payment or distribution to each Initial Stream Purchaser which has made a demand under a Security SPV Guarantee or claimed any
payment or delivery under an Initial Stream Agreement (where, in each case, it is entitled to do so) for application (in accordance with
the terms of the Initial Stream Agreements) towards the discharge of the relevant Stream Liabilities (to which that demand or claim relates)
under the relevant Initial Stream Agreement;

 

		(e)	on a pari passu and pro rata basis in payment or distribution to each Additional Stream
Purchaser for application (in accordance with the terms of the Additional Stream Agreements) towards the discharge of the relevant Stream
Liabilities under the relevant Additional Stream Agreements; and

 

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		(f)	if none of the Debtors is under any further actual or contingent liability under any Senior Finance Document
or Stream Agreement, in payment or distribution to any person to whom the Security SPV is obliged to pay or distribute in priority to
any Debtor; and

 

		(g)	the balance, if any, in payment or distribution to the relevant Debtor.

 

		19.2	Prospective Liabilities

 

Following an Acceleration Event and
until such time as a Reversion Event occurs in relation to that Acceleration Event (if applicable), the Security SPV may, in its discretion:

 

		(a)	hold any amount of the Recoveries which is in the form of cash, and any cash which is generated by holding,
managing, exploiting, collecting, realising or disposing of any Non-Cash Consideration, in one or more interest bearing suspense or impersonal
accounts in the name of the Security SPV with such financial institution (including itself) as the Security SPV shall think fit (the interest
being credited to the relevant account); and

 

		(b)	hold, manage, exploit, collect and realise any amount of the Recoveries which is in the form of Non-Cash
Consideration,

 

in each case for so long as the Security
SPV shall think fit for later application under Clause 19.1 (Order of Application) in respect of:

 

		(i)	any sum to any Security SPV, any Receiver or any Delegate; and

 

		(ii)	any part of the Liabilities,

 

that the Security SPV reasonably considers,
in each case, might become due or owing at any time in the future.

 

		19.3	Treatment of SFA Cash Cover and Senior Lender Cash Collateral

 

		(a)	Nothing in this Agreement shall prevent any Issuing Bank taking any Enforcement Action in respect of any
SFA Cash Cover which has been provided for it in accordance with the relevant Senior Facilities Agreement.

 

		(b)	To the extent that any SFA Cash Cover is not held with the Relevant Issuing Bank, all amounts from time
to time received or recovered in connection with the realisation or enforcement of that SFA Cash Cover shall be paid to the Security SPV
and shall be held by the Security SPV on trust to apply them at any time as the Security SPV (in its discretion) sees fit, to the extent
permitted by applicable law, in the following order of priority:

 

		(i)	to the Relevant Issuing Bank towards the discharge of the Senior Liabilities for which that SFA Cash Cover
was provided; and

 

		(ii)	the balance, if any, in accordance with Clause 19.1 (Order of Application).

 

		(c)	To the extent that any SFA Cash Cover is held with the Relevant Issuing Bank, nothing in this Agreement
shall prevent that Relevant Issuing Bank receiving and retaining any amount in respect of that SFA Cash Cover.

 

		(d)	Nothing in this Agreement shall prevent any Issuing Bank receiving and retaining any amount in respect
of any Senior Lender Cash Collateral provided for it in accordance with the relevant Senior Facilities Agreement.

 

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		19.4	Investment of Cash Proceeds

 

Prior to the application of the proceeds
of the Security Property in accordance with Clause 19.1 (Order of Application) the Security SPV may, in its discretion, hold
all or part of any Cash Proceeds in one or more interest bearing suspense or impersonal accounts in the name of the Security SPV with
such financial institution (including itself) and for so long as the Security SPV shall think fit (the interest being credited to the
relevant account) pending the application from time to time of those monies in the Security SPV’s discretion in accordance with
the provisions of this Clause 19, but without prejudice to the Security SPV’s obligation to distribute such Cash Proceeds in
accordance with Clause 19.1 (Order of Application).

 

		19.5	Currency Conversion

 

		(a)	For the purpose of, or pending the discharge of, any of the Secured Obligations the Security SPV may:

 

		(i)	convert any moneys received or recovered by the Security SPV (including any Cash Proceeds) from one currency
to another, at the Security SPV’s Spot Rate of Exchange; and

 

		(ii)	notionally convert the valuation provided in any opinion or valuation from one currency to another, at
the Security SPV’s Spot Rate of Exchange.

 

		(b)	The obligations of any Debtor to pay in the due currency shall only be satisfied:

 

		(i)	in the case of paragraph (a)(i) above, to the extent of the amount of the due currency purchased
after deducting the costs of conversion; and

 

		(ii)	in the case of paragraph (a)(ii) above, to the extent of the amount of the due currency which
results from the notional conversion referred to in that paragraph.

 

		19.6	Permitted Deductions

 

The Security SPV shall be entitled,
in its discretion, (a) to set aside by way of reserve amounts required to meet and (b) to make and pay, any deductions and withholdings
(on account of Taxes or otherwise) which it is or may be required by any law or regulation to make from any distribution or payment made
by it under this Agreement, and to pay all Taxes which may be assessed against it in respect of any of the Charged Property, or as a consequence
of performing its duties or exercising its rights, powers, authorities and discretions, or by virtue of its capacity as Security SPV under
any of the Debt Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

 

		19.7	Good Discharge

 

		(a)	Any distribution or payment to be made in respect of the Secured Obligations by the Security SPV:

 

		(i)	may be made to the relevant Senior Agent on behalf of its Primary Creditors;

 

		(ii)	may be made to the Relevant Issuing Bank in accordance with paragraph (b)(i) of Clause 19.3
(Treatment of SFA Cash Cover and Senior Lender Cash Collateral) or

 

		(iii)	shall be made directly to the Senior Hedge Counterparties or the Stream Purchasers (as applicable).

 

		(b)	Any distribution or payment made as described in paragraph (a) above shall be a good discharge,
to the extent of that payment or distribution, by the Security SPV:

 

		(i)	in the case of a payment made in cash, to the extent of that payment; and

 

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		(ii)	in the case of a distribution of Non-Cash Recoveries, as determined by Clause 16.2 (Cash Value
of Non-Cash Recoveries).

 

		(c)	The Security SPV is under no obligation to make the payments to the Senior Agent, Senior Hedge Counterparties
or Stream Purchasers under paragraph (a) above in the same currency as that in which the Liabilities owing to the relevant Primary
Creditor are denominated pursuant to the relevant Debt Document.

 

		19.8	Calculation of Amounts

 

For the purpose of calculating any person’s
share of any amount payable to or by it, the Security SPV shall be entitled to:

 

		(a)	notionally convert the Liabilities owed to any person into a common base currency (decided in its discretion
by the Security SPV), that notional conversion to be made at the spot rate at which the Security SPV is able to purchase the notional
base currency with the actual currency of the Liabilities owed to that person at the time at which that calculation is to be made; and

 

		(b)	assume that all amounts received or recovered as a result of the enforcement or realisation of the Security
Property are applied in discharge of the Liabilities in accordance with the terms of the Debt Documents under which those Liabilities
have arisen.

 

		20.	Equalisation

 

		20.1	Equalisation Definitions

 

For the purposes of this Clause 20:

 

“Enforcement Date”
means the first date (if any) on which a Senior Creditor takes enforcement action of the type described in paragraphs (a)(i), (a)(iii),
(a)(iv) or (c) of the definition of “Enforcement Action” in accordance with the terms of this Agreement.

 

“Exposure” means:

 

		(a)	in relation to a Senior Lender, the aggregate amount of its participation (if any, and without double
counting) in all Utilisations outstanding under the Senior Facilities Agreement at the Enforcement Date (assuming all contingent liabilities
which have become actual liabilities since the Enforcement Date to have been actual liabilities at the Enforcement Date (but not including,
for these purposes only, any interest that would have accrued from the Enforcement Date to the date of actual maturity in respect of those
liabilities) and assuming any transfer of claims between Senior Lenders pursuant to any loss-sharing arrangement in the Senior Facilities
Agreement which has taken place since the Enforcement Date to have taken place at the Enforcement Date) together with the aggregate amount
of all accrued interest, fees and commission owed to it under the Senior Facilities Agreement but excluding any amount outstanding in
respect of a Letter of Credit to the extent (and in the amount) that SFA Cash Cover has been provided by a Debtor in respect of that amount
and is available to the party it has been provided for pursuant to the relevant SFA Cash Cover Document; and

 

		(b)	in relation to a Senior Hedge Counterparty:

 

		(i)	if that Senior Hedge Counterparty has terminated or closed out any hedging transaction under any Senior
Hedging Agreement in accordance with the terms of this Agreement on or prior to the Enforcement Date, the net amount, if any, payable
to it under that Senior Hedging Agreement in respect of that termination or close-out as of the date of termination or close-out (taking
into account any interest accrued on that amount) to the extent that amount is unpaid at the Enforcement Date (that amount to be certified
by the relevant Senior Hedge Counterparty and as calculated in accordance with the relevant Senior Hedging Agreement); and

 

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		(ii)	if that Senior Hedge Counterparty has not terminated or closed out any hedging transaction under any Senior
Hedging Agreement on or prior to the Enforcement Date:

 

		(A)	if the relevant Senior Hedging Agreement is based on an ISDA Master Agreement the amount, if any, which
would be payable to it under that Senior Hedging Agreement in respect of that hedging transaction if the Enforcement Date was deemed to
be an Early Termination Date (as defined in the relevant ISDA Master Agreement) for which the relevant Debtor is the Defaulting Party
(as defined in the relevant ISDA Master Agreement); or

 

		(B)	if the relevant Senior Hedging Agreement is not based on an ISDA Master Agreement, the net amount, if
any, which would be payable to it under that Senior Hedging Agreement in respect of that hedging transaction if the Enforcement Date was
deemed to be the date on which an event similar in meaning and effect (under that Senior Hedging Agreement) to an Early Termination Date
(as defined in any ISDA Master Agreement) occurred under that Senior Hedging Agreement for which the relevant Debtor is in a position
similar in meaning and effect (under that Senior Hedging Agreement) to that of a Defaulting Party (under and as defined in the same ISDA
Master Agreement),

 

that amount, in each case, to be certified
by the relevant Senior Hedge Counterparty and as calculated in accordance with the relevant Senior Hedging Agreement.

 

“Utilisation” means
a “Utilisation” under and as defined in any Senior Facilities Agreement.

 

		20.2	Implementation of Equalisation

 

		(a)	The provisions of this Clause 20 shall be applied at such time or times after the Enforcement Date
as the Security SPV shall consider appropriate.

 

		(b)	Without prejudice to the generality of paragraph (a) above, if the provisions of this Clause 20
have been applied before all the Liabilities have matured and/or been finally quantified, the Security SPV may elect to re-apply those
provisions on the basis of revised Exposures and the Senior Creditors shall make appropriate adjustment payments amongst themselves.

 

		20.3	Equalisation

 

If, for any reason, any Senior Liabilities
remain unpaid after the Enforcement Date and the resulting losses are not borne by the Senior Lenders and the Senior Hedge Counterparties
in the proportions which their respective Exposures at the Enforcement Date bore to the aggregate Exposures of all the Senior Lenders
and the Senior Hedge Counterparties at the Enforcement Date, the Senior Lenders and the Senior Hedge Counterparties will make such payments
amongst themselves as the Security SPV shall require to put the Senior Lenders and the Senior Hedge Counterparties in such a position
that (after taking into account such payments) those losses are borne in those proportions.

 

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		20.4	Turnover of Enforcement Proceeds

 

If:

 

		(a)	the Security SPV or a Senior Agent is not entitled, for reasons of applicable law, to pay or distribute
amounts received pursuant to the making of a demand under any guarantee, indemnity or other assurance against loss or the enforcement
of the Transaction Security to the Senior Creditors, which amounts would otherwise be payable to the Senior Creditors in accordance with
the terms of this Agreement, but is entitled to pay or distribute those amounts to Primary Creditors (such Primary Creditors, the “Receiving
Creditors”) who, in accordance with the terms of this Agreement, are subordinated in right and priority of payment to the Senior
Creditors; and

 

		(b)	the Senior Discharge Date has not yet occurred (nor would occur after taking into account such payments),

 

then, subject to complying with applicable
law, the Receiving Creditors shall make such payments or distributions to the Senior Creditors as the Security SPV shall require to place
the Senior Creditors in the position they would have been in had such amounts been available for application against the Senior Liabilities,
less all reasonable costs and expenses incurred by the Receiving Creditors in connection with such payments or distributions.

 

		20.5	Notification of Exposure

 

Before each occasion on which it intends
to implement the provisions of this Clause 20 , the Security SPV shall send notice to each Senior Hedge Counterparty and each Senior
Agent (on behalf of the Senior Lenders) requesting that it notify it of, respectively, its Exposure and that of each Senior Lender (if
any).

 

		20.6	Default in Payment

 

If a Primary Creditor fails to make
a payment due from it under this Clause 20, the Security SPV shall be entitled (but not obliged) to take action on behalf of the
Senior Creditor(s) to whom such payment was to be redistributed (subject to being indemnified to its satisfaction by such Senior
Creditor(s) in respect of costs) but shall have no liability or obligation towards such Senior Creditor(s), any other Senior Creditor
or Primary Creditor as regards such default in payment and any loss suffered as a result of such default shall lie where it falls.

 

		21.	New Senior Facilities Liabilities or Refinancing of Senior Facilities Liabilities

 

		21.1	Acknowledgment

 

Notwithstanding the terms of any Debt
Document to the contrary, it is hereby agreed that the Senior Facilities Liabilities as exist from time to time (for the purposes of this
Clause, the “Original Senior Facilities Liabilities”) may be refinanced, replaced, increased, exchanged or discharged
in whole or in part, and that new liabilities may be created, borrowed or incurred in addition to those Original Senior Facilities Liabilities,
in accordance with this Clause 21 and on terms and in a manner that does not breach the terms of this Agreement (specifically including
Clause 4.2 (Amendments and Waivers: Senior Facilities Creditors)) without the consent of any other Creditors.

