Document:

Exhibit 10.11

 

LICENSE AGREEMENT

 

 

 

 

 

between

 

Klydon (PROPRIETARY) LIMITED 

(Registration Number 1997/019687/07)

 

and

 

ASP Isotopes South Africa (PROPRIETARY) LIMITED

(Registration Number 2021/701779/07)

 

    	 	 	 

     

    

 

INDEX

 

	NO	 	CLAUSE HEADING	 	PAGE
	 	 	 	 	 
	1	 	DEFINITIONS AND INTERPRETATION	 	1
	1.1	 	Definitions	 	1
	1.2	 	Interpretation	 	4
	2	 	GRANT OF LICENCE	 	4
	3	 	exclusivity and licence restrictions	 	4
	4	 	DURATION	 	5
	5	 	INTELLECTUAL PROPERTY RIGHTS AND IMPROVEMENTS	 	5
	5.1	 	Intellectual Property Rights	 	5
	5.2	 	Improvement	 	6
	6	 	TECHNICAL INFORMATION AND QUALITY CONTROL	 	7
	6.1	 	Technical Information and Assistance	 	7
	6.2	 	Quality control	 	8
	7	 	PAYMENTS	 	8
	7.1	 	Upfront Payment	 	8
	7.2	 	Royalties and Sublicensing Revenue	 	8
	8	 	WARRANTIES, EXCLUSION OF LIABILITY AND INDEMNITY	 	9
	8.1	 	Warranties	 	9
	8.3	 	Indemnity	 	10
	9	 	FORCE MAJEURE	 	10
	10	 	TERMINATION OF EXCLUSIVITY	 	11
	11	 	confidentiality and protection of information	 	11
	12	 	BREACH	 	12
	13	 	DISPUTE RESOLUTION	 	12
	14	 	NOTICES AND DOMICILIA	 	14
	15	 	MISCELLANEOUS WARRANTY OF AUTHORITY	 	14
	15.1	 	Warranty of Authority	 	14
	15.2	 	Independent Advice	 	15
	15.3	 	Implementation	 	15
	15.4	 	Payment	 	15
	15.5	 	Whole Agreement	 	15
	15.6	 	Variation	 	15
	15.7	 	Relaxation	 	15
	15.8	 	Counterparts	 	15

 

    	 	 i	 

     

    

 

LICENCE AGREEMENT

 

This Agreement is made and entered into between -

 

		(1)	Klydon (PTY) Limited of Building 46, CSIR Campus, Meiring Naude Road, Brummeria, Pretoria, 0184
(Registration Number 1997/109687/07) (“Licensor”); and

 

		(2)	ASP Isotopes South Africa (PTY) Limited of Unit 19 2nd floor , 1 Melrose Boulevard,
Melrose Arch, Gauteng, 2076 (2021/701779/07) (“Licensee”).

 

RECITALS

 

		A.	Licensor owns certain Intellectual Property, and has the right to grant a licence to use and exploit the
Intellectual Property.

 

		B.	Licensor has agreed to grant Licensee the exclusive right to use the Intellectual Property Rights in the
Territory to meet this obligation.

 

		C.	The Licensee wishes to acquire from the Licensor the exclusive right to use the Intellectual Property
Rights in respect of the Technology to develop it and produce the uranium isotope U-235 and distribute, market and sell that U-235 isotope.

 

The Parties agree as follows:

 

		1	DEFINITIONS
                                            AND INTERPRETATION

 

		1.1	Definitions

 

In this Agreement and the recitals,
unless clearly inconsistent with or otherwise indicated by the context -

 

		1.1.1	“Agreement” means the agreement set out in this document and the appendices hereto;

 

		1.1.2	“Confidential Information” means all and any information or data in whatever form (including
in oral, written, electronic and visual form) relating to a Party or the Technology which by its nature or content is identifiable as,
or could reasonably be expected to be, confidential and/or proprietary to either Party and includes, (even if not marked as being confidential,
restricted, secret, proprietary or any similar designation), any and all information in respect of the Technology;

 

    	 	1	 

     

    

 

		1.1.3	“Copyright” means copyright in the Territory in respect of the Technology;

 

		1.1.4	“Designs” means any registered designs and design applications in respect of the Technology;

 

		1.1.5	“Effective Date” means immediately after the termination of the API License;

 

		1.1.6	“Improvement” means any change, development, improvement or modification to any aspect
of the Intellectual Property Rights, the Technology or any method of development of the Technology, use or application of the Technology
including any change, improvement or modification which makes the Technology more efficient or adaptable or enables the Technology to
be manufactured more economically or efficiently or to a higher standard;

 

		1.1.7	“Independent Auditors” means such independent auditors as may be agreed between the Licensor
and the Licensee, or failing agreement within 10 (ten) business days from the date of a request by any Party for such agreement, appointed
by the Executive President for the time being of the South African Institute of Chartered Accountants from one of the 4 (four) largest
(based on number of partners) independent firms of auditors in South Africa at the time;

 

		1.1.8	“Intellectual Property Rights” means all existing and future proprietary rights of the
Licensor relating to the Technology, whether or not such rights have been registered, including the –

 

		1.1.8.1	Copyright;

 

		1.1.8.2	Designs;

 

		1.1.8.3	Know-how;

 

		1.1.8.4	Patents; and

 

		1.1.8.5	Trade Marks.

 

    	 	2	 

     

    

 

		1.1.9	“Know-how” means all information and knowledge of whatever nature relating to the manufacture,
distribution, marketing, use and/or sale of the Technology owned or controlled by the Licensor, including technical information, production
data, drawings, specifications, engineering and scientific information, manufacturing and tooling information, testing and quality control
procedures, secret processes, formulae, marketing and application information and other Confidential Information;

 

		1.1.10	“Licensee” means ASP Isotopes South Africa (Pty) Ltd (Registration Number 2021/701779/07),
a company duly registered and incorporated with limited liability in accordance with the laws of the Republic of South Africa, herein
represented by Mr. Paul Mann;

 

		1.1.11	“Licensor” means Klydon (Proprietary) Limited (Registration Number 1997/109687/07), a
company duly registered and incorporated with limited liability in accordance with the laws of the Republic of South Africa, herein represented
by Dr Einar Ronander (ID Number 500609073088), he being duly authorised thereto;

 

		1.1.12	“Parties” means the Licensor and Licensee and “Party” shall mean either
one of them as the context requires;

 

		1.1.13	“Patents” means any registered patents and patent applications in respect of the Technology;

 

		1.1.14	“Prime Rate” means the publicly quoted basic rate of interest, compounded monthly in
arrears and calculated on a 365 (three hundred and sixty five) day year irrespective of whether or not the year is a leap year, from time
to time published by the Licensor’s bankers from time to time as being its prime overdraft rate, as certified by any representative
of that bank whose appointment and designation it will not be necessary to prove;

 

		1.1.15	“Quarterly Period” means each period of three (3) consecutive months ending on March
31, June 30, September 30, and December 31, and each successive three (3) month period thereafter.

 

		1.1.16	“Subject Isotope” means the U-235 isotope produced using the Technology;

 

		1.1.17	“Technology” means the Aerodynamic Separation Process (ASP) Technology that is able
to separate the isotopes of Uranium;

 

		1.1.18	“Term” means a period of 999 (nine hundred and ninety nine) years, unless this Agreement
is terminated in accordance with its terms;

 

    	 	3	 

     

    

 

		1.1.19	“Territory” means global for the development of the Technology and production of the
Subject Isotope; and globally for the distribution, marketing and sale of that Subject Isotope; and

 

		1.1.20	“Trade Marks” means the registered trade marks, trade mark applications and/or common
law trade marks in respect of the Technology.

 

		1.2	Interpretation

 

		1.2.1	In this Agreement and the recitals, unless clearly inconsistent with or otherwise indicated by the context
-

 

		1.2.1.1	any reference to the singular includes the plural and vice versa;

 

		1.2.1.2	any reference to natural persons includes legal persons and vice versa; and

 

		1.2.1.3	any reference to a gender includes the other genders.

 

		1.2.2	Where appropriate, meanings ascribed to defined words and expressions in 1.1, shall impose substantive
obligations on the Parties.

 

		1.2.3	The clause headings in this Agreement have been inserted for convenience only and shall not be taken into
account in its interpretation.

 

		1.2.4	Words and expressions defined in any sub-clause shall, for the purposes of the clause of which that sub-clause
forms part, bear the meanings assigned to such words and expressions in that sub-clause.

 

		1.2.5	This Agreement shall be governed by and construed and interpreted in accordance with the law of the Republic
of South Africa.

 

		2	GRANT
                                            OF LICENCE

 

The Licensor hereby gives and grants
to the Licensee, which hereby accepts, an exclusive licence to use, sub contract and sub license the Intellectual Property Rights during
the Term for the development and/or otherwise disposing of the Technology and production, distribution, marketing and or sale of the Subject
Isotope in the Territory.

 

		3	EXCLUSIVITY
                                            AND LICENCE RESTRICTIONS

 

		3.1	Exclusivity

 

The licence granted by the Licensor
under this Agreement is exclusive, such that, whilst this Agreement remains in force, the Licensor shall not be entitled, directly or
indirectly, to use, grant or otherwise give any rights (similar to which are granted to this Licensee and/or different rights) to any
other party for use within the Territory.

 

Licence Restrictions

 

		3.1.1	Whilst this Agreement remains in force, The Licensee will not produce, distribute, market and/or sell
any isotopes except the Subject Isotope, unless the Licensee acquires the right for production and distribution of other isotopes from
the Licensor.

