Document:

Exhibit 10.3

 

	Settlement
  Agreement	EXECUTION
  COPY
	 	 

 

	 	Version
    2	 
	 	 	 
	 	30
    Nov 2019	 

 

SETTLEMENT AGREEMENT

 

between

 

PILANESBERG PLATINUM MINES PROPRIETARY
LIMITED

 

And

 

ITERELENG BAKGATLA MINERALS RESOURCES
PROPRIETARY LIMITED

 

and

 

LESETLHENG COMMUNITY

 

    Page 1 of 39

    	 	 	 

    

 

CONTENTS

 

	1.	DEFINITIONS	3
	2.	PARTIES	5
	3.	INTRODUCTION	6
	4.	LEGAL
                                            BASIS FOR NEGOTIATIONS	6
	5.	LOCUS
                                            STANDI OF THE LESETLHENG COMMUNITY TO ENTER INTO THE SETTLEMENT AGREEMENT	7
	6.	CONDITIONS
                                            PRECEDENT	7
	7.	DURATION
                                            AND NATURE OF THIS AGREEMENT	8
	8.	ACCESS
                                            TO WILGESPRUIT	8
	9.	TERMS
                                            OF THE SETTLEMENT AGREEMENT	9
	10.	UNDERTAKINGS
                                            IN RESPECT OF MINING OPERATIONS	15
	11.	LESETLHENG
                                            COMMUNITY UNDERTAKING	16
	12.	LEGACY
                                            ISSUES	16
	13.	SCOPE
                                            OF THE AGREEMENT AND CONFLICT	16
	14.	ACKNOWLEDGEMENT
                                            BY THE LESETLHENG COMMUNITY	17
	15.	REGISTRATION
                                            AGAINST THE TITLE DEED	17
	16.	STIPULATIO
                                            ALTERI IN FAVOUR OF THE LESETLHENG COMMUNITY	18
	17.	STIPULATIO
                                            ALTERI IN FAVOUR OF THE TROST	18
	18.	WARRANTIES	18
	19.	BREACH	18
	20.	DISPUTE
                                            RESOLUTION	19
	21.	AGREEMENT
                                            BINDING ON SUCCESSORS IN TITLE	20
	22.	GOVERNING
                                            LAW	20
	23.	COSTS	20
	24.	NOTICES
                                            AND LEGAL PROCESS	20
	25.	INTERPRETATION	22
	26.	GENERAL
                                            AND MISCELLANEOUS	23

		26.1	Sole
                                            record of agreement	23
		26.2	Counterparts	23
		26.3	No
                                            amendments except in writing	23
		26.4	Waivers	23
		26.5	Survival
                                            of obligations	24
		26.6	Approvals
                                            and consents	24

 

	 	Appendix
    1	31
	 	Lesetlheng
    Families (Descendants of the Original 13 Wilgespruit Occupiers)	31
	 	 	 
	 	Appendix
    2	32
	 	Request
    for Information	32
	 	 	 
	 	Appendix
    3	35
	 	Acceptance
    of Stipulatio by the Lesetlheng Community Families	35
	 	 	 
	 	Appendix
    4	37
	 	Acceptance
    of Stipulatio by Trust	37

 

    Page 2 of 39

    	 	 	 

    

 

	1.	DEFINITIONS

 

Unless otherwise stated, or
the context otherwise requires, the words and expressions listed below shall bear the meanings ascribed to them:

 

		1.1	13
                                            Families - means the 13 families constituting the Lesetlheng Community as per Appendix;

 

		1.2	Agreement
                                            - means this agreement and any annexures hereto;

 

		1.3	Business
                                            Day - means any day other than a Saturday, Sunday or official public holiday in South
                                            Africa;

 

		1.4	Conditions
                                            Precedent - bears the meaning ascribed thereto in clause 6.1;

 

		1.5	Constitutional
                                            Court judgment - means the Constitutional Court ruling dated 25 October 2018, in
                                            the matter of Maledu and Others v Itereleng Bakgatla Minerals Resources (Pty) Limited
                                            and Another;

 

		1.6	CPIX-
                                            means the consumer price index for all expenditure groups excluding interest rates on
                                            mortgage bonds: Metropolitan areas only (with the Base for 2000=100) as published from time
                                            to time in respect of any date or period by the Central Statistical Service of the Republic
                                            of South Africa. In the event that the Central Statistical Service should stop publishing
                                            the CPIX or should substantially change the content or format thereof, the Parties will substitute
                                            another comparable measure published by the Central Statistical Service or another mutually
                                            agreeable source;

 

		1.7	DMRE
                                            - means the Department of Mineral Resources and Energy;

 

		1.8	Effective
                                            Date - means the date falling 3 Business Days after fulfilment of the conditions set
                                            out in clause 6.1;

 

		1.9	Environmental
                                            Management Programme - bears the meaning ascribed thereto in the MPRDA;

 

		1.10	Farming
                                            Activities - bears the meaning ascribed thereto in clause 2.1.3.6;

 

		1.11	IBMR
                                            - means Itereleng Bakgatla Minerals Resources Proprietary Limited, a private company
                                            incorporated in accordance with the laws of the Republic of South Africa, with registration
                                            number 2003/003721/07;

 

		1.12	IPILRA
                                            - means the Interim Protection of Informal Land Rights Act 31 of 1996;

 

		1.13	Land
                                            Titles Adjustment Act - refers to the Land Titles Adjustment Act 111 of 1993;

 

		1.14	Land
                                            Titles Adjustment Proceedings - bears the meaning ascribed thereto in clause 2.1.3.3;

 

		1.15	Lesetlheng
                                            Community - means the direct descendants of the 13 original occupiers of Wilgespruit
                                            who constitute a community as contemplated in section 1 of IPILRA and whose members were
                                            recognised by the Constitutional Court as holders of informal land rights held in terms of
                                            IPILRA in the farm Wilgespruit, in their judgment in the matter of Maledu and Others v
                                            Itereleng Bakgatla Minerals Resources (Pty) Limited and Another dated 25 October 2018
                                            and whose names are set out in Appendix hereto;

 

    Page 3 of 39

    	 	 	 

    

 

		1.16	LLC
                                            - means the Lesetlheng Land Claims Committee, which was formed to represent the majority
                                            of the members of the Lesetlheng Community in the negotiations with PPM and IBMR and consequently
                                            negotiated the terms of this Agreement;

 

		1.17	Mining
                                            Charter - means the Broad-Based Socio-Economic Empowerment Charter for the Mining and
                                            Minerals Industry, 2018, as published by the Minister for the DMRE in terms of section 100(2) of
                                            the MPRDA;

 

		1.18	Mining
                                            Operations - means the operations relating to the act of mining and actions and activities
                                            directly incidental thereto;

 

		1.19	Mining
                                            Right - means mining right NW30/5/1/2/2/333MR held by IBMR in respect of platinum, palladium,
                                            rhodium, iridium, ruthenium, osmium, gold, nickel, cobalt and chrome over the farm Wilgespruit
                                            2 JQ, a portion of portion 1 of the farm Rooderand 46 JQ, a portion of the farm Legkraal
                                            45 JQ and a portion of the farm Koedoesfontein 42 JQ, in the Magisterial District of Mankwe,
                                            North West Province, measuring 4805.91 hectares in extent. This right was executed and commenced
                                            on 20 June 2008, and unless otherwise suspended or cancelled, will continue to be in
                                            force for a period of 30 years ending on 19 June 2038;

 

		1.20	Mining
                                            Work Programme - bears the meaning ascribed thereto in the MPRDA;

 

		1.21	MPRDA
                                            - means the Mineral and Petroleum Resources Development Act 28 of 2002 or any legislation
                                            replacing that Act;

 

		1.22	Parties
                                            - means the signatories to this Agreement and ’’Party" refers
                                            to any one of the Parties as the context may require;

 

		1.23	PPM
                                            - means Pilanesberg Platinum Mines Proprietary Limited, a private company incorporated
                                            in accordance with the laws of the Republic of South Africa, with registration number 2002/015572/07;

 

		1.24	Procurement
                                            Entity - bears the meaning ascribed thereto in clause 9.2.3.2.1;

 

		1.25	Regional
                                            Manager - bears the meaning ascribed thereto in the MPRDA;

 

		1.26	Signature
                                            Date - means the date on which this Agreement is signed by the last signing Party;

 

		1.27	Social
                                            and Labour Plan - bears the meaning ascribed thereto in the MPRDA;

 

		1.28	Surface
                                            Use Rental - bears the meaning ascribed thereto in clause 9.1.2.4;

 

		1.29	Trust
                                            - bears the meaning ascribed thereto in clause 9.1.4.1;

 

		1.30	Wilgespruit
                                            - refers to the farm Wilgespruit No. 2, Registration Division J.Q., North West Province,
                                            magisterial district of Mankwe, measuring 2969,6863 hectares, held under deed of transfer
                                            No. T1230/1919BP, which as at the Signature Date is held in trust by the Minister of
                                            Agriculture, Land Reform and Rural Development on behalf of Bakgatla Ba Kgafela Traditional
                                            Community.

 

    Page 4 of 39

    	 	 	 

    

 

	2.	PARTIES

 

		2.1	The
                                            Parties to this Agreement are:

 

		2.1.1	IBMR,
                                            which:

 

		2.1.1.1	is
                                            a wholly owned subsidiary of PPM;

 

		2.1.1.2	on
                                            20 June 2008, acquired the Mining Right in respect of amongst others Wilgespruit;

 

		2.1.1.3	subsequently
                                            ceded the Mining Right to PPM, which cession was consented to by the DMRE on or about 13
                                            February 2014;

 

		2.1.2	PPM,
                                            which:

 

		2.1.2.1	is
                                            the cessionary of the Mining Right;

 

		2.1.2.2	subsequent
                                            to the grant and cession of the Mining Right, was refused access to Wilgespruit by the Lesetlheng
                                            Community;

 

		2.1.3	Lesetlheng
                                            Community, who:

 

		2.1.3.1	comprise
                                            of the direct descendants of the 13 original occupiers of Wilgespruit;

 

		2.1.3.2	are
                                            holders of informal land rights in the farm Wilgespruit as recognised under IPILRA; and

 

		2.1.3.3	assert
                                            that they are the rightfill owners of Wilgespruit and that racially discriminatory laws of
                                            the past prevented Wilgespruit from being registered in the name of their forefathers, and
                                            as a result of which Wilgespruit was registered in the name of the Minister of Native Affairs
                                            as a trustee for the Bakgatla ba Kgafela Traditional Community;

 

		2.1.3.4	have
                                            lodged a claim under the Land Titles Adjustment Act to seek rectification of the title deed
                                            of Wilgespruit to reflect the Lesetlheng Community as co-owners ("Land Titles Adjustment
                                            Proceedings");

 

		2.1.3.5	are
                                            awaiting the outcome of the Land Titles Adjustment Proceedings in respect of Wilgespruit
                                            as at the Signature Date;

 

		2.1.3.6	earn
                                            a livelihood from cattle farming and cash cropping on the farm Wilgespruit ("Farming
                                            Activities") and 

 

		2.1.3.7	refused
                                            PPM access to Wilgespruit, pursuant to which there were various legal proceedings, which
                                            were ultimately ruled upon by the Constitutional Court on 25 October 2018.

 

    Page 5 of 39

    	 	 	 

    

 

	3.	INTRODUCTION

 

		3.1	On
                                            25 October 2018, the Constitutional Court ordered PPM and IBMR to:

 

		3.1.1	exhaust
                                            the requirements of section 54 of the MPRDA before approaching a court for a remedy pertaining
                                            to access to Wilgespruit; and

 

		3.1.2	negotiate
                                            with the Lesetlheng Community, whose members are holders of informal land rights in Wilgespruit,
                                            as recognised by IPILRA.

 

		3.2	The
                                            Parties agreed to negotiate in good faith with a view to reach a settlement pertaining to
                                            access rights to Wilgespruit and commenced discussions on 15 April 2019.

 

		3.3	A
                                            mediator was jointly appointed by the Parties on 11 September 2019 to facilitate the
                                            discussions between the Parties. Various meetings were held between the Parties with a view
                                            to negotiating the terms of the settlement and agreeing on inter alia, the valuations
                                            thereto. The key elements of these valuations were qualified by relevant independent experts.

 

		3.4	The
                                            Parties have reached agreement on the compensation payable to the Lesetlheng Community for
                                            loss of use of Wilgespruit as contemplated in section 54 of the MPRDA, pursuant to the negotiations
                                            and accordingly hereby enter into this Agreement to record the terms of such settlement agreement.

 

	4.	LEGAL
                                            BASIS FOR NEGOTIATIONS

 

		4.1	This
                                            Agreement is informed by the Constitutional Court's interpretation of the meaning and place
                                            of section 54 in the MPRDA.

 

		4.2	PPM
                                            entered into discussions with the Lesetlheng Community, with a view to reaching an agreement
                                            on the compensation payable to the Lesetlheng Community, for loss of use of Wilgespruit,
                                            as contemplated in section 54 of the MPDRA, in exchange for the grant of access to Wilgespruit,
                                            by the Lesetlheng Community.

 

		4.3	Section 54
                                            of the MPRDA provides mechanisms for dispute resolution where a conflict arises between mining
                                            right holders, the owner of the land and lawful occupiers. One of these mechanisms is the
                                            payment of compensation by the mining right holder to the land owner or lawful occupier for
                                            loss or damage suffered or likely to be suffered by the land owner or lawful occupier as
                                            a result of the operations being conducted on the relevant property.

 

		4.4	The
                                            Parties voluntarily entered into mediation on the prospects of their relocation and applied
                                            their minds to what compensation would be appropriate for the damages they would suffer.
                                            These damages include, but are not limited to:

 

		4.4.1	The
                                            loss of their traditional farming lands after 100 years of occupation;

 

    Page 6 of 39

    	 	 	 

    

 

		4.4.2	The
                                            costs and inconvenience associated with their having to move to an alternative site on which
                                            they could continue their traditional occupation of farming the land;

 

		4.4.3	The
                                            rental accruing to them in relation to that portion of the farm Wilgespruit, known as Wilgespruit
                                            Portion 1, on which the mining company already has established operations without either
                                            the consent of the community or compensation for this encroachment;

 

		4.4.4	Future
                                            rental for the land that will be used by the mining company for its operations pending the
                                            return of the beneficiaries to resume their traditional use of Wilgespruit subsequent to
                                            the issue of a mine closure certificate by the Department of Mineral Resources &
                                            Energy for these operations.

 

		4.4.5	The
                                            purchase of an alternative farm for the use of the beneficiaries during and after mining
                                            operations, the ownership of which alternative farm shall be registered in the name of the
                                            trust to be formed for the purposes of the Settlement.

 

		4.4.6	The
                                            requirements of MPRDA and National Environmental Management Act (107 of 1998);

 

		4.4.7	The
                                            Settlement compensation is the Preferential Allocation of certain Employment and Procurement
                                            Opportunities to the Lesetlheng community, particularly the opportunity to participate in
                                            a mining contract for the Wilgerspruit.

 

	5.	LOCUS
                                            STANDI OF THE LESETLHENG COMMUNITY TO ENTER INTO THE SETTLEMENT AGREEMENT

 

It is
recorded that as at the Signature Date, the Lesetlheng Community have initiated the Land Titles Adjustment Proceedings. Thus, depending
on the outcome of the Land Titles Adjustment Proceedings, it is possible that the Lesetlheng Community may become the legal owners of
Wilgespruit.

 

		5.1	If
                                            the Land Titles Adjustment Proceedings or any other proceedings which render the Lesetlheng
                                            Community the registered owners of Wilgespruit are successful, PPM and the Lesetlheng Community
                                            shall enter into a surface lease agreement in respect of Wilgespruit for the duration of
                                            the Mining Operations. The Parties agree that the rental amount payable under the surface
                                            lease agreement shall be in the amount set out in clause 9.1.2.4 and in substitution for
                                            the Surface Use Rental.

 

		5.2	If
                                            such Land Titles Adjustment Proceedings and/or other proceedings are ultimately unsuccessful,
                                            PPM shall nevertheless pay the Surface Use Rental (as defined below) to the Lesetlheng Community
                                            for the duration of the Mining Operations.

 

	6.	CONDITIONS
                                            PRECEDENT

 

		6.1	The
                                            coming into force and the implementation of this Agreement, save for the provisions of clauses
                                            1, 6, 9.1.4.1, 16, 17, 19 to 26 which shall be of immediate force and effect on the Signature
                                            Date, is subject to the fulfillment of the following conditions ("Conditions Precedent"):

 

		6.1.1	the
                                            passing of a board resolution by the board of directors of PPM authorising entry into and
                                            the implementation of this Agreement;

 

		6.1.2	the
                                            passing of a board resolution by the board of directors of IBMR authorising entry into and
                                            the implementation of this Agreement;

 

		6.1.3	the
                                            Lesetlheng Community providing the written mandate to enter into this Agreement;

 

		6.1.4	The
                                            13 Families accepting the stipulations in this Agreement in accordance with clause 16 and
                                            in the manner set out in Appendix ;

 

    Page 7 of 39

    	 	 	 

    

 

		6.1.5	the
                                            Trust accepting the stipulations in this Agreement in accordance with clause 17 and in the
                                            manner set out in Appendix ;and

 

		6.1.6	PPM
                                            complying with the LLC’s request for information as recorded in Appendix hereto.

 

		6.2	The
                                            Parties shall, where it is within their respective power to do so, use their reasonable commercial
                                            endeavors to procure the fulfilment of the conditions on or before 31 March 2020 or
                                            such other date as may be agreed to in writing by PPM.

 

		6.3	PPM
                                            shall notify the Lesetlheng Community in writing when it is satisfied that the Conditions
                                            Precedent have been fulfilled and such Conditions Precedent shall only be deemed to have
                                            been fulfilled when such notice is given.

 

		6.4	If
                                            the Conditions Precedent are not fulfilled (as stated in clause 6.3) on the date set out
                                            in clause 6.2, or such other date as PPM may in its sole discretion determine, then this
                                            Agreement, save for the provisions of clauses 1, 6, 9.1.4.1, 16, 17, 19 to 26, which shall
                                            remain of full force and effect, shall be of no force or effect.

 

		6.5	If
                                            this Agreement does not come into force, no Party shall have any claim against any other
                                            Party for anything done hereunder, save as a result of a breach of any of the provisions
                                            of this clause 6 by any Party, and the Parties shall be restored to the status quo ante.

 

	7.	DURATION
                                            AND NATURE OF THIS AGREEMENT

 

Save
for the clauses contemplated in clause 6.1 which shall be effective on the Signature Date, this Agreement shall be binding on the Parties
with effect from the Effective Date and will remain in full force and effect and will terminate as provided for herein.

 

	8.	ACCESS
                                            TO WILGESPRUIT

 

		8.1	The
                                            Lesetlheng Community acknowledges that PPM requires access to Wilgespruit for the purposes
                                            of conducting the Mining Operations, including specifically for the rehabilitation of Wilgespruit,
                                            without interference by members of the Lesetlheng Community and/or their livestock.

 

		8.2	PPM
                                            wishes to commence Mining Operations in respect of Wilgespruit as soon as possible, but in
                                            any event, by no later than 1 January 2020. Accordingly, within a period of 30 days
                                            of the Effective Date or such other date as may be agreed to in writing between the Parties,
                                            the Lesetlheng Community shall grant full and unhindered access to PPM to Wilgespruit to
                                            conduct the Mining Operations.

 

    Page 8 of 39

    	 	 	 

    

 

  

		9.	TERMS
                                            OF THE SETTLEMENT AGREEMENT

 

The terms of the settlement
between the Parties are as follows:

 

		9.1	PAYMENT
                                            OF COMPENSATION

 

PPM and IBMR agree to pay the Lesetlheng
Community the following compensation in full and final settlement in respect of any and all loss or damage which the Lesetlheng Community
may suffer as a result of the Mining Operations, including loss or damage arising from the loss of use of Wilgespruit:

 

		9.1.1	RETROSPECTIVE
                                            RENTAL

 

		9.1.1.1	The
                                            retrospective rental contemplated herein relates to the historical use of portion 1 of Wilgespruit,
                                            measuring an extent of 379 hectares, from 2012 to the Signature Date ("Retrospective
                                            Rental").

 

		9.1.1.2	PPM
                                            shall, provided the Conditions Precedent have been fulfilled and provided it has been given
                                            full and unhindered access to Wilgespruit, by no later than 28 February 2020 or such
                                            other date as may be agreed to between the Parties, make a Retrospective Rental payment of
                                            R2 207 569.00 (two million two hundred and seven thousand five hundred and sixty nine
                                            Rand) to the Lesetlheng Community ("Retrospective Rental Amount") in accordance
                                            with the provisions of clause 9.1.1.3.

 

		9.1.1.3	The
                                            Retrospective Rental Amount shall be:

 

		9.1.1.3.1	paid
                                            by PPM to the Trust, into the Trust’ bank account;

 

		9.1.1.3.2	paid
                                            by electronic transfer of immediately available and freely transferable funds, free of any
                                            deductions, withholding or set-off whatsoever;

 

		9.1.1.3.3	be
                                            fully refundable by the Lesetlheng Community to PPM and IBMR in the event that PPM and IBMR
                                            are not given full, unhindered access to Wilgespruit, in accordance with the terms of this
                                            Agreement.

 

		9.1.2	FUTURE
                                            RENTAL FOR USE OF WILGESPRUIT

 

		9.1.2.1	PPM
                                            has agreed to compensate the Lesetlheng Community for the right to gain access to and to
                                            use Wilgespruit for the purposes of conducting its Mining Operations and related activities.

 

		9.1.2.2	The
                                            commencement date of the Mining Operations (the "Commencement Date"), shall
                                            be the date on which PPM is both given full, unhindered access to, and commences with excavations
                                            on, Wilgespruit for purposes of Mining Operations.

  

		9.1.2.3	With
                                            effect from the Commencement Date and thereafter on each anniversary of the Commencement
                                            Date, the rental payment contemplated in clause 9.1.2.4 will be made by PPM until such time
                                            that a mine closure certificate has been issued by the DMRE in respect of the Mining Operations
                                            on Wilgespruit, provided PPM still enjoys unhindered access to Wilgespruit.

 

		9.1.2.4	PPM
                                            shall pay to the Lesetlheng Community, annually in advance, a sum of R720 732.85 (seven
                                            hundred and twenty thousand seven hundred and thirty two Rand eighty five cents) (’’Surface
                                            Use Rental”), which Surface Use Rental shall be:

 

		9.1.2.4.1	payable
                                            without deduction, set-off or withholding;

 

		9.1.2.4.2	paid
                                            by PPM to the Trust, into the Trust’ bank account.

 

		9.1.2.5	The
                                            Parties agree that the amount referred to in clause 9.1.2.4 shall escalate at the annualised
                                            rate of CPIX on the last day of the month of the Commencement Date.

 

    Page 9 of 39

    	 	 	 

    

 

		10.	ACQUISITION
                                            OF ALTERNATIVE FARMING LAND AND DISPLACEMENT AND RE-ESTABLISHMENT COMPENSATION

 

	 	10.1.1.1	PPM has
    identified a farm which can be utilised by the Lesetlheng Community as Alternative Farming Land. The Lesetlheng Community has indicated
    that they require different Alternative Farming Land.

 

	 	10.1.1.2	PPM, IBMR,
    and the Lesetlheng Community agree that at the commencement of Mining Operations on Wilgespruit, the Lesetlheng Community will be
    required to relocate their Farming Activities for the duration of the Mining Operations. To that extent, the Lesetlheng Community
    undertakes to give PPM full and unhindered access to Wilgespruit.

 

	 	10.1.1.3	The relocation
    will be facilitated by an agreed programme of relocation compiled by the Parties by 31 January 2020.

 

	 	10.1.1.4	PPM agrees
    to compensate the Lesetlheng Community for the procurement of alternative farming land, to be registered in the name of the Trust
    or such other entity, which is wholly owned by the Trust, as may be determined by the Lesetlheng Community and PPM (the ’’Registered
    Owner"), which land can be utilised by the Lesetlheng Community for their farming activities ("Alternative Farming
    Land"), for purposes of which procurement, PPM agrees to contribute an amount not exceeding R 20 000 000.00 (twenty million
    Rand).

 

	 	10.1.1.5	The Alternative
    Farming Land shall be acquired at the sole discretion of the Lesetlheng Community and shall be used in perpetuity by the Lesetlheng
    Community.

 

	 	10.1.1.6	The Registered
    Owner shall not be entitled to dispose of the Alternative Farming Landunless a closure certificate in terms of the MPRDA has been
    issued or without the prior written consent of PPM.

 

	 	10.1.1.7	Should
    the Lesetlheng Community in breach clause 9.1.3.6 dispose of the Alternative Farming Land, the Registered Owner shall be obliged
    to reimburse PPM the amount set out in clause 9.1.3.4 plus CPIX.

 

	 	10.1.1.8	The Lesetlheng
    Community shall in writing, within a period of 90 days from the Effective Date, provide PPM with proposals of Alternative Farming
    Land which it intends to acquire.

 

	 	10.1.1.9	In addition
    to the amounts set out herein, PPM shall pay to the Trust an amount of R20 000 000.00 (twenty million Rand) within 60 Business
    Days from the Effective Date, as a displacement and re-establishment allowance for the Lesetlheng Community, and provided that PPM
    has been granted full and unhindered access to Wilgespruit by the Lesetlheng Community to commence with the Mining Operations.

 

	 	10.1.1.10	In the
    event that the proposed Alternative Land costs more than the amount indicated in clause 9.1.3.4, then the Trust shall consider and,
    if deemed fit, advance a portion of the amount contemplated in clause 9.1.3.9 to make up the difference. In the event that the Trust
    elects not to pay for the difference, then the Lesetlheng Community shall be required to propose Alternative Land, the cost of acquisition
    of which does not exceed the amount contemplated in clause 9.1.3.4.

 

	 	10.1.1.11	Upon the
    Lesetlheng Community securing the Alternative Farming Land, or being relocated to another farm other than the Alternative Farming
    Land, the Trust shall, using the funds contemplated in clause 9.1.3.9 ensure that the following is procured in respect of the Alternative
    Farming Land:

 

    Page 10 of 39

    	 	 	 

    

  

	 	10.1.1.11.1	water
    supply;

 

	 	10.1.1.11.2	the erection
    of small buildings (mokgoro) equivalent to those currently on Wilgespruit, which are being utilised by the livestock handlers;

 

	 	10.1.1.11.3	erection
    of kraals of substantially similar nature as the ones at Wilgespruit;

 

	 	10.1.1.11.4	relocation
    assistance (physical relocation of homesteads, belongings, livestock etc.);

 

	 	10.1.1.11.5	fencing
    of grazing lands;

 

	 	10.1.1.11.6	fencing
    of arable land;

 

	 	10.1.1.11.7	grubbing
    of arable land; and

 

	 	10.1.1.11.8	construction
    of firebreaks to prevent the spread of veld fires.

  

    Page 11 of 39

    	 	 	 

    

 

		10.1.2	ESTABLISHMENT OF THE LESETLHENG
                                            COMMUNITY ECONOMIC DEVELOPMENT TRUST

 

		10.1.2.1	In addition to the amounts referred
                                            to in clauses 9.1.1, 9.1.2 and 9.1.3 above, PPM shall establish a local economic development
                                            trust (’’the Trust") on the following terms:

 

		10.1.2.1.1	the founder of the Trust shall be
                                            PPM;

 

		10.1.2.1.2	the beneficiaries of the Trust shall
                                            be the Lesetlheng Community;

 

		10.1.2.1.3	the object of the Trust will be to
                                            receive the funds referred to in clause 9.1.4.2 below, for the purpose of promotteing the
                                            economic development of the Lesetlheng Community and to distribute such funds for the benefit
                                            of the beneficiaries of the Trust on such terms as the trustees, in their discretion, may
                                            determine;

 

		10.1.2.1.4	the trustees of the Trust will be
                                            two persons nominated by the Lesetlheng Community and two persons nominated by PPM and one
                                            independent trustee nominated by both the Lesetlheng Community and PPM. At least 50% of the
                                            trustees shall be women.

 

		10.1.2.2	PPM shall pay to the Trust a total
                                            amount of R15 000 000.00 (fifteen million Rand) ("Trust Amount"). PPM shall
                                            make payment of the Trust Amount to the Trust (into the bank account of the Trust) as set
                                            out below:

 

		10.1.2.2.1	R5 000 000.00
                                            (five million Rand) incentive payment shall be paid within 30 Business Days after PPM
                                            has been given full and unhindered access to the farm Wilgespruit by the Lesetlheng Community
                                            to commence with Mining Operations in respect of Wilgespruit provided that the Trust has
                                            been established and the founding trustees have been issued with the authority to act, pursuant
                                            to section 6 of the Trust Property Control Act 57 of 1988;

 

		10.1.2.2.2	R10 000 000.00 (ten million Rand),
                                            shall be paid within 12 months of commencement of Mining Operations on Wilgespruit by PPM;

 

		10.1.2.3	PPM’s obligation to make payments
                                            to the Trust in terms of this Agreement to the Trust will cease once the entire Trust Amount
                                            has been paid to the Trust. However, the Parties agree that should for any reason whatsoever
                                            PPM be prevented from conducting Mining Operations, PPM’s obligations in terms of this
                                            clause will cease with immediate effect. In this regard, PPM is entitled to repayment of,
                                            and reserves its rights to pursue legal action to claim, any monies it may have already paid
                                            in discharge of its obligations in terms of this Agreement.

 

		10.2	SOCIAL
                                            AND LABOUR PLANS

 

		10.2.1	PPM’s
                                            current Social and Labour Plan is due to expire on 31 December 2019.

 

		10.2.2	PPM
                                            has allocated an amount of R9 million in respect of the Social and Labour Plan for PPM relating
                                            to mining on Wilgespruit, for the benefit of the Lesetlheng Community, for the first annual
                                            period of the 2020-2024 Social and Labour Plan cycle. The Parties agree that this amount
                                            will be revised on an annual basis subject to annual negotiations between the Parties over
                                            the term of the Social and Labour Plan.

 

    Page 12 of 39

    	 	 	 

    

 

		10.2.3	The
                                            Parties agree that PPM shall include in the draft Social and Labour Plan, which must be submitted
                                            to and approved by the DMRE, the following commitments in respect of the Lesetlheng Community,
                                            which, if approved by the DMRE, PPM will give effect to:

 

		10.2.3.1	PREFERENTIAL EMPLOYMENT

 

		10.2.3.1.1	Preference shall where possible,
                                            be given to employing members of the Lesetlheng Community in respect of Mining Operations
                                            undertaken on Wilgespruit.

 

		10.2.3.1.2	To the extent that it is, in the
                                            sole assessment of PPM and/or IBMR economically viable to do so under the circumstances,
                                            taking into account all the relevant factors, 50% of the individuals to be employed in respect
                                            of Wilgespruit, shall be from the Lesetlheng Community.

 

		10.2.3.1.3	PPM shall provide the Lesetlheng
                                            Community from time to time with PPM’s employment plan relating to the Mining Operations
                                            on Wilgespruit, so as to enable the Lesetlheng Community to keep itself informed with regard
                                            to PPM’s human resources needs in the short, medium and long term.

 

		10.2.3.1.4	Such employment plan shall as far
                                            as possible indicate the number of employees required, the positions to be filled, the qualifications
                                            required and any other relevant information reasonably required in order to enable the Lesetlheng
                                            Community to identify suitable candidates from amongst the Lesetlheng Community, for consideration
                                            for employment by PPM.

 

		10.2.3.2	PREFERENTIAL
                                            PROCUREMENT

 

		10.2.3.2.1	The
                                            Lesetlheng Community shall establish an entity through which it conducts its procurement
                                            benefits as described in this Agreement ("Procurement Entity") and inform
                                            PPM in writing as to the identity, nature and structure of this entity.

