Document:

Exhibit 10.25

 

PRODUCTION INTEREST RIGHT OF FIRST REFUSAL

 

THIS
RIGHT OF FIRST REFUSAL AGREEMENT (the “ROFR Agreement”) made on 15 July 2022

 

 BETWEEN:

 

	(1)	PILANESBURG
                                            PLATINUM MINES (PTY) LIMITED, 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, South Africa
                                            (“Grantor”); and

 

	(2)	ORION
                                            RESOURCE PARTNERS (UK) LLP, formed under the laws of England with registration number
                                            OC404376 whose registered office is at Fourth
                                            Floor, 33 Welbeck Street, London, England, W1G 8EX (“ROFR Holder”).

 

	1.	Definitions

 

	1.1	Defined Terms

 

Capitalised terms used but not otherwise
defined in this ROFR Agreement have the meanings given to them in the Platinum Stream Agreement (as defined below).

 

For the purposes of this ROFR Agreement,
unless the context otherwise requires, each of the following terms shall have the following meanings:

 

“Approval Period”
means the number of days required for the relevant Person(s) to obtain any applicable regulatory or government approval to enter
into and implement the transaction contemplated by the relevant Production Interest Offer.

 

“Disposal” has the
meaning given to it in Clause 2.1.

 

“Due Diligence Materials”
means, to the extent applicable in connection with the relevant Production Interest, the pre-feasibility study, definitive feasibility
study, mine plan, technical reports, financial models, material contracts, mining rights or conventions, licences and authorisations,
the finance documents or advanced drafts of finance documents applicable to any financing to which any subordination agreement or intercreditor
agreement which is in place or is likely to be in place relates to (in each case to the extent available), and other information relevant
for the analysis and consideration of the relevant Production Interest Offer.

 

“Effective Date”
means the date on which each Prepayment Date (as defined in each of the Platinum Stream, the Platinum and Gold Stream and the Rhodium
Stream, as applicable) under the Platinum Stream, the Platinum and Gold Stream and the Rhodium Stream has occurred.

 

“Minerals” means
any and all marketable metal bearing material in whatever form or state that is mined, produced, extracted or otherwise recovered, including
(A) any such material derived from any processing or reprocessing of any tailings, waste rock or other waste products, and (B) ore,
concentrate and doré and any other products resulting from the further milling, processing or other beneficiation of Minerals.

 

“Platinum Stream Agreement”
means the US$ 40,200,000 platinum and base metals sale and purchase agreement between, inter alios, OMF Fund III (In) LLC as purchaser
and the Grantor as guarantor dated on or about the date of this ROFR Agreement.

 

    1

     

    

 

“Production Interest”
means any royalty, stream, participation or production interest and related assets, or any agreements that are similar (including any
agreement whose financial terms are calculated in a similar way) to a royalty, stream, participation or production interest agreement,
in each case in respect of any Minerals.

 

“Production Interest Seller”
has the meaning given to it in Clause 2.1.

 

“Production Interest Offer”
has the meaning given to it in Clause 2.1.

 

“Review Period”
has the meaning given to it in Clause 2.3.

 

“Specified Terms”
means, in respect of the Production Interest Offer, the type of Minerals, the location of the Minerals, the nature of the Production
Interest, the deposit amount, Minerals purchase price, designated percentage of payable Minerals, volume of Minerals to be sold and delivered,
delivery and payment terms, required security, commencement date and expiry date of the proposed Production Interest agreement and any
other information relevant to the assessment of the Production Interest Offer.

 

“Third Party Offer”
has the meaning given to it in Clause 2.1(B).

 

	1.2	Interpretation

 

Clause 1.2 (Interpretation)
of the Platinum Stream Agreement is deemed to be incorporated into this ROFR Agreement, mutatis mutandis.

 

	2.	Right
                                            of First Refusal

 

	2.1	Production Interest Offer

 

If, at any time during the period from
the Effective Date until the date failing ten years after the Effective Date, any of Grantor, its subsidiaries or any other Person which
it directly or indirectly Controls (in each case from time to time) (such person, the “Production Interest Seller”):

 

		(A)	wishes to offer for sale, or dispose of
                                            or grant rights for value to any third party, in respect of, any Production Interest; or

 

		(B)	following
                                            an offer by a third party to purchase or acquire for value any Production Interest
                                            (a “Third Party Offer”), wishes to accept such Third Party Offer,

 

(each a “Disposal”)
the Production Interest Seller shall, and Grantor shall procure that the Production Interest Seller shall, by notice in writing to the
ROFR Holder first offer to sell such Production Interest to the ROFR Holder or such of its Affiliates as it may nominate in writing (and
such nominee shall be the “ROFR Holder” for the purposes of such Production Interest and such nomination shall not constitute
a Transfer for the purposes of Clause 3.1) (the “Production Interest Offer”).

 

    2

     

    

 

	2.2	Terms of Production Interest Offer

 

		(A)	The Production Interest Offer must be
                                            capable of acceptance by the ROFR Holder and must set out all of the material terms and conditions
                                            related to the sale of the Production Interest, including:

 

		(1)	the Specified Terms that the Production
                                            Interest Seller proposes to offer to a third party or that have been included in the Third
                                            Party Offer (as applicable);

 

		(2)	where the Third Party Offer includes
                                            consideration other than cash, at the ROFR Holder’s option, the terms of the Production
                                            Interest Offer will permit the ROFR Holder to pay an amount in cash equivalent to the value
                                            of such non-cash consideration in the Third Party Offer; and

 

		(3)	the
                                            estimated relevant Approval Period (if any) and the criteria and assumptions used
                                            to calculate the duration and commencement of such Approval Period, or confirmation that
                                            no Approval Period is applicable.

