Document:

ltum_ex101.htm

  EXHIBIT 10.1
  
 LETTER OF INTENT FOR MINING CLAIM EARN-IN OPTION AGREEMENT
  
  
 This Letter of Intent (LoI) is made on the 29th day of April 2021.
    
 	 Between
	 Altura Mining Limited (ABN 39 093 391 774) of Level 9, 863 Hay St, Perth, WA, 6000 (herewith called “Altura”).

	  
	  

	 AND
	  

	  
	 Lithium Corporation of 1031 Railroad Street, Suite 102B, Elko, Nevada, 89801 (herewith called “LTUM”)

  
 Altura and LTUM shall together be referred to as the “Parties”.
  
 RECITALS:
  
 	  
	 A.
	 Altura is a company established under the laws of Australia and is registered and listed on the Australian Securities Exchange (ASX).

	  
	  
	  

	  
	 B.
	 LTUM is a company established under the laws of the United States of America (USA) and is listed on the Over the Counter mid-tier equity market (OTCQB).

	  
	  
	  

	  
	 C.
	 Altura has previously developed a lithium mining operation in Australia and is focused on discovery, evaluation and development of other lithium raw material supply opportunities.

	  
	  
	  

	  
	 D.
	 LTUM is a USA based lithium raw material explorer and developer with a focus on lithium brine (or salar) projects located in Nevada, USA with the most advanced project known as Fish Lake Valley (FLV).

	  
	  
	  

	  
	 E.
	 The Parties will formulate an Earn-in Option Agreement (EOA) on the basis of the Term Sheet as described in Schedule 1.

	  
	  
	  

	  
	 F.
	 The Parties each intend to commence a detailed evaluation of the FLV project in order to advance knowledge, define a maiden resource, amenability to extraction and economic assessment of the lithium brine project as a priority.

	  
	  
	  

	  
	 G.
	 The Parties will carry out the terms and conditions of this LoI at all times in good faith.

	  
	  
	  

	  
	 H.
	 All reference to $ (dollars) refers to United States Dollars.

  
 	 
	
	

	 

   
 	 Letter of Intent for Mining Tenement Earn-in Option Agreement (LoI)

   
 The Parties agree as follows:
  
 	  
	 1.
	 Altura will pay LTUM the sum of fifty thousand dollars ($50,000) within five (5) business days of signing this LoI.

	  
	  
	  

	  
	 2.
	 The Parties will execute a formal EOA no later than 31 July 2021 or such other date as agreed between the parties.

	  
	  
	  

	  
	 3.
	 With the exception of Item 1 above, each party will be responsible for their own costs in relation to execution of this LoI and the EOA.

	  
	  
	  

	  
	 4.
	 A Term Sheet outlining the proposed terms and conditions of EOA is attached as Schedule 1, Term Sheet - Earn-in Option Agreement.

  
 Dated:
  
 	 Signed by Altura Mining  Ltd under s.127(1) of the Corporations Act 2001
	  
	  
  
  
 /s/ James Stuart Brown
	  
  
	  
  

	  
	 sign 
	  
	 sign

	  
	  
 Director
	  
  
	  
 Director

	  
	 office (director)
	  
	 office (director or secretary)

	  
	  
 James Stuart Brown
	  
  
	  
 Allan Charles Buckler

	  
	 full name 
	  
	 full name

  
 	 Signed by Lithium Corporation IRS EIN 
 98-0530295 
	  
	  
  
  
 /s/ Thomas Michael Lewis
	  
  
	  
  

	  
	 sign 
	  
	 sign

	  
	  
 Director
	  
  
	  
 Director

	  
	 office (director)
	  
	 office (director or secretary)

	  
	  
 Thomas Michael Lewis
	  
  
	  
  

	  
	 full name 
	  
	 full name

  
 	 
	 Page 2 of 9

	

	 

   
 	 Letter of Intent for Mining Tenement Earn-in Option Agreement (LoI)

   
 Schedule 1
 Term Sheet - Earn-in Option Agreement
  
 	 1. 
  
	 Parties
	 Altura Mining  Ltd (ACN 093 391 774) of Level 9 863 Hay Street Perth WA 6000 Australia (Altura) (or nominee) and Lithium Corporation of 1031 Railroad St. Suite 102B, Elko, Nevada, 89801, United States of America (LTUM).
  

	 2.
	 Purpose 
	 This Term Sheet sets out the terms and conditions of the Earn-in Option Agreement (EOA) in which Altura has a right to earn a 60% interest in the Claims held by LTUM as attached in Schedule 2
  

	 3.
	 Legal Effect
	 This Term Sheet is legally binding and enforceable on the parties under the laws of Nevada, United States of America
  

	 4.
	 Condition Precedent
	 This Term Sheet is subject to the condition precedent (CP) that Altura is satisfied, in its sole discretion, with its due diligence enquiries in relation to the Claims and gives LTUM notice in writing to that effect within 60 days after the date of signing this Term Sheet (DD Period).
  