 

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		21.2	New Senior Facilities Liabilities

 

Subject to Clause 21.4 (Conditions),
any obligations borrowed or incurred by any Debtor pursuant to the incurrence of new liabilities, whether entirely new or in addition
to the Original Senior Facilities Liabilities existing before the incurrence of any such new liabilities, (which, together with obligations
owed to any relevant Senior Agent and Senior Arranger, shall constitute “Senior New Facility Liabilities”) shall:

 

		(a)	rank as Senior Liabilities in the manner described in Clause 2.1 (Primary Creditor Liabilities);
and

 

		(b)	subject to entry into a corresponding Security SPV Guarantee and Security SPV Counter-Indemnity, be secured
by the Transaction Security in the manner described in Clause 3.2 (Ranking and Priority of Transaction Security).

 

		21.3	Refinancing of Senior Facilities Liabilities

 

Subject to Clause 21.4 (Conditions),
any obligations borrowed or incurred by any Debtor pursuant to the refinancing or replacement of any Senior Facilities Liabilities (which,
together with obligations owed to any relevant Senior Agent and Senior Arranger, shall constitute “Senior Refinancing Facility
Liabilities”) shall:

 

		(a)	rank as Senior Liabilities in the manner described in Clause 2.1 (Primary Creditor Liabilities);
and

 

		(b)	subject to entry into a corresponding Security SPV Guarantee and Security SPV Counter-Indemnity, be secured
by the Transaction Security in the manner described in Clause 3.2 (Ranking and Priority of Transaction Security).

 

		21.4	Conditions

 

In connection with the incurrence of
any Senior New Facility Liabilities or Senior Refinancing Facility Liabilities, the following conditions must be satisfied for such obligations
or liabilities to constitute Senior New Facility Liabilities or Senior Refinancing Facility Liabilities (as applicable):

 

		(a)	any:

 

		(i)	agent of the providers of the refinancing or new financing becomes a Party as a Senior Agent;

 

		(ii)	arranger of the refinancing or new financing becomes a Party as a Senior Arranger; and

 

		(iii)	provider of the refinancing or new financing becomes a Party as a Senior Lender,

 

in each case pursuant to Clause 25.12
(Creditor Accession Undertaking);

 

		(b)	such Senior New Facility Liabilities or Senior Refinancing Facility Liabilities (as the case may be) must
not cause the Senior Facilities Liabilities, in aggregate with any existing Senior Principal not being refinanced or replaced by any such
Senior Refinancing Facility Liabilities), to exceed the applicable Senior Headroom at that time;

 

		(c)	subject to Clause 3.6 (Future Non-Shared Collateral and Non-Shared Guarantee), the facilities made
available under those documents do not benefit from any Security, guarantee, indemnity or other assurance against loss other than that
which is permitted to be taken by the existing Senior Facilities Creditors in respect of the Senior Facilities Liabilities pursuant to
Clause 3.5 (Future Additional Shared Collateral) and Clause 4.4 (Security: Issuing Banks);

 

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		(d)	a Security SPV Guarantee shall be granted in favour of the relevant Senior Facilities Creditors in respect
of the Senior New Facility Liabilities or Senior Refinancing Facility Liabilities (as the case may be);

 

		(e)	a Security SPV Counter-Indemnity shall be granted in favour of the Security SPV in respect of the new
Security SPV Liabilities corresponding to the Security SPV Guarantee issued in respect of the Senior New Facility Liabilities or Senior
Refinancing Facility Liabilities (as the case may be); and

 

		(f)	any:

 

		(i)	agent of the providers of the refinancing or new financing;

 

		(ii)	arranger of the refinancing or new financing; and

 

		(iii)	provider of the refinancing or new financing,

 

accedes as a party to the Senior CTA.

 

		21.5	Documentation

 

The Intercreditor Agent shall provide
to each Stream Purchaser copies of the agreements constituting the Senior New Facility Liabilities or Senior Refinancing Facility Liabilities
(as the case may be) promptly following execution of the same.

 

		22.	New Stream Liabilities

 

		22.1	Acknowledgment

 

Subject to the terms of the Senior CTA
and the Stream Agreements, it is hereby agreed that, in addition to the Stream Liabilities existing from time to time (for the purposes
of this Clause, the “Original Stream Liabilities”), new liabilities may be created or incurred in respect of an Additional
Stream Agreement in addition to the Original Stream Liabilities on terms and in a manner that does not breach the terms of this Agreement,
the Senior Finance Documents or the Stream Agreements without the consent of any other Creditors.

 

		22.2	New Stream Liabilities

 

Subject to Clause 22.3 (Conditions),
any obligations incurred by any Debtor pursuant to the incurrence of new liabilities in addition to the Original Stream Liabilities (the
 “New Stream Liabilities”) shall:

 

		(a)	rank as Additional Stream Liabilities in the manner described in Clause 2.1 (Primary Creditor
Liabilities); and

 

		(b)	subject to entry into of a corresponding Security SPV Guarantee and Security SPV Counter-Indemnity, be
secured by the Transaction Security in the manner described in Clause 3.2 (Ranking and Priority of Transaction Security).

 

		22.3	Conditions

 

In connection with the incurrence of
any New Stream Liabilities, the following conditions must have been satisfied:

 

		(a)	there may only be one purchaser under the Additional Stream Agreement;

 

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		(b)	the purchaser under the Additional Stream Agreement becomes a Party as a Stream Purchaser in respect of
that new arrangement pursuant to Clause 25.12 (Creditor Accession Undertaking);

 

		(c)	if the New Stream Liabilities would, in effect, constitute an amendment to or deletion of any part of
Clause 18 (Pre-Enforcement Proceeds) or Clause 19 (Application of Proceeds) then the Majority Senior Creditors and
the Majority Stream Purchaser(s) in respect of all Stream Agreements shall have consented to such amendment or deletion (at their
sole discretion);

 

		(d)	the sale and purchase arrangements made available under those documents do not benefit from any Security,
guarantee, indemnity or other assurance against loss other than that which is permitted to be taken by the existing Stream Purchasers
in respect of the Stream Liabilities pursuant to Clause 3.5 (Future Additional Shared Collateral);

 

		(e)	a Security SPV Guarantee shall be granted in favour of the relevant Stream Purchasers in respect of the
New Stream Liabilities;

 

		(f)	a Security SPV Counter-Indemnity shall be granted in favour of the Security SPV in respect of the new
Security SPV Liabilities corresponding to the Security SPV Guarantee issued in respect of the New Stream Liabilities;

 

		(g)	the representations, warranties, undertakings and events of default (however described) in the original
form of those documents are not more onerous in any material respect than those applying under each Initial Stream Agreement; and

 

		(h)	the relevant Additional Stream Agreement under which the New Stream Liabilities are created is permitted
under the Senior CTA and each Initial Stream Agreement.

 

Section 7

The Parties

 

		23.	The Intercreditor Agent

 

		23.1	Appointment of the Intercreditor Agent

 

		(a)	Each of the Primary Creditors appoints the Intercreditor Agent to act as its agent under and in connection
with (i) this Agreement and any Security Document to which the Intercreditor Agent is a party, and (ii) to the extent applicable,
any registered Security Document.

 

		(b)	Each of the Primary Creditors authorises the Intercreditor Agent to perform the duties, obligations and
responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Intercreditor Agent under or
in connection with this Agreement together with any other incidental rights, powers, authorities and discretions.

 

		23.2	Instructions

 

		(a)	The Intercreditor Agent shall:

 

		(i)	subject to paragraphs (d) and (e) below, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Intercreditor Agent in accordance with any instructions given to it by:

 

		(A)	the Instructing Group; or

 

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		(B)	the Stream Instructing Group (but only to the extent that they are entitled to give instructions to the
Intercreditor Agent and, indirectly, the Security SPV pursuant to Clause 13 (Enforcement of Transaction Security)); and

 

		(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above
(or, if this Agreement stipulates the matter is a decision for any other Creditor or group of Creditors, in accordance with instructions
given to it by that Creditor or group of Creditors).

 

		(b)	The Intercreditor Agent shall be entitled to request instructions, or clarification of any instruction,
from the Instructing Group or Stream Instructing Group in accordance with Clause 23.2(a)(i) (or, if this Agreement stipulates the
matter is a decision for any other Creditor or group of Creditors, from that Creditor or group of Creditors) as to whether, and in what
manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Intercreditor Agent may refrain
from acting unless and until it receives those instructions or that clarification.

 

		(c)	Save in the case of decisions stipulated to be a matter for any other Creditor or group of Creditors under
this Agreement and unless a contrary intention appears in this Agreement, any instructions given to the Intercreditor Agent by the Instructing
Group shall override any conflicting instructions given by any other Parties and will be binding on all Secured Parties.

 

		(d)	Paragraph (a) above shall not apply:

 

		(i)	where a contrary indication appears in this Agreement;

 

		(ii)	where this Agreement requires the Intercreditor Agent to act in a specified manner or to take a specified
action; or

 

		(iii)	in respect of any provision which protects the Intercreditor Agent’s own position in its personal
capacity as opposed to its role of Intercreditor Agent for the Primary Creditors.

 

		(e)	If giving effect to instructions given by the Instructing Group or Stream Instructing Group in accordance
with Clause 23.2(a)(i) (or, if this Agreement stipulates the matter is a decision for any other Creditor or group of Creditors, from
that Creditor or group of Creditors) would (in the Intercreditor Agent’s opinion) have an effect equivalent to an Intercreditor
Amendment, the Intercreditor Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from
each Party (other than the Intercreditor Agent) whose consent would have been required in respect of that Intercreditor Amendment.

 

		(f)	In exercising any discretion to exercise a right, power or authority under the Debt Documents where it
has not received any instructions as to the exercise of that discretion, the Intercreditor Agent shall:

 

		(i)	other than where paragraph (ii) below applies, do so having regard to the interests of all the
Secured Parties; or

 

		(ii)	if (in its opinion) there is a Creditor Conflict in relation to the matter in respect of which the discretion
is to be exercised, do so having primary regard to the interests of all the Senior Creditors.

 

		(g)	The Intercreditor Agent may refrain from acting in accordance with any instructions of any Creditor or
group of Creditors until it has received any indemnification and/or security that it may in its discretion require (which may be greater
in extent than that contained in the Debt Documents and which may include payment in advance) for any cost, loss or liability (together
with any applicable VAT) which it may incur in complying with those instructions.

 

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		(h)	Subject to the terms and conditions of this Agreement, without prejudice to the provisions of Clause 13
(Enforcement of Transaction Security) and the remainder of this Clause 23.2, in the absence of instructions, the Intercreditor
Agent may act (or refrain from acting) as it considers in its discretion to be appropriate.

 

		23.3	Duties of the Intercreditor Agent

 

		(a)	The Intercreditor Agent’s duties under this Agreement are solely mechanical and administrative in
nature.

 

		(b)	The Intercreditor Agent shall promptly:

 

		(i)	forward to each Senior Agent, Stream Purchaser and to each Senior Hedge Counterparty a copy of any document
received by the Intercreditor Agent from any Debtor under any Debt Document; and

 

		(ii)	forward to a Party the original or a copy of any document which is delivered to the Intercreditor Agent
for that Party by any other Party.

 

		(c)	Except where a Debt Document specifically provides otherwise, the Security SPV is not obliged to review
or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(d)	Without prejudice to Clause 27.3 (Notification of Prescribed Events), if the Intercreditor
Agent receives notice from a Party referring to any Debt Document, describing a Default and stating that the circumstance described is
a Default, it shall promptly notify the Primary Creditors.

 

		(e)	The Intercreditor Agent shall have only those duties, obligations and responsibilities expressly specified
in the Debt Documents to which it is expressed to be a party (and no others shall be implied).

 

		23.4	No Fiduciary Duties

 

Nothing in this Agreement constitutes
the Intercreditor Agent as an agent, trustee or fiduciary of any Debtor.

 

		23.5	No Duty to Account

 

The Intercreditor Agent shall not be
bound to account to any other Secured Party for any sum or the profit element of any sum received by it for its own account.

 

		23.6	Business with the Group

 

The Intercreditor Agent may accept deposits
from, lend money to and generally engage in any kind of banking or other business with any member of the Group.

 

		23.7	Rights and Discretions

 

		(a)	The Intercreditor Agent may:

 

		(i)	rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised;

 

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		(ii)	assume that:

 

		(A)	any instructions received by it from the Instructing Group or Stream Instructing Group in accordance with
Clause 23.2(a)(i) (or, if this Agreement stipulates the matter is a decision for any other Creditor or group of Creditors, from that
Creditor or group of Creditors), are duly given in accordance with the terms of the Debt Documents;

 

		(B)	unless it has received notice of revocation, that those instructions have not been revoked; and

 

		(C)	if it receives any instructions to act (or give instructions to the Security SPV) in relation to the Transaction
Security, that all applicable conditions under the Debt Documents for so acting have been satisfied; and

 

		(iii)	rely on a certificate from any person:

 

		(A)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; or

 

		(B)	to the effect that such person approves of any particular dealing, transaction, step, action or thing,

 

as sufficient evidence that that is
the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

 

		(b)	The Intercreditor Agent may assume (unless it has received notice to the contrary in its capacity as agent
for the Primary Creditors) that:

 

		(i)	no Default has occurred;

 

		(ii)	any right, power, authority or discretion vested in any Party or any group of Creditors has not been exercised;
and

 

		(iii)	any notice made by the Company is made on behalf of and with the consent and knowledge of all the Debtors.

 

		(c)	The Intercreditor Agent may engage and pay for the advice or services of any lawyers, accountants, tax
advisers, surveyors or other professional advisers or experts.

 

		(d)	Without prejudice to the generality of paragraph (c) above or paragraph (e) below,
the Intercreditor Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Intercreditor
Agent (and so separate from any lawyers instructed by any Primary Creditor) if the Intercreditor Agent in its reasonable opinion deems
this to be desirable.

 

		(e)	The Intercreditor Agent may rely on the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts (whether obtained by the Intercreditor Agent or by any other Party) and shall not
be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its
so relying.