 

		(B)	The
                                            Production Interest Offer must be generally consistent with the terms of the Platinum
                                            Stream Agreement, except to the extent that it is necessary for such terms to be amended
                                            in order to take account of the terms referred to in Clauses 2.2(A)(1) and / or 2.2(A)(2) and
                                            / or the nature of the Production Interest and / or any other terms of the Production Interest
                                            Offer.

 

		(C)	At
                                            the same time as providing the Production Interest Offer, the Production Interest
                                            Seller shall, and Grantor shall procure that the Production Interest Seller shall, provide
                                            to the ROFR Holder access to the Due Diligence Materials.

 

	2.3	Review Period

 

Upon receipt of a Production Interest
Offer, the ROFR Holder shall have a review period expiring on the date falling 60 days after the ROFR Holder has received the Production
Interest Offer and the available Due Diligence Materials (such period, the “Review Period”) in which to indicate whether
it wishes to accept the Production Interest Offer. During the Review Period, the Production Interest Seller shall, and Grantor shall
procure that the Production Interest Seller shall:

 

		(A)	deal
                                            exclusively with the ROFR Holder with respect to the Production Interest Offer and any other
                                            potential disposition of the Production Interest; and

 

		(B)	provide to the ROFR Holder all additional
                                            information, materials and assistance (including at least one site visit and access to and
                                            cooperation from relevant personnel) that the ROFR Holder may reasonably require to analyse
                                            and consider the Production Interest Offer and the Due Diligence Materials (which must be
                                            requested by the ROFR Holder in the first 20 days of the Review Period).

 

If the Production Interest Seller takes
more than 10 days to provide such additional information, materials and/or assistance, the Review Period shall be extended by the number
of days taken in excess of 10 days to provide such additional information, materials and/or assistance.

 

	2.4	Acceptance of Production Interest Offer

 

If, prior to the end of the Review
Period, the ROFR Holder accepts the Production Interest Offer by notice in writing to Grantor and the Production Interest Seller, then
the Production Interest Seller shall be, and Grantor shall procure that the Production Interest Seller shall be, and the ROFR Holder
shall be, bound by the Production Interest Offer on the terms set out herein and therein subject to any other changes agreed on in writing
during the Review Period.

 

    3

     

    

 

	2.5	Production Interest Offer Further Assurance

 

If a Production Interest Offer is accepted
pursuant to Clause 2.4:

 

		(A)	the
                                            Production Interest Seller shall,
                                            and Grantor shall procure that the Production Interest Seller shall, and the ROFR Holder
                                            shall cause all such further agreements, instruments and documents to be executed and delivered
                                            and all such further acts, opinions and other documents, instruments and agreements in connection
                                            therewith and things to be done as the Production Interest Seller or the ROFR Holder may
                                            from time to time reasonably require to give effect to the Production Interest Offer; and

 

		(B)	the
                                            Production Interest Seller shall, and Grantor shall procure that the Production Interest
                                            Seller shall, use reasonable endeavours to procure that all applicable regulatory or government
                                            approvals to enter into the transaction contemplated by the relevant Production Interest
                                            Offer are obtained as soon as practicable.

 

	2.6	Lapse of Production Interest Offer

 

If the
Production Interest Seller and the ROFR Holder have not entered into a definitive agreement and proceeded to close the transaction within
60 days of the acceptance of the Production Interest Offer pursuant to Clause 2.4 (as extended by the Approval Period if applicable),
the Production Interest Seller’s right to accept a Third Party Offer shall revive, provided that:

 

		(A)	the
                                            terms of the Disposal further to such Third Party Offer are no more favourable to the relevant
                                            Third Party than those included in either the Production Interest Offer or the most recent
                                            draft of such definitive agreement provided to the ROFR Holder (whichever was most favourable
                                            to the ROFR Holder); and

 

		(B)	such
                                            Disposal is completed within 60 days (as extended by the Approval Period if applicable) of
                                            the end of the expiry of such 60 day period (as extended by the Approval Period if applicable).

 

	2.7	Non-acceptance of Production Interest
                                            Offer

 

If, by
the end of the Review Period, the ROFR Holder has not accepted the Production Interest Offer, then the Production Interest Seller may
proceed with the Disposal of the Production Interest which is the subject of the Production Interest Offer, provided that:

 

		(A)	the terms of the Disposal are no more
                                            favourable to the relevant third party than those included in the Production Interest Offer;
                                            and

 

		(B)	such
                                            Disposal is completed within 60 days of the end of the Review Period (as extended
                                            by the Approval Period if applicable).

 

	2.8	Subsequent Disposal

 

If a
Disposal of the Production Interest has not been completed within the 60 day period referred to in Clause 2.6(B) or 2.7(B) (in
each case, as extended by the Approval Period if applicable) the provisions of Clauses 2.1 to 2.6 shall apply to any subsequent
proposed Disposal of such Production Interest by the Grantor, its subsidiaries or any other Person which it directly or indirectly Controls
(in each case from time to time).

