Document:

Exhibit 10.10

 

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 (“[***]”).

 

edward
nathan sonnenbergs

johannesburg
cape town durban stellenbosch

150
west street

sandown
sandton johannesburg 2196

po
box 783347 sandton south africa 2146

docex
152 randburg

tel
+2711 269 7600 fax +2711 269 7899

info@problemsolved.co.za
www.problemsolved.co.za

 

 

 

KELLTECH
SA SUBSCRIPTION AND SHAREHOLDERS AGREEMENT

 

FINAL
EXECUTION VERSION

 

entered
into between

 

LIFEZONE
LIMITED

(Company No. 081243 C2/GBL)

 

and

 

ORKID
S.à r.l.

 

(Registration
No. B 167 777)

 

and

 

THE
INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED

 

and

 

KELLTECH
LIMITED (previously named Lifezone SA Ventures Limited)

(Company No. 084564 C1/GBL)

 

and

 

KELLPLANT
PROPRIETARY LIMITED (to be renamed Kelltechnology South Africa (RF) Proprietary Limited or such other name as may be approved by the
Companies and Intellectual Property Commission of South Africa)

 

(Registration
No. 2008/026628/07)

 

     

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PREAMBLE

 

		A.	All
                                            capitalised terms in this preamble shall have the meaning attributed thereto in clause 1
                                            of this Agreement.

 

		B.	Lifezone
                                            owns Kelltechnology and has licensed same to Kelltech Mauritius pursuant to the Lifezone
                                            Licence, Kelltech Mauritius has, in turn, entered into the Kelltech SA Licence with the Company.
                                            The Company intends incorporating a wholly-owned subsidiary, being KellPlant, and entering
                                            into the KellPlant Licence with KellPlant. It is the intention that KellPlant will build
                                            a plant that will, using Kelltechnology, leach PGM concentrate and produce platinum metal
                                            compounds.

 

		C.	The
                                            Parties have entered into this Agreement for the purposes of, inter alia: (i) enabling
                                            the Shareholders to regulate their relationships as shareholders in the Company: and (ii) setting
                                            out certain arrangements and understandings with respect to the Company.

 

WHEREBY
IT IS AGREED AS FOLLOWS:

 

		1.	INTERPRETATION
                                            AND PRELIMINARY

 

The
headings of the clauses in this Agreement are for the purpose of convenience and reference only and shall not be used in the interpretation
of nor modify nor amplify the terms of this Agreement nor any clause hereof. Unless a contrary intention clearly appears:

 

		1.1	words
                                            importing:

 

		1.1.1	any
                                            one gender include the other two genders;

 

		1.1.2	the
                                            singular include the plural and vice versa; and

 

		1.1.3	natural
                                            persons include created entities (corporate or unincorporate) and the state and vice versa;

 

		1.2	the
                                            following terms shall have the meanings assigned to them hereunder and cognate expressions
                                            shall have corresponding meanings, namely -

 

		1.2.1	“Affiliate”
                                            means in relation to any Shareholder:

 

		1.2.1.1	each
                                            Entity in which that Shareholder has a direct or indirect interest of at least [***]%;

 

		1.2.1.2	each
                                            Entity which has a direct or indirect interest of at least [***]% in that Shareholder; or

 

     

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		1.2.1.3	each
                                            Entity in respect of which the Controller of such Shareholder has a direct or indirect interest
                                            of at least [***]%;

 

		1.2.2	“Agreement”
                                            means this subscription and shareholders agreement, including the Schedules hereto;

 

		1.2.3	“Applicable
                                            Law” means any statute, ordinance, judicial decision, executive order, regulation,
                                            common law, rule, or by-law of any jurisdictions that are applicable to the relevant Party;

 

		1.2.4	“Board”
                                            means the board of Directors of the Company from time to time;

 

		1.2.5	“BFS”
                                            means a bankable feasibility study consisting of a definitive marketing (including broad
                                            anticipated Toll Treatment Terms), technical, environmental, economic and engineering feasibility
                                            study of the Plant, conducted to a bankable standard;

 

		1.2.6	“Business
                                            Day” means a day, other than a Saturday, Sunday, or public holiday in Guernsey,
                                            the Republic of South Africa or the Republic of Mauritius;

 

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

 

		1.2.8	“Companies
                                            Act” means the Companies Act No.71 of 2008 (as amended);

 

		1.2.9	“Company”
                                            means Kellplant Proprietary Limited, a company incorporated in the Republic of South Africa
                                            having registration number 2008/026628/07, to be renamed Kelltechnology South Africa (RF)
                                            Proprietary Limited (or such other name as may be approved by the Companies and Intellectual
                                            Property Commission of South Africa) pursuant to the adoption of the MOI;

 

		1.2.10	“Control”
                                            means in relation to an Entity the ability of a person (the “Controller”),
                                            directly or indirectly, to ensure that the activities and business of an Entity (the “Controlled
                                            Entity”) are conducted in accordance with the wishes of the Controller, and the
                                            Controller shall be deemed to so control the Controlled Entity if the Controller owns, directly
                                            or indirectly, the majority of the issued share capital, members interest or equivalent equity
                                            and/or holds, directly or indirectly, the majority of the voting rights in the Controlled
                                            Entity or the Controller has the right to receive the majority of the income of that Controlled
                                            Entity on any distribution by it of all of its income or the majority of its assets on a
                                            winding up

 

     

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			and
                                            in respect of a Controlled Entity that is a trust, “Control” means the
                                            ability of the Controller to control the majority of the votes of the trustees or to appoint
                                            the majority of the trustees or to appoint or change the majority of the beneficiaries, or
                                            such trust operates primarily for the benefit of such person and “Controlling”
                                            and “Controlled” shall be construed accordingly;

 

		1.2.11	“Deed
                                            of Adherence” means a deed substantially in the form set out in Schedule 1
                                            pursuant to which a person agrees to become a Party to, and to be bound by the provisions
                                            of, this Agreement;

 

		1.2.12	“Development
                                            Loan” shall bear the meaning ascribed thereto in the Kelltech Mauritius Shareholders’
                                            Agreement;

 

		1.2.13	“Director”
                                            means a director of the Company;

 

		1.2.14	“Encumbrance”
                                            means any mortgage, pledge, lien or cession conferring security, hypothecation, security
                                            interests, preferential right or trust arrangement or other arrangement securing any obligation
                                            of any person and “Encumber” shall bear a corresponding meaning as the
                                            context requires;

 

		1.2.15	“Entity”
                                            means any association, business, close corporation, company, concern, enterprise, firm, fund,
                                            partnership, person, trust, undertaking, voluntary association or other similar entity whether
                                            corporate or unincorporate;

 

		1.2.16	“Fair
                                            Market Value” means the fair market value of the Company as determined in accordance
                                            with clause 17;

 

		1.2.17	“Group”
                                            means the Company and any Entity Controlled by the Company from time to time, including,
                                            at the date of this Agreement, KellPlant;

 

		1.2.18	“IDC”
                                            means Industrial Development Corporation of South Africa Limited, a corporation established
                                            in terms of section 2 of the Industrial Development Corporation Act of 1940;

 

		1.2.19	“IDC’s
                                            Proportionate Interest” means the quotient (expressed as a decimal number) of:
                                            (a) the number of Shares held by IDC in the Company’s entire issued Share capital
                                            at the relevant point in time; divided by (b) the Company’s entire issued Share
                                            capital at such point in time;

 

		1.2.20	“Independent
                                            Valuers” means the independent specialist intellectual property valuation group
                                            appointed pursuant to clause 17.4;

 

     

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		1.2.21	“Intellectual
                                            Property” means all intellectual property rights relating to Kelltechnology of
                                            whatsoever nature, whether registered or unregistered, owned, licensed to or controlled by
                                            Lifezone in the Licensed Territory at any time during the term of this Agreement, including,
                                            without limitation, the inventions, information and technologies that form the subject matter
                                            of the Patents and the Know-How, and all current and future improvements, variations and
                                            individual unit operations thereof, whether conceived of, developed and/or acquired by Lifezone
                                            and regardless of howsoever created;

 

		1.2.22	“Jibar”
                                            means the Johannesburg interbank agreed rate calculated by South African Futures Exchange
                                            (Safex) (being the futures exchange of the JSE Limited) for three month South African Rand
                                            deposits on the first Business Day of each calendar quarter;

 

		1.2.23	“Kelltech
                                            Mauritius” means Kelltech Limited (previously named Lifezone SA Ventures Limited)
                                            Company No. 084564 C1/GBL, a private company limited by shares, duly incorporated in
                                            Mauritius;

 

		1.2.24	“Kelltech
                                            Mauritius Shareholders’ Agreement” means the written shareholders agreement
                                            (dated 16 April 2014) entered into between Lifezone, Orkid, SPM, Kelltech Mauritius
                                            and Liddell (as amended from time to time);

 

		1.2.25	“KellPlant”
                                            means a company to be incorporated in the Republic of South Africa which will be a wholly-owned
                                            subsidiary of the Company;

 

		1.2.26	“KellPlant
                                            Licence” means the licence agreement to be entered into between the Company and
                                            KellPlant in terms of which, inter alia, the Company grants to KellPlant a licence
                                            to use the Intellectual Property in South Africa in any plant owned and/or operated by it
                                            (as amended from time to time);

 

		1.2.27	“Kelltech
                                            SA Licence” means the licence agreement (dated 16 April 2014) entered into
                                            between Kelltech Mauritius and the Company (as amended from time to time);

 

		1.2.28	“Kelltechnology”
                                            means the hydrometallurgical process developed by Liddell for the extraction of PGMs that
                                            requires significantly less electrical energy than the current conventional matte smelting
                                            process;

 

		1.2.29	“Know-How”
                                            means all confidential information of whatever nature relating to:

 

		1.2.29.1	the
                                            inventions and technologies that form the subject matter of the Patents;

 

     

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		1.2.29.2	Kelltechnology
                                            which is under the possession and control of Lifezone; and

 

		1.2.29.3	all
                                            other information generally relating to exploitation, implementation and/or use of the technologies
                                            referred to in 1.2.29.1 and 1.2.29.2 above including, without limiting the generality of
                                            the foregoing, technical information, manufacturing and processing techniques, designs, specifications,
                                            formulae, systems, processes and information concerning materials;

 

		1.2.30	“Licensed
                                            Territory” means Angola, Botswana, Democratic Republic of Congo, Lesotho, Malawi,
                                            Madagascar, Mozambique, Namibia, Swaziland, Tanzania, Zambia, Zimbabwe, South Africa and
                                            Seychelles;

 

		1.2.31	“Liddell”
                                            means Keith [***] Liddell ([***]);

 

		1.2.32	“Lifezone”
                                            means Lifezone Limited, Company No. 081243 C2/GBL, a private company limited by shares,
                                            duly incorporated in Mauritius;

 

		1.2.33	“Lifezone
                                            Licence” means the licence agreement (dated 16 April 2014) entered into between
                                            Lifezone, Liddell and Kelltech Mauritius (as amended from time to time);

 

		1.2.34	“Lifezone
                                            Loan” shall bear the meaning ascribed thereto in the Kelltech Mauritius Shareholders’
                                            Agreement;

 

		1.2.35	“Lock-in
                                            Period” means the period commencing on date upon with the Company first issues
                                            Shares to IDC and ending on 19 June 2019;

 

		1.2.36	“[***]” means [***] ([***]);

 

		1.2.37	“MOI”
                                            means the memorandum bf incorporation of the Company substantially in the form of that attached
                                            hereto as Schedule 2 amending the existing memorandum of incorporation of the Company;

 

		1.2.38	“Orkid”
                                            means Orkid S.à r.l., Registration No. B 167 777, a limited liability private
                                            company duly incorporated in Luxembourg;

 

		1.2.39	“Orkid
                                            Loans” shall bear the meaning ascribed thereto in the Kelltech Mauritius Shareholders’
                                            Agreement;

 

     

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		1.2.40	“Parties”
                                            means each party to this Agreement together with any person who adheres to this Agreement
                                            by entering into a Deed of Adherence, and references to a “Party” shall be to
                                            any of the aforegoing individually as the context may require;

 

		1.2.41	“Patents”
                                            means:

 

		1.2.41.1	South
                                            African Patent 2000/6600; and

 

		1.2.41.2	South
                                            African provisional patent application 2012/05222 and all patent applications and granted
                                            patents in the Licensed Territory claiming priority from the aforementioned provisional patent
                                            application;

 

		1.2.42	“PGMs”
                                            means platinum, palladium, rhodium, ruthenium, iridium and osmium together with the associated
                                            metals of gold, silver, nickel, copper and cobalt;

 

		1.2.43	“Plant”
                                            means an integrated processing plant owned by KellPlant (or the Company) that will, using
                                            Kelltechnology, leach PGM concentrate and produce platinum metal compounds;

 

		1.2.44	“Proportionate
                                            Interest” means, in respect of a Shareholder, and as of any date, the ratio of
                                            the Shares held by such Shareholder to the aggregate of the Shares held collectively by all
                                            of the Shareholders on such date expressed as a decimal;

 

		1.2.45	“Rand
                                            Equivalent” means the following US$/ Rand foreign exchange rate: 1US$ = R12.2732.
                                            The Parties hereby agree that the aforesaid US$ / Rand foreign exchange rate is the US$ /
                                            Rand foreign exchange rate on 29 June 2015;

 

		1.2.46	“Schedules”
                                            means the schedules to this Agreement;

 

		1.2.47	“Service
                                            Agreement” means the service agreement dated 16 April 2014 between Lifezone
                                            and Kelltech Mauritius in terms of which, inter alia, Lifezone agrees to provide to Kelltech
                                            Mauritius and its subsidiaries technology support services in relation to Kelltechnology,
                                            such services initially to be delivered by Liddell, [***] and [***];

 

		1.2.48	“Shareholder”
                                            means either of Kelltech Mauritius or IDC individually as the context may require and “Shareholders”
                                            means Kelltech Mauritius and IDC collectively;

 

		1.2.49	“Shares”
                                            means the ordinary shares of R10.00 (ten Rand) each in the share capital of the Company;

 

     

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		1.2.50	“Signature
                                            Date” means the date of signature of this Agreement by the last Party to do so;

 

		1.2.51	“SPM”
                                            means Sedibelo Platinum Mines Limited, a company incorporated in Guernsey having company
                                            number 54400 and its registered address at 11 New Street, St Peter Port, Guernsey, GY1 2PF;

 

		1.2.52	“Subscription
                                            Price” means, collectively, the Tranche 1 Price and the Tranche 2 Price;

 

		1.2.53	“Subscription
                                            Shares” means 50 (fifty) Shares, which once issued will constitute 33.33% (thirty
                                            three point thirty three percent) of the Company’s issued Share capital;

 

		1.2.54	“Tax”
                                            or “Taxation” means:

 

		1.2.54.1	levies
                                            payable to government authorities;

 

		1.2.54.2	normal
                                            taxation;

 

		1.2.54.3	capital
                                            gains tax;

 

		1.2.54.4	value
                                            added tax or sales tax;

 

		1.2.54.5	any
                                            tax relating to the registration of shares in the name of the registered owner thereof;

 

		1.2.54.6	any
                                            taxation arising from new assessments of taxation and/or the reopening of any income tax
                                            assessments of the Company for any period prior to the Trigger Date 1;

 

		1.2.54.7	donations
                                            tax;

 

		1.2.54.8	customs
                                            duty;

 

		1.2.54.9	securities
                                            transfer tax;

 

		1.2.54.10	all
                                            other forms of taxation, other than deferred tax benefits; or

 

any
penalties or interest on any of the aforegoing;

 

		1.2.55	“Toll
                                            Treatment Terms” means certain terms that will be contained in the BFS in relation
                                            to the concentrate to be processed by KellPlant that will determine the profit generated
                                            and retained by KellPlant such as, amongst others, expected operational expense charges,
                                            expected royalties and expected capital charges;

 

     

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		1.2.56	“Tranche
                                            1 Price” means the Rand Equivalent of US$[***] ([***]United States Dollars);

 

		1.2.57	“Tranche
                                            2 Price” means the Rand Equivalent of US$[***] ([***]United States Dollars);

 

		1.2.58	“Transferee
                                            Affiliate” means in relation to any Shareholder each Entity in which that Shareholder
                                            has a direct or indirect interest of at least [***]% and/or each Entity which has a direct
                                            or indirect interest of at least [***]% in that Shareholder and/or any directly or indirectly
                                            wholly owned subsidiary of each Entity which has a direct or indirect interest of at least
                                            [***]% in that Shareholder and/or in which that Shareholder has a direct or indirect interest
                                            of at least [***]%;

 

		1.2.59	“Trigger
                                            Date 1” means 3 (three) Business Days after the fulfilment and/or waiver of the
                                            suspensive conditions in clause 2.1 (as the case may be);

 

		1.2.60	“Trigger
                                            Date 2” means 3 (three) Business Days after the earlier of the date on which:

 

		1.2.60.1	the
                                            Trigger Date 2 Conditions are achieved; or

 

		1.2.60.2	IDC
                                            notifies the Company in writing that it elects to pay the Tranche 2 Price notwithstanding
                                            the fact that: (a) the Board concludes that the Trigger Date 2 Conditions will not be
                                            achieved; and/or (b) the Trigger Date 2 Conditions have not been achieved;

 

		1.2.61	“Trigger
                                            Date 2 Conditions” means:

 

		1.2.61.1	the
                                            board of directors of SPM or Platmin South Africa Proprietary Limited has taken a decision
                                            to allow the erection of the Plant - which plant shall be funded on the basis contemplated
                                            in clause 6;

 

		1.2.61.2	the
                                            BFS and a detailed funding plan in respect of the Plant have been completed to the Company’s
                                            satisfaction; and

 

		1.2.61.3	the
                                            key anticipated Toll Treatment Terms have been recorded and approved by the Company and specifically
                                            incorporated in the approved BFS. The Toll Treatment Terms which will have been approved
                                            by the Company are those in relation to the concentrate to be processed by KellPlant that
                                            will determine the economics of KellPlant’s operations, and thus the returns to the
                                            shareholders;

 

     

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		1.2.62	“Trust
                                            Agreement” means the trust agreement in respect of the Subscription Shares, as
                                            contemplated in section 40 of the Companies Act attached hereto as Schedule 3;

 

		1.2.63	“USO”,
                                            “US$” or “US Dollars” means United States Dollars;

 

		1.3	any
                                            reference to an enactment is to that enactment as at the Signature Date and as amended or
                                            re-enacted from time to time and includes any subordinate legislation made from time to time
                                            under such enactment. Any reference to a particular section in an enactment is to that section
                                            as at the Signature Date, and as amended or re-enacted from time to time and/or an equivalent
                                            measure in an enactment, provided that if as a result of such amendment or re enactment,
                                            the specific requirements of a section referred to in this Agreement are changed, the relevant
                                            provision of this Agreement shall be read also as if it had been amended as necessary, without
                                            the necessity for an actual amendment;

 

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

 

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

 

		1.6	references
                                            to an “agreement” or “document” shall be construed as a reference
                                            to such agreement or document as the same may have been amended, varied, supplemented or
                                            novated in writing at the relevant time in accordance with the requirements of such agreement
                                            or document and, if applicable, of this Agreement with respect to amendments;

 

		1.7	expressions
                                            defined in this Agreement shall bear the same meanings in Schedules to this Agreement which
                                            do not themselves contain their own conflicting definitions;

 

		1.8	the
                                            use of any expression in this Agreement covering a process available under South African
                                            law such as a winding up (without limitation eiusdem generis) shall, if any of the
                                            Parties is subject to the law of any other jurisdiction, be construed as including any equivalent
                                            or analogous proceedings under the law of such defined jurisdiction;

 

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

 

     

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

 

		1.11	the
                                            rule of construction that a contract shall be interpreted against the Party responsible
                                            for the drafting or preparation of the contract, shall not apply;

 

		1.12	any
                                            reference in this Agreement to a Party shall include a reference to that Party’s assigns
                                            expressly permitted under this Agreement and, if such party is liquidated, sequestrated or
                                            placed under administration or other business rescue procedure, be applicable also to and
                                            binding upon that party’s liquidator, trustee, administrator or business rescue practitioner,
                                            as the case may be;

 

		1.13	the
                                            index and the headings in this Agreement are inserted for convenience only and do not affect
                                            its interpretation;

 

		1.14	any
                                            Schedule to this Agreement shall take effect as if set out in this Agreement and references
                                            to this Agreement shall include its Schedules;

 

		1.15	references
                                            to “clauses” and “Schedules” are references to the clauses and schedules
                                            of this Agreement;

 

		1.16	the
                                            words “include”, “including” and “in particular”
                                            shall be construed as being by way of example or emphasis only and shall not be construed,
                                            nor shall they take effect, as limiting the generality of any preceding word/s;

 

		1.17	the
                                            words “other” and “otherwise” shall not be construed
                                            eiusdem generis with any preceding words where a wider construction is possible; and

 

		1.18	whenever
                                            the Independent Valuers or any other expert referred to in this Agreement are required to
                                            act “as an expert and not as an arbitrator” in terms of this Agreement,
                                            then -

 

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

 

		1.18.2	subject
                                            to any express provision to the contrary, the expert shall determine the party liable to
                                            pay his or its charges, which shall be paid accordingly;

 

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

 

     

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

 

		1.18.5	having
                                            regard to the sensitivity of any confidential information, the expert shall be entitled to
                                            take advice from any person considered by him or it to have expert knowledge with reference
                                            to the matter in question.

 

		2.	SUSPENSIVE
                                            CONDITIONS

 

		2.1	The
                                            whole of this Agreement, other than this clause, the provisions of clause 1 and the provisions
                                            of clauses 19 to 32 (both inclusive), which shall be of immediate force and effect on the
                                            Signature Date, is subject to the fulfilment of the following suspensive conditions, that,
                                            by no later than 30 June 2016:

 

		2.1.1	an
                                            audit certificate is presented by the Company, or its nominee, to the IDC confirming:

 

		2.1.1.1	the
                                            costs to date funded by Kelltech Mauritius and/or the shareholders of Kelltech Mauritius
                                            in respect of Kelltechnology are at least USD[***] ([***] United States Dollars); and

 

		2.1.1.2	the
                                            cost required complete the BFS as USD[***] ([***] United States Dollars);

 

		2.1.2	the
                                            board of directors of each of the IDC, Kelltech Mauritius and the Company have passed a resolution
                                            in terms of which it authorises the entering into of this Agreement;

 

		2.1.3	the
                                            Board has, as contemplated in the Companies Act, passed a resolution in terms of which it
                                            authorises the allotment and issue of the Subscription Shares to the IDC, in terms of this
                                            Agreement and determines that the consideration therefor is adequate;

 

		2.1.4	the
                                            shareholders of the Company have adopted a special resolution, as contemplated in section
                                            41(3) of the Companies Act, approving the allotment and issuance of the Subscription
                                            Shares to the IDC;

 

		2.1.5	the
                                            IDC has completed its legal due diligence investigation of the Company’s articles of
                                            association, the KellTech Mauritius Shareholders’ Agreement, the Lifezone Licence,
                                            the Kelltech SA Licence and the Service Agreement to the IDC’s satisfaction (acting
                                            reasonably);

 

     

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		2.1.6	the
                                            Company has provided to the IDC all requisite documentation and information required by the
                                            IDC in respect of the Company in terms of the Financial Intelligence Centre Act, No 38 of
                                            2001;

 

		2.1.7	the
                                            Company has provided a financial model in respect of the Plant to the IDC, which financial
                                            model contains the detailed funding plan;

 

		2.1.8	the
                                            Lifezone Licence, the Kelltech SA Licence and the KellPlant Licence have been entered into;

 

		2.1.9	the
                                            Service Agreement has been entered into;

 

		2.1.10	the
                                            Company has adopted and filed the MOI, in substitution of the existing memorandum of incorporation,
                                            together with the requisite amendment notice, with the Companies and Intellectual Property
                                            Commission (“CIPC”) and CIPC has issued a letter confirming that the MOI
                                            has been accepted and placed on file; and

 

		2.1.11	the
                                            Trust Agreement has been entered into.

 

		2.2	Forthwith
                                            after the Signature Date, the Parties shall use their respective reasonable endeavours and
                                            co-operate in good faith to procure the fulfilment of the suspensive conditions, to the extent
                                            that it is within their power to do so, as expeditiously as reasonably possible.

 

		2.3	The
                                            Parties record and agree that the suspensive conditions in clauses 2.1.2, 2.1.3, 2.1.4, 2.1.5,
                                            2.1.6, 2.1.8 and 2.1.9 were fulfilled and/or waived (as the case may be) on or before the
                                            Signature Date.

 

		2.4	The
                                            suspensive conditions in clauses 2.1.1, 2.1.5, 2.1.7, 2.1.9 and 2.1.11 have been inserted
                                            for the benefit of all of the IDC who will be entitled to waive fulfilment (wholly or partially)
                                            of any or all such suspensive conditions by written notice to the Company prior to the expiry
                                            of the relevant date for fulfilment thereof set out in clause 2.1 (or extended in accordance
                                            with clause 2.7).

 

		2.5	The
                                            suspensive conditions in clauses 2.1.2, 2.1.8 and 2.1.10 have been inserted for the benefit
                                            of the Company, Kelltech Mauritius and the IDC who will be entitled to waive fulfilment (wholly
                                            or partially) of any or all such suspensive conditions by written agreement prior to the
                                            expiry of the relevant date for fulfilment thereof set out in clause 2.1 (or extended
                                            in accordance with clause 2.7).

 

		2.6	The
                                            suspensive conditions in clauses 2.1.3, 2.1.4 and 2.1.6 are required in terms of legislation
                                            and cannot be waived.

 

     

    	 	 	14

    

 

		2.7	Unless
                                            all of the suspensive conditions have been fulfilled or waived by not later than the relevant
                                            date for fulfilment thereof set out in clause 2.1 (or such later date or dates as may be
                                            agreed in writing between the Parties before the aforesaid date or dates), the provisions
                                            of this Agreement, save for this clause, the provisions of clause 1 and the provisions of
                                            clauses 19 to 32 (both inclusive), which will remain of full force and effect, will never
                                            become of any force or effect and none of the Parties will have any claim against any other
                                            Party in terms hereof or arising from the failure of the suspensive conditions, save for
                                            any claims arising from a breach of clause 2.2, as well as any breach of any of the provisions
                                            of this Agreement which became effective on the Signature Date.

 

		3.	PURPOSES
                                            AND POWERS OF THE COMPANY

 

The
powers and capacity of the Company shall be those set out in the MOI.

 

		4.	SUBSCRIPTION
                                            FOR / ISSUANCE OF THE SUBSCRIPTION SHARES

 

		4.1	On
                                            Trigger Date 1, IDC shall subscribe for the Subscription Shares at the Subscription
                                            Price and make payment of the Tranche 1 Price by electronic transfer, free of any deductions
                                            or set-off whatsoever, into the bank account of the Company nominated in writing to IDC before
                                            Trigger Date 1.