 

		10.2.3.2.2	PM
                                            shall endeavour to promote and actively develop business opportunities for the Lesetlheng
                                            Community in respect of the Mining Operations undertaken on Wilgespruit, and will transact
                                            only with the Procurement Entity in this regard. These opportunities will be specifically
                                            with regard to and consistent with:

 

		9.2.3.2.2.1	the
                                            guidelines in the Mining Charter;

 

		9.2.3.2.2.2	PPM
                                            requirements with regard to the approval of suppliers to it of goods or services or works
                                            required in the conduct of the Mining Operations on Wilgespruit;

 

		9.2.3.2.2.3	the
                                            enabling of members of the Lesetlheng Community to enter into contracts relating to Mining
                                            Operations on Wilgespruit; and

 

    Page 13 of 39

    	 	 	 

    

 

		9.2.3.2.2.4	the
                                            investigation of complaints that might arise from the awarding or non-awarding of contracts
                                            to the members of the Lesetlheng Community.

 

		10.2.3.2.3	In
                                            this regard PPM agrees that it will use its reasonable endeavours to ensure that, to the
                                            extent it is economically viable to do so under the circumstances and in PPMs sole assessment,
                                            taking into account all the relevant factors, including PPM’s procurement policy, 60%
                                            of the total procurement spend on goods and services in respect of the Mining Operations
                                            undertaken on Wilgespruit shall be allocated to members of the Lesetlheng Community, provided
                                            that PPM shall not be obliged to procure any goods or services as provided for in this clause
                                            if doing so will, in the opinion of PPM, be unreasonable or contrary to applicable law or
                                            if PPM assesses in its sole discretion that the goods or services offered do not meet the
                                            operational requirements as specified as well as the quality and price points acceptable
                                            to PPM.

 

		10.2.3.2.4	The
                                            terms and conditions relating to the procurement benefit contemplated herein shall be specified
                                            in the procurement policy to be agreed with PPM. PPM undertakes to finalise the procurement
                                            policy by no later than 31 January 2020 or such other date as may be agreed to by agreement
                                            with the Lesetlheng Community.

 

		10.2.3.3	SOCIO-ECONOMIC
                                            DEVELOPMENT AND EMPOWERMENT

 

		10.2.3.3.1	PPM
                                            shall procure programmes that designed to promote the development and advancement of the
                                            members of the Lesetlheng Community are formulated and as far as practicably possible implemented
                                            by PPM. In this regard PPM shall ensure that:

 

		9.2.3.3.1.1	60% of the community development
                                            initiatives implemented pursuant to the Mining Operations undertaken on Wilgespruit, shall
                                            be in favour of the Lesetlheng Community; and

 

		9.2.3.3.1.2	50% of the bursaries, internships,
                                            learnerships and training established pursuant to Mining Operations on Wilgespruit, shall
                                            be in favour of members of the Lesetlheng Community.

  

		10.3	THE
                                            LESETLHENG PROCUREMENT ENTITY

 

		10.3.1	The
                                            Lesetlheng Community shall, by no later than 31 January 2020 or such other date as may
                                            be agreed to in writing between the Parties establish the Procurement Entity.

 

		10.3.2	The
                                            Procurement Entity shall:

 

		10.3.2.1	be
                                            the entity to which PPM communicates procurement opportunities in respect of Wilgespruit;

 

		10.3.2.2	have
                                            as its members, every entrepreneur and owners of business entities from the Lesetlheng Community;

 

		10.3.2.3	have
                                            an executive committee, appointed by the members of the entity;

 

    Page 14 of 39

    	 	 	 

    

  

		10.3.2.4	have
                                            a list of every entrepreneur and business entity belonging to the members of the Lesetlheng
                                            Community;

 

		10.3.2.5	be
                                            responsible for communicating PPM’s procurement opportunities to its members;

 

		10.3.2.6	have
                                            a memorandum of incorporation or constitution and a procurement policy document setting out
                                            how the functions of the Procurement Entity will be carried out.

 

		11.	UNDERTAKINGS
                                            IN RESPECT OF MINING OPERATIONS

 

		11.1	REHABILITATION
                                            OF WILGESPRUIT

 

		11.1.1	It
                                            is recorded that PPM intends to rehabilitate Wilgespruit for continued use as agricultural
                                            land once its Mining Operations cease.

 

		11.1.2	The
                                            Mining Operations shall be regarded as having been completed upon the written confirmation
                                            by the DMRE to the effect that Wilgespruit has been rehabilitated and the issuance by the
                                            DMRE of a closure certificate in accordance with section 43 of the MPRDA (“Mining
                                            Operations Completion Date”).

 

		11.1.3	Pursuant
                                            to the Mining Operations Completion Date, or the coming to an end of the Mining Right applicable
                                            to Wilgespruit, whichever shall come first, PPM shall no longer be required to make payment
                                            of the amount set out in clause 9.1.2.4 as it shall have ceased Mining Operations in respect
                                            of Wilgespruit.

 

		11.1.4	To
                                            the extent that members of the Lesetlheng Community, whose Farming Activities have been relocated
                                            to Alternative Farming Land wish to relocate such Farming Activities to Wilgespruit after
                                            the Mining Operations Completion Date, the repatriation of those members’ Farming Activities
                                            to Wilgespruit will be discussed at that point between PPM, IBMR and the relevant members
                                            of the Lesetlheng Community.

 

		11.2	CONSULTATION
                                            ON AMENDMENTS TO THE SOCIAL AND LABOUR PLAN

  

The Parties agree that the current Social
and Labour Plan is coming to an end on 31 December 2019. PPM is in the process of drafting a new Social and Labour Plan for the
2020-2024 cycle. PPM undertakes to consult with the Lesetlheng Community in respect of the new Social and Labour Plan and in respect
of future Social and Labour Plans. PPM further undertakes to consult with the Lesetlheng Community in respect of the formulation of a
Social and Labour Plan specifically for Wilgespruit.

 

		11.3	CONSULTATION
                                            ON AMENDMENTS TO ENVIRONMENTAL MANAGEMENT PROGRAMME REPORT

 

In so far as it impacts on the post mining
use of Wilgespruit for agricultural purposes, should the Wilgespruit Environmental Management Programme report (“EMPr”)
need to be amended in terms of any impending changes to environmental legislation, the Lesetlheng Community will be consulted with
respect to the formulation and structuring of the EMPr.

 

    Page 15 of 39

    	 	 	 

    

 

		10.4	REZONING

 

		10.4.1	The
                                            Parties agree that Wilgespruit shall be used by PPM to undertake the Mining Operations and
                                            activities incidental thereto, subject to all land use zoning approvals as may be required
                                            lawfully to undertake the Mining Operations and activities incidental thereto on Wilgespruit.

 

		10.4.2	PPM
                                            shall apply promptly in terms of any applicable land use planning and/or other legislation
                                            relevant to the rezoning of Wilgespruit for the requisite rezoning of those portions of Wilgespruit
                                            on which the Mining Operations are intended to be undertaken or to commence.

 

		10.4.3	It
                                            is agreed that, the Lesetlheng Community shall, if so required by PPM, apply promptly in
                                            terms of any applicable land use planning and/or other legislation relevant to the rezoning
                                            of Wilgespruit for the requisite rezoning of those portions of the properties on which the
                                            Mining Operations are intended to be undertaken or to commence, in order to enable Wilgespruit
                                            (or relevant portions thereof) to be used for such purposes.

 

		10.4.4	PPM
                                            shall be responsible for the costs and expenses applicable to the preparation and submission
                                            of any rezoning applications and procuring the approvals contemplated in this clause.

 

		10.4.5	PPM
                                            and the Lesetlheng Community shall take all steps necessary to facilitate and enable any
                                            necessary applications for the rezoning of Wilgespruit that may be required to enable the
                                            Mining Operations to be undertaken thereon in accordance with the provisions of the Mining
                                            Right.

 

		10.4.6	The
                                            Lesetlheng Community undertakes to give all the assistance that may be required by PPM and/or
                                            IBMR in respect of the rezoning.

 

		11.	LESETLHENG
                                            COMMUNITY UNDERTAKING

 

The Lesetlheng Community undertakes
not to sell, lease or otherwise dispose of their established rights to Wilgespruit whilst PPM is conducting Mining Operations on Wilgespruit.

 

		12.	LEGACY
                                            ISSUES

 

		12.1	Legacy
                                            issues have been tabled by the LLC (see Appendix 2) during the negotiations contemplated
                                            in this Agreement. It has been established and agreed by the Parties that the legacy issues
                                            play no part in this particular Agreement.

 

		12.2	The
                                            Lesetlheng Community reserves their right to pursue these issues in the future.

 

		13.	SCOPE
                                            OF THE AGREEMENT AND CONFLICT

  

		13.1	The
                                            settlement set out herein, constitutes the full and final settlement by PPM and IBMR to the
                                            Lesetlheng Community, pertaining to loss of use of Wilgespruit, any other loss or damage
                                            alleged to be suffered by reason of the Mining Operations and, to the extent applicable,
                                            the loss of use of any land associated with the Mining Right.

 

    Page 16 of 39

    	 	 	 

    

 

 

		13.2	Should
                                            there be any conflict between the terms of this Agreement and the terms of any of the agreements
                                            to be concluded pursuant to this Agreement as referred to in clause 9, the terms of the latter
                                            agreements shall prevail.

 

		14.	ACKNOWLEDGEMENT
                                            BY THE LESETLHENG COMMUNITY

 

		14.1	The
                                            Lesetlheng Community acknowledges PPM’s rights in terms of the Mining Right and the
                                            MPRDA and in particular, section 5 of the MPRDA, and undertakes to allow PPM to do all things
                                            necessary for the proper exercise of all of the rights it has been granted in terms of the
                                            Mining Right and the MPRDA.

 

		14.2	Without
                                            derogating from the aforegoing, the Lesetlheng Community specifically acknowledges the contents
                                            of the Mining Right, Mining Work Programme and the Environmental Management Programme and
                                            the Social and Labour Plan and undertakes not to obstruct PPM in any way in accessing and
                                            utilising Wilgespruit to conduct the Mining Operations and activities incidental thereto
                                            and to carry out these programmes.

 

		14.3	Furthermore,
                                            the Lesetlheng Community acknowledges that PPM’s Mining Operations will include open
                                            cast mining on Wilgespruit and undertakes not to interfere with PPM in it carrying out these
                                            activities.

 

		14.4	PPM
                                            and the Lesetlheng Community agree and acknowledge that –

 

		14.4.1	amounts
                                            to inter alia adequate, just and equitable compensation payable by PPM to the Lesetlheng
                                            Community for the conduct of PPM’s Mining Operations for any and all loss or damage
                                            which the Lesetlheng Community may suffer and for the purposes of section 54 of the MPRDA
                                            and that the Lesetlheng Community shall have no further claims for any loss or damage against
                                            PPM or IBMR as relates to the use of Wilgespruit by PPM and IBMR for mining purposes;

 

		14.4.2	the
                                            conclusion of this Agreement and its implementation represent compliance by PPM and IBMR
                                            with all of their obligations in terms of section 54 of the MPRDA;

 

		14.4.3	subject
                                            to compliance with their obligations in terms of this Agreement, PPM and/or IBMR may bring
                                            any legal proceedings necessary to secure full and unhindered access to Wilgespruit. without
                                            any further reference to section 54 of the MPRDA or the exhaustion of any further remedy
                                            provided for in law.

 

		15.	REGISTRATION
                                            AGAINST THE TITLE DEED

 

It is acknowledged that it is not necessary
that this Agreement be notarially registered. However, it is agreed that PPM may in its sole discretion consider framing this Agreement
as a notarial lease and seeking to have it registered against the title deed of Wilgespruit.

 

    Page 17 of 39

    	 	 	 

    

 

  

		16.	STIPULATIO
                                            ALTERI IN FAVOUR OF THE LESETLHENG COMMUNITY

 

The Parties agree that the provisions
of this Agreement that refer to the 13 Families comprise stipulations for the benefit of the 13 Families and that the 13 Families may
accept and enforce such stipulations in their favour in the form set out in Appendix hereto.

 

		17.	STIPULATIO
                                            ALTERI IN FAVOUR OF THE TRUST

 

The Parties agree that the provisions
of this Agreement that refer to the Trust comprise stipulations for the benefit of the Trust and that the Trust may accept and enforce
such stipulations in their favour in the form set out in Appendix hereto. The Parties shall not amend the provisions of this Agreement
without the prior written approval of the Trust.

 

		18.	WARRANTIES

 

		18.1	Each
                                            of the Parties hereby represents and warrants to the other Party that:

 

		18.1.1	it
                                            has all of the requisite capacity and authority to enter into this Agreement;

 

		18.1.2	upon
                                            due execution, this Agreement will constitute a legal, valid and binding obligation enforceable
                                            in accordance with its terms, subject, as to enforcement, to insolvency and similar laws
                                            of general applicability relating to or affecting creditors’ rights and remedies generally;
                                            and

 

		18.1.3	the
                                            execution, delivery and performance of this Agreement by it does not contravene its constitutional
                                            documents or any agreement or contract to which it is a party or by which it is bound; and

 

		18.1.4	to
                                            the best of its knowledge and belief, it is not aware of the existence of any fact or circumstance
                                            that may impair its ability to comply with all of its obligations in terms of this Agreement.

 

		18.2	Each
                                            of the representations and warranties given by the Parties in terms of this clause 18 shall:

  

		18.2.1	be
                                            a separate representation and warranty and will in no way be limited or restricted by inference
                                            from the terms of any other representation or warranty or by any other words in this Agreement;

 

		18.2.2	continue
                                            and remain in force notwithstanding the completion of any or all the transactions contemplated
                                            in this Agreement; and

 

		18.2.3	prima
                                            facie be deemed to be material and to be a material representation inducing the other
                                            Parties to enter into this Agreement.

 

		18.3	Each
                                            of the Parties represents and warrants that it is unaware of any material facts or circumstances
                                            that have not been disclosed in this Agreement, which should be disclosed to the other Party
                                            in order to prevent the representations in this clause 18 or any other part of this Agreement
                                            from being materially misleading.

 

		19.	BREACH

 

If any Party commits a breach of this
Agreement, and fails to remedy that breach within 14 days of written notice from the other Party calling on the Party in default to do
so, then the Party giving notice may claim specific performance or damages or both, as the case may be, but shall not have a right of
cancellation unless the breach is of a material provision of this Agreement and goes to the root of this Agreement.

 

    Page 18 of 39

    	 	 	 

    

 

 

 

  

		20.	DISPUTE
                                            RESOLUTION

 

		20.1	In
                                            the event of any dispute arising between the Parties in connection with or arising from this
                                            Agreement, or the subject matter of this Agreement, including, without limitation, the validity,
                                            implementation, execution, interpretation, rectification, breach, termination or cancellation
                                            of this Agreement (the "Dispute"), any one of the Parties shall invite the
                                            other Party in writing to a meeting, to be held within 14 days from the date of the written
                                            invitation, in an attempt to resolve the Dispute.

 

		20.2	If
                                            the Dispute has not been resolved within 14 days of the date of the written invitation, the
                                            Dispute shall be resolved by arbitration. Any Party may submit a written request for arbitration
                                            to the Secretariat of the Arbitration Foundation of South Africa ("AFSA") in
                                            accordance with the Rules of Arbitration Foundation of Southern Africa - Commercial
                                            Arbitrations (the "Rules").

 

		20.3	The
                                            arbitration proceedings shall be:

 

		20.3.1	held
                                            in Johannesburg, South Africa or any other location as the Parties may agree upon, before
                                            a single arbitrator;

 

		20.3.2	conducted
                                            in the English language and in accordance with the Rules, save as provided for herein; and

 

		20.3.3	conducted
                                            as expeditiously as possible.

 

		20.4	The
                                            Parties in dispute shall agree on the identity of the arbitrator, who shall be an attorney,
                                            advocate or retired judge or accountant on the panel of arbitrators of AFSA, within 10 days
                                            of a Party submitting a written request for arbitration to AFSA. Should the Parties fail
                                            to agree on the identity of the arbitrator within the 10 days of a Party submitting a written
                                            request for arbitration to AFSA, the arbitrator shall be nominated and appointed by the Secretariat
                                            of AFSA.

 

		20.5	The
                                            request to AFSA to nominate an arbitrator shall be in writing setting out the claim in such
                                            detail as is required for pleadings 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 Party to the Dispute who may, within 5 Business Days, submit
                                            written comments on the request to the addresser of the request.

 

		20.6	Pending
                                            the arbitrator’s award of costs, each Party to the Dispute shall contribute towards
                                            the arbitrator’s fees and charges, as well as the costs of the venue, recording and
                                            transcription cost, in equal proportions.

 

		20.7	Subject
                                            to clause 20.8 the Parties irrevocably agree that the decision in these arbitration proceedings,
                                            shall, save for manifest error or fraud:

 

		20.7.1	be
                                            final on them;

 

		20.7.2	be
                                            carried into effect; and

 

		20.7.3	may
                                            be made an order of any Court of competent jurisdiction.

 

    Page 19 of 39

    	 	 	 

    

  

		20.8	The
                                            decision resulting from such arbitration shall be subject to a right of appeal to a panel
                                            of 3 arbitrators in accordance with the Rules, alternatively right of appeal to the High
                                            Court. The outcome of the appeal shall, save for manifest error or fraud, be final and binding
                                            upon the Parties to the Dispute, be carried into effect and may be made an order of any court
                                            of competent jurisdiction.

   

		20.9	Nothing
                                            herein contained shall be deemed to prevent or prohibit any Party from applying to any Court
                                            of competent jurisdiction for urgent relief or summary judgment in respect of a liquidated
                                            claim.

 

		20.10	Any
                                            arbitration in terms of this clause (including any appeal proceedings) shall be conducted
                                            “in camera” and the Parties shall treat as confidential and not disclose to any
                                            third party details of the Dispute submitted to arbitration, the conduct of the arbitration
                                            proceedings or the outcome of the arbitration.

 

		20.11	The
                                            Parties agree that the Dispute shall be deemed to be subjected to arbitration on the date
                                            of the submission by a Party of the written request for arbitration to the Secretariat of
                                            AFSA for purposes of interrupting prescription as provided for in section 13(1)(f) of
                                            the Prescription Act, 68 of 1969 (as amended).

 

		20.12	The
                                            provisions of this clause shall continue to be binding on the Parties notwithstanding any
                                            termination or cancellation of this Agreement.

 

		21.	AGREEMENT
                                            BINDING ON SUCCESSORS IN TITLE

 

This Agreement shall be binding
on PPM and IBMR’s successors-in-title.

 

		22.	GOVERNING
                                            LAW

 

This Agreement shall be governed by
and in accordance with the laws of the Republic of South Africa.

 

		23.	COSTS

 

Each of the Parties shall pay their
own costs incurred by them with their attorneys in respect of and incidental to the negotiation, discussion and implementation of this
Agreement.

 

		24.	NOTICES
                                            AND LEGAL PROCESS

 

		24.1	Each
                                            Party chooses this address for all purposes under this Agreement ("Chosen Address"),
                                            whether for serving court process or documents, giving any notice, or making any other
                                            communications of whatsoever nature and for whatsoever purpose under this Agreement:

 

    Page 20 of 39

    	 	 	 

    

  

Pilanesberg
Platinum Mines Proprietary Limited

  

	Address:	[***]
	 	 
	Email:	[***]
	 	 
	Attention	[***]
	 	 
	Itereleng Bakgatla Minerals Resources
 Proprietary Limited	   
	 	 
	Address:	 
	 	 
	Address:	[***]
	 	 
	Email:	[***]
	 	 
	Attention:	[***]
	 	 
	Lesetlheng Community	 
	 	 
	Address:	[***]
	 	 
	Email:	[***]
	 	 
	Attention:	 

 

 

    Page 21 of 39

    	 	 	 

    

 

	Copy To:	 
	 	 
	Name:	 
	 	 
	Address:	 
	 	 
	Email:	 
	 	 
	Attention:	 

 

		24.2	Any
                                            notice required or permitted under this Agreement is valid only if in writing.

  

		24.3	Any
                                            Party may by notice to the other Parties change its Chosen Address to another physical address
                                            in the Republic of South Africa and that change takes effect on the seventh day after the
                                            date of receipt by the Party who last receives the notice.

 

		24.4	Any
                                            notice delivered by hand or electronic mail to the Chosen Address of a Party before 17h00
                                            is deemed to have been received on the date of delivery.

 

		24.5	Despite
                                            anything to the contrary in this Agreement, a written notice actually received by a Party,
                                            including a notice sent by telefax and electronic mail, is an adequate notice to it even
                                            though not sent or delivered to its Chosen Address.

 

		25.	INTERPRETATION

 

		25.1	Clause
                                            and paragraph headings are for purposes of reference only and shall not be used in interpretation.

 

		25.2	Unless
                                            the context clearly indicates a contrary intention, any word connoting:

 

		25.2.1	any
                                            gender includes the other two genders;

 

		25.2.2	the
                                            singular includes the plural and vice versa;

 

		25.2.3	natural
                                            persons includes juristic and artificial persons and vice versa;

 

		25.2.4	insolvency
                                            includes provisional or final sequestration, liquidation or business rescue.

 

		25.3	A
                                            reference to days (as opposed to Business Days) shall mean calendar days.

 

		25.4	A
                                            reference to a Business Day shall mean any day other than a Saturday, Sunday, or public holiday
                                            in the Republic of South Africa.

 

		25.5	When
                                            any number of days, or Business Days, is prescribed, such number shall exclude the first
                                            and include the last, unless, in the case of days, the last day falls on a Saturday, Sunday,
                                            or a public holiday in the Republic of South Africa, in which case the last day shall be
                                            the next succeeding Business Day.

  

    Page 22 of 39

    	 	 	 

    

 

		25.6	A
                                            reference to an enactment is a reference to that enactment as at the date of signature of
                                            this Agreement (being the date of the last signature to this Agreement) and as amended or
                                            re-enacted from time to time.

 

		25.7	The
                                            rule of interpretation that a written agreement shall be interpreted against the party
                                            responsible for the drafting or preparation of that agreement shall not apply.

 

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

 

		25.9	The
                                            eiusdem generis rule shall not apply and accordingly, whenever a provision is
                                            followed by the word "including” and specific examples, such examples shall not
                                            be construed so as to limit the ambit of the provision concerned.

 

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

 

		26.	GENERAL
                                            AND MISCELLANEOUS

 

		26.1	Sole
                                            record of agreement

 

This Agreement constitutes the sole record
of the agreement between the Parties with regard to the subject matter hereof. No Party shall be bound by any express or implied term,
representation, warranty, promise or the like not recorded herein.

 

		26.2	Counterparts

 

This Agreement may be executed in two
or more counterparts, each of which shall be deemed to be an original and all of which shall be deemed to constitute the same Agreement.

 

		26.3	No
                                            amendments except in writing

 

No addition to, variation or agreed cancellation
of, or waiver of any right under this Agreement shall be of any force or effect unless recorded in writing and signed in manuscript by
or on behalf of the Parties, and no form of electronic signature or electronic communication or exchange shall constitute compliance
with this requirement.

 

		26.4	Waivers

 

No relaxation or indulgence which any
Party may grant to any other shall constitute a waiver of the rights of that Party and shall not preclude that Party from exercising
any rights which may have arisen in the past or which might arise in future.

 

    Page 23 of 39

    	 	 	 

    

  

		26.5	Survival
                                            of obligations

 

Any provision of this Agreement which
contemplates performance or observance subsequent to any termination or expiration of this Agreement shall survive any termination or
expiration of this Agreement and continue in full force and effect.

  

		26.6	Approvals
                                            and consents

 

An approval or consent given by a Party
under this Agreement shall only be valid if in writing and shall not relieve the other Party or Parties from responsibility for complying
with the requirements of this Agreement nor shall it be construed as a waiver of any rights under this Agreement except as and to the
extent otherwise expressly provided in such approval or consent, or elsewhere in this Agreement.

 

    Page 24 of 39

    	 	 	 

    

  

Counterpart signatory

 

Signed at KWA MARITANE on 30th NOVEMBER 2019

 

Pilanesberg Platinum Mines Proprietary Limited

 

	/s/ [ILLEGIBLE]	 

Who warrants authority

 

Counterpart signatory

 

Signed at KWA MARITANE on 30th NOVEMBER 2019

 

Itereleng Bakgatla Minerals Resources Proprietary Limited

 

	/s/ [ILLEGIBLE]	 

Who warrants authority

Counterpart signatory

 

    Page 25 of 39

    	 	 	 

    

   

Counterpart signatory

 

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:

 

	/s/ MPULE DAVID PHETO	 

Name: MPULE DAVID PHETO

Capacity: CHAIRPERSON LESETLHENG LAND COMMITTEE

Who warrants authority

 

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:

  

	/s/ Grace Maledu MotlaTsi
    Pheto ML	 

Name: Grace Maledu MotlaTsi
Pheto ML

Capacity: LLC 

Who warrants authority

Counterpart signatory

 

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:

  

	/s/ Grace Maledu	 

Name: Grace Maledu

Capacity: LLC 

Who warrants authority 

 

    Page 26 of 39

    	 	 	 

    

  

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:

 

	/s/ TUMECO JUSTICE PECOAKGOSI	 

Name: TUMECO JUSTICE PECOAKGOSI

Capacity: LLC  

Who warrants authority

 

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:

  

	/s/ SEFORE ERNEST MOKWATE  	 

Name: SEFORE ERNEST MOKWATE  

Capacity:LLC 

Who warrants authority

 

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:

  

	/s/ ELIA PHERO RASEPAE	 

Name: ELIA PHERO RASEPAE

Capacity: LLC 

Who warrants authority 

Counterpart signatory

 

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:  

  

	/s/ Sephedi Rasepae 	 

Name: Sephedi Rasepae 

Capacity: LLC 

Who warrants authority

 

    Page 27 of 39

    	 	 	 

    

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority

 

Counterpart signatory

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority  

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority

 

    Page 28 of 39

    	 	 	 

    

  

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority  

 

Counterpart signatory

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority 

 

Signed at                    on                   2019

 

For and on behalf of: 

______________________________________ 

Name: 

Capacity: 

Who warrants authority

  

    Page 29 of 39

    	 	 	 

    

 

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority

 

    Page 30 of 39

    	 	 	 

    

 

Appendix 1

 

Lesetlheng Families (Descendants of the Original
13 Wilgespruit Occupiers)

 

		1.	[***]

 

		2.	[***]

 

		3.	[***]

 

		4.	[***]

 

		5.	[***]

 

		6.	[***]

 

		7.	[***]

 

		8.	[***]

 

		9.	[***]

 

		10.	[***]

 

		11.	[***]

 

		12.	[***]

 

		13.	[***]

  

    Page 31 of 39

    	 	 	 

    

 

Appendix 2

 

Dear Lucas

 

Request for disclosure of information* In
re Wilgespruit 2 JQ

 

	1.	We act for the Lesetlheng Land Committee.

 

	2.	We refer to our client’s
                                            previous request for disclosure of information and documents. Our clients had omitted in
                                            that list to include the documents mentioned below:

 

2.1            Shareholders
Agreement for PPM;

 

2.2            Bagatla
Ba Kgafela Traditional Authority company registration documents;

 

2.3            Details
about the graves that were removed from the East pit; and

 

2.4            List
of minority shareholders of Sedibelo Platinum Mine.

 

3.            We
look forward to receiving these together with the other documents.

 

Yours faithfully

WEBBER WENTZEL

[***]

Partner

Direct tel[***]

Direct fax: [***]

Email: [***]

 

    Page 32 of 39

    	 	 	 

    

 

Appendix 2

 

 

 

	1.0	Itereleng
                                            Bakgatla Mineral Resources (Pty) Ltd

 

	1.1	Who
                                            registered the company called Itereleng Bakgatla Mineral Resources (Pty) Ltd?

	1.2	When
                                            was it registered?
	1.3	Who
                                            were the shareholder's in IBMR (Pty) Ltd when it was registered?
	1.4	Who
                                            were the founding directors of IBMR (Pty) Ltd?
	1.5	Who
                                            are the current directors of IBMR (Pty) Ltd?
	1.6	Why
                                            was IBMR registered?
	1.7	Which
                                            mineral rights were held by IBMR (Pty) Ltd since its registration to date?
	1.8	Copies
                                            of certificates of all mineral rights held by IBMR (Pty) Ltd are requested.
	1.9	Is
                                            IBMR (Pty) Ltd still a registered company?
	1.10	If
                                            Yes, who are the current shareholder's in IBMR (Pty) Ltd?

 

		2.0	The
                                            mineral rights in the farm Wilgespruit

 

	2.1	When
                                            were the mineral rights in Wilgespruit first registered?

	2.2	Who
                                            applied to register the mineral rights over Wilgespruit?
	2.3	Why was Selaelo Investments paid R20 million to expedite the granting
                                     of the mining rights over Wilgespruit?
	2.4	A copy of the certificate of each of the holders of mineral rights
                                     over Wilgespruit from date of registration of the mining right to the present is requested ?

 

	3.0	2007/
                                            2008 -The Bakgafla -Pallinghurst Joint Venture over Sedibeio Mine

 

	3.1	On 31 May 2008, a shareholder's agreement
                                            was signed between Pallinghurst Investment Consortium and Itereleng Bakgatla Mineral Resources
                                            IBMR (Pty) Ltd to form a joint venture to develop Sedibelo West. IBMR (Pty) Ltd held a 49.9
                                            % share and Pallinghurst 50.1% Kgosi Pilane signed over the Bakgatla's mineral rights to
                                            the joint venture.

	3.2	Was money exchanged for the mineral rights
                                            contributed by IBMR (Pty) Ltd to the joint venture?
	3.3	If
                                            money was paid for the mineral rights, who did Pallinghurst Ltd pay the money to?
	3.4	What
                                            amount was paid by Pallinghurst LTD?
	3.5	Did
                                            money for the mineral rights go to the Bakgatla Tribal Council?
	3.6	Proof
                                            of the payment and the account to which it was deposited is requested?
	3.7	Was any due diligence conducted in relation to whether the tribal
                                     council was acting in the best interests of the Bakgatla tribe? A copy of the due diligence report
                                     is requested?
	3.8	How were the interests of the community taken into account when
                                     forming the joint venture?
	3.9	Did Kgosi Pilane put up a resolution from the Bakgatla community
                                     consenting to the sale of the mineral rights on Wilgespruit? A copy of such a resolution is requested.
	3.10	What profits have been paid to IBMR (Pty) Ltd from 2008 to date
                                      as a partner in the joint venture over Sedibelo West?

 

		4.0	Pallinghurst
                                            Consortium and IBMR (Pty) Ltd takeover of Pilanesberg Platinum Mine in 2010

 

	4.1	What amount did the Pallinghurst Consortium
                                            and IBMR (Pty) Ltd pay Barrick Gold in 2010 for purchase of PPM?

	4.2	What
                                            portion of this debt was for the account of IBMR (Pty) Ltd?
	4.3	What profits have been paid to IBMR (Pty) Ltd from 2010 to date
                                     as a partner in the joint venture over PPM?

 

    Page 33 of 39

    	 	 	 

    

 

		5.0	IBMR'S
                                            Abandonment Of Mineral Rights

 

	5.1	Why
                                            did Pallinghurst want control of IBMR's 49.9% in Sedibelo West?
	5.2	Confirm if R 99.8 million was paid by Pallinghurst for the purchase
                                     of IBMR 49.9% interest in Sedibelo West.
	5.3	Who
                                            was the 99.8 million paid to?
	5.4	The name of the account holder and account details into which deposit
                                     was made is requested?
	5.5	Proof
                                            of the deposit into the account holder's name is requested.
	5.6	Confirm
                                            if IBMR (Pty) Ltd sold its 50.1% interest to Orkid.
	5.7	Who
                                            are the shareholders of Orkid?
	5.8	To
                                            who was payment made for the sale of the BBK's 50.1 % interest to Orkid
	5.9	The name of the account holder and account details into which deposit
                                     was made by Orkid is requested?
	5.10	Proof of the deposit by Orkid into the account holder's name is
                                      requested.6.