 

    	 	4	 

     

    

 

		3.1.2	The degree of isotopic enrichment of the Subject Isotope is limited to be smaller than 20%.

 

		3.1.3	The Licensee will not, without the prior written consent of the Licensor, use the trade names of the Licensor
or Trade Marks in combination with any other trade names or trade marks, nor use trade names, symbols or letters which are confusingly
similar to the trade names or Trade Marks.

 

		4	DURATION

 

		4.1	This Agreement shall commence on the Effective Date and shall continue in full force for the Term.

 

		4.2	The duration of this Agreement shall not be affected by –

 

		4.2.1	the lapsing of one or more of the Intellectual Property Rights, whether by effluxion of time or otherwise;
and

 

		4.2.2	any Patent, Design or Trade Mark comprising the Intellectual Property Rights failing to proceed to grant
or final prosecution or being held to be invalid.

 

		5	INTELLECTUAL PROPERTY RIGHTS AND IMPROVEMENTS

 

		5.1	Intellectual Property Rights

 

		5.1.1	The Licensee acknowledges and agrees that the Intellectual Property Rights are and shall remain the sole
and absolute property of the Licensor and further acknowledges that the reputational use thereof in terms of this Agreement shall enure
for the benefit of the Licensor.

 

		5.1.2	The Licensee shall not anywhere in the world, whether during or after the period of currency of this Agreement -

 

		5.1.2.1	oppose or contest any intellectual property application by the Licensor or the ownership of the Licensor
therein;

 

		5.1.2.2	dispute, contest or question the validity of the Intellectual Property Rights and shall not assist or
counsel any other person to do so;

 

		5.1.2.3	directly or indirectly register the Trade Marks, or any confusingly similar trade marks, anywhere in the
Territory; or

 

		5.1.2.4	directly or indirectly use any trade marks confusingly similar to the Trade Marks anywhere in the Territory.

 

    	 	5	 

     

    

 

		5.1.3	No right, title or interest in and to the Intellectual Property Rights is hereby transferred except the
right to use the Intellectual Property Rights during the Term of this Agreement in the manner and subject to the terms and conditions
set out in this Agreement. The Licensor shall have no right to sell, assign, transfer, alienate, hire, lease, pledge, hypothecate, otherwise
dispose of or encumber or to reproduce the whole or any part of the Intellectual Property Rights without the specific prior written consent
of the Licensee which consent shall not unreasonably be withheld.

 

		5.1.4	The Licensee shall not in any way represent that it has any rights of any nature in and to the Intellectual
Property Rights, other than those which it enjoys in terms of this Agreement. The Licensee shall only use the Intellectual Property Rights
in respect of the Technology, as permitted by this Agreement.

 

		5.1.5	The Licensor shall have the right from time to time to lay down in writing or otherwise reasonable standard
and/or specific procedures for the use of the Intellectual Property Rights and from time to time to add to, amend, vary, supplement, change,
alter or repeal such standard and/or specific procedures on reasonable notice to the Licensee.

 

		5.1.6	The Licensee shall not do or cause to be done any act or thing contesting or in any way impairing or tending
to impair any part of the Licensor’s exclusive right, title and interest in and to the Intellectual Property Rights.

 

		5.1.7	The Licensee undertakes to use its reasonable endeavours to ensure that the reputation and goodwill of
the Intellectual Property Rights are protected, maintained and wherever possible enhanced.

 

		5.1.8	The prosecution and/or defence of any claim in relation to the Intellectual Property Rights shall be the
sole responsibility and shall be undertaken within the sole and absolute discretion of the Licensor, provided that the Licensee shall
forthwith notify the Licensor of any claims or possible infringements of the Intellectual Property Rights of which the Licensee becomes
aware and the Licensee shall, if required by the Licensor and at the Licensor’s cost, join with the Licensor as a party to such
proceedings, and/or assist the Licensor in any such proceedings in the manner and to the extent reasonably required by the Licensor. The
Licensee shall not be entitled to make any admissions of liability in regard to any such claim or to negotiate any settlement in respect
thereof without the specific prior written consent of the Licensor. Notwithstanding the aforesaid, the Licensee shall be entitled to defend
any claim as contemplated in this clause 5.1.8 if the Licensor fails to take any steps in relation to such claim.

 

		5.1.9	The Licensor shall, at the Licensor’s expense maintain all statutory registrations of any item of
the Intellectual Property Rights in force and the Licensor shall pay all renewal and any other fees necessary for this purpose. Notwithstanding
the aforesaid, the Licensee shall have the right to make any such payment and recover the payment from the Licensor if the Licensor fails
to make any such payments.

 

		5.2	Improvement

 

If at any time during the Term of this
Agreement –

 

		5.2.1	the Licensor makes, or receives the benefit of any Improvement or Know-how to the Technology, the Licensor
undertakes to inform the Licensee of such Improvement or Know-how and the Licensee may make use of such Improvement or Know-how for the
purposes of this Agreement. If such Improvement involves additions to the Know-how, such additions will also be deemed to be part of the
Intellectual Property Rights licensed in terms of this Agreement; and

 

		5.2.2	the Licensee makes any Improvement to the Technology, the Licensee will promptly inform the Licensor thereof
in writing and hereby assigns, free of compensation or other claim, all rights in such Improvement to the Licensor and will assist the
Licensor, at the Licensor’s cost, to obtain patent, design, trade mark, copyright and all similar forms of protection for such Improvement
at the expense of the Licensor. The Licensee may make use of such Improvements for the purposes of this Agreement.

 

    	 	6	 

     

    

 

		6	TECHNICAL INFORMATION AND QUALITY CONTROL

 

		6.1	Technical Information and Assistance

 

		6.1.1	The Licensor shall on the Effective Date and during the Term supply, free of charge, to the Licensee -

 

		6.1.1.1	copies of all such documents containing technical information as may be required or necessary to enable
the Licensee to use the Intellectual Property Rights for the development and/or otherwise disposing of the Technology and production,
distribution, marketing and or sale of the Subject Isotope in the Territory; and

 

		6.1.1.2	such further information and Know-how relating generally to the materials, methods and processes required
by the Licensor for the development of the Technology and production, distribution, marketing and or sale of the Subject Isotope in the
Territory..

 

		6.1.2	The Licensor shall –

 

		6.1.2.1	provide, sufficient adequately skilled technical staff able to provide technical assistance to the Licensee
in establishing the plant and production facilities necessary to develop the Technology and produce, distribute, market and sale of the
Subject Isotope;

 

		6.1.2.2	advise the Licensee on all matters relating to the purchase of suitable plant, machinery, tools, fixtures
and fittings necessary to establish plant and production facilities;

 

		6.1.2.3	advise the Licensee on matters relating to the purchase of suitable sources of raw materials necessary
for the use of the Technology;

 

		6.1.2.4	for the Term of this Agreement provide ongoing technical expertise, support, assistance and advice to
the Licensee for the purpose of enabling the Licensee to develop the Technology and to produce, distribute, market and sale of the Subject
Isotope. The Licensor will, at the reasonable request of the Licensee make available, for such period as the Licensor in its sole reasonable
discretion may determine, technical and other staff for the purposes of fulfilling the Licensor’s obligations in terms hereof;

 

		6.1.2.5	provide the Licensee with such assistance as the Licensee may reasonably require, at no charge to the
Licesee, to obtain any regulatory approvals as may be required for the Licensee to use the Technology and to produce, distribute, market
and sell the Subject Isotope.

 

		6.1.3	It is expressly recorded that the Licensor shall not be responsible or liable for consequential damages
or loss of profit which might arise out of the use by the Licensee of any technical information or advice furnished to the Licensee hereunder,
unless Licensee can prove on a balance of probabilities that the technical information or advice was wrong or misleading, and that an
expert in the field would have known it to be wrong or misleading.

 

    	 	7	 

     

    

 

		6.2	Quality control

 

The Licensee shall –

 

		6.2.1	use the Technology and produce, distribute and market the Subject Isotope strictly in accordance with
the specifications and quality standards from time to time prescribed by the Licensor;

 

		6.2.2	ensure that the highest standards of workmanship and material available are employed in the use of the
Technology and the production of the Subject Isotope; and

 

		6.2.3	upon receipt of reasonable notice, permit the Licensor’s duly authorised representatives at all reasonable
times to enter the premises where the Technology is being used, or the Subject Isotope is being produced in order to ascertain whether
the Licensor’s quality control standards are being adhered to and for this purpose will also have the right to take necessary samples
of the Subject Isotope for examination, testing and analysis.

 

		7	PAYMENTS

 

		7.1	Upfront Payment

 

		7.1.1	In consideration of the rights and licenses granted under this Agreement, Licensee shall pay to Licensor,
concurrently with the execution of this Agreement, an initial payment of One Hundred Thousand US Dollars (US$100,000) (the “Upfront
Payment”) by wire transfer to a bank account to be designated in writing by Licensor. The Upfront Payment is not refundable
and is in addition to and not a prepayment of any Royalties, Minimum Royalties, or any other sums payable to Licensor under this Agreement.

 

		7.2	Royalties and Sublicensing Revenue

 

		7.2.1	In consideration of the rights and licenses granted under this Agreement, Licensee shall pay to Licensor
a royalty which will be the greater of (a) Fifty US Dollars (US$50) per Kg of Subject Isotope sold in the Territory and (b) ten percent
(10%) of profits from the Subject Isotope sold in the Territory (“Royalty”) during the Term.