 

		(f)	Unless this Agreement expressly specifies otherwise, the Intercreditor Agent may disclose to any other
Party any information it reasonably believes it has received as agent under this Agreement.

 

		(g)	Notwithstanding any other provision of any Debt Document to the contrary, the Intercreditor Agent is not
obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law or regulation or
a breach of a fiduciary duty or duty of confidentiality.

 

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		(h)	Notwithstanding any provision of any Debt Document to the contrary, the Intercreditor Agent is not obliged
to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities
or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity
against, or security for, such risk or liability is not reasonably assured to it.

 

		23.8	Responsibility for Documentation

 

The Intercreditor Agent is not responsible
or liable for:

 

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Intercreditor
Agent, a Debtor or any other person in or in connection with any Debt Document or the transactions contemplated in the Debt Documents
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt
Document;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Debt Document, the Security Property
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt
Document or the Security Property; or

 

		(c)	any determination as to whether any information provided or to be provided to any Secured Party is non-public
information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.

 

		23.9	No Duty to Monitor

 

The Intercreditor Agent shall not be
bound to enquire:

 

		(a)	whether or not any Default has occurred;

 

		(b)	as to the performance, default or any breach by any Party of its obligations under any Finance Document;
or

 

		(c)	whether any other event specified in any Finance Document has occurred.

 

		23.10	Exclusion of Liability

 

		(a)	Without limiting paragraph (b) below (and without prejudice to any other provision of any Debt
Document excluding or limiting the liability of the Intercreditor Agent), the Intercreditor Agent will not be liable for:

 

		(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising
as a result of taking or not taking any action under or in connection with any Debt Document or the Transaction Security, unless directly
caused by its gross negligence or wilful misconduct;

 

		(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection
with, any Debt Document, the Transaction Security or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with, any Debt Document or the Transaction Security;

 

		(iii)	any shortfall which arises on the enforcement or realisation of the Security Property by the Security
SPV; or

 

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		(iv)	without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs
or losses to any person, any diminution in value or any liability whatsoever arising as a result of:

 

		(A)	any act, event or circumstance not reasonably within its control; or

 

		(B)	the general risks of investment in, or the holding of assets in, any jurisdiction,

 

including such damages, costs, losses,
diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation,
currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value
of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters
or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

 

		(b)	No Party (other than the Intercreditor Agent) may take any proceedings against any officer, employee or
agent of the Intercreditor Agent in respect of any claim it might have against the Intercreditor Agent or in respect of any act or omission
of any kind by that officer, employee or agent in relation to any Debt Document or any Security Property and any officer, employee or
agent of the Intercreditor Agent may rely on this paragraph (b) subject to Clause 1.3 (Third Party Rights) and the
provisions of the Third Parties Act.

 

		(c)	Nothing in this Agreement shall oblige the Intercreditor Agent to carry out:

 

		(i)	any “know your customer” or other checks in relation to any person; or

 

		(ii)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful for
any Primary Creditor,

 

on behalf of any Primary Creditor and
each Primary Creditor confirms to the Intercreditor Agent that it is solely responsible for any such checks it is required to carry out
and that it may not rely on any statement in relation to such checks made by the Intercreditor Agent.

 

		(d)	Without prejudice to any provision of any Debt Document excluding or limiting the Intercreditor Agent’s
liability, any liability of the Intercreditor Agent arising under or in connection with any Debt Document or the Transaction Security
shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference
to the date of default of the Intercreditor Agent or, if later, the date on which the loss arises as a result of such default) but without
reference to any special conditions or circumstances known to the Intercreditor Agent at any time which increase the amount of that loss.
In no event shall the Intercreditor Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated
saving, or for special, punitive, indirect or consequential damages, whether or not the Intercreditor Agent has been advised of the possibility
of such loss or damages.

 

		23.11	Primary Creditors’ Indemnity to the Intercreditor Agent

 

		(a)	Each Primary Creditor shall (in the proportion that the Liabilities due to it bear to the aggregate of
the Liabilities due to all the Primary Creditors for the time being (or, if the Liabilities due to the Primary Creditors are zero, immediately
prior to their being reduced to zero)), indemnify the Intercreditor Agent, within three Business Days of demand, against any cost,
loss or liability incurred by any of them (otherwise than by reason of the Intercreditor Agent’s gross negligence or wilful misconduct)
in acting as Intercreditor Agent under, or exercising any authority conferred under, the Debt Documents (unless the Intercreditor Agent
has been reimbursed by a Debtor pursuant to a Debt Document).

 

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		(b)	For the purposes only of paragraph (a) above, to the extent that any hedging transaction under
a Senior Hedging Agreement has not been terminated or closed-out, the Senior Hedging Liabilities due to any Senior Hedge Counterparty
in respect of that hedging transaction will be deemed to be:

 

		(i)	if the relevant Senior Hedging Agreement is based on an ISDA Master Agreement, the amount, if any, which
would be payable to it under that Senior Hedging Agreement in respect of those hedging transactions, if the date on which the calculation
is made was deemed to be an Early Termination Date (as defined in the relevant ISDA Master Agreement) for which the relevant Debtor is
the Defaulting Party (as defined in the relevant ISDA Master Agreement); or

 

		(ii)	if the relevant Senior Hedging Agreement is not based on an ISDA Master Agreement, the amount, if any,
which would be payable to it under that Senior Hedging Agreement in respect of that hedging transaction, if the date on which the calculation
is made was deemed to be the date on which an event similar in meaning and effect (under that Senior Hedging Agreement) to an Early Termination
Date (as defined in any ISDA Master Agreement) occurred under that Senior Hedging Agreement for which the relevant Debtor is in a position
similar in meaning and effect (under that Senior Hedging Agreement) to that of a Defaulting Party (under and as defined in the same ISDA
Master Agreement),

 

that amount, in each case as calculated
in accordance with the relevant Senior Hedging Agreement.

 

		(c)	Subject to paragraph (d) below, the Company shall immediately on demand reimburse any Primary
Creditor for any payment that Primary Creditor makes to the Intercreditor Agent pursuant to paragraph (a) above.

 

		(d)	Paragraph (c) above shall not apply to the extent that the indemnity payment in respect of which
the Primary Creditor claims reimbursement relates to a liability of the Intercreditor Agent to a Debtor.

 

		23.12	Resignation or Replacement of the Intercreditor Agent

 

		(a)	The Intercreditor Agent may resign and appoint one of its Affiliates as successor by giving notice to
the Primary Creditors and the Company.

 

		(b)	Alternatively the Intercreditor Agent may resign by giving not less than thirty (30) days’
notice to the Primary Creditors and the Company, in which case the Instructing Group (in consultation with the Company) may appoint a
successor Intercreditor Agent.

 

		(c)	If the Instructing Group has not appointed a successor Intercreditor Agent in accordance with paragraph (a) above
within twenty (20) days after notice of resignation was given, the retiring Intercreditor Agent (after consultation with the
Senior Agents, the Senior Hedge Counterparties and the Stream Purchasers) may appoint a successor Intercreditor Agent.

 

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		(d)	If the Intercreditor Agent wishes to resign because (acting reasonably) it has concluded that it is no
longer appropriate for it to remain as agent and the Intercreditor Agent is entitled to appoint a successor Intercreditor Agent under
paragraph (b) above, the Intercreditor Agent may (if it concludes (acting reasonably) that it is necessary to do so in order
to persuade the proposed successor Intercreditor Agent to become a party to this Agreement as Intercreditor Agent) agree with the proposed
successor Intercreditor Agent amendments to this Clause 23.12 and any other term of this Agreement dealing with the rights or obligations
of the Intercreditor Agent consistent with then current market practice for the appointment and protection of corporate trustees together
with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Intercreditor Agent’s
normal fee rates and those amendments will bind the Parties.

 

		(e)	The retiring Intercreditor Agent shall, at its own cost, make available to the successor Intercreditor
Agent such documents and records and provide such assistance as the successor Intercreditor Agent may reasonably request for the purposes
of performing its functions as Intercreditor Agent under the Debt Documents.

 

		(f)	The Intercreditor Agent’s resignation notice shall only take effect upon the appointment of a successor.

 

		(g)	Upon the appointment of a successor, the retiring Intercreditor Agent shall be discharged from any further
obligation in respect of the Debt Documents (other than its obligations under paragraph (e) above) but shall remain entitled
to the benefit of Clause 23.11 (Primary Creditors’ Indemnity to the Intercreditor Agent) and this Clause 23 (and
any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and
each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been
an original Party.

 

		(h)	The Instructing Group may, by notice to the Intercreditor Agent, require it to resign in accordance with
paragraph (b) above. In this event, the Intercreditor Agent shall resign in accordance with paragraph (b) above.

 

		23.13	Confidentiality

 

		(a)	In acting as agent for the Primary Creditors, the Intercreditor Agent shall be regarded as acting through
its agency division which shall be treated as a separate entity from any other of its divisions or departments.

 

		(b)	If information is received by another division or department of the Intercreditor Agent, it may be treated
as confidential to that division or department and the Intercreditor Agent shall not be deemed to have notice of it.

 

		23.14	Credit Appraisal by the Primary Creditors

 

Without affecting the responsibility
of any Debtor for information supplied by it or on its behalf in connection with any Finance Document, each Primary Creditor confirms
to the Intercreditor Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and
investigation of all risks arising under or in connection with any Debt Document including but not limited to:

 

		(a)	the financial condition, status and nature of each Debtor;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Debt Document, the Transaction
Security and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Debt Document or the Transaction Security;

 

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		(c)	whether that Primary Creditor has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under or in connection with any Debt Document, the Transaction Security, the transactions contemplated
by the Debt Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Debt Document or the Transaction Security;

 

		(d)	the adequacy, accuracy or completeness of any information provided by the Intercreditor Agent, any Party
or by any other person under or in connection with any Debt Document, the transactions contemplated by any Debt Document or any other
agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt Document; and

 

		(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property,
the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property.

 

		23.15	Intercreditor Agent fee

 

The Company shall pay to the Intercreditor
Agent (for its own account) the fees in the amounts and at the times agreed in any fee letter between them.

 

		24.	The Security SPV

 

		24.1	Instructions

 

		(a)	The Security SPV shall at any time be entitled to seek instructions from the Intercreditor Agent as to
the manner in which it should endeavour to carry out any material course of action which it is inclined or obliged to endeavour to carry
out pursuant to this Agreement.

 

		(b)	The Security SPV shall be obliged or required to act in accordance with the directions of the Intercreditor
Agent given otherwise than as aforesaid, or as otherwise provided in this Agreement, and nothing herein shall require the Security SPV
to exercise any discretion, take any action or give any consent in respect of any enforcement of rights without first seeking the instructions
of the Intercreditor Agent and/or the Secured Parties and in the absence of such instructions, the Security SPV shall have no liability
for failing to act, nor shall it be under any implied duty to act.

 

		(c)	The Secured Parties and the Intercreditor Agent hereby undertake in favour of the Security SPV at all
times, within two (2) Business Days, to provide it on request with accurate and up to date information as to the amount
and nature of the Secured Obligations owing (actually or contingently), to enable the Security SPV to perform its functions under this
Agreement and which it may regard as conclusive without further enquiry, save in the case of manifest error.

 

		(d)	The Security SPV shall be entitled to assume that any instructions or certificates received by it from
the Intercreditor Agent are given in accordance with the provisions of this Agreement and it shall not be liable to any other person for
any action taken or omitted under or in connection with this Agreement in accordance with any such instructions or certificates unless
caused by its fraud, negligence or wilful misconduct. The Security SPV shall be entitled to act upon any notice, request or other communication
of the Intercreditor Agent if such notice, request or other communication purports to be signed or sent by or on behalf of an authorised
signatory of the Intercreditor Agent.

 

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		24.2	Power of Security SPV

 

		(a)	The Security SPV shall have all the powers conferred upon it as contained in the Security Documents and
by way of supplement it is expressly declared that:

 

		(i)	the Security SPV shall be entitled, with the prior written consent of the Intercreditor Agent, to place
the Security Documents and any other instruments, documents or agreements, delivered to it pursuant to or in connection with any of the
Security Documents for the time being in its possession in any safe deposit, safe or receptacle selected by the Security SPV or with any
bank, any company whose business includes undertaking the safe custody of documents or any firm of lawyers and the Security SPV shall
not be responsible for any loss thereby incurred (save that it shall take reasonable steps to pursue any person who may be liable to it
in connection with such loss);

 

		(ii)	the Security SPV may (and it is the intention that it shall) assume that no event that entitles any of
the Secured Parties to exercise any of their rights under this Agreement has occurred and that no Event of Default has occurred, and no
breach of any Senior Hedging Agreement has occurred, unless it has received written notice of any such event or breach from the Intercreditor
Agent;

 

		(iii)	the Security SPV shall not be liable for acting in accordance with the Security SPV Counter-Indemnity
or any Security Document, or any related documents on any notice, request, certificate, direction or other communication or other document
purporting to emanate from the Intercreditor Agent notwithstanding that the same shall include some error or omission or not be authentic,
save as results from its own negligence, wilful misconduct or fraud;

 

		(iv)	the Security SPV shall not be liable for any failure, omission or defect in perfecting the Security constituted
by or pursuant to any of the Security Documents including:

 

		(A)	failure to obtain any licence, consent or other authority for the execution of the Security Documents;
or

 

		(B)	failure to register the same in accordance with any of the documents of title of any of Secured Parties,

 

except where such failure arises from
the fraud, gross negligence or wilful misconduct of the Security SPV;

 

		(v)	the Security SPV shall be at liberty to accept as sufficient evidence any certificate signed or purported
to be signed on behalf of the Intercreditor Agent to the effect that any particular dealing, transaction, step or thing is, in the opinion
of any Secured Party or the Intercreditor Agent suitable or expedient or as to any other fact or matter upon which the Security SPV may
require to be satisfied and the Security SPV shall be in no way bound to call for further evidence or to be responsible for any loss that
may be occasioned by acting on any such certificate;

 

		(vi)	the Security SPV shall not be liable for acting upon any directions purporting to have been signed by
or on behalf of the Intercreditor Agent or any consent or instruction purporting to have been given by or on behalf of the Intercreditor
Agent which it reasonably believes to have been properly and regularly signed or given, even should it afterwards be found that such direction,
consent or instruction is not binding or valid by reason of a defect in such direction, consent or instruction or otherwise howsoever.