	 5.
	 Exclusivity
	 During the DD Period, subject to applicable statutory and fiduciary duties, LTUM must not: 
  
 (a)      directly or indirectly solicit, invite or facilitate any Competing Proposal; or
  
 (b)      enter into any agreement in respect of a Competing Proposal.
  
 Competing Proposal means a transaction to obtain any interest in the Claims.
  

	 6.                    
  
	 Claims
	 The Placer Claims (Claims)are all the claims owned by LTUM located in Esmeralda  County, Nevada forming the Fish Lake Valley Project and which are detailed in Schedule 2

  
 	 
	 Page 3 of 9

	

	 

    
 	 Letter of Intent for Mining Tenement Earn-in Option Agreement (LoI)

   
 	 7.                    
  
	 Earn-in
	 Subject to satisfaction of the CP, which will trigger the commencement of Altura’s four year, financial spend requirements (Earn-in Period);
  
 (a)      LTUM grants Altura the sole right to earn a 60% interest (Earned Interest) in the Claims by conducting exploration and incurring expenditure relating to exploration and assessments including associated resource and feasibility studies of the Claims and expenditure incurred in clause 11 (a),(b),(d) to a value of no less than $US 2,000,000 in aggregate (Expenditure) over the 4 year period commencing on the date that the CP is satisfied (Earn-in Period) with the minimum annual expenditure as follows:
  
 ·         Year 1 - $US 200,000;
  
 ·         Year 2 - $US 400,000;
  
 ·         Year 3 - $US 600,000;
  
 ·         Year 4 - $US 800,000. 
  
 Collectively the Expenditure.
  
 (b)      For the avoidance of doubt, each annual year of the Earn-in Period (years1 - 4) will start on the anniversary of the commencement of the Earn-in Period.
  
 (c)       In addition to the expenditure commitment detailed in (a) above Altura is required to make payments in cash and shares to LTUM upon execution of the EOA on the following basis:
  
 ·         Upon signing EOA Altura to pay $US 100,000 and issue the equivalent of $US 100,000 in Altura shares;
  
 ·         1st Anniversary - $US 100,000 plus $US 100,000 equivalent in Altura shares; 
  
 ·         2nd Anniversary - $US 125,000 plus $US 100,000 equivalent in Altura shares;
  
 ·         3rd Anniversary - $US 150,000 plus $US 100,000 equivalent in Altura shares;
  
 ·         4th Anniversary - $US 150,000 plus $US 100,000 equivalent in Altura shares;
  
 (d)     To this end, LTUM grants Altura the unimpeded right to access and conduct exploration on the Claims during the Earn-in Period.
  
 (e)     Altura may withdraw from the EOA on 1 month's written notice to LTUM, provided that:
  
 (i)       at least $US 500,000 of Expenditure has been funded by Altura. 
  
 (f)      Altura may at any time (and from time to time) after the date that the CP is satisfied return responsibility for any Claim to the holder of that Claim. From the effective date of such return, the returned Claim will not be included as a Claim set out in clause 6 above. 
  
 (g)     Altura may choose to accelerate the expenditure commitments detailed in (a) above, and as long as the $US 2,000,000 has been spent, and equivalent cash and share payments as detailed in (c) above have been paid or issued as the case may be, then the provisions will be deemed to have been satisfied and the Earn-in Option satisfied. 
  

	 8.                    
  
	 Earn-in of Interest
	 Upon Altura:
  
 (a)      wholly incurring the Expenditure; and
  
 (b)      providing a report to LTUM of the results of its exploration within the Claims during the Earn-in Period.
  
 Altura earns the right for the Earned Interest to be legally transferred to it and discussions on an unincorporated joint venture (Joint Venture/JV) between the parties will commence along the guidelines set out in item 9.

   
 	 
	 Page 4 of 9

	

	 

   
 	 Letter of Intent for Mining Tenement Earn-in Option Agreement (LoI)

   
 	 9. 
  
	 Joint Venture 
	 Guidelines:
  
 (a)     the purpose of the JV will be to maintain the Claims in good standing, seek debt and equity finance for exploration and development of the Claims;
  
 (b)     each Participant may contribute their interests in the Claims to the JV;
  
 (c)      the commencing participating interests (Participating Interests) in the JV will be 40% LTUM and 60% Altura and the participants will share in the costs, expenditure and products (in kind) of the JV in proportion to their Participating Interests;
  
 (d)     the JV will be managed by a Joint Venture Committee with two members appointed by each of the Parties and voting pro rata on shareholding with the participation of the parties in the JV; the chairman will not have a casting vote and decisions will be by simple majority;
  
 (e)     the Joint Venture Committee will determine initial and then annual subsequent programmes and budgets for the conduct of the JV;
  
 (f)       he Joint Venture Committee will appoint a joint venture manager (Manager), provided that Altura will be appointed as the first Manager;
  
 (g)     the Manager will have day to day management of the Joint Venture, subject to annual programmes and budgets approved by the Joint Venture Committee and subject to the relevant programme and budget, may make cash calls from time to time;
  
 (h)     the parties will be subject to dilution in accordance with an agreed formula; and
  
 (i)       Each Party shall grant the other a Right of First Refusal in relation to any offer considered or received in regard to each Parties equity interest, in the event of notification to either Party for any or all of their equity interest the non-selling Party will have 45 days to match or better the offer.
  