 

		4.2	On
                                            Trigger Date 1 and against the Tranche 1 Price reflecting in the Company’s bank account
                                            contemplated in clause 4.1, the Company:

 

		4.2.1	shall
                                            allot and issue the Subscription Shares to IDC;

 

		4.2.2	shall
                                            deliver to IDC: a copy of the original share certificates reflecting IDC as the beneficial
                                            owner of the Subscription Shares (it being recorded and agreed that as the entire Subscription
                                            Price in respect of the Subscription Shares will not have been paid in full as at Trigger
                                            Date 1 the original share certificates in respect of the Subscription Shares will be placed
                                            in trust in accordance with the provisions of the Trust Agreement pending payment of the
                                            Tranche 2 Price) and a copy of the Company’s share register reflecting IDC as the beneficial
                                            owner of the Subscription Shares but noting that such Subscription Shares are held in trust
                                            (with such trust being the registered holder of such Shares) pending payment by the IDC of
                                            the Tranche 2 Price; and

 

		4.2.3	warrants
                                            to the IDC that the Company only has one class of shares, being the Shares.

 

		4.3	On
                                            Trigger Date 2, IDC shall make payment of the Tranche 2 Price by electronic transfer,
                                            free of any deductions or set-off whatsoever, into the bank account of the Company set out
                                            in

 

     

    	 	 	15

    

 

		 	clause
                                            4.1, or such other bank account as the Company may in writing direct prior to Trigger Date
                                            2.

 

		4.4	On
                                            Trigger Date 2:

 

		4.4.1	against
                                            receipt by it thereof, the Company shall utilise the Tranche 2 Price to pay Kelltech Mauritius
                                            the purchase price owing by the Company to Kelltech Mauritius for the BFS which the Company
                                            purchases from Kelltech Mauritius (by electronic transfer, free of any deductions or set-off
                                            whatsoever, into the bank account nominated by Kelltech Mauritius in writing);

 

		4.4.2	against
                                            receipt by it of the payment contemplated in clause 4.4.1, Kelltech Mauritius shall pay an
                                            amount: (a) equal to the Orkid Loans outstanding at such point in time to Orkid (by
                                            electronic transfer, free of any deductions or set-off whatsoever, into the bank account
                                            nominated by Orkid in writing); and (b) if following the payment of the amount contemplated
                                            in this clause 4.4.2(a) any portion of the amount paid to Kelltech Mauritius pursuant
                                            to clause 4.4.1 remains in Kelltech Mauritius’ bank account then Kelltech Mauritius
                                            shall immediately utilise such balance to repay that portion of the Development Loan which
                                            does not exceed such balance to SPM (by electronic transfer, free of any deductions or set-off
                                            whatsoever, into the bank account nominated by SPM). This clause constitutes a stipulatio
                                            alteri in favour of SPM which may be accepted by SPM at any time upon written notice
                                            to Kelltech Mauritius.

 

		4.5	If
                                            by 31 December 2016 (the “Trigger Date”):

 

		4.5.1	the
                                            Board concludes that the Trigger Date 2 Conditions will not be achieved or the Trigger Date
                                            2 Conditions have not been achieved; and

 

		4.5.2	IDC
                                            has not notified the Company in writing that it elects to pay the Tranche 2 Price notwithstanding
                                            the fact that: (a) the Board concludes that the Trigger Date 2 Conditions will not be
                                            achieved; and/or (b) the Trigger Date 2 Conditions have not been achieved,

 

then:
(a) the entire subscription price payable for the Subscription Shares will not been paid in full and, pursuant thereto the Company
shall cancel the subscription for [***]% of the Shares held by IDC in the Company’s issued share capital, provided that if such
percentage of Shares held by the IDC in the Company’s issued share capital constitutes a fraction then such number shall be rounded
up to the nearest whole number (the “IDC Cancelled Shares”) (as contemplated in the Trust Agreement and section 40(6)(d)(iv) of
the Companies Act) then the Third Party Holder (as defined in the Trust Agreement) shall deliver to the Company the original share certificates
held by it as soon as the Company demands same and the Company

 

     

    	 	 	16

    

 

shall
issue a new share certificate to the IDC in respect of those Shares held by the IDC which have been so cancelled; and (b) IDC grants
Kelltech Mauritius the option to, upon written notice to it at any time after the Trigger Date, to purchase [***]% of IDC’s Claims
(the “IDC Sale Claims”) against the Company for an aggregate purchase price of R1.00 (one Rand).

 

		4.6	If
                                            Kelltech Mauritius exercises the option contemplated in clause 4.5 then the effective date
                                            of such sale shall (subject to clause 15) be 3 (three) Business Days after the date on which
                                            Kelltech Mauritius sends the written notice contemplated in clause 4.5 to IDC, on which date:

 

		4.6.1	IDC
                                            hereby cedes and delegates to Kelltech Mauritius all of its rights and obligations in respect
                                            of the IDC Sale Claims;

 

		4.6.2	Kelltech
                                            Mauritius hereby accepts the cession and delegation of the IDC Sale Claims from IDC;

 

		4.6.3	ownership
                                            of (and all risk in and benefit of) the IDC Sale Claims passes to Kelltech Mauritius;

 

		4.6.4	Kelltech
                                            Mauritius shall (by electronic transfer, free of any deductions or set-off whatsoever, into
                                            the bank account nominated by IDC in writing) make payment of the aggregate purchase price
                                            of R1.00 (one Rand) in respect of the IDC Sale Claims;

 

		4.6.5	IDC
                                            gives Kelltech Mauritius the following warranties:

 

		4.6.5.1	IDC
                                            will be entitled and able to give unencumbered title of the IDC Sale Claims to Kelltech Mauritius;

 

		4.6.5.2	no
                                            person has any right, including any option or right of first refusal, to purchase (or otherwise
                                            acquire) the IDC Sale Claims or any interest therein;

 

		4.6.5.3	the
                                            IDC Sale Claims are not subject to any pledge or cession or other right of security or encumbrance
                                            in favour of any third party; and

 

		4.6.5.4	IDC
                                            has full legal title and ownership of the IDC Sale Claims and apart from the IDC Sale Claims, IDC
                                            has no other claims against the Company.

 

		4.7	IDC
                                            warrants to Kelltech Mauritius that: (i) IDC does not qualify as a “funding agency”
                                            in terms of the Intellectual Property Rights from Publicly Financed Research and Development
                                            Act, no. 51 of 2008 (the “IPRPFRD Act”) and accordingly that its equity
                                            investment in the Company does not constitute “funds allocated by a funding agency”
                                            as provided for in the IPRPFRD Act;

 

     

    	 	 	17

    

 

			(ii) that
                                            the IDC funds utilised for the purpose of the investment in the Company are derived from
                                            its own investments and/or commercial sources and not from the government of the Republic
                                            of South Africa, an organ of state or any other state agency as contemplated in the IPRPFRD
                                            Act; and (iii) that the IPRPFRD Act does not apply to any activities of the Company
                                            as a result of its investment in the Company.

 

		5.	INCONSISTENCY
                                            WITH THE MOI

 

		5.1	The
                                            relationship:

 

		5.1.1	of
                                            the Shareholders amongst themselves, in their capacities as Shareholders of the Company;
                                            and

 

		5.1.2	between
                                            the Shareholders, in their capacities as Shareholders of the Company, on the one hand, and
                                            the Company, on the other hand

 

shall
be governed in terms of this Agreement and the MOL

 

		5.2	If
                                            there is a conflict or inconsistency between the provisions of this Agreement and the MOI:

 

		5.2.1	any
                                            Shareholder may require the MOI to be amended to conform with the provisions of this Agreement;
                                            and

 

		5.2.2	the
                                            Shareholders undertake to vote in favour of all resolutions of the Company necessary to amend
                                            the MOI to conform with the provisions of this Agreement. For this purpose, each of the Shareholders
                                            gives to the others its irrevocable power of attorney in rem suam to take all such
                                            steps and do all such things and sign all such documents as may be necessary to achieve the
                                            aforegoing.

 

		6.	FUNDING

 

		6.1	Any
                                            funding required by the Group from time to time and approved by the Board will be obtained:

 

		6.1.1	from
                                            borrowing from outside sources to the extent practicable; or

 

		6.1.2	subject
                                            to the approval of the holders of at least [***]% ([***] percent) of the issued Shares at
                                            such time, through a rights issue in terms of clause 6.5; or

 

		6.1.3	subject
                                            to unanimous agreement by the Shareholders, through Shareholder loan funding in terms of
                                            clause 6.7 or the offer of shares to third parties.

 

		6.2	Each
                                            Shareholder shall use its reasonable endeavours to procure funding for the Company from outside
                                            sources.

 

     

    	 	 	18

    

 

		6.3	Should
                                            more than 1 (one) Shareholder succeed in procuring the potential availability of funding
                                            from outside sources, the Company shall consider that funding which is subject to the most
                                            favourable commercial terms.

 

		6.4	No
                                            Shareholder will be required or obliged to provide any funding to the Company (save as contemplated
                                            in clause 6.7) or to issue any guarantee, suretyship or indemnity to third persons for the
                                            obligations of the Company.

 

		6.5	Rights
                                            Issues by the Company

 

		6.5.1	If
                                            the Board decides at any time that borrowings from a bank or other outside sources are not
                                            in the best interests of the Company or if the Company is unable to procure borrowings from
                                            a bank or other outside sources, within a reasonable time period taking into account the
                                            funding requirements of the Company, the Board may (subject to the Shareholder approval contemplated
                                            in clause 6.1.2 being obtained) propose a rights issue of Shares to the Shareholders (in
                                            proportion to their Proportionate Interests) (a “Rights Issue”). Provided
                                            that:

 

		6.5.1.1	The
                                            price per Share in respect of any Rights Issue will be such price as is agreed by the Shareholders,
                                            and failing such agreement will be the Fair Market Value of the Company at such time (and
                                            prior to any subscriptions under the Rights Issue) divided by the total number of Shares
                                            in issue at such time.

 

		6.5.1.2	To
                                            the extent that any Shareholder elects not to participate in a Rights Issue, then such Shareholder
                                            shall be deemed to consent to any dilution of its shareholding pursuant to the Rights Issue
                                            and acknowledges that any such dilution pursuant to the Rights Issue will not constitute
                                            unjust, inequitable or oppressive conduct on the part of any other Shareholder or by the
                                            Company.

 

		6.5.2	To
                                            the extent that any Shareholder does not wish to subscribe for its Proportionate Interest
                                            of Shares offered to it pursuant to the Rights Issue it shall notify the other Shareholders
                                            and the Company thereof in writing by not later than the 60 days after the date upon which
                                            the Board proposes the Rights Issue, in which case such Shares (the “Unaccepted
                                            Shares”) shall be deemed to have been offered to the other accepting Shareholders:
                                            (a) in proportion to their Proportionate Interests immediately prior to the Rights Issue;
                                            or (b) if the accepting Shareholders agree between themselves to accept such deemed
                                            offer in any other proportion, in such agreed proportion. Such accepting Shareholders shall
                                            by way of written notice to the Company and the other Shareholders, by not

 

     

    	 	 	19

    

 

			later
                                            than the 5th (fifth) Business Day after the date upon which the deemed offer of
                                            the Unaccepted Shares was made to them, be entitled to accept such offer. If the deemed offer
                                            in respect of all of the Unaccepted Shares has not been accepted pursuant to the process
                                            contemplated above then subject to all of the Shareholders unanimously approving thereof
                                            in writing those Unaccepted Shares which have not been taken up may be offered to third parties
                                            on terms no more favourable than those under the Rights Offer.

 

		6.6	Financing
                                            for Lifezone under a rights issue by Kelltech Mauritius

 

		6.6.1	In
                                            the event that Lifezone wishes to follow its rights under a rights issue of shares to the
                                            shareholders of Kelltech Mauritius and Orkid is obliged, in terms of the Kelltech Shareholders’
                                            Agreement, to grant the Lifezone Loan to Lifezone then:

 

		6.6.1.1	provided
                                            that granting the loan contemplated in clause 6.6.1.2 falls within at least the minimum investment
                                            mandate of the IDC, IDC hereby represents, warrants and undertakes in favour of the
                                            other Parties to (acting in utmost good faith): (a) approach its credit committee (and,
                                            if necessary, any other committee of IDC) (such committees referred to hereinafter collectively
                                            as the “IDC Committees”) to obtain approval for it to grant such loan;
                                            and (b) use its reasonable endeavours to procure that the IDC Committees grant such
                                            approval on an unconditional basis; and

 

		6.6.1.2	provided
                                            that the IDC Committees have granted approval for it to do so (it being recorded and agreed
                                            that such approval may not be an unconditional approval and if such approval is a conditional
                                            approval: (a) IDC shall be required to grant the loan contemplated in this clause 6.6.1.2;
                                            and (b) IDC represents, warrants and undertakes in favour of the other Parties to (acting
                                            in utmost good faith) procure that any conditions that delay it from advancing the loan contemplated
                                            in this clause 6.6.1.2 are fulfilled as soon as is reasonably possible after the IDC Committees
                                            grant a conditional approval), IDC hereby agrees to grant a loan to Lifezone (on mutatis
                                            mutandis the same terms and conditions as the Lifezone Loan) amounting to the difference
                                            between: (a) the Lifezone Loan; and (b) “A” as calculated in the following
                                            formula:

 

A=
(B x C x D) / E, where:

 

     

    	 	 	20

    

 

“A”
= that portion of the Lifezone Loan to be lent and advanced by Orkid to Lifezone under the Kelltech Mauritius Shareholders’ Agreement;

 

“B”
= the total Lifezone Loan;

 

“C”
= the quotient (expressed as a decimal number) of the number of ordinary shares held by Orkid in the issued share capital of Kelltech
Mauritius (prior to the rights issue of shares to the shareholders of Kelltech Mauritius) divided by the entire issued ordinary share
capital of Kelltech Mauritius (prior to the rights issue of shares to the shareholders of Kelltech Mauritius);

 

“D”
= the quotient (expressed as a decimal number) of the number of Shares held by Kelltech Mauritius in the issued Share capital of the
Company at such point in time divided by the entire issued Share capital of the Company at such point in time; and

 

“E”
= (C x D) + IDC’s Proportionate Interest.

 

		6.6.2	The
                                            provisions of this clause 6.6 shall:

 

		6.6.2.1	apply
                                            on each and every occasion that Lifezone wishes to follow its rights under a rights issue
                                            of shares to the shareholders of Kelltech Mauritius and Orkid is obliged, in terms of the
                                            Kelltech Shareholders’ Agreement, to grant the Lifezone Loan to Lifezone; and

 

		6.6.2.2	be
                                            binding on IDC’s successors in title to whom IDC transfers any of its Shares in terms
                                            of this Agreement but after the Lock-in Period this clause 6.6 shall only apply to IDC’s
                                            Transferee Affiliates.

 

		6.7	Shareholder
                                            Loan Funding

 

		6.7.1	In
                                            the event that the Shareholders unanimously approve that funding for the Company be obtained
                                            by way of loans made to the Company by one or more Shareholders (each a “Shareholder
                                            Loan”), then unless the Shareholders agree otherwise, such Shareholder Loans will
                                            be provided on the following basis:

 

		6.7.1.1	Shareholders
                                            will be obliged to make Shareholder Loans in proportion to their respective shareholdings
                                            at the time.

 

		6.7.1.2	Each
                                            Shareholder Loan will be advanced directly to the Company.

 

     

    	 	 	21

    

 

		6.7.1.3	Each
                                            Shareholder Loan will be in South African Rands and will, subject to clause 6.7.2, bear simple
                                            interest at Jibar at the relevant point in time plus a margin of [***] basis points.

 

		6.7.1.4	Interest
                                            will accrue daily from the date on which the relevant advance is made until the date of repayment
                                            of such loan. Interest will be calculated on the basis of a 360 (three hundred and sixty)
                                            day year for actual days elapsed.

 

		6.7.1.5	No
                                            Shareholder Loan will be secured.

 

		6.7.1.6	Each
                                            Shareholder Loan will be subordinated to claims of creditors of the Company who have provided
                                            senior debt and mezzanine debt to the Company and shall only be repayable out of excess cash
                                            flow of the Company (determined after taking into account the future operational requirements
                                            of the Company) provided that no Shareholder Loan shall be repaid until all of the Existing
                                            Kelltech Mauritius Shareholder Loan has been repaid in full.

 

		6.7.1.7	The
                                            Company will administer and keep records of all Shareholder Loans, and will advise all Shareholders
                                            of all amounts outstanding in respect of such loans on a quarterly basis.

 

		6.7.1.8	Each
                                            Shareholder Loan will in any event be repayable if:

 

		6.7.1.8.1	the
                                            Company is placed in liquidation or under a winding-up order, whether provisionally or finally,
                                            voluntarily or compulsorily;

 

		6.7.1.8.2	the
                                            Company takes any steps to be wound up or liquidated, whether provisionally or finally and
                                            whether compulsorily or voluntarily;

 

		6.7.1.8.3	the
                                            Company takes any steps to be deregistered or is deregistered;

 

		6.7.1.8.4	the
                                            Company enters into any compromise with its creditors generally, or offers to do so; or

 

		6.7.1.8.5	any
                                            final judgment or any final order is made or given by any court of competent jurisdiction
                                            against the Company is not satisfied by the Company within 21 (twenty one) days after it
                                            becomes final.

 

     

    	 	 	22

    

 

		6.7.2	If
                                            any Shareholder’s Shareholder Loan Account exceeds such Shareholder’s pro
                                            rata share (based on such Shareholder’s Proportionate Interest) of all Shareholder
                                            Loans (the “Disproportionate Funding”) then such Disproportionate Funding
                                            shall bear interest at Jibar at the relevant point in time plus a margin of [***] basis points.

 

		7.	LOCK
                                            IN

 

None
of the Shareholders will be permitted to dispose of any of its Shares in the Lock-in Period unless:

 

		7.1	it
                                            does so with the prior written consent of each of the other Shareholders;

 

		7.2	it
                                            does so to a Transferee Affiliate in accordance with the provisions of clause 8; or

 

		7.3	it
                                            is required to do so in accordance with clause 10.

 

		8.	TRANSFERS
                                            OF SHARES - GENERAL

 

		8.1	Subject
                                            to Applicable Law, each of the Shareholders undertakes to the other Shareholders that it
                                            will not (either directly or indirectly) sell, transfer, assign or exchange or otherwise
                                            dispose of all or any part of the Shares held by it (a “Transfer”) otherwise
                                            than in accordance with the provisions of this clause 8, clause 9 and/or clause 10 and the
                                            Company shall refuse to register or give effect to any Transfer made in contravention of
                                            this clause 8, clause 9 and/or clause 10, as applicable.

 

		8.2	Notwithstanding
                                            clause 8.1, any Shareholder shall be entitled to Transfer any of the Shares held by it to
                                            a Transferee Affiliate and shall notify the Board in writing of such proposed transfer at
                                            least 10 (ten) Business Days prior to it taking place.

 

		8.3	A
                                            Transferee Affiliate’s acquisition of Shares shall be conditional on the Transferee
                                            Affiliate providing an undertaking to the Company that it shall remain a Transferee Affiliate
                                            of the Transferring Shareholder for as long as it holds such Shares and any breach of this
                                            undertaking shall constitute an event contemplated in clause 10.1.6. If the deemed offer
                                            resulting therefrom does not result in the Transferee Affiliate disposing of its Shares pursuant
                                            to clause 10, the Transferee Affiliate shall, within 30 (thirty) days of the relevant Shares
                                            failing to be Disposed in terms of clause 10, Transfer all Shares held by it back to the
                                            Shareholder from which the Shares were Transferred and if the Transferee Affiliate fails
                                            to Transfer all Shares held by it back to the Shareholder from which the Shares were Transferred
                                            then such failure shall constitute a breach of a material term of this Agreement.

 

		8.4	Any
                                            Transfer in terms of clause 8.2 shall not take place unless:

 

		8.4.1	the
                                            Transferee Affiliate has signed a Deed of Adherence; and

 

     

    	 	 	23

    

 

		8.4.2	the
                                            transferring Shareholder has undertaken, in writing, to the other Shareholders and the Company,
                                            that it shall guarantee the performance by the Transferee Affiliate of all of its obligations
                                            in terms of this Agreement and the MOI.

 

		8.5	The
                                            Parties acknowledge that no Transfer, whether voluntary or involuntary, shall be made or
                                            shall be valid or effective:

 

		8.5.1	if
                                            such Transfer would cause a material violation by any Party of any applicable law or regulation;

 

		8.5.2	if
                                            such Transfer would cause the Company to cease to be a private company or to dissolve or
                                            otherwise to change its status; and/or

 

		8.5.3	if
                                            such Transfer would cause the Company to be subject to material additional obligations or
                                            material additional liabilities,

 

and
the Company may require any Shareholder seeking to Transfer its Shares, at such Shareholder’s own cost, to provide a legal opinion
addressed to the Company confirming that such Transfer will not cause any of the results described above.

 

		8.6	No
                                            Transfer shall be valid or effective until:

 

		8.6.1	such
                                            Transfer has been recorded in the register of members of the Company; and

 

		8.6.2	the
                                            relevant transferee shall have entered into a Deed of Adherence.

 

		8.7	The
                                            Parties undertake to comply with the Applicable Law in respect of any Transfer of Shares.

 

		8.8	Subject
                                            to clause 9.13, any Shareholder seeking to Transfer its Shares shall pay all expenses, including
                                            legal fees, reasonably incurred by the Company in connection therewith.

 

		8.9	Each
                                            Shareholder acknowledges that it may not Transfer any Shares if such Transfer would result
                                            in a violation of any laws or regulations applicable to such Transfer, and may not Transfer
                                            any of the securities comprised in the Shares other than as Shares and in accordance with
                                            this Agreement, and that any Transfer of Shares or the securities comprised therein in contravention
                                            of the above provisions shall be null and void and of no force whatsoever, shall not be registered
                                            in the records of the Company, and the Company shall not recognise such Transfers as being
                                            binding on it. The Company may request any person intending to become a Shareholder, and
                                            at such person’s own cost, to provide a legal opinion addressed to the Company confirming
                                            such person’s compliance with the requirements of this clause 8.9.

 

     

    	 	 	24

    

 

		9.	TRANSFERS
                                            OF SHARES - PRE-EMPTIVE RIGHTS

 

		9.1	Unless
                                            otherwise agreed in writing by all of the Shareholders, a Shareholder may Transfer the Shares
                                            held by it only in terms of this clause 9 and any other provision of this Agreement specifically
                                            providing for the Transfer of Shares, and only if in one and the same transaction, it likewise
                                            disposes of a portion of its Claims on loan account pro rata to the number of Shares
                                            being Transferred. Accordingly, all references in this clause 9, clause 12 and any other
                                            provision of this Agreement relating to the Transfer by a Shareholder of its Shares shall,
                                            unless the context otherwise requires, be deemed to apply also to the pro rata portion
                                            of the Claims on loan account of the holder of such Shares.

 

		9.2	A
                                            Shareholder (“Disposer”) shall only be entitled to Transfer that number
                                            of its Shares which comprise: (a) not less than [***]% ([***] per cent) of the entire
                                            issued Share capital of the Company, if such Disposer owns Shares comprising [***]% ([***]
                                            per cent) or more of the entire issued Share capital of the Company at such point in time;
                                            or (b) all (but not some) of its Shares, if such Disposer owns Shares comprising less
                                            than [***]% ([***] per cent) of the entire issued Share capital of the Company at such point
                                            in time, (the “Offered Shares”) and should it wish to do so, the Disposer
                                            shall offer such Shares by notice in writing to the remaining Shareholders (“the
                                            Other Shareholders”) pro rata to their respective Proportionate Interests
                                            (“First Shareholder Offer”) stating -

 

		9.2.1	the
                                            number of Shares being offered and the price, sounding in money in South African Rands (and,
                                            for the avoidance of doubt, Shareholders can only dispose of their Shares for cash in South
                                            African Rands), at, and the terms and conditions upon which, the Disposer proposes to sell
                                            the Shares; and

 

		9.2.2	the
                                            name of the proposed transferee (“the Proposed Transferee”) to whom the
                                            Disposer intends selling the Offered Shares and its ultimate beneficial owner, and including
                                            a copy of an offer received from the Proposed Transferee, which offer must be unconditional,
                                            firm and final, not be subject to the conduct of any due diligence and may be subject only
                                            to the usual regulatory approvals (including shareholder approval if required by the rules of
                                            any recognised stock exchange).

 

		9.3	The
                                            First Shareholder Offer shall be capable of acceptance by the Other Shareholders giving written
                                            notice to that effect to the Disposer (“Other Shareholders Written Notice”)
                                            prior to the expiry of 60 (sixty) days after receipt of the First Shareholder Offer (“Offer
                                            Period”) which acceptance shall be subject to the proviso that such acceptance
                                            will only be valid if no Surplus Shares (as defined in clause 9.4.2) remain following the
                                            application of clause 9.4. The Other Shareholders Written Notice may include an Additional
                                            Acceptance referred to in clause 9.4.1, which Additional Acceptance will become relevant
                                            if there are any Surplus Shares.

 

     

    	 	 	25

    

 

		9.4	If:

 

		9.4.1	any
                                            Other Shareholder/s (“Surplus Offeree/s”) accepts the entire First Shareholder
                                            Offer made to it and in such acceptance also accepts to any extent (“Additional
                                            Acceptance”) the First Shareholder Offer made to any other Other Shareholders referred
                                            to in clause 9.4.2; and

 

		9.4.2	any
                                            other Other Shareholders do not accept the First Shareholder Offer in respect of certain
                                            of the Shares that had been offered (“Surplus Shares”),

 

then
the Surplus Shares shall be deemed, on the expiry of the Offer Period, to have been offered to the Surplus Offeree/s, with the proportion
of Surplus Shares deemed to have been offered to each Surplus Offeree being the same proportion as exists between the number of Shares
held by each Surplus Offeree and the total number of Shares held by all such Surplus Offerees, as at the First Shareholder Offer and
shall (subject to there being Surplus Shares available following the application of clause 9.4) to the extent of their Additional Acceptances
be deemed to have been accepted by the Surplus Offeree/s. If, after the deemed offer and acceptance, there remain any Surplus Shares
in respect of which the First Shareholder Offer has not been deemed to be accepted, then the deemed offer and acceptance provided for
in this clause 9.4 shall be repeated as many times as is necessary to ensure that either there are no Surplus Shares in respect of which
the First Shareholder Offer has not been accepted (in which case all of the Shares contemplated in the First Shareholder Offer will be
Transferred to the relevant Other Shareholder/s) or there is no remaining Additional Acceptance which could (in terms of this clause
9.4) result in Surplus Shares being sold to a Surplus Offeree, and, at this juncture, there are Surplus Shares, whichever occurs sooner.
The Disposer shall give written notice of the circumstances referred to in clauses 9.4.1 and 9.4.2 to all the Other Shareholders.