 

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		(b)	The powers conferred by this Agreement upon the Security SPV shall be in addition to any powers which
may from time to time be vested in it by general law or as the holder or mortgagee in possession of any of the Security Property.

 

		24.3	Liability of Security SPV

 

		(a)	Notwithstanding anything to the contrary in this Agreement or any other Finance Document, the Security
SPV shall not be liable to any person for any act, matter or thing done or omitted in any way in connection with or in relation to this
Agreement or any other Finance Document, save in relation to its own negligence, wilful default or fraud.

 

		(b)	The Security SPV shall:

 

		(i)	not be obliged to take any action or do anything in respect of which it is instructed unless it has received
such security or been placed in funds to cover any liabilities, costs or expenses which will or may arise from it taking that action;

 

		(ii)	not disclose to any other person any information relating to the Secured Parties, the Intercreditor Agent
or the Debtors if such disclosure would or might in its opinion constitute a breach of any law or regulation or be otherwise actionable
at the suit of any person;

 

		(iii)	not under this Agreement be concerned with the interests of or owe any duty whatsoever to any persons
other than the Secured Parties which are a party to this Agreement; and

 

		(iv)	execute each of the Security Documents to which it is expressed to be a party in the agreed form.

 

		24.4	Security SPV’s Negative Undertakings

 

The Security SPV irrevocably undertakes
to the Secured Parties that at all times it shall not:

 

		(a)	undertake any trading or business activities other than as set out in its memorandum of incorporation;

 

		(b)	amend its memorandum of incorporation other than in accordance with the provisions thereof and provided
that such amendment does not prevent it from complying with its obligations under the Debt Documents to which it is a party;

 

		(c)	amend, or agree to or acquiesce in any amendment of any Security Document to which it is a party, except
as permitted by this Agreement; and

 

		(d)	create or permit to subsist any encumbrance over all or any part of the proceeds derived from any Security.

 

		25.	Changes to the Parties

 

		25.1	Assignments and Transfers

 

No Party may:

 

		(a)	assign any of its rights; or

 

		(b)	transfer any of its rights and obligations,

 

in respect of any Debt Documents or
the Liabilities except as permitted by this Clause 25.

 

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		25.2	Change of Senior Lender or Stream Purchaser

 

A Senior Lender or Stream Purchaser
may:

 

		(a)	assign any of its rights; or

 

		(b)	transfer by novation any of its rights and obligations,

 

in respect of any Debt Documents or
the Liabilities if:

 

		(i)	that assignment or transfer is in accordance with the terms of the relevant Senior Facilities Agreement
or Stream Agreement (as the case may be) to which it is a party; and

 

		(ii)	any assignee or transferee has (if not already a Party as a Senior Lender or Stream Purchaser (as the
case may be)) acceded to this Agreement, as a Senior Lender or a Stream Purchaser (as the case may be), pursuant to Clause 25.12
(Creditor Accession Undertaking).

 

		25.3	New Senior Lender or Stream Purchaser

 

		(a)	If a person is or becomes a Senior Lender in accordance with the terms of the applicable Senior Facilities
Agreement entered into in connection with any Senior New Facility Liabilities or Senior Refinancing Facility Liabilities (as the case
may be), such person (if not already a Party to this Agreement) shall accede to this Agreement as a Senior Lender pursuant to Clause 25.12
(Creditor Accession Undertaking).

 

		(b)	If a person is or becomes a Stream Purchaser in accordance with the terms of the applicable Stream Agreement
entered into in connection with any New Stream Liabilities, such person (if not already a Party to this Agreement) shall accede to this
Agreement as a Stream Purchaser pursuant to Clause 25.12 (Creditor Accession Undertaking).

 

		25.4	New Senior Hedge Counterparty

 

No person shall become a Senior Hedge
Counterparty unless, at the same time, it accedes to this Agreement as a Senior Hedge Counterparty pursuant to Clause 25.12 (Creditor
Accession Undertaking).

 

		25.5	Change of Senior Hedge Counterparty

 

A Senior Hedge Counterparty may (in
accordance with the terms of the relevant Senior Hedging Agreement and subject to any consent required under that Senior Hedging Agreement)
transfer any of its rights or obligations in respect of the Senior Hedging Agreements to which it is a party if any transferee has (if
not already a Party as a Senior Hedge Counterparty) acceded to:

 

		(a)	this Agreement, pursuant to Clause 25.12 (Creditor Accession Undertaking); and

 

		(b)	the relevant Senior Facilities Agreement,

 

as a Senior Hedge Counterparty.

 

		25.6	Change of Senior Agent or Senior Arranger

 

No person shall become a Senior Agent
or Senior Arranger unless, at the same time, it accedes to this Agreement as a Senior Agent or Senior Arranger, as the case may be, pursuant
to Clause 25.12 (Creditor Accession Undertaking).

 

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		25.7	New
                                            Shareholder Creditor

 

Without
prejudice to the restrictions under the Senior CTA and each Stream Agreement, if the Company or any other Debtor or member of the Group
becomes a borrower in respect of Financial Indebtedness from any direct or indirect shareholder in the Company or the Management Company,
the Company and each Debtor will procure, as a condition precedent to such Financial Indebtedness being made available, that the person
giving that loan, granting that credit or making that other financial arrangement (if not already a Party as a Shareholder Creditor)
accedes to this Agreement as a Shareholder Creditor pursuant to Clause 25.12 (Creditor Accession Undertaking) and, where
such person is an Affiliate of any Debtor and is providing Financial Indebtedness to any of the Mining Companies or the Management Company,
grants security over such Financial Indebtedness in favour of the Security SPV for the benefit of the Primary Creditors in form and substance
satisfactory to the Instructing Group and the Majority Stream Purchaser(s) under each Stream Agreement.

 

		25.8	Change
                                            of Intra-Group Lender

 

Subject
to Clause 7.4 (Acquisition of Intra-Group Liabilities) and to the terms of the other Debt Documents, any Intra-Group Lender
may:

 

		(a)	assign
                                            any of its rights; or

 

		(b)	transfer
                                            any of its rights and obligations,

 

in respect
of the Intra-Group Liabilities to another member of the Group if that member of the Group has (if not already a Party as an Intra-Group
Lender) acceded to this Agreement as an Intra-Group Lender, pursuant to Clause 25.12 (Creditor Accession Undertaking).

 

		25.9	New
                                            Intra-Group Lender

 

If any
Intra-Group Lender or any member of the Group makes any loan to or grants any credit to or makes any other financial arrangement having
similar effect with any Debtor, the Company will procure that the person giving that loan, granting that credit or making that other
financial arrangement (if not already a Party as an Intra-Group Lender) accedes to this Agreement as an Intra-Group Lender, pursuant
to Clause 25.12 (Creditor Accession Undertaking).

 

		25.10	No
                                            change of Management Company

 

The Management
Company shall not transfer any of its rights and obligations to a successor entity save as expressly provided for in this Agreement.

 

		25.11	New
                                            Security Provider

 

The Company
and the Security SPV shall ensure that any person that provides any Additional Shared Collateral shall at the same time accede to this
Agreement as a Security Provider to the extent that it has not already so acceded.

 

		25.12	Creditor
                                            Accession Undertaking

 

		(a)	With
                                            effect from the date of acceptance by the Intercreditor Agent of a Creditor Accession Undertaking
                                            duly executed and delivered to the Intercreditor Agent by the relevant acceding party or,
                                            if later, the date specified in that Creditor Accession Undertaking:

 

		(i)	any
                                            Party ceasing entirely to be a Creditor shall be discharged from further obligations towards
                                            the Intercreditor Agent and other Parties under this Agreement and their respective rights
                                            against one another shall be cancelled (except in each case for those rights which arose
                                            prior to that date); and

 

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		(ii)	as
                                            from that date, the replacement or new Creditor shall assume the same obligations and become
                                            entitled to the same rights, as if it had been an original Party in the capacity specified
                                            in the Creditor Accession Undertaking.

 

		(b)	The
                                            Intercreditor Agent may not accept a Creditor Accession Undertaking under this Clause 25.12
                                            unless each of the Intercreditor Agent and the Security SPV have first carried out:

 

		(i)	any
                                            necessary "know your customer" or similar checks under, or to ensure compliance
                                            with, all applicable laws and regulations (including, but not limited to, the South African
                                            Financial Intelligence Centre Act, 2004, the Protection of Constitutional Democracy Against
                                            Terrorist and Related Activities Act, 2008 and the Non-Proliferation of Weapons of Mass Destruction
                                            Act, 1993); and

 

		(ii)	any
                                            required checks regarding applicable Sanctions (including the acceding party being a Sanctioned
                                            Entity, having participated in any Sanctioned Transaction, or being placed on a Sanctions
                                            List),

 

in relation
to the relevant acceding party and the results of those checks are satisfactory to the Majority Senior Creditors, the Majority Stream
Purchaser(s) in respect of each Initial Stream Agreement and the Security SPV (and such checks and confirmation of satisfaction
shall be carried out and given promptly).

 

		25.13	New
                                            Debtor

 

		(a)	If
                                            any member of the Group:

 

		(i)	incurs
                                            any Liabilities; or

 

		(ii)	subject
                                            to Clause 3.6 (Future Non-Shared Collateral and Non-Shared Guarantee), gives any Security,
                                            guarantee, indemnity or other assurance against loss in respect of any of the Liabilities,

 

the Debtors
will procure that the person incurring those Liabilities or giving that assurance, if not already a Debtor under this Agreement, accedes
to this Agreement as a Debtor pursuant to a Debtor Accession Deed, in accordance with paragraph (b) below, no later than contemporaneously
with the incurrence of those Liabilities or the giving of that assurance.

 

		(b)	With
                                            effect from the date of acceptance by the Intercreditor Agent of a Debtor Accession Deed
                                            duly executed and delivered to the Intercreditor Agent by the new Debtor or, if later, the
                                            date specified in the Debtor Accession Deed, the new Debtor shall assume the same obligations
                                            and become entitled to the same rights as if it had been an original Party as a Debtor.

 

		25.14	Additional
                                            Parties

 

Each
of the Parties appoints the Intercreditor Agent to receive on its behalf each Debtor Accession Deed and Creditor Accession Undertaking
delivered to the Intercreditor Agent and the Intercreditor Agent shall, as soon as reasonably practicable after receipt by it, sign and
accept the same if it appears on its face to have been completed, executed and, where applicable, delivered in the form contemplated
by this Agreement or, where applicable, by the relevant Senior Facilities Agreement or Stream Agreement (as the case may be).

 

		25.15	Resignation
                                            of a Debtor

 

		(a)	The
                                            Company may request that a Debtor ceases to be a Debtor by delivering to the Intercreditor
                                            Agent a Debtor Resignation Request.

 

    99

     

    

 

		(b)	The
                                            Intercreditor Agent shall accept a Debtor Resignation Request and notify the Company and
                                            each other Party of its acceptance if:

 

		(i)	the
                                            Company has confirmed that no Default is continuing or would result from the acceptance of
                                            the Debtor Resignation Request, and the Intercreditor Agent is satisfied as to the accuracy
                                            of this confirmation;

 

		(ii)	the
                                            relevant Debtor does not have any outstanding Borrowing Liabilities or Stream Liabilities
                                            to any Primary Creditor;

 

		(iii)	each
                                            Senior Agent notifies the Intercreditor Agent that that Debtor is under no actual or contingent
                                            obligations in respect of the Senior Liabilities;

 

		(iv)	each
                                            Stream Purchaser notifies the Intercreditor Agent that that Debtor is under no actual or
                                            contingent obligations in respect of Stream Liabilities under the relevant Stream Agreement;

 

		(v)	each
                                            Senior Hedge Counterparty notifies the Intercreditor Agent that that Debtor is under no actual
                                            or contingent obligations to that Senior Hedge Counterparty in respect of the Senior Hedging
                                            Liabilities;

 

		(vi)	the
                                            Company confirms that that Debtor is under no actual or contingent obligations in respect
                                            of the Intra-Group Liabilities; and

 

		(vii)	the
                                            Company confirms that that Debtor is under no actual or contingent obligations in respect
                                            of the Shareholder Liabilities.

 

		(c)	Upon
                                            notification by the Intercreditor Agent to the Company of its acceptance of the resignation
                                            of a Debtor, that member of the Group shall cease to be a Debtor and shall have no further
                                            rights or obligations under this Agreement as a Debtor.

 

		25.16	Release
                                            of Stream Purchasers

 

With
effect from the relevant Stream Security Release Date, the Stream Purchasers shall be released from their rights and obligations under
this Agreement with the exception of Clauses 2 (Ranking and Priority), 18 (Pre-Enforcement Proceeds), 19 (Application
of Proceeds), 25 (Changes to the Parties), 26.5 (Interest on Demand), 28 (Notices), 29 (Preservation),
30 (Consents, Amendments and Override) (in respect of this Clause 25.16, and the Clauses referred to herein), 32 (Governing
Law) and 33 (Enforcement).

 

Section 8

Additional Payment Obligations

 

		26.	Costs
                                            and Expenses

 

		26.1	Transaction
                                            Expenses

 

The Company
shall, promptly on demand, pay the Intercreditor Agent and Security SPV the amount of all costs and expenses (including legal fees) (together
with any applicable VAT) reasonably incurred by the Intercreditor Agent, the Security SPV, any Receiver and/or Delegate in connection
with the negotiation, preparation, printing, execution and perfection of:

 

		(a)	this
                                            Agreement and any other documents referred to in this Agreement and the Transaction Security;
                                            and

 

		(b)	any
                                            other Debt Documents.