 

	6.0	The
                                            2011 encroachment by PPM into the Western Portion of Wilgespruit

 

	6.1	In 2011, Pilanesberg Platinum expanded its
                                            operations to the Sedibelo West properties, specifically the Western portion of the farm
                                            Wilgespruit.
	6.2	On 23 March 2011, Platmin announced the acquisition of the
                                     Sedibelo PGM project concession from BBK and IBMR (Pty) ltd for a total purchase consideration of
                                     USD 82 million. During 2012 the requisite approval from the Department of Mineral Resources to incorporate
                                     the Sedibelo West area info PPM mining area was obtained to complete the transaction.
	6.3	Who
                                            gave Sedibelo West permission to enter the Western portion of Wilgespruit?
	6.4	A
                                            copy of all legal documents granting permission are requested?
	6.5	Was any due diligence conducted in relation to whether the tribal
                                     council was acting in the best interests of the Bakgatla tribe? A copy of the due diligence report
                                     is requested?
	6.6	How were the interests of the 13 kgoro occupiers taken into account
                                     when contemplating this expansion in Wilgespruit?
	6.7	Did Kgosi Pilane put up a resolution from the Bakgatla community
                                     consenting to the access rights to the farm Wilgespruit? A copy of such a resolution is requested.
	6.8	Press reports indicate that PPM paid BBK USD 82million for the encroachment
                                     into Wilgespruit. Who was the USD 82m paid to?
	6.9	The name of the account holder and account details into which deposit
                                     was made by PPM is requested?
	6.10	Proof
                                            of the deposit by PPM into the account holder's name is requested.
	6.11	Why
                                            was kgosi Pilane appointed to the board of Platmin on 26 May 2011?

 

    Page 34 of 39

    	 	 	 

    

 

Appendix 3

 

	TO:	Pilanesberg Platinum Mines (Pty) Ltd

 

	AND TO:	Lesetlheng Community

 

	AND TO:	Itereleng Bakgatla Minerals Resources (Pty) Ltd

 

	DATE:	[●]

 

Dear Sirs

 

STIPULATIONS FOR THE BENEFIT OF THE LESETLHENG COMMUNITY

 

	1.	We
                                            refer to the agreement entitled “Settlement Agreement” entered into on
                                            [●] between Pilanesberg Platinum Mines (Pty) Ltd, Itereleng Bakgatla Minerals
                                            Resources (Pty) Ltd and the Lesetlheng Community, in respect of access to the farm Wilgespruit
                                            No. 2, Registration Division J.Q., North West Province, magisterial district of Mankwe,
                                            measuring 2969,6863 hectares, held under deed of transfer No. T1230/1919BP (the "Settlement
                                            Agreement").

 

	2.	Terms
                                            used but not otherwise defined herein shall, unless the context otherwise requires, have
                                            the meanings given to them in the Settlement Agreement.

 

	3.	In
                                            terms of the Settlement Agreement, the Parties grant certain stipulatio alteri (the
                                            "Stipulations") in favour of the 13 Families (as defined in the Settlement
                                            Agreement), which may be accepted by the 13 Families at any time on written notice to the
                                            Parties.

 

	4.	The
                                            [●] [Insert name of the clan] family, being one of the 13 Families, hereby accepts
                                            the benefit of the Stipulations and gives notice as required by the Settlement Agreement
                                            of such acceptance.

 

	5.	This
                                            letter shall be governed by the laws of South Africa and shall be effective on the date of
                                            this letter reflected above.

 

	6.	Kindly acknowledge receipt of this letter by signing in the space provided for below.

 

Yours faithfully

 

	 	 
	Name:	 

 

For and behalf of the [●] [Insert name of the clan]
family

 

Authorised and warranting authority

 

Authorised and warranting authority

 

    Page 35 of 39

    	 	 	 

    

 

Appendix 3

 

Received on this the ______ day of _________________________ 20 ____

 

	 	 
	For and on behalf of:	 

 

	Pilanesberg Platinum Mines (Pty) Ltd	 

 

Received on this the ______ day of _________________________ 20 ____

 

	 	 
	For and on behalf of:	 

 

Itireleng Bakgatla Minerals Resources (Pty) Ltd

 

Received on this the ______ day of _________________________ 20 ____

 

	 	 

For and on behalf of:

 

The Lesetlheng Community

 

    Page 36 of 39

    	 	 	 

    

 

Appendix 4

 

TO:
Pilanesberg Platinum Mines (Pty) Ltd

 

AND
TO: Lesetlheng Community

 

AND
TO: Itereleng Bakgatla Minerals Resources (Pty) Ltd

 

DATE: [●]

 

Dear Sirs

 

STIPULATIONS
FOR THE BENEFIT OF THE LESETLHENG COMMUNITY ECONOMIC DEVELOPMENT TRUST (ESTABLISHED IN TERMS OF CLAUSE OF THE SETTLEMENT
AGREEMENT BETWEEN PILANESBERG PLATINUM MINES (PTY) LTD AND THE LESETLHENG COMMUNITY)

 

	1.	We
                                            refer to the agreement entitled “Settlement Agreement” entered into on
                                            [●] between Pilanesberg Platinum Mines (Pty) Ltd ("PPM"), Itereleng
                                            Bakgatla Minerals Resources (Pty) Ltd and the Lesetlheng Community, in respect of access
                                            to the farm Wilgespruit No. 2, Registration Division J.Q., North West Province, magisterial
                                            district of Mankwe, measuring 2969,6863 hectares, held under deed of transfer No. T1230/1919BP
                                            (the "Settlement Agreement").

 

	2.	Terms
                                            used but not otherwise defined herein shall, unless the context otherwise requires, have
                                            the meanings given to them in the Settlement Agreement.

 

	3.	The Settlement Agreement:

 

		3.1	contemplates
                                            the establishment of a local economic development trust (the "Trust"), which
                                            is entitled to certain benefits under the Settlement Agreement;

 

		3.2	grants
                                            certain stipulatio alteri (the "Stipulations") in favour of the Trust,
                                            which may be accepted by the Trust upon the establishment thereof.

 

	4.	The
                                            [●] Trust was established by PPM for the benefit of the Lesetlheng Community pursuant
                                            to the Settlement Agreement and hereby accepts the benefit of the Stipulations and gives
                                            notice as required by the Settlement Agreement of such acceptance. A copy of the letters
                                            of authority issued by the Master of the High Court in respect of the Trust is attached hereto
                                            for ease of reference.

 

	5.	This
                                            letter shall be governed by the laws of South Africa and shall be effective on the date of
                                            this letter reflected above.

 

	6.	Kindly acknowledge receipt of this letter by signing in the space provided for below.

 

	Yours faithfully	 

 

	 	 

 

    Page 37 of 39

    	 	 	 

    

 

Appendix 4

 

	Name:	 

 

	For and on behalf of the [●] Trust	 

 

	Authorised and warranting authority	 

 

    Page 38 of 39

    	 	 	 

    

 

Appendix 4

 

Received on this the ______ day of _________________________ 20 ____

 

	 	 

For and on behalf of:

 

Pilanesberg Platinum Mines (Pty) Ltd

 

Received on this the ______ day of _________________________ 20 ____

 

	 	 

For and on behalf of:

 

Itireleng Bakgatla Minerals Resources (Pty) Ltd

 

Received on this the ______ day of _________________________ 20 ____

 

	 	 

For and on behalf of:

 

The Lesetlheng Community

 

    Page 39 of 39

    	 	 	 

    

 

 

EXECUTION
COPY

 

REINSTATEMENT
AND FIRST ADDENDUM TO THE

 

SETTLEMENT AGREEMENT

 

between

 

PILANESBERG
PLATINUM MINES PROPRIETARY LIMITED (“PPM”)

 

and

 

ITERELENG
BAKGATLA MINERALS RESOURCES PROPRIETARY

LIMITED (“IBMR”)

 

and

 

LESETLHENG COMMUNITY

 

and

 

LESETLHENG
LAND COMMITTEE (“LLC”)

and

 

LAWYERS FOR HUMAN
RIGHTS’ CLIENTS

(“LHR CLIENTS”)

 

    1

    	 	 	 

    

 

1.            DEFINITIONS

 

	 	For purposes of this Addendum, the following words shall, unless otherwise stated
    or inconsistent with the context in which they appear, bear the following meanings:

 

		1.1	13
                                            Clans - means the direct descendants of the 13 families whose names are set out in Appendix
                                            1 of the Settlement Agreement and Appendix 1 hereto, whose members shall be verified through
                                            the Social Survey;

 

		1.2	Addendum
                                            - this deed of amendment to the Settlement Agreement and any annexures hereto;

 

		1.3	Compensation
                                            - means payment by PPM and IBMR of the Compensation Amount for access rights to Wilgespruit;

 

1.4            Compensation
Amount - means the aggregate of the following:

 

1.4.1           Retrospective
Rental referred to in clause 9.1.1.2;

 

1.4.2           Surface
Use Rental referred to in clause 9.1.2.4;

 

		1.4.3	R20
                                            million for the purchase of the Alternative Farming Land referred to in clause 9.1.3.4;

 

		1.4.4	R20
                                            million for displacement and reestablishment allowance referred to in clause 9.1.3.9;
	 	 	 
	 	1.4.5	R15
                                            million incentive payment referred to in clause 9.1.4.2.

 

		1.5	Escrow
                                            Agreement - the agreement to be entered into between PPM, IBMR, the LLC and LHR
                                            Clients and PPM’s attorneys;

 

		1.6	Escrow
                                            Agreement Parties - means the following, whom alongside PPM and IBMR, shall be the co-signatories
                                            authorising the release of the Compensation Amount by the escrow agent in terms of the Escrow
                                            Agreement:
	 	 	 
	 	1.6.1	the
                                            LHR Clients;
	 	 	 
	 	1.6.2	the
                                            LLC;

 

    2

    	 	 	 

    

 

EXECUTION COPY

 

		1.6.3	any
                                            other legitimate interest groups who have mandates from members of the 13 Clans as recognized
                                            in the Social Survey;

 

		1.7	IBMR
                                            - Itereleng Bakgatla Minerals Resources Proprietary Limited, a private company incorporated
                                            in accordance with the laws of the Republic of South Africa, with registration number 2003/003721/07;

 

		1.8	Lesetlheng
                                            Community - means the members of Lesetlheng community who constitute a community as contemplated
                                            in section 1 of IPILRA, whose members include certain of the descendants of the 13 Clans
                                            and who were the original occupiers of Wilgespruit as confirmed in the Constitutional Court
                                            ruling dated 25 October 2018, in the matter of Maledu and Others v Itereleng Bakgatla
                                            Minerals Resources (Pty) Limited and Another and also refers to the wider community;

 

		1.9	LHR
                                            Clients - means certain members of the [***], [***] and [***] clans, who are currently
                                            represented by LHR in the negotiation of this Agreement, whose names appear more fully from
                                            their mandate given to LHR, attached hereto as Appendix 3 to the Addendum."

 

		1.10	LLC
                                            - the Lesetlheng Land Committee, which was formed to represent the majority of the members
                                            of the 13 Clans in the negotiations with PPM and IBMR, and consequently negotiated the terms
                                            of the Settlement Agreement;

 

		1.11	Parties
                                            - the signatories to the Settlement Agreement and to this Addendum and “Party”
                                            refers to any one of the Parties as the context may require;

 

		1.12	PPM
                                            - Pilanesberg Platinum Mines Proprietary Limited, a private company incorporated in accordance
                                            with the laws of the Republic of South Africa, with registration number 2002/015572/07;

 

		1.13	Settlement
                                            Agreement - the agreement titled “Settlement Agreement’ entered into
                                            between PPM, IBMR, and the Lesetlheng Community, signed by PPM, IBMR and the LLC
                                            on 30 November 2019 and to be signed by the LHR Clients on conclusion of this Addendum.

 

    3

    	 	 	 

    

 

EXECUTION COPY

 

		1.14	Social
                                            Survey - the survey to be conducted (i) by a private entity to be appointed by PPM,
                                            (ii) to amongst others, identify and verify the individuals making up the 13 Clans in
                                            accordance with the terms agreed to with PPM and the terms set out in Appendix 5 to
                                            the Addendum, for the purposes of ensuring that the benefits of this Agreement are distributed
                                            to and accrue to the correct individuals of each of the 13 Clans;

 

2.            BASIS
OF THE ADDENDUM

 

WHEREAS the
LLC was initially mandated by the Lesetlheng Community at a community meeting held on 22 April 2019 during which time
they were represented by Lawyers for Human Rights (herein referred to as "LHR") to represent the Lesetlheng Community
in negotiations with IBMR and PPM;

 

and

 

WHEREAS certain
members of the [***], [***] and [***]- [***] clans mandated LHR to represent them in the negotiations with IBMR and PPM;

 

and

 

WHEREAS the
LLC based on the aforesaid mandate which is attached hereto as Appendix 2, entered into negotiations with PPM which culminated in the
Settlement Agreement signed by duly authorised members of the LLC and PPM on 30 November 2019;

 

and

 

WHEREAS the
LHR Clients were not signatories to the Settlement

 

Agreement;

 

and

 

    4

    	 	 	 

    

 

EXECUTION COPY

 

WHEREAS
PPM independently and of its own will conducted negotiations with the LLC, simultaneously conducted negotiations with
the LHR Clients with effect from July 2019;

 

and

 

WHEREAS
PPM, IBMR and the LLC are parties to the Settlement Agreement. The Settlement Agreement provides
for the conditions precedent contained therein to be fulfilled on or before 31 March 2020 (the "Fulfilment Date") or
such other date as may be agreed in writing by PPM. The said conditions precedent were not fulfilled by 31 March 2020, resulting
in the Parties wishing to reinstate and amend the Settlement Agreement as set forth herein;

 

and

 

WHEREAS
the amount offered by PPM to the 13 Clans as Compensation for access rights to Wilgespruit and for any
loss or damage suffered or likely to be suffered as a result of the mining operations on Wilgespruit has been agreed to between PPM
and the 13 Clans and is as set out in the Settlement Agreement and remains unchanged;

 

and

 

WHEREAS
the Parties have different interpretations of certain clauses in the Settlement Agreement, it is appropriate
in this Addendum to provide for a conflict resolution mechanism to address these differences should this become necessary;

 

and

 

    5

    	 	 	 

    

 

EXECUTION COPY

 

WHEREAS
the Escrow Agreement details more fully the conditions precedent for the payment of the Compensation Amount.

 

WHEREFORE
the Parties therefore wish to amend and supplement certain provisions of the Settlement Agreement as set out in this
Addendum and wish to reduce this variation to the Settlement Agreement to writing.

 

WHEREFORE
the Parties hereby enter into this Addendum, which Addendum shall be read together with the Settlement Agreement and
Appendices thereto; as amended herein, constitute the whole, full and final agreement between the Parties.

 

NOW
THEREFORE the Parties agree to amend the Settlement Agreement as follows:

 

3.            REINSTATEMENT
OF THE SETTLEMENT AGREEMENT

 

The Parties agree that the Settlement
Agreement be and is hereby reinstated retrospectively from 31 March 2020 on the same terms and subject to the same conditions as
those set out therein, and subject to the various amendments as set out in this Addendum below. This Addendum should be read together
with the Settlement Agreement and in case of a conflict between the terms of this Addendum and the Settlement Agreement, the terms of
the Addendum shall supersede the terms of the Settlement Agreement.

 

4.            CONDITIONS
PRECEDENT

 

The Parties agree that the Fulfilment
Date of the Conditions Precedent contained in clause 6.2 of the Settlement Agreement be and is hereby amended from "31 March 2020"
to 30 June 2020 or such other date as may be agreed to between the Parties.

 

    6

    	 	 	 

    

 

EXECUTION COPY

 

5.            
INTERPRETATION TO BE GIVEN TO THE TERM LESETLHENG COMMUNITY AND THE 13 CLANS

 

		5.1	For purposes of the Compensation Amount,
                                            the words “Lesetlheng Community” and “73 Clans" have
                                            a specific meaning in the Settlement Agreement and Addendum.

 

		5.2	The compensation contemplated in the Settlement
                                            Agreement and in this Addendum consists of two parts and shall mean the following:

 

		5.2.1	the aggregate Compensation Amount shall
                                            be for the exclusive benefit of the 13 Clans in exchange for unhindered access to Wilgespruit;
                                            and

 

		5.2.2	all other forms of social benefit associated
                                            with this agreement, including but not limited to, the bespoke employment opportunities set
                                            aside for the Lesetlheng Community; procurement opportunities allocated specifically for
                                            the Lesetlheng Community; consultation on and benefit from the Wilgespruit Social and Labour
                                            Plan; and other possible potential projects, such as the post-mining rehabilitation of Wilgespruit
                                            2JQ property will be afforded to the wider Lesetlheng Community.

 

		5.3	PPM and IBMR commit to engage with the
                                            Parties in order to develop a fair and transparent Social and Labour Plan and a Procurement
                                            model, which include a Procurement Entity.

 

6.            AMENDMENT
OF DATES IN THE AGREEMENT

 

6.1            It
is recorded that certain of the dates reflected in the Agreement have lapsed, accordingly, the following dates are amended as follows:

 

6.1.1            clause
8.2, the date for which access to Wilgespruit shall be granted is amended from 1 January 2020, to 30 June 2020;

 

6.1.2            clause
9.1.1.2, 28 February 2020, is amended to the date as determined by the Escrow Agreement;

 

6.1.3            clause
9.1.3.3, the date for the compilation of the relocation plan is amended from 31 January 2020, to 31 July 2020;

 

    7

    	 	 	 

    

 

EXECUTION COPY

 

		6.1.4	clause 9.2.3.2.4, the date for the finalization
                                            of the procurement policy is amended from 31 January 2020 to 31 July 2020 or such
                                            other date as may be agreed to by agreement in writing between the Parties;

 

		6.1.5	clause 9.3.1, the date for establishment
                                            of the Procurement Entity is amended from 31 January 2020 to 31 July 2020, or such
                                            other date as may be agreed to in writing between the Parties.

 

7.            SUPPLEMENTARY
CLAUSES TO THE SETTLEMENT AGREEMENT

 

		7.1	The Parties agree to supplement the Settlement
                                            Agreement with the following clauses:-

 

7.1.1            Clause
18A - Appointment of an Entity to Conduct the Social Survey;

 

7.1.2            Clause
18B - Conflict Resolution Mechanism;

 

7.1.3            Clause
18C - Commencement of Mining;

 

		7.1.4	Clause 18D - Relocation of farmers currently
                                            occupying the Mining Area.

 

8.             AD
CLAUSE 18A - APPOINTMENT OF ENTITY TO CONDUCT THE SOCIAL SURVEY

 

18A.1.    At
the date of signature of this Addendum by the last Party to do so (the "Signature Date"), the representatives of the
Lesetlheng Community and the 13 Clans in relation to the Settlement Agreement have communicated the Settlement Agreement to members of
the Lesetlheng Community and the 13 Clans.

 

18A.2.    PPM
requires certainty that the beneficiaries to whom the Compensation will in due course be paid are the legitimate members of the 13 Clans.

 

18A.3.   The
Parties agree that verification by an independent survey company is necessary to establish who constitute the legitimate beneficiaries
of each of the 13 Clans.

 

    8

    	 	 	 

    

 

EXECUTION COPY

 

18A.4. PPM shall,
within 10 Business Days of the Signature Date, appoint a company to undertake the Social Survey (the "Survey Company"),
with a view to:

 

18A.4.1. identify
and verify the direct descendants of each of the 13 Clans;

 

18A.4.2.ascertain
the correct membership and constitution of the 13 Clans;

 

18A.4.3 ensure that
the benefits of this Agreement and more specifically, the Compensation Amount is distributed to and accrues to the correct beneficiaries
of the 13 Clans.

 

18A.5.   The
Survey Company shall simultaneously be appointed by PPM to conduct a socio-economic survey of the entire Lesetlheng Community.

 

18A.6.   The
Survey Company shall use the guidelines set out in Appendix 4 to the Addendum to determine who qualifies for inclusion in a family tree
of each of the 13 Clans.

 

18A.7.   The
Survey Company shall follow the procedure set out in Appendix 5 to the Addendum to determine the beneficiaries within each of the 13
Clans.

 

9.            AD
CLAUSE 18B - CONFLICT RESOLUTION MECHANISM

 

18B.1.   The
Parties agree that, save in respect of PPM and IBMR's entitlement to appoint trustees to any Trust that may be formed pursuant to this
Agreement and in respect of its entitlement to withhold the funds in the event that it is not granted unhindered access to Wilgespruit
in accordance with the terms of this Agreement, PPM will have no discretion, interest or influence in the distribution of the proceeds
of the Compensation awarded by PPM to the 13 Clans pursuant to this Agreement.

 

18B.2.   The
LLC and LHR Clients have different interpretations concerning:

 

    9

    	 	 	 

    

 

 

EXECUTION COPY

 

		18B.2.1	the ownership of
                                            Wilgespruit and the legal regime that ought to determine the decision-making process relating
                                            to the distribution of the Compensation Amount; and

 

		18B.2.2	how the Compensation
                                            Amount should be distributed among the 13 Clans.

 

		18B.3	The Parties agree
                                            that this dispute will be resolved through arbitration.

 

		18B.4	In order to assist
                                            the relevant parties resolve the dispute, PPM has agreed to pay for the costs of arbitration
                                            up to an amount of R1 000 000 (one million Rand).In the event of the dispute being referred
                                            to arbitration, 40% will be allocated to the arbitrator and 60% to the legal representatives
                                            of the other parties. The latter shall be allocated equally to the legal representatives
                                            of the disputing parties. Any costs above the aforementioned amount shall be borne by the
                                            parties participating in such arbitration proceedings.

 

		18B.5	The Parties agree
                                            that pending the outcome of the arbitration the Compensation Amount will be held in an escrow
                                            account, to be administered by PPM’s attorneys and to be released pursuant to an instruction
                                            signed by amongst others, the Escrow Agreement Parties.

 

		18B.6	The Compensation Amount
                                            will be paid into the Escrow Account within 30 days of PPM being granted unhindered access
                                            to Wilgespruit.

 

		18B.7	Upon finalisation
                                            of the arbitration referred to in clause 18B.3, and subject to the provisions of the Escrow
                                            Agreement, the Settlement Agreement and this Addendum, the Escrow Agreement Parties, PPM
                                            and IBMR shall jointly instruct the escrow agent to make payment of the Compensation Amount
                                            in such proportions and to such persons as the Arbitrator has determined to be due. Such
                                            instruction shall comply \ terms of the Escrow Agreement.

 

    10

    	 	 	 

    

 

EXECUTION COPY

 

		10.	AD CLAUSE 18C - COMMENCEMENT
                                            OF MINING OPERATIONS

 

			PPM wishes to commence
                                            with mining operations by no later than on 30 June 2020 ("Mining Commencement
                                            Date"); and accordingly requires unhindered access to Wilgespruit. The Parties agree
                                            that the commencement of mining will be dictated by the pragmatic conditions, in particular,
                                            the lifting of Covid-19 lockdown restrictions.

 

		11.	Ad Clause 18D - Relocation of
                                            farmers currently occupying the Mining Area

 

		 	18D.1	In order
                                            for PPM to commence with Mining Operations on Wilgespruit on the Mining Commencement Date,
                                            it will be necessary for those Clans and/or farmers ("Farmers") who are
                                            currently occupying the mining area within a 500 meter buffer zone of the outermost edges
                                            of the final open pit mining excavation on Wilgespruit as depicted in the map attached hereto
                                            as Appendix 6, to relocate their Farming Activities (including structures of an immovable
                                            or movable nature).

 

		 	18D.2	The relocated
                                            Farmers on Wilgespruit will establish facilities on the remainder of Wilgespruit not required
                                            for mining purposes, as well as in time access to additional, substituted farming land to
                                            be acquired from the proceeds of the settlement as envisaged in the Settlement Agreement.

 

		 	18D.3	PPM will
                                            assist with the costs of relocating the Farmers to the non-mining area on the remainder of
                                            Wilgespruit or temporary alternative land prior to the Mining Commencement Date.

 

		 	18D.4	The 13 Clans
                                            recognise that further delays in PPM commencing with Mining Operations may render mining
                                            on Wilgespruit non- viable. Therefore, should the 13 Clans fail to relocate or move the Farmers
                                            and the Farming Activities prior to the Mining Commencement Date, to the extent that it renders
                                            PPM unable to commence with Mining Operations, then PPM shall, in its sole and absolute discretion,
                                            be entitled to withhold the Compensation agreed to in terms of this Agreement, and/or to
                                            terminate this Agreement by written notice to that effect given to the other Parties, without
                                            prejudice to any other rights it may have hereunder or in law. In the event that PPM elects
                                            to terminate the Agreement, PPM shall be entitled any Compensation Amount it has already
                                            paid in terms of the Escrow Agreement.

 

		 	18D.5	The 13 Clans
                                            will assume responsibility to ensure that the current occupiers of the mining area vacate
                                            the mining area timeously as contemplated in 18D.1 in order for mining operations to commence.

 

    11

    	 	 	 

    

 

EXECUTION COPY

 

		12.	WHOLE AGREEMENT

 

			All clauses in the Agreement,
                                            together with the annexures, other than those referred to in this Addendum shall remain unchanged
                                            and in full force and effect as amended herein.

 

		13.	EFFECTIVE DATE

 

			This Addendum takes effect
                                            on the date on which it is signed by the last party signing in time.

 

		14.	COUNTERPARTS

 

			This Addendum may be executed
                                            in separate counterparts, each of which, when executed, shall be deemed to be an original,
                                            but all of which, when taken together, shall constitute one and the same agreement.

 

THUS DONE AND SIGNED by the duly authorised representatives of the
Parties.

 

    12

    	 	 	 

    

 

EXECUTION COPY

 

Counterpart signatory

 

Signed at KWA MARITANE
on 8th  June 2020

 

Pilanesberg Platinum Mines Proprietary Limited

 

	/s/ [ILLEGIBLE]	 
	 	 
	Who warrants authority	 

 

Counterpart signatory

 

Signed at KWA MARITANE on 8th   June 2020

 

Itereleng Bakgatla Minerals Resources Proprietary Limited

 

	/s/ [ILLEGIBLE]	 
	 	 
	Who warrants authority	 

 

    13

    	 	 	 

    

 

EXECUTION COPY

 

Counterpart signatory

 

Signed at
KWA MARITANE on 8th   June 2020

 

	For and on behalf of: LLC	 
	 	 
	/s/ MPULE DAVID PHETO	 
	Name: MPULE DAVID PHETO	 
	Capacity: CHAIRPERSON of LLC	 

Who warrants authority

 

Signed at
MARITANE on 8th  June 2020

 

	For and on behalf of: LLC	 
	 	 
	/s/ [ILLEGIBLE] 	 
	Name: [ILLEGIBLE]	 
	Capacity: [ILLEGIBLE]	 

Who warrants authority

 

Signed at KWA MARITANE on 8th June 2020

 

	For and on behalf of: LLC	 
	 	 
	/s/ Mesele Grace Maledu	 
	Name:  Mesele Grace Maledu	 
	Capacity: LLC Member 	 
	Who warrants authority	 

 

    14

    	 	 	 

    

 

EXECUTION COPY

 

Counterpart signatory

 

Signed at
 KWA MARITANE on 8th June 2020

 

	For and on behalf of: LLC 	 
	 	 
	/s/ Sephedi Rasepae	 
	Name: Sephedi Rasepae	 
	Capacity: Member of LLC 	 
	Who warrants authority	 

 

Signed at
 KWA MARITANE on 8th June 2020

 

	For and on behalf of: LLC	 
	 	 
	/s/   PECOAKGOSI TUMECO JUSTICE	 
	Name:  PECOAKGOSI TUMECO JUSTICE	 
	Capacity: LLC Member 	 
	Who warrants authority	 

  

Signed at
 KWA MARITANE on 6th June 2020

 

	For and on behalf of: LLC	 
	 	 
	/s/ [ILLEGIBLE]	 
	Name: [ILLEGIBLE]	 
	Capacity:  LLC Member 	 
	Who warrants authority	 

 

    15

    	 	 	 

    

 

EXECUTION COPY

 

Counterpart signatory

 

Signed
at KWA MARITANE on 8th
June 2020

 

	For and on behalf of: LLC	 
	 	 
	/s/ [ILLEGIBLE]	 
	Name: [ILLEGIBLE]	 
	Capacity:  LLC Member	 
	Who warrants authority	 

 

Signed
at
 KWA MARITANE on 8th June 2020

 

	For and on behalf of: LLC	 
	 	 
	 /s/ [ILLEGIBLE]	 
	Name: [ILLEGIBLE]	 
	Capacity: LLC Member	 
	Who warrants authority	 

 

Signed
at
 KWA MARITANE on 8th June 2020

 

	For and on behalf of: [ILLEGIBLE]	 
	 	 
	/s/ [ILLEGIBLE]	 
	Name: [ILLEGIBLE]	 
	Capacity: [ILLEGIBLE]	 
	Who warrants authority	 

 

    16

    	 	 	 

    

 

EXECUTION COPY

 

Counterpart signatory

 

Signed at KWA MARITANE
on  8th June 2020

 

	For and on behalf of: LHR CLIENTS	 
	 	 
	/s/ [ILLEGIBLE] 	 
	Name: [ILLEGIBLE]	 
	Capacity: [ILLEGIBLE]	 
	Who warrants authority	 

 

Signed at KWA MARITANE
on  8th June 2020

 

	For and on behalf of:  LHR CLIENTS	 
	 	 
	/s/ [ILLEGIBLE]	 
	Name: [ILLEGIBLE]	 
	Capacity: [ILLEGIBLE]	 
	Who warrants authority	 

 

Signed at
KWA MARITANE on  8th June 2020

 

	For and on behalf of:   LHR CLIENTS	 
	 	 
	 /s/ [ILLEGIBLE]	 
	Name: [ILLEGIBLE]	 
	Capacity: [ILLEGIBLE]	 
	Who warrants authority	 

 

 

    17

    	 	 	 

    

 

EXECUTION COPY

 

Signed
at
KWA MARITANE on  8th June 2020

 

	For and on behalf of:    LHR CLIENTS	 
	 	 
	/s/ Jacob
    Rasepae	 
	Name: Jacob Rasepae	 
	Capacity: MOGOROSI	 
	Who warrants authority	 

 

    18

    	 	 	 

    

 

EXECUTION COPY

 

Appendix 1

 

13 Clans

 

Lesetlheng Families (Descendants of the Original
13 Wilgespruit Occupiers)

 

1.            [***]

 

2.            [***]

 

3.            [***]i

 

4.            [***]i

 

5.            [***]

 

6.            [***]

 

7.            [***]

 

8.            [***]

 

9.            [***]

 

10.          [***]

 

11.          [***]

 

12.           [***]

 

13.          [***]

 

    19

    	 	 	 

    

 

 

 

 

Appendix 2

 

LLC Mandate

 

    20

    	 	 	 

    

 

“V”

 

 

RESOLUTIONS OF
THE MEMBERS OF THE LESETLHENG COMMUNITY

COMPRISING OF 13 DIBESO (FAMILIES)

(“THE COMMUNITY”)

 

 

	1.	WHEREAS:

 

		1.1	The
                                            Community was involved in a litigation with Pilanesberg Platinum Mines (Pty)Ltd (‘the
                                            Mine’) and others;

 

		1.2	the
                                            matter was finalised before the Constitutional Court of South Africa on 25 October 2018;

 

		1.3	the
                                            Community has at all material times been represented in the matter by Lawyers for Human Rights
                                            (‘LHR’);

 

		1.4	the
                                            Community has also at all material times been having a Land Committee (‘the Committee’)
                                            which has been the one dealing directly with issues pertaining to the Land in question,
                                            Wilgespruit 2 JQ and liaising with LHR for and on behalf of the Community;

 

		1.5	pursuant
                                            to the court order of the Constitutional Court, the Mine must consult with the Community
                                            in terms of the relevant pieces of legislation stated in the judgement;

 

		1.6	pursuant
                                            to the court order of the Constitutional Court stated above, the Community has since resolved
                                            to avail itself to meet with the Mine with a view to resolving the dispute between the parties

 

	2.	RESOLVED
                                            ON THE 9 MARCH 2019 AND REAFFIRMED ON 22 APRIL 2019 THAT:

 

		2.1	the
                                            Community will avail itself for consultation with the Mine duly represented by the Committee
                                            with a view of resolving the dispute between the parties, which shall possibly lead into
                                            negotiations relating to (a) right of access to the Mine for mining purposes and (b) equity,
                                            beneficiation and compensation for past and future damages to the relevant Community members;

 

    21

    	 	 	 

    

 

		2.2	the
                                            Community confirms the mandate of both the Committee and the LHR (LHR will in due cause ratify
                                            its mandate) in respect of this matter, which mandate includes but is not limited to consultation,
                                            negotiations with the Mine for and on behalf of the Community, including but not limited
                                            to (a) access by the Mine to the relevant farm (s) for mining purposes and (b) equity,
                                            beneficiation and compensation for past and future damages to the relevant Community members.