 

    4

     

    

 

		2.9	Approval Period

 

The Grantor shall promptly notify the
ROFR Holder of the estimated duration of any Approval Period (if applicable).

 

		3.	General

 

		3.1	Transfers by the ROFR Holder

 

		(A)	Subject
                                            to Clauses 2.1 and 3.1(B), the ROFR Holder may not, directly or indirectly, sell, transfer,
                                            grant, assign, cede, convey, dispose or otherwise grant a right, title or interest
                                            in (“Transfer”) all or any part of its rights and interests and obligations
                                            under this ROFR Agreement to any Person without prior written consent from the Grantor (not
                                            to be unreasonably withheld or delayed).

 

		(B)	Clause 3.1(A) above shall not prohibit
                                            any such Transfer (in whole or in part) if:

 

		(1)	the
                                            Grantor has been provided with at least 60 days’ prior written notice of the proposed
                                            Transfer;

 

		(2)	the transferee is an Affiliate of the
                                            ROFR Holder; and

 

		(3)	the transferee is not a Sanctioned Person
                                            or a Sanctioned Entity.

 

		(C)	Grantor shall promptly execute, or procure
                                            the prompt execution of, any documents as the ROFR Holder may reasonably require to effect
                                            any permitted Transfer pursuant to this Clause 3.1 and entitle the transferee to receive
                                            the full benefit of this ROFR Agreement as ROFR Holder.

 

		(D)	Any
                                            costs and/or fees under or in connection with any Transfer, shall be for the account of the
                                            ROFR Holder only.

 

	3.2	Incorporation of provisions

 

Clauses
15.1 (Disputes and Arbitration), 15.4 (Further Assurances), 15.6 (Notices), 15.7 (Callback contact), 15.9
(Amendments), 15.12 (Waivers), 15.13 (Severability) and 15.17 (Counterparts) of the Platinum Stream
Agreement are deemed to be incorporated into this ROFR Agreement, mutatis mutandis, with references to “Purchaser” being
deemed to be references to the ROFR Holder and references to “Seller” or “ProjectCo” being deemed to be references
to Grantor and references to “Party” or “Parties” being a reference to a party or parties (as applicable) to
this ROFR Agreement.

 

	3.3	Applicable Law

 

This
ROFR Agreement (including the arbitration agreement set out in Clause 15.1 (Disputes and Arbitration) of the Platinum Stream
Agreement as incorporated by reference further to Clause 3.2) and any non-contractual obligations arising out of or in connection with
it shall be governed by English law.

 

IN
WITNESS OF WHICH the parties have duly executed this ROFR Agreement as a deed.

 

    5

     

    

 

SIGNATURE PAGE TO THE RIGHT OF FIRST REFUSAL AGREEMENT

 

EXECUTED AS
    A DEED by PILANESBURG PLATINUM MINES (PTY) LIMITED as Grantor, acting by

 

	 	)	 
	 	)	 
	 	)	 
	Erich Clarke	)	 
	 	)	 
	a person
    who, in accordance with the laws of	)	 
	its jurisdiction of incorporation, is acting under	)	/s/ Erich Clarke
	 the authority of that company.	)	Authorised signatory  

 

EXECUTED
AS A DEED by ORION RESOURCE PARTNERS (UK) LLP as ROFR Holder

 

	By:	/s/ [***]	 
	 	Name: [***]	 
	 	Title: [***]	 
	 	 	 
	By:	         	 
	 	Name:	 
	 	Title:	 

 

    6Exhibit 10.26

 

 

(1) PILANESBERG PLATINUM MINES PROPRIETARY
LIMITED 

(as Borrower)

 

(2) NEDBANK LIMITED (ACTING THROUGH ITS
NEDBANK CORPORATE AND 

INVESTMENT BANKING DIVISION) 

(as Original Facility A Lender)

 

- and -

 

(3) Nedbank
Limited (acting through its Nedbank CoRporate and

Investment Banking Division) 

(as Facility Agent)

 

Facility a
agreement

 

     

     

    

 

CONTENTS

 

	1.	Definitions and Interpretation	1
	2.	The Facility	4
	3.	Purpose	4
	4.	Utilisation	4
	5.	Interest	6
	6.	Interest Periods	6
	7.	Prepayment and Repayment	7
	8.	FINANCIAL COVENANTS	7
	9.	Events of Default	8
	10.	FEES	8
	11.	ANCILLARY bUSINESS	9
	12.	Designations	9
	13.	Miscellaneous	10

	SCHEDULE 1: Commitment	11
	SCHEDULE 2: Form of Utilisation Request	12
	SCHEDULE 3: Hedging Policy	14
	SCHEDULE 4: Excluded Accounts	15

	 	Part 1: Excluded Secured Accounts	15
	 	Part 2: Excluded CFC Account	15

	SIGNATURE
pages	16

 

     

     

    

 

THIS
AGREEMENT IS MADE BETWEEN:

 

		(1)	PILANESBERG PLATINUM MINES PROPRIETARY LIMITED,
a company incorporated in South Africa with registration number 2002/015572/07 (the "Borrower");

 

		(2)	Nedbank Limited (acting through its Nedbank
Corporate aNd Investment Banking Division), a public company and registered bank duly incorporated according to the company
and banking laws of South Africa with registration number 1951/000009/06 (as "Original Facility A Lender"); and

 

		(3)	Nedbank Limited (acting through its Nedbank
CORPORATE and Investment Banking Division), a public company and registered bank duly incorporated according to the company
and banking laws of South Africa with registration number 1951/000009/06 (as "Facility Agent").