	 10.                
  
	 Option to purchase equity interest
	 Upon completion of the EOA Altura may;
  
 (a)      within one (1) year of satisfaction of the EOA and after formally acquiring sixty percent (60%) of the FLV Project, acquire an additional twenty percent (20%) equity interest in the FLV Project from LTUM for one million seven hundred and fifty thousand dollars ($1,750,000);
  
 (b)     within two (2) years of satisfaction of the EOA and formally acquiring eighty percent (80%) of the FLV Project, acquire a further twenty percent (20%) equity interest in the FLV Project from LTUM for one million seven hundred and fifty thousand dollars ($1,750,000);
  
 (c)      in the event that clause 10. (a) and (b) are executed then LTUM will be entitled to a 2.5% Net Smelter Royalty (NSR); and
  
 (d)     Altura can elect to purchase the rights to 50% of the NSR from LTUM for the sum of $US 2,000,000.
  

   
 	 
	 Page 5 of 9

	

	 

    
 	 Letter of Intent for Mining Tenement Earn-in Option Agreement (LoI)

   
 	 11.
	 Altura obligations during Earn-in Period
	 During the Earn-in Period, Altura must after satisfaction of clause 4 of this agreement, in respect of the Claims:
  
 (a)      maintain the Claims in full force and good standing and free from any liability for forfeiture or non-renewal;
  
 (b)     comply with the conditions of grant of the Claims, agreements in place at the time of signing with all other parties and government authorities insofar as they apply to the Claims, including paying all fees, rents, and other sums levied or assessed in relation to the Claims; and
  
 (c)      undertake sufficient annual expenditure related to the CLAIMS to comply with the minimum expenditure requirements in item 7;
  
 (d)     Provide LTUM with an annual report (including all data in relation to the Claims; and
  
 (e)     Act in accordance and maintain its OTC listing in the USA. 
  

	 12.
  
	 LTUM obligations during Earn-in Period
	 During the Earn-in Period, LTUM must in respect of the Claims:
  
 (a)      do all things necessary to enable Altura to exercise its rights to conduct exploration and development activities on the Claims;
  
 (b)     not dispose of, cause or allow any encumbrance or lien to be granted over, or allow an option to be granted to any other person over, all or any part of the Claims; 
  
 (c)      not enter into any material contract or incur any material liability in respect of all or any part of the Claims; 
  
 (d)     not relinquish all or any part of the Claims or its interest in the Claims without Altura’s prior written consent, except as required by law; and
  
 (e)     promptly notify Altura of any claims, proceedings or notices from any government authority with respect to the Claims.
  

	 13.                
  
	 Warranties
	 As at the date of this Term Sheet, each Party warrants for the benefit of the other Party that:
  
 (a)      it is validly incorporated, organised and subsisting in accordance with the laws of its place of incorporation;
  
 (b)     it has full power and capacity to enter into and perform its obligations under this Term Sheet;
  
 (c)      all necessary authorisations for the execution, delivery and performance by it of this Term Sheet in accordance with its terms have been obtained; and
  
 (d)     its execution, delivery and performance of this Term Sheet complies with its constitution and does not constitute a breach of any law or obligation, or cause a default under any agreement by which it is bound.
  

   
 	 
	 Page 6 of 9

	

	 

    
 	 Letter of Intent for Mining Tenement Earn-in Option Agreement (LoI)

   
 	 14.
	 Formal Agreement
	 The Parties will negotiate, in good faith and acting reasonably, a formal earn-in and exploration joint venture agreement (Formal Agreement) which will be consistent with and replace and expand upon this Term Sheet, 
  

	 15. 
	 Confidentiality 
	 This Term Sheet, and any information, documents or discussions between the Parties (and each parties’ respective officers, employees or representatives) in connection with this Term Sheet are confidential and must not be disclosed by any party to another person except:
  
 (a)        to a party’s employees, advisers, auditors or other consultants or to a Related Body Corporate of a party requiring the information for the purposes of considering or complying with this Term Sheet;
  
 (b)        with the consent of the other party;
  
 (c)         If required by law or the rules of ASX; or OTC or
  
 (d)        if the information is generally and publicly available other than as a result of a breach of confidence by the person receiving the information, and each party may only use such information for the purpose for which it was disclosed; or
  
 (e)       The Parties agree to consult with one another prior to any such releases to each security exchange.
  

	 16.                
  
	 Termination
	 If either party breaches this Term Sheet and does not rectify the breach within 14 days of request in writing to do so by the other party, the party that requested remedy of the breach may terminate this Term Sheet on notice in writing to the other party.

	 17.                
  