 

		 	
	Full
    Names	 	Full Names
	 	 	 
	CHAIRPERSON:
    LAND COMMITTEE	 	SECRETARY:
    LAND COMMITTEE
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Full
    Names	 	 
	 	 	 
	HEADMAN
    (KGOSANA)	 	 
	 	 	 
	 	 	 
	Signature	 	 
	 	 	 
	Date: 	26/05/2019	 	 

 

    22

    	 	 	 

    

 

Appendix 3

 

LHR Clients

 

    23

    	 	 	 

    

 

	Our
    Ref: Addendum	[***]
	 	Lesetlheng
    Village
	 	07
    June 2020

 

	To:	Ms. Louise
    Du Plessis
	 	Lawyers
    for Human Rights
	 	Pretoria

 

Dear: Madam,

 

Subject: [***] clan resolution
on approval on a Settlement Agreement and addendum

 

This correspondence seeks to highlight
and affirm the resolution taken at the meeting on 06 June 2020 by the [***] clan.

 

The [***] clan took the following
resolutions:

 

		1.	The
                                            Clan approves the Settlement Agreement Contract and reinstatement of the Settlement Addendum
                                            and that all incomplete sub-clauses (Arbitration, Social Survey, SLP, and Procurement Model)
                                            that must be concluded as planned;

 

		2.	The
                                            Clan appointed the committee members for signatories to the Settlement Addendum and Settlement
                                            agreement contract.

 

We hope the above will assist with a
way forward.

 

	Regards,	 
	 	 
	 	 
	Mr. [***]	 
	Chairperson:
    [***] clan	 
	 	 
	 	 
	Mr. [***]	 
	Secretary:
    [***] clan	 

 

    24

    	 	 	 

    

 

Appendix 4

 

Social Survey
Guidelines

 

Guidelines on
how the class of beneficiaries must be determined

 

		1.	The
                                            Survey Company, in determining the membership of each Clan, shall be guided by the practice
                                            or custom of each Clan. In the absence of such a custom or if a dispute arises the Survey
                                            Company shall:

 

		1.1	ensure
                                            that a Clan member is a direct blood descendent of the original forefathers who purchased
                                            the farm Wilgespruit and whose names appear on the social survey list,

 

		1.2	record
                                            the membership of each person by listing the original co-owner, followed by his direct blood
                                            descendants,

 

		1.3	the
                                            next tier will be the direct descendants of the second generation left by the original co-owners;

 

		1.4	the
                                            last tier will be the third generation of direct descendants of the original co-owners.

 

		2.	A
                                            direct descendant of a person includes the spouse or partner in a customary union of such
                                            person whether or not such customary union has been registered.

 

		3.	The
                                            direct descendants listed as Clan members will be capped at the third generation. Only if
                                            a direct descendant in the third generation is deceased, will the membership include direct
                                            descendants of the 4th generation.

 

		4.	When
                                            listing the names of direct descendants each Clan’s membership shall include:

 

		4.1	the
                                            names of both girls and boys;

 

		4.2	the
                                            names of all children born of a direct descendant including children born out of wedlock;

 

		4.3	all
                                            women descendants even if they are married and including their children.

 

    25

    	 	 	 

    

 

Appendix 5

 

Social Survey
Procedures

 

Procedure to
be used for determining Clan Membership

 

		1.	Within
                                            10 days of the appointment of the Survey Company, the Survey Company shall convene public
                                            meetings with the Clans.

 

		2.	The
                                            Survey Company shall give at least 2 weeks’ notice to the members of the Clans by notice:

 

		2.1	through
                                            the local radio station;

 

		2.2	public
                                            notices at public places, e.g. churches, schools, community centres, local shops;

 

		2.3	through
                                            the legal representatives of the Clans, being Webber Wentzel and LHR.

 

		3.	The
                                            Survey Company shall:

 

		3.1	convene
                                            separate public meetings with each Clan;

 

		3.2	request
                                            that each Clan present it with a membership list at the meeting;

 

		3.3	keep
                                            an attendance register with the names, identity numbers, addresses, email addresses and telephone
                                            contact numbers of each adult person that attends a Clan meeting for verification of the
                                            Clan membership.

 

		3.4	based
                                            on the Clan membership list provided and the outcome of the discussions at the meeting:

 

		3.4.1	obtain
                                            a resolution from the Clan confirming their agreement to the Clan membership agreed to and
                                            bearing the signature of the individuals who attended and agreed to the Clan membership;

 

		3.4.2	pursuant
                                            to the meeting, taking into account the Clan membership in terms of the aforementioned resolution,
                                            and subject to paragraph 3.5, compile and finalise a list of members for each Clan (the "Social
                                            Survey Results"); and

 

    26

    	 	 	 

    

 

	3.4.3	publish
                                            or circulate the Social Survey Results to each Clan within 30 days of the meeting
                                            contemplated in paragraph 2.

 

	3.5	The
                                            Survey Company shall, in determining the membership of the Clans:

 

	3.5.1	consider
                                            the customs of each Clan;

 

	3.5.2	be
                                            entitled to, but not obliged to interview members of the Clans; and

 

	3.5.3	ensure
                                            that no one person is considered to form part of more than one Clan.

 

	3.6	The
                                            Clans shall have a period of 10 days from receipt of the Social Survey Results published
                                            by the Survey Company to lodge any comments or objections they may have in relation to the
                                            Social Survey Results, with the Survey Company or through their legal representatives.

 

	3.7	In
                                            the event that any of the Clans have an objection to the Social Survey Results or have submitted
                                            comments to the Survey Company, then such objection or comment shall be determined by an
                                            independent expert (the "Independent Expert") who shall:

 

	3.7.1	be
                                            a person who has the knowledge, skills, capacity and the proven experience in the type of
                                            objection raised;

 

	3.7.2	be
                                            appointed by PPM within 7 days of such request, failing which the Independent Expert shall
                                            be nominated and appointed by the Secretariat of the Arbitration Foundation of Southern Africa
                                            from its panel of arbitrators, within 5 days after the matter is referred to her;

 

		3.7.3	allow
                                            the Clans or members objecting, an opportunity to make representations;

 

		3.7.4	have
                                            the power to:

 

    27

    	 	 	 

    

 

	3.7.4.1	rely
                                            on his own expert knowledge or experience in any relevant field;

 

	3.7.4.2	impose
                                            a solution and make a decision;

 

	3.7.4.3	deliver
                                            his award within 10 days after the Clans or the members (as the case may be) have
                                            made representations in accordance with paragraph 3.7.3.

 

	3.8	The
                                            Clans irrevocably agree that the decision of the Independent Expert in relation to the objection
                                            shall be final and binding on them and not subject to appeal or review.

 

	3.9	The
                                            Clans objecting shall bear the costs of the Independent Expert.

 

	3.10	The
                                            Social Survey Results shall, in the absence of manifest error and/or objection from the Clans,
                                            within 10 days of receipt thereof, be deemed to have been accepted and a copy thereof
                                            shall be provided by the Social Survey Company to PPM and IBMR respectively.

 

    28

    	 	 	 

    

 

 

 

    29

    	 	 	 

    

 

 

 

    30Exhibit 10.9

 

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

 

edward
nathan sonnenbergs

johannesburg
cape town durban stellenbosch

150
west street

sandown
sandton johannesburg 2196

po
box 783347 sandton south africa 2146

docex
152 randburg

tel
+2711 269 7600 fax +2711 269 7899

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

 

	KELLTECH SHAREHOLDERS AGREEMENT	EXECUTION VERSION

 

entered
into between

 

LIFEZONE
LIMITED

(Company
No. 081243 C2/GBL)

 

and

 

ORKID
S.à r.l.

 

(Registration
No. B 167 777)

 

SEDIBELO
PLATINUM MINES LIMITED

(Registration No. 54400)

 

and

 

LIFEZONE
SA VENTURES LIMITED (to be renamed KellTech Limited or such other name
as may be approved by the Registrar of Companies in Mauritius)

(Company No. 084564 C2/GBL)

 

and

 

KEITH
[***] LIDDELL

([***])

 

dated: 16
April 2014

 

    	 

    	 	2

    

 

PREAMBLE 

 

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

 

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

 

WHEREBY
IT IS AGREED AS FOLLOWS:

 

		1.	INTERPRETATION
                                            AND PRELIMINARY

 

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

 

		1.1	words
                                            importing:

 

		1.1.1	any
                                            one gender include the other two genders;

 

		1.1.2	the
                                            singular include the plural and vice versa; and

 

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

 

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

 

		1.2.1	“Affiliate”
                                            means in relation to any Shareholder:

 

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

 

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

 

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

 

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

 

    	 

    	 	3

    

 

		1.2.3	“Alternate
                                            Director” means an alternate director of the Board appointed and regulated in terms
                                            of clause 7.1;

 

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

 

		1.2.5	“[***]”
                                            means [***], a limited liability company formerly incorporated in [***] under
                                            registered number [***] and of registered address at [***] but which migrated
                                            to [***] and now has exempt company number [***] and registered address at
                                            [***];

 

		1.2.6	“[***]
                                            Agreement” means the written deed of assignment of intellectual property entered
                                            into between [***] and [***] on [***];

 

		1.2.7	“[***]
                                            Royalty” means the royalty (being an amount of [***]) per troy ounce of
                                            platinum group elements contained in the feed material processed in any plant where the Intellectual
                                            Property (as defined in the [***] Agreement) or the Invention (as defined in the [***]
                                            Agreement) is operated, commissioned or installed by [***] or by any of his licensees
                                            or assignees. For purposes hereof platinum group elements include Pt, Pd, Rh, Ir, Ru,
                                            Os and Au and the determination of product of the weighted average of the platinum group
                                            element assays for the feed for any Quarter (as defined in the [***] Agreement) and
                                            the dry weight of feed material to the plant for any Quarter (as defined in the [***]
                                            Agreement)) payable by Lifezone to [***] in terms of the [***] Agreement,
                                            as amended by a deed of assignment dated [***] between [***], [***]
                                            and Lifezone under which Lifezone undertook to pay the [***] Royalty;

 

		1.2.8	“Auditors”
                                            means the auditors of the Company from time to time, which shall at all times be limited
                                            to one of:

 

		1.2.8.1	[***];

 

		1.2.8.2	[***];

 

		1.2.8.3	[***];
                                            or

 

    	 

    	 	4

    

 

		1.2.8.4	[***];

 

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

 

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

 

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

 

		1.2.12	“Company”
                                            means Lifezone SA Ventures Limited, Company No. 084564 C2/GBL, a private company limited
                                            by shares, duly incorporated in Mauritius, to be renamed KellTech Limited or such other name
                                            as may be approved by the Registrar of Companies in Mauritius;

 

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

 

		1.2.14	“Constitution”
                                            means the constitution of the Company;

 

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

 

		1.2.16	“Controlling
                                            Shareholder” means in respect of an Entity which may be or become a Shareholder:

 

    	 

    	 	5

    

 

		1.2.16.1	any
                                            holders, directly or indirectly, of any Controlling shares in such Entity as at the date
                                            on which that Entity acquires or is allotted Shares in the Company; or

 

		1.2.16.2	if
                                            Control passes to any Entity after clause 17 has been triggered and the other Shareholders
                                            do not accept the forced offer in terms of clause 17, such new holder, directly or indirectly,
                                            who Controls such Entity; or

 

		1.2.16.3	if
                                            Control passes to any Entity in circumstances where clause 17 is not available to be
                                            invoked by the other Shareholders, such new holder, directly
or indirectly, who Controls such Entity;

 

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

 

		1.2.18	“Designated
                                            Mines” means all operating mines in which the SPM Group has a direct or indirect
                                            majority interest;

 

		1.2.19	“Director”
                                            means a director of the Company;

 

		1.2.20	“Directors
                                            Meetings” means meetings of the Directors, as regulated by clause 7.2;

 

		1.2.21	“Disposer”
                                            shall have meaning set out in clause 16.2;

 

		1.2.22	“Effective
                                            Date” means, subject to clause 29.2, 3 (three) Business Days after the fulfilment
                                            and/or waiver of the suspensive conditions in clause 2.1 (as the case may be);

 

		1.2.23	“Encumbrance”
                                            means:

 

		1.2.23.1	any
                                            mortgage, pledge, lien or cession conferring security, hypothecation, security interests,
                                            preferential right or trust arrangement or other arrangement securing any obligation of any
                                            person;

 

		1.2.23.2	any
                                            arrangement under which money or claims to, or for the benefit of, a bank or other account
                                            may be applied, set off or made subject to a combination of accounts so as to effect discharge
                                            of any sum owed or payable to any person; or

 

    	 

    	 	6

    

 

		1.2.23.3	any
                                            other type of preferential agreement or arrangement (including any title transfer and retention
                                            arrangement), the effect of which is the creation of security,

 

and
 “Encumber” shall bear a corresponding meaning as the context requires;

 

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

 

		1.2.25	“Exchange
                                            Control Regulations” means the South African Exchange Control Regulations, 1961,
                                            as promulgated by Government Notice R.1111 of 1 December 1961 and amended up to Government
                                            Notice No. R. 445 in Government Gazette No. 35430 of 8 June 2012;

 

		1.2.26	“Fair
                                            Market Value” means the fair market value of the Company as determined in accordance
                                            with clause 25;

 

		1.2.27	“Financial
                                            Year” means the financial year of the Company commencing on 1 January and
                                            ending on 31 December each year;

 

		1.2.28	“Financially
                                            and Technically Feasible and Sensible” means that in exercising good and sound
                                            commercial judgment in considering all of the factors relevant to the SPM Group (the “Relevant
                                            Factors”), it is a feasible and sensible decision for the SPM Group that the Relevant
                                            SPM Company have its Concentrate processed by KellPlant, such Relevant Factors including
                                            financial and technical factors relevant to a decision of this nature including (without
                                            limitation):

 

		1.2.28.1	that
                                            the pilot work, technical studies and financial studies in respect of the processing of Concentrate
                                            by KellPlant currently in progress have been concluded and:

 

		1.2.28.1.1	the
                                            results of such pilot work, technical studies and financial studies have been finalised,
                                            documented and provided to the Relevant SPM Company;

 

		1.2.28.1.2	the
                                            engineering and process conditions achieved on the pilot work achieve the parameters and
                                            specifications reasonably required by the Relevant SPM Company for processing of its Concentrate
                                            and usual product specifications; and

 

    	 

    	 	7

    

 

		1.2.28.1.3	the
                                            pilot work adequately addresses the usual risks associated with scale-up of production from
                                            the pilot work to full scale processing at KellPlant, as reasonably identified by the Relevant
                                            SPM Company; and

 

		1.2.28.2	the
                                            difference between the cost to the Relevant SPM Company of transporting Concentrate to the
                                            KellPlant facilities as opposed to the cost to the Relevant SPM Company of transporting Concentrate
                                            to the third party processing facilities;

 

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

 

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

 

		1.2.31	“IDC”
                                            means the Industrial Development Corporation of South Africa Limited, registration number
                                            1940/014201/06, a public company duly incorporated in accordance with the laws of the Republic
                                            of South Africa;

 

		1.2.32	“Independent
                                            Valuers” means the independent specialist intellectual property valuation group
                                            appointed pursuant to clause 25.4;

 

		1.2.33	“Individuals”
                                            means, collectively or separately and individually (as the context may require), Liddell
                                            and [***] ([***]);

 

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

 

		1.2.35	“KellPlant”
                                            means Kell Technologies (Pty) Ltd, a company incorporated in the Republic of South Africa
                                            having registration number 2008/026628/07 (to be renamed KellPlant (Pty) Ltd or such other
                                            name as may be approved by the Companies and Intellectual Property Commission of South Africa)
                                            and registered address at DM Kisch House, Inanda Greens Business Park, 54 Wierda Road
                                            West, Wierda Valley, Sandton, South Africa;

 

    	 

    	 	8

    

 

		1.2.36	“KellPlant
                                            Licence” means the licence agreement in the agreed form entered into between the
                                            Company and KellPlant on or before the Effective Date in terms of which, inter alia, the
                                            Company grants to KellPlant a non-exclusive licence to use the Intellectual Property in South
                                            Africa in any plant owned and/or operated by it;

 

		1.2.37	“KellPlant
                                            Licence Conditions” means the suspensive conditions to the KellPlant Licence, namely:

 

		1.2.37.1	that
                                            approval has been granted by the Reserve Bank as referenced in the Exchange Control Regulations
                                            for the terms of the KellPlant Licence and the payments to be made by KellPlant to KellTech
                                            thereunder; and

 

		1.2.37.2	the
                                            Department of Trade and Industry of the Republic of South Africa grants approval for the
                                            payments to be made by KellPlant to KellTech under the KellPlant Licence against submission
                                            of an application under Form DTP001;

 

		1.2.38	“KellTech
                                            Licence” means the licence agreement in the agreed form entered into between Lifezone,
                                            Liddell and the Company on or before the Effective Date in terms of which, inter alia, Lifezone
                                            grants the Company an exclusive licence to use the Intellectual Property in the Licensed
                                            Territory, and to sub-licence, on a non-exclusive basis, the Intellectual Property to other
                                            Entities in the Licensed Territory;

 

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

 

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

 

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

 

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

 

		1.2.40.3	all
                                            other information generally relating to exploitation, implementation and/or use of the technologies
                                            referred to in 1.2.40.1 and 1.2.40.2 above including, without limiting the generality of
                                            the foregoing, technical information, manufacturing and processing techniques, 

 

    	 

    	 	9

    

 

	 	 	designs, specifications,
                                            formulae, systems, processes and information concerning materials;

 

		1.2.41	“Libor”
                                            means the London interbank offered rate administered by the British Bankers Association (or
                                            any other person which takes over the administration of that rate) for three month US dollar
                                            deposits displayed on pages Libor01 or Libor02 of the Reuters screen (or any replacement
                                            Reuters page which displays that rate at 11am (London time) on the first Business Day
                                            of each calendar quarter;

 

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

 

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

 

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

 

		1.2.45	“Lifezone
                                            Designated Account” means the bank account nominated by Lifezone, the details of
                                            which are set out below, or such other bank account as Lifezone may designate in writing
                                            on 5 (five) Business Days’ notice to the other Parties:

 

	 	Beneficiary
  Bank	[***]

 

	 	Swift
  Code	[***]

 

	 	IBAN
  Number	[***]

 

	 	For
  further credit to	[***]

 

	 	1.2.46	“Lock-in Period” means the period commencing
    on the Effective Date and ending on the fifth anniversary of the Effective Date;

 

		1.2.47	“New
                                            Investor” shall bear the meaning ascribed thereto in clause 3.4.2;

 

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

 

		1.2.49	“Orkid
                                            Loans” shall bear the meaning ascribed thereto in clause 5.5.2;

 

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

 

    	 

    	 	10

    

 

	 	 	require but in respect of SPM,
                                            SPM shall only be a “Party” for purposes of the Preamble and clauses 1,
                                            2.2, 2.6, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.4.3, 10.2, 12, 15.5, 19, 20, 22 and clauses 27
                                            to 40;

 

		1.2.51	“Patents”
                                            means:

 

		1.2.51.1	South
                                            African Patent 2000/6600; and

 

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

 

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

 

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

 

		1.2.54	“Relevant
                                            SPM Company” shall bear the meaning ascribed thereto in clause 19.1.1;

 

		1.2.55	“Reserve
                                            Bank” means the Financial Surveillance Department of the South African Reserve
                                            Bank;

 

		1.2.56	“Respective
                                            Accounts” means:

 

		1.2.56.1	in
                                            respect of the Company, its unaudited financial statements for: 1 July 2009 to 30 June 2010;
                                            1 July 2010 to 31 December 2010; the period ended 31 December 2011; the period
                                            ended 31 December 2012; and the year ended 31 December 2013;

 

		1.2.56.2	in
                                            respect of KellPlant, its financial statements for: 1 March 2010 to 28 February 2011;
                                            the year ended 29 February 2012; the year ended 28 February 2013; and the period
                                            ended 31 December 2013;

 

all
of which are attached hereto as Schedule 2;

 

		1.2.57	“Schedules”
                                            means the schedules to this Agreement;

 

		1.2.58	“Service
Agreement” means the service agreement in the agreed form to be entered into between Lifezone and the Company on or before
the Effective Date in terms of which, inter alia, Lifezone agrees to provide to the Group technology 

 

    	 

    	 	11

    

 

	 	 	support services in relation to Kelltechnology,
                                            such services initially to be delivered by Liddell, [***] and [***];

 

		1.2.59	“Shareholder”
                                            means each of Lifezone and Orkid and, if applicable, the New Investor and any other person
                                            or Entity that: (a) acquires Shares from the aforesaid Parties pursuant to the provisions
                                            of this Agreement; and (b) is issued Shares in the Share capital of the Company;

 

		1.2.60	“Shareholder
                                            Group” means:

 

		1.2.60.1	In
                                            relation to Orkid, the SPM Group;

 

		1.2.60.2	In
                                            relation to Lifezone, Lifezone, any Entity Controlled by Lifezone, any Controller of Lifezone
                                            and any Entity Controlled by the Controller of Lifezone;

 

		1.2.60.3	In
                                            relation to any other Shareholder, such Shareholder, any Entity Controlled by such Shareholder,
                                            any Controller of such Shareholder and any Entity Controlled by the Controller of such Shareholder;

 

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

 

		1.2.62	“Signature
                                            Date” means the date of signature of this Agreement by the last of Lifezone, SPM,
                                            Orkid, Liddell and the Company to do so;

 

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

 

		1.2.64	“SPM
                                            Group” means SPM together with any Entity Controlled by SPM;

 

		1.2.65	“Tax”
                                            or “Taxation” means:

 

		1.2.65.1	levies
                                            payable to government authorities;

 

		1.2.65.2	normal
                                            taxation;

 

		1.2.65.3	capital
                                            gains tax;

 

		1.2.65.4	value
                                            added tax or sales tax;

 

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

 

    	 

    	 	12

    

 

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

 

		1.2.65.7	donations
                                            tax;

 

		1.2.65.8	customs
                                            duty;

 

		1.2.65.9	securities
                                            transfer tax;

 

		1.2.65.10	all
                                            other forms of taxation, other than deferred tax benefits; or any penalties or interest on
                                            any of the aforegoing;

 

		1.2.66	“Transaction
                                            Documents” means this Agreement, the KellTech Licence, the KellPlant Licence, the
                                            Service Agreement, and the Constitution;

 

		1.2.67	“Transfer”
                                            shall have the meaning set out in clause 15;

 

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

 

		1.2.69	“USD”,
                                            “US$” or “US Dollars” means United States Dollars;

 

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

 

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

 

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

 

		1.6	references
to an “agreement’ or “document” shall be construed as a reference to such agreement or document as the same may
have been amended, varied, supplemented or 

 

    	 

    	 	13

    

 

	 	 	novated in writing at the relevant time in accordance with the requirements of such agreement
                                            or document and, if applicable, of this Agreement with respect to amendments, save that this
                                            clause shall not apply to: (a) the [***] Agreement and a reference to such agreement
                                            shall be a reference to that agreement as defined in clause 1.2.6; and (b) the
                                            deed of assignment dated [***] between [***], [***] and Lifezone under
                                            which Lifezone undertook to pay the [***] Royalty and a reference to such agreement
                                            shall be a reference to that agreement as contemplated in clause 1.2.7;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 	14

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		2.	SUSPENSIVE
                                            CONDITION

 

		2.1	The
                                            whole of this Agreement, other than this clause and the provisions of clause 1, 3.3.5
                                            and clauses 27 (Representations and Warranties) to 40 (No Partnership / Joint Venture),
                                            which shall be of immediate force and effect on the Signature Date, is subject to the fulfilment
                                            of the following suspensive conditions, that, by no later than 31 December 2014:

 

		2.1.1	the
                                            KellTech Licence has become unconditional;

 

		2.1.2	the
                                            KellPlant Licence has become unconditional;

 

    	 

    	 	15

    

 

		2.1.3	the
                                            Service Agreement has become unconditional, and the Deeds of Undertaking (as defined in the
                                            Service Agreement) have been signed and delivered by each Lifezone Appointee (as defined
                                            in the Service Agreement).

 

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

 

		2.3	The
                                            suspensive conditions in clauses 2.1.1 and 2.1.3 have been inserted for the benefit
                                            of all of the Parties who will together be entitled to waive fulfilment of same by written
                                            agreement prior to the expiry of the relevant date for fulfilment thereof set out in clause 2.1
                                            (or extended in accordance with clause 2.9).

 

		2.4	The
                                            suspensive condition in clauses 2.1.2 has been inserted for the benefit of Orkid who
                                            will be entitled to waive fulfilment of same by written notice to Lifezone prior to the expiry
                                            of the relevant date for fulfilment thereof set out in clause 2.1 (or extended in accordance
                                            with clause 2.9).

 

		2.5	If
                                            all the suspensive conditions contained clauses 2.1.1, 2.1.2 and/or 2.1.3 have not been
                                            fulfilled or waived by the 30th day after the Signature Date (the “Target Date”)
                                            then the aggregate consideration payable by Orkid to Lifezone as contemplated in clause 3.3.2
                                            shall bear interest at Libor plus 3%. Such interest will: (a) accrue daily from the
                                            first day after the Target Date until the date upon which the aggregate consideration payable
                                            by Orkid to Lifezone as contemplated in clause 3.3.2 has been discharged by Orkid; and
                                            (b) be calculated on the basis of a 360 (three hundred and sixty) day year for actual
                                            days elapsed.

 

		2.6	The
                                            Parties hereby undertake to do all such things as may be necessary and required in order
                                            to procure that the Reserve Bank and/or the Department of Trade and Industry (the “Necessary
                                            Permissions”) approvals required to fulfil the KellPlant Licence Conditions are
                                            obtained as soon as is reasonably possible after the Signature Date. Should the Necessary
                                            Permissions not be timeously received in order to fulfil the KellPlant Licence Conditions
                                            then the Parties shall for a period of 24 (twenty four) months after the date upon which
                                            the Necessary Permissions are not granted (the “24 Month Period”) use
                                            their respective reasonable endeavours and act in good faith to restructure their affairs
                                            in such a manner that the Necessary Permissions are granted as soon as is reasonably possible
                                            within the 24 Month Period.

 

		2.7	The
                                            Company and Lifezone hereby undertake in favour of one another and all of the other Parties
                                            to do all such things as may be necessary and required in order to procure that the Global
                                            Business License Category 2 issued by the FSC to the Company is replaced with a Global Business
                                            License Category 1 issued by the FSC to the Company and that the Company 

 

    	 

    	 	16

    

 

	 	 	is issued with a
                                            valid tax residence certificate by the Mauritius Revenue Authority as soon as is reasonably
                                            possible after the Signature Date.

 

		2.8	If
                                            any Party fails to comply with any of its obligations set out in clause 2.6, clause 2.7
                                            and/or clause 2.11, then it hereby unconditionally and irrevocably authorises any other
                                            Party as its agent and proxy to (on its behalf) do all such things, propose and vote in favour
                                            of all such resolutions and sign all such documents as may be necessary to fulfil its obligations
                                            set out in clause 2.6, clause 2.7 and/or clause 2.11. Each Party undertakes
                                            to provide the other Parties with all information and documentation required by them in order
                                            to enable them to enforce their rights under this clause 2.8.

 

		2.9	Unless
                                            all of the suspensive conditions have been fulfilled or waived by not later than the relevant
                                            date for fulfilment thereof set out in clause 2.1 (or such later date or dates as may
                                            be agreed in writing between the Parties before the aforesaid date or dates), the provisions
                                            of this Agreement, save for this clause and the provisions of clause 1 and clauses 27
                                            (Representations and Warranties) to 40 (No Partnership / Joint Venture), which will remain
                                            of full force and effect, will never become of any force or effect and none of the Parties
                                            will have any claim against any other Party in terms hereof or arising from the failure of
                                            the suspensive conditions, save for any claims arising from a breach of clause 2.2,
                                            as well as any breach of any of the provisions of this Agreement which became effective on
                                            the Signature Date.

 

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

 

		2.10.1	approval
                                            has been granted by the Reserve Bank as referenced in the Exchange Control Regulations for
                                            the terms of the KellPlant Licence and the payments to be made by KellPlant to the Company
                                            thereunder;

 

		2.10.2	the
                                            Department of Trade and Industry of the Republic of South Africa grants approval for the
                                            payments to be made by KellPlant to the Company under the KellPlant Licence against submission
                                            of an application under Form DTP001.

 

		2.11	Forthwith
                                            after the Signature Date, the Company, Lifezone and Liddell undertake in favour of one another
                                            and the other Parties to use their respective reasonable endeavours and co-operate in good
                                            faith, to the extent that it is within their power to do so, and as expeditiously as reasonably
                                            possible, to procure that the FSC grants its approval for Lifezone to: the enter into and
                                            give effect to the terms of the KellTech Licence; and to engage in the business activities
                                            contemplated under the KellTech Licence.

 

		2.12	The
Company, Liddell and Lifezone hereby (jointly and severally) undertake in favour of Orkid and SPM that during the period commencing on
the Signature Date and ending on the

 

    	 

    	 	17

    

 

	 	 	“Effective Date” as defined in the KellTech Licence (unless it has obtained the prior written consent of Orkid and SPM to do otherwise, which consent Orkid and SPM shall not unreasonably withhold or delay) neither the Company nor Liddell nor Lifezone shall in any manner whatsoever: (a) agree to any addition, amendment and/or variation to the KellTech Licence; or (b) enter into any agreement which is in any manner whatsoever inconsistent with the provisions of the KellTech Licence.

 

		2.13	The
                                            Company hereby undertakes in favour of Orkid and SPM that during the period commencing on
                                            the Signature Date and ending “Effective Date” as defined in the KellPlant Licence
                                            (unless it has obtained the prior written consent of Orkid and SPM to do otherwise, which
                                            consent Orkid and SPM shall not unreasonably withhold or delay) neither the Company nor KellPlant
                                            shall in any manner whatsoever: (a) agree to any addition, amendment and/or variation
                                            to the KellPlant Licence; or (b) enter into any agreement which is in any manner whatsoever
                                            inconsistent with the provisions of the KellPlant Licence.

 

		2.14	The
                                            Company and Lifezone hereby (jointly and severally) undertake in favour of Orkid and SPM
                                            that during the period commencing on the Signature Date and ending on the “Effective
                                            Date” as defined in the Service Agreement (unless it has obtained the prior written
                                            consent of Orkid and SPM to do otherwise, which consent Orkid and SPM shall not unreasonably
                                            withhold or delay) neither the Company nor Lifezone shall in any manner whatsoever: (a) agree
                                            to any addition, amendment and/or variation to the Service Agreement; or (b) enter into
                                            any agreement which is in any manner whatsoever inconsistent with the provisions of the Service
                                            Agreement.