 

IT
IS AGREED:

 

		1.	Definitions and Interpretation

 

		1.1	Definitions

 

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

 

"Agreement"
means this Facility A Agreement, as read with the Common Terms Agreement;

 

"Availability
Period" means the period from and including the CP Satisfaction Date to and including the earlier to occur of:

 

		(a)	the date falling 1 (one) Month
prior to the Final Maturity Date; and

 

		(b)	the date upon which the Available Facility is cancelled in full in terms of this Agreement and/or the
Common Terms Agreement;

 

"Available
Commitment" means, at any time during the Availability Period in relation to any Facility A Lender, that Facility A Lender's
Commitment minus:

 

		(a)	the amount of any outstanding Loans made under this Agreement; and

 

		(b)	in relation to any proposed Utilisation, the amount of any Loans made under this Agreement that are due
to be made on or before the proposed Utilisation Date,

 

in each case at that time, provided
that for the purposes of calculating a Facility A Lender's Available Commitment in relation to any proposed Utilisation, that Facility
A Lender's participation in any Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date shall not be deducted
from that Facility A Lender's Available Commitment;

 

"Available
Facility" means the aggregate for the time being of each Facility A Lender's Available Commitment;

 

"Base
Rate" means JIBAR for the selected Interest Period;

 

    	 	1

     

    

 

"Commitment"
means:

 

		(a)	in respect of the Original Facility A Lender under this Agreement:

 

		(i)	the amount set opposite its name in schedule 1 (Commitment) of this Agreement; and

 

		(ii)	the amount of any other Commitment transferred to it in accordance with the terms of this Agreement and
the Common Terms Agreement; and

 

		(b)	in respect of any New Lender who becomes a Party to this Agreement, the amount of the Commitment which
it acquires,

 

to the extent not cancelled, transferred
or reduced under the Finance Documents;

 

"Common
Terms Agreement" means the written agreement entitled "Common Terms Agreement" entered into or to be
entered into on or about the Signature Date between, inter alios, the Borrower, Sedibelo Resources Limited, Nedbank Limited (acting
through its Nedbank Corporate and Investment Banking Division) (as Arranger, Original Facility A Lender and Facility Agent), Bowwood and
Main No 335 Proprietary Limited (to be renamed "Bowwood and Main No 335 (RF) Proprietary Limited") (as Debt Guarantor),
Richtrau No. 123 Proprietary Limited, Itereleng Bakgatla Minerals Resources Proprietary Limited, Clidet No. 832 Proprietary
Limited, Orkid S.a.r.l. and Platinum Investor Consortium Proprietary Limited (as Original Guarantors);

 

"CP
Documents" has the meaning given to it in the Common Terms Agreement and, for the purposes of this Agreement and paragraph
(b) of the definition of "CP Documents" in the Common Terms Agreement, shall include the documents and evidence
designated as such in clause 4.1(b);

 

"Excluded
Secured Accounts" means each of the bank accounts of the Borrower listed in part 1 of schedule 4 (Excluded Accounts);

 

"Excluded
CFC Account" means the bank account of the Borrower listed in part 2 of schedule 4 (Excluded Accounts);

 

"Facility
A" means the senior secured revolving credit facility made or to be made available to the Borrower by the Facility A Lender
under and in terms of this Agreement;

 

"Facility
A Amount" means ZAR500,000,000;

 

"Facility
A Lenders" means:

 

		(a)	the Original Facility A Lender; and

 

		(b)	any New Lender in respect of Facility A,

 

and "Facility A Lender"
means each or any one of them, as the context may require;

 

"Facility
Majority Lenders" means a Lender or Lenders whose Commitments hereunder aggregate more than 662/3 per cent
of the Total Facility A Commitments (or, if the Total Facility A Commitments have been reduced to zero, aggregated more than 662/3
per cent of the Total Facility A Commitments immediately prior to that reduction);

 

    	 	2

     

    

 

"Final
Maturity Date" means the date falling 3 (three) years from the CP Satisfaction Date (or such later date as the Facility
Agent may agree in writing);

 

"Hedging
Policy" has the meaning given to it in the Common Terms Agreement and, for the purposes of this Agreement and the definition
of "Hedging Policy" in the Common Terms Agreement, shall mean the hedging policy contemplated in clause 12.3 (Hedging
Policy) and schedule 3 (Hedging Policy);

 

"Interest
Period" means in relation to a Loan, each period determined in accordance with clause 6 (Interest Periods);

 

"Loan"
means a loan made or to be made under this Facility A, or the principal amount outstanding for the time being of that loan, as the context
may require;

 

"Margin"
means:

 

		(a)	until (and excluding) the date upon which the Parent becomes listed on a recognised securities or stock
exchange, 3.80% per annum;

 

		(b)	with effect from (and including) the date upon which the Parent becomes listed on a recognised securities
or stock exchange until (and excluding) the date upon which the Parent has raised equity of no less than USD50,000,000, 3.65% per annum;
and