	 General
	 Unless expressed to the contrary:
  
 (a)     headings (including those in the first column) are for convenience only and do not affect the interpretation of this document; 
  
 (b)    where an expression is defined anywhere in this document (including by bolding and brackets) another part of speech or grammatical form of that expression has a corresponding meaning; 
  
 (c)    a reference: to an individual or person includes a firm, corporation, incorporated association and a government or statutory body or authority; any gender includes all genders; the singular includes the plural and vice versa; recitals, clauses, schedules or annexures are to recitals, clauses, schedules or annexures of or to this document; 
  
 (d)    a statute, ordinance or other law includes regulations and other statutory instruments made under it and consolidations, amendments and re-enactments of it; 
  
 (e)    this Term Sheet or another document includes this document as varied or replaced;
  
 (f)       any party to this document includes that party's executors, administrators, substitutes, successors and permitted assigns.  
  
 (g)      This Term Sheet may be executed in any number of counterparts, each of which when executed and delivered to the other parties shall constitute an original, but all counterparts together shall constitute one and the same agreement. 
  

   
 	 
	 Page 7 of 9

	

	 

   
 	 Letter of Intent for Mining Tenement Earn-in Option Agreement (LoI)

  
 Schedule 2
  
 List of Claims – Twp’s 1N & 1S, Rge 36E of the Mount Diablo Meridian & Baseline, Esmeralda County, Nevada
  
 	 Claim Name
	 BLM No.
	 Area (acres)
	 1/2
	 1/4
	 Sec
	 Twp
	 Rge

	  
	  
	  
	  
	  
	  
	  
	  