 

		3.	ESTABLISHMENT

 

		3.1	Purposes
                                            and Powers

 

		3.1.1	Subject
                                            to the terms of this Agreement and Applicable Law, the business and purpose of the Company
                                            shall include:

 

		3.1.1.1	promoting,
                                            developing and implementing the use of Kelltechnology in the Licensed Territory;

 

		3.1.1.2	holding
                                            all of the shares in KellPlant and procuring that KellPlant builds and operates one or more
                                            extraction facilities using Kelltechnology;

 

		3.1.1.3	sub-licencing
                                            the Intellectual Property on a non-exclusive basis within the Licensed Territory to others
                                            who wish to build and operate extraction facilities using Kelltechnology;

 

		3.1.1.4	dealing
                                            with all other matters contemplated in this Agreement; and

 

    	 

    	 	18

    

 

		3.1.1.5	matters
                                            ancillary to the above.

 

		3.1.2	In
                                            connection with the aforegoing purposes, and subject to this Agreement and Applicable Law,
                                            the Company shall have the power to do anything and everything necessary or proper for the
                                            accomplishment of or in furtherance, of such purposes, and do any other act or thing incidental
                                            to or arising from or connected with any such purpose, including the following:

 

		3.1.2.1	to
                                            open, maintain and close bank accounts and draw cheques and other orders for the payment
                                            of money;

 

		3.1.2.2	to
                                            engage accountants, attorneys and any and all other agents and assistants, both professional
                                            and non-professional, and to compensate them for such services; and

 

		3.1.2.3	to
                                            sue, prosecute, settle or compromise all claims against third parties, to compromise, settle
                                            or accept judgements in respect of claims against the Company, and to execute all documents
                                            and make all representations, admissions and waivers in connection therewith.

 

		3.2	Formation

 

		3.2.1	The
                                            Company is a private company limited by shares, incorporated pursuant to the laws of the
                                            Republic of Mauritius and is wholly owned by Lifezone.

 

		3.2.2	Following
                                            the implementation of clause 2.7, the Company will hold:

 

		3.2.2.1	a
                                            Global Business License Category 1 issued by the FSC, which is renewable annually; and

 

		3.2.2.2	a
                                            valid tax residence certificate issued by the Mauritius Revenue Authority under the agreement
                                            between: (a) the Government of Mauritius and the Government of the Republic of South
                                            Africa; and (b) the Government of Mauritius and the Government of Luxembourg, and for
                                            the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes
                                            on income, which is renewable annually.

 

		3.2.3	The
                                            Company has not traded since its incorporation and save as expressly contemplated herein
                                            will not trade prior to the Effective Date.

 

    	 

    	 	19

    

 

		3.2.4	The
                                            principal place of business of the Company shall be the registered office of the Company,
                                            as set out in clause 3.2.3 or at such other place in Mauritius as the Board may from
                                            time to time determine.

 

		3.2.5	The
                                            registered office of the Company shall be at 4th Floor, Ebene Skies, rue de I‘Institute,
                                            Ebene, Republic of Mauritius, or at such other place in Mauritius as the Board may from time
                                            to time determine.

 

		3.3	Initial
                                            Investment

 

		3.3.1	Immediately
                                            prior to the Effective Date:

 

		3.3.1.1	Lifezone
                                            will own 1000 (one thousand) Shares, which constitute 100% (one hundred per cent) of the
                                            Company’s entire issued share capital;

 

		3.3.1.2	Lifezone
                                            and the Company will have entered into the KellTech Licence and the Service Agreement.

 

		3.3.2	On
                                            the Effective Date Lifezone hereby sells to Orkid, which hereby purchases, 500 (five hundred)
                                            Shares for an aggregate consideration of US$[***], together with interest (if any)
                                            earned thereon pursuant to the provisions of clause 2.5, payable in cash by Orkid to
                                            Lifezone by way of direct electronic fund transfer (without set off or deduction of any nature
                                            whatsoever) of US$[***], together with interest (if any) earned thereon pursuant to
                                            the provisions of clause 2.5, into the Lifezone Designated Account on the Effective
                                            Date;

 

		3.3.3	All
                                            of the Shares contemplated in this clause 3.3 shall be fully paid up and free from all
                                            Encumbrances.

 

		3.3.4	Against
                                            payment by Orkid of purchase price in respect of the Shares purchased by Orkid in terms of
                                            clause 3.3.2, Lifezone shall deliver to:

 

		3.3.4.1	the
                                            Company’s company secretary / management company in Mauritius the original proper instruments
                                            of transfer (as prescribed by Applicable Law) for the share certificates in respect of the
                                            Shares purchased by Orkid in terms of clause 3.3.2, dated as at the Effective Date and
                                            duly signed by Lifezone and Lifezone shall ensure that the Company’s share register
                                            is updated on the Effective Date to reflect Orkid as the registered owner of such Shares
                                            and Lifezone as the registered owner of the other 500 (five hundred) Shares in the Company’s
                                            issued Share capital; and

 

    	 

    	 	20

    

 

		3.3.4.2	Orkid
                                            the original share certificates in respect of the Shares purchased by Orkid in terms of clause 3.3.2,
                                            together with originally certified copies of: the proper instruments of transfer (as prescribed
                                            by Applicable Law) for the transfer thereof, dated as at the Effective Date and duly signed
                                            by Lifezone; and the share register of the Company duly updated as contemplated in clause 3.3.4.1.

 

		3.3.5	Prior
                                            to delivering the aforesaid original share certificates and proper instruments of transfer
                                            mentioned in clause 3.3.4, in order to ensure that Orkid becomes the registered and
                                            beneficial owner of the Shares purchased by Orkid in terms of clause 3.3.2 on the Effective
                                            Date, Lifezone:

 

		3.3.5.1	shall
                                            deliver its original share certificate which reflects it as the owner of 1,000 Shares, comprising
                                            all of the Company’s issued share capital, to the Company’s company secretary
                                            / management company in Mauritius so that such share certificate can be cancelled and replaced
                                            with two new share certificates on the Effective Date: one for 500 Shares being the share
                                            certificate contemplated in 3.3.4 above; and the other being a share certificate reflecting
                                            Lifezone as the owner of a further 500 Shares of the Company’s issued share capital;
                                            and

 

		3.3.5.2	Orkid
                                            shall deliver to the Company’s company secretary / management company in Mauritius
                                            all relevant “know your client” documentation necessary to enable such company
                                            secretary / management company to update the Company’s share register on the Effective
                                            Date to reflect Orkid as the registered owner of the Shares purchased by Orkid in terms of
                                            clause 3.3.2 and Lifezone as the registered owner of the other 500 (five hundred) Shares
                                            in the Company’s issued Share capital.

 

		3.4	Further
                                            Investment

 

		3.4.1	The
                                            Company hereby grants Orkid the right to procure further equity investments in the Company
                                            on the basis set out below.

 

		3.4.2	With
effect from the Effective Date and for a period of 12 (twelve) months thereafter (the “Third Party Funding Period”)
Orkid shall be entitled (but not obliged) to procure that the IDC or (with the prior approval of Lifezone, which approval Lifezone shall
not unreasonably withhold) any one or more third parties (the “New Investor”) invests in the Share capital of the
Company by 

 

    	 

    	 	21

    

 

	 	 	subscribing for up to 500 Shares (which following their
                                            issue will constitute approximately 33.33% (thirty three point thirty three percent) of the
                                            entire issued Share capital of the Company) (the “Relevant Shares”) for
                                            a subscription price per share of at least US$[***] (the “Relevant Subscription
                                            Price”), which would result in aggregate subscription proceeds of at least USD[***]
                                            (or such greater aggregate subscription proceeds as Orkid may elect with the prior approval
                                            of Lifezone, which approval Lifezone shall not unreasonably withhold) (the “Relevant
                                            Subscription Proceeds”) and Orkid shall be entitled (but not obliged) to procure
                                            that any whole number of the Relevant Shares are issued to any of the New Investors at the
                                            Relevant Subscription Price provided that the minimum number of Relevant Shares to be issued
                                            to any New Investor in any one tranche is not less than 167 Shares.

 

		3.4.3	Upon
                                            written notice from Orkid and the New Investor to the Company that the New Investor wishes
                                            to subscribe for the Relevant Shares, subject to: (a) the Reserve Bank approving the
                                            subscription for the Relevant Shares by the New Investor as contemplated in this Agreement
                                            if the New Investor is a South African resident for South African exchange control purposes;
                                            (b) the New Investor having signed a Deed of Adherence; and (c) the New Investor
                                            having provided the Company’s company secretary / management company in Mauritius with
                                            all relevant “know your client” documentation necessary to enable such company
                                            secretary / management company to update the Company’s share register to reflect the
                                            New Investor as the registered owner of the Relevant Shares, against receipt by it of the
                                            Relevant Subscription Proceeds the Company shall allot and issue the Relevant Shares to the
                                            New Investor, enter such New Investors name into the Company’s Share register as the
                                            registered owner of the Relevant Shares and issue a new Share certificate to the New Investor
                                            which reflects it as the owner of the Relevant Shares. The Parties shall use their respective
                                            reasonable endeavours and co-operate in good faith, to the extent that it is within their
                                            power to do so, and as expeditiously as reasonably possible, to procure that (a) and
                                            (b) are fulfilled as soon as is reasonably possible after the date upon which Orkid
                                            furnishes the Company with the aforesaid written notice. In addition, the Parties undertake
                                            to take all such steps, pass all such resolutions, sign all such documents and do all such
                                            things as may be necessary to ensure that the Relevant Shares are issued to the New Investor
                                            and for this purpose each of the Shareholders gives the others its irrevocable power of attorney
                                            to take all such steps and do all such things and sign all such documents necessary to achieve
                                            the aforegoing.

 

    	 

    	 	22

    

 

		3.4.4	If
                                            the IDC requests a change to the structure of the Group before it is willing to invest in
                                            the Group, then the Parties shall, acting in good faith, give due consideration to making
                                            such structural change in order to accommodate the IDC in this regard.

 

		3.4.5	The
                                            Company gives the New Investor the following warranties on the date upon which the Relevant
                                            Shares subscribed for by the New Investor are issued to it:

 

		3.4.5.1	in
                                            respect of the Relevant Shares subscribed for by the New Investor:

 

		3.4.5.1.1	the
                                            authorised and unissued share capital of the Company is sufficient to enable the allotment
                                            and issue of the Relevant Shares subscribed for by the New Investor to the New Investor;

 

		3.4.5.1.2	the
                                            Company has obtained all approvals required under and in terms of all Applicable Law and
                                            its constitutional documents to enable it to validly allot and issue the Relevant Shares
                                            subscribed for by the New Investor to the New Investor;

 

		3.4.5.1.3	no
                                            person has any right, including any option or right of first refusal, to purchase or subscribe
                                            for the Relevant Shares subscribed for by the New Investor to the New Investor;

 

		3.4.5.1.4	the
                                            Relevant Shares subscribed for by the New Investor will, on the date upon which the Relevant
                                            Shares subscribed for by the New Investor are issued to it, be free from all Encumbrances;

 

		3.4.5.2	in
                                            respect of KellPlant:

 

		3.4.5.2.1	the
                                            Company is the registered and beneficial owner of KellPlant’s entire issued share capital
                                            and all such shares are fully paid up and free from all Encumbrances;

 

		3.4.5.2.2	no
                                            person has any right, including any option or right of first refusal, to purchase (or otherwise
                                            acquire) any of KellPlant’s share capital;

 

    	 

    	 	23

    

 

		3.4.5.2.3	no
                                            person has any right whatsoever (whether pursuant to any option, right of first refusal or
                                            otherwise) to subscribe for any unissued shares in KellPlant’s share capital;

 

		3.4.5.2.4	KellPlant
                                            is not liable to pay any penalty or interest in connection with any claim for any Tax (including
                                            any penalty or interest in connection with any claim for late payment of under payment of
                                            any Tax);

 

		3.4.5.2.5	that
                                            all material books, material documents and material records of KellPlant are in KellPlant’s
                                            possession or control;

 

		3.4.5.3	in
                                            respect of the Company:

 

		3.4.5.3.1	save
                                            as contemplated in the Transaction Documents other than the Constitution, no person has any
                                            right, including any option or right of first refusal, to purchase (or otherwise acquire)
                                            any of the Company’s share capital;

 

		3.4.5.3.2	save
                                            as contemplated in the Transaction Documents other than the Constitution, no person has any
                                            right whatsoever (whether pursuant to any option, right of first refusal or otherwise) to
                                            subscribe for any unissued shares in the Company’s share capital;

 

		3.4.5.3.3	the
                                            Company is not liable to pay any penalty or interest in connection with any claim for any
                                            Tax (including any penalty or interest in connection with any claim for late payment of under
                                            payment of any Tax);

 

		3.4.5.3.4	that
                                            all material books, material documents and material records of the Company are in the Company’s
                                            possession or control;

 

		3.4.5.4	Lifezone
                                            is free to grant the licence conferred by the KellTech Licence and it has not granted any
                                            licence to the Intellectual Property in the Licensed Territory;

 

    	 

    	 	24

    

 

		3.4.5.5	Lifezone
                                            is the sole proprietor of the Intellectual Property;

 

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

 

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

 

		3.4.5.8	the
                                            Intellectual Property and the exercise of the rights granted to KellTech in terms of the
                                            KellTech Licence do not infringe in any manner whatsoever on the intellectual property rights
                                            of any third party either within or outside the Licensed Territory;

 

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

 

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

 

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

 

		3.4.5.12	[***]
                                            holds no rights of use in respect of the Intellectual Property; and

 

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

 

		3.4.6	Liddell
                                            hereby covenants to the New Investor that:

 

		3.4.6.1	all
                                            intellectual property and related know-how relating to Kelltechnology that he has owned or
                                            has had in his possession and all improvements made by him and any and all improvements made
                                            by him in the future have been assigned and transferred to Lifezone; and

 

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

 

		3.4.7	The
                                            maximum aggregate liability of the Company with respect to all claims for breaches of the
                                            warranties, undertakings and/or covenants given by it to any New Investor under this Agreement
                                            shall be limited to the subscription proceeds 

 

    	 

    	 	25

    

 

			 actually received by the Company for the Relevant
                                            Shares subscribed for by such New Investor.

 

		3.5	Warranties

 

		3.5.1	Lifezone
                                            hereby gives Orkid the following warranties on the Signature Date, the Effective Date and
                                            all periods between such dates:

 

		3.5.1.1	No
                                            material adverse event has occurred since the date of the latest set of Respective Accounts
                                            of each of the Company and KellPlant;

 

		3.5.1.2	neither
                                            the Company nor KellPlant:

 

		3.5.1.2.1	has
                                            traded since its incorporation;

 

		3.5.1.2.2	have
                                            any actual or contingent liabilities, debts or obligations (including any Tax liability,
                                            Tax debt or Tax obligations) save as otherwise set out in their Respective Accounts;

 

		3.5.1.3	in
                                            respect of KellPlant:

 

		3.5.1.3.1	the
                                            Company is the registered and beneficial owner of KellPlant’s entire issued share capital
                                            and all such shares are fully paid up and free from all Encumbrances;

 

		3.5.1.3.2	no
                                            person or Entity has any claims of any nature whatsoever against KellPlant;

 

		3.5.1.3.3	no
                                            person has any right, including any option or right of first refusal, to purchase (or otherwise
                                            acquire) any of KellPlant’s share capital;

 

		3.5.1.3.4	no
                                            person has any right whatsoever (whether pursuant to any option, right of first refusal or
                                            otherwise) to subscribe for any unissued shares in KellPlant’s share capital;

 

		3.5.1.3.5	KellPlant
                                            is not involved in any litigation or dispute of any nature whatever nor is there any fact,
                                            matter or circumstance which may give rise to any such litigation or dispute;

 

    	 

    	 	26

    

 

		3.5.1.3.6	KellPlant
                                            is not liable to pay any penalty or interest in connection with any claim for any Tax (including
                                            any penalty or interest in connection with any claim for late payment of under payment of
                                            any Tax);

 

		3.5.1.3.7	that
                                            all material books, material documents and material records of KellPlant are in KellPlant’s
                                            possession or control;

 

		3.5.1.4	in
                                            respect of the Company:

 

		3.5.1.4.1	immediately
                                            prior to the implementation of the sale contemplated in clause 3.3.2 Lifezone is the
                                            registered and beneficial owner of the Company’s entire issued share capital, being
                                            1000 (one thousand) Shares, and all such Shares are fully paid up and free from all Encumbrances;

 

		3.5.1.4.2	save
                                            as contemplated in the Transaction Documents other than the Constitution, no person or Entity
                                            has any claims of any nature whatsoever against the Company save as otherwise set out in
                                            its Respective Accounts;

 

		3.5.1.4.3	save
                                            as contemplated in the Transaction Documents other than the Constitution, no person has any
                                            right, including any option or right of first refusal, to purchase (or otherwise acquire)
                                            any of the Company’s share capital;

 

		3.5.1.4.4	save
                                            as contemplated in the Transaction Documents other than the Constitution, no person has any
                                            right whatsoever (whether pursuant to any option, right of first refusal or otherwise) to
                                            subscribe for any unissued shares in the Company’s share capital;

 

		3.5.1.4.5	the
                                            Company is not involved in any litigation or dispute of any nature whatever nor is there
                                            any fact, matter or circumstance which may give rise to any such litigation or dispute;

 

    	 

    	 	27

    

 

		3.5.1.4.6	the
                                            Company is not liable to pay any penalty or interest in connection with any claim for any
                                            Tax (including any penalty or interest in connection with any claim for late payment of under
                                            payment of any Tax);

 

		3.5.1.4.7	that
                                            all material books, material documents and material records of the Company are in the Company’s
                                            possession or control; and

 

		3.5.1.5	the
                                            Shares acquired by Orkid pursuant to clause 3.3 will, on the Effective Date, comprise
                                            50% (fifty percent) of the entire issued share capital of the Company.

 

		3.5.1.6	following
                                            the acquisition of Shares by Orkid pursuant to clause 3.3, on the Effective Date, the
                                            Shares held by Lifezone will comprise 50% (fifty percent) of the entire issued share capital
                                            of the Company;

 

		3.5.2	Lifezone
                                            hereby warrants to the Company and Orkid that on the Signature Date, the Effective Date and
                                            all periods between such dates Liddell and his wife [***] own [***]% of the
                                            issued ordinary shares of Lifezone and Lifezone has no other class or type of shares.

 

		3.5.3	Lifezone
                                            hereby gives Orkid the following warranties on the Signature Date, the Effective Date and
                                            all periods between such dates in respect of the Shares contemplated in clause 3.3.2:

 

		3.5.3.1	Lifezone
                                            is the registered and beneficial owner of such Shares and all such Shares are free from all
                                            Encumbrances;

 

		3.5.3.2	Lifezone
                                            is entitled to give free and unencumbered title to such Shares to Orkid; and

 

		3.5.3.3	no
                                            person has any right, including any option or right of first refusal to purchase (or otherwise
                                            acquire) such Shares or any Shares in the authorised but unissued Share Capital of the Company.

 

		3.5.4	Lifezone
                                            hereby warrants to Orkid that, as at the Signature Date, the Effective Date and all periods
                                            between such dates:

 

		3.5.4.1	Lifezone
                                            is free to grant the licence conferred by the KellTech Licence and it has not granted any
                                            licence to the Intellectual Property in the Licensed Territory;

 

    	 

    	 	28

    

 

		3.5.4.2	Lifezone
                                            is the sole proprietor of the Intellectual Property;

 

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

 

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

 

		3.5.4.5	the
                                            Intellectual Property and the exercise of the rights granted to KellTech in terms of the
                                            KellTech Licence do not infringe in any manner whatsoever on the intellectual property rights
                                            of any third party either within or outside the Licensed Territory;

 

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

 

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

 

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

 

		3.5.4.9	[***]
                                            holds no rights of use in respect of the Intellectual Property; and

 

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

 

		3.6	Lifezone
                                            Covenants

 

		3.6.1	Lifezone
                                            hereby covenants to Orkid that for the entire duration of the KellTech Licence:

 

		3.6.1.1	other
                                            than the KellTech Licence, Lifezone shall not license the Intellectual Property in the Licensed
                                            Territory to any third party or Liddell;

 

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

 

		3.6.1.3	Lifezone
                                            shall notify Orkid if it receives any notice or claim from a third party that: (a) challenges
                                            the validity of the Intellectual Property (or any part thereof); or (b) the exercise
                                            of any of the rights under the

 

    	 

    	 	29

    

 

	 	 	 Intellectual Property in terms of the KellTech Licence in
                                            the Licenced Territory infringes the intellectual property rights of such third party, and
                                            if Lifezone does receive such a claim it shall defend such claim; and

  

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

 

		3.7	Liddell
                                            Covenant

 

		3.7.1	Liddell
                                            hereby covenants to Orkid that:

 

		3.7.1.1	all
                                            intellectual property and related know-how relating to Kelltechnology that he has owned or
                                            has had in his possession and all improvements made by him and any and all improvements made
                                            by him in the future have been assigned and transferred to Lifezone; and

 

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

 

		3.8	Claimants
                                            in respect of breaches by Lifezone

 

Subject
to clause 3.9, which will apply in the circumstances set out in that clause to the exclusion of this clause:

 

		3.8.1	If
                                            Orkid (and/or its successor in title) (the “Relevant Claimant”) believes
                                            that Lifezone has breached any warranty, representation, undertaking or covenant given to
                                            Orkid under this Agreement which warranty, representation, undertaking or covenant is also
                                            given by Lifezone to the Company under this Agreement and/or the KellTech Licence (a “Lifezone
                                            Breach”) then it will inform Lifezone of the Lifezone Breach. Notwithstanding anything
                                            to the contrary contained in this Agreement, the Company shall not be entitled to commence
                                            any proceedings contemplated in clause 31.2 or 32.2 (“Dispute Proceedings”)
                                            or any dispute proceedings set out in the KellTech Licence against Lifezone in respect of
                                            any Lifezone Breach without the Relevant Claimant’s prior written consent.

 

    	 

    	 	30

    

 

		3.8.2	If
                                            the Relevant Claimant wishes to pursue a claim against Lifezone in respect of a Lifezone
                                            Breach then:

 

		3.8.2.1	the
                                            Relevant Claimant shall be entitled to individually pursue such claim and once the Relevant
                                            Claimant has commenced Dispute Proceedings against Lifezone in respect of such claim then
                                            the Company shall not be entitled to claim against Lifezone in respect of the same Lifezone
                                            Breach unless (for any reason whatsoever) such Dispute Proceedings are subsequently withdrawn,
                                            save if such withdrawal is due to such claim being settled; or

 

		3.8.2.2	the
                                            Relevant Claimant shall be entitled not to pursue such claim without prejudice to the Relevant
                                            Claimant’s rights to do so individually at a later stage (as contemplated in clause 3.8.2.1)
                                            provided that the Relevant Claimant’s rights to pursue such claim individually at a
                                            later stage (as contemplated in clause 3.8.2.1) shall cease once the Company has commenced
                                            Dispute Proceedings against Lifezone in respect of the such Lifezone Breach unless (for any
                                            reason whatsoever) such Dispute Proceedings are subsequently withdrawn save if such withdrawal
                                            is due to such claim being settled; or

 

		3.8.2.3	the
                                            Relevant Claimant shall be entitled to inform the Company, by way of written notice, that
                                            it does not wish to pursue such claim in its own name, in which case the Company shall (subject
                                            to clause 3.8.2.2) be entitled to pursue such claim against Lifezone and once the Company
                                            has commenced Dispute Proceedings against Lifezone in respect of such claim then the Relevant
                                            Claimant shall not be entitled to claim against Lifezone in respect of the same Lifezone
                                            Breach unless (for any reason whatsoever) such Dispute Proceedings are subsequently withdrawn
                                            save if such withdrawal is due to such claim being settled. For the avoidance of doubt, the
                                            fact that the Company has been notified as aforesaid that the Relevant Claimant does not
                                            wish to pursue a claim against Lifezone in respect of a Lifezone Breach in its own name does
                                            not negate the Relevant Claimant’s right to pursue Lifezone individually, as contemplated
                                            in 3.8.2.1, provided that once the Company has commenced Dispute Proceedings against Lifezone
                                            in respect of such claim then the Relevant Claimant shall not be entitled to claim against
                                            Lifezone in respect of the same Lifezone Breach unless (for

 

    	 

    	 	31

    

 

			any
reason whatsoever) such Dispute Proceedings are subsequently withdrawn save if such withdrawal is due to such claim being settled.

 

		3.8.3	If
                                            the Relevant Claimant wishes to individually pursue Lifezone in respect of any warranty,
                                            representation, undertaking or covenant under this Agreement and/or the KellTech Licence
                                            which Orkid (and/or its successor in title) believes Lifezone has breached then the Company
                                            hereby undertakes in favour of the Relevant Claimant to provide the Relevant Claimant with
                                            all: (a) reasonable assistance to enable the Relevant Claimant to pursue Lifezone in
                                            respect of such breach; and (b) information which is available to and known by the Company
                                            in respect of such breach.

 

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

 

		3.9	Claimants
                                            in respect of breaches by Lifezone and the Company

 

		3.9.1	If
                                            Orkid (and/or its successor in title), the New Investor (and/or its successor in title) and/or
                                            the Company believes that Lifezone has breached any warranty, representation, undertaking
                                            or covenant under this Agreement and/or the KellTech Licence to Orkid and/or the Company
                                            which warranty, representation, undertaking or covenant is also given by the Company to the
                                            New Investor under this Agreement (a “Relevant Breach”) then it will inform
                                            the others of them of the Relevant Breach.

 

		3.9.2	By
                                            not later than the 10th (tenth) Business Day after the date upon which the notice contemplated
                                            in clause 3.9.1 is given Orkid (and its successor in title, if any) and the New Investor
                                            (and its successor in title, if any) (the “Claimants”) shall meet with
                                            one another and in good faith determine and agree whether: (a) the Company should pursue
                                            a claim against Lifezone for the Relevant Breach; or (b) Orkid should pursue Lifezone
                                            individually for the Relevant Breach and the New Investor should pursue the Company individually
                                            for the Relevant Breach.

 

    	 

    	 	32

    

 

		3.9.3	If
                                            Orkid wishes to pursue Lifezone individually for the Relevant Breach and the New Investor
                                            wishes to pursue the Company individually for the Relevant Breach then:

 

		3.9.3.1	the
                                            Claimants shall be entitled to individually pursue such claim and once the Claimants have
                                            commenced Dispute Proceedings against Lifezone and the Company in respect of such claim then
                                            the Company shall not be entitled to claim against Lifezone in respect of the same Relevant
                                            Breach unless (for any reason whatsoever) such Dispute Proceedings are subsequently withdrawn
                                            save if such withdrawal is due to such claim being settled; or

 

		3.9.3.2	the
                                            Claimants shall be entitled not to pursue such claim without prejudice of either Claimants’
                                            rights to do so individually at a later stage (as contemplated in clause 3.9.3.1) provided
                                            that the Claimants’ rights to pursue such claim individually at a later stage (as contemplated
                                            in clause 3.9.3.1) shall cease once the Company has commenced Dispute Proceedings against
                                            Lifezone in respect of the such Relevant Breach unless (for any reason whatsoever) such Dispute
                                            Proceedings are subsequently withdrawn save if such withdrawal is due to such claim being
                                            settled; or

 

		3.9.3.3	any
                                            of the Claimants shall be entitled to inform the Company, by way of written notice, that
                                            none of the Claimants wishes to pursue such claim in its own name, in which case the Company
                                            shall (subject to clause 3.9.3.2) be entitled to pursue such claim against Lifezone
                                            and once the Company has commenced Dispute Proceedings against Lifezone in respect of such
                                            claim then the Claimants shall not be entitled to claim against Lifezone or the Company in
                                            respect of the same Relevant Breach unless (for any reason whatsoever) such Dispute Proceedings
                                            are subsequently withdrawn save if such withdrawal is due to such claim being settled. For
                                            the avoidance of doubt, the fact that the Company has been notified as aforesaid that none
                                            of the Claimants wishes to pursue a claim against Lifezone in respect of a Relevant Breach
                                            in its own name does not negate any Relevant Claimant’s right to pursue Lifezone or
                                            the Company individually, as contemplated in 3.9.3.1, provided that once the Company has
                                            commenced Dispute Proceedings or any dispute proceedings set out in the KellTech Licence
                                            against Lifezone in respect of such claim then the 

 

    	 

    	 	33

    

 

	 	 	Claimants shall not be entitled to claim
                                            against Lifezone or the Company in respect of the same Relevant Breach unless (for any reason
                                            whatsoever) such Dispute Proceedings are subsequently withdrawn save if such withdrawal is
                                            due to such claim being settled.

 

		3.9.4	If
                                            Orkid (and/or its successor in title) wishes to individually pursue Lifezone in respect of
                                            any warranty, representation, undertaking or covenant under this Agreement which it believes
                                            Lifezone has breached then the Company hereby undertakes in favour of Orkid (and/or its successor
                                            in title) to provide it with all: (a) reasonable assistance to enable Orkid (and/or
                                            its successor in title) to pursue Lifezone in respect of such breach; and (b) information
                                            which is available to and known by the Company in respect of such breach.

 

		3.9.5	If
                                            the Claimants successfully pursue a claim against Lifezone in respect of one or more Relevant
                                            Breaches, then in respect of the same circumstances that gave rise to such claim the Company
                                            will not be entitled to pursue a claim against Lifezone under the KellTech Licence to the
                                            extent that such claim would result in the Claimants being compensated (directly or indirectly)
                                            for damages more than once in respect of the same circumstances.

 

		3.10	Limitation
                                            of liability

 

The
maximum aggregate liability of Lifezone with respect to all claims for breaches of the warranties and/or covenants under this
Agreement and the KellTech Licence shall be limited to the aggregate of (a) US$[***] plus (b) the aggregate of all
distributions (including all dividends) paid by the Company to Lifezone up to the time that the relevant claim is determined (the
sum of (a) and (b) being referred to hereinafter as the “Relevant Amount”), provided that if the
Company is the Entity which pursues Lifezone then the maximum aggregate net liability of Lifezone in such circumstances shall be
such amount as will result in the net adverse effect on Lifezone (after taking into account Lifezone’s interest in the
Company) being an amount equal to the Relevant Amount.

 

For
the avoidance of doubt, “distributions” will not include any payments made to Lifezone under the KellTech Licence or the
Service Agreement. It being agreed that notwithstanding anything to the contrary contained in this Agreement, subject to Applicable Law,
when the Company receives any funds pursuant to any claim by it against Lifezone for breaches of the warranties and/or covenants under
this Agreement and/or the KellTech Licence then such funds shall immediately be distributed by the Company to the Shareholders.

 

    	 

    	 	34

    

 

		4.	CONFLICTS
                                            WITH CONSTITUTION

 

		4.1	Subject
                                            to Applicable Law, if there is any conflict between the provisions of this Agreement and
                                            the Constitution at any time, the provisions of this Agreement shall prevail, for as long
                                            as this Agreement remains in force.

 

		4.2	Subject
                                            to clause 4.1, each Shareholder undertakes to abide by the provisions of the Constitution.

 

		4.3	The
                                            Company shall maintain a register of the Shares in issue and shall provide each Shareholder
                                            with a copy thereof on each occasion that Shares are issued and allotted to a Shareholder
                                            and/or a Transfer takes place. In addition, the Company shall issue paper share certificates
                                            to each Shareholder in respect of the Shares owned by it in accordance with the terms of
                                            this Agreement and Applicable Law.

 

		4.4	Subject
                                            to Applicable Law, the Shareholders undertake to take all such steps and do all such things
                                            as may be necessary to alter the Constitution so as to reflect, insofar as may be appropriate,
                                            the provisions of this Agreement and for this purpose each of the Shareholders gives the
                                            others its irrevocable power of attorney to take all such steps and do all such things and
                                            sign all such documents necessary to achieve the aforegoing.

 

		5.	FUNDING

 

		5.1	Subject
                                            to clause 5.5 any funding required by the Group from time to time and approved by the
                                            Board will be obtained:

 

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

 

		5.1.2	subject
                                            to the approval of the holders of at least [***] of the issued Shares at such time,
                                            through a rights issue in terms of clause 5.6; or

 

		5.1.3	subject
                                            to unanimous agreement by the Shareholders, through Shareholder loan funding in terms of
                                            clause 5.7 or the offer of shares to third parties.