 

		7.2.2	Licensee may grant sublicenses under the rights and licenses granted under this Agreement to third parties.
Licensee shall pay to Licensor thirty three percent (33%) (“Sublicensing Revenue Share”) of any and all cash consideration,
including upfront payments, fixed or periodic fees and milestone fees, received by Licensee for any sublicenses granted pursuant hereto.

 

		7.2.3	Licensee shall pay all Royalties and Sublicensing Revenue Share, and any other sums payable under this
Agreement for each Quarterly Period within twenty (20) Business Days of the end of such Quarterly Period. Licensee shall make all payments
in US dollars by wire transfer of immediately available funds to a bank account to be designated in writing by Licensor.

 

    	 	8	 

     

    

 

		8	WARRANTIES, EXCLUSION OF LIABILITY AND INDEMNITY

 

		8.1	Warranties

 

		8.1.1	The Licensor warrants that, as at the Effective Date and on each day during the Term–

 

		8.1.1.1	it is the sole beneficial owner of the Intellectual Property Rights and that it has the right to licence
the Intellectual Property Rights in the Territory;

 

		8.1.1.2	it is free to grant the licence conferred by this Agreement including that it is not prohibited by an
regulation or law in granting this license and acting pursuant to this Agreement, and that it has not granted any other licence to the
Intellectual Property Rights in the Territory;

 

		8.1.1.3	the Intellectual Property Rights are valid, enforceable and unencumbered;

 

		8.1.1.4	the Intellectual Property Rights and the use thereof does not infringe the intellectual property rights
of any third party;

 

		8.1.1.5	it’s rights in and to the Intellectual Property Rights have not been contested, in whole or in part,
by anyone whomsoever;

 

		8.1.1.6	it has no knowledge of any circumstances or facts that might render the Intellectual Property Rights invalid,
unenforceable, or encumbered; and

 

		8.1.1.7	it has not taken any action or omitted to take any action as a result of which the Intellectual Property
Rights or any part thereof could become unenforceable.

 

		8.1.2	The Licensee expressly acknowledges that under this Agreement the Licensor does not in any way warrant
or guarantee either expressly or impliedly the merchantability or fitness of the Technology or the Subject Isotope.

 

		8.2	Exclusion of liability

 

		8.2.1	Subject to this Agreement and to the extent permitted by applicable law, the Licensor disclaims all warranties
and representations, either express or implied with respect to the Intellectual Property Rights, including but not limited to any implied
warranties of merchantability or fitness for any particular purpose.

 

		8.2.2	Save for any claim for damages arising from a breach of warranty in terms of this Agreement, and subject
to clause 8.2.3, the Licensor shall not be liable for any loss or damage whatsoever or howsoever caused arising directly or indirectly
in connection with the use, or licensing of the Intellectual Property Rights in any manner by the Licensee.

 

		8.2.3	Save for any claim for damages arising from a breach of warranty in terms of this Agreement, neither Party
will be liable to the other Party for any indirect, special, incidental or consequential loss or damage which may arise in respect of
the Intellectual Property Rights, its use or licensing or in any manner by the other Party.

 

    	 	9	 

     

    

 

		8.3	Indemnity

 

		8.3.1	The Licensee hereby indemnifies the Licensor, to the fullest extent permitted in law, against all claims,
costs, damages, losses and expenses which the Licensor may suffer arising from the use of the Intellectual Property Rights by the Licensee,
any breach by the Licensee of its statutory obligations or any breach by the Licensee of its obligations as set forth in clause 11.

 

		8.3.2	The Licensor hereby indemnifies and holds the Licensee harmless against all claims, costs, damages, losses
and expenses which the Licensee may suffer or sustain as a direct result of any claim –

 

		8.3.2.1	against the Licensee arising as a result of the failure of any warranty given in this Agreement to be
true and correct;

 

		8.3.2.2	that the conduct of the Licensee contemplated in this Agreement has resulted in an infringement of the
intellectual property rights of any third party; or

 

		8.3.2.3	that any third party has a prior right in respect of any of the Intellectual Property Rights.

 

		8.3.3	The Licensee undertakes that it will not continue using the Technology and will cease producing, distributing,
marketing and selling the Subject Isotope where these activities will increase the potential damages which the Parties could suffer as
a result thereof, unless:

 

		8.3.3.1	the Licensee is obligated to do so in terms of any agreement, or

 

		8.3.3.2	the Independent Auditors confirm that the potential damages award will be less than potential profits
from ongoing activities such that the risk is mitigated. The Independent Auditors shall act as experts and not as arbitrators, and their
determination shall be final and binding on the Parties. The cost of the Independent Experts shall be borne equally by the Parties.

 

		9	FORCE MAJEURE

 

		9.1	Delay or failure to comply with or breach of any of the terms and conditions of this Agreement if occasioned
by or resulting from an act of God or public enemy, fire, explosion, earthquake, perils of the sea, flood, storm or other adverse weather
conditions, war declared or undeclared, civil war, revolution, civil commotion or other civil strife, riots, strikes, blockade, embargo,
sanctions, epidemics, act of any government or other authority, compliance with government orders, demands or regulations, or any circumstances
of like or different nature beyond the reasonable control of the Party so failing (“force majeure”), will
not be deemed to be a breach of this Agreement nor will it subject either Party to any liability to the other.

 

		9.2	Should either Party be prevented from carrying out its contractual obligations by reason of force majeure
lasting continuously for a period of 30 (thirty) days, the Parties will consult with each other regarding the future implementation of
this Agreement. If no mutually acceptable arrangement is arrived at within a further period of 10 (ten) days after the expiration of such
30 (thirty) day period, either Party will be entitled to cancel this Agreement forthwith on written notice to the other Party.

 

    	 	10	 

     

    

 

		10	TERMINATION OF EXCLUSIVITY

 

		10.1	The Licensor may terminate the exclusivity of this Agreement with immediate effect upon written notice
to the Licensee in the event that the Licensee ceases to carry on activities of Uranium enrichment for period longer than 24 consecutive
months (except for reasons of extended force majeure or circumstances beyond the Licensee’s control).

 

		11	confidentiality and protection of information

 

		11.1	Each Party undertakes that during the operation of, and after the expiration, termination or cancellation
of, this Agreement for any reason, it will keep confidential all Confidential Information of the other Party.

 

		11.2	If the receiving Party is uncertain about whether any information is to be treated as confidential in
terms of this clause 11, it shall be obliged to treat it as such until written clearance is obtained from the disclosing Party.

 

		11.3	Each Party undertakes, subject to clause 11.4, not to disclose any Confidential Information of the other
Party, nor to use such information for its own or anyone else’s benefit.

 

		11.4	Notwithstanding the provisions of clause 11.3, the Licensee shall be entitled to disclose any information
to be kept confidential if and to the extent only that the disclosure is bona fide and necessary for the purposes of using the
Technology and producing, distributing, marketing and selling the Subject Isotope pursuant to this Agreement, and only if the party to
whom the information is disclosed provides a written undertaking to both the Licensee and Licensor that such information shall be kept
confidential.

 

		11.5	The obligation of confidentiality placed on the receiving Party in terms of this clause 11 shall
cease to apply to the receiving Party in respect of any information which –

 

		11.5.1	is or becomes generally available to the public other than by the negligence or default of the receiving
Party or by the breach of this Agreement by the receiving Party;

 

		11.5.2	the disclosing Party confirms in writing is disclosed on a non-confidential basis;

 

		11.5.3	has lawfully become known by or come into the possession of the receiving Party on a non-confidential
basis from a source other than the disclosing Party having the legal right to disclose same, provided that such knowledge or possession
is evidenced by the written records of the receiving Party existing at the Effective Date; or

 

		11.5.4	is disclosed pursuant to a requirement or request by operation of law, regulation or court order, to the
extent of compliance with such requirement or request only and not for any other purpose,

 

provided that –

 

		11.5.5	the onus shall at all times rest on the receiving Party to establish that information falls within the
exclusions set out in clauses 11.5.1 to 11.5.4;

 

		11.5.6	information will not be deemed to be within the foregoing exclusions merely because such information is
embraced by more general information in the public domain or in the receiving Party’s possession; and

 

		11.5.7	any combination of features will not be deemed to be within the foregoing exclusions merely because individual
features are in the public domain or in the receiving Party’s possession, but only if the combination itself and its principle of
operation are in the public domain or in the receiving Party’s possession.

 

    	 	11	 

     

    

 

		11.6	In the event that the receiving Party is required to disclose Confidential Information as contemplated
in clause 11.5.4, the receiving Party will –

 

		11.6.1	advise the disclosing Party thereof in writing prior to disclosure, if possible;

 

		11.6.2	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;

 

		11.6.3	afford the disclosing Party a reasonable opportunity, if possible, to intervene in the proceedings;

 

		11.6.4	comply with the disclosing Party’s reasonable requests as to the manner and terms of any such disclosure;
and

 

		11.6.5	notify the disclosing Party of, and the form and extent of, any such disclosure or announcement immediately
after it is made.

 

		11.7	All documentation concerning the Intellectual Property Rights remains the exclusive property of the Licensor
and upon termination of this Agreement will be returned to the Licensor. The Licensee undertakes to prevent the unauthorised use of such
documentation and will not make copies of any such documentation without the prior written consent of the Licensee.