 

		(c)	with effect from (and including) the date upon which the Parent becomes listed on a recognised stock exchange
and has raised equity of no less than USD50,000,000, 3.50% per annum;

 

"Parties"
means a party to this Agreement and "Party" means, as the context requires, any one of them;

 

"Permitted
Financial Indebtedness" has the meaning given to it in the Common Terms Agreement and, for the purposes of this Agreement
and paragraph (l) of the definition of "Permitted Financial Indebtedness" in the Common Terms Agreement, shall include
the Financial Indebtedness designated as such in clause 12.2 (Permitted Financial Indebtedness);

 

"Permitted
Loans" has the meaning given to it in the Common Terms Agreement and, for the purposes of this Agreement and paragraph
(d) of the definition of "Permitted Loans" in the Common Terms Agreement, shall include the loans designated as
such in clause 12.1 (Permitted Loans);

 

"Refinancing"
means the repayment, prepayment or replacement of a Facility (in whole or in part) funded directly or indirectly by way of the incurrence
by an Obligor or any Affiliate of any Obligor of Financial Indebtedness or the issue of any preference shares by an Obligor or any Affiliate
of any Obligor, and "Refinance" and "Refinanced" shall be construed accordingly;

 

    	 	3

     

    

 

"Utilisation"
means a utilisation of Facility A;

 

"Utilisation
Date" means the date of a Utilisation, being the date on which a relevant Loan is to be made; and

 

"Utilisation
Request" means a notice substantially in the form set out in schedule 2 (Form of Utilisation Request).

 

		1.2	Interpretation

 

		(a)	Terms used (but not otherwise defined) in this Agreement have the meaning given to them in the Common
Terms Agreement.

 

		(b)	The provisions of clauses 1.1 (Definitions), 1.2 (Construction) and 1.5 (Third party
rights) of the Common Terms Agreement apply to this Agreement as if set out in this Agreement in full.

 

		(c)	This Agreement and the rights and obligations of the Parties shall in all respects be subject to the terms
and conditions of the Common Terms Agreement and in the event of any conflict between the provisions of this Agreement and the provisions
of the Common Terms Agreement, the provisions of this Agreement shall apply.

 

		2.	The Facility

 

		2.1	The Facility

 

Subject to the terms of this Agreement
and the Common Terms Agreement, the Facility A Lenders make available to the Borrower a ZAR senior secured revolving credit facility in
an aggregate amount equal to the Facility A Amount.

 

		2.2	Facility Agreement

 

This Agreement is the Facility A Agreement
as referred to in the Common Terms Agreement.

 

		3.	Purpose

 

		3.1	Purpose

 

The Borrower shall apply all amounts
borrowed by it under Facility A towards funding the general corporate, capital expenditure and working capital requirements of the Obligors
from time to time.

 

		3.2	Monitoring

 

The Facility A Lender is not bound to
monitor or verify the application of any amount borrowed pursuant to this Agreement.

 

		4.	Utilisation

 

		4.1	Conditions of Utilisation

 

		(a)	Subject to clause 4.1(b) below, the obligations of each Facility A Lender to participate in any Loan
and the rights of the Borrower under this Agreement are subject to the fulfilment or waiver (as applicable) of each condition set out
in clause 4 (Conditions of Utilisation) of the Common Terms Agreement.

 

    	 	4

     

    

 

		(b)	For purposes of clause 4
(Conditions of Utilisation) of the Common Terms Agreement and in terms of paragraph (b) of the definition of "CP
Documents" in the Common Terms Agreement, the following shall be designated as CP Documents:

 

		(i)	written confirmation from a director of the Borrower that all relocation agreements required in order
to enable the Borrower to have unhindered access to the Mining Area have been concluded and are in full force and effect, unconditional
and implemented in accordance with their terms; and

 

		(ii)	confirmation that the Borrower has unencumbered Cash and Cash Equivalents on hand as at the CP Satisfaction
Date in an amount not less than ZAR750,000,000 (seven hundred and fifty million Rand).

 

		4.2	Delivery of a Utilisation Request

 

Subject to clause 4.1 (Conditions
of Utilisation), the Borrower may utilise Facility A by delivering to the Facility Agent a duly completed Utilisation Request not
later than 11:00am 3 (three) Business Days before the proposed Utilisation Date (or such shorter period as may be agreed between the Lender
and the Borrower in writing).

 

		4.3	Completion of a Utilisation Request

 

		(a)	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:

 

		(i)	the proposed Utilisation Date is a Business Day within the Availability Period;

 

		(ii)	the currency and amount of the Utilisation comply with clause 4.4 (Currency and amount);

 

		(iii)	it selects the applicable Interest
Period in accordance with clause 6.1 (Selection of Interest Periods); and

 

		(iv)	it specifies that the proceeds of the Utilisation are to be credited to a bank account of the Borrower
in South Africa.

 

		(b)	Only one Loan may be requested in each Utilisation Request.

 

		(c)	Only one Utilisation Request may be outstanding at any time, and no more than 2 (two) Utilisation Requests
may be issued in any calendar month.

 

		(d)	No more than 10 (ten) Loans may be outstanding at any one time.

 

		4.4	Currency and amount

 

		(a)	The currency specified in a Utilisation Request must be South African Rand.