 

		9.5	If,
                                            following the application of clause 9.4, there remain Surplus Shares in respect of which
                                            the First Shareholder Offer has not been accepted, none of the Shares contemplated in the
                                            First Shareholder Offer shall be sold to the Other Shareholders and, accordingly, no such
                                            offer will be deemed to have been accepted by any of the Surplus Offerees and, furthermore,
                                            all of the Shares contemplated in the First Shareholder Offer shall constitute Remaining
                                            Offered Shares (as defined in clause 9.6).

 

		9.6	If
                                            after the application of clauses 9.2, 9.3 and 9.4, the Shares Offered pursuant to the First
                                            Shareholder Offer are not purchased (the “Remaining Offered Shares”),
                                            and thus clause 9.5 has been applied, the Disposer shall (subject to the provisions of clause
                                            12) be entitled within a further period of 30 (thirty) days, but not thereafter, without
                                            again making an offer to the Other Shareholders in terms of clause 9.2, dispose of all (but
                                            not some) of the Remaining Offered Shares to the Proposed Transferee only, at a price per
                                            Share not lower than the price

 

     

    	 	 	26

    

 

			per
                                            Share contemplated in the First Shareholder Offer and on terms not more favourable to the
                                            Proposed Transferee. For the avoidance of doubt, Remaining Offered Shares shall constitute
                                            all of the Shares contemplated in the First Shareholder Offer.

 

		9.7	The
                                            fact that the Disposer gives any third party customary warranties relating to the Shares
                                            (excluding any profit warranty) shall not by itself constitute terms more favourable than
                                            those given to the Other Shareholders who will not be given any warranties (other than that
                                            the Disposer will be the sole registered and beneficial owner of the relevant Shares and
                                            will be entitled to give free and unencumbered title thereof to the Other Shareholders},
                                            and the Parties agree that the giving of any warranties to a third party shall not serve
                                            as a method of permitting the third party to pay a lower purchase price to frustrate the
                                            pre-emption.

 

		9.8	If
                                            the First Shareholder Offer is accepted in writing by any of the Other Shareholders (“Accepting
                                            Shareholders”) then, if any one of the Accepting Shareholders breaches their obligations
                                            pursuant to the sale resulting from the acceptance of the Offer (“Breaching Shareholder”)
                                            then the Disposer shall be entitled to cancel the sale between itself and the Breaching Shareholder
                                            by notice in writing to the Breaching Shareholder within 3 (three) Business Days of becoming
                                            aware of the relevant breach and the provisions of clauses 9.4 and 9.6 shall apply mutatis
                                            mutandis to the Shares which were to be acquired by the Breaching Shareholder and, if,
                                            following the applications of clause 9.4, any Shares contemplated in the First Shareholder
                                            Offer have not been sold to a Surplus Offeree, the provisions of clauses 9.6 and 9.7 shall
                                            apply.

 

		9.9	If,
                                            whilst an Offer is pending in terms of clause 9.2, the provisions of clause 10.1 become operative
                                            in respect of those Shares so offered, then at the election of the Other Shareholders holding
                                            more than [***]% ([***] per cent) of the Shares excluding the Shares forming the subject
                                            of the First Shareholder Offer (which election shall be made in writing and delivered to
                                            the Offeror within 48 (forty-eight} hours after the provisions of clause 10.1 become operative),
                                            the First Shareholder Offer in terms of clause 9.2 shall be deemed to be withdrawn and substituted
                                            with the deemed offer in terms of clause 10.

 

		9.10	Subject
                                            to clause 9.11, Transfer of any Shares acquired in terms of this clause 9 shall be given
                                            to the Entity so acquiring them against receipt of payment in full therefor.

 

		9.11	Notwithstanding
                                            anything to the contrary herein contained, no Share shall be transferred to a non-Shareholder
                                            (including the heirs or beneficiaries of any Shareholder) unless:

 

		9.11.1	it
                                            meets the requirements of clause 8.5; and

 

		9.11.2	it
                                            signs a Deed of Adherence.

 

		9.12	Any
                                            Disposer shall be entitled to stipulate as a condition of such sale that:

 

     

    	 	 	27

    

 

		9.12.1	the
                                            Disposer shall be released as a surety or guarantor or indemnitor on behalf of the Company,
                                            subject to the purchaser(s) of the Shares in question binding himself as surety or guarantor
                                            or indemnitor in his stead; or

 

		9.12.2	if
                                            the release contemplated in clause 9.12.1 cannot be achieved, or pending such release being
                                            implemented, the Disposer shall be indemnified by the purchaser of the Shares against any
                                            claims made against the Disposer by reason of such suretyship, guarantee or indemnity. Such
                                            purchaser shall be liable for any amount payable in terms hereof together with any Tax that
                                            may be payable thereon.

 

		9.13	The
                                            Transferee, in respect of any Shares acquired pursuant to this clause 9, shall pay the securities
                                            transfer tax payable thereon.

 

		10.	DEEMED
                                            OFFERS

 

		10.1	Reference
                                            hereinafter to the “Offering Shareholder” shall mean:

 

		10.1.1	the
                                            provisional trustee or the provisional liquidator of any Shareholder who is provisionally
                                            sequestrated or provisionally liquidated;

 

		10.1.2	any
                                            Shareholder which is unable (or admits inability) to pay its debts generally as they fall
                                            due, or is (or admits to being) otherwise insolvent or stops, suspends or threatens to stop
                                            or suspend payment of all or a material part of its debts, or proposes or seeks to make or
                                            makes a general assignment or any arrangement or composition with or for the benefit of its
                                            creditors or a moratorium is agreed or declared or takes effect in respect of or affecting
                                            all or a material part of its indebtedness;

 

		10.1.3	any
                                            Shareholder, where the board of such Shareholder resolves to commence administration or business
                                            rescue proceedings;

 

		10.1.4	any
                                            Shareholder, where any provision of an agreement to which that Shareholder is party is cancelled
                                            or suspended (whether entirely, partially or conditionally) by any liquidator, business rescue
                                            practitioner, receiver, administrative receiver, administrator, compulsory manager or other
                                            similar officer in respect of such company or any of its assets;

 

		10.1.5	any
                                            Shareholder which is a trust if it ceases to operate entirely for the benefit of one or more
                                            of those who are beneficiaries on the date when the trust first becomes a Shareholder; and

 

		10.1.6	any
                                            Shareholder who commits a breach of a material term of clauses 7, 8, 9, 11 or 12 and fails
                                            to remedy same within 30 (thirty) days of the receipt of written

 

     

    	 	 	28

    

 

			notice
                                            from another Shareholder or the Company requiring such Shareholder to remedy the breach in
                                            question.

 

		10.2	As
                                            soon as an event contemplated in any one of clauses 10.1.1 to 10.1.6 occurs, the Offering
                                            Shareholder shall notify the Company thereof in writing.

 

		10.3	Within
                                            sixty (60) days after the occurrence of any event contemplated in clauses 10.1.1 to the Company
                                            shall if so requested by any Shareholder by notice in writing to the Shareholders, compel
                                            the Offering Shareholder to offer its Shares to the other Shareholders (the “Remaining
                                            Shareholders”) at a price sounding in money in South African Rands being the agreed
                                            percentage (the “Relevant Percentage”) of the fair market value of the
                                            Offering Shareholder’s Shares (calculated as follows: the Fair Market Value shall be
                                            determined; and the fair market value of 1 (one) of the Offering Shareholder’s Shares
                                            shall be determined by dividing the Fair Market Value by the number of Shares in issue) and
                                            the Offering Shareholder’s Claims (the “Offering Shareholder’s Claims”).
                                            The Relevant Percentage will be:

 

		10.3.1	in
                                            respect of a breach of a material term of clause 7 which is not remedied within the required
                                            period, [***]% ([***] per cent);

 

		10.3.2	in
                                            respect of a breach of clauses 10.1.1 to 10.1.6 (excluding a breach of a material term of
                                            clause 7) [***]% ([***] per cent).

 

		10.4	As
                                            soon as the price has been notified in writing to the Remaining Shareholders and the Offering
                                            Shareholder, the Offering Shareholder shall be deemed to have offered the Shares to the Remaining
                                            Shareholders (if more than one in proportions agreed among them or if not so agreed proportionately
                                            to their shareholding) at the price as agreed or determined. Such offer shall be open for
                                            acceptance thereafter for a period of 45 (forty five) days (the “Deemed Offer Period”).

 

		10.5	Any
                                            Shares held by the Offering Shareholder shall, during the Deemed Offer Period, cease to confer
                                            upon the Offering Shareholder the right to receive notice of, attend and vote at any Shareholders’
                                            meeting, or to receive and vote on any proposed written resolution or to exercise any pre-emption
                                            or other right and such Shares shall not be counted in determining the total number of votes
                                            which may be cast at any such meeting or for the purposes of a written resolution of any
                                            Shareholders or in determining entitlements to pre-emption or other rights.

 

		10.6	The
                                            proportionate share of the purchase price so agreed or determined of each Remaining Shareholder
                                            who accepts the offer shall be payable by way of direct electronic funds transfer in immediately
                                            available funds immediately against delivery of the Shares in question in the

 

     

    	 	 	29

    

 

			manner
                                            contemplated in clause 9.10, or if any regulatory approvals are required, on the last regulatory
                                            approval having been obtained.

 

		10.7	Provided
                                            that in determining the purchase price payable for the Shares, account shall have been taken
                                            of the liabilities in respect of which the Offering Shareholder may have given the guarantees,
                                            suretyships and indemnities referred to below, each of the Remaining Shareholders who accepts
                                            the offer shall use his reasonable endeavours (subject to the provisos mutatis mutandis in
                                            clause 10.8) to procure the release of the Offering Shareholder pro rata (in the same ratio
                                            as the Shares so purchased by it in terms of this clause 10 bear to all the Shares held by
                                            the Offering Shareholder) from any liability which the Offering Shareholder may have under
                                            any guarantees, suretyships and indemnities which may have been given by the Offering Shareholder
                                            for the Company’s obligations. If in determining such price no such liability was taken
                                            into account, each of the Remaining Shareholders who accepts the offer shall use his reasonable
                                            endeavours to procure such release, on the same pro rata basis referred to above, only in
                                            respect of any liability arising after the acceptance of the deemed offer. Until the release
                                            as aforesaid is procured, each of the Remaining Shareholders who accepts the offer indemnifies
                                            the Offering Shareholder against any such liability, on the same pro rata basis referred
                                            to in clause 10.4.

 

		10.8	The
                                            Shares shall be delivered in transferable form to each of the Remaining Shareholders which
                                            have accepted the offer in clause 10.4 against payment of the purchase price. If the Offering
                                            Shareholder does not deliver the Shares in transferable form on the due date any other Shareholder
                                            of the Company is irrevocably and in rem suam appointed as the attorney and agent of the
                                            Offering Shareholder to sign the necessary transfer forms and the Company will be entitled
                                            to cancel the Share certificate/s of the Offering Shareholder without the delivery of same
                                            being necessary.

 

		10.9	If
                                            the offer is not accepted in respect of the whole of any such Shares, the Offering Shareholder
                                            . shall retain such Shares subject to the remaining provisions of this Agreement (and, for
                                            the avoidance of doubt, no Shares will be Transferred pursuant to this clause 10).

 

		10.10	The
                                            provisions of clauses 9.1, 9.3, 9.4, 9.8, 9.10 and 9.13 shall apply mutatis mutandis to this
                                            clause 10.

 

		11.	SHAREHOLDER
                                            UNDERTAKING

 

		11.1	It
                                            is acknowledged and agreed by each Shareholder that by reason of:

 

		11.1.1	its
                                            association with the Company; and

 

		11.1.2	the
                                            opportunities which may be made available to the Shareholders pursuant to this Agreement
                                            and/or the MOI,

 

     

    	 	 	30

    

 

each
Shareholder (and the Relevant Persons, as defined in clause 11.2.1 below, who are who are granted access to Confidential Information,
as defined in clause 11.2 below) will:

 

		11.1.3	acquire
                                            considerable know-how in and will learn of techniques relating to all aspects of the businesses
                                            and activities of the Group, any Entity that Controls the Company, Lifezone and Orkid (the
                                            “Relevant Group”);

 

		11.1.4	have
                                            access to the names of customers, suppliers, licensors, principals and agents with whom the
                                            Relevant Group does business;

 

		11.1.5	have
                                            the opportunity of forging personal links with customers, suppliers, licensors, employees
                                            and agents of the Relevant Group;

 

		11.1.6	generally
                                            have the opportunity of learning and acquiring the trade secrets, business connections and
                                            other confidential information pertaining to the Relevant Group’s businesses and affairs;
                                            and

 

		11.1.7	be
                                            in a position to cause the Relevant Group considerable financial loss should it choose to
                                            use its knowledge and expertise and contacts with business connections of the Relevant Group,
                                            either for its own account or in association with any other person, Entity or syndicate,
                                            or as a consultant to or shareholder or owner of any such Entity.

 

		11.2	In
                                            consideration of the Company making available confidential information in respect of the
                                            Relevant Group, including (without limitation) Kelltechnology, the Intellectual Property,
                                            any information relating thereto and any information in respect of the business conducted
                                            by the Group (“Confidential Information”) to the Shareholders, the Shareholders
                                            acknowledge that such information is secret, confidential and valuable to the Relevant Group
                                            and each Shareholder unconditionally and irrevocably undertakes to and in favour of each
                                            member of the Relevant Group that with effect from the Signature Date and for and for a period
                                            of 24 (twenty four) months after the date upon which it ceases to be a Shareholder (the “Confidentiality
                                            Period”):

 

		11.2.1	each
                                            Shareholder and each of its employees, officers, directors and representatives (the “Relevant
                                            Persons”) will keep secret and confidential and will not (unless the Company provides
                                            its prior written consent) disclose or grant any third party access to the Confidential Information;
                                            provided that any of the Confidential Information may only be disclosed to the Relevant Persons
                                            who need to know such information and who: (i) have been provided with a copy of this
                                            Agreement and have been advised of their obligations hereunder; and (ii) have agreed
                                            in writing to keep such Confidential Information confidential and to be bound by the terms
                                            of this Agreement to the same extent as if they were

 

     

    	 	 	31

    

 

			parties
                                            hereto. Notwithstanding any such agreement on the part of any of the Relevant Persons, each
                                            Shareholder shall ensure that each such Relevant Person to whom it so discloses Confidential
                                            Information shall observe the terms of this Agreement and the Shareholder who makes such
                                            disclosure will be liable for any breach of the terms of this Agreement by any of such Relevant
                                            Person;

 

		11.2.2	each
                                            Shareholder shall keep all Confidential Information within their possession, power, custody
                                            or control: (i) in such a way as to prevent unauthorised access by any third party (including
                                            taking such security measures against actual loss or destruction of, or damage to, personal
                                            data); (ii) separate from all other documents and information held by the Shareholder;
                                            and (iii) properly and securely stored wherever it is used, and the Shareholders shall
                                            also comply with any reasonable directions given by the Company and/or the Company’s
                                            employees, officers, directors and/or representatives in this regard. In any event each Shareholder
                                            shall protect the Confidential Information using measures no less stringent than those which:
                                            (a) such Shareholder uses to protect its own confidential information; and (b) a
                                            reasonable person would use to protect its own confidential information; and

 

		11.2.3	procure
                                            that:

 

		11.2.3.1	all
                                            Relevant Persons who are granted access to Confidential Information as contemplated in clause
                                            11.2.1 and/or who are involved in the business of the Group: (i) do not directly or
                                            indirectly, in the Licensed Territory, carry on any activity (and are not directly or indirectly
                                            interested or engaged in or concerned with any activity of whatsoever nature carried on)
                                            in any capacity (including, but not limited to, advisor, agent, consultant, director, employee,
                                            financier, manager, member of a close corporation, member of a voluntary association, partner,
                                            proprietor, shareholder, trustee) in any company, close corporation, firm, business, trade,
                                            undertaking or concern) in competition with: the business conducted by the Group; Kelltechnology;
                                            and/or the Intellectual Property; and (ii) are not directly or indirectly involved in
                                            any investment and/or project of such Shareholder which competes in any manner whatsoever
                                            with: the business conducted by the Group; Kelltechnology; and/or the Intellectual Property;

 

		11.2.3.2	no
                                            employees, officers, directors and/or representatives of the Shareholder (other than the
                                            Relevant Persons who are granted

 

     

    	 	 	32

    

 

			access
                                            to Confidential Information as contemplated in clause 11.2.1) has access to any Confidential
                                            Information; and

 

		11.2.3.3	all
                                            policies, procedures and “chinese walls”, as are satisfactory to and/or required
                                            by the Company, are in place so at to ensure that no employees, officers, directors and/or
                                            representatives of the Shareholder (other than the Relevant Persons who are granted access
                                            to Confidential Information contemplated in clause 11.2.1) has access to any Confidential
                                            Information.

 

		11.3	Each
                                            Shareholder undertakes that it will not at any time during the Confidentiality Period and
                                            whether for reward or not, directly or indirectly:

 

		11.3.1	encourage
                                            or entice or incite or persuade or induce any senior employee of the Relevant Group to terminate
                                            his employment by the Relevant Group; nor

 

		11.3.2	furnish
                                            any information or advice (whether written or oral) to any employee to whom clause 11.3.1
                                            applies or to any prospective employer of such employee or use any other means which are
                                            directly or indirectly designed, or in the ordinary course of events calculated, to result
                                            in any such employee terminating his employment by the Relevant Group and/or becoming employed
                                            by or directly or indirectly in any way interested in or associated with any other company,
                                            close corporation, firm, undertaking or concern,

 

or
attempt to do so.

 

		11.4	Each
                                            of the undertakings set out in this clause 11 (including those appearing in a single clause)
                                            is severable inter alia as to -

 

		11.4.1	nature
                                            of interest, act or activity;

 

		11.4.2	the
                                            categories of activity falling within the definition of Protected Business;

 

		11.4.3	the
                                            categories of activity falling within the definition of Competitive Activity;

 

		11.4.4	the
                                            individual magisterial districts within each country which falls within the Licensed Territory;

 

		11.4.5	each
                                            country falling within the definition of the Licensed Territory;

 

		11.4.6	each
                                            company falling within the definition of the Relevant Group;

 

		11.4.7	each
                                            month falling within the Restraint Period,

 

     

    	 	 	33

    

 

and
are acknowledged to be reasonably required for the protection of the Relevant Group and are generally fair and reasonable.

 

		11.5	Each
                                            Shareholder acknowledges that the Group will suffer financial harm and loss if it breaches
                                            any provision of this clause 11. The undertakings embodied in this clause 11 shall be enforceable
                                            at the instance of any one or more of the members of the Relevant Group and constitutes an
                                            irrevocable sitpulatio afteri in favour of any member of the Relevant Group which
                                            is not a Party to this Agreement, which may be accepted by such member at any time by giving
                                            written notice to that effect to the Shareholders.

 

		12.	COME
                                            ALONG AND TAG ALONG

 

		12.1	Come
                                            Along

 

		12.1.1	If
                                            a bona fide third party and/or a party acting in concert with such third party (the “Potential
                                            Acquirer”) makes an offer or a series of inter-related offers to purchase all of the
                                            Shares on identical pro rata terms and provided that:

 

		12.1.1.1	during
                                            the Lock-in Period Shareholders holding not less than [***]% ([***] per cent) of the issued
                                            ordinary shares of the Company; or

 

		12.1.1.2	after
                                            the Lock-in Period Shareholders holding not less than [***]% ([***] per cent) of the issued
                                            Shares,

 

wish
to accept such offer in respect of their Shares (after first having complied with the relevant provisions of clause 9 and yet no sale
between the Shareholders takes place in terms of clause 9) then the remaining Shareholders in the Company shall be obliged to accept
the offer of the Potential Acquirer in respect of all their Shares.

 

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

 

		12.2	Tag
                                            Along

 

		12.2.1	If
                                            any Shareholder/s (the “Accepting Shareholder/s”) receives an offer or
                                            a series of inter-related offers from the same bona fide third party and/or a party acting
                                            in concert with such third party which it wishes to accept, or makes an offer or a series
                                            of inter-related offers to the same third party and/or a party acting in concert with such
                                            third party, to sell Shares (whether directly or indirectly) which constitute in excess of
                                            [***]% ([***] per cent) of the issued Shares, to such third party and/or a party acting in
                                            concert with such third party (the “Potential

 

     

    	 	 	34

    

 

			Purchaser”)
                                            then the Accepting Shareholder/s shall forthwith notify all of the other Shareholders (the
                                            “Other Shareholder”) thereof in writing (the “Notice”)
                                            and, after first having complied with the relevant provisions of clause 9 and yet no sale
                                            between the Shareholders takes place in terms of clause 9, the Other Shareholder shall have
                                            the right to elect (by way of written notice to the Accepting Shareholder/s by not later
                                            than the expiry of the 5th (fifth) day of the 30 (thirty) day period mentioned in clause
                                            9.6) (the “Election Notice”) to require that the Potential Purchaser makes
                                            the same offer to acquire the same proportion of Other Shareholder’s Shares as it offered
                                            to acquire from the Accepting Shareholder/s on mutatis mutandis the same terms and conditions
                                            as those on which the Potential Purchaser wishes to (directly or indirectly) acquire the
                                            Accepting Shareholder/s’ Shares (“Reciprocal Offer”). If the Other
                                            Shareholder delivers the Election Notice in accordance with this clause 12.2.1 then the Accepting
                                            Shareholder/s undertakes in favour of the Other Shareholder, prior to selling in excess of
                                            [***]% ([***] per cent) of the issued share capital of the Company to the Potential Purchaser,
                                            to procure that the Other Shareholder receives a Reciprocal Offer. If the Other Shareholder
                                            exercises its election in terms of this clause 12.2.1, for the avoidance of doubt, it shall
                                            be required to take up all and not only part of the Reciprocal Offer.

 

		12.2.2	If
                                            the Other Shareholder does not timeously exercise its election contemplated in clause 12.2.1
                                            then the Accepting Shareholder/s shall not be restricted, in any manner whatsoever, from
                                            disposing of its Shares (whether directly or indirectly) to the Potential Purchaser on terms
                                            and conditions which are not more favourable to it than the terms and conditions offered
                                            in the offer contemplated in clause 12.2.1.

 

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

 

		13.	DIVIDENDS

 

		13.1	Subject
                                            to the terms of this Agreement and Applicable Law, the dividend policy of the Company shall
                                            be to declare and pay not less than [***]% of its profits after tax having regard to the
                                            needs, expenditure and requirements (including working capital requirements) of the Group
                                            to its Shareholders, which dividend -

 

		13.1.1	shall
                                            be paid as soon as practically possible after its declaration; and

 

		13.1.2	shall
                                            be declared within 30 days of its half year and financial year.

 

     

    	 	 	35

    

 

		13.2	Notwithstanding
                                            the provisions of clause 13.1 above, no dividend shall be declared or paid until such time
                                            as all Shareholders’ Claims on loan account (together with all interest accrued on
                                            such funding) has been repaid in full unless the Shareholders who have provided such funding
                                            agree otherwise in writing.

 

		14.	FINANCIAL
                                            AND OTHER INFORMATION

 

		14.1	Without
                                            prejudice to a Shareholder’s rights under the law of South Africa, any Shareholder
                                            shall be entitled to carry out a review of the affairs of the Company at its own cost and,
                                            provided that: (a) the relevant Shareholder gives the Company reasonable written notice;
                                            and (b) such Shareholder and such Shareholder’s accountant has signed a confidentiality
                                            agreement in favour of all of the Shareholders, Orkid, Lifezone and the Company in a form
                                            approved by each Shareholder, Orkid, Lifezone and the Company (acting reasonably), the Company
                                            shall make available all its books and records for this purpose and the Shareholder and/or
                                            the Shareholder’s accountant shall be entitled to attend at the Company’s premises
                                            for the purpose of carrying out such review; provided that attendances and inspections undertaken
                                            by or on behalf of the Shareholder pursuant to this clause 14.1 shall be carried out during
                                            normal business hours and in such a manner as not to interfere with the operations of the
                                            Company.

 

		14.2	Each
                                            Shareholder shall be entitled to receive, and the Company shall promptly deliver, upon written
                                            request, the following:

 

		14.2.1	copies
                                            of the Lifezone Licence, the Kelltech SA Licence and the KellPlant Licence

 

		14.2.2	such
                                            information as the Company shall be required to provide to the Shareholders pursuant to any
                                            Applicable Law; and

 

		14.2.3	such
                                            additional information that a Shareholder may reasonably request, at such Shareholder’s
                                            cost, including any information relating to anti-money laundering matters and details of
                                            the internal procedures and controls established for the purposes of preventing the Company
                                            from becoming an instrument for money laundering, fraud or other corrupt or illegal purposes
                                            or practices.

 

		15.	REGULATORY
                                            AUTHORITY

 

Notwithstanding
anything to contrary herein contained, if the approval of any regulatory authority (“Regulatory Authority”) is required
to any transaction contemplated in this Agreement (including under the pre-emption clauses and/or pursuant to the option exercised in
clause 4.5), the Parties shall co-operate with each other in order to present the necessary documentation to the relevant Regulatory
Authority as soon as reasonably possible and to the extent that any time periods have been imposed in this Agreement for the completion
of the particular transaction, which are inappropriate having

 

     

    	 	 	36

    

 

regard
to the time period permitted to the relevant Regulatory Authority to consider the matter, the time periods in question in this Agreement
shall be extended sufficiently so as to enable the relevant Parties to be afforded a reasonable opportunity to obtain the necessary approval/s.

 

		16.	RIGHT
                                            FOR POTENTIAL PURCHASER TO CONDUCT A DUE DILIGENCE

 

		16.1	No
                                            Shareholder which is in possession of confidential information relating to the Company, shall
                                            disclose such information to any potential purchaser of its Shares unless:

 

		16.1.1	such
                                            Shareholder is satisfied that the potential purchaser is a serious bona fide potential purchaser;

 

		16.1.2	each
                                            Shareholder provides its written consent to such disclosure (such consent to not to be unreasonably
                                            withheld); and

 

		16.1.3	the
                                            potential purchaser and each Shareholder signs an appropriate confidentiality agreement contemplated
                                            in clause 16.2.