 

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		26.2	Amendment
                                            Costs

 

If a
Debtor requests an amendment, waiver or consent, the Company shall, within three Business Days of demand, reimburse the Intercreditor
Agent for the amount of all costs and expenses (including legal fees) (together with any applicable VAT) reasonably incurred by the Intercreditor
Agent (and by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement.

 

		26.3	Enforcement
                                            and Preservation Costs

 

The Company
shall, within three Business Days of demand, pay to the Intercreditor Agent and the Security SPV the amount of all costs and
expenses (including legal fees and together with any applicable VAT) incurred by it (i) in connection with the enforcement of or
the preservation of any rights under any Debt Document and the Transaction Security and any proceedings instituted by or against the
Security SPV as a consequence of taking or holding the Transaction Security or enforcing these rights, or (ii) in connection with
any indemnity payments made to the Intercreditor Agent under Clause 23.11 (Primary Creditors’ Indemnity to the Intercreditor
Agent).

 

		26.4	Stamp
                                            Taxes

 

The Company
shall pay and, within three Business Days of demand, indemnify the Intercreditor Agent and Security SPV against any cost, loss
or liability the Intercreditor Agent or Security SPV incurs in relation to all stamp duty, registration and other similar Taxes payable
in respect of any Debt Document.

 

		26.5	Interest
                                            on Demand

 

If any
Creditor or Debtor fails to pay any amount payable by it under this Agreement on its due date, interest shall accrue on the overdue amount
(and be compounded with it) from the due date up to the date of actual payment (both before and after judgment and to the extent interest
at a default rate is not otherwise being paid on that sum) at the rate which is:

 

		(a)	in
                                            respect of amounts due by a Debtor to a Stream Purchaser in respect of an Initial Stream
                                            Agreement (without double counting), at a per annum rate equal to 14% from and after the
                                            due date, calculated and paid calendar monthly in arrears and compounded calendar monthly;
                                            and

 

		(b)	in
                                            respect of all other amounts, 2 (two) per cent. per annum over the rate at which the Intercreditor
                                            Agent would be able to obtain by placing on deposit with a leading bank an amount comparable
                                            to the unpaid amounts in the currencies of those amounts for any period(s) that the
                                            Intercreditor Agent may from time to time select provided that if any such rate is below
                                            zero, that rate will be deemed to be zero.

 

Section 9

Administration

 

		27.	Information

 

		27.1	Dealings
                                            with Intercreditor Agent, Senior Agent and Security SPV

 

		(a)	Each
                                            Senior Facility Creditor shall deal with the Intercreditor Agent exclusively through its
                                            Senior Agent and the Stream Purchasers and the Senior Hedge Counterparties shall deal directly
                                            with the Intercreditor Agent and shall not deal through any agent that may be acting on their
                                            behalf in any capacity.

 

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		(b)	No
                                            Senior Facility Creditor, Senior Hedge Counterparty or Stream Purchaser shall deal directly
                                            with the Security SPV except through the Intercreditor Agent (save in the case of making
                                            a demand under a Security SPV Guarantee permitted pursuant to the terms of this Agreement).

 

		(c)	No
                                            Senior Agent shall be under any obligation to act as agent or otherwise on behalf of any
                                            Senior Hedge Counterparty or Stream Purchaser.

 

		27.2	Disclosure
                                            Between Primary Creditors, Intercreditor Agent and Security SPV

 

Notwithstanding
any agreement to the contrary, each of the Debtors consents, until the Final Release Date, to the disclosure by any Primary Creditor,
the Intercreditor Agent and/or the Security SPV to each other (whether or not through a Senior Agent or the Intercreditor Agent) of such
information concerning the Debtors as any such Primary Creditor, the Intercreditor Agent or the Security SPV shall see fit.

 

		27.3	Notification
                                            of Prescribed Events

 

		(a)	If
                                            a Senior Event of Default either occurs or ceases to be continuing the relevant Senior Agent
                                            shall, upon becoming aware of that occurrence or cessation, notify the Intercreditor Agent
                                            and the Intercreditor Agent shall, upon receiving that notification, notify each other Party.

 

		(b)	If
                                            a Senior Payment Default either occurs or ceases to be continuing the relevant Senior Agent
                                            shall notify the Intercreditor Agent and the Intercreditor Agent shall, upon receiving that
                                            notification, notify each Stream Purchaser.

 

		(c)	If
                                            a Senior Acceleration Event occurs, or is waived, the relevant Senior Agent shall notify
                                            the Intercreditor Agent and the Intercreditor Agent shall, upon receiving that notification,
                                            notify each other Party.

 

		(d)	If
                                            a Stream Acceleration Event occurs the relevant Stream Purchaser shall notify the Intercreditor
                                            Agent and the Intercreditor Agent shall, upon receiving that notification, notify each other
                                            Party.

 

		(e)	If
                                            the Intercreditor Agent receives a Stream Termination Notice or Stream Default Notice under
                                            Clause 6.6 (Permitted Enforcement: Stream Purchasers) it shall, upon receiving
                                            that notice, notify, and send a copy of that notice to, each Senior Agent and each other
                                            Party.

 

		(f)	If
                                            the Security SPV enforces, or takes formal steps to enforce, any of the Transaction Security
                                            it shall notify each Party of that action.

 

		(g)	If
                                            any Primary Creditor exercises any right it may have to enforce, or to take formal steps
                                            to enforce, any of the Transaction Security it shall notify the Intercreditor Agent and the
                                            Intercreditor Agent shall, upon receiving that notification, notify each Party of that action.

 

		(h)	If
                                            a Debtor defaults on any Payment due under a Senior Hedging Agreement or any event or circumstance
                                            occurs which entitles the Senior Hedge Counterparty to terminate or close-out the Senior
                                            Hedging Agreement under Clause 5.8 (Permitted Enforcement: Senior Hedge Counterparties),
                                            the Senior Hedge Counterparty which is party to that Senior Hedging Agreement shall, upon
                                            becoming aware of that default, event or circumstance, notify the Intercreditor Agent and
                                            the Intercreditor Agent shall, upon receiving that notification, notify each Senior Agent,
                                            each other Senior Hedge Counterparty and each Stream Purchaser.

 

    102

     

    

 

		(i)	If
                                            a Senior Hedge Counterparty terminates or closes-out the Senior Hedging Agreement under Clause 5.8
                                            (Permitted Enforcement: Senior Hedge Counterparties) it shall notify the Intercreditor
                                            Agent and the Intercreditor Agent shall, upon receiving that notification, notify each Senior
                                            Agent, Stream Purchaser and each other Senior Hedge Counterparty.

 

		(j)	If
                                            the Intercreditor Agent receives a notice under paragraph (a) of Clause 6.7
                                            (Option to Purchase: Stream Purchasers) it shall upon receiving that notice, notify,
                                            and send a copy of that notice to, each relevant Senior Agent.

 

		(k)	If
                                            the Intercreditor Agent receives a notice under paragraph (a) of Clause 6.8
                                            (Hedge Transfer: Stream Purchasers) it shall upon receiving that notice, notify, and
                                            send a copy of that notice to, each Senior Hedge Counterparty and each Senior Agent.

 

		28.	Notices

 

		28.1	Communications
                                            in Writing

 

Any communication
to be made under or in connection with this Agreement shall be made in writing and, unless otherwise stated, may be made by fax or letter.

 

		28.2	Intercreditor
                                            Agent’s Communications with Primary Creditors

 

The Intercreditor
Agent shall be entitled to carry out all dealings:

 

		(a)	with
                                            the Senior Facilities Creditors through their respective Senior Agents and may give to the
                                            Senior Agents, as applicable, any notice, document or other communication required to be
                                            given by the Intercreditor Agent to a Senior Facility Creditor;

 

		(b)	with
                                            each Stream Purchaser directly with that Stream Purchaser;

 

		(c)	with
                                            each Senior Hedge Counterparty directly with that Senior Hedge Counterparty; and

 

		(d)	with
                                            the Security SPV directly with the Security SPV.

 

		28.3	Addresses

 

The address
and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication
or document to be made or delivered under or in connection with this Agreement is:

 

		(a)	in
                                            the case of the Parent:

 

Oak House,
Hirzel Street

St Peter
Port, Guernsey

GY1 3RH

E-mail:
[***] and [***] and [***].

 

		(b)	in
                                            the case of the Debtors (other than the Parent):

 

Unit FF04,
First Floor

Southdowns
Office Park, Block C

Cnr John
Vorster & Karee Road

Irene Ext
54, 0157

E-mail: [***]
and [***] and [***].

 

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		(c)	in
                                            the case of the Intercreditor Agent and the Security SPV, that identified with its name below;
                                            and

 

		(d)	in
                                            the case of each other Party, that identified with its name below or notified in writing
                                            to the Intercreditor Agent on or prior to the date on which it becomes a Party,

 

or any
substitute address, fax number or department or officer which that Party may notify to the Intercreditor Agent (or the Intercreditor
Agent may notify to the other Parties, if a change is made by the Intercreditor Agent) by not less than five (5) Business Days’
notice.

 

		28.4	Delivery

 

		(a)	Any
                                            communication or document made or delivered by one person to another under or in connection
                                            with this Agreement will only be effective:

 

		(i)	if
                                            by way of fax, when received in legible form; or

 

		(ii)	if
                                            by way of letter, when it has been left at the relevant address or five (5) Business Days
                                            after being deposited in the post postage prepaid in an envelope addressed to it at that
                                            address,

 

and, if
a particular department or officer is specified as part of its address details provided under Clause 28.3 (Addresses), if
addressed to that department or officer.

 

		(b)	Any
                                            communication or document to be made or delivered to the Intercreditor Agent or Security
                                            SPV will be effective only when actually received by the Intercreditor Agent or Security
                                            SPV and then only if it is expressly marked for the attention of the department or officer
                                            identified with the Intercreditor Agent or Security SPV’s signature below (or any substitute
                                            department or officer as the Intercreditor Agent or Security SPV shall specify for this purpose).

 

		(c)	Any
                                            communication or document made or delivered to the Company in accordance with this Clause 28.4
                                            will be deemed to have been made or delivered to each of the Debtors.

 

		(d)	Any
                                            communication or document which becomes effective, in accordance with paragraphs (a) to
                                            (c) above, after 5:00 p.m. in the place of receipt shall be deemed only to
                                            become effective on the following day.

 

		28.5	Notification
                                            of Address and Fax Number

 

Promptly
upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 28.3 (Addresses)
or changing its own address or fax number, the Intercreditor Agent shall notify the other Parties.

 

		28.6	Electronic
                                            Communication

 

		(a)	Any
                                            communication or document to be made or delivered by one Party to another under or in connection
                                            with this Agreement may be made or delivered by electronic mail or other electronic means
                                            (including by way of posting to a secure website) if those two Parties:

 

		(i)	notify
                                            each other in writing of their electronic mail address and/or any other information required
                                            to enable the transmission of information by that means; and

 

		(ii)	notify
                                            each other of any change to their address or any other such information supplied by them
                                            by not less than five Business Days’ notice.

 

    104

     

    

 

		(b)	Any
                                            such electronic communication or delivery as specified in paragraph (a) above to
                                            be made between a Debtor or an Intra-Group Lender and the Intercreditor Agent or a Primary
                                            Creditor may only be made in that way to the extent that those two Parties agree that, unless
                                            and until notified to the contrary, this is to be an accepted form of communication or delivery.

 

		(c)	Any
                                            such electronic communication or document as specified in paragraph (a) above made
                                            or delivered by one Party to another will be effective only when actually received (or made
                                            available) in readable form and in the case of any electronic communication or document made
                                            or delivered by a Party to the Intercreditor Agent only if it is addressed in such a manner
                                            as the Intercreditor Agent shall specify for this purpose.

 

		(d)	Any
                                            electronic communication or document which becomes effective, in accordance with paragraph (c) above,
                                            after 5:00 p.m. in the place in which the Party to whom the relevant communication
                                            or document is sent or made available has its address for the purpose of this Agreement shall
                                            be deemed only to become effective on the following day.

 

		(e)	Any
                                            reference in this Agreement to a communication being sent or received or a document being
                                            delivered shall be construed to include that communication or document being made available
                                            in accordance with this Clause 28.6.

 

		28.7	English
                                            Language

 

		(a)	Any
                                            notice given under or in connection with this Agreement must be in English.

 

		(b)	All
                                            other documents provided under or in connection with this Agreement must be:

 

		(i)	in
                                            English; or

 

		(ii)	if
                                            not in English, and if so required by the Intercreditor Agent, accompanied by a certified
                                            English translation and, in this case, the English translation will prevail unless the document
                                            is a constitutional, statutory or other official document.

 

		29.	Preservation

 

		29.1	Partial
                                            Invalidity

 

If, at
any time, any provision of a Debt Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of that provision
under the law of any other jurisdiction will in any way be affected or impaired.

 

		29.2	No
                                            Impairment

 

If, at
any time after its date, any provision of a Debt Document (including this Agreement) is not binding on or enforceable in accordance with
its terms against a person expressed to be a party to that Debt Document, neither the binding nature nor the enforceability of that provision
or any other provision of that Debt Document will be impaired as against the other party(ies) to that Debt Document.

 

		29.3	Remedies
                                            and Waivers

 

No failure
to exercise, nor any delay in exercising, on the part of any Party, any right or remedy under a Debt Document shall operate as a waiver
of any such right or remedy or constitute an election to affirm any Debt Document. No election to affirm any Debt Document on the part
of a Secured Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any
further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Debt Document are cumulative
and not exclusive of any rights or remedies provided by law.