 

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

 

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

 

    	 

    	 	35

    

 

		5.4	No
                                            Shareholder will be required or obliged to provide any funding to the Company (save as contemplated
                                            in clause 5.5 or 5.7) or to issue any guarantee, suretyship or indemnity to third persons
                                            for the obligations of the Company.

 

		5.5	Funding
                                            Prior to Investment by the New Investor

 

		5.5.1	Until
                                            such time as the New Investor invests in the Company pursuant to the provisions of clause 3.4.2
                                            then unless the Board decides otherwise Orkid shall provide Shareholder loan funding to the
                                            Company on the terms set out in clause 5.5.2 below as follows:

 

		5.5.1.1	The
                                            aggregate of such funding will not exceed USD [***] (the “Threshold”)
                                            and once such Threshold has been met the provisions of clause 5.1 shall apply to any
                                            additional funding required by the Company;

 

		5.5.1.2	The
                                            funding will take place in two tranches in line with the current budget of the Company:

 

		5.5.1.2.1	US$[***]by
                                            not later than the 10th (tenth) Business Day after the Effective Date; and

 

		5.5.1.2.2	US$[***]by
                                            not later than the later of: (a) the 3,4 (third) Business Day after the Company has
                                            notified Orkid in writing that all of the funding provided to the Company pursuant to clause 5.5.1.2.1
                                            has been spent; and (b) the first Business Day of July 2014. The Company shall
                                            notify Orkid in writing as and when any increments of US$[***]or more of the funding
                                            provided to the Company pursuant to clause 5.5.1.2.1 has been spent by it.

 

		5.5.2	The
                                            loans made to the Company by Orkid (the “Orkid Loans”) will be in US dollars
                                            and will bear simple interest at Libor at the relevant point in time plus a margin provided
                                            that, notwithstanding anything to the contrary contained herein, Orkid will not be required
                                            to grant the Orkid Loans to the Company at an interest rate which is more favourable to the
                                            Company than the interest rate which applies to the funding obtained by Orkid and/or SPM
                                            in order to enable Orkid to grant the Orkid Loans. The margin applicable to each Orkid Loan
                                            will be agreed by Orkid and the Company at the time that the Orkid Loan is advanced, provided
                                            that if Orkid and the Company cannot so agree, the market 

 

    	 

    	 	36

    

 

	 	 	related margin will be determined
                                            by independent bankers. Such independent bankers will be agreed by Orkid and the Company,
                                            and failing agreement will be appointed by the Auditors. The independent bankers shall act
                                            as an expert and not as an arbitrator and the provisions of clause 1.18 shall apply,
                                            with such changes as are required by the context. Further, the Orkid Loans will be subject
                                            to the following terms:

 

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

 

		5.5.2.2	The
                                            Orkid Loans will be unsecured.

 

		5.5.2.3	The
                                            Orkid Loans will be subordinated to claims of all other creditors of the Company and shall
                                            only be repayable out of excess cash flow of the Company (determined after taking into account
                                            the future operational requirements of the Company) but shall be repaid prior to: (a) the
                                            repayment of any other Shareholder Loans; and (b) the declaration of any dividends or
                                            other distributions by the Company to its Shareholders (for the avoidance of doubt, “distributions”
                                            will not include any payments made to Lifezone under the KellTech Licence or the Service
                                            Agreement).

 

		5.5.2.4	As
                                            soon as the subscription proceeds payable by any New Investor in respect of the Relevant
                                            Shares subscribed for by it (the “Relevant Investment Proceeds”) are received
                                            by the Company that portion of the Orkid Loans which does not exceed the Relevant Investment
                                            Proceeds received by the Company at such point in time shall forthwith be repayable by the
                                            Company and the Relevant Investment Proceeds so received shall be used by the Company to
                                            forthwith repay such portion of the Orkid Loans;

 

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

 

		5.5.2.6	The
                                            Orkid Loans will in any event be repayable it

 

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

 

    	 

    	 	37

    

 

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

 

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

 

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

 

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

 

		5.5.3	If
                                            the New Investor does not acquire any Relevant Shares during the Third Party Funding Period,
                                            then during the period commencing on the expiry of the Third Party Funding Period and terminating
                                            three months thereafter, Orkid shall have the option (capable of exercise by written notice
                                            to the Company) of converting USD[***] of the Orkid Loans into 500 Shares (which following
                                            their issue will constitute approximately 33.33% (thirty three point thirty three percent)
                                            (the “Relevant Percentage”) of the entire issued Share capital of the
                                            Company on the assumption that no Shares have been issued by the Company prior to the issuance
                                            of such Shares) (the “Conversion Shares”) for a subscription price per
                                            share of at least US$[***] (the “Conversion Subscription Price”),
                                            which would result in aggregate subscription proceeds of at least [***]. If the Relevant
                                            Percentage constitutes a fraction of Shares, then the number of Conversion Shares to be issued
                                            will be rounded down to the nearest whole number. Assuming that no Shares are issued prior
                                            to the exercise of this option, Orkid will hold 66.667% of the Company’s issued Share
                                            capital after the exercise of this option. All of the Parties undertake to sign all documents,
                                            pass all resolutions and do all that is necessary to ensure, that on exercise of the abovementioned
                                            option, the option is implemented as expeditiously and efficiently as possible.

 

		5.6	Rights
                                            Issue and Financing for Lifezone under the Rights Issue

 

		5.6.1	If
the Board decides at any time that borrowings from a bank or other outside sources are not in the best interests of the Company, or if
the Company is unable to procure borrowings from a bank or other outside sources, within a 

 

    	 

    	 	38

    

 

	 	 	reasonable time period taking into account the
                                            funding requirements of the Company, the Board may (subject to the Shareholder approval contemplated
                                            in clause 5.1.2 being obtained) propose a rights issue of Shares to the Shareholders
                                            in accordance with the following provisions (a “Rights Issue”).

 

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

 

		5.6.3	In
                                            the event that Lifezone wishes to take up its rights under a Rights Issue, it will be entitled
                                            upon written notice to whichever one of Orkid, the New Investor, if applicable, or its respective
                                            Transferee Affiliates (as the case may be) voted in favour of the Rights Issue as contemplated
                                            in clause 5.1.2 (the “Financing Shareholder”) by not later than the
                                            5th (fifth) Business Day after the date upon which the Board proposes the Rights Issue to
                                            require the Financing Shareholder to make a loan (the “Lifezone Loan”)
                                            to it of such amount as it requires to enable it to subscribe for its Proportionate Interest
                                            of Shares offered under the Rights Issue (the “New Lifezone Shares”).
                                            For the avoidance of doubt any Shareholder that votes against the Rights Issue as contemplated
                                            in clause 5.1.2 shall not be required to lend and advance the Lifezone Loan to Lifezone.
                                            The Lifezone Loan will be made on the following basis:

 

		5.6.3.1	If
                                            both of Orkid and the New Investor or their respective Transferee Affiliates approves the
                                            Rights Issue as contemplated in clause 5.1.2, and as a consequence there is more than
                                            one Financing Shareholder then the Financing Shareholders will make such Lifezone Loan to
                                            Lifezone in proportion to their respective shareholdings at the time, provided that the Financing
                                            Shareholders shall be entitled (but not obliged) to agree between themselves to provide the
                                            Lifezone Loan in a proportion which is different from their respective shareholdings at the
                                            time.

 

		5.6.3.2	Lifezone
                                            will not be permitted to use such Lifezone Loan for any purpose other than to subscribe for
                                            the New Lifezone Shares pursuant to the Rights Issue.

 

		5.6.3.3	Each
                                            Lifezone Loan will be advanced directly to the Company by each relevant Financing Shareholder
                                            on behalf of Lifezone on or before the date on which the subscription monies in respect of
                                            the New Lifezone Shares are due.

 

    	 

    	 	39

    

 

		5.6.3.4	Each
                                            Lifezone Loan will be in US dollars and will bear simple interest at Libor at the relevant
                                            point in time plus a margin. The margin applicable to each Lifezone Loan will be agreed by
                                            Lifezone and the Financing Shareholder/s (the “Relevant Parties”) at the
                                            time that the Lifezone Loan is advanced, provided that if the Relevant Parties cannot so
                                            agree the market related margin will be determined by independent bankers. Such independent
                                            bankers will be agreed by the Relevant Parties, and failing agreement will be appointed by
                                            the Auditors. The independent bankers shall act as an expert and not as an arbitrator and
                                            the provisions of clause 1.18 shall apply, with such changes as are required by the
                                            context.

 

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

 

		5.6.3.6	Each
                                            Lifezone Loan will be secured by Lifezone granting a security interest over the relevant
                                            New Lifezone Shares, such security interest to be agreed by the Relevant Parties from time
                                            to time. Such security will permit Lifezone to vote the New Lifezone Shares and receive dividends
                                            in respect of such New Lifezone Shares prior to a default by Lifezone under these loan arrangements.

 

		5.6.3.7	Lifezone
                                            will not be permitted to sell, dispose of or additionally Encumber any of the Shares held
                                            by it or any interest in any of the Shares held by it until such time as all Lifezone Loans
                                            together with interest thereon have been repaid in full, provided that Lifezone will be permitted
                                            to sell such shares if the proceeds of the sale of such shares are first used to repay all
                                            Lifezone Loans.

 

		5.6.3.8	While
                                            any Lifezone Loan and the interest thereon remain outstanding, each Lifezone Loan will be
                                            repayable only out of (a) dividends or other distributions received from the Company,
                                            (b) payments made by the Company to Lifezone under the KellTech Licence or (c) the
                                            proceeds of any sale by Lifezone of its Shares (together, “Relevant Monies”).
                                            For the avoidance of doubt, Lifezone Loans will not be repayable out of monies received by
                                            Lifezone under the Service Agreement.

 

		5.6.3.9	Lifezone
                                            hereby irrevocably and unconditionally:

 

    	 

    	 	40

    

 

		5.6.3.9.1	instructs
                                            the Company that for so long as any Lifezone Loan and any interest accrued thereon remains
                                            outstanding the Company must pay any Relevant Monies directly to the Financing Shareholders
                                            pro rata to the principal amount outstanding in respect of all Lifezone Loans: and

 

		5.6.3.9.2	agrees
                                            that the payment made by the Company as contemplated in clause 5.6.3.9.1 shall discharge
                                            by way of set-off on a dollar for dollar basis the Company’s obligation to pay such
                                            Relevant Monies to Lifezone.

 

		5.6.3.10	Notwithstanding
                                            any other provisions of this Agreement but subject always to clause 5.6.3.7, the aggregate
                                            liability of Lifezone to repay any portion of the Lifezone Loans including interest thereon
                                            during a particular period shall not exceed the Relevant Monies arising during such period.

 

		5.6.3.11	For
                                            the avoidance of doubt, and notwithstanding any other provision of this Agreement but subject
                                            always to clause 5.6.3.7, to the extent that such Relevant Monies (other than the proceeds
                                            of any sale by Lifezone of its Shares) are insufficient to pay any amounts due under the
                                            Lifezone Loans (including interest thereon), Lifezone shall have no liability to make up
                                            the insufficiency and no recourse may be had against other assets of Lifezone and no liability
                                            in respect thereof shall attach to or be incurred by the shareholders, employees or directors
                                            of Lifezone.

 

		5.6.3.12	The
                                            Company will administer and keep records of all Lifezone Loans, will calculate the interest
                                            accruing on such loans, and will advise Lifezone and the Financing Shareholders of all amounts
                                            outstanding in respect of such loans on a quarterly basis.

 

		5.6.3.13	Lifezone
                                            will be entitled to repay such loans at any time.

 

		5.6.3.14	Each
                                            Lifezone Loan together with all interest accrued thereon will in any event be repayable if:

 

		5.6.3.14.1	Lifezone
                                            is placed in liquidation or under a winding-up order, whether provisionally or finally, voluntarily
                                            or compulsorily;

 

    	 

    	 	41

    

 

		5.6.3.14.2	Lifezone
                                            takes any steps to be wound up or liquidated, whether provisionally or finally and whether
                                            compulsorily or voluntarily;

 

		5.6.3.14.3	Lifezone
                                            takes any steps to be deregistered or is deregistered;

 

		5.6.3.14.4	Lifezone
                                            enters into any compromise with its creditors generally, or offers to do so; or

 

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

 

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

 

		5.6.5	To
                                            the extent that any Shareholder does not wish to subscribe for its Proportionate Interest
                                            of Shares offered to it pursuant to the Rights Issue it shall notify the other Shareholders
                                            and the Company thereof in writing by not later than the 5th (fifth) Business Day after the
                                            date upon which the Board proposes the Rights Issue, in which case such Shares (the “Unaccepted
                                            Shares”) shall be deemed to have been offered to the other accepting Shareholders:
                                            (a) in proportion to their holdings of Shares immediately prior to the Rights Issue;
                                            or (b) if the accepting Shareholders agree between themselves to accept such deemed
                                            offer in any other proportion, in such agreed proportion. Such accepting Shareholders shall
                                            by way of written notice to the Company and the other Shareholders, by not later than the
                                            5th (fifth) Business Day after the date upon which the deemed offer of the Unaccepted Shares
                                            was made to them, be entitled to accept such offer. If the deemed offer in respect of all
                                            of the Unaccepted Shares has not been accepted pursuant to the process contemplated above
                                            then subject to all of the Shareholders unanimously approving thereof in writing those Unaccepted
                                            Shares which have not been taken up may be offered to third parties on terms no more favourable
                                            than those under the Rights Offer.

 

    	 

    	 	42

    

 

		5.6.6	For
                                            the avoidance of doubt, if Orkid, the New Investor or their respective Transferee Affiliates
                                            approves the Rights Issue as contemplated in clause 5.1.2 then such Financing Shareholder
                                            will be obliged to advance the necessary Lifezone Loan to Lifezone under clause 5.6.3
                                            regardless of whether or not it takes up its own rights under the Rights Issue.

 

		5.6.7	The
                                            provisions of this clause 5.6 shall be binding on each Financing Shareholder’s
                                            successors in title to whom such Financing Shareholder Transfers any of its Shares in terms
                                            of this Agreement but after the Lock-in Period this clause 5.6 shall only apply to such
                                            Financing Shareholder’s Transferee Affiliates.

 

		5.7	Shareholder
                                            Loan Funding

 

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

 

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

 

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

 

		5.7.1.3	Each
                                            Shareholder Loan will be in US dollars and will bear simple interest at Libor at the relevant
                                            point in time plus a margin. The margin applicable to each Shareholder Loan will be agreed
                                            by the Parties at the time that the Lifezone Loan is advanced, provided that if the Parties
                                            cannot so agree the market related margin will be determined by independent bankers. Such
                                            independent bankers will be agreed by the Parties, and failing agreement will be appointed
                                            by the Auditors. The independent bankers shall act as an expert and not as an arbitrator
                                            and the provisions of clause 1.18 shall apply, with such changes as are required by
                                            the context.

 

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

 

		5.7.1.5	No
                                            Shareholder Loan will be secured.

 

    	 

    	 	43

    

 

		5.7.1.6	Each
                                            Shareholder Loan will be subordinated to claims of all other creditors of the Company and
                                            shall only be repayable out of excess cash flow of the Company (determined after taking into
                                            account the future operational requirements of the Company).

 

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

 

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

 

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

 

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

 

		5.7.1.8.3	The
                                            Company takes any steps to be deregistered or is deregistered;

 

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

 

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

 

		5.8	Development
                                            Loan already provided by SPM

 

		5.8.1	The
                                            parties acknowledge that SPM: (a) has provided US$[***] to the Company; and (b) shall
                                            be entitled (but not obliged) to provide the Company with further funding prior to the Effective
                                            Date if the Company requires further funding prior to the Effective Date, which the Company
                                            has used/will use (as the case may be) to fund feasibility studies, test work, early works
                                            programmes and other Kelltechnology development expenses (the “Development Loan”).

 

		5.8.2	The
                                            Development Loan will bear interest at Libor (as defined in the KellTech Licence) plus 3%
                                            (nominal annual compounded quarterly).

 

		5.8.3	Further,
                                            the Development Loan will be subject to the following terms:

 

    	 

    	 	44

    

 

		5.8.3.1	Interest
                                            will accrue daily from the Signature Date until the date of repayment of such loan. Interest
                                            will be calculated on the basis of a 360 (three hundred and sixty) day year for actual days
                                            elapsed.

 

		5.8.3.2	The
                                            Development Loan will be unsecured.

 

		5.8.3.3	The
                                            Development Loan will be subordinated to claims of all other creditors of the Company and
                                            shall only be repayable out of excess cash flow of the Company (determined after taking into
                                            account the future operational requirements of the Company) but shall be repaid prior to:
                                            (a) the repayment of any other Shareholder Loans other than the Orkid Loans; and (b) the
                                            declaration of any dividends or other distributions by the Company to its Shareholders (for
                                            the avoidance of doubt, “distributions” will not include any payments made to
                                            Lifezone under the KellTech Licence or the Service Agreement).

 

		5.8.3.4	The
                                            Company will administer and keep records of the Development Loan, and will advise all Shareholders
                                            of all amounts outstanding in respect of such loan on a quarterly basis.

 

		5.8.3.5	The
                                            Development Loan will in any event be repayable if:

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 	45

    

 

		5.8.3.6	SPM
                                            will be entitled, upon giving notice to the Company, to: cede and delegate all of its rights
                                            and/or obligations in respect of the Development Loan to Orkid or any other member of the
                                            SPM Group or any third party which becomes a Shareholder but does not form part of the SPM
                                            Group (and the provisions of clause 16 and any other provision of this Agreement prohibit
                                            the cession or delegation of the Development Loan shall not apply in respect of any such
                                            cession or delegation).

 

		6.	DIVIDENDS

 

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

 

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

 

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

 

		6.2	Notwithstanding
                                            the provisions of clause 6.1 above, no dividend shall be declared or paid until such
                                            time as all Shareholders’ Loans (together with all interest accrued on such funding)
                                            has been repaid in full unless the Shareholders who have provided such funding agree otherwise
                                            in writing.

 

		7.	GOVERNANCE
                                            AND MANAGEMENT OF THE COMPANY

 

		7.1	Board
                                            of Directors

 

		7.1.1	Appointment
                                            of Directors

 

		7.1.1.1	Subject
                                            to Applicable Law, for so long as it is a Shareholder, each Shareholder shall be entitled,
                                            by written notice to the Company, to appoint:

 

		7.1.1.1.1	1
                                            (one) Director, if the Shares held by such Shareholder constitute at least 10% (ten per cent)
                                            of the issued Share capital of the Company; and

 

		7.1.1.1.2	1
(one) Director in addition to the Director which it is entitled to appoint in terms of clause 7.1.1.1.1, if the Shares held by such
Shareholder constitute at least

 

    	 

    	 	46

    

 

	 	 	40% (forty per cent) of the issued
                                            Share capital of the Company.

 

		7.1.1.2	Each
                                            Shareholder shall be entitled, by written notice to the Company, to remove any Director appointed
                                            by that Shareholder and to replace such Director who is so removed or who ceases for any
                                            other reason other than pursuant to clause 7.1.10 to be a Director.

 

		7.1.1.3	Each
                                            Director appointed under this clause 7.1.1 shall have one vote together with such additional
                                            votes to which it may be entitled under clause 7.2.9.

 

		7.1.2	If
                                            so approved unanimously by the Shareholders, which approval shall not be unreasonably withheld,
                                            the Board shall, in accordance with the Constitution, be entitled to co-opt up to a maximum
                                            of 2 (two) outside Directors onto the Board as it considers appropriate and desirable for
                                            the benefit of the Company. Each such Director will have one vote only.

 

		7.1.3	In
                                            order to give effect to the appointment, removal and/or replacement of a director appointed
                                            by any particular Shareholder pursuant to clause 7.1.1 (the “Appointing Shareholder”)
                                            or co-opted by the Board pursuant to clause 7.1.2, each Shareholder hereby irrevocably
                                            and unconditionally:

 

		7.1.3.1	undertakes
                                            in favour of the Appointing Shareholder in the case of an appointment pursuant to clause 7.1.1
                                            or the Board in the case of an appointment pursuant to clause 7.1.2 and agrees to take
                                            all such actions, do all such things, sign all such documents (including, without limitation,
                                            all notices and resolutions), attend any meeting and to vote all of its Shares in favour
                                            of any resolution at such meeting and/or sign to approve the passing of any written resolution
                                            to effect and/or ratify the election, appointment, removal and/or replacement of a director
                                            appointed the Appointing Shareholder in the case of an appointment pursuant to clause 7.1.1
                                            when requested by the Appointing Shareholder to do so or the Board in the case of an appointment
                                            pursuant to clause 7.1.2 when requested by the Board to do so; and

 

		7.1.3.2	if
any Shareholder fails to comply with any of its obligations set out in clause 7.1.3.1 then it appoints any other Shareholder as
its proxy

 

    	 

    	 	47

    

 

	 	 	and attorney and agent in rem suam to
                                            give effect to the provisions of clause 7.1.3.1.

 

		7.1.4	The
                                            composition of the Board shall be reviewed annually in order to ensure that those persons
                                            who are eligible to serve on the Board for the forthcoming year confirm their availability
                                            to serve as members of the Board for that year. At least 2 (two) of the Directors shall be
                                            resident in Mauritius (the “Mauritian Resident Directors”).

 

		7.1.5	Any
                                            Director shall have the power to nominate another person to act as Alternate Director in
                                            his place during his absence or inability to act as such Director, and on such appointment
                                            being made, the Alternate Director shall, in all respects, be subject to the terms and conditions
                                            existing with reference to the other Directors. Notwithstanding the aforegoing, any nominee
                                            for the position of Alternate Director shall first be approved by the Board, which approval
                                            may not be withheld unreasonably.

 

		7.1.6	A
                                            person may be appointed as an Alternate Director to more than one Director. Where a person
                                            is an Alternate Director to more than one Director or where an Alternate Director is a Director,
                                            he shall have a separate vote on behalf of each Director he is representing in addition to
                                            his own vote, if any.

 

		7.1.7	The
                                            Alternate Directors, whilst acting in the place of the Directors who appointed them, shall
                                            exercise and discharge all the duties and functions of the Directors they represent.

 

		7.1.8	The
                                            appointment of an Alternate Director shall cease:

 

		7.1.8.1	on
                                            the happening of any event which, if he were a Director, would cause him to cease to hold
                                            office in terms of this Agreement as read with the Constitution;

 

		7.1.8.2	if
                                            the Director who appointed him ceases to be a Director, in accordance with clause 7.1.9;
                                            or

 

		7.1.8.3	if
                                            the Director who appointed him gives notice to the Company that the Alternate Director representing
                                            him shall have ceased to do so.

 

		7.1.9	Without
                                            prejudice to the Applicable Law regulating this issue, a Director shall cease to hold office
                                            as such if:

 

		7.1.9.1	he
                                            resigns as a Director;

 

    	 

    	 	48

    

 

		7.1.9.2	he
                                            is guilty of conduct justifying a summary dismissal according to law;

 

		7.1.9.3	he
                                            is guilty of conduct which is likely to bring himself or the Company into disrepute;

 

		7.1.9.4	he
                                            is convicted of an offence involving dishonesty;

 

		7.1.9.5	he
                                            is precluded in terms of any statute from holding office as a Director; or

 

		7.1.9.6	he
                                            is removed as a Director in accordance with 7.1.1.2.

 

		7.1.10	A
                                            Shareholder which Transfers: (a) all of its Shares shall remove any Directors it has
                                            appointed; or (b) that number of its Shares which reduces its Shareholding below the
                                            relevant Shareholding percentage contemplated in clause 7.1.1.1 which entitled it to
                                            appoint a particular Director/s to the Board shall remove such Director/s so appointed by
                                            it, without any claims for compensation for loss of office:

 

		7.1.10.1	if
                                            its Shares are acquired by other Shareholders, on payment in full of the purchase price by
                                            those purchasing Shareholders; or

 

		7.1.10.2	if
                                            its Shares are to be acquired by a third party, on or promptly following receipt of the purchase
                                            price for the Shares under any sale agreement with the third party, 
	 	 	 
	 	and the Shareholder which appointed such Directors hereby indemnifies the Company if the Directors are not so removed. In order to give effect to the resignation of the Director concerned, the Shareholder which appointed such Director shall procure that the Director concerned shall irrevocably authorise the Auditors as its attorney and agent to sign all such documents and do all such things as are necessary or requisite so as to give effect to and implement such resignation.

 

		7.2	Meetings
                                            of Directors

 

		7.2.1	Directors
                                            Meetings shall be held bi-annually in Mauritius on at least 14 (fourteen) days’ notice,
                                            except where the Directors unanimously choose to hold a meeting on shorter notice. Meeting
                                            notices shall include an agenda setting out, in as much detail as possible, the matters for
                                            discussion. Notice shall be provided to each of the Directors via the method nominated by
                                            them, whether they are based in Mauritius or elsewhere.

 

    	 

    	 	49

    

 

		7.2.2	Any
                                            Director may, at any time, summon a Directors Meeting.

 

		7.2.3	Subject
                                            to Applicable Law, the quorum for Directors Meetings shall be at least 1 (one) Director appointed
                                            by each Shareholder and both Mauritian Resident Directors.

 

		7.2.4	If,
                                            within 30 (thirty) minutes from the time appointed for a Board meeting a quorum is not present,
                                            the original meeting shall stand adjourned to the next succeeding Business Day or such other
                                            day as. the Directors unanimously agree (“the Adjourned Board Meeting”).
                                            If, at the Adjourned Board Meeting, a quorum is not present within 30 (thirty) minutes from
                                            the time appointed for the Adjourned Board Meeting, then the Directors present at such Adjourned
                                            Board Meeting shall constitute a quorum.

 

		7.2.5	A
                                            Board meeting shall continue to be quorate notwithstanding that any one or more persons,
                                            taken into account for the purposes of achieving the quorum, might thereafter cease to be
                                            present at the meeting.

 

		7.2.6	The
                                            Directors may convene a meeting by telephone, electronic or any other communication facilities
                                            which permit all persons participating in such meeting to communicate with each other simultaneously
                                            and instantaneously and a resolution passed by such a conference shall, provided such resolution
                                            is recorded in writing thereafter, notwithstanding that the Directors are not present together
                                            in one place at the time of the conference, be deemed to have been passed at a meeting of
                                            the Directors held on the day on which and at the time at which the conference was held.

 

		7.2.7	The
                                            chairman of the Board shall be rotated annually on the basis that each Shareholder shall
                                            be entitled to appoint a director appointed by it to the Board as chairman of the Board for
                                            1 (one) Financial Year; in this regard, Lifezone shall appoint a director appointed by it
                                            to the Board as chairman of the Board for the first Financial Year, Orkid shall appoint a
                                            director appointed by it to the Board as chairman of the Board for the second Financial Year
                                            and if the New Investor is a Shareholder in the third Financial Year then it shall appoint
                                            a director appointed by it to the Board as chairman of the Board for the third Financial
                                            Year and so on. Neither the chairman nor any other member of the Board shall receive any
                                            compensation by reason of such membership. The chairman of the Board shall not have a casting
                                            vote.

 

		7.2.8	In
                                            the event of any Director/s being physically absent from the Directors Meeting, the Directors
                                            present at the meeting shall make a reasonable 

 

    	 

    	 	50

    

 

	 	 	endeavour to ensure the participation in the
                                            meeting of those Directors not physically present for whatsoever reason by means of one of
                                            the methods described in clause 7.2.6, unless an Alternate Director to such absent Director
                                            is present at the meeting.

 

		7.2.9	Each
                                            Director appointed in accordance with clause 7.1.1 (or his Alternate Director), shall
                                            at Directors Meetings (and in respect of written Board resolutions) have as many additional
                                            votes as the number of Shares which the Shareholder who nominated him for appointment holds
                                            divided by the number of Directors appointed by that particular Shareholder who votes on
                                            that particular resolution.

 

		7.2.10	Subject
                                            to the provisions of clause 7.2.11, a resolution of the Board shall be validly passed
                                            if passed by an ordinary majority.

 

		7.2.11	If
                                            there is a deadlock at a Directors Meeting as to any resolution proposed, or if a resolution
                                            is approved by a majority of one or two votes only, the resolution in question shall fail.
                                            Accordingly, no resolution will be passed unless it is approved by in excess of at least
                                            three votes.

 

		7.3	The
                                            management of the Company shall be undertaken by the Board to the extent set out in this
                                            Agreement and the Constitution.

 

		7.4	Shareholders
                                            Meetings

 

		7.4.1	Subject
                                            to Applicable Law, the Shareholders shall meet as often as is required and in any event at
                                            least once in each calendar year within 6 (six) months following the end of the Financial
                                            Year to consider and approve:

 

		7.4.1.1	the
                                            financial statements of the Company for the previous Financial Year; and

 

		7.4.1.2	the
                                            Auditors’ report in respect of the previous Financial Year.

 

		7.4.2	Every
                                            Shareholder, for so long as it is a shareholder in the Company, shall be entitled to receive
                                            notice of a meeting of Shareholders, which notice shall contain, inter alia, the agenda
                                            for such meeting.

 

		7.4.3	Any
                                            Shareholder, for so long as it is a shareholder in the Company, or Director shall be entitled
                                            to call a meeting of Shareholders by giving notice to the Shareholders of not less than 14
                                            (fourteen) Days.

 

		7.4.4	The
                                            quorum for a Shareholders meeting shall be all Shareholders at the time.

 

    	 

    	 	51

    

 

		7.4.5	Subject
                                            to Applicable Law, if, within 30 (thirty) minutes from the time appointed for a Shareholders
                                            meeting a quorum is not present, the original meeting shall stand adjourned to the same day
                                            in the next week, at the same time and place or, if that day is not a Business Day, to the
                                            next succeeding Business Day or such other day as the Shareholders unanimously agree (“the
                                            Adjourned Shareholders Meeting”). If, at the Adjourned Shareholders Meeting, a
                                            quorum is not present within 30 (thirty) minutes from the time appointed for the Adjourned
                                            Shareholders Meeting, then the Shareholders present at such Adjourned Shareholders Meeting
                                            shall constitute a quorum.

 

		7.4.6	A
                                            Shareholders meeting shall continue to be quorate notwithstanding that any one or more persons,
                                            taken into account for the purposes of achieving the quorum, might thereafter cease to be
                                            present at the meeting.

 

		7.4.7	The
                                            Shareholders may convene a Shareholders meeting by telephone, electronic or any other communication
                                            facilities which permit all persons participating in such meeting to communicate with each
                                            other simultaneously and instantaneously and a resolution passed by such a conference shall,
                                            provided such resolution is recorded in writing thereafter, notwithstanding that the Shareholders
                                            are not present together in one place at the time of the conference, be deemed to have been
                                            passed at a meeting of the Shareholders held on the day on which and at the time at which
                                            the conference was held:

 

		7.4.8	The
                                            chairman of the Board shall serve as chairman of Shareholders meetings. The chairman of Shareholders
                                            meetings shall not have a casting vote.

 

		7.4.9	The
                                            chairman of the Shareholders meeting shall procure that minutes are kept of such meeting.

 

		7.4.10	Each
                                            Shareholder shall have the right by notice to the Company to appoint a permanent or temporary
                                            proxy to attend, speak at and vote at meetings on its behalf.

 

		7.4.11	At
                                            any meeting, each Shareholder shall be entitled to one vote for each Share that such Shareholder
                                            holds.

 

		7.4.12	Resolutions
                                            of Shareholders (other than resolutions requiring a greater majority in terms of this Agreement
                                            or in terms of Mauritian law), in order to be of force and effect, must be approved by at
                                            least 50.1% (fifty point one per cent) of the votes attached to the Shares.

 

    	 

    	 	52

    

 

		7.4.13	A
                                            resolution in writing by or on behalf of all Shareholders entitled to receive notice of a
                                            meeting of the Shareholders and vote on the matter the subject of the relevant resolution
                                            shall be as effective as if it had been passed at a meeting of the Shareholders duly convened
                                            and held, and may consist of several documents each executed by or on behalf of one or more
                                            Shareholders.