	 FLN 1
	 NV 105231487
	 80
	 W
	 SW
	 24
	 1N
	 36E

	 FLN 2
	 NV 105231488
	 80
	 E
	 SE
	 23
	 1N
	 36E

	 FLN 3
	 NV 105231489
	 80
	 W
	 SE
	 23
	 1N
	 36E

	 FLN 4
	 NV 105231490
	 80
	 E
	 SW
	 23
	 1N
	 36E

	 FLN 5
	 NV 105231491
	 80
	 W
	 SW
	 23
	 1N
	 36E

	 FLN 6
	 NV 105231492
	 80
	 E
	 SE
	 22
	 1N
	 36E

	 FLW 2
	 NV 105231493
	 80
	 W
	 SE
	 27
	 1N
	 36E

	 FL #5
	 NMC1006705
	 80
	 W
	 NW
	 26
	 1N
	 36E

	 FL #6
	 NMC1006706
	 80
	 E
	 NW
	 26
	 1N
	 36E

	 FL #7
	 NMC1006707
	 80
	 W
	 NE
	 26
	 1N
	 36E

	 FL #8
	 NMC1006708
	 80
	 E
	 NE
	 26
	 1N
	 36E

	 FL #9
	 NMC1006709
	 80
	 W
	 NW
	 25
	 1N
	 36E

	 FL #10
	 NMC1087284
	 80
	 W
	 SW
	 25
	 1N
	 36E

	 FL #11
	 NMC1087285
	 80
	 E
	 SE
	 26
	 1N
	 36E

	 FL #12
	 NMC1006710
	 80
	 W
	 SE
	 26
	 1N
	 36E

	 FL #13
	 NMC1006711
	 80
	 E
	 SW
	 26
	 1N
	 36E

	 FL #14
	 NMC1006712
	 80
	 W
	 SW
	 26
	 1N
	 36E

	 FL #15
	 NV 105231495
	 80
	 E
	 SE
	 27
	 1N
	 36E

	 FL #16
	 NV 105231496
	 80
	 E
	 NE
	 34
	 1N
	 36E

	 FL #17
	 NMC1006715
	 80
	 W
	 NW
	 35
	 1N
	 36E

	 FL #18
	 NMC1006716
	 80
	 E
	 NW
	 35
	 1N
	 36E

	 FL #19
	 NMC1006717
	 80
	 W
	 NE
	 35
	 1N
	 36E

	 FL #20
	 NMC1087286
	 80
	 E
	 NE
	 35
	 1N
	 36E

	 FL #21
	 NV 105231497
	 80
	 E
	 SE
	 35
	 1N
	 36E

	 FL #22
	 NMC1006719
	 80
	 W
	 SE
	 35
	 1N
	 36E

	 FL #23
	 NMC1006720
	 80
	 E
	 SW
	 35
	 1N
	 36E

	 FL #24
	 NMC1006721
	 80
	 W
	 SW
	 35
	 1N
	 36E

	 FL #90
	 NMC1087287
	 80
	 W
	 NW
	 36
	 1N
	 36E

	 FL #25
	 NV 105231498
	 80
	 E
	 SE
	 34
	 1N
	 36E

	 FL #26
	 NV 105231499
	 79.03
	 W
	 NW
	 2
	 1S
	 36E

	 FL #27
	 NV 105231500
	 78.85
	 E
	 NW
	 2
	 1S
	 36E

	 FL #28
	 NV 105231501
	 78.67
	 W
	 NE
	 2
	 1S
	 36E

	 FL #29
	 NV 105231502
	 78.49
	 E
	 NE
	 2
	 1S
	 36E

	 FL #30
	 NV 105231503
	 78.6
	 W
	 NW
	 1
	 1S
	 36E

	 FL #31
	 NV 105231504
	 80
	 W
	 SE
	 3
	 1S
	 36E

	 FL #32
	 NV 105231505
	 80
	 E
	 SE
	 3
	 1S
	 36E

	 FL #33
	 NV 105231506
	 80
	 W
	 SW
	 2
	 1S
	 36E

	 FL #34
	 NV 105231507
	 80
	 E
	 SW
	 2
	 1S
	 36E

	 FL #35
	 NV 105231508
	 80
	 W
	 SE
	 2
	 1S
	 36E

	 FL #36
	 NV 105231509
	 80
	 E
	 SW
	 2
	 1S
	 36E

	 Li 123
	 NV 105231510
	 80
	 N
	 SE
	 10
	 1S
	 36E

	 Li 124
	 NV 105231511
	 80
	 N
	 SW
	 11
	 1S
	 36E

	 Li 125
	 NV 105231512
	 80
	 S
	 NE
	 10
	 1S
	 36E

	 Li 126
	 NV 105231513
	 80
	 S
	 NW
	 11
	 1S
	 36E

	 Li 127
	 NV 105231514
	 80
	 N
	 NE
	 10
	 1S
	 36E

	 Li 128
	 NV 105231515
	 80
	 N
	 NW
	 11
	 1S
	 36E

	 Li 223
	 NV 105231516
	 80
	 N
	 SE
	 11
	 1S
	 36E

	 Li 225
	 NV 105231517
	 80
	 S
	 NE
	 11
	 1S
	 36E

	 Li 227
	 NV 105231518
	 80
	 N
	 NE
	 11
	 1S
	 36E

	  
	  
	  
	  
	  
	  
	  
	  

	  
	  
	 3913.64
	 Acres
	  
	  
	  
	  

    
 	 
	 Page 8 of 9

	

	 

    
 	 Letter of Intent for Mining Tenement Earn-in Option Agreement (LoI)

    
 	 Staked March 21st 2021, but NOT Recorded

	  
	  
	  
	  
	  
	  
	  
	  

	 Li 0
	  
	 80
	 E
	 NW
	 10
	 1S
	 36E

	 Li 1
	  
	 80
	 S
	 NE
	 28
	 1S
	 36E

	 Li 2
	  
	 80
	 S
	 NW
	 27
	 1S
	 36E

	 Li 3
	  
	 80
	 N
	 NE
	 28
	 1S
	 36E

	 Li 4
	  
	 80
	 N
	 NW
	 27
	 1S
	 36E

	 Li 5
	  
	 80
	 S
	 SE
	 21
	 1S
	 36E

	 Li 6
	  
	 80
	 S
	 SW
	 22
	 1S
	 36E

	 Li 7
	  
	 80
	 N
	 SE
	 21
	 1S
	 36E

	 Li 8
	  
	 80
	 N
	 SW
	 22
	 1S
	 36E

	 Li 9
	  
	 80
	 S
	 NE
	 21
	 1S
	 36E

	 Li 10
	  
	 80
	 S
	 NW
	 22
	 1S
	 36E

	 Li 11
	  
	 80
	 N
	 NE
	 21
	 1S
	 36E

	 Li 12
	  
	 80
	 N
	 NW
	 22
	 1S
	 36E

	 Li 13
	  
	 80
	 S
	 SE
	 16
	 1S
	 36E

	 Li 14
	  
	 80
	 S
	 SW
	 15
	 1S
	 36E

	 Li 15
	  
	 80
	 N
	 SE
	 16
	 1S
	 36E

	 Li 16
	  
	 80
	 N
	 SW
	 15
	 1S
	 36E

	 Li 17
	  
	 80
	 S
	 NE
	 16
	 1S
	 36E

	 Li 18
	  
	 80
	 S
	 NW
	 15
	 1S
	 36E

	 Li 19
	  
	 80
	 N
	 NE
	 16
	 1S
	 36E

	 Li 20
	  
	 80
	 N
	 NW
	 15
	 1S
	 36E

	 Li 22
	  
	 80
	 S
	 SW
	 10
	 1S
	 36E

	 Li 24
	  
	 80
	 N
	 SW
	 10
	 1S
	 36E

	 Li 107
	  
	 80
	 N
	 SE
	 22
	 1S
	 36E

	 Li 109
	  
	 80
	 S
	 NE
	 22
	 1S
	 36E

	 Li 113
	  
	 80
	 S
	 SE
	 15
	 1S
	 36E

	 Li 114
	  
	 80
	 S
	 SW
	 14
	 1S
	 36E

	 Li 115
	  
	 80
	 N
	 SE
	 15
	 1S
	 36E

	 Li 116
	  
	 80
	 N
	 SW
	 14
	 1S
	 36E

	 Li 117
	  
	 80
	 S
	 NE
	 15
	 1S
	 36E

	 Li 118
	  
	 80
	 S
	 NW
	 14
	 1S
	 36E

	 Li 119
	  
	 80
	 N
	 NE
	 15
	 1S
	 36E

	 Li 120
	  
	 80
	 N
	 NW
	 14
	 1S
	 36E

	 Li 121
	  
	 80
	 S
	 SE
	 10
	 1S
	 36E

	 Li 122
	  
	 80
	 S
	 SW
	 11
	 1S
	 36E

	  
	  
	  
	  
	  
	  
	  
	  