 

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		29.4	Waiver
                                            of Defences

 

The provisions
of this Agreement or any Transaction Security will not be affected by an act, omission, matter or thing which, but for this Clause 29.4,
would reduce, release or prejudice the subordination and priorities expressed to be created by this Agreement including (whether or not
known to any Party):

 

		(a)	any
                                            time, waiver or consent granted to, or composition with, any Debtor or other person;

 

		(b)	the
                                            release of any Debtor or any other person under the terms of any composition or arrangement
                                            with any creditor of any member of the Group;

 

		(c)	the
                                            taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to
                                            perfect, take up or enforce, any rights against, or security over assets of, any Debtor or
                                            other person or any non-presentation or non-observance of any formality or other requirement
                                            in respect of any instrument or any failure to realise the full value of any Security;

 

		(d)	any
                                            incapacity or lack of power, authority or legal personality of or dissolution or change in
                                            the members or status of any Debtor or other person;

 

		(e)	any
                                            amendment, novation, supplement, extension (whether of maturity or otherwise) or restatement
                                            (in each case, however fundamental and of whatsoever nature, and whether or not more onerous)
                                            or replacement of a Debt Document or any other document or security;

 

		(f)	any
                                            unenforceability, illegality or invalidity of any obligation of any person under any Debt
                                            Document or any other document or security;

 

		(g)	any
                                            intermediate Payment of any of the Liabilities owing to the Primary Creditors in whole or
                                            in part; or

 

		(h)	any
                                            insolvency or similar proceedings.

 

		29.5	Priorities
                                            Not Affected

 

Except
as otherwise provided in this Agreement the priorities referred to in Clause 2 (Ranking and Priority) will:

 

		(a)	not
                                            be affected by any reduction or increase in the principal amount secured by the Transaction
                                            Security in respect of the Liabilities owing to the Primary Creditors or by any intermediate
                                            reduction or increase in, amendment or variation to any of the Debt Documents, or by any
                                            variation or satisfaction of, any of the Liabilities or any other circumstances;

 

		(b)	apply
                                            regardless of the order in which or dates upon which this Agreement and the other Debt Documents
                                            are executed or registered or notice of them is given to any person; and

 

		(c)	secure
                                            the Liabilities owing to the Primary Creditors in the order specified, regardless of the
                                            date upon which any of the Liabilities arise or of any fluctuations in the amount of any
                                            of the Liabilities outstanding.

 

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		30.	Consents,
                                            Amendments and Override

 

		30.1	Required
                                            Consents

 

		(a)	Subject
                                            to paragraph (b)  below, to Clause 30.4 (Exceptions), to Clause 30.5
                                            (Excluded Senior Credit Participations and Stream Commitments) and to Clause 30.6
                                            (Disenfranchisement of Sponsor Affiliates):

 

		(i)	Clause 20.1
                                            (Equalisation Definitions) to Clause 20.3 (Equalisation) may be amended
                                            or waived with the consent of each Senior Agent, the Majority Senior Lenders and the Intercreditor
                                            Agent to the extent that that amendment or waiver does not directly or indirectly affect
                                            the Stream Purchasers; and

 

		(ii)	subject
                                            to paragraph (i) above, this Agreement may be amended or waived only with the consent
                                            of each Senior Agent, the Majority Senior Lenders, the Majority Stream Purchaser(s) in
                                            respect of each Initial Stream Agreement and the Intercreditor Agent.

 

		(b)	An
                                            amendment or waiver that has the effect of changing or which relates to:

 

		(i)	Clauses
                                            1 (Definitions) to 9 (Management Company Liabilities), Clause 12 (Redistribution),
                                            Clause 13 (Security SPV Enforcement and Transaction Security), Clause 14 (Non-Distressed
                                            Disposals), Clause 15 (Distressed Disposals and Appropriation), Clause 17 (Further
                                            Assurance – Disposals and Releases), Clause 18 (Pre-Enforcement Proceeds),
                                            Clause 19 (Application of Proceeds), Clause 21 (New Senior Facilities Liabilities
                                            or Refinancing of Senior Facilities Liabilities), Clause 22 (New Stream Liabilities),
                                            Clause 25 (Changes to the Parties) or this Clause 30 (Consents, Amendments
                                            and Override);

 

		(ii)	Paragraphs (d)(iii),
                                            (e) and (f) of Clause 23.2 (Instructions); or

 

		(iii)	the
                                            order of priority or subordination under this Agreement,

 

shall not
be made without the consent of:

 

		(A)	each
                                            Senior Agent;

 

		(B)	the
                                            Senior Lenders;

 

		(C)	each
                                            Stream Purchaser in respect of each Stream Agreement;

 

		(D)	each
                                            Senior Hedge Counterparty (to the extent that the amendment or waiver would adversely affect
                                            the Senior Hedge Counterparty); and

 

		(E)	the
                                            Security SPV.

 

		30.2	Amendments
                                            and Waivers: Security Documents

 

		(a)	Subject
                                            to paragraph (b) below and to Clause 30.4 (Exceptions), the Security
                                            SPV may, if authorised by:

 

		(i)	the
                                            Intercreditor Agent (acting on the instructions of the Instructing Group); and

 

		(ii)	only
                                            if the amendment or waiver would directly or indirectly adversely affect any Stream Purchaser,
                                            the Majority Stream Purchaser(s) (i) in respect of each Initial Stream Agreement
                                            or, (ii) after the Stream Security Release Date has occurred in respect of all Initial
                                            Stream Agreements, in respect of each Additional Stream Agreement),

 

    107

     

    

 

and if
the Company consents, amend the terms of, waive any of the requirements of or grant consents under, any of the Security Documents which
shall be binding on each Party.

 

		(b)	Subject
                                            to paragraph (c) of Clause 30.4 (Exceptions), any amendment or waiver
                                            of, or consent under, any Security Document which has the effect of changing or which relates
                                            to:

 

		(i)	the
                                            nature or scope of the Charged Property;

 

		(ii)	the
                                            manner in which the proceeds of enforcement of the Transaction Security are distributed;
                                            or

 

		(iii)	the
                                            release of any Transaction Security,

 

shall not
be made without the prior consent of the Senior Facilities Creditors whose consent to that amendment, waiver or consent is required under
the Senior Facilities Agreements, the Stream Purchasers whose consent to that amendment, waiver or consent is required under each Stream
Agreement and the Senior Hedge Counterparties whose consent to that amendment, waiver or consent is required under the Senior Hedging
Agreements.

 

		30.3	Effectiveness

 

		(a)	Any
                                            amendment, waiver or consent given in accordance with this Clause 30 will be binding
                                            on all Parties and the Intercreditor Agent or the Security SPV (as the case may be) may effect,
                                            on behalf of any Primary Creditor, any amendment, waiver or consent permitted by this Clause 30.

 

		(b)	Without
                                            prejudice to the generality of Clause 23.7 (Rights and Discretions) the Intercreditor
                                            Agent may engage, pay for and rely on the services of lawyers in determining the consent
                                            level required for and effecting any amendment, waiver or consent under this Agreement.

 

		30.4	Exceptions

 

		(a)	Subject
                                            to paragraphs (c) and (d) below, if the amendment, waiver or consent may impose
                                            new or additional obligations on or withdraw or reduce the rights of any Party other than:

 

		(i)	in
                                            the case of a Primary Creditor (other than any Senior Agent or any Senior Arranger), in a
                                            way which affects or would affect Primary Creditors of that Party’s class generally;
                                            or

 

		(ii)	in
                                            the case of a Debtor, to the extent consented to by the Company under paragraph (a) of
                                            Clause 30.2 (Amendments and Waivers: Security Documents),

 

the consent
of that Party is required.

 

		(b)	Subject
                                            to paragraphs (c) and (d) below, an amendment, waiver or consent which relates
                                            to the rights or obligations of a Senior Agent, a Senior Arranger, the Intercreditor Agent
                                            (including any ability of the Intercreditor Agent to act in its discretion under this Agreement)
                                            or a Senior Hedge Counterparty may not be effected without the consent of that Senior Agent
                                            or, as the case may be, that Senior Arranger, the Intercreditor Agent or that Senior Hedge
                                            Counterparty.

 

    108

     

    

 

		(c)	Neither
                                            paragraph (a) nor (b) above, nor paragraph (b) of Clause 30.2
                                            (Amendments and Waivers: Security Documents) shall apply:

 

		(i)	to
                                            any release of Transaction Security, claim or Liabilities; or

 

		(ii)	to
                                            any consent.

 

which,
in each case, the Security SPV gives in accordance with Clause 14 (Non-Distressed Disposals) or Clause 15 (Distressed
Disposals and Appropriation).

 

		(d)	Paragraphs (a) and
                                            (b) above shall apply to a Senior Arranger only to the extent that Liabilities are then
                                            owed to that Senior Arranger.

 

		30.5	Excluded
                                            Senior Credit Participations and Stream Participations

 

		(a)	If
                                            in relation to:

 

		(i)	a
                                            request for a Consent in relation to any of the terms of this Agreement;

 

		(ii)	a
                                            request to participate in any other vote of Senior Creditors or Stream Purchasers under the
                                            terms of this Agreement;

 

		(iii)	a
                                            request to approve any other action under this Agreement;

 

		(iv)	a
                                            request to provide any confirmation or notification under this Agreement; or

 

		(v)	a
                                            request to provide details of an Exposure,

 

any Primary
Creditor:

 

		(A)	fails
                                            to respond to that request within 20 Business Days of that request being made;
                                            or

 

		(B)	(in
                                            the case of paragraphs (i) to (iii) above), fails to provide details of its
                                            Senior Credit Participation or Stream Participation (as the case may be) to the Intercreditor
                                            Agent within the timescale specified by the Intercreditor Agent,

 

then the
provisions of paragraph (b) below shall apply.

 

		(b)	In
                                            the case of:

 

		(i)	paragraphs (a)(i) to
                                            (iii) above, that Primary Creditor’s Senior Credit Participation or Stream Participation
                                            (as the case may be) shall be deemed to be zero for the purpose of calculating the Senior
                                            Credit Participations or Stream Participations when ascertaining whether any relevant percentage
                                            (including, for the avoidance of doubt, unanimity) of Senior Credit Participations or Stream
                                            Participations has been obtained to give that Consent, carry that vote or approve that action;

 

		(ii)	paragraphs (a)(i) to
                                            (iii) above, that Primary Creditor’s status as a Senior Creditor or Stream Purchaser
                                            shall be disregarded for the purposes of ascertaining whether the agreement of any specified
                                            group of Primary Creditors has been obtained to give that Consent, carry that vote or approve
                                            that action;

 

		(iii)	paragraph (iv) above,
                                            that confirmation or notification shall be deemed to have been given; and

 

    109

     

    

 

		(iv)	paragraph (v) above,
                                            that Primary Creditor’s Exposure shall be deemed to be zero.

 

		30.6	Disenfranchisement
                                            of Sponsor Affiliates

 

		(a)	For
                                            so long as a Sponsor Affiliate (i) beneficially owns any Senior Commitment, (ii) beneficially
                                            owns an interest as a Stream Purchaser under a Stream Agreement or (iii) has entered
                                            into a sub-participation agreement relating to a Senior Commitment, a Stream Agreement or
                                            other agreement or arrangement having a substantially similar economic effect and such agreement
                                            or arrangement has not been terminated, in ascertaining:

 

		(i)	the
                                            Majority Senior Creditors;

 

		(ii)	the
                                            Majority Senior Lenders;

 

		(iii)	the
                                            Majority Stream Purchaser(s) in respect of each Stream Agreement; or

 

		(iv)	whether:

 

		(A)	any
                                            relevant percentage (including, for the avoidance of doubt, unanimity) of Senior Credit Participations
                                            or Stream Participations; or

 

		(B)	the
                                            agreement of any specified group of Primary Creditors,

 

has been
obtained to approve any request for a Consent or to carry any other vote or approve any action under this Agreement,

 

that Senior
Commitment or relevant Stream Participation shall be deemed to be zero and, subject to paragraph (b) below, that Sponsor Affiliate
(or the person with whom it has entered into that sub-participation, other agreement or arrangement) shall be deemed not to be a Senior
Lender or a Stream Purchaser, as the case may be.

 

		(b)	Each
                                            Sponsor Affiliate that is a Senior Lender or a Stream Purchaser agrees that:

 

		(i)	in
                                            relation to any meeting or conference call to which all the Senior Creditors, all the Primary
                                            Creditors, all the Stream Purchasers or any combination of those groups of Primary Creditors
                                            are invited to attend or participate, it shall not attend or participate in the same if so
                                            requested by the Intercreditor Agent or, unless the Intercreditor Agent otherwise agrees,
                                            be entitled to receive the agenda or any minutes of the same; and

 

		(ii)	it
                                            shall not, unless the Intercreditor Agent acting on the instructions of the Majority Senior
                                            Creditors and the Majority Stream Purchaser(s) in respect of each Stream Agreement otherwise
                                            agrees, be entitled to receive any report or other document prepared at the behest of, or
                                            on the instructions of, the Intercreditor Agent or one or more of the Primary Creditors.

 

		30.7	Disenfranchisement
                                            of Defaulting Creditors

 

		(a)	For
                                            so long as a Defaulting Senior Lender has any Available Commitment:

 

		(i)	in
                                            ascertaining:

 

		(A)	the
                                            Majority Senior Creditors;

 

		(B)	the
                                            Majority Senior Lenders; or

 

    110

     

    

 

		(C)	whether:

 

		(1)	any
                                            relevant percentage (including, for the avoidance of doubt, unanimity) of Senior Credit Participations;
                                            or

 

		(2)	the
                                            agreement of any specified group of Primary Creditors,

 

has been
obtained to approve any request for a Consent or to carry any other vote or approve any action under this Agreement,

 

that
Defaulting Senior Lender’s Senior Commitments will be reduced by the amount of its Available Commitments and, to the extent that
that reduction results in that Defaulting Senior Lender’s Senior Commitments being zero, that Defaulting Senior Lender shall be
deemed not to be a Senior Lender.

 

		(b)	In
                                            relation to any Defaulting Stream Purchaser which has any outstanding commitment (whether
                                            conditional or unconditional) to pay its share of an instalment of any prepayment amount
                                            or deposit in accordance with the provisions of a Stream Agreement (the “Outstanding
                                            Stream Commitment”):

 

		(i)	in
                                            ascertaining:

 

		(A)	the
                                            Majority Stream Purchaser(s) in respect of each Stream Agreement; or

 

		(B)	whether:

 

		(1)	any
                                            relevant percentage (including, for the avoidance of doubt, unanimity) of Stream Participations;
                                            or

 

		(2)	the
                                            agreement of any specified group of Primary Creditors,

 

has been
obtained to approve any request for a Consent or to carry any other vote or approve any action under this Agreement,

 

that
Defaulting Stream Purchaser’s relevant Stream Participation will be reduced by the amount of its Outstanding Stream Commitment
and, to the extent that that reduction results in that Defaulting Stream Purchaser’s relevant Stream Participation being zero,
that Defaulting Stream Purchaser shall be deemed not to be a Stream Purchaser during the period of such Outstanding Stream Commitment.