 

    	 	5

     

    

 

		(b)	The amount of the proposed Loan:

 

		(i)	must be a minimum of ZAR25,000,000
(twenty-five million Rand) or, if less, the Available Facility and in integral multiples of ZAR5,000,000 (five million Rand) (or,
if less, the Available Facility); and

 

		(ii)	must not, when aggregated with
the amount of all other Loans which are outstanding at that time, exceed the Facility A Amount.

 

		4.5	Loan availability

 

		(a)	If the conditions in the Common Terms Agreement and this Agreement have been met, each Facility A Lender
shall make its share in a Loan (pro rata to its Available Commitment) available through its Facility Office by no later than 11h00
on the applicable Utilisation Date by depositing that amount into the account of the Borrower specified in the Utilisation Request.

 

		(b)	The Facility Agent shall notify each Facility A Lender, as soon as reasonably practicable, of the amount
of each Loan and the amount of its participation in that Loan.

 

		4.6	Cancellation of Commitment

 

Unless cancelled earlier pursuant to
clause 4.4 (Termination) and clause 7.1 (Voluntary cancellation) of the Common Terms Agreement, any portion of the Available
Facility which has not been utilised by the end of the Availability Period shall be immediately cancelled at the end of the Availability
Period.

 

		5.	Interest

 

		5.1	Calculation of interest

 

The rate of interest on each Loan for
each Interest Period is the percentage rate per annum which is the aggregate of:

 

		(a)	the Margin; and

 

		(b)	the applicable Base Rate.

 

		5.2	Payment of interest

 

Subject to clause 9.3 (Default Interest)
of the Common Terms Agreement, the Borrower shall pay all accrued and unpaid interest on each Loan on the last day of each Interest Period.

 

		5.3	Notification of rates of interest

 

The
Facility Agent shall promptly notify the Facility A Lender and the Borrower of the determination of a rate of interest under this Agreement
(as read with the Common Terms Agreement).

 

		6.	Interest Periods

 

		6.1	Selection of Interest Periods

 

		(a)	The Borrower must select an Interest Period for a Loan in the Utilisation Request for that Loan in accordance
with clause 6.1(b) below.

 

    	 	6

     

    

 

		(b)	The Borrower may only select an Interest Period of 1 (one) Month, 3 (three) Months or 6 (six) Months.

 

		6.2	Interest Periods

 

Each Interest Period for a Loan shall
start on the Utilisation Date for that Loan or (if already made) on the last day of its preceding Interest Period.

 

		6.3	Non-Business Days

 

If an Interest Period would otherwise
end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there
is one) or the preceding Business Day (if there is not).

 

		6.4	Consolidation of Loans

 

If two or more Interest Periods in respect
of any Loans end on the same date, those Loans will, unless the Borrower specifies to the contrary in writing prior to the end of that
Interest Period, be consolidated into, and treated as, a single Loan on the last day of the Interest Period.

 

		7.	Prepayment and Repayment

 

		7.1	Voluntary Prepayment

 

Voluntary prepayments on account of
this Facility A may be made subject to the provisions of clause 7 (Voluntary Prepayment and Cancellation) of the Common Terms
Agreement.

 

		7.2	Mandatory Prepayment

 

The Borrower shall be obliged to prepay
amounts in accordance with clause 6 (Mandatory Prepayment) of the Common Terms Agreement.

 

		7.3	Capital Repayment

 

Subject to clauses 7.1 (Voluntary
Prepayment) and 7.2 (Mandatory Prepayment), the Borrower shall repay the Facility A Outstandings under this Facility A in full
on the Final Maturity Date.

 

		7.4	Reborrowing

 

Unless a contrary indication appears
in the Common Terms Agreement, the Borrower may reborrow any part of Facility A which is repaid or prepaid in accordance with clause 7.2
(Voluntary Prepayments and Cancellation) of the Common Terms Agreement.

 

		7.5	Application of prepayments

 

Any prepayment of a Utilisation (other
than a prepayment pursuant to clause 7.2 (Mandatory Prepayment) shall be applied pro rata to each Facility A Lender's participation
in that Utilisation.

 

		8.	FINANCIAL COVENANTS

 

		8.1	Financial Condition

 

The Borrower shall ensure that:

 

		(a)	the Net Debt to EBITDA Ratio in respect of any Measurement Period shall be less than 2.50 times;

 

    	 	7

     

    

 

		(b)	the Interest Cover Ratio in respect of any Measurement Period shall be greater than 4.00 times; and

 

		(c)	EBITDA in respect of any Measurement Period is not less than ZAR200,000,000.

 

		9.	Events of Default

 

		9.1	Consequences of an Event of Default

 

Subject to the terms of the Intercreditor
Agreement and clause 9.2 (Facility Agent Instructions), on and at any time after the occurrence of an Event of Default which is
continuing, the Facility Agent may, by notice to the Obligors' Agent:

 

		(a)	cancel all or any part of the Commitments whereupon they shall immediately be cancelled;

 

		(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable;

 

		(c)	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable
on demand by the Facility Agent on the instructions of the Facility A Lenders;

 

		(d)	take all steps which the Facility Agent considers desirable to enforce the Transaction Security, including
without limitation, issuing a demand under the Debt Guarantee to the Debt Guarantor; and/or

 

		(e)	exercise or direct the Debt Guarantor or any other party to exercise any or all of the rights, remedies,
powers or discretions arising under the Finance Documents.