 

		16.2	Any
                                            Entity which has a serious bona fide interest in purchasing Shares shall be entitled, at
                                            the request of a Shareholder, subject to such Entity signing a confidentiality agreement
                                            in favour of all of the Shareholders, Orkid, Lifezone and the Company in a form approved
                                            by each Shareholder, Orkid, Lifezone and the Company (acting reasonably), to:

 

		16.2.1	have
                                            access, but only at the premises of the Company (or elsewhere as determined by the Shareholders
                                            together), to appropriate documents of the Group if any, necessary for the potential purchaser
                                            to make an informed decision as to whether to purchase the Shares and at what price. Such
                                            potential purchaser shall not be entitled to make copies of the documents; and

 

		16.2.2	interview
                                            the managing director/chief executive officer (and any other employee of the Company agreed
                                            to in writing by the managing director/chief executive officer) but no other employees whatever
                                            without the written approval of all of the Shareholders.

 

		16.3	As
                                            soon as a Shareholder becomes aware of any breach of the aforesaid confidentiality agreement,
                                            it shall forthwith notify the other Shareholders and the Company thereof in writing and provide
                                            the other Shareholders and the Company with all information in its possession in respect
                                            of such breach.

 

     

    	 	 	37

    

 

		17.	FAIR
                                            MARKET VALUE

 

		17.1	The
                                            Parties record that and agree that whenever the Fair Market Value is required to be determined
                                            for the purposes of this Agreement, it shall be determined on the day of the occurrence of
                                            the relevant event.

 

		17.2	When
                                            the Fair Market Value is to be determined:

 

		17.2.1	the
                                            Parties shall meet by not later than 5 (five) Business Days after the occurrence of the relevant
                                            event and attempt to agree the Fair Market Value in writing, acting reasonably; and

 

		17.2.2	if
                                            the Parties: (a) fail to meet timeously in accordance with clause 17.2.1; or (b) meet
                                            timeously in accordance with clause 17.2.1 but fail to reach agreement on the Fair Market
                                            Value within 10 (ten) days of so meeting, then, in the case of either (a) or (b) occurring,
                                            any of the Parties shall be entitled to refer the matter to the Independent Valuers for determination.
                                            The Independent Valuers shall determine the Fair Market Value based on accepted market practices
                                            at the time. In so making such determination, the Independent Valuers shall act as experts
                                            and not arbitrators.

 

		17.3	The
                                            Parties shall use their reasonable endeavours to ensure that the process/es contemplated
                                            in 17.2.1 and, if applicable, 17.2.2 are completed expediently and shall provide the Independent
                                            Valuers and the other of them with all information and documentation required by the Independent
                                            Valuers in order to determine the Fair Market Value as soon as is reasonably possible after
                                            such matter has been referred to the Independent Valuers for determination.

 

		17.4	The
                                            Independent Valuers will be such independent and reputable intellectual property valuation
                                            practice group which is a CLP (Certified Licensing Professional) as may be agreed between
                                            the Parties, or failing agreement within 10 (ten) Business Days from the date of a request
                                            by any of them for such agreement, appointed by the chairman for the time being of Certified
                                            Licensing Professionals, Inc.. If that person fails or refuses to make the aforesaid
                                            appointment, any Party may approach the High Court of the Republic of South Africa (Gauteng
                                            Division, Pretoria) or any other South African High Court with jurisdiction over the Company
                                            to make such an appointment. To the extent necessary, the Parties agree that the High Court
                                            of the Republic of South Africa (Gauteng Division, Pretoria) and any other South African
                                            High Court with jurisdiction over the Company is expressly empowered to make such appointment.

 

     

    	 	 	38

    

 

		18.	LEGAL
                                            PROCEEDINGS

 

Notwithstanding
any other provisions of this Agreement, should any Shareholder deem it necessary that the Company institute or defend any action or legal
proceedings or enforce any of the rights which the Company may have (“Action”) against any Shareholder (the “Defendant
Shareholder”) then such Shareholder shall refer the matter to a meeting of the Board. If the Board does not take such Action
within 30 (thirty) days (or such shorter period as may be reasonable and necessitated by the circumstances) after the matter has been
referred to it, then such Shareholder (the “Proposer”) shall, provided that the holders of a majority of the Shares
(excluding those held by the Defendant Shareholder) agree in writing, be authorised to take all such steps and sign all such documents
as may be necessary to take such Action, and shall be authorised to determine and control the manner in which such Action is taken, on
behalf of the Company; provided that -

 

		18.1	should
                                            the Company be ordered or agree in settlement to pay any amount (including any legal costs)
                                            as a result of taking such Action, then such Proposer shall refund to the Company the excess,
                                            if any, of such amount over the amount, if any, (including any legal costs) which becomes
                                            payable to the Company as a result of taking such Action; and

 

		18.2	such
                                            Proposer shall bear all legal costs associated with taking the Action, but should the Company
                                            have a court order or reasonable settlement granted in its favour in the circumstances then
                                            the Company shall refund to such Proposer the amount of all costs (including any legal costs)
                                            which such Proposer may have paid or incurred on behalf of the Company in taking such action.

 

		19.	REPRESENTATIONS
                                            AND WARRANTIES

 

Each
of the Parties represents and warrants as at the Signature Date and as at the Trigger Date 1:

 

		19.1	it
                                            is a company duly incorporated and in good standing under the laws of its jurisdiction of
                                            incorporation;

 

		19.2	it
                                            has the corporate power, capacity and authority, and all licences, approvals and consents
                                            required by it to conduct its business as is contemplated to be carried on by this Agreement;

 

		19.3	this
                                            Agreement has been duly authorised and executed by it and constitutes its valid and legally
                                            binding obligations, enforceable against it in accordance with its terms; and

 

		19.4	the
                                            execution and delivery of each of this Agreement by it and the performance of its duties
                                            and obligations under this Agreement and the MOI do not result in a breach of any of the
                                            terms, conditions or provisions of, or constitute a default under, any agreement or any licence,
                                            permit or certificate, to which it is a party or by which it is bound, or require any authorisation
                                            or approval under or pursuant to any of the foregoing, or violate any statute, regulation,
                                            law,

 

     

    	 	 	39

    

 

			order,
                                            writ, injunction, judgment or decree to which it is subject, which breach, default, failure
                                            to obtain authorisation or violation would materially adversely impair its ability to carry
                                            out its obligations under this Agreement and the MOI .

 

		20.	CONFIDENTIALITY

 

		20.1	Save
                                            as provided in this clause 20, each Party shall, and shall procure that its Affiliates and
                                            subsidiaries and their respective officers, directors, employees, agents, auditors and advisers
                                            shall, treat as confidential all information relating to any other Party or relating to their
                                            respective businesses that is of a confidential nature and which is obtained by that Party
                                            in terms of, or arising from the implementation of this Agreement, which may become known
                                            to it by virtue of being a Party (together, the “Protected Information”),
                                            and shall not reveal, disclose or authorise the disclosure of any such Protected Information
                                            to any third party or use (save for the permitted use of the Protected Information by the
                                            Company) such Protected Information for its own purpose or for any purposes.

 

		20.2	The
                                            obligations of confidentiality in clause 20.1 shall not apply in respect of the disclosure
                                            or use of such information in the following circumstances:

 

		20.2.1	in
                                            respect of disclosures of the Protected Information by the Company to a third party where
                                            such disclosure is made in the proper conduct of the business of the Company and such disclosure
                                            is made subject to a suitable written confidentiality undertaking signed by the third party
                                            protecting the confidential nature of the Protected Information;

 

		20.2.2	in
                                            respect of any information which is previously known by such Party (other than as a result
                                            of any breach or default by any Party or other person of any agreement by which such confidential
                                            information was obtained by such Party);

 

		20.2.3	in
                                            respect of any information which is in the public domain (other than as a result of any breach
                                            or default by any Party);

 

		20.2.4	any
                                            disclosure to any Party’s professional advisors, executive staff, board of directors
                                            or similar governing body who (i) such Party believes have a need to know such information,
                                            and (ii) are notified of the confidential nature of such information and are bound by
                                            a general duty of confidentiality in respect thereof materially similar to that set out herein;

 

		20.2.5	any
                                            disclosure required by law or by any court of competent jurisdiction or by any regulatory
                                            authority or by the rules or regulations of any stock exchange;

 

     

    	 	 	40

    

 

		20.2.6	any
                                            disclosure by a Shareholder to the effect that it is a shareholder in the Company;

 

		20.2.7	any
                                            disclosure made by a Shareholder made in accordance with that Shareholder’s proper
                                            pursuit of any legal remedy in respect of this Agreement;

 

		20.2.8	any
                                            disclosure by a Shareholder to its shareholders or members pursuant to any reporting obligations
                                            that Shareholder may have to its shareholders or members, provided that each such shareholder
                                            or member is notified of the confidential nature of such information and is bound by a general
                                            duty of confidentiality in respect thereof materially similar to that set out herein; or

 

		20.2.9	any
                                            disclosure made by the Company in accordance with the MOI.

 

		20.3	In
                                            the event that a Shareholder is required to disclose confidential information as contemplated
                                            in clause 20.2.5, such Shareholder will:

 

		20.3.1	advise
                                            any Party/ies in respect of whom such information relates (the “Relevant Party/ies”)
                                            in writing prior to disclosure, if possible;

 

		20.3.2	take
                                            such steps to limit the disclosure to the minimum extent required to satisfy such requirement
                                            and to the extent that it lawfully and reasonably can;

 

		20.3.3	afford
                                            the Relevant Party/ies a reasonable opportunity, if possible, to intervene in the proceedings;

 

		20.3.4	comply
                                            with the Relevant Party/ies’ reasonable requests as to the manner and terms of such
                                            disclosure; and

 

		20.3.5	notify
                                            the Relevant Party/ies of the recipient of, and the form and extent of, any such disclosure
                                            or announcement immediately after it was made.

 

		20.4	The
                                            Company may by notice in writing be entitled to demand the prompt return of the whole or
                                            any part of any confidential information supplied by or on behalf of the Company to any Shareholder,
                                            other than any confidential information which a Shareholder is entitled to retain pursuant
                                            to the terms of the Transaction Documents, and each Shareholder hereby undertakes to comply
                                            promptly with any such demand.

 

		21.	BREACH

 

Should
any Party (the “Defaulting Party”) breach any provision of this Agreement and fail to remedy such breach within 14
(fourteen) days after receiving written notice requiring it to do so from another Party (the “Innocent Party”), then
the Innocent Party shall be entitled, without prejudice to its other

 

     

    	 	 	41

    

 

rights
in law including any right to claim damages, to claim immediate specific performance of the Defaulting Party’s obligations, or
in the case of a material breach of a provision going to the root of this Agreement, to cancel this Agreement by giving written notice
to that effect to the Defaulting Party, provided that, no Party shall be entitled to cancel this Agreement at any time after the Subscription
Price has been received by the Company.

 

		22.	NOTICES

 

		22.1	The
                                            Parties choose as their address for service for all purposes under this Agreement, whether
                                            in respect of court process, notices or other documents or communications of whatsoever nature
                                            (including the exercise of any option), the following addresses:

 

		22.1.1	The
                                            Company:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

For
the attention of: [***]

 

		22.1.2	IDC:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

For
the attention of: [***]

 

		22.1.3	Kelltech
                                            Mauritius:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

For
the attention of: [***]

 

With
copies to each of the Shareholders at their addresses specified pursuant to this clause 22.

 

     

    	 	 	42

    

 

		22.1.4	Lifezone:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

		Attention:	[***]
                                            and [***]
	 	 	 
	 	With a copy to:	[***]
	 	 	 
	 	And to:	[***]
	 	 	 
	 	And to:	[***]

 

		Fax:	[***]
	 	 	 
	 	For attention:	[***]

 

		22.1.5	Orkid:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

For
the attention of: [***]

 

	 	With a copy to:	[***]
	 	 	 
		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

For
the attention of: [***]

 

		22.1.6	Liddell:

 

	 	Physical and postal:	[***]

 

     

    	 	 	43

    

 

With
a copy to (physical and postal): [***]

 

Email:
[***]

 

For
the attention of: [***]

 

		22.2	Any
                                            notice or communication required or permitted to be given in terms of this Agreement shall
                                            be valid and effective only if in writing but it shall be competent to give notice by fax
                                            but not by e-mail unless the relevant Party has specified an e-mail address in clause 22.1
                                            above, in which case it shall be competent to give notice to such Party by way of e-mail.

 

		22.3	Any
                                            Party may by notice to any other Party change the physical address chosen as its address
                                            for service vis-a-vis that Party to another physical address the relevant jurisdiction or
                                            its fax number, provided that the change shall become effective vis-a-vis that addressee
                                            on the 1Q1h (tenth) Business Day from the receipt of the notice by the addressee.

 

		22.4	Any
                                            notice to a Party:

 

		22.4.1	sent
                                            by prepaid registered post (by airmail if appropriate) in a correctly addressed envelope
                                            to it at an address chosen as its address for service to which post is delivered shall be
                                            deemed to have been received on the 7th (seventh) Business Day after posting (unless the
                                            contrary is proved);

 

		22.4.2	delivered
                                            by hand to a responsible person during ordinary business hours at the physical address chosen
                                            as its address for service shall be deemed to have been received on the day of delivery;
                                            or

 

		22.4.3	sent
                                            by fax to its chosen fax number stipulated in clause 22.1, shall be deemed to have been received
                                            on the date of despatch (unless the contrary is proved), provided that the sender has received
                                            a receipt indicating proper transmission.

 

		22.5	Notwithstanding
                                            anything to the contrary herein contained a written notice or communication actually received
                                            by a Party shall be an adequate written notice or communication to it notwithstanding that
                                            it was not sent to or delivered at its chosen address for service.

 

		23.	GOVERNING
                                            LAWS

 

		23.1	This
                                            Agreement is governed by, and all disputes, claims, controversies, or disagreements of whatever
                                            nature arising out of or in connection with this Agreement, including any question regarding
                                            its existence, validity, interpretation, termination or enforceability,(a “Dispute”)
                                            shall be resolved in accordance with the laws of South Africa.

 

     

    	 	 	44

    

 

		23.2	For
                                            purposes of applying for urgent relief and in respect of any matters which cannot be resolved
                                            in accordance with clause 24, the Parties hereby consent and submit to the non-exclusive
                                            jurisdiction of the High Court of the Republic of South Africa (Gauteng Division, Pretoria)
                                            in any Dispute.

 

		24.	SETTLEMENT
                                            OF DISPUTES

 

		24.1	Amicable
                                            Settlement

 

If
any Dispute arises between any of the Parties, they shall use all reasonable endeavours to resolve the matter amicably and in good faith.
If one Party gives any other Party notice that a Dispute has arisen and the Parties are unable to resolve such Dispute within 30 (thirty)
days of service of such notice, then such Dispute shall be referred to the respective chairmen or chief executives or other nominated
senior representative of the Parties in dispute. No Party shall resort to arbitration against any other Party under this Agreement until
at least 30 (thirty) days after such referral. This shall not affect a Party’s right to seek urgent relief.

 

		24.2	Arbitration

 

		24.2.1	Unless
                                            provided for to the contrary in this Agreement, a Dispute which arises in regard to:

 

		24.2.1.1	the
                                            interpretation of;

 

		24.2.1.2	the
                                            carrying into effect of;

 

		24.2.1.3	any
                                            of the Parties’ rights and obligations arising from;

 

		24.2.1.4	the
                                            termination or purported termination of or arising from the termination of; or

 

		24.2.1.5	the
                                            rectification or proposed rectification of this Agreement, or out of or pursuant to this
                                            Agreement or on any matter which in terms of this Agreement requires agreement by the Parties,
                                            (other than where an interdict is sought or urgent relief may be obtained from a court of
                                            competent jurisdiction),

 

and
which is not resolved in accordance with clause 24.1, shall be finally resolved in accordance with the rules of the Arbitration
Foundation of Southern Africa (“AFSA”) by an arbitrator or arbitrators agreed to in writing by the Parties or, failing such
agreement within 5 (five) Business Days after it is requested by any Party, appointed by AFSA. There shall be a right of appeal as provided
for in article 22 of the aforesaid rules.

 

     

    	 	 	45

    

 

		24.2.2	Each
                                            Party to this Agreement -

 

		24.2.2.1	expressly
                                            consents to any arbitration in terms of the aforesaid rules being conducted as a matter
                                            of urgency; and

 

		24.2.2.2	irrevocably
                                            authorises any other Party to apply, on behalf of all Parties to such dispute, in writing,
                                            to the secretariat of AFSA in terms of article 23(1) of the aforesaid rules for
                                            any such arbitration to be conducted on an urgent basis.

 

		24.2.3	If
                                            AFSA no longer exists then the arbitrator shall be appointed by the President for the time
                                            being of the Law Society of the Northern Provinces of South Africa and the arbitration shall
                                            be conducted in accordance with the Arbitration Act No. 42 of 1965.

 

		24.2.4	Notwithstanding
                                            anything to the contrary in this clause 24, any Party shall be entitled to apply, on an urgent
                                            basis, for an interdict or for an order of specific performance from any court of competent
                                            jurisdiction.

 

		24.2.5	For
                                            the purposes of clause 24.2.4 and for the purposes of having any award made by the arbitrator
                                            being made an order of court, each of the Parties hereby submits itself to the non-exclusive
                                            jurisdiction of the High Court of the Republic of South Africa (Gauteng Division, Pretoria).

 

		24.2.6	This
                                            clause 24 is severable from the rest of this Agreement and shall remain in full force and
                                            effect notwithstanding any termination or cancellation of this Agreement.

 

		25.	WHOLE
                                            AGREEMENT, NO AMENDMENT

 

		25.1	This
                                            Agreement and the MOI together set out the entire understanding of all the Parties with respect
                                            to the subject matter hereof, and supersede and replace any other agreements and/or discussions,
                                            written or oral.

 

		25.2	No
                                            amendment or consensual cancellation of this Agreement or any provision or term thereof or
                                            of any agreement or other document issued or executed pursuant to or in terms of this Agreement
                                            and no settlement of any disputes arising under this Agreement and no extension of time,
                                            waiver, or relaxation or suspension of or agreement not to enforce or to suspend or postpone
                                            the enforcement of any of the provisions or terms of this Agreement or of any agreement or
                                            other document issued pursuant to or in terms of this Agreement shall be binding unless recorded
                                            in a written document signed by the Parties (or in the case of an extension of time, waiver,
                                            relaxation or suspension, signed by the Party granting such extension, waiver, relaxation
                                            or suspension). Any such extension, waiver,

 

     

    	 	 	46

    

 

			relaxation
                                            or suspension which is so given or made shall be construed strictly as relating only to the
                                            matter in respect whereof it was made or given.

 

		26.	FURTHER
                                            ASSURANCE

 

Each
Party shall, at the reasonable request of any other Party, perform (or procure the performance of) all further acts and things, and execute
and deliver (or procure the execution and delivery of) such further documents, as may be required by any statute, ordinance, judicial
decision, executive order, regulation, common law, rule, or by-law of any jurisdictions that is applicable to such Party in order to
completely and punctually implement and/or give effect to this Agreement.

 

		27.	COSTS

 

Each
of the Parties shall bear its own legal, accountancy and other costs, charges and expenses in connection with the negotiation and execution
of this Agreement.

 

		28.	SEVERABILITY

 

Any
provision in this Agreement which is or may become illegal, invalid or unenforceable in any jurisdiction affected by this Agreement shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability and shall be treated pro non scripto and
severed from the balance of this Agreement, without invalidating the remaining provisions of this Agreement or affecting the validity
or enforceability of such provision in any other jurisdiction.

 

		29.	STIPULATIO
                                            ALTERI

 

No
part of this Agreement shall constitute a stipulatio alteri in favour of any person who is not a Party to the Agreement unless
the provision in question expressly provides that it does constitute a stipulatio afteri.

 

		30.	NO
                                            CESSION AND ASSIGNMENT

 

Except
as expressly provided in this Agreement which expressly states that cession, delegation or assignment may take place, no Party shall
be entitled to cede, assign, transfer or delegate all or any of its rights, obligations and/or interest in, under or in terms of this
Agreement to any third party without the prior written consent of the other Parties (which consent shall not be unreasonably withheld).

 

		31.	EXECUTION
                                            IN COUNTERPARTS

 

This
Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall
constitute one and the same agreement as at the date of signature of the Party that signs its counterpart last in time.

 

     

    	 	 	47

    

 

		32.	NO
                                            PARTNERSHIP/ JOINT VENTURE

 

Nothing
in this Agreement shall be construed so as to render the Parties or any of them a partnership, association or joint venture or as creating
a partnership, association or joint venture.

 

Signed
by the Parties on the following dates and at the following places respectively:

 

	For:

     
	LIFEZONE
    LIMITED	 
	 	 	 
	Signature:	/s/
    [***]	 
	 	who warrants that he / she
    is duly authorised thereto	 
	 	 
	Name:	[***]	 
	Date:	03/02/2016	 
	Place:	 	 

 

 

	For:

     
	KELLTECH
    LIMITED	 
	 	 	 
	Signature:	/s/
    [ILLEGIBLE]	 

	 	who warrants
    that he / she is duly authorised thereto
	 	 
	Name:	 	 
	Date:	03/02/2016	 
	Place:	 	 

 

 

	For:

     
	ORKID S.à r.l.	 
	 	 	 
	Signature:	/s/
    [ILLEGIBLE]	 

	 	who warrants
    that he / she is duly authorised thereto
	 	 
	Name:	 	 
	Date:	12/02/2016	 
	Place:	 	 

 

 

	For:

     
	THE INDUSTRIAL DEVELOPMENT
    CORPORATION OF SOUTH AFRICA LIMITED	 
	 	 	 
	 	 	 
	Signature:	/s/
    Nozizwe Mthembu	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Name:	Nozizwe
    Mthembu	 
	Date:	 	 
	Place:	[***]	 

 

 

	For:

     
	KELLPLANT
    PROPRIETARY LIMITED	 
	 	 	 
	Signature:	/s/
    [ILLEGIBLE]	 
	 	who warrants
    that he / she is duly authorised thereto
	 	 
	Name:	 	 
	Date:	03/02/2016	 
	Place:	 	 

 

     

    	 	 	48

    

 

Schedules
and other similar attachments to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K.

 

Schedule
1 Form of Deed of Adherence

 

[***]

 

     

    	 	 	49

    

 

Schedule
2 The MOI

 

[***]

 

     

    	 	 	50

    

 

Schedule
3 The Trust Agreement

 

[***]

 

     

    

    

 

TABLE
OF CONTENTS

 

	Clause
    number and description	Page

 

	1.	INTERPRETATION
    AND PRELIMINARY	2
	 	 	 
	2.	SUSPENSIVE
    CONDITIONS	12
	 	 	 
	3.	PURPOSES
    AND POWERS OF THE COMPANY	14
	 	 	 
	4.	SUBSCRIPTION
    FOR / ISSUANCE OF THE SUBSCRIPTION SHARES	14
	 	 	 
	5.	INCONSISTENCY
    WITH THE MOI	17
	 	 	 
	6.	FUNDING	17
	 	 	 
	7.	LOCK
    IN	22
	 	 	 
	8.	TRANSFERS OF SHARES -
    GENERAL	22
	 	 	 
	9.	TRANSFERS OF SHARES -
    PRE-EMPTIVE RIGHTS	24
	 	 	 
	10.	DEEMED
    OFFERS	27
	 	 	 
	11.	SHAREHOLDER
    UNDERTAKING	29
	 	 	 
	12.	COME
    ALONG AND TAG ALONG	33
	 	 	 
	13.	DIVIDENDS	34
	 	 	 
	14.	FINANCIAL
    AND OTHER INFORMATION	35
	 	 	 
	15.	REGULATORY
    AUTHORITY	35
	 	 	 
	16.	RIGHT
    FOR POTENTIAL PURCHASER TO CONDUCT A DUE DILIGENCE	36
	 	 	 
	17.	FAIR
    MARKET VALUE	37
	 	 	 
	18.	LEGAL
    PROCEEDINGS	38
	 	 	 
	19.	REPRESENTATIONS
    AND WARRANTIES	38
	 	 	 
	20.	CONFIDENTIALITY	39
	 	 	 
	21.	BREACH	40
	 	 	 
	22.	NOTICES	41
	 	 	 
	23.	GOVERNING
    LAWS	43
	 	 	 
	24.	SETTLEMENT
    OF DISPUTES	44
	 	 	 
	25.	WHOLE
    AGREEMENT, NO AMENDMENT	45
	 	 	 
	26.	FURTHER
    ASSURANCE	46
	 	 	 
	27.	COSTS	46
	 	 	 
	28.	SEVERABILITY	46

 

     

    2

    

 

	29.	STIPULATIO
    ALTERI	46
	 	 	 
	30.	NO
    CESSION AND ASSIGNMENT	46
	 	 	 
	31.	EXECUTION
    IN COUNTERPARTS	46
	 	 	 
	32.	NO
    PARTNERSHIP/ JOINT VENTURE	47

 

	Schedule
    1	 	- Form of
    Deed of Adherence
	 	 	 
	Schedule 2	 	- The
    MOI
	 	 	 
	Schedule 3	 	- The
    Trust Agreement

 

     

    

    

 

	Orkid
    S.a r.I. (“Orkid”)

    (registration no. B 167 777)

    Legis House 11 New Street, St Peter Port

    Guernsey GY1 3EG

     

    To:

    KellTech Limited (“KellTech”)
 (formerly Lifezone
    SA Ventures Limited) 

    (company no. 084564 C1/GBL)
 4th Floor, Ebene Skies rue de I‘Institute

    Ebene, Republic of Mauritius

     

    Kelltechnology
    South Africa (RF)

    Proprietary Limited (“KellTech SA”)

    (registration no. 2008/026628/07)

    6 Ecofusion Office Park Block B,

    324 Witch-Hazel Ave Highveld Park, Ext 59

    Centurion, Gauteng, 0157

    Republic of South Africa

     

    The
    Industrial Development Corporation

    Of South Africa Limited (“IDC”)

    19 Fredman Drive, Sandown, 2191

    Republic of South Africa

    (Attention: Head of Basic Metals and Mining)
	 	 

     

     

     

     

     

    Lifezone
    Limited (“Lifezone”)

    (attn: [***])

    (company no. 081243 C2/GBL)

    4th Floor, Ebene Skies rue de I‘Institute

    Ebene, Republic of Mauritius

     

    Kellplant
    Proprietary Limited (“KellPlant”)

    (registration no. 2015/364753/07)

    6 Ecofusion Office Park Block B,

    324 Witch-Hazel Ave Highveld Park,

    Ext 59 Centurion, Gauteng, 0157

    Republic of South Africa

 

22 May 2020

 

Dear
Sirs

 

Amendments
to the KellTech SA arrangements

 

Further
to discussions between the parties, the following amendments to the KellTech SA arrangements have been agreed with effect from the date
hereof.