 

		(c)	For
                                            the purposes of this Clause 30.7, the Intercreditor Agent may assume that any Senior
                                            Lender or Stream Purchaser is a Defaulting Creditor if that Senior Lender (or any Senior
                                            Agent acting on behalf of that Senior Lender) or Stream Purchaser has notified the Intercreditor
                                            Agent that it has become a Defaulting Creditor, unless the Intercreditor Agent has received
                                            notice to the contrary from the Senior Lender (or any Senior Agent acting on behalf of that
                                            Senior Lender) or Stream Purchaser concerned (together with any supporting evidence reasonably
                                            requested by the Intercreditor Agent) or the Intercreditor Agent is otherwise aware that
                                            the relevant Senior Lender or Stream Purchaser (as the case may be) has ceased to be a Defaulting
                                            Creditor.

 

    111

     

    

 

		30.8	Deemed
                                            Consent

 

		(a)	If,
                                            at any time prior to the Senior Discharge Date, the Senior Facilities Creditors give a Consent
                                            in respect of the Senior Finance Documents then, if that action was permitted by the terms
                                            of this Agreement, the Intra-Group Lenders, the Shareholder Creditors, the Management Company,
                                            the Company and any Debtors will (or will be deemed to):

 

		(i)	give
                                            a corresponding Consent in equivalent terms in relation to each of the Debt Documents to
                                            which they are a party; and

 

		(ii)	do
                                            anything (including executing any document) that the Senior Facilities Creditors may reasonably
                                            require to give effect to this paragraph (a).

 

		(b)	If,
                                            at any time on or before the Stream Security Release Date has occurred under all of the Stream
                                            Agreements, the Majority Stream Purchaser(s) under a Stream Agreement give a Consent
                                            in respect of such Stream Agreement(s) then, if that action was permitted by the terms
                                            of this Agreement, the Intra-Group Lenders, the Shareholder Creditors, the Management Company,
                                            the Company and any Debtors will (or will be deemed to):

 

		(i)	give
                                            a corresponding Consent in equivalent terms in relation to each of the Debt Documents to
                                            which they are a party; and

 

		(ii)	do
                                            anything (including executing any document) that the Stream Purchasers may reasonably require
                                            to give effect to this paragraph (b),

 

unless
the Company notifies the relevant Stream Purchaser(s) that the giving of such Consent or the taking of any such action would conflict
with:

 

		(A)	any
                                            Consent referred to in Clause 30.8(a); or

 

		(B)	any
                                            provision of a Senior Finance Document.

 

		30.9	Excluded
                                            Consents

 

Clause 30.8
(Deemed Consent) does not apply to any Consent which has the effect of:

 

		(a)	increasing
                                            or decreasing the Liabilities;

 

		(b)	changing
                                            the basis upon which any Permitted Payments are calculated (including the timing, currency
                                            or amount of such Payments); or

 

		(c)	changing
                                            the terms of this Agreement or of any Security Document.

 

		30.10	Stream
                                            Administrative Consents

 

If a
Senior Agent or the requisite majority of Senior Facilities Creditors under the Senior Facilities Agreement gives or give any Consent
which is of a minor technical or administrative nature, or which corrects a manifest error, in respect of the Senior Finance Documents
which, in each case, does not adversely affect the interests of the Stream Purchasers or change the commercial terms contained in the
Stream Agreements then, if that action was permitted by the terms of this Agreement, the Stream Purchasers will (or will be deemed to):

 

		(a)	give
                                            a corresponding Consent in equivalent terms in relation to each of the Debt Documents to
                                            which they are a party; and

 

		(b)	do
                                            anything (including executing any document) that the Senior Facilities Creditors may reasonably
                                            require to give effect to this Clause 30.10.

 

		30.11	No
                                            Liability

 

None
of the Senior Facilities Creditors will be liable to any other Creditor or Debtor for any Consent given or deemed to be given under this
Clause 30.

 

    112

     

    

 

		30.12	Agreement
                                            to Override

 

Unless
expressly stated otherwise in this Agreement, this Agreement overrides anything in the Debt Documents to the contrary.

 

		31.	Counterparts

 

This
Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on
a single copy of this Agreement.

 

Section 10

Governing Law and Enforcement

 

		32.	Governing
                                            Law

 

This
Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

 

		33.	Enforcement

 

		33.1	Jurisdiction

 

		(a)	The
                                            courts of England have exclusive jurisdiction to settle any dispute arising out of or in
                                            connection with this Agreement (including a dispute relating to the existence, validity or
                                            termination of this Agreement or any non-contractual obligation arising out of or in connection
                                            with this Agreement) (a “Dispute”).

 

		(b)	The
                                            Parties agree that the courts of England are the most appropriate and convenient courts to
                                            settle Disputes and accordingly no Party will argue to the contrary.

 

		(c)	Notwithstanding
                                            paragraph (a) above, no Secured Party shall be prevented from taking proceedings
                                            relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law,
                                            the Secured Parties may take concurrent proceedings in any number of jurisdictions.

 

		33.2	Service
                                            of Process

 

		(a)	Without
                                            prejudice to any other mode of service allowed under any relevant law, each Debtor:

 

		(i)	irrevocably
                                            appoints Law Debenture Corporate Services Limited, 8th Floor, 100 Bishopsgate, London, EC2N
                                            4AG as its agent for service of process in relation to any proceedings before the English
                                            courts in connection with this Agreement; and

 

		(ii)	agrees
                                            that failure by a process agent to notify the relevant Debtor of the process will not invalidate
                                            the proceedings concerned;

 

		(b)	If
                                            any person appointed as an agent for service of process is unable for any reason to act as
                                            agent for service of process, the relevant Debtor must immediately (and in any event within
                                            10 (ten) days of such event taking place) appoint another agent on terms acceptable
                                            to the Intercreditor Agent. Failing this, the Intercreditor Agent may appoint another agent
                                            for this purpose.

 

This
Agreement has been entered into on the date stated at the beginning of this Agreement and executed as a deed by the Intra-Group Lenders
and the Debtors and is intended to be and is delivered by them as a deed on the date specified above. The Parties intend that
this document shall take effect as a deed notwithstanding the fact that a Party may only execute this document under hand.

 

    113

     

    

 

Schedule 1

 

Form of
Debtor Accession Deed

 

This Agreement
is made on [●] and made between:

 

		(1)	[Insert
                                            Full Name of New Debtor] (the “Acceding Debtor”); and

 

		(2)	[Insert
                                            Full Name of Current Intercreditor Agent] (the “Intercreditor Agent”),
                                            for itself and each of the other parties to the intercreditor agreement referred to below.

 

This agreement
is made on [date] by the Acceding Debtor in relation to an intercreditor agreement (the “Intercreditor Agreement”)
dated [●] between, amongst others, [●] as Company, [●] as Intercreditor Agent, [●] as Senior Agent, [●]
as Stream Purchasers, the other Creditors and the other Debtors (each as defined in the Intercreditor Agreement).

 

The Acceding Debtor
intends to [incur Liabilities under the following documents]/[give a guarantee, indemnity or other assurance against loss in respect
of Liabilities under the following documents]:

 

[Insert details
(date, parties and description) of relevant documents]

 

the “Relevant
Documents”.

 

It is Agreed
as follows:

 

		1.	Terms
                                            defined in the Intercreditor Agreement shall, unless otherwise defined in this Agreement,
                                            bear the same meaning when used in this Agreement.

 

		2.	The
                                            Acceding Debtor agrees that the Security SPV shall hold any Security granted by the Acceding
                                            Debtor pursuant to the terms of Clause [3.2] of the Intercreditor Agreement.

 

		3.	The
                                            Acceding Debtor confirms that it intends to be party to the Intercreditor Agreement as a
                                            Debtor, undertakes to perform all the obligations expressed to be assumed by a Debtor under
                                            the Intercreditor Agreement and agrees that it shall be bound by all the provisions of the
                                            Intercreditor Agreement as if it had been an original party to the Intercreditor Agreement
                                            as a Debtor.

 

		4.	[In
                                            consideration of the Acceding Debtor being accepted as an Intra-Group Lender for the purposes
                                            of the Intercreditor Agreement, the Acceding Debtor also confirms that it intends to be party
                                            to the Intercreditor Agreement as an Intra-Group Lender, and undertakes to perform all the
                                            obligations expressed in the Intercreditor Agreement to be assumed by an Intra-Group Lender
                                            and agrees that it shall be bound by all the provisions of the Intercreditor Agreement, as
                                            if it had been an original party to the Intercreditor Agreement].**

 

		[4]/[5.]	This
                                            Agreement and any non-contractual obligations arising out of or in connection with it are
                                            governed by, English law.

 

This Agreement
has been signed on behalf of the Intercreditor Agent and executed as a deed by the Acceding Debtor and is delivered on the date stated
above.

 

 

	**	Include this paragraph in the relevant Debtor Accession Deed if the Acceding Debtor is also to accede as an Intra-Group Lender to the
Intercreditor Agreement. 

 

    114

     

    

 

	The Acceding Debtor	 
	 	 
	[Executed as a Deed	 
	 	 
	 	 
	By: [Full Name of Acceding Debtor]	 
	Director	 
	 	 
	 	 
	By: [Full Name of Acceding Debtor]	 
	Director/Secretary	 

 

OR

 

	[Executed
as a Deed		 

    

	 	 	By:
    [Full name of Acceding Debtor]
	 	 	Signature of Director
	 	 	 
	 		 

    

	 	 	By: [Full name of Acceding
    Debtor]
	 	 	Name of Director
	 	 	 
	in the presence of	 	 
	 	 	 
	 	 	 
	

    Signature
of witness:

    Name
of witness:

    Address
of witness:

    Occupation
of witness]
	 	 

 

Address for notices:

 

Address:

 

Fax:

 

    115

     

    

 

The Intercreditor Agent

[Full Name of Current Intercreditor Agent]

 

 

	By:	 	 
	Date:	 	

 

 

    116

     

    

 

Schedule 2

 

Form of
Creditor Accession Undertaking

 

		To:	[Insert
                                            full name of current Intercreditor Agent] for itself and each of the other parties to
                                            the Intercreditor Agreement referred to below.

 

		From:	[Acceding
                                            Creditor]

 

THIS UNDERTAKING
is made on [date] by [insert full name of new Senior Lender/Stream Purchaser/Senior Hedge Counterparty/Senior Agent/Senior
Arranger/Intra-Group Lender/] (the “Acceding [Senior Lender/Stream Purchaser/Senior Hedge Counterparty/Senior Agent/Senior
Arranger/Intra-Group Lender/Shareholder Creditor]”) in relation to the intercreditor agreement (the “Intercreditor
Agreement”) dated [●] between, among others, [INSERT NAME OF COMPANY] as company, [INSERT NAME OF INTERCREDITOR AGENT]
as Intercreditor Agent, [INSERT NAME OF SENIOR AGENT] as Senior Agent, the other Creditors and the other Debtors (each as defined in
the Intercreditor Agreement). Terms defined in the Intercreditor Agreement shall, unless otherwise defined in this Undertaking, bear
the same meanings when used in this Undertaking.

 

In consideration
of the Acceding [Senior Lender/Stream Purchaser/Senior Hedge Counterparty/Senior Agent/Senior Arranger/Intra-Group Lender/Shareholder
Creditor] being accepted as a [Senior Lender/Stream Purchaser/Senior Hedge Counterparty/Intra-Group Lender/Senior Agent/Senior Arranger/
Shareholder Creditor] for the purposes of the Intercreditor Agreement, the Acceding [Senior Lender/Stream Purchaser/Senior Hedge Counterparty/Senior
Agent/Senior Arranger/Intra-Group Lender/Shareholder Creditor] confirms that, as from [date], it intends to be party to the Intercreditor
Agreement as a [Senior Lender/Stream Purchaser/Senior Hedge Counterparty/Senior Agent/Senior Arranger/Intra-Group Lender/Shareholder
Creditor] and undertakes to perform all the obligations expressed in the Intercreditor Agreement to be assumed by a [Senior Lender/Stream
Purchaser/Senior Hedge Counterparty/Senior Agent/Senior Arranger/Intra-Group Lender/Shareholder Creditor] and agrees that it shall be
bound by all the provisions of the Intercreditor Agreement, as if it had been an original party to the Intercreditor Agreement.

 

This Undertaking
and any non-contractual obligations arising out of or in connection with it are governed by English law.

 

This Undertaking
has been entered into on the date stated above [and is executed as a deed by the Acceding Creditor, if it is acceding as an Intra-Group
Lender and is delivered on the date stated above].

 

Acceding [Creditor]

 

[Executed as a Deed]

[insert full name of Acceding Creditor]

 

 

	By:	 
	Address:	 
	Fax:	 

 

    117

     

    

 

Accepted by the Intercreditor Agent

 

for and on behalf of

[Insert full name of current Intercreditor Agent]

 

 

	Date:	 

 

 

[Accepted by the Senior Agent]

 

for and on behalf of

[Insert full name of Senior Agent]

 

 

	Date:]****	 

 

 

	****	Include only in the case of (i) a
    Hedge Counterparty or (ii) an Ancillary Lender which is an Affiliate of a Senior Lender which is using this undertaking to accede
    to the Initial Senior Facilities Agreement.

 

    118

     

    

 

Schedule 3

 

Form of
Debtor Resignation Request

 

To:           [●]
as Intercreditor Agent

 

From:       [resigning
Debtor]

 

Dated:

 

Dear Sirs

 

Intercreditor
Agreement

dated [●] (the “Intercreditor Agreement”)

 

		1.	We
                                            refer to the Intercreditor Agreement. This is a Debtor Resignation Request. Terms defined
                                            in the Intercreditor Agreement have the same meaning in this Debtor Resignation Request unless
                                            given a different meaning in this Debtor Resignation Request.