 

		7.5	Where
                                            any interaction between any Shareholders and/or Directors is required, such interaction shall
                                            take place:

 

		7.5.1	at
                                            a meeting held in Mauritius; or

 

		7.5.2	at
                                            a meeting wholly or partially convened by telephone, electronic or any other communication
                                            facilities which permit all persons participating in such meeting to communicate with each
                                            other simultaneously and instantaneously.

 

		8.	KEYMAN
                                            INSURANCE

 

The
Parties record and agree that it is the intention that, as soon as is reasonably possible after the Effective Date, the Company should
obtain and maintain in full force and effect, for the exclusive benefit of the Company, key man insurance policies in respect of each
of the Individuals of so much cover as the Board may from time to time decide is necessary and appropriate.

 

		9.	COMPANY
                                            COVENANTS

 

The
Company hereby agrees with each of the Shareholders that it shall:

 

		9.1	conduct
                                            its business with reasonable skill and care and in accordance with internationally recognised
                                            financial and business practices;

 

		9.2	maintain
                                            at all times a firm of independent accountants as Auditors; and

 

		9.3	obtain
                                            and maintain all insurances (if any) required by Mauritian law from time to time require.

 

		10.	RESERVED
                                            MATTERS

 

		10.1	Save
                                            as expressly otherwise permitted in this Agreement or any Transaction Document, the Company
                                            shall not engage in, agree to, perform or undertake any of the following acts or matters,
                                            unless Shareholders holding at least 80% (eighty per cent) of the Shares approve:

 

		10.1.1	the
                                            undertaking of any new activities outside the business and purpose set out in clause 3.1.1
                                            or other business undertaken by the Company hereafter with the requisite approval hereunder,
                                            other than ancillary matters related thereto;

 

    	 

    	 	53

    

 

		10.1.2	the
                                            entering into any partnership, profit-sharing or royalty agreement or other similar arrangement
                                            whereby the Company’s income or profits are, or might be, shared with any other person;

 

		10.1.3	subject
                                            to clause 5.6, the increase, alteration, acquisition by the Company, repurchase by the
                                            Company or reduction of the issued and/or authorised share capital and/or share premium of
                                            the Company, including the allotment and issue of shares in the Company and/or any buy back
                                            or redemption of its own shares by the Company and/or buy in of shares in the Company by
                                            any other member of the Group;

 

		10.1.4	the
                                            issue of any long-term or convertible debentures;

 

		10.1.5	the
                                            transfer of any shares of any class in any of the Company’s subsidiaries to any person
                                            other than the Company;

 

		10.1.6	the
                                            incurring of long-term debts or any other material borrowing;

 

		10.1.7	save
                                            as contemplated in clause 5.5.2.4, the application of any subscription monies for any
                                            purpose other than funding the working capital requirements of the Group;

 

		10.1.8	seeking
                                            to dissolve, liquidate or wind-up the Company;

 

		10.1.9	entering
                                            into any transaction with any person other than in the ordinary course of business, on ordinary
                                            commercial terms and on the basis of arms’ length arrangements;

 

		10.1.10	instituting
                                            or defending any legal proceedings, other than those:

 

		10.1.10.1	arising
                                            in the ordinary course of business; or

 

		10.1.10.2	contemplated
                                            in clause 26;

 

		10.1.11	changing
                                            the Financial Year;

 

		10.1.12	changing
                                            the dividend policy of the Company;

 

		10.1.13	amending
                                            any of the Transaction Documents, save in respect of the amending of the Constitution in
                                            accordance with clause 4;

 

		10.1.14	the
                                            issue of guarantees or suretyships or indemnities of any unusual nature;

 

    	 

    	 	54

    

 

		10.1.15	the
                                            creation and modification of mortgages, liens or other charges on the Company’s assets;

 

		10.1.16	the
                                            taking over or acquisition of the whole or a substantial part of the business of any other
                                            person or any merger or amalgamation with other companies or with any other business which
                                            would constitute a material transaction for the Company having regard to its assets and the
                                            business conducted by it;

 

		10.1.17	discontinuance
                                            or suspension of any of the material business activities of the Company;

 

		10.1.18	the
                                            making of any loan to any third party (other than the making of loans to any other member
                                            of the Group for purposes of funding their respective working capital requirements) other
                                            than in the ordinary course of business of the Company;

 

		10.1.19	the
                                            establishment or implementation of or any changes in the Company’s financial policy
                                            (including but not limited to payments to Shareholders) or accounting policies which might
                                            adversely affect one of the Shareholders;

 

		10.1.20	the
                                            conclusion and/or implementation of any transaction with any Shareholder or any person who
                                            Controls such Shareholder or any officer or director of the Company or any relative of any
                                            of the aforegoing or any created entity in which any of the aforegoing has an interest or
                                            which have an interest in the Shareholder;

 

		10.1.21	a
                                            compromise generally with the Company’s creditors;

 

		10.1.22	the
                                            incorporation or acquisition of a subsidiary of the Company;

 

		10.1.23	the
                                            appointment, dismissal and/or determination and/or increase of the remuneration of the managerial
                                            level of employees of the Company;

 

		10.1.24	the
                                            payment of any management fees by the Company to any third party;

 

		10.1.25	the
                                            construction of any plants intended to treat third party Concentrate. The protection contained
                                            in this clause 10.1.25 shall cease to be of any force and effect upon any Entity (which
                                            is not a direct or indirect shareholder of SPM on the Signature Date) acquiring more than
                                            50% of SPM’s issued share capital after the Signature Date;

 

    	 

    	 	55

    

 

		10.1.26	the
                                            conclusion of financial or suspensive sale contracts, or contracts binding the Company to
                                            any on-going financial commitments over and above any provision made for the same in the
                                            then current budget or business plan of the Company, 

 

or any of the aforegoing insofar as
                                            it concerns a member of the Group.

 

		10.2	Each
                                            of the Parties hereby undertakes and agrees that such amendments shall be made to this Agreement
                                            and/or the other Transaction Documents as may be necessary from time to time to comply with
                                            Applicable Law, the FSC or any other rules and regulations applicable to the Company.

 

		11.	INTELLECTUAL
                                            PROPERTY RESERVED MATTERS

 

		11.1	Save
                                            as expressly contemplated in this Agreement, and for so long as Lifezone is the holder of
                                            at least 20% (twenty per cent) of the Shares, no member of the Group shall engage in, agree
                                            to, perform or undertake any of the following acts or matters without the prior written consent
                                            of Lifezone (which consent may be granted or withheld in Lifezone’s absolute discretion):

 

		11.1.1	the
                                            conclusion or amendment of any agreement providing for:

 

		11.1.1.1	the
                                            disposal, cessation, assignment or licensing of all or any part of the Group’s intellectual
                                            property; and/or

 

		11.1.1.2	the
                                            disposal, cessation, assignment or sub licensing of all or any part of the Intellectual Property
                                            other than as contemplated in the KellTech Licence or the KellPlant Licence;

 

		11.1.2	the
                                            commencement of any steps to register or otherwise claim ownership of any intellectual property
                                            which falls or which may fall within the scope of the KellTech Licence or the KellPlant Licence;

 

		11.1.3	subject
                                            to clause 28 (Confidentiality), and in particular clause 28.2.1, which clause shall
                                            override, and prevail over, the provisions of this clause 11.1.3 if there is any conflict
                                            between the provisions of that clause and the provisions of this clause 11.1.3, any
                                            decision to disclose to any third party any confidential information in relation to the Intellectual
                                            Property;

 

		11.1.4	the
                                            entry into any agreement or arrangement, the taking of any steps or the omission to take
                                            any action in each case which is likely to materially and adversely affect the Intellectual
                                            Property and the ability of the Company to use and benefit from the Intellectual Property;

 

    	 

    	 	56

    

 

		11.1.5	the
                                            undertaking or permitting of any merger, consolidation or reorganisation or transforming
                                            the Company into any other type of Entity;

 

		11.1.6	selling
                                            or otherwise disposing of the whole or a substantial part of the business, or the whole or
                                            a substantial part of the assets or undertaking, of the Company; and

 

		11.1.7	the
                                            sale or other disposal of any material asset of the Company (including but not limited to
                                            the goodwill of the Company and/or any of its intangible assets other than in the ordinary
                                            course of business.

 

		12.	PARTY
                                            UNDERTAKINGS

 

Each
Party undertakes to use all reasonable efforts:

 

		12.1	to
                                            procure that the Company obtains and maintain all relevant licenses, authorisations and approvals
                                            relating to the Company and its proposed purpose;

 

		12.2	to
                                            procure that the Company is managed in a manner such that it is lawfully and properly not
                                            subject to Taxes in any jurisdiction other than Mauritius, including, without limitation,
                                            that:

 

		12.2.1	the
                                            effective management of the Company is in Mauritius and not in any other jurisdiction; and

 

		12.2.2	the
                                            Company will not have a permanent establishment in any jurisdiction other than Mauritius;
                                            and

 

		12.3	to
                                            procure that the Company keeps itself updated with all developments in respect of tax legislation
                                            or practice applicable to the it and notifies the Shareholders if it becomes aware of any
                                            such development which (in its reasonable opinion) is, or is reasonably likely to be, of
                                            material relevance to the Company or any Shareholder in its capacity as such.

 

		13.	FINANCIAL
                                            AND OTHER INFORMATION

 

		13.1	Without
                                            prejudice to a Shareholder’s rights under the law of Mauritius, any Shareholder shall
                                            be entitled to carry out a review of the affairs of the Company at its own cost and, provided
                                            that the relevant Shareholder gives the Company reasonable written notice, the Company shall
                                            make available all its books and records for this purpose and the Shareholder and/or the
                                            Shareholder’s accountant shall be entitled to attend at the Company’s premises
                                            for the purpose of carrying out such review; provided that attendances and inspections undertaken
                                            by or on behalf of the Shareholder pursuant to this clause 13.1 shall be carried out
                                            during normal business hours and in such a manner as not to interfere with the operations
                                            of the Company.

 

    	 

    	 	57

    

 

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

 

		13.2.1	copies
                                            of any Transaction Document;

 

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

 

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

 

		14.	LOCK
                                            IN

 

		14.1	None
                                            of Lifezone, Orkid or the New Investor will be permitted to dispose of any of its Shares
                                            in the Lock-in Period unless:

 

		14.1.1	It
                                            does so with the prior written consent of each of the others;

 

		14.1.2	It
                                            does so to a Transferee Affiliate in accordance with the provisions of clause 15; or

 

		14.1.3	It
                                            is required to do so in accordance with: (a) clause 17, or (b) the provisions
                                            of the security documents contemplated in clause 5.6.3.

 

		15.	TRANSFERS
                                            OF SHARES - GENERAL

 

		15.1	Subject
                                            to Applicable Law, each of the Shareholders undertakes to the other Shareholders that it
                                            will not (either directly or indirectly) sell, transfer, assign or exchange or otherwise
                                            dispose of all or any part of the Shares held by it (a “Transfer”) otherwise
                                            than in accordance with the provisions of this clause 15, clause 16 and/or clause 17
                                            and the Company shall refuse to register or give effect to any Transfer made in contravention
                                            of this clause 15, clause 16 and/or clause 17, as applicable.

 

		15.2	Notwithstanding
                                            clause 15.1, any Shareholder shall be entitled to Transfer any of the Shares held by
                                            it to a Transferee Affiliate and shall notify the Board in writing of such proposed transfer
                                            at least 10 (ten) Business Days prior to it taking place.

 

		15.3	A
                                            Transferee Affiliate’s acquisition of Shares shall be conditional on the Transferee
                                            Affiliate providing an undertaking to the Company that it shall remain a Transferee Affiliate
                                            of the Transferring Shareholder for as long as it holds such Shares and any breach of this 

 

    	 

    	 	58

    

 

			undertaking shall constitute an event contemplated in clause 17.1.7. If the deemed offer
                                            resulting therefrom does not result in the Transferee Affiliate disposing of its Shares pursuant
                                            to clause 17, the Transferee Affiliate shall, within 30 (thirty) days of the relevant
                                            Shares failing to be Disposed in terms of clause 17, Transfer all Shares held by it
                                            back to the Shareholder from which the Shares were Transferred and if the Transferee Affiliate
                                            fails to Transfer all Shares held by it back to the Shareholder from which the Shares were
                                            Transferred then such failure shall constitute a breach of a material term of this Agreement.

 

		15.4	Any
                                            Transfer in terms of clause 15.2 shall not take place unless:

 

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

 

		15.4.2	the
                                            transferring Shareholder has undertaken, in writing, to the other Shareholders and the Company,
                                            that it shall guarantee the performance by the Transferee Affiliate of all of its obligations
                                            in terms of the Transaction Documents to the extent that such transferring Shareholder is
                                            a party to the Transaction Documents.

 

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

 

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

 

		15.5.2	if
                                            such Transfer would cause the Company to cease to be a private company limited by shares
                                            or to dissolve or otherwise to change its status;

 

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

 

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

 

		15.6	No
                                            Transfer shall be valid or effective until:

 

		15.6.1	such
                                            Transfer has been recorded in the register of members of the Company, in respect of which
                                            the principles set out in clauses 3.3.4 and 3.3.5 shall apply mutatis mutandis;
                                            and

 

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

 

    	 

    	 	59

    

 

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

 

		15.8	Subject
                                            to clause 16.13, any Shareholder seeking to Transfer its Shares shall pay all expenses,
                                            including legal fees, reasonably incurred by the Company in connection therewith.

 

		15.9	Each
                                            Shareholder acknowledges that it may not Transfer any Shares if such Transfer would result
                                            in a violation of any laws or regulations applicable to such Transfer, and may not Transfer
                                            any of the securities comprised in the Shares other than as Shares and in accordance with
                                            the Agreement, and that any Transfer of Shares or the securities comprised therein in contravention
                                            of the above provisions shall be null and void and of no force whatsoever, shall not be registered
                                            in the records of the Company, and the Company shall not recognise such Transfers as being
                                            binding on it. The Company may request any person intending to become a Shareholder, and
                                            at such person’s own cost, to provide a legal opinion addressed to the Company confirming
                                            such person’s compliance with the requirements of this clause 15.9.

 

		16.	TRANSFERS
                                            OF SHARES –  PRE-EMPTIVE RIGHTS

 

		16.1	Unless
                                            otherwise agreed in writing by all of the Shareholders, a Shareholder may Transfer the Shares
                                            held by it only in terms of this clause 16 and any other provision of this Agreement
                                            specifically providing for the Transfer of Shares, and only if in one and the same transaction,
                                            it likewise disposes of a portion of its Claims on loan account pro rata to the number of
                                            Shares being Transferred. Accordingly, all references in this clause 16, clause 24
                                            and any other provision of this Agreement relating to the Transfer by a Shareholder of its
                                            Shares shall, unless the context otherwise requires, be deemed to apply also to the pro rata
                                            portion of the Claims on loan account of the holder of such Shares.

 

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

 

		16.2.1	the
                                            number of Shares being offered and the price, sounding in money in US Dollars (and, for the
                                            avoidance of doubt, Shareholders can only dispose of their

 

    	 

    	 	60

    

 

	 	 	Shares for cash in US Dollars),
                                            at, and the terms and conditions upon which, the Disposer proposes to sell the Shares; and

 

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

 

		16.3	The
                                            First Shareholder Offer shall be capable of acceptance by the Other Shareholders giving written
                                            notice to that effect to the Disposer (“Other Shareholders Written Notice”)
                                            prior to the expiry of 45 (forty five) days after receipt of the First Shareholder Offer
                                            (“Offer Period”) which acceptance shall be subject to the proviso that
                                            such acceptance will only be valid if no Surplus Shares (as defined in clause 16.4.2)
                                            remain following the application of clause 16.4. The Other Shareholders Written Notice
                                            may include an Additional Acceptance referred to in clause 16.4.1, which Additional
                                            Acceptance will become relevant if there are any Surplus Shares.

 

		16.4	If:

 

		16.4.1	any
                                            Other Shareholder/s (“Surplus Offeree/s”) accepts the entire First Shareholder
                                            Offer made to it and in such acceptance also accepts to any extent (“Additional
                                            Acceptance”) the First Shareholder Offer made to any other Other Shareholders referred
                                            to in clause 16.4.2; and

 

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

 

then
the Surplus Shares shall be deemed, on the expiry of the Offer Period, to have been offered to the Surplus Offeree/s, with the proportion
of Surplus Shares deemed to have been offered to each Surplus Offeree being the same proportion as exists between the number of Shares
held by each Surplus Offeree and the total number of Shares held by all such Surplus Offerees, as at the First Shareholder Offer and
shall (subject to there being Surplus Shares available following the application of clause 16.4) to the extent of their Additional
Acceptances be deemed to have been accepted by the Surplus Offeree/s. If, after the deemed offer and acceptance, there remain any Surplus
Shares in respect of which the First Shareholder Offer has not been deemed to be accepted, then the deemed offer and acceptance provided
for in this clause 16.4 shall be repeated as many times as is necessary to ensure that either there are no Surplus Shares in respect
of which the First Shareholder

 

    	 

    	 	61

    

 

	 	 	Offer has not been accepted (in which case all of the Shares contemplated in the First Shareholder Offer
will be Transferred to the relevant Other Shareholder/s) or there is no remaining Additional Acceptance which could (in terms of this
clause 16.4) result in Surplus Shares being sold to a Surplus Offeree, and, at this juncture, there are Surplus Shares, whichever
occurs sooner. The Disposer shall give written notice of the circumstances referred to in clauses 16.4.1 and 16.4.2 to all the Other
Shareholders.
	 	 	 
		16.5	If,
                                            following the application of clause 16.4, there remain Surplus Shares in respect of
                                            which the First Shareholder Offer has not been accepted, none of the Shares contemplated
                                            in the First Shareholder Offer shall be sold to the Other Shareholders and, accordingly,
                                            no such offer will be deemed to have been accepted by any of the Surplus Offerees and, furthermore,
                                            all of the Shares contemplated in the First Shareholder Offer shall constitute Remaining
                                            Offered Shares (as defined in clause 16.6).

 

		16.6	If
                                            after the application of clauses 16.2, 16.3 and 16.4, the Shares Offered pursuant to
                                            the First Shareholder Offer are not purchased (the “Remaining Offered Shares”),
                                            and thus clause 16.5 has been applied, the Disposer shall (subject to the provisions
                                            of clause 24) be entitled within a further period of 30 (thirty) days, but not thereafter,
                                            without again making an offer to the Other Shareholders in terms of clause 16.2, dispose
                                            of all (but not some) of the Remaining Offered Shares to the Proposed Transferee only, at
                                            a price per Share not lower than the price per Share contemplated in the First Shareholder
                                            Offer and on terms not more favourable to the Proposed Transferee. For the avoidance of doubt,
                                            Remaining Offered Shares shall constitute all of the Shares contemplated in the First Shareholder
                                            Offer.

 

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

 

		16.8	If
                                            the First Shareholder Offer is accepted in writing by any of the Other Shareholders (“Accepting
                                            Shareholders”) then, if any one of the Accepting Shareholders breaches their obligations
                                            pursuant to the sale resulting from the acceptance of the Offer (“Breaching Shareholder’)
                                            then the Disposer shall be entitled to cancel the sale between itself and the Breaching Shareholder
                                            by notice in writing to the Breaching Shareholder within 3 (three) Business Days of becoming
                                            aware of the relevant breach and the provisions of clauses 16.4 and 16.6 shall apply
                                            mutatis mutandis to the Shares which were to be acquired by the Breaching Shareholder
                                            and, if, following the applications of clause 16.4, any Shares

 

    	 

    	 	62

    

 

	 	 	contemplated in the First
                                            Shareholder Offer have not been sold to a Surplus Offeree, the provisions of clauses 16.6
                                            and 16.7 shall apply.

 

		16.9	If,
                                            whilst an Offer is pending in terms of clause 16.2, the provisions of clause 17.1
                                            become operative in respect of those Shares so offered, then at the election of the Other
                                            Shareholders holding more than [***]% ([***] per cent) of the Shares excluding
                                            the Shares forming the subject of the First Shareholder Offer (which election shall be made
                                            in writing and delivered to the Offeror within 48 (forty-eight) hours after the provisions
                                            of clause 17.1 become operative), the First Shareholder Offer in terms of clause 16.2
                                            shall be deemed to be withdrawn and substituted with the deemed offer in terms of clause 17.

 

		16.10	Subject
                                            to clause 16.11, Transfer of any Shares acquired in terms of this clause 16 shall
                                            be given to the Entity so acquiring them against receipt of payment in full therefor and
                                            the principles set out in clauses 3.3.4 and 3.3.5 shall apply mutatis mutandis
                                            to such Transfer.

 

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

 

		16.11.1	it
                                            meets the requirements of clauses 15.5; and

 

		16.11.2	it
                                            signs a Deed of Adherence.

 

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

 

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

 

		16.12.2	if
                                            the release contemplated in clause 16.12.1 cannot be achieved, or pending such release
                                            being implemented, the Disposer shall be indemnified by the purchaser of the Shares against
                                            any claims made against the Disposer by reason of such suretyship, guarantee or indemnity.
                                            Such purchaser shall be liable for any amount payable in terms hereof together with any Tax
                                            that may be payable thereon.

 

		16.13	The
                                            Transferee, in respect of any Shares acquired pursuant to this clause 16, shall pay
                                            any Tax arising as a result of the registration of the Shares payable thereon.

 

		17.	DEEMED
                                            OFFERS

 

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

 

		17.1.1	

 

    	 

    	 	63

    

 

		17.1.1.1	any
                                            Shareholder other than Orkid which ceases to be ultimately Controlled, directly or indirectly,
                                            by the person/s that Control it: (a) on the Signature Date, if such Shareholder is the
                                            New Investor or Lifezone; or (b) on the date upon which such Shareholder became a Shareholder;
                                            and/or

 

		17.1.1.2	Lifezone,
                                            if (at any time after the Signature Date) Liddell and his wife [***] cease to own
                                            in excess of [***]% of the issued ordinary shares of Lifezone; and/or

 

		17.1.1.3	Lifezone,
                                            if: (a) (at any time after the Signature Date) Liddell and his wife [***] have
                                            ceased to own in excess of [***]% of the issued ordinary shares of Lifezone as a result
                                            of Lifezone raising capital by way of a rights issue in order to enable it to utilise substantially
                                            all such capital to follow its rights under a Rights Issue as contemplated in the post-amble
                                            below, (b) after (a) has occurred Liddell and/or his wife [***] dispose
                                            of any of the shares held by them in Lifezone and/or Liddell’s and/or his wife [***]
                                            shareholding in Lifezone is further diluted, (c) on the date of such disposal or dilution.
                                            Orkid owns at least [***]% of the Shares and (d) and no Entity has acquired Control
                                            of Orkid after the Signature Date,

 

other
than in instances (in the case of 17.1.1.1, 17.1.1.2 and 17.1.1.3) where such change arises in Lifezone (a) by virtue of Lifezone
raising capital by way of a rights issue in order to enable it to utilise substantially all such capital to follow its rights under a
Rights Issue provided that Lifezone does so follow its rights under the Rights Issue and utilises substantially all capital raised by
it to do so and notifies the other Parties of such change and provides them with all relevant details of how such change has been effected
or (b) where such change arises in Lifezone as a result of the death of either of Liddell and/or [***] or both.

 

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

 

		17.1.3	any
                                            Shareholder which is unable (or admits inability) to pay its debts generally as they fall
                                            due, or is (or admits to being) otherwise insolvent or stops, suspends or threatens to stop
                                            or suspend payment of all or a material part of its debts, or proposes or seeks to make or
                                            makes a general assignment or any arrangement or composition with or for the benefit of its
                                            creditors or a

 

    	 

    	 	64

    

 

	 	 	moratorium is agreed or declared or takes effect in respect of or affecting
                                            all or a material part of its indebtedness;

 

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

 

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

 

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

 

		17.1.7	any
                                            Shareholder who commits a breach of a material term of clauses 14, 15, 16, 18, 21 or
                                            24 and fails to remedy same within 30 (thirty) days of the receipt of written notice from
                                            another Shareholder or the Company requiring such Shareholder to remedy the breach in question.

 

		17.2	As
                                            soon as an event contemplated in any one of clauses 17.1.1 to 17.1.7 occurs, the Offering
                                            Shareholder shall notify the Company thereof in writing.

 

		17.3	Within
                                            sixty (60) days after the occurrence of any event contemplated in clauses 17.1.1 to
                                            17.1.7 the Company shall if so requested by any Shareholder by notice in writing to the Shareholders,
                                            compel the Offering Shareholder to offer its Shares to the other Shareholders (the “Remaining
                                            Shareholders”) at a price sounding in money in US Dollars being the agreed percentage
                                            (the “Relevant Percentage”) of the fair market value of the Offering Shareholder’s
                                            Shares (calculated as follows: the Fair Market Value shall be determined; and the fair market
                                            value of 1 (one) of the Offering Shareholder’s Shares shall be determined by dividing
                                            the Fair Market Value by the number of Shares in issue) and the Offering Shareholder’s
                                            Claims. The Relevant Percentage will be:

 

		17.3.1	in
                                            respect of a breach of clause 17.1.1 or a breach of a material term of clause 14
                                            which is not remedied within the required period, [***]% ([***] per cent);

 

		17.3.2	in
                                            respect of a breach of clauses 17.1.2 to 17.1.7 (excluding a breach of a material term
                                            of clause 14) [***]% ([***] per cent).

 

		17.4	As
soon as the price has been notified in writing to the Remaining Shareholders and the Offering Shareholder, the Offering Shareholder shall
be deemed to have offered the Shares

 

    	 

    	 	65

    

 

	 	 	to the Remaining
                                            Shareholders (if more than one in proportions agreed among them or if not so agreed proportionately
                                            to their shareholding) at the price as agreed or determined. Such offer shall be open for
                                            acceptance thereafter for a period of 45 (forty five) days (the “Deemed Offer Period”).

 

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

 

		17.6	The
                                            proportionate share of the purchase price so agreed or determined of each Remaining Shareholder
                                            who accepts the offer shall be payable by way of direct electronic funds transfer in immediately
                                            available funds immediately against delivery of the Shares in question in the manner contemplated
                                            in clause 16.10, or if any regulatory approvals are required, on the last regulatory
                                            approval having been obtained.

 

		17.7	Provided
                                            that in determining the purchase price payable for the Shares, account shall have been taken
                                            of the liabilities in respect of which the Offering Shareholder may have given the guarantees,
                                            suretyships and indemnities referred to below, each of the Remaining Shareholders who accepts
                                            the offer shall use his reasonable endeavours (subject to the provisos mutatis mutandis
                                            in clause 17.8) to procure the release of the Offering Shareholder pro rata
                                            (in the same ratio as the Shares so purchased by it in terms of this clause 17 bear
                                            to all the Shares held by the Offering Shareholder) from any liability which the Offering
                                            Shareholder may have under any guarantees, suretyships and indemnities which may have been
                                            given by the Offering Shareholder for the Company’s obligations. If in determining
                                            such price no such liability was taken into account, each of the Remaining Shareholders who
                                            accepts the offer shall use his reasonable endeavours to procure such release, on the same
                                            pro rata basis referred to above, only in respect of any liability arising after the acceptance
                                            of the deemed offer. Until the release as aforesaid is procured, each of the Remaining Shareholders
                                            who accepts the offer indemnifies the Offering Shareholder against any such liability, on
                                            the same pro rata basis referred to in clause 17.4.

 

		17.8	The
                                            Shares shall be delivered in transferable form to each of the Remaining Shareholders which
                                            have accepted the offer in clause 17.4 against payment of the purchase price and the
                                            principles set out in clauses 3.3.4 and 3.3.5 shall apply mutatis mutandis to
                                            such Transfer. If the Offering Shareholder does not deliver the Shares in transferable form
                                            on the due date any other Shareholder of the Company is irrevocably and in rem suam
                                            appointed as the attorney and agent of the Offering Shareholder to sign the necessary transfer
                                            forms and the

 

    	 

    	 	66

    

 

	 	 	Company will be entitled to cancel the Share certificate/s of the Offering
                                            Shareholder without the delivery of same being necessary.

 

		17.9	If
                                            the offer is not accepted in respect of the whole of any such Shares, the Offering Shareholder
                                            shall retain such Shares subject to the remaining provisions of this Agreement (and, for
                                            the avoidance of doubt, no Shares will be Transferred pursuant to this clause 17).

 

		17.10	The
                                            provisions of clauses 16.1, 16.3, 16.4, 16.8, 16.10 and 16.13 shall apply mutatis
                                            mutandis to this clause 17.

 

		18.	REFERRAL
                                            OF CORPORATE OPPORTUNITIES

 

		18.1	Subject
                                            to clause 14 (Improvements) of the KellTech Licence, each Shareholder (for so long as
                                            it remains a Shareholder) agrees that any opportunities in respect of Kelltechnology or the
                                            Intellectual Property or technology similar to Kelltechnology or which competes with Kelltechnology
                                            in any manner whatsoever within the Licensed Territory (each a “Subject Opportunity”),
                                            which come to the attention of any of the Shareholders or members of their Shareholder Group
                                            (“Related Entities”) shall be offered (and in respect of the Related Entities,
                                            the relevant Shareholder (as the case may be) shall procure that such offer is made) forthwith
                                            in writing (“Opportunity Notice”) in the first instance to the Board (with
                                            copies of the Opportunity Notice to each of the Shareholders) to consider.

 

		18.2	The
                                            Opportunity Notice shall be delivered by the relevant Shareholder (as the case may be) (the
                                            “Proposing Person”) and shall include all information (subject to compliance
                                            with all regulatory and contractual restrictions on disclosure, provided that the Proposing
                                            Person shall be obliged to use its reasonable endeavours to procure that any third party
                                            in whose favour such contractual restrictions operate consents to the Proposing Person furnishing
                                            the information contemplated in this clause 18) known by the Proposing Person in relation
                                            to the Subject Opportunity. The Proposing Person shall be entitled to request that appropriate
                                            confidentiality undertakings are signed prior to the delivery of the Opportunity Notice.

 

		18.3	The
                                            Shareholders shall procure that a Directors Meeting is held as soon as reasonably possible
                                            after receipt by the Board of the Opportunity Notice for purposes of considering whether
                                            the Company shall pursue the Subject Opportunity. The Directors of the relevant Party which
                                            sends the Opportunity Notice shall be obliged to recuse themselves from the Directors Meeting
                                            at which the Board decides whether to pursue the Subject Opportunity and for purposes of
                                            establishing if a quorum at such meeting such Directors shall be deemed to have been present
                                            at such Directors Meeting. The Board shall have 30 (thirty) days after receipt of the Opportunity
                                            Notice to notify the Proposing Person whether the Company shall pursue all, but not a part,
                                            of the Subject Opportunity (the “Acceptance Notice”).

 

    	 

    	 	67

    

 

		18.4	If:

 

		18.4.1	the
                                            Board delivers the Acceptance Notice within the aforementioned 30 (thirty) day period, the
                                            Proposing Person and the Related Entities shall not directly or indirectly pursue the Subject
                                            Opportunity and the Company shall be obliged to pursue the Subject Opportunity; or

 

		18.4.2	the
                                            Board does not deliver the Acceptance Notice to the Proposing Person within the aforementioned
                                            30 (thirty) day period, the Proposing Person and/or the Related Entities shall be entitled
                                            to pursue the Subject Opportunity and such pursuit of the Subject Opportunity shall, in such
                                            circumstances, not constitute a breach of clause 21.

 

		19.	SPM
                                            TO COMMIT SPM GROUP CONCENTRATE

 

		19.1.1	For
                                            so long as Orkid or a member of the SPM Group is a Shareholder holding at least 15% (fifteen
                                            per cent) of the Company’s entire issued Share capital, SPM agrees to enter into, or
                                            procure that the relevant member of the SPM Group (SPM or such relevant member being the
                                            “Relevant SPM Company”) enters into, an agreement (the “Relevant
                                            Agreement”) with KellPlant on arm’s length terms for KellPlant to process
                                            all Concentrate produced at Designated Mines to the fullest extent that KellPlant has capacity
                                            to process such Concentrate, provided that it is Financially and Technically Feasible and
                                            Sensible for the SPM Group for such agreement to be entered into and provided further that:
                                            notwithstanding anything to the contrary contained in this Agreement or elsewhere, the Relevant
                                            SPM Company agrees to:

 

		19.1.1.1	the
                                            construction (and the funding structure related thereto) of any plant intended to treat Concentrate
                                            of any member of the SPM Group; and

 

		19.1.1.2	the
                                            principal design and operating parameters, and in particular the design capacity of any plant
                                            intended to treat Concentrate of any member of the SPM Group.