 

		1.	We
                                            refer to the following KellTech arrangements (together, the “KellTech
                                            Documents”):

 

		1.1	the
                                            KellTech SA Shareholders Agreement dated 12 February 2016 between Lifezone, Orkid, IDC,
                                            KellTech and KellTech SA, as amended (the “KellTech
                                            SA Shareholders Agreement”);

 

		1.2	the
                                            KellTech SA Licence Agreement dated 16 April 2014 between KellTech Mauritius and KellTech
                                            SA, as amended, including by the first addendum dated 12 February 2016 (the “KellTech
                                            SA Licence”);

 

		1.3	the
                                            KellPlant Licence Agreement dated 12 February 2016 between KeliTech SA and KellPlant,
                                            as amended (the “KellPlant Licence”,
                                            and together with the KellTech SA Licence, the “Licence Agreements”;

 

		1.4	the
                                            KellTech SA Memorandum of Incorporation, as amended (the “KellTech SA Constitution”).

 

		2.	In
                                            each of the KellTech Documents:

 

		2.1	the
                                            definition of “PGMs” will be amended by the replacement of the definition
                                            in its entirety with the following:

 

     

    2

    

 

”“PGMs”
means (a) platinum, palladium, rhodium, ruthenium, iridium and osmium (all six being the metallic elements contained in the Platinum
Group of the Periodic Table, “PGEs”) but only where the primary focus of the extraction process is on the extraction
of one or more of the PGEs; (b) gold and silver (“Precious Metals”) but only where the primary
focus of the extraction process is on the extraction of one or more of PGEs or one or more of the Precious Metals; and (c) nickel,
copper, cobalt, and other metals, elements or compounds but only where the primary focus of the extraction process is on the extraction
of one or more of the PGEs or one or more of the Precious Metals;”

 

		2.2	the
                                            definition of “Patents” will be amended by the replacement of the definition
                                            in its entirety with the following:

 

““Patents”
means, to the extent that they relate to Kelltechnology only

 

		(a)	South
                                            African Patent 2000/6600;
		(b)	South
                                            African provisional patent application 2012/05222;
		(c)	South
                                            African Patent No. 2014/09387;
		(d)	African
                                            Regional Intellectual Property Organisation (“ARIPO”) Patent
                                            No. AP/P/2014/008110;
		(e)	South
                                            African Patent No. 2015/08577;
		(f)	ARIPO
                                            Patent No. AP/P/2015/008962;
		(g)	South
                                            African Patent No. 2014/08684;
		(h)	South
                                            African Patent No. 2017/05992;
		(i)	ARIPO
                                            Patent No. AP/P/2015/008960;
		(j)	South
                                            African Patent No. 2018/04188; and
		(k)	ARIPO
                                            Patent No. AP/P/2018/010822,

 

and
all patent applications and granted patents in the Licenced Territory in the same patent family as any of the aforementioned patent applications;”

 

		3.	In
                                            each of the KellTech SA Shareholders Agreement and the KellTech SA Constitution:

 

		3.1	the
                                            definition of “Intellectual Property” will be amended by the replacement
                                            of the definition in its entirety with the following (underlined text is underlined solely
                                            to indicate it is new):

 

““Intellectual
Property” means all intellectual property rights relating to Kelltechnology of whatsoever nature, whether registered or unregistered,
owned, licensed to or controlled by Lifezone in the Licensed Territory, including, without limitation, the ‘mentions, information
and technologies that form the subject matter of the Patents and the Know-How in each case relating to Kelltechnology, and all
current and future improvements, variations and individual unit operations thereof, whether conceived of, developed and/or acquired by
Lifezone and regardless of howsoever created;”

 

		4.	In
                                            each of the Licence Agreements, the definition of “Net Refinery Return”
                                            will be amended by the replacement of the definition in its entirety with the following (struckthrough
                                            text is struckthrough solely to indicate it has been deleted):

 

““Net
Refinery Return” means the net revenue (after deducting transport costs, customs clearing costs, refining charges and realizations)
received from the sales of refined PGMs produced from Concentrate from a plant using Kelltechnology;”

 

	5.	To
                                            the extent necessary, where the relevant agreed amendment appears in the KellTech SA Constitution,
                                            the relevant parties will procure that such constitution is formally amended so that such
                                            amendment is implemented. For the avoidance of doubt, the relevant parties will

 

     

    3

    

 

	 	procure
                                            that the relevant shareholder resolutions are proposed, passed and registered as may be required
                                            by local law.

 

This letter
is governed by, and all disputes of whatever nature arising out of or in connection with this letter shall be resolved in accordance
with the laws of the Republic of South Africa.

 

The provisions
of clauses 24 (Settlement of Disputes) and 31 (Execution in Counterparts) of the KellTech SA Shareholders Agreement will apply to this
letter as if set out in full herein.

 

By our signature
hereto, we hereby confirm our agreement with the contents of this letter:

 

	Signature:
    	/s/
    Erich Clarke	 
	For
    and on

    behalf of:	Orkid
    S.à r.l.	 
	Name:	Erich
    Clarke	 
	 	who
    warrants that he / she is duly authorised thereto	 
	Date:	10 June 2020	 
	Place:	[***]	 

 

 

 

 

By
our signature hereto, we hereby confirm our agreement with the contents of this letter:

 

	Signature:
    	/s/
    Erich Clarke	 
	For
    and on

    behalf of:	Kelltech
    Limited	 
	Name:	Erich
    Clarke	 
	 	who
    warrants that he / she is duly authorised thereto	 
	Date:	29 May 2020	 
	Place:	[***]	 

 

     

    4

    

 

By
our signature hereto, we hereby confirm our agreement with the contents of this letter:

 

	Signature:
    	/s/
    [***]	 
	 	 	 
	For
    and on

    behalf of:	Lifezone
    Limited	 
	 	 	 
	Name:	[***]	 
	 	who
    warrants that he / she is duly authorised thereto	 
	Date:	12 June 2020	 
	Place:	[***]	 

 

 

 

 

By
our signature hereto, we hereby confirm our agreement with the contents of this letter

 

	Signature:
    	/s/
    R S Wallace	 	 /s/
    ZR Coetzee
	 	 	 	 
	For
    and on

    behalf of:	The
    Industrial Development Corporation of South Africa Limited	 	Industrial
    Development Corporation
	 	 	 	 
	Name:	R
    S Wallace	 	ZR
    COETZEE
	 	who
    warrants that he / she is duly authorised thereto	 	 
	Date:	30/10/20	 	30
    October 2020
	Place:	[***]	 	[***]

 

 

 

By
our signature hereto, we hereby confirm our agreement with the contents of this letter:

 

 

 

	Signature:
    	/s/
    Erich Clarke	 
	 	 	 
	For
    and on

    behalf of:	Kelltechnology
    South Africa (RF) Proprietary Limited	 
	 	 	 
	Name:	Erich
    Clarke	 
	 	who
    warrants that he / she is duly authorised thereto	 
	Date:	29
    May 2020	 
	Place:	[***]	 

 

     

    5

    

 

By our signature
hereto, we hereby confirm our agreement with the contents of this letter:

 

	Signature:
    	/s/
    [***]	 
	 	 	 
	For
    and on

    behalf of:	Kellplant
    Proprietary Limited	 
	 	 	 
	Name:	[***]	 
	 	who
    warrants that he / she is duly authorised thereto	 
	Date:	12 June 2020	 
	Place:	[***]Exhibit 10.11

 

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 (“[***]”).

 

edward
nathan sonnenbergs

 

Johannesburg
cape town durban stellenbosch

150 west street

sandown sandton johannesburg 2196

p o box 703347 sandton south africa 2146

docex 152 randburg

tel +2711 269 7600 fax +2711 269 7899

info@problemsolved co.za www.problemsolved.co.za

 

 

FIRST ADDENDUM
TO THE KELLTECH MAURITIUS LICENSE AGREEMENT (dated 16 April 2014)

 

between

 

LIFEZONE
LIMITED

(Company No. 081243 C2/GBL)

 

and

 

KELLTECH
LIMITED (previously named Lifezone SA Ventures Limited)

(Company No. 084564 C1/GBL)

 

and

 

KEITH
[***] LIDDELL

([***])

 

(the “Agreement”)

 

WHEREBY
IT IS AGREED AS FOLLOWS:

 

		1.	INTRODUCTION

 

		1.1.	All
                                            the terms defined in the Agreement shall, unless the context otherwise requires, bear the
                                            same meaning when used in this addendum to the Agreement (the “Addendum”).

 

		1.2.	The
                                            Parties wish to amend the Agreement on the basis contemplated in this Addendum.

 

		2.	SUSPENSIVE
                                            CONDITIONS

 

		2.1.	Clause
                                            3 is subject to the fulfilment of the following suspensive conditions that by no later than
                                            the latest date upon which the suspensive conditions to the subscription and shareholders’
                                            agreement (the “Kelltech SA Shareholders’ Agreement”) entered into
                                            or to be entered into between Lifezone Limited, ORKID S.à
                                            rd., the Industrial Development Corporation of South Africa Limited, Kelltech Limited
                                            and KellPlant (Pty) Ltd, a company incorporated in the Republic of South Africa having registration
                                            number 2008/026628/07 (to be renamed Kelltechnology South Africa (RF) (Pty) Ltd or such other
                                            name as may be 

 

     

    

    

 

			approved
                                            by the Companies and Intellectual Property Commission of South Africa) (“Kelltech
                                            SA”), must be fulfilled or waived (as the case may be), or such extended date as
                                            the Parties may agree in terms of clause 2.4:

 

		2.1.1.	the
                                            Kelltech SA Shareholders’ Agreement has become unconditional, save for any condition
                                            contained therein requiring this Agreement to have been entered into or become unconditional;

 

		2.1.2.	the
                                            first addendum to the sub-license agreement between KellTech Limited and Kelltech SA in respect
                                            of Kelltechnology (dated 16 April 2014) has been entered into and become unconditional,
                                            save for any condition contained therein requiring this Agreement to have been entered into
                                            or become unconditional; and

 

		2.1.3.	the
                                            sub-licence agreement in respect of Kelltechnology between Kelltech SA and its subsidiary
                                            has been entered into and become unconditional, save for any condition contained therein
                                            requiring this Agreement to have been entered into or become unconditional.

 

		2.2.	Forthwith
                                            after the date upon which this Agreement is signed by the last of the Parties to do so (the
                                            “Signature Date”), the Parties shall use their respective reasonable endeavours
                                            and co-operate in good faith to procure the fulfilment of the suspensive conditions, to the
                                            extent that it is within their power to do so, as expeditiously as reasonably possible.

 

		2.3.	The
                                            suspensive conditions have been inserted for the benefit of all of the Parties who will together
                                            be entitled to waive fulfilment of same by written agreement prior to the expiry of the relevant
                                            time period set out in clause 2.1 (or extended in accordance with clause 2.4).

 

		2.4.	Unless
                                            the suspensive conditions have been fulfilled or waived by not later than the relevant date
                                            for fulfilment thereof set out in clause 2.1 (or such later date or dates as may be agreed
                                            in writing between the Parties), the amendments contemplated in clause 3, will never become
                                            of any force or effect and none of the Parties will have any claim against any other Party
                                            in terms hereof or arising from the failure of the suspensive conditions, save for any claims
                                            arising from a breach of clause 2.2, as well as any breach of any of the provisions of this
                                            Agreement which became effective on the Signature Date.

 

		3.	AMENDMENTS

 

With
effect from the date upon which the last of the suspensive conditions set out in clause 2 have been fulfilled or waived (as the case
may be), the Agreement is hereby amended by making the changes thereto reflected in mark-up in Annexure A hereto.

 

    

     

    

 

		4.	CONTINUATION
                                            OF THE AGREEMENT

 

Save
as specifically contemplated in this Addendum, the Agreement shall continue to be of force and effect on the basis of its original terms
and conditions (in particular it is recorded that Annexure A hereto does not contain the agreements attached as Annexure A and Annexure
B to the Agreement (collectively the “Annexed Agreements”) and this Addendum does not amend or replace the Annexed
Agreements in any manner whatsoever).

 

		5.	EXECUTION
                                            IN COUNTERPARTS

 

This
Addendum may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall
constitute one and the same agreement as at the date of signature of the Party that signs its counterpart last in time.

 

SIGNED
by the Parties on the following dates and at the following places respectively:

 

	For:	LIFEZONE
    LIMITED

    
	 
	 	 	 
	 	 	 
	

    Signature:
	/s/
    [***]	 
	 	who warrants that he / she is duly authorised thereto

                                                                               
	 
	

    Name:
	[***]	 
	

    Date:
	03/02/2016	 
	

    Place:
	 	 

 

	For:	KELLTECH
    LIMITED

     

     
	 
	

    Signature:
	/s/ [ILLEGIBLE]	 
	 	who warrants that he / she is duly authorised thereto

                                                                               
	 
	

    Name:
		 
	

    Date:
	03/02/2016	 
	

    Place:
		 

 

    

     

    

 

	For:	KEITH
    [***] LIDDELL

     

     
	 
	

    Signature:
	/s/
    Keith Liddell	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	

    Name:
		 
	

    Date:
	03/02/2016	 
	

    Place
		 

 

We
hereby consent to the amendments contemplated in this Addendum:

 

	For:	ORKID
    S.à.r.l.

     

     
	 
	

    Signature:
	/s/
    [ILLEGIBLE]	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	

    Name:
		 
	

    Date:
	12/02/2016	 
	

    Place
		 

 

    

     

    

 

ANNEX
A. The Agreement as amended

 

     

     

    

 

edward
nathan sonnenbergs

 

Johannesburg
cape town durban stellenbosch

150 west street

sandown sandton johannesburg 2196

po box 703347 sandton south africa 2146

docex 152 randburg

tel +2711 269 7600 fax +2711 269 7899

info@problemsolved co.za www.problemsolved.co.za

 

KELLTECH
MAURITIUS LICENSE AGREEMENT

EXECUTION VERSION

 

between

 

LIFEZONE
LIMITED

(Company No. 081243 C2/GBL)

 

and

 

KELLTECH
LIMITED (previously named Lifezone SA Ventures Limited)

(Company No. 084564 C1/GBL)

 

and

 

KEITH
[***] LIDDELL

([***])

 

Dated:
16 April 2014

 

    	 		 

    	 	 	2

    

 

		1.	INTERPRETATION
                                            AND DEFINITIONS

 

The
headings of the clauses in this Agreement are for the purpose of convenience and reference only and shall not be used in the interpretation
of nor modify nor amplify the terms of this Agreement nor any clause hereof. Unless a contrary intention clearly appears:

 

		1.1	words
                                            importing:

 

		1.1.1	any
                                            one gender include the other two genders;

 

		1.1.2	the
                                            singular include the plural and vice versa; and

 

		1.1.3	natural
                                            persons include created entities (corporate or unincorporated) and the state and vice
                                            versa;

 

		1.2	the
                                            following terms shall have the meanings assigned to them hereunder and cognate expressions
                                            shall have corresponding meanings, namely -

 

		1.2.1	“Agreement”
                                            means this licence agreement;

 

		1.2.2	“Applicable
                                            Law” means any statute, ordinance, judicial decision, executive order, regulation,
                                            common law, rule, or by-law of any jurisdictions that are applicable to the relevant Party;

 

		1.2.3	“[***]”
                                            means [***], a limited liability company formerly incorporated in [***] under
                                            registered number [***] and of registered address at [***] but which migrated
                                            to [***] and now has exempt company number [***]and registered address at [***];

 

		1.2.4	“[***]
                                            Agreement” means the written deed of assignment of intellectual property entered
                                            into between [***] and [***] on [***], attached hereto as Annexure A;

 

		1.2.5	“[***]
                                            Royalty” means the royalty (being an amount of US$[***] ([***] United
                                            States Dollar) per troy ounce of platinum group elements contained in the feed material processed
                                            in any plant in the Licensed Territory where the 

 

    	 		 

    	 	 	3

    

 

	 	 	Intellectual Property
                              (as defined in the [***] Agreement) or the Invention (as defined in the [***] Agreement)
                              is operated, commissioned or installed by [***] or by any of his licensees or assignees. For purposes
                              hereof platinum group elements include Pt, Pd, Rh, Ir, Ru, Os and Au and the determination of product
                              of the weighted average of the platinum group element assays for the feed for any Quarter (as defined in
                              the [***] Agreement) and the dry weight of feed material to the plant for any Quarter (as defined
                              in the [***] Agreement)) payable by Lifezone to [***] in terms of the [***] Agreement,
                              as amended by a deed of assignment dated 8 July 2013, attached hereto as Annexure B, between [***],
                              [***] and Lifezone under which Lifezone undertook to pay the [***] Royalty;
	 	 	 
		1.2.6	“Business
                                            Day” means a day, other than a Saturday, Sunday, or public holiday in Guernsey,
                                            the Republic of South Africa or the Republic of Mauritius;

 

		1.2.7	“Concentrate”
                                            means the product arising from the process of crushing, milling, flotation, or any other
                                            method of separation whereby material containing PGMs is separated from tailings and concentrated
                                            from the ore and waste rock;

 

		1.2.8	“Control”
                                            means in relation to an Entity the ability of a person (the “Controller”),
                                            directly or indirectly, to ensure that the activities and business of an Entity (the “Controlled
                                            Entity”) are conducted in accordance with the wishes of the Controller, and the
                                            Controller shall be deemed to so control the Controlled Entity if the Controller owns, directly
                                            or indirectly, the majority of the issued share capital, members interest or equivalent equity
                                            and/or holds, directly or indirectly, the majority of the voting rights in the Controlled
                                            Entity or the Controller has the right to receive the majority of the income of that Controlled
                                            Entity on any distribution by it of all of its income or the majority of its assets on a
                                            winding up and in respect of a Controlled Entity that is a trust, “Control” means
                                            the ability of the Controller to control the majority of the votes of the trustees or to
                                            appoint the majority of the trustees or to appoint or change the majority of the beneficiaries,
                                            or such trust

 

    	 		 

    	 	 	4

    

 

	 	 	operates primarily
                              for the benefit of such person and “Controlling” and “Controlled”
                              shall be construed accordingly;
	 	 	 
		1.2.9	“the
                                            Effective Date” means the date of the fulfilment and/or waiver of the last of the
                                            suspensive conditions in clause 3.1 to be fulfilled or waived (as the case may be);

 

		1.2.10	“Entity”
                                            means any association, business, close corporation, company, concern, enterprise, firm, fund,
                                            partnership, person, trust, undertaking, voluntary association or other similar entity whether
                                            corporate or unincorporate;

 

		1.2.11	“FSC”
                                            means the Financial Services Commission of Mauritius;

 

		1.2.12	“Gross
                                            Margin” means the Net Refinery Return less the cost of processing the relevant
                                            Concentrate using Kelltechnology (including, without limitation, all capital and financing
                                            costs), provided that such costs shall be calculated on the basis of including amortising
                                            capital expenditure on the relevant treatment plant over twenty years;

 

		1.2.13	“Group”
                                            has the meaning set out in the KellTech Shareholders Agreement;

 

		1.2.14	“Intellectual
                                            Property” means all intellectual property rights relating to Kelltechnology of
                                            whatsoever nature, whether registered or unregistered, owned, licensed to or controlled by
                                            Lifezone in the Licensed Territory at any time during the term of this Agreement, including,
                                            without limitation, the inventions, information and technologies that form the subject matter
                                            of the Patents and the Know-How, and all current and future improvements, variations and
                                            individual unit operations thereof, whether conceived of, developed and/or acquired by Lifezone
                                            and regardless of howsoever created;

 

		1.2.15	“KellTech”
                                            means Kelltech Limited (previously named Lifezone SA Ventures Limited), a company registered
                                            and incorporated in Mauritius under company number [***], to be renamed KellTech Limited
                                            or such other name as may be approved by the Registrar of Companies in Mauritius;

 

		1.2.16	“KellTech
                                            Shareholders Agreement” means the written shareholders’ agreement entered
                                            into or to be entered into between Lifezone, SPM, Orkid, 

 

    	 		 

    	 	 	5

    

 

	 	 	KellTech
                                            and Liddell on or about the Signature Date in terms of which, inter alia, the relationships
                                            of the shareholders of KellTech are regulated and certain arrangements and understandings
                                            in respect of KellTech are set out;
	 	 	 
		1.2.17	“Kelltechnology”
                                            means the hydrometallurgical process developed by Liddell for the extraction of PGMs that
                                            requires significantly less electrical energy than the current conventional matte smelting
                                            process;

 

		1.2.18	“Know-How”
                                            means all confidential information of whatever nature relating to:

 

		1.2.18.1	the
                                            inventions and technologies that form the subject matter of the Patents;

 

		1.2.18.2	Kelltechnology
                                            which is under the possession and control of Lifezone; and

 

		1.2.18.3	all
                                            other information generally relating to exploitation, implementation and/or use of the technologies
                                            referred to in 1.2.18.1 and 1.2.18.2 above including, without limiting the generality of
                                            the foregoing, technical information, manufacturing and processing techniques, designs, specifications,
                                            formulae, systems, processes and information concerning materials;

 

		1.2.19	“Libor”
                                            means the London interbank offered rate administered by the British Bankers Association (or
                                            any other person which takes over the administration of that rate) for three month US dollar
                                            deposits displayed on pages LiborOI and Libor02 of the Reuters screen (or any replacement
                                            Reuters page) which displays that rate at 11am (London time) on the first Business Day of
                                            each calendar quarter;

 

		1.2.20	“Licence
                                            Quarter” means a period of three calendar months starting on the first day of the
                                            months of March, June, September and December of any calendar year;

 

		1.2.21	“Licensed
                                            Territory” means Angola, Botswana, Democratic Republic of Congo, Lesotho, Malawi,
                                            Madagascar, Mozambique, Namibia, Swaziland, Tanzania, Zambia, Zimbabwe, South Africa and
                                            Seychelles;

 

    	 		 

    	 	 	6

    

 

		1.2.22	“Liddell”
                                            means Keith [***] Liddell ([***]);

 

		1.2.23	“Lifezone”
                                            is Lifezone Limited (Company No. 081243 C2/GBL), a company registered and incorporated
                                            in Mauritius;

 

		1.2.24	“Lock-in
                                            Period” means the period commencing on the “Effective Date” (as defined
                                            in the Kelltech Shareholders Agreement) and ending on the fifth anniversary of the “Effective
                                            Date” (as defined in the Kelltech Shareholders Agreement);

 

		1.2.25	“Net
                                            Refinery Return” means the net revenue (after deducting transport costs, customs
                                            clearing costs, refining charges and realizations) received from the sales of refined PGMs
                                            produced from Concentrate from a plant using Kelltechnology;

 

		1.2.26	“Orkid”
                                            means Orkid S.à
                                            r.l., Registration No. B 167 777, a limited liability private company duly incorporated
                                            in Luxembourg;

 

		1.2.27	“Parties”
                                            are Lifezone, KellTech and Liddell;

 

		1.2.28	“Patents”
                                            means:

 

		1.2.28.1	South
                                            African Patent 2000/6600; and

 

		1.2.28.2	South
                                            African provisional patent application 2012/05222 and all patent applications and granted
                                            patents in the Licensed Territory claiming priority from the aforementioned provisional patent
                                            application;

 

		1.2.29	“PGMs”
                                            means platinum, palladium, rhodium, ruthenium, iridium and osmium together with the associated
                                            metals of gold, silver, nickel, copper and cobalt;

 

		1.2.30	“Service
                                            Agreement” means the service agreement in the agreed form to be entered into between
                                            Lifezone and KellTech on or before the Effective Date in terms of which, inter alia,
                                            Lifezone agrees to provide to the Group technology support services in relation to Kelltechnology,
                                            such services initially to be delivered by Liddell, [***] and [***];

 

    	 		 

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		1.2.31	“Shares”
                                            means the ordinary shares of USD1.00 (one US Dollar) each in the share capital of KellTech;

 

		1.2.32	“Signature
                                            Date” is the date of signature of this Agreement by the last of the Parties to
                                            do so;

 

		1.2.33	“SPM”
                                            has the meaning set out in the KellTech Shareholders Agreement;

 

		1.2.34	“SPM
                                            Group” has the meaning set out in the KellTech Shareholders Agreement;

 

		1.2.35	“Subsidiary”
                                            means a member of the Group;

 

		1.2.36	“Taxes”
                                            shall include all value added tax, income, excise, regional services and other taxes of whatever
                                            nature (other than taxes generally asserted on the net income of KellTech in Mauritius) as
                                            well as all levies, imposts, duties, charges or fees of whatever nature;

 

		1.2.37	“USD”
                                            or “US Dollars” means United States Dollars;

 

		1.2.38	“USD
                                            Exchange Rate” means the applicable average USD/ other currency foreign exchange
                                            spot trading rate published by Reuters at 08h00 on the last day of the month in which the
                                            relevant Licence Quarter in question ends;

 

		1.3	any
                                            reference to an enactment is to that enactment as at the Signature Date and as amended or
                                            re-enacted from time to time and includes any subordinate legislation made from time to time
                                            under such enactment. Any reference to a particular section in an enactment is to that section
                                            as at the Signature Date, and as amended or re-enacted from time to time and/or an equivalent
                                            measure in an enactment, provided that if as a result of such amendment or re-enactment,
                                            the specific requirements of a section referred to in this Agreement are changed, the relevant
                                            provision of this Agreement shall be read also as if it had been amended as necessary, without
                                            the necessity for an actual amendment;

 

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

 

    	 		 

    	 	 	8

    

 

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

 

		1.6	references
                                            to an “agreement” or “document” shall be construed as a reference
                                            to such agreement or document as the same may have been amended, varied, supplemented or
                                            novated in writing at the relevant lime in accordance with the requirements of such agreement
                                            or document and, if applicable, of this Agreement with respect to amendments, save that this
                                            clause shall not apply to: (a) the [***] Agreement and a reference to such agreement
                                            shall be a reference to the agreement attached hereto as Annexure A; and (b) the
                                            deed of assignment dated [***] between [***], [***] and Lifezone under
                                            which Lifezone undertook to pay the [***] Royalty and a reference to such agreement
                                            shall be a reference to the agreement attached hereto as Annexure B;

 

		1.7	expressions
                                            defined in this Agreement shall bear the same meanings in annexures to this Agreement which
                                            do not themselves contain their own conflicting definitions;

 

		1.8	the
                                            use of any expression in this Agreement covering a process available under Mauritian or South
                                            African law such as a winding up (without limitation eiusdem generis) shall, if any
                                            of the Parties is subject to the law of any other jurisdiction, be construed as including
                                            any equivalent or analogous proceedings under the law of such defined jurisdiction;

 

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

 

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

 

		1.11	the
                                            rule of construction that a contract shall be interpreted against the Party responsible
                                            for the drafting or preparation of the contract, shall not apply;

 

    	 		 

    	 	 	9

    

 

		1.12	any
                                            reference in this Agreement to a Party shall include a reference to that Party’s assigns
                                            expressly permitted under this Agreement and, if such party is liquidated or sequestrated,
                                            be applicable also to and binding upon that party’s liquidator or trustee, as the case
                                            may be;

 

		1.13	the
                                            index and the headings in this Agreement are inserted for convenience only and do not affect
                                            its interpretation;

 

		1.14	any
                                            annexure to this Agreement shall take effect as if set out in this Agreement and references
                                            to this Agreement shall include its annexures;

 

		1.15	references
                                            to “clauses” and “Annexures” are references to the
                                            clauses and annexures of this Agreement;

 

		1.16	the
                                            words “include”, “including” and “in particular”
                                            shall be construed as being by way of example or emphasis only and shall not be construed,
                                            nor shall they take effect, as limiting the generality of any preceding word/s; and

 

		1.17	the
                                            words “other” and “otherwise” shall not be construed
                                            eiusdem generis with any preceding words where a wider construction is possible.