	  
	  
	 2,800 
	 Acres
	  
	  
	  
	  

	  
	  
	  
	  
	  
	  
	  
	  

	  
	 Grand Total
	 6713.64
	 Acres
	  
	  
	  
	  

   
 	 
	 Page 9 of 9EX-4.1

 Exhibit 4.1 

Execution Version 

AGREEMENT AND AMENDMENT NO. 3 TO ACQUISITION
AGREEMENT 
 This Agreement and Amendment No. 3 to Acquisition Agreement (this “Amendment”) is entered into as of April __, 2021, by and among Apple Bidco Limited, a private limited company organized and existing under the laws of England and Wales (the “Company”), Atlas
Corp., a corporation organized and existing under the laws of the Republic of the Marshall Islands (“Purchaser”), and Fairfax Financial Holdings Limited, in its individual capacity and in its capacity as the Seller Representative,
the “Seller Representative.” Capitalized terms used but not otherwise defined in this Amendment shall have the meanings ascribed to such terms in the Acquisition Agreement (as defined below). 

RECITALS 
 WHEREAS,
the Company, Purchaser and the Seller Representative, entered into that certain Acquisition Agreement, dated as of November 20, 2019, by and among (i) the entities listed on Exhibit A thereto under the heading “Fairfax,”
including Fairfax Financial Holdings Limited (collectively, the “Fairfax Parties”), (ii) ACM Energy Holdings I Ltd. and ACM Apple Holdings I, LP, (iii) JCLA Cayman Limited, (iv) the Company, (v) Seaspan Corporation,
(vi) Purchaser and (vii) the Seller Representative, as amended by that certain Amendment No. 1 and Waiver to the Acquisition Agreement, dated as of February 21, 2020, letter agreement, dated as of February 28, 2020, and
Agreement and Amendment No. 2 to the Acquisition Agreement, dated as of June 30, 2020 (as so amended, the “Acquisition Agreement”); 

WHEREAS, the parties desire to agree to a final determination of the Final Specified Inventory Value and the Remaining Specified
Inventory Deficit; and 
 WHEREAS, the parties hereto desire to amend the Acquisition Agreement as provided herein. 

NOW, THEREFORE, in consideration of the promises herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by the parties hereto, the parties hereto agree as follows: 
 1. Final Determination of Specified Inventory
Adjustment. The Seller Representative and Purchaser hereby acknowledge and agree that, in accordance with Section 2.4(e) of the Acquisition Agreement, the calculation of the Specified Inventory Adjustment has been
finally determined as follows: 
  

	 	(a)	 the Post-Closing Specified Inventory Consideration is: $2,921,203, the Unsold Specified Inventory is set forth
on Schedule A hereto, and the Unsold Specified Inventory NRV is: $10,358,990; and 

  

	 	(b)	 the Final Specified Inventory Value is: $8,349,441 and the corresponding Remaining Specified Inventory Deficit
is: $3,349,440. 

 In accordance with Section 2.4(e)(iv) of the Acquisition Agreement, each
Seller shall be responsible (at such Seller’s election and on a several, but not joint, basis with each other Seller) to either (x) pay to Purchaser in immediately available funds an amount equal to such Seller’s Percentage Interest
of such deficit or (y) surrender Purchaser Common Shares in an amount equal to such Seller’s Percentage Interest of such deficit divided by the Deemed Purchaser Common Shares Value, in either case within ten (10) Business Days
following the date of this Amendment. The Seller Representative shall provide written notice to each Seller of the portion of the Remaining Specified Inventory Deficit for which such Seller is responsible promptly after the date hereof and the
instructions for payment or surrender of Purchaser Common Shares as provided by Purchaser. 

 2. Other Impaired Asset Adjustment. A new Section 2.4(g)
shall be added to the Acquisition Agreement as follows (and the existing Section 2.4(g) of the Acquisition Agreement shall be re-lettered so as to be
Section 2.4(h)): 
 “(g) Other Impaired Assets. 