 

		19.1.2	in
                                            relation to agreements in which the Relevant SPM Company has agreed to commit such Concentrate
                                            to a third party for a fixed term as at the date hereof:

 

		19.1.2.1	the
                                            Relevant SPM Company will not be obliged to terminate such agreements before the expiry of
                                            such fixed term, but will be obliged to terminate such agreement at the first opportunity
                                            that it is able to do so under the applicable rules relating to such termination without

 

    	 

    	 	68

    

 

	 	 	
                                            being in breach of such rules (whether such rules are recorded in the relevant
                                            written contract or otherwise);

 

		19.1.2.2	the
                                            Relevant SPM Company will not voluntarily extend any fixed term or permit any fixed term
                                            to be extended save where the counterparty has a right to extend the fixed term as at the
                                            date of this agreement;

 

		19.1.2.3	the
                                            Relevant SPM Company will not after the date of this agreement voluntarily agree to amend
                                            the rules relating to termination of any such arrangements to the detriment of KellPlant;

 

		19.1.3	Richtrau
                                            No 123 Proprietary Limited (“Richtrau”) is a party to an agreement dated
                                            7 November 2012 (as amended by a first addendum thereto dated 7 November 2012 and
                                            a second addendum thereto dated 27 November 2012) between, inter alia, it and
                                            [***] in terms of which Richtrau is obliged to commit the Concentrate produced pursuant
                                            to ore mined on the farm Magazynskraal 3 JQ to [***] and accordingly such Concentrate
                                            will never be available for processing by KellPlant;

 

		19.1.4	in
                                            relation to other agreements which are not for a fixed term as at the date hereof, in which
                                            the Relevant SPM Company has agreed or will agree to commit Concentrate to a third party:

 

		19.1.4.1	the
                                            Relevant SPM Company will be obliged to terminate such agreement at the first opportunity
                                            that it is able to do so under the applicable rules relating to such termination without
                                            being in breach of such rules (whether such rules are recorded in the relevant
                                            written contract or otherwise);

 

		19.1.4.2	the
                                            Relevant SPM Company will not after the date of this agreement voluntarily agree to apply
                                            a fixed term to such arrangements and will not agree to amend the rules relating to
                                            termination of any such arrangements to the detriment of KellPlant;

 

		19.1.5	the
                                            Relevant SPM Company will only be obliged to terminate arrangements to the extent that KellPlant
                                            has undertaken that it will be able to process the relevant Concentrate as at the date of
                                            such termination and to this end the parties will procure that KellPlant will keep SPM advised
                                            of its capacity to process Concentrate.

 

    	 

    	 	69

    

 

		19.2	The
                                            Relevant Agreement shall be subject to usual and customary terms and conditions in an agreement
                                            of such nature.

 

		19.3	The
                                            Relevant SPM Company shall not be obliged to terminate any agreements pursuant to which it
                                            has undertaken to commit such Concentrate to a third party until such time as the agreement
                                            to be entered into between the Relevant SPM Company and KellPlant pursuant to clause 19.1.1
                                            above has become unconditional in all respects save for any conditions contained therein
                                            requiring the Relevant SPM Company to terminate any agreements pursuant to which it has undertaken
                                            to commit such Concentrate to a third party.

 

		19.4	Subject
                                            to the terms and conditions of the Relevant Agreement, it is specifically agreed that any
                                            increases in recovered metals howsoever arising from the use of, or related in any way to,
                                            Kelltechnology or the process in respect thereof, shall accrue to the Relevant SPM Company.

 

		20.	SPM
                                            GUARANTEE

 

		20.1	SPM
                                            hereby guarantees the obligations of Orkid and any Transferee Affiliate of Orkid which becomes
                                            a Shareholder in terms of this Agreement and SPM agrees that if any of the aforesaid Entities
                                            fails to pay or perform in full when due any of its obligations, SPM shall, upon written
                                            demand by the relevant Party so claiming payment or performance, immediately pay or perform
                                            the same to the extent that such performance or payment remains unperformed or unpaid by
                                            the aforesaid Entities when due and that in the case of any extension of time for payment
                                            or performance or renewal of any of such obligations, the same shall be promptly paid or
                                            performed to the extent that such performance or payment remains unperformed or unpaid by
                                            such aforesaid Entities when due in accordance with the terms of such extension or renewal.

 

		20.2	Such
                                            payment will be made without “benefice de discussion” under Article 2021
                                            and following of the Civil Code and without “benefice de division” under Article 2026
                                            and following of the Civil Code.

 

		20.3	For
                                            the avoidance of doubt and notwithstanding any other provision of this agreement to the contrary,
                                            the obligations of SPM under this clause are principal (and not accessory) obligations and
                                            nothing contained in this clause shall constitute a suretyship or “cautionnement”.
                                            SPM hereby expressly acknowledges and agrees that it is therefore precluded from raising
                                            as a defence, or otherwise, and from relying in any manner whatsoever on any of the exceptions
                                            which may from time to time be applicable to a surety or to a “cautionnement”.

 

		20.4	The
                                            guarantee under this clause is unconditional and irrevocable, and the liability of SPM in
                                            terms of this clause shall not, unless prohibited by law, be prejudiced, affected or diminished

 

    	 

    	 	70

    

 

	 	 	by any time or waiver granted to or composition with Orkid or any other person; the variation,
                                            compromise, renewal or release or refusal or neglect to perfect or enforce any rights, remedies
                                            or securities against Orkid or any other person; any variation of or extension of the due
                                            date for performance of any term of this agreement (with the intent that SPM’s obligations
                                            under this clause shall apply to such term as varied or in respect of the extended due date)
                                            or any increase, reduction, exchange, acceleration, renewal, surrender, release or loss of
                                            or failure to perfect any of Orkid’s obligations under this agreement or any non-presentment
                                            or non-observance of any formality in respect of any instruments; any change in the name
                                            or constitution of SPM, Orkid or any other person; any legal limitation, disability, incapacity
                                            or other circumstances relating to Orkid or any other person or any amendment or supplement
                                            to or variation of this agreement; the merger, amalgamation, absorption, liquidation or winding
                                            up of Orkid; the bankruptcy or insolvency of Orkid; the merger, amalgamation, absorption,
                                            liquidation or winding up of any Party; or the absence or deficiency of powers on the part
                                            of SPM to give guarantees or any irregularity in the exercise of such powers.

 

		20.5	Without
                                            prejudice to the provisions of clause 20.4, SPM expressly acknowledges that the other
                                            Parties are at liberty, upon notification to SPM, to release or discharge, or make any act
                                            or omission, the legal consequences of which is to release or discharge Orkid, or to enter
                                            into any composition or compound with, or promise to grant time or any other indulgence or
                                            forbearance to, or not to sue Orkid. SPM further expressly acknowledges and agrees that its
                                            obligations under this clause shall not be affected or impaired by any of the aforesaid acts
                                            of any other Party.

 

		20.6	This
                                            guarantee shall be enforceable against SPM notwithstanding any additional guarantee or security
                                            provided or to be provided by Orkid to the other Parties shall be, at the time when the proceedings
                                            are taken against SPM on this guarantee, outstanding or unrealisable or lost.

 

		20.7	SPM
                                            waives generally all immunity it or its assets or revenues may otherwise have in any jurisdiction,
                                            including immunity in respect of the giving of any relief by way of injunction, interdict
                                            or order for specific performance or for the recovery of assets or revenue; and the issue
                                            of any process against its revenues or assets for the enforcement of a judgement or, in an
                                            action in rem for the arrest, detention or sale of any of its assets and revenues.

 

		21.	RESTRAINT
                                            UNDERTAKING

 

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

 

		21.1.1	its
                                            association with the Company; and

 

    	 

    	 	71

    

 

		21.1.2	the
                                            opportunities which may be made available to the Shareholders following this Agreement becoming
                                            unconditional,

 

each
of the Shareholders will:

 

		21.1.3	acquire
                                            considerable know-how in and will learn of the Group’s techniques relating to all aspects
                                            of the Group’s businesses and activities;

 

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

 

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

 

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

 

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

 

		21.2	Accordingly
                                            each of the Shareholders hereby agrees that for so long as it is a Shareholder and for a
                                            period of 24 (twenty four) months after the date upon which it ceases to be a Shareholder
                                            (the “Restraint Period”), it and every member of its Shareholder Group
                                            will honour and abide by the provisions of this clause 21.

 

		21.3	Each
                                            of the Shareholders shall not, at any time during the Restraint Period, whether as proprietor,
                                            partner, director, shareholder, member, employee, consultant, contractor, financier, agent,
                                            representative, assistant, trustee or beneficiary of a trust, Controller of any Entity or
                                            otherwise and whether for reward or not, directly or indirectly:

 

		21.3.1	carry
                                            on; or

 

		21.3.2	be
interested or engaged in or concerned with or employed by any company, close corporation, firm, undertaking or concern which carries
on, 
	 	 	 
	 	in the Licensed Territory, any activity of whatsoever nature carried on in competition with (“Competitive Activity”) each and every business undertaking carried on by each of the members of the Group at the commencement of and from time to time during the Restraint Period, in the conduct of its business in the normal, ordinary and regular course, save that in

 

    	 

    	 	72

    

  

	 	respect
    of Orkid, SPM, any of Orkid’s Transferee Affiliates and/or any member of the SPM Group that becomes bound by the provisions
    of this Agreement (the “Relevant SPIN Entities”) the business conducted by the Relevant SPM Entities as at the
    Effective Date shall not constitute Competitive Activity and the aforesaid definition of “Competitive Activity”
    shall, in respect of the Relevant SPM Entities, be limited to the Relevant SPM Entities licensing as licensor, having an equity interest
    in and/or owing any intellectual property which competes with Kelltechnology in the Licensed Territory during the Restraint Period
    (the “Protected Business”).

  

		21.4	Each
                                            of the Shareholders undertakes that it will not at any time during the Restraint Period and
                                            whether for reward or not, directly or indirectly:

 

		21.4.1	encourage
                                            or entice or incite or persuade or induce any senior employee of the Group to terminate his
                                            employment by the Group;

 

		21.4.2	furnish
any information or advice (whether written or oral) to any employee to whom clause 21.4.1 applies or to any prospective employer
of such employee or use any other means which are directly or indirectly designed, or in the ordinary course of events calculated, to
result in any such employee terminating his employment by the Group and/or becoming employed by or directly or indirectly in any way
interested in or associated with any other company, close corporation, firm, undertaking or concern,

 

	 	 	or attempt to do so.
	 	 	 
		21.5	Each
                                            of the undertakings set out in this clause 21 (including those appearing in a single
                                            clause) is severable inter alia as to -

 

		21.5.1	nature
                                            of interest, act or activity;

 

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

 

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

 

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

 

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

 

		21.5.6	each
                                            company falling within the definition of the Group;

 

		21.5.7	each
                                            month falling within the Restraint Period;

 

		21.5.8	each
                                            of the Shareholders,

 

    	 

    	 	73

    

 

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

 

		21.6	Each
                                            of the Shareholders acknowledges that the Company will suffer financial harm and loss if
                                            it, any member of its Shareholder Group and/or any Entity Controlled by it breaches any provision
                                            of this clause 21. The restraint undertakings embodied in this clause 21 shall
                                            be enforceable at the instance of any one or more of the members of the Group and constitutes
                                            an irrevocable offer in favour of any member of the Group which is not a Party to this Agreement,
                                            which may be accepted by such member at any time by giving written notice to that effect
                                            to the Shareholder in question.

 

		21.7	SPM
                                            agrees to be bound by the provisions of this clause as if it were a “Shareholder’.

 

		22.	REGULATORY
                                            AUTHORITY

 

Notwithstanding
anything to contrary herein contained, if the approval of any regulatory authority (“Regulatory Authority”) is required
to any transaction contemplated in this Agreement (including under the pre-emption clauses), the Parties shall co-operate with each other
in order to present the necessary documentation to the relevant Regulatory Authority as soon as reasonably possible and to the extent
that any time periods have been imposed in this Agreement for the completion of the particular transaction, which are inappropriate having
regard to the time period permitted to the relevant Regulatory Authority to consider the matter, the time periods in question in this
Agreement shall be extended sufficiently so as to enable the relevant Parties to be afforded a reasonable opportunity to obtain the necessary
approval/s.

 

		23.	RIGHT
                                            FOR POTENTIAL PURCHASER TO CONDUCT A DUE DILIGENCE

 

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

 

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

 

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

 

		23.1.3	the
                                            potential purchaser and each Shareholder signs an appropriate confidentiality agreement contemplated
                                            in clause 23.2.

 

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

 

    	 

    	 	74

    

 

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

 

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

 

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

 

		24.	COME
                                            ALONG AND TAG ALONG

 

		24.1	Come
                                            Along

 

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

 

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

 

		24.1.1.2	After
                                            the Lock-in Period Shareholders holding not less than:

 

		24.1.1.2.1	[***]%
                                            ([***] per cent) of the issued ordinary shares of the Company if there are more than
                                            2 Shareholders

 

		24.1.1.2.2	[***]%
                                            ([***] per cent) of the issued ordinary shares of the Company if: (a) there are
                                            only 2 Shareholders; (b) Orkid holds more than [***]% ([***] per cent)
                                            of the issued ordinary shares of the Company; (c) Orkid has been issued Conversion Shares
                                            pursuant to clause 5.5.3; and (d) ignoring the Conversion Shares issued to Orkid,
                                            Orkid would not have held more than [***]% ([***] per cent) of the issued ordinary
                                            shares of the Company.

 

    	 

    	 	75

    

 

wish
to accept such offer in respect of their Shares (after first having complied with the relevant provisions of clause 16 and yet no
sale between the Shareholders takes place in terms of clause 16) then the remaining Shareholders in the Company shall be obliged
to accept the offer of the Potential Acquirer in respect of all their Shares.

 

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

 

		24.2	Tag
                                            Along

 

		24.2.1	If
                                            any Shareholder/s (the “Accepting Shareholder/s”) receives an offer or
                                            a series of inter-related offers from the same bona fide third party and/or a party
                                            acting in concert with such third party which it wishes to accept, or makes an offer or a
                                            series of inter-related offers to the same third party and/or a party acting in concert with
                                            such third party, to sell Shares (whether directly or indirectly) which constitute in excess
                                            of [***]% ([***] per cent) of the issued share capital of the Company to such
                                            third party and/or a party acting in concert with such third party (the “Potential
                                            Purchaser”) then the Accepting Shareholder/s shall forthwith notify all of the
                                            other Shareholders (the “Other Shareholder”) thereof in writing (the “Notice”)
                                            and, after first having complied with the relevant provisions of clause 16 and yet no
                                            sale between the Shareholders takes place in terms of clause 16, the Other Shareholder
                                            shall have the right to elect (by way of written notice to the Accepting Shareholder/s by
                                            not later than the expiry of the 5th (fifth) day of the 30 (thirty) day period mentioned
                                            in clause 16.6) (the “Election Notice”) to require that the Potential
                                            Purchaser makes the same offer to acquire the same proportion of Other Shareholder’s
                                            Shares as it offered to acquire from the Accepting Shareholder/s on mutatis mutandis the
                                            same terms and conditions as those on which the Potential Purchaser wishes to (directly or
                                            indirectly) acquire the Accepting Shareholder/s’ Shares (“Reciprocal Offer”).
                                            If the Other Shareholder delivers the Election Notice in accordance with this clause 24.2.1
                                            then the Accepting Shareholder/s undertakes in favour of the Other Shareholder, prior to
                                            selling in excess of [***]% ([***] per cent) of the issued share capital of
                                            the Company to the Potential Purchaser, to procure that the Other Shareholder receives a
                                            Reciprocal Offer. If the Other Shareholder exercises its election in terms of this clause 24.2.1,
                                            for the avoidance of doubt, it shall be required to take up all and not only part of the
                                            Reciprocal Offer.

 

    	 

    	 	76

    

 

		24.2.2	If
                                            the Other Shareholder does not timeously exercise its election contemplated in clause 24.2.1
                                            then the Accepting Shareholder/s shall not be restricted, in any manner whatsoever, from
                                            disposing of its Shares (whether directly or indirectly) to the Potential Purchaser on terms
                                            and conditions which are not more favourable to it than the terms and conditions offered
                                            in the offer contemplated in clause 24.2.1.

 

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

 

		25.	FAIR
                                            MARKET VALUE

 

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

 

		25.2	When
                                            the Fair Market Value is to be determined:

 

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

 

		25.2.2	if
                                            the Parties: (a) fail to meet timeously in accordance with clause 25.2.1; or (b) meet
                                            timeously in accordance with clause 25.2.1 but fail to reach agreement on the Fair Market
                                            Value within 10 (ten) days of so meeting, then, in the case of either (a) or (b) occurring,
                                            any of the Parties shall be entitled to refer the matter to the Independent Valuers for determination.
                                            The Independent Valuers shall determine the Fair Market Value based on accepted market practices
                                            at the time. In so making such determination, the Independent Valuers shall act as experts
                                            and not arbitrators.

 

		25.3	The
                                            Parties shall use their reasonable endeavours to ensure that the process/es contemplated
                                            in 25.2.1 and, if applicable, 25.2.2 are completed expediently and shall provide the Independent
                                            Valuers and the other of them with all information and documentation required by the Independent
                                            Valuers in order to determine the Fair Market Value as soon as is reasonably possible after
                                            such matter has been referred to the Independent Valuers for determination.

 

		25.4	The
                                            Independent Valuers will be such independent and reputable intellectual property valuation
                                            practice group which is a CLP (Certified Licensing Professional) as may be agreed between
                                            the Parties, or failing agreement within 10 (ten) Business Days from the date of a

 

    	 

    	 	77

    

 

	 	 	 request
                                            by any of them for such agreement, appointed by the chairman for the time being of Certified
                                            Licensing Professionals, Inc.. If that person fails or refuses to make the aforesaid
                                            appointment, any Party may approach the Mauritian courts to make such an appointment. To
                                            the extent necessary, the Parties agree that the Mauritian courts are expressly empowered
                                            to make such appointment.

 

		26.	LEGAL
                                            PROCEEDINGS

 

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

 

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

 

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

 

		27.	REPRESENTATIONS
                                            AND WARRANTIES

 

Each
of the Parties represents and warrants as at the Signature Date, as at the Effective Date and as at the date upon which it becomes a
Party to this Agreement:

 

		27.1	it
                                            is a company duly incorporated and in good standing under the laws of its jurisdiction of
                                            incorporation as set out on clause 1 of this Agreement;

 

    	 

    	 	78

    

 

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

 

		27.3	each
                                            of the Transaction Documents to which it is a party has been duly authorised and executed
                                            by it and constitutes its valid and legally binding obligations, enforceable against it in
                                            accordance with its terms; and

 

		27.4	the
                                            execution and delivery of each of the Transaction Documents to which it is a party by it
                                            and the performance of its duties and obligations thereunder do not result in a breach of
                                            any of the terms, conditions or provisions of, or constitute a default under, any agreement
                                            or any licence, permit or certificate, to which it is a party or by which it is bound, or
                                            require any authorisation or approval under or pursuant to any of the foregoing, or violate
                                            any statute, regulation, law, order, writ, injunction, judgment or decree to which it is
                                            subject, which breach, default, failure to obtain authorisation or violation would materially
                                            adversely impair its ability to carry out its obligations under the Transaction Documents.

 

		28.	CONFIDENTIALITY

 

		28.1	Save
                                            as provided in this clause 28, each Party shall, and shall procure that its Affiliates
                                            and subsidiaries and their respective officers, directors, employees, agents, auditors and
                                            advisors shall, treat as confidential all information relating to any other Party or relating
                                            to their respective businesses that is of a confidential nature and which is obtained by
                                            that Party in terms of, or arising from the implementation of this Agreement, which may become
                                            known to it by virtue of being a Party (together, the “Protected Information”),
                                            and shall not reveal, disclose or authorise the disclosure of any such Protected Information
                                            to any third party or use (save for the permitted use of the Protected Information by the
                                            Company) such Protected Information for its own purpose or for any purposes.

 

		28.2	The
                                            obligations of confidentiality in clause 28.1 shall not apply in respect of the disclosure
                                            or use of such information in the following circumstances:

 

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

 

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

 

    	 

    	 	79

    

 

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

 

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

 

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

 

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

 

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

 

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

 

		28.2.9	any
                                            disclosure made by the Company in accordance with clause 21.

 

		28.3	In
                                            the event that a Shareholder is required to disclose confidential information as contemplated
                                            in clause 28.2.5, such Shareholder will:

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 	80

    

 

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

 

		29.	BREACH

 

This
clause is subject to the provisions of clause 3.8.

 

		29.1	Should
                                            any Party (the “Defaulting Party”) commit a breach of any of the provisions
                                            hereof, then any other Party (each an “Aggrieved Party”) shall, if it
                                            wishes to enforce its rights hereunder, be obliged to give the Defaulting Party 14 (fourteen)
                                            days written notice to remedy the breach. Subject to clause 29.2, if the Defaulting
                                            Party fails to comply with such notice, the Aggrieved Party shall not be entitled to cancel
                                            this Agreement (and in this regard the Parties agree that the cancellation of this Agreement
                                            in the event of a breach would be an inappropriate and insufficient remedy and that irreparable
                                            damage would occur if the provisions of this Agreement were not complied with) against the
                                            Defaulting Party but shall be entitled to claim damages and/or specific performance.

 

		29.2	If
                                            before the Effective Date, Orkid becomes aware that a breach of a warranty or covenant contained
                                            in clause 3.5, 3.6 and/or 3.7 has occurred (or would have occurred but for the suspension
                                            of this Agreement in terms of clause 2) then Orkid shall, provided that it has given
                                            written notice (the “Written Notice”) to Lifezone or Liddell (as the case
                                            may be) requiring it/him to remedy that breach within 14 (fourteen) days of the date of its/his
                                            receipt of the Written Notice (during which time period Orkid shall not be obliged to pay
                                            any amounts to Liddell and/or Lifezone under this Agreement) and Lifezone or Liddell (as
                                            the case may be) has failed to remedy that breach within that 14 (fourteen) day period, be
                                            entitled to cancel this Agreement (without penalty) prior to the Effective Date, without
                                            prejudice to Orkid’s right to claim damages, if any. Notwithstanding anything to the
                                            contrary contained in this Agreement if Orkid sends the Written Notice to Lifezone or Liddell
                                            (as the case may be) before 3 (three) Business Days after the fulfilment and/or waiver of
                                            the suspensive conditions in clause 2.1 (as the case may be) (the “Relevant
                                            Date”) and the notice period contemplated in the Written Notice expires after the
                                            Relevant Date then the Effective Date shall be 3 (three) Business Days after the date upon
                                            which the notice period contemplated in the Written Notice expires.

 

    	 

    	 	81

    

 

		30.	NOTICES

 

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

 

		30.1.1	the
                                            Company:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

For
the attention of: [***]

 

With
copies to each of the Shareholders at their addresses specified pursuant to this clause 30.

 

		30.1.2	Lifezone:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

		Attention:	[***]

 

With
a copy to: [***]

 

		And to:	[***]

 

		And to:	[***]
                                                     [***]
	 	 	 
	 	 	[***]

 

		Fax:	[***]

 

For
attention: [***]

 

		30.1.3	Orkid
                                            and SPM:

 

		Physical:	[***]

 

    	 

    	 	82

    

 

		Postal:	[***]

 

		Fax:	[***]

 

For
the attention of: [***]

 

With
a copy to: [***] 

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]
	 	 	 

For
                                            the attention of: [***]

 

		30.1.4	Liddell:

 

		Physical and
postal:	[***]

 

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

 

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

 

For
the attention of: [***]

 

		30.2	Any
                                            notice or communication required or permitted to be given in terms of this Agreement shall
                                            be valid and effective only if in writing but it shall be competent to give notice by fax
                                            but not by e-mail unless the relevant Party has specified an e-mail address in clause 30.1
                                            above, in which case it shall be competent to give notice to such Party by way of e-mail.

 

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

 

		30.4	Any
                                            notice to a Party:

 

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

 

    	 

    	 	83

    

 

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

 

		30.4.3	sent
                                            by fax to its chosen fax number stipulated in clause 30.1, shall be deemed to have been
                                            received on the date of despatch (unless the contrary is proved), provided that the sender
                                            has received a receipt indicating proper transmission.

 

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

 

		31.	GOVERNING
                                            LAWS

 

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

 

		31.2	Notwithstanding
                                            anything to the contrary contained in clause 32, any Party shall be entitled to apply
                                            for any interdict (or any other matter that cannot be resolved pursuant to clause 32)
                                            to be heard by any competent court having jurisdiction.

 

		32.	SETTLEMENT
                                            OF DISPUTES

 

		32.1	Amicable
                                            Settlement

 

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

 

		32.2	Arbitration

 

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

 

		32.2.1.1	the
                                            interpretation of;

 

		32.2.1.2	the
                                            carrying into effect of;

 

    	 

    	 	84

    

 

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

 

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

 

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

 

and
which is not resolved in accordance with clause 32.1, shall be submitted to and decided by arbitration under the rules of the
London Court of International Arbitration (the “LCIA Rules”), and such rules are deemed to be incorporated by
reference into this clause.

 

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

 

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

 

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

 

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

 

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

 

		32.2.5.2	any
                                            other matter, a suitably qualified person.

 

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

 

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

 

    	 

    	 	85

    

 

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

 

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

 

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

 

		33.	WHOLE
                                            AGREEMENT, NO AMENDMENT

 

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

 

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

 

		34.	FURTHER
                                            ASSURANCE

 

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

 

		35.	COSTS

 

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

 

    	 

    	 	86

    

 

		36.	SEVERABILITY

 

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

 

		37.	THIRD
                                            PARTY RIGHTS

 

No
part of this Agreement shall constitute an offer in favour of any person who is not a party to the Agreement capable of acceptance by
any person who is not a party to the Agreement.

 

		38.	NO
                                            CESSION AND ASSIGNMENT

 

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

 

		39.	EXECUTION
                                            IN COUNTERPARTS

 

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

 

		40.	NO
                                            PARTNERSHIP / JOINT VENTURE

 

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

 

    	 

    	 	87

    

 

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

 

	For: 
	LIFEZONE
    LIMITED	 
	 	 	 
	Signature:	/s/ [***]	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Name:	[***]	 
	Date:	16
    April 2014	 
	Place:	[***]	 

 

	For: 
	LIFEZONE
    SA VENTURES LIMITED	 
	 	 	 
	Signature:	/s/ [***]	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Name:	[***]	 
	Date:	16
    April 2014	 
	Place:	[***]	 

 

	For: 
	ORKID
    S.à r.l.	 
	 	 	 
	Signature:	/s/ [ILLEGIBLE]	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Name:	[ILLEGIBLE]	 
	Date:	[ILLEGIBLE]	 
	Place:	[ILLEGIBLE]	 

 

    	 

    	 	88

    

 

	For: 
	SEDIBELO
    PLATINUM MINES LIMITED	 
	 	 	 
	Signature:	/s/ [ILLEGIBLE]	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Name:	[ILLEGIBLE]	 
	Date:	[ILLEGIBLE]	 
	Place:	[ILLEGIBLE]	 

 

Note:
the representative of Sedibelo Platinum Mines Limited must write in his/her own handwriting the following:

 

“I
confirm that I have read and approved clause 20 (SPM Guarantee) and that Sedibelo Platinum Mines Limited is good for the sums guaranteed
under that clause.”

 

 

 

	For: 
	KEITH
    [***] LIDDELL	 
	 	 	 
	Signature:	/s/ Keith Liddell	 
	 	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Name:	Keith Liddell	 
	Date:	16
    April 2014	 
	Place:	[***]	 

 

     

     

    

 

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

 

Schedule
1 - Form of Deed of Adherence

[***]

 

Schedule
2 - The Respective Accounts

[***] 

 

     

     

    

 

 

 

Addendum

 

 

between

 

 

Lifezone
Limited

 

and

 

ORKID
S.à. r.l.

and

 

 

Sedibelo
Platinum Mines Limited

and

 

 

The
Industrial Development Corporation of South Africa Limited

and

 

 

Kelltech
Limited (previously named Lifezone SA Ventures Limited)

 

and

 

 

Keith
[***] Liddell

 

 

and

 

 

Kelltechnology
South Africa (RF) Proprietary Limited (previously named

Kellplant Proprietary Limited)

 

    	 	 	 

     

    

 

Table
of Contents

 

Page

 

		1.	Introduction	1

 

		2.	Suspensive
                                            Conditions	1

 

		3.	Amendments	2

 

		4.	Continuation
                                            of the Agreement	2

 

		5.	Execution
                                            in Counterparts	2

 

    	 	 	 

     

    

 

This
Addendum is made between:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Whereas
it is agreed as follows:

 

		1.	Introduction

 

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

 

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

 

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

 

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

 

collectively
the “Transaction Documents”.

 

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

 

		2.	Suspensive
                                            Conditions

 

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

 

		2.2	Forthwith
                                            after the date upon which this Addendum is signed by the last of the Parties to do so (the
                                            “Signature Date”), the Parties shall use their respective reasonable endeavours
                                            and co-

 

    3

     

    

 

	 	 	operate
                                            in good faith to procure the fulfilment of the suspensive condition, to the extent that it
                                            is within their power to do so, as expeditiously as reasonably possible.

 

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

 

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

 

		3.	Amendments

 

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

 

		3.1.1	the
                                            Kelltech Mauritius Licence Agreement is amended by:

 

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

 

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

 

		(c)	deleting
                                            clause 4.3.2 entirely; and

 

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

 

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

 

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

 

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

 

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

 

		4.	Continuation
                                            of the Agreement

 

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

 

		5.	Execution
                                            in Counterparts

 

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

 

    4

     

    

 

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

 

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

 

    5

     

    

 

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

 

    6

     

    

 

 

	
    From:

    Orkid S.á r.l. (“Orkid”)

    (registration no. B 167 777)

    Legis House

    11 New Street, St Peter Port

    Guernsey

    GY1 3EG

     

    To:

    KellTech Limited (“KellTech”)

    (formerly Lifezone SA Ventures Limited)

 (company no. 084564 C1/GBL)

    4th Floor, Ebene Skies rue de (‘Institute

    Ebene, Republic of Mauritius

     

    Sedibelo
Platinum Mines Limited (“SPM”)

(registration no. 54400)

Legis House

11 New Street, St Peter Port

Guernsey

GY1 3EG
	
     

     

     

     

     

     

     

     

     

    Lifezone
    Limited (“Lifezone”)

    (attn: [***])

    (company no. 081243 C2/GBL)

    4th Floor, Ebene Skies rue de (‘Institute

    Ebene, Republic of Mauritius

     

    Keith
    Stuart Liddell (“Liddell”)

    [***]

     

 

22 May 2020

 

Dear Sirs

 

Amendments to the KellTech Mauritius arrangements

 

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

 

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

 

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

 

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

 

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

 

		2.	In each of the KellTech Documents:

 

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

 

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

 

     

     

    

 

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

 

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

 

(a)       South
African Patent 2000/6600;

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

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

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

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

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

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

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

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

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

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

 

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

 

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

 

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

 

		3.	In the KellTech Mauritius Licence:

 

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

 

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

 

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

 

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

 

		4.	In the KellTech Mauritius Shareholders Agreement

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(together, each an “Approved
Person”);

 

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

 

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

 

     

     

    

 

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

 

 

 

 

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

 

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

 

 

 

 

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

 

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

 

     

     

    

 

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

 

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

 

 

 

 

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

 

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]