 

		2.	PREAMBLE

 

		2.1	Lifezone
                                            is the proprietor of the Intellectual Property in the Licensed Territory.

 

		2.2	Lifezone
                                            holds rights in respect of the Intellectual Property outside of the Licensed Territory.

 

		2.3	The
                                            Parties have agreed that Lifezone will license the Intellectual Property to KellTech on the
                                            terms set out in this Agreement:

 

		2.3.1	on
                                            an exclusive basis as contemplated in clauses 4.1 and 4.3.1; and

 

		2.3.2	on
                                            a non-exclusive basis as contemplated in clauses 4.2 and 4.3.2.

 

		3.	CONDITION
                                            PRECEDENT

 

		3.1	The
                                            whole of this Agreement, other than the provisions of this clause, clause 1, clause 12 (Maintenance,
                                            Prosecution And Recordal Of Intellectual Property) and clauses 21 (Cession and Assignment)
                                            to 33 (Severability), which shall be of immediate force and effect on the Signature Date,
                                            is subject to the fulfilment of the suspensive conditions that by no later than:

 

    	 		 

    	 	 	10

    

 

		3.1.1	31
                                            December 2014 the KellTech Shareholders Agreement has become unconditional, save for
                                            any condition contained therein requiring this Agreement to have become unconditional; and

 

		3.1.2	31
                                            May 2014 the FSC has granted its approval for Lifezone to: the enter into and give effect
                                            to the terms of this Agreement; and to engage in the business activities contemplated hereunder.

 

		3.2	Forthwith
                                            after the Signature Date, the Parties shall use their respective: (a) reasonable endeavours
                                            and co-operate in good faith to procure the fulfilment of the suspensive condition contained
                                            in clause 3.1.1, to the extent that it is within their power to do so, as expeditiously as
                                            reasonably possible; and (b) reasonable endeavours and co-operate in good faith to procure
                                            the fulfilment of the suspensive condition contained in clause 3.1.2, to the extent that
                                            it is within their power to do so, as expeditiously as reasonably possible.

 

		3.3	The
                                            suspensive condition contained in clause:

 

		3.3.1	3.1.1
                                            has been inserted for the benefit of all of the Parties who will together be entitled to
                                            waive fulfilment of same by written agreement prior to the expiry of the relevant time period
                                            set out in clause 3.1 (or extended in accordance with clause 3.4); and

 

		3.3.2	3.1.2
                                            is not capable of being waived by any of the Parties.

 

		3.4	Unless
                                            the suspensive conditions have been fulfilled or waived by not later than the relevant date
                                            for fulfilment thereof set out in clause 3.1 (or such later date or dates as may be agreed
                                            in writing between the Parties), the provisions of this Agreement, save for this clause,
                                            clause 1, clause 12 (Maintenance, Prosecution And Recordal Of Intellectual Property) and
                                            clauses 21 (Cession and Assignment) to 33 (Severability), which will remain of full force
                                            and effect, will never become of any force or effect and none of the Parties will have any
                                            claim against any other Party in terms hereof or arising from the failure of the suspensive
                                            condition, save for any claims arising from a breach of clause 3.2, as well as any breach
                                            of any of the provisions of this Agreement which became effective on the Signature Date.

 

    	 		 

    	 	 	11

    

 

		4.	LICENSED
                                            RIGHTS

 

		4.1	Lifezone
                                            hereby grants to KellTech an exclusive licence in respect of the Intellectual Property within
                                            the Licensed Territory to use and/or exercise the processes and technologies that form the
                                            subject matter of the Intellectual Property.

 

		4.2	Lifezone
                                            hereby grants to KellTech a non-exclusive licence in respect of the Intellectual Property
                                            to sell goods and products that are the product of the exercise of such licence within the
                                            Licensed Territory, such sale not being restricted to the Licensed Territory.

 

		4.3	The
                                            licence granted to KellTech includes the right to sub-license the whole or any part of the
                                            Intellectual Property within:

 

		4.3.1	South
                                            Africa on an exclusive basis and on the basis that the person to whom KellTech grants such
                                            sub-licence (“Kelltech SA”) shall be permitted to further sub-licence
                                            same in South Africa on a non-exclusive basis and only on the basis that, the sub-licensee/s
                                            of Kelltech SA shall not be permitted to further sub-license same, and otherwise on terms
                                            that will enable KellTech to meet all of its obligations under this Agreement; and

 

		4.3.2	the
                                            Licensed Territory (other than South Africa) but only on a non-exclusive basis and only on
                                            the basis that no further sub-licensing is permitted and otherwise on terms that will enable
                                            KellTech to meet all of its obligations under this Agreement.

 

		5.	TERM
                                            OF AGREEMENT

 

		5.1	Save
                                            for those clauses which become of immediate force and effect on the Signature Date pursuant
                                            to clause 3, this Agreement commences with effect from the Effective Date and shall remain
                                            in force indefinitely, unless otherwise terminated in accordance with the provisions of clauses
                                            22 and 26.2.

 

		5.2	Within
                                            9 (nine) months of termination of this Agreement for any reason whatsoever, during which
                                            period, subject to clause 26.3, KellTech and any of its sub-licensees, as appropriate, shall
                                            continue to pay Lifezone the royalties, KellTech shall cease to use the Intellectual Property
                                            and shall, within 3 (three) months thereafter, return to Lifezone or destroy all documents
                                            and materials containing, reflecting, incorporating, or based on the Intellectual Property
                                            in its possession (and any copies of, or extracts from, such documents or materials)

 

    	 		 

    	 	 	12

    

 

	 	 	and expunge, as
                              far as practical, all such documents and materials from any computer or data storage system into which
                              it was entered save that KellTech may retain documents containing or based on the Intellectual Property
                              to the extent required by law or any applicable governmental or regulatory authority.
	 	 	 
		5.3	All
                                            provisions of this Agreement which in order to give effect to their meaning need to survive
                                            its termination shall remain in full force and effect thereafter.

 

		6.	TITLE
                                            TO THE INTELLECTUAL PROPERTY

 

		6.1	KellTech
                                            acknowledges that all right, title and interest in and to the Intellectual Property vests
                                            in Lifezone and that, save as set out in this Agreement, it has no claim of any nature in
                                            and to the Intellectual Property.

 

		6.2	KellTech
                                            shall not at any time during or after termination or cancellation of this Agreement dispute
                                            the validity or enforceability of such rights or the Patents, or cause to be done any act
                                            or thing contesting or in any way impairing or tending to impair any part of that right,
                                            title and interest of any of the intellectual property rights which may be the subject of
                                            this Agreement and shall not counsel or assist any other person to do so.

 

		7.	DELIVERY
                                            OF INTELLECTUAL PROPERTY AND PROVISION OF TECHNICAL EXPERTISE

 

Within
30 (thirty) days of the Effective Date Lifezone will deliver to KellTech one copy of each of the Patents together with a copy of all
documentation and other materials in the possession of Lifezone and/or Liddell adequately imparting the Know-How necessary for the proper
implementation of this Agreement.

 

		8.	ROYALTIES
                                            AND MARKET REPORTS

 

		8.1	In
                                            consideration for the rights granted to it in terms of this Agreement KellTech undertakes
                                            to pay Lifezone the following royalties:

 

		8.1.1	a
                                            royalty of [***]% ([***] per cent) of Net Refinery Return arising from Concentrate
                                            originating from a member of the SPM Group that is processed using Kelltechnology by a member
                                            of the Group or the SPM Group, provided that in relation to the first Kelltechnology plant
                                            (the “First Plant”) only:

 

		8.1.1.1	the
                                            royalties payable under this clause 8.1.1 will be paid at the above rates for a period of
                                            six months commencing on the day on

 

    	 		 

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	 	 	which
                                            Concentrate originating from a member of the SPM Group is processed at the First Plant using
                                            Kelltechnology by a member of the Group or the SPM Group. Thereafter, at any time KellTech
                                            or Lifezone can require that the actual direct plant operating cost per ounce of 4E (Pt,
                                            Pd, Rh, Au) at the First Plant will be determined over one month’s steady state operation
                                            (a “Test Period”) and compared with the operating cost per ounce of 4E
                                            (Pt, Pd, Rh, Au) as provided in the simulis final feasibility study revision C dated 17 December 2013
                                            (the “Final Feasibility Study”) in respect of the First Plant (the “Predicted
                                            Cost per Ounce”);
	 	 	 
		8.1.1.2	if
                                            the actual cost per ounce of 4E (Pt, Pd, Rh, Au) at the First Plant in any Test Period is
                                            more than [***]% of the Predicted Cost per Ounce (after the Predicted Cost per Ounce
                                            has been appropriately adjusted in terms of clause 8.1.1.3) then the royalty payable under
                                            this clause 8.1.1 will be reduced by the same percentage as the actual cost per ounce at
                                            the First Plant exceeds [***]% above the Predicted Cost per Ounce for the First Plant.
                                            If thereafter the actual cost per ounce of 4E (Pt, Pd, Rh, Au) at the First Plant in any
                                            Test Period is less than [***]% of the Predicted Cost per Ounce (after the Predicted
                                            Cost per Ounce has been appropriately adjusted in terms of clause 8.1.1.3) then the royalty
                                            payable under this clause 8.1.1 will revert to [***]% of Net Refinery Return arising
                                            from Concentrate originating from a member of the SPM Group that is processed using Kelltechnology
                                            by a member of the Group or the SPM Group.

 

		8.1.1.3	In
                                            respect of any Test Period, the Predicted Cost per Ounce will be adjusted as appropriate
                                            to take account of changed circumstances, including being adjusted (a) for differences
                                            in input costs between the Final Feasibility Study and actual input costs at the time, (b) for
                                            differences in actual feed rate and concentrate grade if these are lower than the designed
                                            parameters and (c) differences in ore mix if it is outside the range predicted when
                                            the Predicted Cost per Ounce was established.

 

    	 		 

    	 	 	14

    

 

		8.1.2	a
                                            royalty (the “Lifezone Royalty”) of [***]% ([***] per cent)
                                            of Net Refinery Return arising from Concentrate originating from a party other than the SPM
                                            Group that is processed using Kelltechnology by a member of the Group or the SPM Group (other
                                            than in relation to Concentrate originating from the SPM Group, where clause 8.1.1 applies),
                                            provided that if the sum of the Lifezone Royalty and the [***] Royalty is greater
                                            than [***]% ([***] per cent) of the relevant Gross Margin then the Lifezone
                                            Royalty shall not exceed an amount equal to (a) [***]% ([***] per cent)
                                            of the Gross Margin minus (b) the [***];

 

		8.1.3	a
                                            royalty of [***]% ([***] per cent) of Net Refinery Return arising from Concentrate
                                            processed by a person other than a member of the Group or the SPM Group using Kelltechnology
                                            (the “Second Lifezone Royalty”) and if the sum of the Second Lifezone
                                            Royalty and the [***] Royalty is more than [***]% ([***] per cent) of
                                            all royalties, fees and charges paid by third parties to a member of the Group (the “Third
                                            Party Royalties”) in respect of Kelltechnology then the Second Lifezone Royalty
                                            shall not exceed (a) [***]% of the Third Party Royalties minus (b) the [***]
                                            ; and

 

		8.1.4	the
                                            [***] Royalty. For the avoidance of doubt, the amount payable under this clause 8.1.4
                                            will be calculated only in relation to feed material processed in any plant in the Licensed
                                            Territory and where the Intellectual Property (as defined in the [***] Agreement)
                                            or the Invention (as defined in the [***] Agreement) is operated, commissioned or
                                            installed in the Licensed Territory by Liddell or by any of his licensees or assignees, including
                                            Lifezone, KellTech and KellPlant. KellTech shall be obliged to pay the [***] Royalty
                                            to KellTech regardless of whether KellTech has been paid royalties by the persons to whom
                                            KellTech has granted sub-licences.

 

		8.2	Royalties
                                            payable for a Licence Quarter shall be calculated and paid by KellTech within thirty days
                                            of the end of the Licence Quarter in question. Where any amounts which are required for purposes
                                            of calculating any royalty payable pursuant to clause 8.1 are in any currency other than
                                            United States Dollars, then for the purposes of calculating such royalties the same shall
                                            be converted to United States Dollars using the applicable USD Exchange Rate in respect of
                                            the Licence Quarter to which such royalty relates.

 

		8.3	Simultaneously
                                            with each royalty payment KellTech will furnish Lifezone with a complete and accurate royalty
                                            statement in a form stipulated by Lifezone (acting reasonably) from time to

 

    	 		 

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	 	 	time.
                                            All royalty statements furnished by KellTech pursuant to this Agreement will be certified
                                            as correct by a director of KellTech and shall include such particulars of technical information
                                            as Lifezone may reasonably require from time to time.

 

		8.4	All
                                            payments made by KellTech to Lifezone shall be made:

 

		8.4.1	in
                                            cash or by electronic transfer;

 

		8.4.2	free
                                            of exchange;

 

		8.4.3	without
                                            deduction or demand;

 

		8.4.4	at
                                            Lifezone’s address, or at such other address within Mauritius as Lifezone may from
                                            time to time nominate by notice duly given or care of Lifezone’s Mauritian bankers
                                            as notified by Lifezone to KellTech from time to time by notice duly given; and

 

		8.4.5	in
                                            United States Dollars.

 

		8.5	In
                                            the event that the royalties payable by KellTech are subject to value added tax such tax
                                            shall be payable by KellTech and any amount payable by KellTech to Lifezone shall be calculated
                                            net of value added tax.

 

		8.6	Notwithstanding
                                            anything to the contrary contained in this Agreement or elsewhere, other than clause 8.7,
                                            the Parties record and agree that no royalties shall be owing to Lifezone until the relevant
                                            member of the Group is in receipt of the funds from which the royalty is ultimately derived
                                            from, and in these circumstances no liability shall attach to KellTech (whether pursuant
                                            to 9 or otherwise). In circumstances where amounts are due and payable by third parties to
                                            a member of the Group, and such third parties are late in respect of such payments, Kelltech
                                            undertakes to use its reasonable endeavours to ensure that such third parties make the relevant
                                            payments, and if necessary KellTech shall institute legal proceedings in this regard. KellTech
                                            undertakes to use its best endeavours to minimise the risk of any third party default.

 

		8.7	In
                                            the event that the circumstances set out in clause 8.6 apply, KellTech shall nevertheless
                                            pay to Lifezone a royalty in an amount equal to the [***] Royalty. Clause 8.6 will
                                            not apply in circumstances where any SPM Group company owes the funds from which the relevant
                                            royalty is ultimately derived.

 

    	 		 

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		9.	LIABILITY
                                            FOR INTEREST ON LATE PAYMENTS

 

		9.1	All
                                            amounts which KellTech is required to pay to Lifezone in terms of this Agreement and which
                                            are not paid on due date shall bear interest at Libor plus [***]%.

 

		9.2	The
                                            said interest shall be calculated quarterly in advance from the due date of payment and shall
                                            be compounded. The interest rate will be calculated on the basis of a 360 (three hundred
                                            and sixty) day year for actual days elapsed.

 

		9.3	Lifezone’s
                                            right to charge interest on outstanding amounts shall not detract from any other rights that
                                            Lifezone may have in terms of this Agreement.

 

		10.	ACCOUNTING
                                            RECORDS

 

		10.1	KellTech
                                            shall keep full, true and accurate books of account and records in accordance with generally
                                            accepted accounting practice containing all particulars that may be necessary for the purposes
                                            of showing the amount of royalties payable to Lifezone in terms of this Agreement. Such books
                                            of account and records shall be kept at the premises where KellTech’s business is carried
                                            on.

 

		10.2	KellTech
                                            shall permit Lifezone at any time during business hours to have an independent chartered
                                            accountant of Lifezone’s selection examine all of the aforementioned books of account
                                            and records (including information stored in computer readable form) and to take copies of
                                            all such documents, books and records to determine whether all appropriate accounting of
                                            royalties hereunder and payments thereof have been made.

 

		11.	TAXES

 

If
KellTech is compelled by law to make any deductions or withholdings it will pay such additional amounts as may be necessary in order
that the net amount received by Lifezone after such deductions or withholdings (including any required deduction or withholding on such
additional amounts) shall equal the amount Lifezone would have received had no such deductions or withholdings been made, and KellTech
will provide Lifezone with evidence satisfactory to Lifezone (acting reasonably) that it has paid such deductions or withholdings, including,
without limitation, an original or certified copy of each tax receipt evidencing such payments within 30 days following the date of each
such payment.

 

    	 		 

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		12.	MAINTENANCE,
                                            PROSECUTION AND RECORDAL OF INTELLECTUAL PROPERTY.

 

		12.1	Lifezone
                                            will, as soon as is practicable after the Signature Date and at its own expense:

 

		12.1.1	pay
                                            all renewal and maintenance fees due in respect of the Patents to term; and

 

		12.1.2	record
                                            the licence granted to KellTech against the Patents at the relevant patent registries.

 

		12.2	Lifezone
                                            will advise KellTech on the desirability of filing, prosecuting and maintaining patents similar
                                            to the Patents in other countries of the Licensed Territory in so far as patent applications
                                            can still be filed in such countries, and in the event that KellTech wishes Lifezone to file,
                                            prosecute or maintain such patents then KellTech may, at KellTech’s expense, require
                                            Lifezone to do so.

 

		12.3	Lifezone
                                            undertakes to sign all such documents and do all things necessary to give effect to the provisions
                                            of this clause 12.

 

		13.	IMPROVEMENTS
                                            TO THE INTELLECTUAL PROPERTY

 

		13.1	If
                                            while this Agreement is in force, Lifezone (or any of Lifezone’s other licencees) makes,
                                            discovers, acquires or becomes aware of any improvement to the Intellectual Property, Lifezone
                                            undertakes to inform KellTech of such improvement promptly and such improvement will be deemed
                                            to form part of the Intellectual Property licenced under this Agreement. If Lifezone obtains
                                            patent or other registered intellectual property rights for such improvements within the
                                            Licensed Territory such rights will be deemed to be part of the Intellectual Property licensed
                                            in terms of this Agreement.

 

		13.2	If
                                            while this Agreement is in force, KellTech or any person to whom KellTech sub-licences the
                                            Intellectual Property (whether such person is a member of the Group or a third party) (each
                                            a “Sub-licencee”) makes, discovers or acquires any improvements to the Intellectual
                                            Property, KellTech shall procure that:

 

		13.2.1	Lifezone
                                            is immediately notified of such improvements;

 

		13.2.2	Arrangements
                                            are made for KellTech and/or the relevant Sub-licencee to transfer such improvements to Lifezone;
                                            and

 

    	 		 

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		13.2.3	To
                                            this end, each sub-licence agreement entered into by KellTech with any Sub-licencee will
                                            contain provisions to ensure that KellTech is in a position to procure such matters,

 

provided
further that in consideration of such undertakings and the transfer to Lifezone of such improvements, such improvements shall form part
of the Intellectual Property licensed to KellTech under this Agreement or, as applicable, the Intellectual Property sub-licensed by KellTech.

 

		13.3	If
                                            while this Agreement is in force, KellTech or any person to whom KellTech sub-licences the
                                            Intellectual Property (whether such person is a member of the Group or a third party) (each
                                            a “Sub-licencee”) becomes aware of any improvements to the Intellectual Property
                                            that are made by a third party, KellTech shall procure that Lifezone is immediately notified
                                            of such improvements.

 

		13.4	KellTech
                                            acknowledges that it shall have no rights of ownership or registration to such improvements,
                                            and undertakes that it shall not take any steps to register for itself or otherwise claim
                                            ownership of or any rights of use in respect of such improvements to the Intellectual Property
                                            nor take any steps which would prejudice Lifezone’s ability to make any registration
                                            thereof. KellTech shall ensure that each of its Sub-licencees provides a similar undertaking
                                            in favour of Lifezone.

 

		14.	WARRANTIES
                                            BY LIFEZONE

 

		14.1	Lifezone
                                            hereby warrants to KellTech that, as at the Signature Date, the Effective Date and ail periods
                                            between such dates:

 

		14.1.1	Lifezone
                                            is free to grant the licence conferred by this Agreement and it has not granted any licence
                                            to the Intellectual Property in the Licensed Territory;

 

		14.1.2	Lifezone
                                            is the sole proprietor of the Intellectual Property;

 

		14.1.3	no
                                            third party holds any rights of any nature in and to the Intellectual Property (other than
                                            the [***] Royalty);

 

		14.1.4	Liddell
                                            holds no rights of any nature in and to the Intellectual Property;

 

		14.1.5	the
                                            Intellectual Property and the exercise of the rights granted to KellTech in terms of this
                                            Agreement does not infringe in any manner whatsoever on the

 

    	 		 

    	 	 	19

    

 

	 	 	intellectual
                                            property rights of any third party either within or outside the Licensed Territory;

 

		14.1.6	South
                                            African Patent 2000/6600 is valid and in force;

 

		14.1.7	other
                                            than the Intellectual Property and save for any improvement to the Intellectual Property
                                            there are no other registered or unregistered forms of intellectual property that need to
                                            be licensed in order to enable the use of Kelltechnology for its intended purpose;

 

		14.1.8	Lifezone
                                            is not a South African taxpayer nor is it regarded as a South African resident for South
                                            African exchange control purposes;

 

		14.1.9	[***]
                                            holds no rights of use in respect of the Intellectual Property; and

 

		14.1.10	Lifezone
                                            has not received any notice of infringement of any Intellectual Property from any party.

 

		15.	LIFEZONE
                                            COVENANTS

 

		15.1	Lifezone
                                            hereby covenants to KellTech that for the entire duration of this Agreement:

 

		15.1.1	Lifezone
                                            shall not license the Intellectual Property in the Licensed Territory to any third party
                                            or Liddell;

 

		15.1.2	Lifezone
                                            shall not grant, sell, assign or otherwise encumber any interest in the Intellectual Property
                                            in the Licensed Territory to or in favour of any third party or Liddell;

 

		15.1.3	Lifezone
                                            shall notify KellTech if it receives any notice or claim from a third party that: (a) challenges
                                            the validity of the Intellectual Property (or any part thereof); or (b) the exercise
                                            of any of the rights under the Intellectual Property in terms of this Agreement in the Licensed
                                            Territory infringes the intellectual property rights of such third party, and if Lifezone
                                            does receive such a claim it shall defend such a claim; and

 

		15.1.4	Lifezone
                                            shall use its reasonable endeavours to conduct its affairs so that it will not be managed
                                            and controlled in South Africa and so that it will not trade or operate in South Africa.

 

    	 		 

    	 	 	20

    

 

		16.	WARRANTIES
                                            BY LIFEZONE AND KELLTECH

 

		16.1	Each
                                            of Lifezone and KellTech hereby warrants to and in favour of the other that, as at the Signature
                                            Date, the Effective Date and all periods between such dates:

 

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

 

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

 

		16.1.3	the
                                            execution of this Agreement and the performance of its obligations hereunder does not and
                                            shall not:

 

		16.1.3.1	contravene
                                            any law or regulation to which it is subject;

 

		16.1.3.2	contravene
                                            any provision of its constitutional documents; or

 

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

 

		16.2	Each
                                            warranty and undertaking in this Agreement:

 

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

 

		16.2.2	shall
                                            continue and remain in force notwithstanding the completion of the transactions contemplated
                                            in this Agreement; and

 

		16.2.3	be
                                            deemed to be material and to be a material representation inducing the recipient to enter
                                            into this Agreement.

 

		17.	LIDDELL
                                            COVENANT

 

		17.1	Liddell
                                            hereby covenants to Lifezone and KellTech that:

 

		17.1.1	all
                                            intellectual property and related know-how relating to Kelltechnology that he has owned or
                                            has had in his possession and all improvements made by

 

    	 		 

    	 	 	21

    

 

	 	 	him
                                            and any and all improvements made by him in the future have been assigned and transferred
                                            to Lifezone; and

 

		17.1.2	to
                                            the extent that any such transfer has not taken place, Liddell will sign all documents and
                                            do all things necessary to ensure that such transfer takes place.

 

		18.	CLAIMANTS
                                            IN RESPECT OF BREACHES BY LIFEZONE

 

The
Parties acknowledge and agree that:

 

		18.1	Lifezone
                                            has given to Orkid (together with its successors in title as holders of shares in KellTech)
                                            (the “Relevant Claimant”) under the KellTech Shareholders Agreement substantially
                                            the same warranties, representations, undertakings and covenants that it has given to KellTech
                                            under this Agreement; and

 

		18.2	If
                                            the Relevant Claimant successfully pursues a claim against Lifezone in respect of one or
                                            more breaches of the KellTech Shareholders Agreement, then in respect of the same circumstances
                                            that gave rise to such claim KellTech will not be entitled to pursue a claim against Lifezone
                                            under this Agreement to the extent that such claim would result in the Relevant Claimant
                                            being compensated (directly or indirectly) for damages more than once in respect of the same
                                            breaches.

 

		19.	LIMITATION
                                            OF LIABILITY

 

The
maximum aggregate liability of Lifezone with respect to all claims for breaches of the warranties and/or covenants under this Agreement
and the KellTech Shareholders Agreement shall be limited to the aggregate of (a) US$[***] ([***] United States Dollars)
plus (b) the aggregate of all distributions (including all dividends) paid by KellTech to Lifezone (the sum of (a) and (b) being
referred to hereinafter as the “Relevant Amount”), provided that if KellTech is the Entity which pursues Lifezone
then the maximum aggregate net liability of Lifezone in such circumstances shall be such amount as will result in the net adverse effect
on Lifezone (after taking into account Lifezone’s interest in KellTech) being an amount equal to the Relevant Amount. For the avoidance
of doubt, “distributions” will not include any payments made to Lifezone under this Agreement or the Service Agreement (as
defined in the KellTech Service Agreement). It being agreed that notwithstanding anything to the contrary contained in this Agreement,
subject to Applicable Law, when KellTech receives any funds pursuant to any claim by it against Lifezone for breaches of the warranties
and/or

 

    	 		 

    	 	 	22

    

 

covenants
under this Agreement and/or the KellTech Shareholders Agreement then such funds shall immediately be distributed by KellTech to the holders
of Shares.