 

		12	BREACH

 

Should any Party (“Defaulting
Party”) commit a breach of any of the provisions of this Agreement, then the other Party (“Aggrieved Party”),
shall be obliged to give the Defaulting Party 10 (ten) Business Days written notice or such longer period as may be reasonably required
in the circumstances, to remedy the breach. If the Defaulting Party fails to comply with the notice, the Aggrieved Party shall be entitled
to claim immediate payment and/or specific performance by the Defaulting Party of all the Defaulting Party’s obligations without prejudice
to the Aggrieved Party’s rights to claim damages. The foregoing is without prejudice to any other rights as the Aggrieved Party
may have at law, provided that the Aggrieved Party shall not be entitled to cancel this Agreement for any breach by the Defaulting Party.

 

		13	DISPUTE RESOLUTION

 

		13.1	The Parties agree that the terms of this Agreement will be performed in the spirit of mutual co-operation,
trust and confidence. The Parties further agree to use their reasonable endeavours to resolve, through mutual consultation, without involving
any third party or parties, any dispute which may arise under, out of, or in connection with or in relation to this Agreement. If following
such mutual consultation, the dispute still remains outstanding, the matter shall be referred to the chief executive officer of each Party
to the dispute or their respective representatives, who shall negotiate for a period of up to 5 (five) Business Days from the date of
such referral in an attempt to resolve such dispute. If following the expiry of such 5 (five) Business Day period, the dispute is still
unresolved, then, save where otherwise provided in this Agreement, the matter shall be referred to arbitration in accordance with the
remaining provisions of this clause 13.

 

		13.2	This clause 13 is a separate, divisible agreement from the rest of this Agreement and shall -

 

		13.2.1	not be or become void, voidable or unenforceable by reason only of any alleged misrepresentation, mistake,
duress, undue influence, impossibility (initial or supervening), illegality, immorality, absence of consensus, lack of authority or other
cause relating in substance to the rest of the Agreement and not to this clause 13, which issue, the Parties intend, shall be subject
to arbitration in terms of this clause 13; and

 

		13.2.2	remain in effect even if the Agreement terminates or is cancelled.

 

    	 	12	 

     

    

 

		13.3	Save to the extent to the contrary provided for in this Agreement, any dispute arising out of or in connection
with this Agreement or the subject matter of this Agreement including, without limitation, any dispute concerning –

 

		13.3.1	the existence of this Agreement apart from this clause 13;

 

		13.3.2	the interpretation and effect of this Agreement;

 

		13.3.3	the Parties’ respective rights or obligations under this Agreement;

 

		13.3.4	the rectification of this Agreement;

 

		13.3.5	the breach, termination or cancellation of this Agreement or any matter arising out of such breach, termination
or cancellation;

 

		13.3.6	damages in contract, in delict, compensation for unjust enrichment; or

 

		13.3.7	any other claim whether or not the rest of this Agreement apart from this clause 13 is valid and enforceable,

 

shall be decided by arbitration as
set out in this clause 13.

 

		13.4	The Parties to this dispute shall agree on the arbitrator. If agreement is not reached within 10 (ten)
Business Days after any Party to the dispute in writing calls for agreement, the arbitrator shall be a practising commercial attorney
or advocate of at least 10 (ten) years standing on the panel of arbitrators of the Arbitration Foundation of Southern Africa (“AFSA”)
nominated at the request of any Party to the dispute by the Registrar of AFSA for the time being.

 

		13.5	The request to nominate an arbitrator shall be in writing outlining the claim and any counterclaim of
which the Party to the dispute concerned is aware and, if desired, suggesting suitable nominees for appointment, and a copy shall be furnished
to the other Parties to the dispute who may, within 5 (five) Business Days, submit written comments on the request to the addressor of
the request.

 

		13.6	The arbitration shall, unless otherwise agreed between the Parties to the dispute, be held in Johannesburg
and the Parties shall endeavour to ensure that it is completed as soon as reasonably possible after notice requiring the claim to be referred
to arbitration is given.

 

		13.7	The proceedings in the arbitration shall as far as practicable take place in private and be kept confidential.

 

		13.8	The arbitration shall be governed by the Arbitration Act, No. 42 of 1965, as amended, or any replacement
act and shall take place in accordance with the Commercial Arbitration Rules of AFSA.

 

		13.9	The decision resulting from such arbitration shall be subject to a right of appeal to a panel of 3 (three)
arbitrators as provided for in the Commercial Arbitration Rules of AFSA whose decision shall, or, in the event that the single arbitrator’s
decision shall not have timeously been taken on appeal, the decision of the single arbitrator shall, in the absence of manifest error,
be final and binding upon the Parties to the dispute, and may be made an order of any court of competent jurisdiction.

 

		13.10	This clause 13 shall not preclude any Party to a dispute from obtaining interim relief on an urgent basis
from a court of competent jurisdiction pending the decision of the arbitrator or panel of arbitrators, on appeal.

 

		13.11	A written notice by any Party to the dispute requesting the nomination of an arbitrator, shall be deemed
to be a legal process for the purpose of interrupting extinctive prescription in terms of the Prescription Act, No. 68 of 1969.

 

    	 	13	 

     

    

 

		14	NOTICES AND DOMICILIA

 

		14.1	The Parties choose as their domicilia citandi et executandi their respective addresses set out
in this 14 for all purposes arising out of or in connection with this Agreement, at which addresses all the processes and notices arising
out of or in connection with this Agreement, its breach or termination, may validly be served upon or delivered to the Parties.

 

		14.2	For the purposes of this Agreement, the Parties’ respective addresses shall be -

 

		14.2.1	as regards the Licensor at Building 46, CSIR Campus, Meiring Naude Road, Brummeria, Pretoria, 0184

 

facsimile number: (012) 349 2128

 

email address: einar.ronander@klydon.co.za

 

marked for the attention
of: Dr E Ronander

 

		14.2.2	as regards the Licensee at, Unit 19 2nd floor , 1 Melrose Boulevard, Melrose Arch, Gauteng,
2076

 

Email address: pmann@aspisotopes.com

 

marked for the
attention of: Paul Mann

 

		14.3	Any notice given in terms of this Agreement shall be in writing and shall -

 

		14.3.1	if delivered by hand, be deemed to have been duly received by the addressee on the 1st (first)
Business Day following the date of delivery;

 

		14.3.2	if transmitted by facsimile, be deemed to have been duly received by the addressee on the 1st
(first) Business Day following the date of despatch; and

 

		14.3.3	if delivered by recognised international courier service, be deemed to have been duly received by the
addressee on the 1st (first) Business Day following the date of such delivery by the courier service concerned,

 

provided that the
relevant notice is marked for the attention of the relevant Party’s designated person for receipt of any processes and notices in connection
with this Agreement as contemplated in 14.2.

 

		14.4	Notwithstanding anything to the contrary contained in this Agreement, a written notice or communication
actually received by the relevant Party’s designated person for receipt of any processes and notices in connection with this Agreement
as contemplated in 14.2 from another Party, shall be adequate written notice or communication to such Party.

 

		15	MISCELLANEOUS WARRANTY OF AUTHORITY

 

		15.1	Warranty of Authority

 

Each Party warrants to each of the
other Parties that it has the power, authority and legal right to sign and perform this Agreement and that this Agreement constitutes
valid and binding obligations on it in accordance with the terms of this Agreement and, in respect of each Party that is a company, has
been duly authorised by all necessary actions of its directors.

 

    	 	14	 

     

    

 

		15.2	Independent Advice

 

Each Party hereto acknowledges that
it has been free to secure independent legal advice as to the nature and effect of all of the provisions of this Agreement and that it
has either taken such independent legal advice or dispensed with the necessity of doing so. Further, each Party hereto acknowledges that
all of the provisions of this Agreement and the restrictions herein contained are fair and reasonable in all the circumstances and are
part of the overall intention of the Parties in connection with the Company.

 

		15.3	Implementation

 

The Parties undertake
to do all such things, perform all such acts and take all steps to procure the doing of all such things and the performance of all such
acts, as may be necessary or incidental to give or be conducive to the giving of effect to the terms, conditions and import of this Agreement.

 

		15.4	Payment

 

		15.4.1	Any payment payable in terms of this Agreement shall be net of any withholding taxes, other taxes, duties
or levies, if any, payable in respect of such payment except to the extent that VAT is payable on such amount in which case the relevant
amount shall include the relevant VAT amount.

 

		15.4.2	Any amount not paid when due and payable under this Agreement shall bear interest at the Prime Rate from
the due date to date of payment in full.

 

		15.5	Whole Agreement

 

This Agreement constitutes the whole
agreement between the Parties as to the subject matter hereof and no agreement, representations or warranties between the Parties other
than those set out herein are binding on the Parties. This Agreement may only be varied by mutual written agreement.

 

		15.6	Variation

 

No addition to or variation, consensual
cancellation or novation of this Agreement and no waiver of any right arising from this Agreement or its breach or termination shall be
of any force or effect unless reduced to writing and signed by each of the Parties or their duly authorised representatives.

 

		15.7	Relaxation

 

No latitude, extension of time or other
indulgence which may be given or allowed by either Party to the other Party in respect of the performance of any obligation hereunder
or enforcement of any right arising from this Agreement and no single or partial exercise of any right by either Party shall under any
circumstances be construed to be an implied consent by such Party or operate as a waiver or a novation of, or otherwise affect any of
that Party’s rights in terms of or arising from this Agreement or estop such Party from enforcing, at any time and without notice, strict
and punctual compliance with each and every provision or term hereof.

 

		15.8	Counterparts

 

This Agreement may be executed in one
or more counterparts, each of which shall be deemed an original and all of which shall be taken together and deemed to be one instrument.