(i) Schedule 2.4(g) sets forth (A) a list of certain assets owned by the Company and its Subsidiaries as of the
Closing (excluding any Specified Inventory) (the “Other Impaired Assets”), and (B) with respect to each Other Impaired Asset, the book value of each such Other Impaired Asset as reflected in the balance sheet of the Company as
of immediately prior to Closing on February 28, 2020 (such book value, its “Prior Book Value”). 
 (ii)
Purchaser shall use commercially reasonable efforts to (A) in relation to Other Impaired Assets that the Purchaser elects to sell or otherwise dispose of in accordance with clause (iii) below, sell or otherwise dispose of such Other
Impaired Assets for a commercially reasonable amount of consideration given the condition of the assets, and (B) maintain the Other Impaired Assets to the standard of a reasonable and prudent operator in accordance with customary industry
practices. 
 (iii) With respect to each Other Impaired Asset, the Company and its Subsidiaries may (A) sell such Other
Impaired Asset to a third party that is not an Affiliate of Purchaser or (B) if Purchaser makes a good faith determination that a sale is not commercially feasible, scrap or otherwise dispose of such Other Impaired Assets. Within thirty
(30) days after the conclusion of each calendar quarter following March 31, 2021, Purchaser shall cause the Company to prepare and deliver to the Seller Representative a statement (each, a “Disposition Statement”) setting
forth (A) each Other Impaired Asset sold or otherwise disposed in accordance with this Section 2.4(g)(iii) during such applicable calendar quarter (or other applicable period, as provided below), (B) the aggregate
Prior Book Value of all such Other Impaired Assets sold or disposed during such period and (C) the aggregate consideration received by the Company and its Subsidiaries with respect to all such Other Impaired Assets sold or disposed (such
consideration referred to as the “Realized Value”). The Company and its Subsidiaries shall be deemed to have received nil consideration in relation to any Other Impaired Asset that is scrapped. The first Disposition Statement to be
delivered to the Seller Representative shall set forth all Other Impaired Assets sold or otherwise disposed from and including February 29, 2020 to and including June 30, 2021, together with their aggregate Prior Book Value and aggregate
Realized Value. In relation to each Disposition Statement, to the extent the aggregate Realized Value equals or exceeds the aggregate Prior Book Value of such Other Impaired Assets set forth in a Disposition Statement, the Fairfax Parties shall have
no further obligations hereunder in respect of such Other Impaired Assets. If, however, the aggregate Realized Value of the Other Impaired Assets is less than the aggregate Prior Book Value of such Other Impaired Assets, then subject to
Section 2.4(g)(iv), the Fairfax Parties shall, within thirty (30) days following the delivery of such Disposition Statement, be responsible (on a joint and several basis) to either (A) pay to Purchaser in
immediately available funds an amount (such amount referred to as the Other Impaired Assets’ “Reimbursement Amount”) equal to the amount by which the aggregate Realized Value is less than the aggregate Prior Book Value set
forth in the Disposition Statement, or (B) surrender Purchaser Common Shares in an amount equal to such Reimbursement Amount divided by the Updated Deemed Purchaser Common Shares Value (using the date of the Disposition Statement delivered by
Purchaser pursuant to this Section 2.4(g)(iii) as the date of final determination). 
 (iv) The
aggregate liability of the Fairfax Parties pursuant to this Section 2.4(g) shall not exceed $64,000,000.” 

  
 2 

 3. Indemnity for Applicable Taxes on Imputed Interest. The following amendments shall
be made in respect of Applicable Taxes on Imputed Interest (as defined below): 
 (a) A new item 4 shall be added to Schedule 10.3(a)
as follows: 
 “4. Subject to Section 10.6(l), any federal income Taxes imposed in the United States in
respect of income on APR International, LLC for the taxable period beginning on January 1, 2018 and ending on December 31, 2020 in respect of interest required under applicable Law (at the lowest rate permitted under such Law) to be
imputed for purposes of income Tax on then outstanding intercompany balances between APR International, LLC or Falconbridge Services, LLC, on the one hand, and any of its Affiliates, on the other hand (the “Applicable Intercompany
Balances”), but in each case only to the extent that such Taxes (i) do not constitute Seller Indemnified Taxes and (ii) are excluded from the R&W Policy (the Taxes described in this item 4, “Applicable Taxes on Imputed
Interest”).” 
 (b) A new Section 10.6(l) shall be added to the Acquisition Agreement as follows:

 “(l) Without limiting any other provision of this Agreement, Purchaser shall, and shall cause the Company and its Subsidiaries to,
use commercially reasonable efforts to minimize the amount of the Applicable Taxes on Imputed Interest. Such efforts shall include, without limitation: (i) undertaking a comprehensive accounting and tax review process to identify intercompany
balances and settle them as appropriate in a manner intended to minimize any interest required to be imputed under applicable Law and (ii) undertaking a detailed analysis of each of the intercompany balances to determine whether any of those
balances are more properly treated as equity for tax purposes rather than debt.” 
 (c) A new
Section 10.6(j)(iii) shall be added to the Acquisition Agreement as follows: 
 “(iii) the Fairfax Parties
shall have no Liability in respect of Applicable Taxes on Imputed Interest pursuant to Schedule 10.3(a) unless and until Purchaser and its Affiliates incur Losses in respect of Applicable Taxes on Imputed Interest in excess of $4,000,000, at
which time the indemnification obligations of the Fairfax Parties pursuant to Section 10.3(a) shall only be to the extent of such excess. Furthermore, the aggregate Liability of the Fairfax Parties in respect of Applicable
Taxes on Imputed Interest shall not exceed $12,000,000. In all events, when computing Losses in respect of any Applicable Taxes on Imputed Interest, such calculation of Losses shall take into account any Tax benefit (including, without limitation,
any increase in deductions or other Tax attributes) realized by Purchaser or its Affiliates as a result of maintaining the intercompany balances or making the check the box election.” 

4. Issuance of Additional Warrants. In consideration of the covenants and agreements contained in this Amendment, including as
consideration for the obligations of the Fairfax Parties in respect of the Other Impaired Assets and the agreement of the Fairfax Parties to indemnify for Applicable Imputed Interest Taxes, Purchaser is contemporaneously issuing to Fairfax Parties
as set forth on Schedule B an aggregate of five (5) million warrants to purchase Purchaser Common Shares at a price of $13.00 per share pursuant to those certain Warrant Agreements dated as of even date herewith. 