 

		20.	INFRINGEMENT

 

		20.1	If
                                            during the term of this Agreement any infringement or illegal use (the “Infringement”)
                                            of any item of the Intellectual Property in the Licensed Territory by any third party (the
                                            “Infringer”) should come to the attention of KellTech, then and in such
                                            event KellTech shall notify Lifezone of such infringement or illegal use and KellTech shall
                                            be entitled (but not obliged), without derogating from any rights which KellTech may have
                                            against Lifezone under this Agreement, to elect, in the aforesaid notice, to pursue a claim
                                            in respect of the Infringement against the Infringer in Lifezone’s name.

 

		20.2	If,
                                            in the notice contemplated in clause 20.1, KellTech elects to pursue a claim in respect of
                                            the Infringement against the Infringer in Lifezone’s name then:

 

		20.2.1	Lifezone
                                            hereby authorises KellTech to pursue a claim (which shall include an appeal) in Lifezone’s
                                            name and to control the proceedings in regard thereto;

 

		20.2.2	KellTech
                                            and Lifezone shall provide the other of them with all evidence which it has available and/or
                                            can reasonably obtain in regard to the Infringement as soon as is reasonably possible after
                                            either of them becomes aware of such evidence;

 

		20.2.3	when
                                            pursuing such claim KellTech shall do so on the same basis as it would act in circumstances
                                            where it was pursuing such claim for its own benefit and shall, at all stages and in all
                                            respects, act in Lifezone’s best interests in relation to the pursuit of the claim
                                            and shall deliver to Lifezone all correspondence, court documents, communications and evidence
                                            in relation to the claim, and where possible it shall deliver draft documentation to Lifezone
                                            prior to sending same to the Infringer and take into consideration all reasonable comments
                                            which Lifezone and/or its advisors may have on any of such documents, and Lifezone shall
                                            be entitled on reasonable notice to KellTech to have calls with KellTech when it deems fit
                                            in order to obtain an update on the progress of the claim;

 

		20.2.4	Lifezone
                                            shall provide KellTech with all reasonable assistance and information in relation to the
                                            claim and the pursuit thereof;

 

    	 		 

    	 	 	23

    

 

		20.2.5	the
                                            legal fees and costs required to pursue such claim shall be borne by KellTech;

 

		20.2.6	KellTech
                                            shall not have the right to withhold royalties arising after the date of the claim until
                                            the dispute has been determined.

 

		20.3	If
                                            KellTech does not elect to pursue a claim in respect of the Infringement against the Infringer
                                            in Lifezone’s name in the notice contemplated in clause 20.1 or if Lifezone elects
                                            to pursue the claim then:

 

		20.3.1	KellTech
                                            and Lifezone shall provide the other of them with all evidence which it has available and/or
                                            can reasonably obtain in regard to the Infringement as soon as is reasonably possible after
                                            either of them becomes aware of such evidence;

 

		20.3.2	when
                                            pursuing such claim Lifezone shall, at all stages and in all respects, act in its own best
                                            interests and shall deliver to KellTech all correspondence, court documents, communications
                                            and evidence in relation to the claim, and where possible it shall deliver draft documentation
                                            to KellTech prior to sending same to the third party and take into consideration all reasonable
                                            comments which KellTech and/or its advisors may have on any of such documents, and KellTech
                                            shall be entitled on reasonable notice to Lifezone to have calls with Lifezone when it deems
                                            fit in order to obtain an update on the progress of the claim;

 

		20.3.3	KellTech
                                            shall provide Lifezone with all reasonable assistance and information in relation to the
                                            claim and the pursuit thereof;

 

		20.3.4	KellTech
                                            shall have the right to withhold royalties arising after the date of the claim until the
                                            dispute has been determined; and

 

		20.3.5	the
                                            legal fees and costs required to pursue such claim shall be borne by Lifezone.

 

    	 		 

    	 	 	24

    

 

		21.	CESSION
                                            AND ASSIGNMENT

 

		21.1	The
                                            rights and obligations of KellTech are personal and may not be ceded, assigned, let or otherwise
                                            disposed of in any manner whatsoever without the prior written consent of Lifezone.

 

		21.2	Without
                                            prejudice to Lifezone’s rights to licence the Intellectual Property as it sees fit
                                            outside of the Licensed Territory, Lifezone undertakes not to sell, assign, cede and/or transfer
                                            the Intellectual Property or any portion thereof during the term of this Agreement, without
                                            obtaining the prior written consent of KellTech.

 

		22.	FORCE
                                            MAJEURE

 

		22.1	A
                                            Party is not liable for a failure to perform any of its obligations under this Agreement
                                            in so far as it proves:

 

		22.1.1	that
                                            the failure was due to an impediment beyond its control;

 

		22.1.2	that
                                            it could not reasonably be expected to have taken the impediment and its effects upon the
                                            party’s ability to perform into account at the time of the conclusion of the contract;
                                            and

 

		22.1.3	that
                                            it could not reasonably have avoided or overcome the impediment or at least its effects.

 

		22.2	An
                                            impediment in clause 22.1 may result from events such as the following, this enumeration
                                            not being exhaustive;

 

		22.2.1	war,
                                            whether declared or not, civil war, civil violence, riots and revolution, acts of piracy,
                                            acts of sabotage;

 

		22.2.2	natural
                                            disasters such as violent storms, cyclones, earthquakes, tidal waves, floods, destruction
                                            by lightening;

 

		22.2.3	explosions,
                                            fire, destruction of machines, of factories and of any kind of installations;

 

		22.2.4	boycotts,
                                            strikes and lockouts of all kinds, go-slow, occupation of factories and premises, and work
                                            stoppages;

 

    	 		 

    	 	 	25

    

 

		22.2.5	acts
                                            of authority, whether lawful or unlawful, apart from acts for which the party seeking relief
                                            has assumed the risk by virtue of any other provisions of this Agreement; and apart from
                                            the matters mentioned in clause 22.3.

 

		22.3	For
                                            the purposes of clause 22.1 “impediment” does not include lack of authorisations,
                                            of licenses, or permits or of approvals necessary for the performance of the licence.

 

		22.4	Relief
                                            from liability for non-performance by reason of the provisions of clause 22 shall commence
                                            on the date upon which the Party seeking relief gives notice of the impediment relied upon
                                            and shall terminate upon the date upon which such impediment ceases to exist; provided that
                                            if such impediment continues for a period of more than 6 (six) months either Party shall
                                            be entitled to terminate this Agreement by written notice to the other Party.

 

		23.	CONFIDENTIALITY

 

		23.1	Save
                                            as provided in this clause 23, each Party shall, and shall procure that its respective officers,
                                            directors, employees, agents, auditors and advisors shall, treat as confidential all information
                                            relating to the Intellectual Property, to any other Party or relating to their respective
                                            businesses that is of a confidential nature and which is obtained by that Party in terms
                                            of, or arising from the implementation of this Agreement, which may become known to it by
                                            virtue of being a Party (together, the “Protected Information”), and shall not
                                            reveal, disclose or authorise the disclosure of any such Protected Information to any third
                                            party or use (save for the permitted use of the Protected Information by KellTech) such Protected
                                            Information for its own purpose or for any purposes.

 

		23.2	The
                                            obligations of confidentiality in clause 23.1 shall not apply in respect of the disclosure
                                            or use of such information in the following circumstances:

 

		23.2.1	In
                                            respect of disclosures of the Protected Information by KellTech and/or its Sub-licencees
                                            to a third party where such disclosure is made in the proper conduct of the business of KellTech
                                            or the Sub-licensee and such disclosure is made subject to a suitable written confidentiality
                                            undertaking signed by the third party protecting the confidential nature of the Protected
                                            Information;

 

		23.2.2	in
                                            respect of any information which is previously known by such Party (other than as a result
                                            of any breach or default by any Party or other person of any agreement by which such confidential
                                            information was obtained by such Party);

 

    	 		 

    	 	 	26

    

 

		23.2.3	in
                                            respect of any information which is in the public domain (other than as a result of any breach
                                            or default by any Party);

 

		23.2.4	any
                                            disclosure to any Party’s professional advisors, executive staff, board of directors
                                            or similar governing body who (i) such Party believes have a need to know such information,
                                            and (ii) are notified of the confidential nature of such information and are bound by
                                            a general duty of confidentiality in respect thereof materially similar to that set out herein;

 

		23.2.5	any
                                            disclosure required by law or by any court of competent jurisdiction or by any regulatory
                                            authority or by the rules or regulations of any stock exchange; or

 

		23.2.6	any
                                            disclosure made by a Party made in accordance with that Party’s proper pursuit of any
                                            legal remedy in respect of this Agreement.

 

		23.3	In
                                            the event that a Party is required to disclose confidential information as contemplated in
                                            clause 23.2.5, such Party will:

 

		23.3.1	advise
                                            any Party/ies in respect of whom such information relates (the “Relevant Party/ies”)
                                            in writing prior to disclosure, if possible;

 

		23.3.2	take
                                            such steps to limit the disclosure to the minimum extent required to satisfy such requirement
                                            and to the extent that it lawfully and reasonably can;

 

		23.3.3	afford
                                            the Relevant Party/ies a reasonable opportunity, if possible, to intervene in the proceedings;

 

		23.3.4	comply
                                            with the Relevant Party/ies’ reasonable requests as to the manner and terms of such
                                            disclosure; and

 

		23.3.5	notify
                                            the Relevant Party/ies of the recipient of, and the form and extent of, any such disclosure
                                            or announcement immediately after it was made.

 

		23.4	The
                                            obligations contained in this clause shall survive the expiry or termination of this Agreement
                                            for any reason. On the termination of this Agreement KellTech shall, at the request of Lifezone,
                                            by not later than 12 (twelve) months after such request destroy or return all information
                                            and materials belonging to Lifezone then in its or its Subsidiary’s possession, custody
                                            or control, including all confidential information and shall not retain any copies of the

 

    	 		 

    	 	 	27

    

 

	 	 	same,
                                            with the exception that KellTech may retain such information and materials as are reasonably
                                            required by law or any applicable governmental or regulatory authority.

 

		24.	GOVERNING
                                            LAWS

 

		24.1	This
                                            Agreement is governed by, and all disputes, claims, controversies, or disagreements of whatever
                                            nature arising out of or in connection with this Agreement, including any question regarding
                                            its existence, validity, interpretation, termination or enforceability, (a “Dispute”)
                                            shall be resolved in accordance with the laws of Mauritius.

 

		24.2	Notwithstanding
                                            anything to the contrary contained in clause 25, any Party shall be entitled to apply for
                                            any interdict (or any other matter that cannot be resolved pursuant to clause 25) to be heard
                                            by any competent court having jurisdiction.

 

		25.	SETTLEMENT
                                            OF DISPUTES

 

		25.1	Amicable
                                            Settlement

 

If
any Dispute arises between any of the Parties, they shall use all reasonable endeavours to resolve the matter amicably and in good faith.
If one Party gives any other Party notice that a Dispute has arisen and the Parties are unable to resolve such Dispute within 30 (thirty)
days of service of such notice, then such Dispute shall be referred to the respective chairmen or chief executives or other nominated
senior representative of the Parties in dispute. No Party shall resort to arbitration against any other Party under this Agreement until
at least 30 (thirty) days after such referral. This shall not affect a Party’s right to seek interim relief.

 

		25.2	Arbitration

 

		25.2.1	Unless
                                            provided for to the contrary in this Agreement, a Dispute which arises in regard to:

 

		25.2.1.1	the
                                            interpretation of;

 

		25.2.1.2	the
                                            carrying into effect of;

 

		25.2.1.3	any
                                            of the Parties’ rights and obligations arising from;

 

		25.2.1.4	the
                                            termination or purported termination of or arising from the termination of; or

 

     

    28

    

 

		25.2.1.5	the
                                            rectification or proposed rectification of this Agreement, or out of or pursuant to this
                                            Agreement or on any matter which in terms of this Agreement requires agreement by the Parties,
                                            (other than where an interdict is sought or urgent relief may be obtained from a court of
                                            competent jurisdiction),

 

and
which is not resolved in accordance with clause 25.1, shall be submitted to and decided by arbitration under the rules of the London
Court of International Arbitration (the “LCIA Rules”) and such rules are deemed to be incorporated by reference into
this clause.

 

		25.2.2	The
                                            seat and place of arbitration shall be in Mauritius with only the Parties and their representatives
                                            present thereat.

 

		25.2.3	The
                                            Parties shall use their reasonable endeavours to procure the expeditious completion of the
                                            arbitration.

 

		25.2.4	Save
                                            as expressly provided in this Agreement to the contrary, the arbitration shall be subject
                                            to the arbitration legislation for the time being in force in Mauritius.

 

		25.2.5	There
                                            shall be one arbitrator who shall, if the question in issue is:

 

		25.2.5.1	primarily
                                            a legal matter, a practising senior counsel or, alternatively, a practising attorney of not
                                            less than 15 (fifteen) years’ experience as an attorney; or

 

		25.2.5.2	any
                                            other matter, a suitably qualified person.

 

		25.2.6	The
                                            appointment of the arbitrator shall be agreed upon by the Parties in writing or, failing
                                            agreement by the Parties within 10 (ten) Business Days after the arbitration has been demanded,
                                            at the request of any of the Parties shall be nominated by LCIA Court in accordance with
                                            the LCIA Rules.

 

		25.2.7	The
                                            Parties shall keep the evidence in the arbitration proceedings and any order made by any
                                            arbitrator confidential unless otherwise contemplated herein.

 

		25.2.8	The
                                            arbitrator shall be obliged to give his award in writing fully supported by reasons.

 

     

    29

    

 

		25.2.9	The
                                            provisions of this clause are severable from the rest of this Agreement and shall remain
                                            in effect even if this Agreement is terminated for any reason.

 

		25.2.10	The
                                            arbitrator shall have the power to give default judgment if any Party fails to make submissions
                                            on due date and/or fails to appear at the arbitration, which judgment the arbitrator shall
                                            be entitled to rescind on good cause shown in terms of the legal principles applicable to
                                            rescission of judgments.

 

		26.	BREACH

 

		26.1	If
                                            a Party (the “Defaulting Party”) commits any breach of this Agreement including
                                            any failure to pay royalties and fails to remedy such breach within 20 (twenty Business Days,
                                            (the “Notice Period”) of written notice requiring the breach to be remedied,
                                            then the Party giving the notice (the “Claiming Party”) will not be entitled
                                            to cancel this Agreement (save as contemplated in clause 22 (Force Majeure)), and in this
                                            regard the Parties agree that the cancellation of this Agreement (save as contemplated in
                                            clause 22 (Force Majeure)) in the event of a breach would be an inappropriate and insufficient
                                            remedy and that irreparable damage would occur if the provisions of this Agreement were not
                                            complied with, but will be entitled, at its option to (a) claim specific performance
                                            of all or any of the Defaulting Party’s obligations under this Agreement at such point
                                            in time, with or without claiming damages; or (b) claim damages.

 

		26.2	If
                                            SPM ceases to be ultimately Controlled, directly or indirectly by the person/s that Control
                                            it on the Signature Date and an Entity has acquired Control of SPM after the Signature Date
                                            and KellTech fails (other than due to a fault of Lifezone) to use its reasonable endeavours
                                            to utilise the Intellectual Property in the Licensed Territory so that royalties payable
                                            to Lifezone in any consecutive 12 (twelve) month period are, in aggregate, less than US$500,000,
                                            then, unless KellTech is able to demonstrate that the delay or suspension in utilising the
                                            Intellectual Property is due to sound commercial reasons Lifezone shall (subject to clause
                                            5.2) be entitled to terminate this Agreement. This right will only be exercisable after the
                                            later of:

 

		26.2.1	the
                                            first day after the expiry of the Lock-in Period; and

 

		26.2.2	6
                                            (six) months after the occurrence of the change of Control of SPM.

 

		26.3	Notwithstanding
                                            anything in this Agreement, if KellTech or any of its Sub-licensees ceases using Kelltechnology
                                            in all respects for any reason whatsoever then with effect from the date

 

     

    30

    

 

	 	 	upon
                                            which such Entity ceases using Kelltechnology in all respects until the date on which such
                                            Entity starts using Kelltechnology again KellTech, without being liable to Lifezone for any
                                            penalty, will not be obliged to pay any royalties to Lifezone in respect of use of the Kelltechnology
                                            by such Entity other than royalties which have accrued to Lifezone in respect of that Entity
                                            prior to the date upon which such Entity ceases using Kelltechnology or royalties which accrue
                                            to Lifezone in respect of that Entity after the date upon which such Entity again starts
                                            using Kelltechnology.

 

		27.	WHOLE
                                            AGREEMENT

 

		27.1	This
                                            document constitutes the whole of the agreement (to the exclusion of all else) between the
                                            Parties relating to the subject matter hereof.

 

		27.2	No
                                            amendment, alteration, addition, variation or consensual cancellation of this document will
                                            be valid unless in writing and signed by the Parties.

 

		28.	WAIVER

 

		28.1	No
                                            waiver of any of the terms or conditions of this Agreement will be binding for any purpose
                                            unless expressed in writing and signed by the Party giving the same and any such waiver will
                                            be effective only in the specific instance and for the purpose given.

 

		28.2	No
                                            failure or delay on the part of either Party in exercising any right, power or privilege
                                            will operate as a waiver, nor will any single or partial exercise of any right, power or
                                            privilege preclude any other or further exercise thereof or the exercise of any other right,
                                            power or privilege.

 

		29.	NOTICES

 

		29.1	The
                                            Parties choose as their address for service for all purposes under this Agreement, whether
                                            in respect of court process, notices or other documents or communications of whatsoever nature
                                            (including the exercise of any option), the following addresses:

 

		29.1.1	Lifezone:

 

	 	Physical:	[***]
	 	 	 
	 	Postal:	[***]

 

     

    31

    

 

	 	Fax:	[***]
	 	 	 
	 	Attention:	[***]

 

With
a copy to: [***]

 

	 	And to:	[***]
	 	 	 
	 	And to:	[***]
	 	 	 
	 	Fax:	[***]
	 	 	 
	 	For attention:	[***]

 

		29.1.2	KellTech:

 

	 	Physical:
    	[***]
	 	 	 
	 	Postal:	[***]
	 	 	 
	 	Fax:	[***]

 

For
the attention of: [***]

 

		29.1.3	Liddell:

 

	 	Physical and postal:	[***]

 

With
a copy to (physical and postal): [***]

 

Email:
[***] with a copy to [***]

 

For
the attention of: [***]

 

		29.2	Any
                                            notice or communication required or permitted to be given in terms of this Agreement shall
                                            be valid and effective only if in writing but it shall be competent to give notice by fax
                                            but not by e-mail, unless the relevant Party has specified an e-mail address in clause 29.1
                                            above, in which case it shall be competent to give notice to such Party by way of e-mail.

 

     

    32

    

 

		29.3	Any
                                            Party may by notice to any other Party change the physical address chosen as its address
                                            for service vis-à-vis that Party to another physical address the relevant jurisdiction
                                            or its fax number, provided that the change shall become effective vis-à-vis that
                                            addressee on the 10th (tenth) Business Day from the receipt of the notice by the
                                            addressee.

 

		29.4	Any
                                            notice to a Party:

 

		29.4.1	sent
                                            by prepaid registered post (by airmail if appropriate) in a correctly addressed envelope
                                            to it at an address chosen as its address for service to which post is delivered shall be
                                            deemed to have been received on the 7th (seventh) Business Day after posting (unless
                                            the contrary is proved);

 

		29.4.2	delivered
                                            by hand to a responsible person during ordinary business hours at the physical address chosen
                                            as its address for service shall be deemed to have been received on the day of delivery;
                                            or

 

		29.4.3	sent
                                            by fax to its chosen fax number stipulated in clause 29.1, shall be deemed to have been received
                                            on the date of despatch (unless the contrary is proved), provided that the sender has received
                                            a receipt indicating proper transmission.

 

		29.5	Notwithstanding
                                            anything to the contrary herein contained a written notice or communication actually received
                                            by a Party shall be an adequate written notice or communication to it notwithstanding that
                                            it was not sent to or delivered at its chosen address for service.

 

		30.	FURTHER
                                            ASSURANCE

 

Each
Party shall, at the reasonable request of any other Party, perform (or procure the performance of) all further acts and things, and execute
and deliver (or procure the execution and delivery of) such further documents, as may be required by applicable law in order to completely
and punctually implement and/or give effect to this Agreement.

 

		31.	COSTS

 

Each
Party shall bear its own costs in relation to the negotiation, preparation and implementation of this Agreement.

 

     

    33

    

 

		32.	EXECUTION
                                            IN COUNTERPARTS

 

This
Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall
constitute one and the same agreement as at the date of signature of the Party that signs its counterpart last in time.

 

		33.	SEVERABILITY

 

In
the event that any of the provisions of this Agreement are found to be invalid, unlawful or unenforceable, such terms shall be severable
from the remaining terms, which shall continue to be valid and enforceable.

 

SIGNED
by the Parties on the dates and at the places set out below.

 

 

	For:	LIFEZONE LIMITED	 
	 	 	 
	 	 	 
	Signature:	 	 
	 	who warrants that he / she
    is duly authorised thereto	 
	 	 	 
	Name:	 	 
	Date:	 	 
	Place	 	 

 

 

	For:	KELLTCH
    LIMITED	 
	 	 	 
	 	 	 
	Signature:	 	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Name:	 	 
	Date:	 	 
	Place	 	 

 

     

    34

    

 

	For:	KEITH
    [***] LIDDELL    	 
	 	 	 
	 	 	 
	Signature:	 	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Name:	 	 
	Date:	 	 
	Place	 	 

 

     

    35

    

 

Schedules
and other similar attachments to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K.

 

Annexure
A - [***] Agreement - deed of assignment of intellectual property

 

     

    36

    

 

Annexure
B - Assignment Agreement between Lifezone, [***] and [***] – deed
of assignment of royalty

 

     

     

    

 

TABLE
OF CONTENTS

 

	Clause
    number and description 	Page

 

	1.	INTERPRETATION AND DEFINITIONS	2
	 	 	 
	2.	PREAMBLE	9
	 	 	 
	3.	CONDITION PRECEDENT	9
	 	 	 
	4.	LICENSED RIGHTS	11
	 	 	 
	5.	TERM OF AGREEMENT	11
	 	 	 
	6.	TITLE TO THE INTELLECTUAL PROPERTY	12
	 	 	 
	7.	DELIVERY OF INTELLECTUAL PROPERTY AND PROVISION OF TECHNICAL
    EXPERTISE	12
	 	 	 
	8.	ROYALTIES AND MARKET REPORTS	12
	 	 	 
	9.	LIABILITY FOR INTEREST ON LATE PAYMENTS	16
	 	 	
	10.	ACCOUNTING RECORDS	16
	 	 	
	11.	TAXES	16
	 	 	 
	12.	MAINTENANCE, PROSECUTION AND RECORDAL OF INTELLECTUAL
    PROPERTY	17
	 	 	 
	13.	IMPROVEMENTS TO THE INTELLECTUAL PROPERTY	17
	 	 	 
	14.	WARRANTIES BY LIFEZONE	18
	 	 	 
	15.	LIFEZONE COVENANTS	19
	 	 	 
	16.	WARRANTIES BY LIFEZONE AND KELLTECH	20
	 	 	 
	17.	LIDDELL COVENANT	20
	 	 	 
	18.	CLAIMANTS IN RESPECT OF BREACHES BY LIFEZONE	21
	 	 	 
	19.	LIMITATION OF LIABILITY	21
	 	 	 
	20.	INFRINGEMENT	22
	 	 	 
	21.	CESSION AND ASSIGNMENT	24
	 	 	 
	22.	FORCE MAJEURE	24
	 	 	 
	23.	CONFIDENTIALITY	25
	 	 	 
	24.	GOVERNING LAWS	27

 

    	 		 

    	 	 	2

    

 

	25.	SETTLEMENT OF DISPUTES	27
	 	 	 
	26.	BREACH	29
	 	 	 
	27.	WHOLE AGREEMENT	29
	 	 	 
	28.	WAIVER	29
	 	 	 
	29.	NOTICES	29
	 	 	 
	30.	FURTHER ASSURANCE	32
	 	 	 
	31.	COSTS	32
	 	 	 
	32.	EXECUTION IN COUNTERPARTS	33
	 	 	 
	33.	SEVERABILITY	33
	 	 	 

 

	Annexure A 	- [***] Agreement	35
	 	 
	Annexure B 	- Assignment Agreement between Lifezone, [***]	36

 

     

     

    

 

 

 

Addendum

 

between

 

Lifezone Limited

 

and

 

ORKID S.à. r.l.

and

 

Sedibelo Platinum Mines Limited

and 

 

The Industrial Development
Corporation of South Africa Limited

and

 

Kelltech Limited (previously named Lifezone
SA Ventures Limited)

 

and

 

Keith [***] Liddell

 

and

 

Kelltechnology South Africa (RF) Proprietary
Limited (previously named

Kellplant Proprietary Limited)

 

     

     

    

 

Table of Contents

 

Page

 

	1.	Introduction	1
	 	 	 
	2.	Suspensive
    Conditions	1
	 	 	 
	3.	Amendments	2
	 	 	 
	4.	Continuation
    of the Agreement	2
	 	 	 
	5.	Execution
    in Counterparts	2

 

     

     

    

 

This Addendum
is made between:

 

	(1)	Lifezone
    Limited (Company No. 081243 C2/GBL) (“Lifezone”);

 

	(2)	ORKID
    S.à r.l. (Registration No. B 167 777) (“Orkid”);

 

	(3)	Sedibelo
    Platinum Mines Limited (Registration No. 54400) (“SPM”);

 

	(4)	The
    Industrial Development Corporation of South Africa Limited (a corporation established in
    terms of section 2 of the Industrial Development Corporation Act of 1940) (“IDC”);

 

	(5)	Kelltech
    Limited (previously named Lifezone SA Ventures Limited) (Company No. 084564 C1/GBL)
    (“Kell Mau”);

 

	(6)	Keith
    [***} Liddell ([***]) (“Liddell”); and

 

	(7)	Kelltechnology
    South Africa (RF) Proprietary Limited (previously named Kellplant Proprietary Limited) (Registration
    No. 2008/026628/07) (“Kell SA”).

 

Whereas it is agreed as follows:

 

	1.	Introduction

 

	1.1	The
    parties (the “Parties”) to this addendum (this “Addendum”) wish to amend the following agreements
    on the basis set out in this Addendum:

 

	1.1.1	The
    licence agreement entered into between Lifezone. Kell Mau and Liddell dated 16 April 2014 (as amended) (the “Kelltech
    Mauritius Licence Agreement”):

 

	1.1.2	The
    licence agreement entered into between Kell Mau and Kell SA dated 16 April 2014 (as amended) (the “Kelltech South
    Africa Licence Agreement”); and

 

	1.1.3	The
    shareholders agreement entered into between Lifezone, Orkid, SPM, Kell Mau and Liddell 16 April 2014 (as amended) (the
    “Kelltech Mauritius Shareholders Agreement”),

 

collectively the “Transaction
Documents”.