 

		9.2	Facility Agent Instructions

 

		(a)	In respect of any of the actions contemplated in clauses 9.1(a) to 9.1(d), the Facility Agent shall
be entitled to take any such actions acting on the instructions of all of the Facility A Lenders.

 

		(b)	In respect of any of the actions contemplated in clause 9.1(e), the Facility Agent shall be entitled to
take any such actions acting on the instructions of the Facility Majority Lenders.

 

		10.	FEES

 

		10.1	Commitment Fee

 

		(a)	The Borrower shall pay to the Facility Agent (for the account of each Facility A Lender) a fee computed
at the rate of 30% of the Margin per annum, excluding VAT, on the Available Commitment that is available to be utilised but has not been
utilised.

 

		(b)	The accrued commitment fee is payable on the last day of each successive period of 3 (three) Months which
ends during the relevant Availability Period, on the last day of the relevant Availability Period and, if cancelled in full, on the cancelled
amount of the relevant Commitment at the time the cancellation is effective.

 

    	 	8

     

    

 

		11.	ANCILLARY bUSINESS

 

		11.1	Transactional banking services undertaking

 

The Borrower shall transfer its day-to-day
transactional banking services including, but not limited to, controlled foreign currency accounts, but excluding the Excluded Secured
Accounts and the Excluded CFC Account, to the Original Facility A Lender as soon as practicably possible after the CP Satisfaction Date.

 

		11.2	Right to quote

 

Where the Borrower intends:

 

		(a)	procuring any loan funding or Financial Indebtedness (including for purposes of potentially Refinancing
or replacing Facility A);

 

		(b)	procuring any Treasury Transaction in relation to any interest rate exposure of a Group Company; or

 

		(c)	executing any foreign currency trade or any Treasury Transaction entered into for or in connection with
providing protection against or benefit from fluctuation in any rate or price (including commodity prices), save in respect of any foreign
currency trade or Treasury Transaction entered into in relation to the Investec RCF Agreement,

 

it shall procure that:

 

		(i)	in respect of any Treasury Transaction with a tenor of less than six months or any foreign currency trade
only, the Borrower shall provide the Original Facility A Lender with sufficient details of the intended transaction, and allow such time
as may be reasonable in the circumstances (taking into account the nature of such a transaction), to enable the Original Facility A Lender
to propose an executable quote in relation to the proposed transaction; and

 

		(ii)	in all other instances (including for Treasury Transaction with a tenor of greater than six months), the
Borrower shall provide the Original Facility A Lender with sufficient details of the intended transaction, and allow such time as may
be reasonable in the circumstances (which shall, in any event, be no more than 20 Business Days), to enable the Original Facility A Lender
to propose an executable quote in relation to the proposed transaction.

 

		12.	Designations

 

		12.1	Permitted Loans

 

Any loan made by the Borrower to Kelltech
and its Subsidiaries (provided that the aggregate of such loans does not, in aggregate, exceed USD10,000,000 (ten million Dollars) (or
its equivalent in any other currency)) shall be designated, or permitted, as a Permitted Loan for purposes of the Common Terms Agreement.

 

    	 	9

     

    

 

		12.2	Permitted Financial Indebtedness

 

Financial Indebtedness which is incurred
by the Borrower in favour of any third party funder (to the extent not incurred under Facility B or any Further Facility), where the aggregate
amount of:

 

		(a)	the Financial Indebtedness incurred by the Borrower in favour of any such third party; and

 

		(b)	any other Financial Indebtedness incurred by the Borrower under, or in terms of, Facility B and any Further
Facility (as applicable),

 

does not, at any time, exceed ZAR500,000,000
(five hundred million Rand) shall be designated, or permitted, as Permitted Financial Indebtedness for purposes of the Common Terms Agreement.

 

		12.3	Hedging Policy

 

The hedging policy set out in schedule
3 (Hedging Policy) shall be designated, or agreed, as a Hedging Policy for purposes of the Common Terms Agreement.

 

		13.	Miscellaneous

 

		13.1	Incorporation of Terms

 

The provisions of clauses 31 (Notices),
35 (Amendments and Waivers) and 44 (Jurisdiction) of the Common Terms Agreement shall apply to this Agreement as if set
out in full in this Agreement and as if references in those clauses to "this Agreement" or "the Finance Documents"
are references to this Agreement.

 

		13.2	Counterparts

 

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

 

		13.3	No initialling

 

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

 

    	 	10

     

    

 

SCHEDULE 1: Commitment

 

	Name of Original Lender	 	Commitment
	Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division)	 	ZAR	500,000,000

 

    	 	11

     

    

 

SCHEDULE 2: Form of
Utilisation Request

 

From:     Pilanesberg
Platinum Mines Proprietary Limited (as Borrower)

 

		To:	Nedbank Limited (acting through its Nedbank Corporate and Investment Banking Division) (as Facility
Agent)

 

Date: [◆] 20[◆]

 

Dear Sirs

 

PILANESBERG
PLATINUM MINES PROPRIETARY LIMITED - FACILITY A AGREEMENT

 

		1.	We refer to the Facility A Agreement dated [◆] (the "Facility A Agreement") concluded
between, inter alios, Pilanesberg Platinum Mines Proprietary Limited and Nedbank Limited (acting through its Nedbank Corporate
and Investment Banking Division).