 

    	 	15	 

     

    

 

Signed at Pretoria on this the 25th day of January
2022

 

	/s/ Einar Ronander 	 	For:	Klydon (PTY) Limited
	Duly Authorised	 	 

 

	Name:	Einar Ronander	 
	 	 
	Designation:	Director	 

 

Signed at Pretoria on this the 25th day of January
2022

 

	/s/ Paul Mann	 	/s/ Robert Ainscow	 	For:	ASP Isotopes South Africa (PTY) Limited
	Duly Authorised	 	 	 	 

 

	Name:	Paul
    Mann	Robert
    Ainscow	 
	 	 	 	 
	Designation:	CEO	Director	 

 

 

16Exhibit 10.12

 

Klydon Proprietary Limited

 

and

 

PDS Photonica Holdings South Africa Proprietary
Limited

 

CONTRACT FOR A TURNKEY MOLYBDENUM ENRICHMENT
PLANT

 

DATED: 1 NOVEMBER 2021

 

in relation to:

 

		1.	the custody of existing Molybdos assets;

 

		2.	the design of a 20 Kg p.a. molybdenum-100 enrichment facility with target manufacturing capability;

 

		3.	the supply of components and equipment required for the 20 Kg p.a.; 

 

		4.	the installation, testing and commissioning of the Molybdenum enrichment plant including production
of targets to be used by customers in cyclotrons;

 

		5.	securing all required approvals, regulatory authorisations and other required consents for the operation
of the plant; 

 

		6.	providing training to local PDS-P personnel to enable them to operate the plant going forward; and

 

		7.	providing warranties in relation to the performance targets of the plant which are required to be met.

 

     

     

    

 

	1.	ARTICLE 1 - PARTIES	3
	2.	ARTICLE 2 –RECITALS	3
	3.	ARTICLE 3 – DEFINITIONS AND INTERPRETATION	4
	4.	ARTICLE 4 - DELIVERY, COMMENCEMENT AND CONTINUATION	6
	5.	ARTICLE 5 - TERMS OF PAYMENT OF CONTRACT PRICE	7
	6.	ARTICLE 6 - CHANGES TO PDS-P’S REQUIREMENTS	7
	7.	ARTICLE 7 - CONTRACT MANAGEMENT	7
	8.	ARTICLE 8 - WARRANTIES AND INDEMNITY	8
	9.	ARTICLE 9 – BREACH AND TERMINATION	9
	10.	ARTICLE 10 - AMENDMENT AND VARIATION; ASSIGNMENT	9
	11.	ARTICLE 11 - CONFIDENTIALITY	9
	12.	ARTICLE 12 - SEVERANCE	10
	13.	ARTICLE 13 - DISPUTE RESOLUTION	10
	14.	ARTICLE 14 – NOTICES	11
	15.	ARTICLE 15 - LAW AND JURISDICTION	12
	16.	ARTICLE 16 – COMPLIANCE MATTERS	12
	17.	ARTICLE 17 – FORCE MAJEURE	13
	18.	ARTICLE 18 - COMPLETION DATE	13
	19.	ARTICLE 19 - AUTHORISED	14
	APPENDIX 1 - SCHEDULE OF TASKS AND PROJECT PLAN	15
	APPENDIX 2 - CONTRACT PRICE & PAYMENT PROCEDURE	17
	APPENDIX 3 - ESCROW DOCUMENTS	20

 

    2

     

    

 

THIS CONTRACT FOR A TURNKEY MOLYBDENUM ENRICHMENT
PLANT IS DATED - 1 NOVEMBER 2021

 

	1.	ARTICLE 1 - PARTIES

 

		(1)	PDS Photonica Holdings South Africa Proprietary Limited (Registration number 2021/701779/07) incorporated
in accordance with the laws of South Africa and having its registered office at Unit 19 2nd Floor, 1 Melrose Boulevard, Melrose
Arch, Gauteng 2076 (“PDS-P”); and

 

		(2)	Klydon Proprietary Limited (Registration number 1997/019684/07) incorporated in accordance with
the laws of South Africa and having its registered office at Building 46, Scientific Meiring Naude Road, Brummeria, Pretoria, 0184 (the
“Contractor”).

 

	2.	ARTICLE 2 –RECITALS

 

	(A)	The Contractor is a provider of a stable (non-radioactive) isotope separation plant, including technology
transfer & management and market development.

 

	(B)	PDS-P wishes to appoint the Contractor to supply a complete Turnkey Molybdenum–100 (Mo-100) enrichment
plant to PDS-P. The Contractor will provide its skills, expertise and knowledge in supplying a complete Turnkey Molybdenum–100 (Mo-100)
enrichment plant to PDS-P.

 

	(C)	The Contractor has agreed to provide a complete, Turnkey, Molybdenum–100 (Mo-100) enrichment plant
on the PDS-P site, with an initial capacity of 5 kg p.a. of 95% and above enriched molybdenum-100 (Mo-100), to be increased to 20 kg p.a.,
subject to the terms and conditions set out in this Contract and in compliance with: (i) all applicable national, supranational,
state, provincial and local laws, including the requirements of the Non-Proliferation Treaty (“NPT”), the International
Atomic Energy Agency (“IAEA”) and the Nuclear Suppliers Group (“NSG”); and (ii) the procedures for
registration and obtaining the necessary permits as laid down by the South African Non Proliferation Council (“NPC”)
and other requirements of the NPC), in each case as further provided in Article 16 of this Contract.

 

Note re: clauses (ii) & (iii)
above - All isotope separation technologies are controlled by the IAEA under international agreement.

 

	(D)	The Parties acknowledge and agree that pursuant to this Contract:

 

		(i)	The Contractor shall take custody of the partially completed molybdenum enrichment plant known as the
“Molybdos Plant” on behalf of PDS-P, who have acquired the plant under invoice number B-CE4-2415.

 

		(ii)	The Contractor shall incorporate the assets of Molybdos in order to attain a 20KG p.a. Molybdenum 100
enrichment plant for PDS-P, to an enrichment greater than 95% to meet the specification required by the Cyclotrn owner(s) for processing
into medical grade TC-99M (Technetium-99M) as used in SPECT scans.

 

		(iii)	In order to safeguard the significant investment by PDS-P in this project, the Contractor undertakes to
place the Project Documents in escrow with Adams & Adams Attorneys in Johannesburg (subject to compliance with applicable law, including
requirements of the NPT, the IAEA and the NSG, as well as the procedures and requirements of the NPC).

 

The Recitals in this Article 2 are
made a part of this Contract.

 

    3

     

    

 

	3.	ARTICLE 3 – DEFINITIONS AND INTERPRETATION

 

	3.1	Unless the context dictates otherwise, the words and expressions set forth below shall bear the following
meanings and cognate expressions shall bear corresponding meanings:

 

	
    “Business Day”
	means any day other than a Saturday, Sunday or an official public holiday in South Africa;
	 	 
	
    “Confidential Information”

     
	means all information which has been designated as confidential by either Party in writing or that ought to be considered as confidential (however it is conveyed or on whatever media it is stored) including but not limited to information which relates to the business, affairs, properties, assets, trading practices, services, developments, trade secrets, intellectual property rights, know-how, personnel, customers and suppliers of either Party and commercially sensitive information which may be regarded as the confidential information of the disclosing Party;
	 	 
	“A complete Turnkey, Molybdenum–100 (Mo-100) enrichment plant ”	means all of the activities to be undertaken by or to be performed by the Contractor as outlined in Appendix 1 at the facility leased by PDS-P at 33 Eland Street, Koedoespoort,  Industrial, Pretoria;
	 	 
	“Contract Manager”	means a director of PDS-P or such other person as PDS-P may notify to the Contractor in writing from time to time;
	 	 
	“Contract Price”	means the price in US$ (United States Dollars) to be paid by PDS-P in consideration of the complete Turnkey, Molybdenum–100 (Mo-100) enrichment plant, which is to be paid in accordance with the payment procedure as set out in Appendix 2;
	 	 
	“Contractor Personnel”	means all employees, agents and/or sub-contractors employed by the Contractor and/or of any sub-contractor;
	 	 
	
    “Contractor’s Contract Manager(s)”

     
	means Dr Hendrik Johannes Strydom as Project Manager, Carl Ronander as Finance Manager and / or such other person as the Contractor may notify to PDS-P in writing from time to time;
	 	 
	“Dollars”	means United States Dollars;
	 	 
	“Parties”	means PDS-P and the Contractor, and “Party” shall, as the context requires, be a reference to any one of them;
	 	 
	“Project Documents”	means all documents required in order to complete the Molybdenum–100 (Mo-100) 20 Kg p.a. enrichment plant, as more fully outlined in Appendix 3;
	 	 
	“Project Insurance”	
    means project insurance procured by the Contractor
    by means of a suitable insurance policy with a licensed provider of such insurance. The insurance policy shall be “all risks”
    and shall specifically include cover in South Africa and Europe for:

     

    §   Project
    Management Protective Liability;

    §   Project
Insurance cover of Project Objectives;

    §   Professional
    Indemnity;

    §   Public
    Liability;

    §   Employers
    Insurance Cover;

    §   Business
Interruption Insurance; and

    §   Key
Man Insurance;

	 	 
	“Signature Date”	means the date of the signature of the Party last signing this Contract in time;
	 	 
	
    “Quantity & Specification”

     
	means the production of 20 kg of enriched Molybdenum-100 per annum, to an enrichment greater than 95% to meet the specification required by the Cyclotron owner(s) for processing into medical grade Tc-99m (Technetium-99m) as used in SPECT scans.