 

	1.2	All
    capitalised terms used but not defined in this Addendum shall, unless the context otherwise requires, bear the same meaning ascribed
    to them in the Transaction Documents.

 

	2.	Suspensive
    Conditions

 

	2.1	Clause
    3 (Amendments) is subject to the fulfilment of the suspensive condition that by no later than 30 June 2020 (or such
    later date or dates as Kell Mau may notify the other Parties of in writing) (the “Longstop Date”) any approvals
    required to be given by any one or more relevant regulatory authority with jurisdiction over any of the Parties, in terms of any
    legislation and/or any regulations having the force of law that are required in order for this addendum to be implemented (the “Regulatory
    Approvals”) (if required) have been granted either unconditionally or subject to such conditions as the Party which is
    subject thereto is (acting reasonably) satisfied with. It is agreed that if no Regulatory Approvals are required then the suspensive
    condition set out in this clause 2.1 shall be fulfilled on the date on which Kell Mau sends a written notice to the other Parties
    notifying the other Parties that no Regulatory Approvals are required.

 

	2.2	Forthwith
    after the date upon which this Addendum is signed by the last of the Parties to do so (the “Signature Date”),
    the Parties shall use their respective reasonable endeavours and co-operate
    in good faith to procure the fulfilment of the suspensive condition, to the extent that it is within their power to do so, as expeditiously
    as reasonably possible.

 

     

     

    

 

	2.3	Unless
    the suspensive condition has been fulfilled by no later than the Longstop Date, the amendments contemplated in clause 3 (Amendments),
    will never become of any force or effect and none of the Parties will have any claim against any other Party in terms hereof
    or arising from the failure of the suspensive conditions, save for any claims arising from a breach of clause 2.2, as well as
    any breach of any of the provisions of this Addendum which became effective on the Signature Date.

 

	2.4	Each
    of the Parties hereby expressly consents to the amendments to each of the Transaction Documents set out in clause 3.1.

 

	3.	Amendments

 

	3.1	The
    Parties wish to amend all of the Transaction Documents so that Kell SA’s rights in respect of Kelltechnology as set out in
    the Kelltech South Africa Licence Agreement apply to the Republic of South Africa and Zimbabwe. Accordingly, with effect from the
    date upon which the suspensive condition set out in clause 2 (Suspensive Conditions) is fulfilled:

 

	3.1.1	the
    Kelltech Mauritius Licence Agreement is amended by:

 

	 	(a)	replacing
    the words “South Africa” wherever they appear in clause 4.3.1 with the words “the Licensed Territory”;

 

	 	(b)	replacing
    the phrase“; and” which appears in the last line of clause 4.3.1 with “.”;

 

	 	(c)	deleting
    clause 4.3.2 entirely; and

 

	 	(d)	replacing
    clause 2.3.2 with the following: “2.3.2 on a non-exclusive basis as contemplated in clause 4.2.”

 

	 	3.1.2	the
    Kelltech South Africa Licence Agreement is amended as follows:

 

	 	(a)	the
    definition of Licensed Territory in clause 1.2.16 is replaced with the following ““Licensed Territory”
    means Angola, Botswana, Democratic Republic of Congo, Lesotho, Malawi, Madagascar, Mozambique, Namibia, Swaziland, Tanzania, Zambia,
    Zimbabwe, South Africa and Seychelles;”;

 

	 	(b)	the
    words “South Africa” in clauses 2.2 and 2.3 are replaced with the words “the Licensed Territory”,

 

	 	3.1.3	the
    Kelltech Mauritius Shareholders Agreement is amended by replacing the words “South Africa” where they appear in
    the definition of “KellPlant Licence” in clause 1.2.36 with the words “the Licensed Territory”.

 

	4.	Continuation
    of the Agreement

 

Save as specifically contemplated in
this Addendum, the Transaction Documents shall continue to be of force and effect on the basis of their original terms and conditions
as amended pursuant to any addenda thereto that were entered into prior to the Signature Date.

 

     

     

    

 

	5.	Execution
    in Counterparts

 

This Addendum may be executed in one
or more counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same agreement
as at the date of signature of the Party that signs its counterpart last in time.

 

SIGNED
by the Parties on the following dates and at the following places respectively:

 

	For:	LIFEZONE
    LIMITED	 
	 	 	 
	 	 	 
	Signature:	/s/
    [***]	 
	 	who warrants
    that he / she is duly authorised thereto	 
	 	 	 
	Name:	[***]	 
	Date:	4
    December 2019	 
	Place:	[***]	 
	 	 	 
	For:	ORKID S.à.
    r.l.	 
	 	 	 
	Signature:	/s/
    E. Clarke	 
	 	who warrants
    that he / she is duly authorised thereto	 
	 	 	 
	Name:	E.
    Clarke	 
	Date:	4
    December 2019	 
	Place:	[***]	 
	 	 	 
	For:	SEDIBELO
    PLATINUM MINES LIMITED	 
	 	 	 
	Signature:	/s/
    E. Clarke	 
	 	who warrants
    that he / she is duly authorised thereto	 
	 	 	 
	Name:	E.
    Clarke	 
	Date:	4
    December 2019	 
	Place:	[***]	 
	 	 	 
	For:	THE INDUSTRIAL DEVELOPMENT CORPORATION
    OF SOUTH AFRICA LIMITED	 
	 	 	 
	Signature:	/s/
    Z.R. Coetzee	 
	 	who warrants
    that he / she is duly authorised thereto	 
	 	 	 
	Name:	Z.R.
    Coetzee	 
	Date:	15
    May 2020	 
	Place:	[***]	 

 

     

     

    

 

	For:	KELLTECH
    LIMITED	 
	 	 	 
	 	 	 
	Signature:	/s/
    [***]	 
	 	who warrants
    that he / she is duly authorised thereto	 
	 	 	 
	Name:	[***]	 
	Date:	4
    December 2019	 
	Place:	[***]	 
	 	 	 
	 	 	 
	For:	KEITH [***]
    LIDDELL	 
	 	 	 
	Signature:	/s/
    K Liddell	 
	 	who warrants
    that he / she is duly authorised thereto	 
	 	 	 
	Name:	K.
    Liddell	 
	Date:	4
    December 2019	 
	Place:	[***]	 
	 	 	 
	For:	KELLTECHNOLOGY SOUTH AFRICA (RF) PROPRIETARY
    LIMITED	 
	 	 	 
	Signature:	/s/
    E. Clarke	 
	 	who warrants
    that he / she is duly authorised thereto	 
	 	 	 
	Name:	E.
    Clarke	 
	Date:	4
    December 2019	 
	Place:	[***]	 

 

     

     

    

 

	From:

                           Orkid S.á r.l. (“Orkid”)

                           (registration no. B 167 777)

                           Legis House

                           11 New Street, St Peter Port

                           Guernsey

                           GY1 3EG

     

    To:

    KellTech Limited (“KellTech”)

    (formerly Lifezone SA Ventures Limited)

 (company no. 084564 C1/GBL)

    4th Floor, Ebene Skies rue de (‘Institute

    Ebene, Republic of Mauritius

      

    Sedibelo
Platinum Mines Limited (“SPM”)

(registration no. 54400)

Legis House

11 New Street, St Peter Port

Guernsey

GY1 3EG 
	 

                            

                            

                            

                            

                            

                            

                            

                            

                           Lifezone
Limited (“Lifezone”)

(attn: [***])

(company no. 081243 C2/GBL)

4th Floor, Ebene Skies rue de (‘Institute

Ebene, Republic of Mauritius

     

    Keith
    Stuart Liddell (“Liddell”)

    [***]

     

 

22 May 2020

 

Dear Sirs

 

Amendments to the KellTech Mauritius arrangements

 

Further to discussions between the parties, the
following amendments to the KellTech Mauritius arrangements have been agreed with effect from the date hereof.

 

		1.	We
                                            refer to the following KellTech Mauritius arrangements (together, the KellTech Documents):

 

		1.1	the
                                            KellTech Mauritius Shareholders Agreement dated 16 April 2014 between Lifezone, SPM,
                                            Orkid, KellTech and Liddell, as amended, including by the first amendment to the KellTech
                                            Shareholders Agreement by way of a letter dated 29 May 2014 (the “KellTech
                                            Mauritius Shareholders Agreement”); and

 

		1.2	the
                                            KellTech Mauritius Licence Agreement dated 16 April 2014 between Lifezone,

 

Liddell and KellTech Mauritius, as
amended, including by the first addendum dated 12 February 2016 (the “KellTech Mauritius Licence”).

 

		2.	In
                                            each of the KellTech Documents:

 

		2.1	the
                                            definition of “PGMs” will be amended by the replacement of the definition
                                            in its entirety with the following:

 

““PGMs” means
(a) platinum, palladium, rhodium, ruthenium, iridium and osmium (all six being the metallic elements contained in the Platinum Group
of the Periodic Table, “PGEs”) but only where the primary focus of the extraction process is on the extraction of
one or more of the PGEs; (b) gold and silver (“Precious Metals”) but only where the primary focus of the extraction
process is on the extraction of one or more of PGEs or one or more of the Precious Metals; and (c) nickel, copper, cobalt, and other
metals, elements or compounds but only where the primary focus of the extraction process is on the extraction of one or more of the PGEs
or one or more of the Precious Metals;”

 

     

     

    

 

		2.2	the
                                            definition of “Patents” will be amended by the replacement of the definition
                                            in its entirety with the following:

 

““Patents”
means, to the extent that they relate to Kelltechnology only,

 

		(a)	South African Patent 2000/6600;

		(b)	South African provisional patent application 2012/05222;

		(c)	South African Patent No. 2014/09387;

		(d)	African Regional Intellectual Property Organisation (“ARIPO”)
Patent No. AP/P/2014/008110;

		(e)	South African Patent No. 2015/08577;

		(f)	ARIPO Patent No. AP/P/2015/008962;

		(g)	South African Patent No. 2014/08684;

		(h)	South African Patent No. 2017/05992;

		(i)	ARIPO Patent No. AP/P/2015/008960;

		(j)	South African Patent No. 2018/04188; and

		(k)	ARIPO Patent No. AP/P/2018/010822,

 

and all patent applications and granted
patents in the Licenced Territory in the same patent family as any of the aforementioned patent applications;”

 

		2.3	the
                                            definition of “Intellectual Property” will be amended by the replacement
                                            of the definition in its entirety with the following (underlined text is underlined solely
                                            to indicate it is new):

 

““Intellectual Property”
means all intellectual property rights relating to Kelltechnology of whatsoever nature, whether registered or unregistered, owned, licensed
to or controlled by Lifezone in the Licensed Territory, including, without limitation, the inventions, information and technologies that
form the subject matter of the Patents and the Know-How in each case relating to Kelltechnologv and all current and future improvements,
variations and individual unit operations thereof, whether conceived of, developed and/or acquired by Lifezone and regardless of howsoever
created;”

 

		3.	In
                                            the KellTech Mauritius Licence:

 

		3.1	the
                                            definition of “Net Refinery Return” will be amended by the replacement
                                            of the definition in its entirety with the following (struckthrough text is struckthrough
                                            to indicate it has been deleted):

 

““Net Refinery Return”
means the net revenue (alter deducting transport costs, customs clearing costs, refining charges and realizations) received from the
sales of refined PGMs produced from Concentrate from a plant using Kelltechnology;”

 

		3.2	clause 8.1.1
                                            will be amended by the deletion of the proviso with the result that the amended clause 8.1.1
                                            will be replaced in its entirety with the following:

 

“8.1.1 a royalty of [***] of Net Refinery
Return arising from Concentrate originating from a member of the SPM Group that is processed using Kelltechnology by a member of the
Group or the SPM Group;”

 

		4.	In
                                            the KellTech Mauritius Shareholders Agreement

 

		4.1	Clause 1.2
                                            is amended by the insertion of the following definitions:

 

		17.1.1D	Lifezone, if at any time between
                                            the Signature Date and the Addendum Date, the Liddells cease to own in excess of [***]% of
                                            the issued ordinary shares of Lifezone;

 

    

     

    

 

		17.1.1E	any Shareholder, other than Orkid
                                            or Lifezone, which ceases to be ultimately Controlled, directly or indirectly, by the person/s
                                            that Control it on the date upon which such Shareholder became a Shareholder;”

 

		4.3	The
                                            following will be inserted as a new clause 17.11:

 

		“17.11	As soon as reasonably possible
                                            after the issue or transfer of shares in Lifezone after the Addendum Date and before the
                                            Commissioning Date, Lifezone shall notify Orkid in writing of such change, including, for
                                            the avoidance of doubt, details of the acquirer of the relevant shares in Lifezone and what
                                            percentage of shares in Lifezone they constitute and (ii) in the event there was a transfer
                                            of shares in Lifezone, the details of the disposer of such shares.”

 

		4.4	The
                                            following will be inserted in clause 17.3.1 after the number “17.1.1” and
                                            before the word “or”:

 

“or clauses 17.1.1A to 17.1.1E (both
inclusive)”.

 

		4.5	The
                                            parties to this letter note that on 4 December 2019, Lifezone, Orkid, SPM, KellTech,
                                            Liddell and Kelltechnology South Africa (RF) Proprietary Limited executed an addendum letter
                                            (“SADC Addendum”) which is still to be signed by IDC. The SADC Addendum,
                                            inter elle, amends clause 1.2.36 of the Kelltech Mauritius Shareholders Agreement.
                                            Notwithstanding the fact that IDC may sign the SADC Addendum after the parties to this letter
                                            sign this letter and notwithstanding the amendments to clause 1.2.36 contemplated in
                                            the SADC Addendum, the parties hereby agree that clause 1.2.36 of the Kelltech Mauritius
                                            Shareholders Agreement should read as follows (and hereby amend same):

 

		“1.2.36	“KellPlant
                                            Licence” means the licence agreement entered into between the Company and KellPlant
                                            on or before the Effective Date (as amended from time to time) in terms of which, inter
                                            alia, the Company grants to KellPlant an exclusive licence to use the Intellectual Property
                                            in the Licensed Territory and the right to sublicense same on a non-exclusive basis in the
                                            Licensed Territory on the basis that such sub-licensees do not have the right to further
                                            sub-license the Intellectual Property;”.

 

Proposed amendments to the KellTech SA arrangements
will be set out in a separate amendment letter.

 

This letter is governed by, and all disputes of
whatever nature arising out of or in connection with this letter shall be resolved in accordance with the laws of Mauritius.

 

The provisions of clauses 32 (Settlement of Disputes)
and 39 (Execution in Counterparts) of the KelI Tech Mauritius Shareholders Agreement will apply to this letter as if set out in full
herein.

 

By our signature hereto, we hereby confirm our
agreement with the contents of this letter:

 

		“1.2.1.A	“Addendum
                                            Date” means the date in May 2020 on which the Company, Orkid, Lifezone, SPM, and
                                            Liddell enter into the addendum agreement titled ‘Amendments to the KellTech Mauritius
                                            arrangements’ pursuant to which, inter alia, clause 17 of this Agreement
                                            is amended;.

 

		1.2.11A	“Commissioning
                                            Date” means the date on which a Kelltechnology plant: (a) is fully constructed;
                                            (b) has been handed over from the contractor to the Company (or any company Controlled by
                                            the Company); and (c) has been commissioned and is capable of operating;”.

 

    

     

    

 

4.2       Clause 17.1.1
is amended by the replacement of clause 17.1.1 with the following:

 

		“17.1.1	Lifezone,
                                            if at any time between the Addendum Date and the Commissioning Date Liddell and/or his wife
                                            [***] (together the “Liddells”) hold fewer than [***]% of the issued
                                            shares in Lifezone;”

 

		17.1.1A	Lifezone, if at any time between
                                            the Addendum Date and the Commissioning Date, the Liddells, without the prior written consent
                                            of Orkid, such consent not to be unreasonably withheld or delayed or conditioned, transfer
                                            any share in Lifezone to any person other than:

 

		(a)	a person who at the time of the proposed
                                            transaction is a Lifezone shareholder and has been a Lifezone shareholder for at least 12 months;

 

		(b)	a person who at the time of the proposed
                                            transaction is a director of Lifezone or any company Controlled by Lifezone and has been
                                            a director of Lifezone or a director of any company Controlled by Lifezone for at least 12 months;

 

		(c)	a person who at the time of the proposed
                                            transaction is a fuII time or part time employee or consultant of Lifezone or any company
                                            Controlled by Lifezone and has been a full time or part time employee or consultant of Lifezone
                                            or any company Controlled by Lifezone for at least 12 months; or

 

		(d)	a person who at the time of the proposed
                                            transaction is a Lifezone Appointee for at least 12 months under any service agreement
                                            between Lifezone on the one hand and the Company or any company Controlled by the Company
                                            on the other;

 

(together, each an “Approved
Person”);

 

		17.1.1B	Lifezone, if at any time between
                                            the Addendum Date and the Commissioning Date, Lifezone, without the prior written consent
                                            of Orkid, such consent not to be unreasonably withheld or delayed or conditioned, issues
                                            any share in Lifezone to a person other than an Approved Person;

 

		17.1.1C	For
                                            the avoidance of doubt, Orkid will be entitled to withhold its consent under clause 17.1.1A
                                            and/or clause 17.1.1B if the proposed transferee or issuee is a competitor of SPM and/or
                                            the Company;

  

     

     

    

 

	Signature:
    	/s/
    Erich Clarke	 
	 	 	 
	For
    and on behalf of:	Orkid
    S.à r.l.	 
	 	 	 
	Name:	Erich
    Clarke	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Date:	10 June
    2020	 
	 	 	 
	Place:	[***]	 

 

By our signature hereto, we hereby confirm our
agreement with the contents of this letter

 

	Signature:
    	/s/
    Erich Clarke	 
	 	 	 
	For
    and on behalf of:	Kelltech
    Limited	 
	 	 	 
	Name:	Erich
    Clarke	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Date:	29 May
    2020	 
	 	 	 
	Place:	[***]	 

 

By our signature hereto, we hereby confirm our
agreement with the contents of this letter

 

	Signature:
    	/s/
    [***]	 
	 	 	 
	For
    and on behalf of:	Lifezone
    Limited	 
	 	 	 
	Name:	[***]	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Date:	12 June
    2020	 
	 	 	 
	Place:	[***]	 

 

     

     

    

 

By our signature hereto, we hereby confirm our
agreement with the contents of this letter

 

	Signature:
    	/s/
    Erich Clarke	 
	 	 	 
	For
    and on behalf of:	Sedibelo
    Platinum Mines Limited	 
	 	 	 
	Name:	Erich
    Clarke	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Date:	10 June
    2020	 
	 	 	 
	Place:	[***]	 

 

By our signature hereto, we hereby confirm our
agreement with the contents of this letter

 

	Signature:
    	/s/
    Keith Liddell	 
	 	 	 
	For
    and on behalf of:	Keith
    [***] Liddell	 
	 	 	 
	Name:	 	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Date:	12 June
    2020	 
	 	 	 
	Place:	[***]	 

 

     

     

    

 

 

 

 

 

 

 

 

 

Third
Addendum to the Kelltech Mauritius License

Agreement

 

between

 

Lifezone
Limited

(Company
No: 019369V)

 

Kelltech
Limited

(Company
No. 084564 C1/GBL)

 

Keith
[***] Liddell

([***])

 

 

 

 

 

 

 

 

 

White &
Case LLP

Katherine
Towers, 1st Floor

1
Park Lane, Wierda Valley

Sandton,
Johannesburg, 2196

Republic
of South Africa

 

     

    

    

 

Table
of Contents

 

Page

 

	1.	Introduction	1
	 	 	 
	2.	Amendments	1
	 	 	 
	3.	Continuation
    of the Agreement	2
	 	 	 
	4.	No
    Amendment	2
	 	 	 
	5.	Execution
    in Counterparts	3

 

     (i)

    

    

 

Whereby
it is agreed as follows:

 

		1.	Introduction

 

		1.1	The
                                            parties (the “Parties”) to this third addendum (this “Third Addendum”)
                                            entered into an agreement on or about 16 April 2014 (the “Agreement”)
                                            and amended the Agreement on or about 03 February 2016 and amended on or about 12 June 2020.

 

		1.2	The
                                            Parties wish to further amend the Agreement on the basis set out herein.

 

		1.3	All
                                            defined terms used but not defined in this Third Addendum shall, unless the context otherwise
                                            requires, bear the same meaning ascribed to them in the Agreement.

 

		2.	Amendments

 

With
effect from the date on which this Third Addendum is signed by the Parties (the “Signature Date”), the Agreement is
hereby amended by:

 

		2.1	numbering
                                            the paragraph currently in clause 7 as clause 7.1 and inserting a new clause 7.2 which provides
                                            as follows:

 

	 	“7.2	The
    Parties recognise that KellTech may from time to time require the support of Lifezone and/or Liddell to effectively deliver the Intellectual
    Property and effectively transfer the Know-How and/or to show or illustrate how the Intellectual Property is to be applied or implemented
    to KellTech or any sub-licensee of KellTech and Lifezone and/or Liddell shall, against payment by Kelltech to Lifezone of the reasonable
    charges and expenses of Lifezone and Liddell, provide all such support and/or services as KellTech may reasonably require to effectively
    transfer the Know-How or to show or illustrate how the Intellectual Property is to be applied, utilised and/or implemented."

 

		2.2	inserting
                                            a new clause 7.3 which provides as follows:

 

	 	“7.3	Lifezone
    shall inform KellTech of all future improvements to, and/or variations of, the Intellectual Property as soon as reasonably possible
    after such improvements and/or variations coming into existence and Lifezone and/or Liddell shall, against payment by Kelltech to
    Lifezone of the reasonable charges and expenses of Lifezone and Liddell, provide to KellTech copies of all documentation and other
    materials in the possession of Lifezone and/or Liddell adequately imparting the subject matter of such improvements and/or variations
    and the Know-How related thereto reasonably necessary for the implementation and/or use of such improvements and/or variations as
    soon as reasonably possible after such notification."

 

		2.3	inserting
                                            a new clause 9.4 which provides as follows:

 

“9.4     Changes
to Calculations of Interest

 

9.4.1      Discontinuation
of Libor

 

Notwithstanding
anything to the contrary contained herein, if Libor:

 

9.4.1.1            ceases
to exist;

 

9.4.1.2            is
discontinued or ceases to be published, permanently or indefinitely; or

 

9.4.1.3            will
be prohibited from being used or its use will be subject to restrictions or adverse consequences,

 

     

    

    

 

then
all references to Libor in this Agreement will be deemed to be references to the Successor Rate, and if there is no Successor Rate, will
be deemed to be references to the Alternative Rate.

 

9.4.2       Definitions

 

In
this clause 9.4:

 

		i.	“Alternative
                                            Rate” means an interest rate agreed between the Parties, provided that if the Parties
                                            cannot so agree, then the most suitable interest rate will be determined by independent bankers,
                                            acting reasonably. Such independent bankers will be agreed to by the Parties, and failing
                                            agreement will be appointed by the auditors of KellTech. The independent bankers shall act
                                            as an expert and not as an arbitrator.

 

		ii.	“Relevant
                                            Nominating Body ” means:

 

		a.	the
                                            Federal Reserve Bank of New York, or any central bank or other supervisory authority which
                                            is responsible for supervising the administration of Libor; or

 

		b.	any
                                            working group or committee sponsored by, chaired or co-chaired by or constituted at the request
                                            of (A) the central bank for the currency to which Libor relates, (B) any central
                                            bank or other supervisory authority which is responsible for supervising the administration
                                            of Libor, or (C) a group of the aforementioned central banks or other supervisory authorities.

 

		iii.	“Successor
                                            Rate ” means a successor to or replacement of Libor which is formally recommended
                                            by any Relevant Nominating Body, which at the date of this Agreement is the Secured Overnight
                                            Financing Rate (SOFR) published by the Federal Reserve Bank of New York daily at 8am (New
                                            York time). ”

 

		3.	Continuation
                                            of the Agreement

 

Save
as specifically contemplated in this Third Addendum, the Agreement shall continue to be of force and effect on the basis of its original
terms and conditions.

 

		4.	No
                                            Amendment

 

		4.1	No
                                            amendment or consensual cancellation of this Third Addendum or any provision or term hereof
                                            or of any agreement or other document issued or executed pursuant to or in terms of this
                                            Third Addendum and no settlement of any disputes arising under this Third Addendum and no
                                            extension of time, waiver, relaxation or suspension of or agreement not to enforce or to
                                            suspend or postpone the enforcement of any of the provisions or terms of this Third Addendum
                                            or of any agreement or other document issued pursuant to or in terms of this Third Addendum
                                            shall be binding unless recorded in a written document signed by the Parties (or in the case
                                            of an extension of time, waiver, relaxation or suspension, signed by the Party granting such
                                            extension, waiver, relaxation or suspension). Any such extension, waiver, relaxation or suspension
                                            which is so given or made shall be strictly construed as relating strictly to the matter
                                            in respect whereof it was made or given.

 

		4.2	No
                                            oral undertaking not to sue (pactum de non petendo) shall be of any force or effect.

 

		4.3	No
                                            extension of time or waiver or relaxation of any of the provisions or terms of this Third
                                            Addendum or any agreement or other document issued or executed pursuant to or in terms of
                                            this Third Addendum, shall operate as an estoppel against any Party in respect of its rights
                                            under

 

     2

    

    

 

			this
                                            Third Addendum, nor shall it operate so as to preclude such Party thereafter from exercising
                                            its rights strictly in accordance with this Third Addendum.

 

		4.4	To
                                            the extent permissible by law no Party shall be bound by any express or implied term, representation,
                                            warranty, promise or the like not recorded herein, whether it induced the contract and/or
                                            whether it was negligent or not.

 

		4.5	This
                                            Third Addendum shall be governed by and interpreted in accordance with the substantive laws
                                            of the Republic of South Africa.

 

		5.	Execution
                                            in Counterparts

 

This
Third Addendum may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together
shall constitute one and the same agreement as at the date of signature of the Party that signs its counterpart last in time.

 

     3

    

    

 

Signed
by the Parties on the following dates and at the following places
respectively:

 

	Signed at [***] on this the
    1st day of December 2021	 	 
	For and on behalf of	/s/ [ILLEGIBLE]
	Lifezone Limited	Signatory:
	 	 	Capacity:
	 	 	Who warrants authority hereto

 

	Signed at [***]
    on this the 30 day of  November 2021	 	 
	For and on behalf of	 /s/ Erich Clarke
	Kelltech Limited	Signatory: Erich Clarke
	 	 	Capacity: Director
	 	 	Who warrants authority hereto

 

	Signed at [***] on this the
    1st day of December 2021	 	 
	 	/s/ Keith [***] Liddell
	 	Keith [***] Liddell

 

     4

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