  
 3 

 5. Release. The Seller Representative, the Company and Purchaser hereby acknowledge
and agree that in consideration of the covenants and agreements contained herein, Purchaser and its Affiliates (including the Company) and their respective successors, assigns, parents, divisions, subsidiaries, and affiliates, and their respective
present and former officers, directors, employees and agents (collectively, the “Releasing Parties”) hereby unconditionally and irrevocably compromise, settle, remise, acquit, and fully and forever release and discharge the Sellers
and their respective beneficiaries, heirs, executors, administrators, representatives, successors, assigns, parents, divisions, subsidiaries and affiliates, and their respective present and former officers, directors, employees and agents
(collectively, the “Released Parties”) from any and all claims, counterclaims, set-offs, demands, choses in action, obligations, remedies, suits, damages and liabilities arising out of or
related to: 
 (a) Section 2.4(a) through (f) of the Acquisition Agreement or otherwise
in respect of the Specified Inventory; 
 (b) (i) the matters described in item 15 of Schedule 10.2(i) and any
Taxes arising in connection therewith arising from or as a result of the Applicable Intercompany Balances or any interest imputed thereon, and (ii) any Taxes to the extent arising from or as a result of the check the box election made prior to
the Closing or being denied with respect to APR International, LLC, provided, that any Losses sustained or incurred by any Purchaser Indemnified Party arising out of or with respect to items 1 or 2 of Special Indemnified Taxes set forth on
Schedule 10.3(a) shall be excluded from the scope of this clause 5(b)(ii); 
 (c) claims in respect of
Applicable Taxes on Imputed Interest in excess of $12,000,000; and 
 (d) the representations, warranties and covenants of
the Acquisition Agreement to the extent relating to the Specified Inventory or the Other Impaired Assets or any intercompany balances of the Company and its Affiliates and any imputed interest and/or Taxes thereupon, 

in each case of clauses (a) through (d) whether now known or unknown, or suspected or claimed, whether arising under common law, in equity,
or under statute, which the Releasing Parties now have, or in the future may claim to have against the Released Parties and which may have arisen at any time on or prior to the date hereof. Each of Purchaser and the Company covenants and agrees
never to commence, voluntarily aid in any way, prosecute, or cause to be commenced or prosecuted against the Released Parties any action or other proceeding based on any of the foregoing which may have arisen at any time on or prior to the date
hereof. Notwithstanding the foregoing, the Releasing Parties are not releasing any of their rights or interests under the terms of this Amendment. 

6. Continuity of Terms. Except as expressly amended hereby, all the other terms and provisions of the Acquisition Agreement shall
remain in full force and effect. Except as expressly set forth in this Amendment, no party to this Amendment waives, modifies, alters, or releases any right, remedy, or claim that such party may have, whether under the Acquisition Agreement or
otherwise, including without limitation any right or claim a party may have under any section of the Acquisition Agreement other than the specified section with respect to which such matter is addressed in this Amendment. 

7. Effective Date. This Amendment and all amendments, modifications, restatements and supplements set forth herein shall be made
effective as of April 30, 2021. 
 8. Amendments. This Amendment may only be amended, modified, or supplemented by an agreement in
writing signed by the Company, Purchaser and the Seller Representative. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving. No waiver by any Party shall
operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise,
or delay in exercising, any right, remedy, power or privilege arising from this Amendment shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. 

  
 4 

 9. Governing Law. Sections 12.12, 12.13, 12.14 and 12.15
of the Acquisition Agreement are hereby incorporated by reference into this Amendment, mutatis mutandis. 
 10. Entire
Agreement. No party to this Amendment makes any agreements, arrangements, understanding, statements, or representations with respect to any of the subject matters addressed by this Amendment other than as specifically set forth in this
Amendment, and each of the parties disclaims any reliance upon any agreements, arrangements, understanding, statements, or representations that are not expressly set forth in this Amendment. 

11. Counterparts. This Amendment may be executed in two (2) or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

[Signature Page Follows] 

  
 5 

 IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first set forth
above. 
  

			
	COMPANY:
	
	APPLE BIDCO LIMITED
		
	 By:
	 	 /s/ Joseph DiCamillo

	Name: Joseph DiCamillo
	Title: Secretary
	
	PURCHASER:
	
	ATLAS CORP.
		
	 By:
	 	 /s/ Graham Talbot

	Name: Graham Talbot
	Title: Chief Financial Officer
	
	FAIRFAX FINANCIAL HOLDINGS LIMITED
		
	 By:
	 	 /s/ Peter Clarke

	Name:
	Title: Chief Operating Officer
	
	SELLER REPRESENTATIVE:
	
	FAIRFAX FINANCIAL HOLDINGS LIMITED
		
	By:	 	 /s/ Peter Clarke

	Name: Peter Clarke
	Title: Chief Operating Officer

 [Signature Page to Agreement and Amendment No. 3 to Acquisition Agreement]

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