 

		2.	Terms defined in the Facility A Agreement have the same meaning in this Utilisation Request unless given
a different meaning in this Utilisation Request.

 

		3.	We wish to borrow a Loan on [◆] (the "Proposed Utilisation Date") in an amount
of ZAR[◆] ([◆] Rand).

 

		4.	The proceeds of this Loan should be paid to the persons and credited to the following account:

 

	Name:	Pilanesberg Platinum Mines Proprietary Limited
	 	 
	Bank Name:	[◆]
	 	 
	Branch Name:	[◆]
	 	 
	Branch Code:	[◆]
	 	 
	Account Number:	[◆]
	 	 
	Reference:	[◆].

 

		5.	We select Interest Periods
of [1 (one) Month, 3 (three) Months or 6 (six) Months] for the proposed Loan.

 

		6.	We confirm that each condition
specified in clause 4 (Conditions of Utilisation) of the Common Terms Agreement and clause 4.1 (Conditions
of Utilisation) of the Facility A Agreement is satisfied on the date of this Utilisation Request.

 

		7.	This Utilisation Request is irrevocable.

 

		8.	We confirm that the proceeds from this Utilisation are going to be applied solely towards the purpose
contemplated in clause 3 (Purpose) of the Facility A Agreement and towards no other purpose.

 

    	 	12

     

    

 

Yours faithfully

 

	 	 

 

For: PILANESBERG PLATINUM MINES PROPRIETARY
LIMITED (as Borrower)

 

Who warrants his authority hereto

 

    	 	13

     

    

 

SCHEDULE 3: Hedging
Policy

 

		1.	Mandatory Hedging

 

The Borrower shall enter into Treasury
Transactions with Hedging Counterparties under Hedging Agreements, where required by the Facility Agent, and agreed to by the Borrower,
from time to time.

 

		2.	Permitted Hedging

 

Other than those Transactions contemplated
in paragraph 1 above, the Borrower may conclude Treasury Transactions from time to time, only where:

 

		(a)	that Treasury Transaction:

 

		(i)	is not subject to any Security provided by any Obligor, other than as permitted in accordance with clause
21.15 (Negative pledge) of the Common Terms Agreement; and

 

		(ii)	is entered into by the Borrower with a person other than a Hedging Counterparty and where:

 

		(A)	that transaction does not result in more than 20% of the Borrower’s platinum, palladium, rhodium,
gold, copper or nickel production for the most recent Measurement Period being hedged from a commodity price perspective; and/or

 

		(B)	that transaction does not result in more than 20% of the Borrower’s revenue for the most recent
Measurement Period being hedged from an exchange rate perspective,

 

and, in each case, that transaction
is not entered into for a period of longer than 12 months; or

 

		(b)	that Treasury Transaction is a Permitted Treasury Transaction.

 

    	 	14

     

    

 

SCHEDULE 4: Excluded
Accounts

 

Part 1: Excluded Secured Accounts

 

	Bank	 	Account description	 	Account number / reference
	Absa Bank Limited	 	DMRE Guarantees	 	[***]
	Absa Bank Limited	 	DMRE Guarantees	 	[***]
	Investec Bank Limited	 	Call Account	 	[***]
	FirstRand Bank Limited	 	RMB Bonds & Money Market	 	[***]
	Investec Bank Limited	 	Call Deposit	 	[***]
	The Standard Bank of South Africa Limited	 	Call Deposit	 	[***]

 

Part 2: Excluded CFC Account

 

	Bank	 	Account description	 	Account number / reference
	Investec Bank Limited	 	Customer Foreign Currency	 	[***]

 

    	 	15

     

    

 

SIGNATURE
pages

 

SIGNED at Sandton on 15 July 2022

 

For and on behalf of 

PILANESBERG PLATINUM MINES PROPRIETARY LIMITED
(as Borrower)

 

	 	/s/ Erich Clarke
	 	Signature
	 	Erich Clarke
	 	Name of Signatory
	 	Director
	 	Designation of Signatory

 

    	 	16

     

    

 

SIGNED at Sandton on 15 July 2022

 

For and on behalf of 

NEDBANK
LIMITED (ACTING THROUGH ITS NEDBANK CORPORATE AND INVESTMENT BANKING DIVISION) (as Original Facility A Lender)

 

	 	/s/ [***]
	 	Signature
	 	[***]
	 	Name of Signatory
	 	Authorised Signatory
	 	Designation of Signatory
	 	 
	 	/s/ [***]
	 	Signature
	 	[***]
	 	Name of Signatory
	 	Authorised Signatory
	 	Designation of Signatory

 

    	 	17

     

    

 

SIGNED at Sandton on 15 July 2022

 

For and on behalf of 

NEDBANK
LIMITED (ACTING THROUGH ITS NEDBANK CORPORATE AND INVESTMENT BANKING DIVISION) (as Facility Agent)

 

	 	/s/ [***]
	 	Signature
	 	[***]
	 	Name of Signatory
	 	Authorised Signatory
	 	Designation of Signatory
	 	 
	 	/s/ [***]
	 	Signature
	 	[***]
	 	Name of Signatory
	 	Authorised Signatory
	 	Designation of Signatory

 

    	 	18

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