 

    4

     

    

 

	3.2	References to “Contract” means this contract (and includes the Appendices). References
to “Articles” and “Appendices” mean articles of and appendices to this Contract. The provisions
of the Appendices shall be binding on the Parties as if set out in full in this Contract. To the extent that there is any conflict between
the Appendices and the provisions of this Contract, the provisions of this Contract shall prevail.

 

	3.3	References in this Contract to statutory provisions include all prior and subsequent enactments, amendments
and substitutions relating to that provision and to any regulations made under it.

 

	3.4	Reference to the singular include the plural and vice versa and references to any gender include both
genders. References to a person include any individual, firm, unincorporated association or body corporate.

 

	3.5	A period of a “month” means unless the context otherwise requires, a period starting
on one day in a calendar month and ending on the numerically corresponding day in the next succeeding calendar month except that, where
any such period would otherwise end on a day which is not a Business Day it shall end on the immediately preceding Business Day; provided
that if a period starts on the last Business Day of a calendar month or if there is no numerically corresponding days in the month in
which that period ends, that period shall end on the last Business Day in that later month (and references to “months”
shall be construed accordingly).

 

	3.6	When any number of days is prescribed in this Contract, it shall be reckoned exclusively of the first
and inclusively of the last day unless the last day falls on a day which is not a Business Day, in which case the last day shall be the
next succeeding Business Day.

 

	3.7	No provision of this Contract constitutes a stipulation for the benefit of any person who is not a Party
to this Contract.

 

	3.8	References to day/s, month/s or year/s shall be construed as Gregorian calendar day/s, month/s or year/s.

 

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

 

	3.10	The rule of construction that, in the event of ambiguity, the Contract shall be interpreted against the
Party responsible for the drafting thereof, shall not apply in the interpretation of this Contract.

 

	3.11	The expiration or termination of this Contract shall not affect such of the provisions of this Contract
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.

 

	3.12	This Contract shall be binding on and enforceable by the successors-in-title, permitted assigns or liquidators
of the Parties as fully and effectually as if they had signed this Contract in the first instance and reference to any Party shall be
deemed to include such Party’s successors-in-title, permitted assigns or liquidators, as the case may be.

 

	3.13	Where figures are referred to in numerals and in words, if there is any conflict between the two, the
words shall prevail.

 

	3.14	The use of the word “including” followed by a specific example or examples shall not be construed
as limiting the meaning of the general wording preceding the word “including” and the eiusdem generis rule shall not
be applied in the interpretation of such general wording or such specific example or examples.

 

    5

     

    

 

	4.	ARTICLE 4 - DELIVERY, COMMENCEMENT AND CONTINUATION

 

	4.1	The Contractor shall commence the Turnkey, Molybdenum–100 (Mo-100) enrichment plant (“Mo-100
plant”) project on the Signature Date, with an initial capacity of 5 kg p.a. of 95% and above enriched molybdenum-100 (Mo-100),
to be increased to 20 kg p.a., all subject to the terms and conditions set out in this Contract.

 

	4.2	The Mo-100 plant is of modular construction, with each module containing separator enrichment assemblies
(“SEAs”), and each SEA containing one separator and four compressors. The abovementioned components are designed and
built to separate molecules of gas, based on their molecular mass. They are manufactured to tolerances of tenths of microns. The compressors
are made in Switzerland and the separators are made in South Africa. Every one of these high specification components is fully tested
prior to installation into the SEA.

 

	4.3	PDS-P has sought to finalise funding through institutional channels, but it has become clear that the
only viable way to achieve the objective is to achieve a proof of concept of the Mo-100 plant separation technology through bringing the
product to market, supported by a group of specialist private funding investors (“the Investors”).

 

	4.4	The Contractor undertakes that the initial “proof of concept” stage will take 6 (six) months
to complete from the Signature Date (“Initial Investment Stage”). The capital requirements for the Initial Investment
Stage is US$ 6,800,000 (six million eight hundred thousand Dollars). The Initial Investment Stage will end at the point of first production
of Mo-100, which will be generated by completion of a smaller capacity plant, with an annual capacity of 5kgs per annum, which will then
be augmented up to 20kgs capacity per annum, with an enrichment greater than 95%, through modular construction, with the benefit of a
further capital injection equal to the secondary investment amount of U$ 6,000,000 (six million Dollars).

 

	4.5	The Mo-100 plant target production will begin as soon as the first enriched material is available and
sales contracts will be negotiated at this time.

 

	4.6	The Contractor is appointed to undertake the provision of the Mo-100 plant. This Contract shall not prevent
the Contractor from undertaking other consultancy or project management services provided that the undertaking of such services does not
cause a delay to, or breach of, any provision of this Contract.

 

	4.7	The Contractor shall provide Project Insurance by means of a suitable insurance policy with a licensed
provider of such insurance, and the Contractor shall provide confirmation of such insurance cover by no later than 30 November 2021.

 

	4.8	The Contractor shall promptly and efficiently provide the complete Mo-100 plant as and when required with
all due care and skill as may be expected of a person or an organisation with the experience of the Contractor and in accordance with
this Contract and in particular but not limited to the provisions set out in Appendix 1.

 

	4.9	In the event of the dissolution, deregistration or winding-up of the Contractor, for any reason whatsoever,
the Contractor agrees to cooperate with PDS-P to make offers of employment with PDS-P to Dr Einar Ronander and Dr Hendrik Johannes Strydom.

 

    6

     

    

 

	5.	ARTICLE 5 - TERMS OF PAYMENT OF CONTRACT PRICE

 

	5.1	PDS-P shall pay the Contractor the Contract Price in accordance with the payment provisions of Appendix
2 provided that:

 

		(a)	the Contractor has placed the Project Documents listed at Appendix 3 in escrow within 60 (sixty) days
of the Signature Date; and

 

		(b)	PDS-P has received full and accurate information and documentation as required by Appendix 2 to be submitted
by the Contractor, as work is completed in accordance with the schedule of tasks outlined in Appendix 1.

 

	6.	ARTICLE 6 - CHANGES TO PDS-P’S REQUIREMENTS

 

	6.1	PDS-P shall notify the Contractor in writing of any material change to PDS-P’s requirements under this
Contract.

 

	6.2	The Contractor shall use all reasonable endeavours to accommodate any changes to the needs and requirements
of PDS-P provided that it shall be entitled to payment for any additional reasonable costs incurred as a result of any such changes. The
amount of such additional costs must be agreed between the Parties in writing.

 

	7.	ARTICLE 7 - CONTRACT MANAGEMENT

 

	7.1	The Contractor shall, and shall ensure that its officers, employees and agents, comply with any reasonable
guidance or guidelines issued by the Contract Manager from time to time in connection with the a Mo-100 plant.

 

	7.2	Employees and visitors from countries which have not acceded to the IAEA’s NPT, will not be given access
to the Mo-100 plant.

 

	7.3	The Contractor shall address any enquiries about procedural, contractual or other matters in connection
with the provision of the Mo-100 plant in writing to the Contract Manager. Any correspondence relating to this Contract shall quote the
reference number set out on the cover page of this Contract.

 

	7.4	The Contractor will provide regular progress updates to PDS-P, which include:

 

		(a)	weekly reports on each Friday at 12:00 South African time outlining the current status of project against
the proposed plan set out in Appendix 1; and

 

		(b)	reports provided on the seventh Business Day following the last day of each and every month outlining
the expenditure incurred and committed for the relevant phase.

 

	7.5	PDS-P reserves the right to call Contract meetings at any time. These shall be attended by the Contractor,
PDS, and the Contract Manager, and any other PDS-P representative that PDS-P wishes to attend.

 

	7.6	The Contractor will be responsible, at their own expense, for obtaining the relevant licences and permits
required in South Africa and liaising with the relevant South African authorities including, but not limited to, the NPC, the NSG and
IAEA as appropriate to ensure that the Turnkey Contract and the Turnkey Molybdenum–100 (Mo-100) enrichment plant is compliant with
international laws and guidelines.

 

    7

     

    

 

	7.7	The Contractor undertakes to maintain the licences and permits required for the Mo-100 plant by the South
African authorities, international laws and guidelines as outlined in clause 7.6 above, and to ensure that such licences and permits are
in full force and effect at all times. The Contractor shall provide to PDS-P copies of such licences and permits when requested to do
so in writing by PDS-P.

 

		7.8	The Contractor undertakes to support PDS-P with renewing the licences and permits required for the Mo-100
plant referred to in clauses 7.6 and 7.6 above, as and when they become due for renewal.

 

	8.	ARTICLE 8 - WARRANTIES AND INDEMNITY

 

	8.1	The Contractor warrants and represents to PDS-P that the obligations of the Contractor under this Contract
will be performed by appropriately qualified and trained personnel to the standard, care and skill required of such personnel.

 

	8.2	The Contractor warrants that on completion, the Mo-100 plant will meet its performance target of producing
20 kg p.a. of enriched Mo-100, to the required specification.

 

	8.3	PDS-P relies upon the Contractor’s skill, expertise and experience in the performance of the Mo-100 plant.
PSD-P also relies upon the accuracy of all representations or statements made and the advice given by the Contractor in connection with
the performance of the Mo-100 plant and the accuracy of any documents conceived, originated, made or developed by the Contractor as part
of this Contract.

 

	8.4	The Contractor warrants and represents that any goods supplied by the Contractor or its sub-contractors,
forming a part of the complete Mo-100 plant, will be of satisfactory quality and fit for their purpose and will be free from defects in
design, material and workmanship.