 

		2.	Pursuant
                                            to Clause [25.15] (Resignation of a Debtor) of the Intercreditor Agreement we
                                            request that [resigning Debtor] be released from its obligations as a Debtor under
                                            the Intercreditor Agreement.

 

		3.	We
                                            confirm that:

 

		(a)	no
                                            Default is continuing or would result from the acceptance of this request; and

 

		(b)	[resigning
                                            Debtor] is under no actual or contingent obligations in respect of the Intra-Group Liabilities
                                            and the Shareholder Liabilities.

 

		4.	This
                                            letter and any non-contractual obligations arising out of or in connection with it are governed
                                            by English law.

 

[resigning Debtor]

 

 

	By:	 

 

    119

     

    

 

Schedule 4

 

Relevant Entities

 

Part 1

Initial Senior Agent

 

Nedbank
Limited (acting through its Nedbank Corporate and Investment Banking Division)

 

[***]Attention: Head of Transaction
Management

 

E-mail: [***]

 

    120

     

    

 

Part 2

Initial Senior Lender

 

Nedbank
Limited (acting through its Nedbank Corporate and Investment Banking Division)

 

[***]

 

Attention: Head of Transaction Management

 

E-mail:
[***]

 

    121

     

    

 

 

Part 3

Initial Senior Arranger

 

Nedbank Limited
(acting through its Nedbank Corporate and Investment Banking Division)

 

135 Rivonia Road

Block F

3rd Floor

Sandton

2196

 

Attention: Head of Transaction Management

 

E-mail: [***]

  

    	 	122	 

     

    

 

Part 4

Initial Platinum Stream Purchaser

  

OMF Fund III (In)
LLC

 

[***]

 

Attention: General Counsel

 

Email: [***]

 

with a copy to:

 

Orion Resource Partners (USA) LP

 

[***]Attention: General Counsel

 

Email: [***]

 

    	 	123	 

     

    

 

Part 5

Initial Palladium and Gold Stream Purchaser

 

OMF Fund III (Kr) LLC

 

[***]

 

Attention: General Counsel

 

Email: [***]

 

with a copy to:

 

Orion Resource Partners (USA) LP

 

[***]

 

Attention: General Counsel

 

Email: [***]

 

    	 	124	 

     

    

 

Part 6

Initial Rhodium Stream Purchaser

 

OMRF (Ni) LLC

 

[***]

 

Attention: General Counsel

 

Email: [***]

 

with a copy to:

 

Orion Resource Partners (USA) LP

 

[***]

 

Attention: General Counsel

 

Email: [***]

 

    	 	125	 

     

    

 

Signature Pages

 

	Signed for and on behalf of Nedbank Limited (acting through its Nedbank Corporate and Investment Banking Division) as the Initial Senior Agent by:	
    )

    )
	 	 	 
	 	 	Signature	 	/s/ [***]
	 	 	 	 	 
	 	 	Name (block capitals)	 	[***]
	 	 	 	 	Director/authorised signatory
	 	 	 	 	 
	 	 	Signature	 	/s/ [***]
	 	 	 	 	 
	 	 	Name (block capitals)	 	[***]
	 	 	 	 	Director/authorised signatory

  

    	 	126	 

     

    

 

	Signed for and on behalf of Nedbank Limited (acting through its Nedbank Corporate and Investment Banking Division) as the Initial Senior Lender by:	
    )

    )
	 	 	 
	 	 	Signature	 	/s/ [***]
	 	 	 	 	 
	 	 	Name (block capitals)	 	[***]
	 	 	 	 	Director/authorised signatory
	 	 	 	 	 
	 	 	Signature	 	/s/ [***]
	 	 	 	 	 
	 	 	Name (block capitals)	 	[***]
	 	 	 	 	Director/authorised signatory

  

    	 	127	 

     

    

  

	Signed for and on behalf of Nedbank Limited (acting through its Nedbank Corporate and Investment Banking Division) as the Initial Senior Arranger by:	
    )

    )
	 	 	 
	 	 	Signature	 	/s/ [***]
	 	 	 	 	 
	 	 	Name (block capitals)	 	[***]
	 	 	 	 	Director/authorised signatory
	 	 	 	 	 
	 	 	Signature	 	/s/ [***]
	 	 	 	 	 
	 	 	Name (block capitals)	 	[***]
	 	 	 	 	Director/authorised signatory

 

    	 	128	 

     

    

 

	Signed for and on behalf of OMF Fund III (In) LLC as the Initial Platinum Stream Purchaser by:	
    )

    )
	Signature	 	/s/ [***]
	 	 	 	 	 
	 	 	Name (block capitals)	 	[***]
	 	 	 	 	Director/authorised signatory

  

    	 	129	 

     

    

 

	Signed for and on behalf of OMF Fund III (Kr) LLC as the Initial Palladium and Gold Stream Purchaser by:	
    )

    )
	Signature	 	/s/ [***]
	 	 	 	 	 
	 	 	Name (block capitals)	 	[***]
	 	 	 	 	Director/authorised signatory

 

    	 	130	 

     

    

  

	Signed for and on behalf of OMRF (Ni) LLC as the Initial Rhodium Stream Purchaser by:	
    )

    )
	Signature	 	/s/ [***]
	 	 	 	 	 
	 	 	Name (block capitals)	 	[***]
	 	 	 	 	Director/authorised signatory

 

    	 	131	 

     

    

 

	Signed for and on behalf of Sedibelo Resources Limited as the Parent by:	
    )

    )
	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

	/s/ [***]	 
	Signature of witness	 
	 	 
	Name of witness: [***]	 
	 	 
	Address of witness: [***]	 

  

    	 	132	 

     

    

 

	Signed for and on behalf of Platinum Investor Consortium Proprietary Limited as the Initial Shareholder Creditor by:	
    )

    )
	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director/authorised signatory

  

    	 	133	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Sedibelo Group Services Proprietary Limited as the Management Company:	
    )

    )
)	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

  

    	 	134	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Pilanesberg Platinum Mines Proprietary Limited as the Company:	
    )

    )

    )
	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	135	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Itereleng Bakgatla Minerals Resources Proprietary Limited as a Senior Facility Guarantor:	
    )

    )
)	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

  

    	 	136	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Richtrau No. 123 Proprietary Limited as a Senior Facility Guarantor:	
    )

    )

    )
	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	137	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Sedibelo Resources Limited as a Senior Facility Guarantor:	
    )

    )

    )
	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

	/s/ [***]	 
	Signature of witness	 
	 	 
	Name of witness: [***]	 
	 	 
	Address of witness: [***]	 

   

    	 	138	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Clidet No. 832 Proprietary Limited as a Senior Facility Guarantor:	
    )

    )

    )
	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	139	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Orkid S.á.r.l. (Société à responsabilité limitée, Registered office: 19, rue Eugène Ruppert, L - 2453 Luxembourg, R.C.S. Luxembourg: B167777) as a Senior Facility Guarantor:	
    )

    )

    )
	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

	/s/ [***]	 
	Signature of witness	 
	 	 
	Name of witness: [***]	 
	 	 
	Address of witness: [***]	 

  

    	 	140	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Platinum Investor Consortium Proprietary Limited as a Senior Facility Guarantor:	
    )

    )

    )
	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	141	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Sedibelo Group Services Proprietary Limited as a Senior Facility Guarantor:	
    )

    )

    )
	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	142	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Richtrau No. 123 Proprietary Limited as a Platinum Stream Guarantor and Stream Guarantor:	
    )

    )

    )
	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	143	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Sedibelo Resources Limited as a Platinum Stream Guarantor and Stream Guarantor:	
    )

    )

    )
	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

	/s/ [***]	 
	Signature of witness	 
	 	 
	Name of witness: [***]	 
	 	 
	Address of witness: [***]	 

   

    	 	144	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Clidet No. 832 Proprietary Limited as a Platinum Stream Guarantor and Stream Guarantor:	
    )

    )

    )
	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	145	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Orkid S.á.r.l. (Société à responsabilité limitée, Registered office: 19, rue Eugène Ruppert, L - 2453 Luxembourg, R.C.S. Luxembourg: B167777) as a Platinum Stream Guarantor and Stream Guarantor:	
    )

    )

    )
	Signature	 	/s/ Erich Clarke
	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

	/s/ [***]	 
	Signature of witness	 
	 	 
	Name of witness: [***]	 
	 	 
	Address of witness: [***]	 

 

    	 	146	 

     

    

 

 

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Platinum Investor Consortium Proprietary Limited as a Platinum Stream Guarantor and Stream Guarantor:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	147	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Pilanesburg Platinum Mines Proprietary Limited as a Platinum Stream Guarantor and Stream Guarantor:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	148	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Richtrau No. 123 Proprietary Limited as a Palladium and Gold Stream Guarantor and Stream Guarantor:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	149	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Sedibelo Resources Limited as a Palladium and Gold Stream Guarantor and Stream Guarantor:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

	/s/ [***]	 
	Signature of witness	 
	 	 
	Name of witness: [***]	 
	 	 
	Address of witness: [***]	 

 

    	 	150	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Clidet No. 832 Proprietary Limited as a Palladium and Gold Stream Guarantor and Stream Guarantor:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	151	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Orkid S.á.r.l. (Société à responsabilité limitée, Registered office: 19, rue Eugène Ruppert, L - 2453 Luxembourg, R.C.S. Luxembourg: B167777) as a Palladium and Gold Stream Guarantor and Stream Guarantor:	)

                                               )

                                               )
	Signature	 	
     

     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

	/s/ [***]	 
	Signature of witness	 
	 	 
	Name of witness: [***]	 
	 	 
	Address of witness: [***]	 

 

    	 	152	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by  Platinum Investor Consortium Proprietary Limited as a Palladium and Gold Stream Guarantor and Stream Guarantor:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	153	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Pilanesburg Platinum Mines Proprietary Limited as a Palladium and Gold Stream Guarantor and Stream Guarantor:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	154	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Richtrau No. 123 Proprietary Limited as a Rhodium Stream Guarantor and Stream Guarantor:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	155	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Sedibelo Resources Limited as a Rhodium Stream Guarantor and Stream Guarantor:	

                                               )

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

	/s/ [***]	 
	Signature of witness	 
	 	 
	Name of witness: [***]	 
	 	 
	Address of witness: [***]	 

 

    	 	156	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Clidet No. 832 Proprietary Limited as a Rhodium Stream Guarantor and Stream Guarantor:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	157	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Orkid S.á.r.l. (Société à responsabilité limitée, Registered office: 19, rue Eugène Ruppert, L - 2453 Luxembourg, R.C.S. Luxembourg: B167777) as a Rhodium Stream Guarantor and Stream Guarantor:	)

                                               )

                                               )
	Signature	 	
     

     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

	/s/ [***]	 
	Signature of witness	 
	 	 
	Name of witness: [***]	 
	 	 
	Address of witness: [***]	 

 

    	 	158	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Platinum Investor Consortium Proprietary Limited as a Rhodium Stream Guarantor and Stream Guarantor:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	159	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Pilanesburg Platinum Mines Proprietary Limited as a Rhodium Stream Guarantor and Stream Guarantor:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	160	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Richtrau No. 123 Proprietary Limited as an Initial Security Provider:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	161	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Clidet No. 832 Proprietary Limited as an Initial Security Provider:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	162	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Platinum Investor Consortium Proprietary Limited as an Initial Security Provider:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	163	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Sedibelo Group Services Proprietary Limited as an Initial Security Provider:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	164	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Pilanesburg Platinum Mines Proprietary Limited as an Initial Security Provider:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	165	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Clidet No. 832 Proprietary Limited as an Initial Intra-Group Lender:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	166	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Orkid S.á.r.l. (Société à responsabilité limitée, Registered office: 19, rue Eugène Ruppert, L - 2453 Luxembourg, R.C.S. Luxembourg: B167777) as an Initial Intra-Group Lender:	)

                                               )

                                               )
	Signature	 	
     

     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

	/s/ [***]	 
	Signature of witness	 
	 	 
	Name of witness: [***]	 
	 	 
	Address of witness: [***]	 

 

    	 	167	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Pallinghurst Investor Consortium Proprietary Limited as an Initial Intra-Group Lender:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	168	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Pilanesburg Platinum Mines Proprietary Limited as an Initial Intra-Group Lender:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

    	 	169	 

     

    

 

	Executed as a deed, but not delivered until the first date specified on the first page, by Sedibelo Resources Limited as an Initial Intra-Group Lender:	)

                                               )

                                               )
	Signature	 	
     

     

    /s/ Erich Clarke

	 	 	 	 	 
	 	 	Name (block capitals)	 	Erich Clarke
	 	 	 	 	Director

 

	/s/ [***]	 
	Signature of witness	 
	 	 
	Name of witness: [***]	 
	 	 
	Address of witness: [***]	 

 

    	 	170	 

     

    

 

	Signed for and on behalf of Bowwood and Main No 335 Proprietary Limited (to be renamed "Bowwood and Main No 335 (RF) Proprietary Limited") as the Security SPV:	)

                                               )
	Signature	 	
     

     

     

    /s/ [***]

	
     

    3rd Floor, 200 on Main, Cnr Main and Bowwood Roads, Claremont

    Western Cape, 7708, South Africa

     

    Attention: The Managing Director

    Email: [***]

     
	 	 	 	 
	 	 	Name (block capitals)	 	[***]
	 	 	Director/authorised signatory

 

    	 	171	 

     

    

 

	Signed for and on behalf of Nedbank Limited (acting through its Nedbank Corporate and Investment Banking Division) as the Intercreditor Agent by:	) 

                                                               )
	Signature		/s/ [***]
		 	 		
	 	 	Name (block capitals)	 	[***]
	 	 	Director/authorised signatory

 

	 	 	Signature	 	 /s/ [***]
	 	 	 	 	 
	 	 	Name (block capitals)	 	[***]
	 	 	Director/authorised signatory

 

    	 	172

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]