 

	8.5	The Contractor warrants and represents that the Mo-100 plant will have an initial capacity of 5 kg p.a.
of 95% and above enriched molybdenum-100 (Mo-100) and that this capacity will be increased to 20 kg, during Q1 of the second year following
the Signature Date of this Contract, provided the Mo-100 plant has the relevant capacity to operate for this period.

 

	8.6	PDS-P enters into this Contract in reliance upon the warranties and representations in this Contract.
PDS-P has conducted its own independent investigation, review and analysis of the Contractor and PDS-P acknowledges and agrees that: (a)
in making its decision to enter into this Contract, PDS-P has relied solely upon its own investigation and the warranties and representations
of the Contractor set forth in this Contract; and (b) neither the Contractor nor any other person has made any warranty or representation
as to the Contractor or the project, except as expressly set forth in this Contract.

 

	8.7	The Contractor indemnifies and holds PDS-P harmless from and against, and shall pay to PDS-P the amount
of any and all losses incurred or suffered by PDS-P, resulting from a breach of any of the warranties and representations in this Article
8, and a breach of any other term of this Contract.

 

    8

     

    

 

	9.	ARTICLE 9 – BREACH AND TERMINATION

 

	9.1	A non-defaulting Party may terminate this Contract by providing the defaulting Party notice in writing
that the defaulting Party is in material breach of its obligations under this Contract and where such breach is capable of remedy requiring
the defaulting Party to remedy the breach within 10 (ten) days of the notice. If the breach has not been remedied within 10 (ten) days,
the non-defaulting Party may terminate this Contract with immediate effect by providing the defaulting Party notice in writing.

 

	9.2	Should the Contractor fail to meet the proposed schedule of tasks and project plan as outlined in Appendix
1, PDS-P will be entitled to withhold any payment due to the Contractor until such time that the Contractor meets the requirements of
PDS-P, to the satisfaction of PDS-P.

 

	9.3	Any termination of this Contract is without prejudice to any claim that either Party may have in respect
of any breach of the terms and conditions of this Contract by the other Party arising prior to the date of cancellation.

 

	10.	ARTICLE 10 - AMENDMENT AND VARIATION; ASSIGNMENT

 

No addition to, variation or consensual
cancellation of this Contract and no extension of time, waiver or relaxation or suspension of any of the provisions or terms of this Contract
shall be of any force or effect unless in writing and signed by or on behalf of both Parties. The Contractor shall comply with any formal
procedures set out by PDS-P for amending or varying contracts and PDS-P will notify the Contractor of these formal procedures from time
to time.

 

Neither Party shall assign any of
its rights or delegate any of its obligations hereunder without the prior written consent of the other Party. Any purported assignment
or delegation in violation of this Section shall be null and void. No assignment or delegation shall relieve the assigning or delegating
Party of any of its obligations hereunder unless the non-assigning or non-delegating Party enters into a novation releasing the assigning
or delegating Party of its obligation under the Agreement.

 

	11.	ARTICLE 11 - CONFIDENTIALITY

 

	11.1	The Contractor acknowledges that any Confidential Information obtained from or relating to PDS-P, its
servants or agents is the property of PDS-P.

 

	11.2	Each Party hereby warrants that:

 

		(a)	Any person employed or engaged by it (in connection with this Contract in the course of such employment
or engagement) shall treat all Confidential Information belonging to the other Party as confidential, safeguard it accordingly and only
use such Confidential Information for the purposes of this Contract.

 

		(b)	Any person employed or engaged by it (in connection with this Contract in the course of such employment
or engagement) shall not disclose any Confidential Information to any third party without prior written consent of the other Party, except
where disclosure is otherwise expressly permitted by the provisions of this Contract.

 

		(c)	The Contractor shall take all necessary precautions to ensure that all Confidential Information obtained
from PDS-P is treated as confidential and not disclosed (without prior approval) or used other than for the purposes of this Contract
by any of its employees, servants, agents or sub-contractors.

 

    9

     

    

 

	11.3	Without prejudice to the generality of the foregoing neither the Contractor or any person engaged by it
whether as a servant or Contractor or otherwise, shall use the Confidential Information for the solicitation of business from PDS-P whether
directly or by its servants or Contractors or any third party.

 

	11.4	The Contractor shall ensure that their employees, servants or such professional advisors or Contractors
are aware of the Contractor’s obligations under this Contract.

 

	12.	ARTICLE 12 - SEVERANCE

 

Each provision in this Contract is
severable from all others, notwithstanding the manner in which they may be linked together or grouped grammatically, and if in terms of
any judgment or order, any provision, phrase, sentence, paragraph or clause is found to be defective or unenforceable for any reason,
the remaining provisions, phrases, sentences, paragraphs and clauses shall nevertheless continue to be of full force. In particular, and
without limiting the generality of the aforegoing, the Parties hereto acknowledge their intention to continue to be bound by this Contract
notwithstanding that any provision may be found to be unenforceable or void or voidable, in which event the provision concerned shall
be severed from the other provisions, each of which shall continue to be of full force.

 

	13.	ARTICLE 13 - DISPUTE RESOLUTION

 

	13.1	Any dispute between the Parties in regard to:

 

		(a)	the interpretation of;

 

		(b)	the effect of;

 

		(c)	the Parties’ respective rights and obligations under;

 

		(d)	a breach of;

 

		(e)	any matter arising out of;

 

this Contact shall
be decided by mediation in the manner set out in this Article 13.

 

	13.2	Any dispute as referred to in clause 13.1 above shall be referred to a Director of each of the Parties,
or alternates appointed by them, who will use their best endeavours to resolve the dispute within 14 (fourteen) days of the dispute having
been referred to it.

 

	13.3	Any dispute not resolved in accordance with the above-mentioned provision shall be finally resolved in
accordance with provisions of the Centre for Dispute Resolution (CEDR) mediation procedure.

 

	13.4	No Party may commence any court proceedings in relation to any dispute arising out of this Contract until
they have attempted to settle it by way of mediation.

 

	13.5	Either Party to this Contract may demand that a dispute be referred to mediation by giving written notice
to that effect to the other Party.

 

    10

     

    

 

	13.6	The mediation shall be held at Johannesburg in the English language and immediately and with a view to
it being completed within 21 (twenty one) days after it is demanded.

 

	13.7	This clause is severable from the rest of this Agreement and shall remain valid and binding on the Parties
notwithstanding any termination of this Contract.

 

	14.	ARTICLE 14 – NOTICES

 

	14.1	Each Party chooses the addresses set out opposite its name below as its addresses to which any written
notice in connection with this Agreement may be addressed.

 

		(a)	PDS-P:

 

Physical address: Unit
19 2nd Floor

1 Melrose Boulevard

Melrose Arch

Gauteng

2076

Email address:       geoff.miller@pdsphotonica.com

 

Marked for
the attention of: Chairman; and Geoff Miller

 

		(b)	Contractor:

 

Physical address: Building
46, CSIR Campus

Meiring Naude Road

Brummeria

Pretoria

0184

Email address: carl.ronander@klydon.co.za;
hendrik.strydom@klydon.co.za

 

Marked for
the attention of: Carl Ronander and Dr Hendrik Johannes Strydom

 

	14.2	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 telefax transmitted to its telefax number set out opposite
its name above.

 

	14.3	Either Party may by written notice to the other Party change its chosen addresses and/or telefax number
and/or e-mail address for the purposes of this clause to any other address(es), telefax number and/or e-mail address provided that the
change shall only become effective on the tenth Business Day after the receipt of the notice by the addressee.

 

    11

     

    

 

	14.4	Any notice given in terms of this Agreement shall:

 

		(a)	if sent by a courier service be deemed to have been received by the addressee 48 (forty eight) hours following
the date of such sending;

 

		(b)	if delivered by hand be deemed to have been received by the addressee on the date of delivery;

 

		(c)	if transmitted by facsimile be deemed to have been received by the addressee 12 (twelve) hours after proper
transmission;

 

unless the contrary
is proved.

 

	14.5	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 and/or telefax number.

 

	14.6	Address

 

		(a)	Each of the Parties chooses its physical address referred to above as its domicilium citandi et executandi
at which documents in legal proceedings in connection with this Agreement may be served.

 

		(b)	Either Party may by written notice to the other Party change its domicilium from time to time to another
address, not being a post office box or a poste restante, in South Africa; provided that any such change shall only be effective on the
fourteenth day after deemed receipt of the notice by the other Party.

 

	15.	ARTICLE 15 - LAW AND JURISDICTION

 

This Agreement is governed by and
shall be construed in accordance with the laws of South Africa. The Parties to this Agreement submit to the exclusive jurisdiction of
the South African courts.

 

	16.	ARTICLE 16 – COMPLIANCE MATTERS

 

The Contractor will perform its obligations
in accordance with: (a) all applicable national, supranational, state, provincial and local laws, including the requirements of the
NPT, the IAEA and the NSG, as well as the procedures and requirements of the NPC); (b) the rules, decrees, regulations, and published
industry accepted guidelines set forth by any national, multi-national, supranational or other governmental body with jurisdiction over
this Contract or the Mo-100 plant; (c) this Contract; and (d) all reasonable instructions from PDS-P, to the extent they are not in conflict
with any of clauses (a)-(c) of this Article 16. The Parties acknowledge that certain regulatory approvals, permits and authorizations
are required for various matters addressed by this Contract, including transfer of technology, personnel having access to technology,
and the transmission and storage of documents. Notwithstanding any other provision in this Contract to the contrary, in the event of any
express conflict or inconsistency between a covenant or agreement in this Contract and any requirement of applicable law (including requirements
of the NPT, the IAEA and the NSG, as well as the procedures and requirements of the NPC), the requirements of such applicable law will
control.

 

    12

     

    

 

	17.	ARTICLE 17 – FORCE MAJEURE

 

	17.1	For the purpose of this Contract, Force Majeure shall mean any cause or event beyond the control of the
affected Party and which cannot be prevented despite the utmost reasonable care of such Party and which prevents the affected Party from
performing its obligations under this Contract. Events of Force Majeure shall be events, including without limitation: pandemic, fires,
droughts, floods, explosions, natural catastrophes, military operations, blockades, sabotage, commotion, civil war, revolution, strike,
lock-out, accident(s) categorized as Level 5 or above according to the International Nuclear and Radiological Event Scale, failure to
act of any governmental authority, or export and import prohibitions, as well as the non- or late issuance of licenses and other sovereign
measures or any other circumstances beyond the reasonable control and not within the reasonable expectation of either Party.

 

	17.2	The Party affected by Force Majeure shall immediately notify the other Party of the nature and expected
duration of the Force Majeure as well as of the reason and the related delays, and shall keep the other Party informed and is obligated
to use its best effort to minimize the financial consequences, damages and other effects for the other Party. When notifying the other
Party of the Force Majeure event, the Party affected by Force Majeure shall provide the other Party with reasonable proof, if possible
confirmed by the competent authority not later than twenty five (25) days after Force Majeure occurrence.

 

	17.3	In the event that the effects of the Force Majeure last longer than 120 (one hundred and twenty) days,
or upon knowledge that the effects of the Force Majeure will last longer than 120 (one hundred and twenty) days, either Party is entitled
to cancel this Contract in whole or in part. Such cancellation of the Contract shall be notified in writing to the other Party within
3 (three) weeks after expiration of said 120 (one hundred and twenty) days period, respectively within 60 (sixty) days after knowledge
that the effects of the Force Majeure will last longer than 120 (one hundred and twenty) days. In the event of cancellation hereunder,
neither Party shall be entitled to damages from the other Party as a result of the non-performance.

 

	18.	ARTICLE 18 - COMPLETION DATE

 

	18.1	The Contractor agrees not to undertake any other projects during the design, build and commissioning of
the Molybdos Plant that could in anyway detract their efforts to complete the Mo-100 plant in accordance with the terms of this Contract.
The Contractor will ensure that the Mo-100 plant is constructed according to the project targets as set out in paragraph 7.1 of Appendix
3.

 

	18.2	This Contract shall be deemed to be completed upon the completion of all project targets set out in paragraph
7.1 of Appendix 3 and upon satisfactory performance of the Mo-100 plant and the completion of the training of operational staff and licensing
of local operations, all to the satisfaction of PDS-P. PDS-P shall notify the Contractor once it is so satisfied, and PDS-P shall confirm
the completion date in that notice.

 

    13

     

    

 

	19.	ARTICLE 19 - AUTHORISED

 

Signed at London on the 1st day of November 2021.

 

For and on behalf of

PDS Photonica Holdings South Africa Proprietary
Limited 

 

	/s/ Robert Ainscow	 

Name: Robert Ainscow

Capacity: Director

Who warrants authority

 

Signed at Pretoria on the 1st day of November
2021.

 

For and on behalf of

Klydon Proprietary Limited 

 

	/s/ H. J. Strydom	 

Name: H. J. Strydom

Capacity: CEO

Who warrants authority

 

    14

     

    

 

APPENDICES

 

APPENDIX
1 - SCHEDULE OF TASKS AND PROJECT PLAN

 

	1	Take custody of existing Molybdos assets

 

The Contractor will take responsibility
for taking control of the assets acquired in the Molybdos Business Rescue Auction held on 30 September 2021. The Contractor will ensure
that all assets purchased are secured and are in working order.

 

	2	Design a 20 Kg p.a. molybdenum-100 enrichment facility with target manufacturing capability 

 

The design for the plant and the target
facility will be completed by the Contractor and will be placed in escrow in accordance with the terms of Appendix 3. The design specification
will be in line to construct an ASP plant that will produce 20 Kg p.a of 95% and above enriched Molybdenum isotope.

 

	3	Supply components and equipment required for 20 Kg p.a. 

 

	3.1	The Contractor will ensure that all components, equipment and labour required for the construction of
the Mo-100 plant are sourced. The costs of the components, equipment and labour will be on an open book basis and be available for PDS-P
for inspection for reporting and audit purposes.

 

	3.2	A suitably qualified third party contractor, with qualifications as a quantity surveyor or equivalent,
will be appointed by PDS-P to verify all expenses incurred and report directly to PDS-P regarding the progress of the Contract.

 

	4	Install, Test and Commission the Molybdenum enrichment plant including production of targets to be
used by customers in cyclotrons

 

The Contractor will be responsible for
the installation of all the components sourced. Furthermore, the testing of these components and the commissioning of the Mo-100 plant
will be done by the Contractor.

 

	5	Secure all required approvals, regulatory etc for operation of plant

 

PDS-P will need to have all the relevant
licenses and operating approvals are obtained and remain in effect in accordance with the requirements of clauses 7.6, 7.7 and 7.8 of
this Contract. The Contractor will ensure that all the registrations are completed with the regulatory bodies, and that PDS-P has the
relevant license and approvals to commercially operate.

 

	6	Provide training to local PDS personnel to enable them to operate the plant going forward

 

The personnel required for the operating
of the Mo-100 plant would require unique training. The Contractor will ensure that all staff required to operate that plant are recruited
and adequately trained.

 

    15

     

    

 

	7	Provide warranty i.e. guarantee of plant meeting performance targets

 

	7.1	The Contractor will ensure that the plant is constructed according to its designed capacity and that all
production output is met in accordance with the stipulated contract targets:

 

		(1)	Q3 from the Signature Date: 750g

 

		(2)	Q4 from the Signature Date: 1250g

 

		(3)	Q5 from the Signature Date: 1250g

 

		(4)	Q6 from the Signature Date: 3750g

 

		(5)	Q7 from the Signature Date: 5000g

 

	7.2	Achievement of the above is subject to no material changes to the Contract scope, timely payment to the
Contractor and PDS-P having a trained team operational to support the above production targets.

 

	7.3	The Contractor will provide PDS-P with an updated Gantt chart on each Friday at 12:00 South African time.
The Gantt chart will be reviewed by Peter Shaefer and Dr Hendrik Johannes Strydom.

 

 

    16

     

    

 

APPENDIX 2 - CONTRACT
PRICE & PAYMENT PROCEDURE

 

	1	The Parties agree that the payment procedure set out in this Appendix 2 is a guideline only. Any deviation
from the payment procedure, as set out below, must be agreed between the Parties in writing.

 

	2	The Contract Price is a maximum of $12.8 million, in the following Investment Stages.

 

	2.1	Phase 1 “Initial Investment Stage” (US$ 6,800,000)

 

 

 

    17

     

    

 

	2.2	Phase 2 Secondary Investment Amount (U$ 6,000,000)

 

 

 

	3	Payment Procedure

 

	3.1	The Contractor shall be paid an initial fee of US$1,800,000 against an invoice to be submitted to PDS-P
following the Signature Date. All payments made to date to the Contractor in relation to the Mo-100 prior to the initial fee will be deducted
from this amount.

 

    18

     

    

 

	3.2	It is noted that the pricing for both phases include a provision for rental of the Koedoespoort facility
and, in the event that PDS-P contracts and pays rental directly to the landlord, the rental provision will be deducted from that component
of the Contract Price.

 

	3.3	An amount equal to the contingency estimated for each phase will be retained by PDS-P and paid over to
the Contractor at latest the completion of the relevant phase subject to:

 

		(1)	Satisfactory completion of the project phase and/or;

 

		(2)	Evidence of application of the Contingency.

 

	3.4	The Projected Drawdown Schedule outlined in paragraph 4 below represents an estimated phasing of funding
as required by the Contractor to complete the Mo-100 plant. The amounts reflected in the Projected Drawdown Schedule are gross of any
retention for contingency and other deductions including rental paid directly by PDS-P and mobilisation funding provided prior to execution
of this Contract. The Parties will jointly review and align on the actual cash drawdown required at the beginning of each month reflecting
the actual commitments and phasing of the Mo-100 plant.

 

	4	The Projected Drawdown Schedule, to which retention will be applied:

 

	4.1	“Initial Investment Stage” (US$ 6,800,000):

 

 

 

	4.2	“Secondary Investment Amount” (U$ 6,000,000):

 

 

    19

     

    

 

APPENDIX 3 - ESCROW
DOCUMENTS

 

Within 60 days of the Signature Date, the Contractor
will place the following documents in escrow with Adams & Adams in Johannesburg:

 

	1	Project plan of the Molybdenum 100 plant capable of production of 20kg per annum Mo-100 with an enrichment
grade higher than 95%; and

 

	2	detailed design of Molybdenum 100 plant capable of production of 20kg per annum Mo-100 with an enrichment
grade higher than 95%.

 

As soon as the Operating and
Training Manuals for the Molybdenum 100 Plant are available (which is expected to be within 6 (six) months of the Signature Date, the
Contractor will place those with those documents in escrow with Adams & Adams in Johannesburg).

 

The Parties agree that an escrow agreement is
to be concluded between the Parties and Adams & Adams Attorneys to deal with the terms and conditions of this escrow arrangement.

 

Nothing below this line

 

 

20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}]]