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Exhibit 10.1  

 
 

AGREEMENT OF PURCHASE AND SALE    
    

        THIS AGREEMENT, dated as of and effective the 1st day of October, 2007 by and between  BE
RESOURCES INC., a Colorado corporation ("Purchaser"), and GREAT
WESTERN EXPLORATION, LLC, a Colorado limited liability company ("Seller"). 

        WHEREAS the Seller is the lessee under certain mining leases and the holder of certain mining claims located in Socorro County and Sierra
County, New Mexico set forth in Schedule A ("Mineral Interests"); 

        AND WHEREAS the Seller wishes to sell, assign, convey, transfer and set over unto the Purchaser a 100% legal and beneficial interest in
and to the Mineral Interests together with all related permits, data, office equipment, records, and other personal property owned by the Seller as of the date of closing, (collectively referred to as
"Other Assets") and the Purchaser wishes to acquire same, on the terms and conditions set forth in this agreement; 

        AND WHEREAS the Mineral Interests together with the Other Assets are collectively referred to in this agreement as the
"Property"; 

        THIS AGREEMENT WITNESSES THAT, in consideration of the premises and the respective covenants and agreements hereinafter set forth in this
agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties do covenant and agree with one another as follows: 

1.     TRANSFER  

        1.1   Seller
shall at the Time of Closing (as hereinafter defined) sell, assign, convey, transfer and set over unto Purchaser a 100% legal and beneficial interest in and to
the Property and the Purchaser shall at the Time of Closing purchase the Property, on the terms and conditions set forth in this agreement. The purchase price payable by the Purchaser shall be equal
to: (a) 10,000,000 shares of common stock of the Purchaser (the "Shares"), to be issued to Seller or as Seller directs, and (b) a 20%
carried interest in the Mineral Interests in favor of Seller or as Seller directs to be evidenced by the execution by Purchaser of the NPR Royalty Agreements annexed hereto as Schedule B (the
"NPR Royalty Agreements"). 

        1.2   Seller
hereby directs that the 10,000,000 shares referred to in Section 1.1 be issued and registered as follows: Great Western Exploration, LLC (9,400,000
shares), South West Exploration, LLC (400,000 shares) and Bethany Resources, LLC (200,000 shares). Seller will obtain Investment Letters from South West Exploration, LLC and
Bethany Resources, LLC in a form reasonably satisfactory to Purchaser. 

        1.3   Seller
confirms that is has directed that the 20% carried interest in the Mineral Interest to be evidenced by the NPR Royalty Agreements referred to in
Section 1.1 be issued as follows: Great Western Exploration, LLC (15.98%), South West Exploration, LLC (0.68%), Bethany Resources, LLC (.34%) and Stewart Jackson (3%). 

        1.4   Immediately
following the execution of this Agreement, Seller will make application for the transfer of the bond referenced in section 2.1.9 into the Purchaser's
name and agrees to cooperate with Purchaser and to execute any further documents and take all further action reasonably necessary to transfer the bond into the name of the Purchaser. 

 

2.     REPRESENTATIONS, WARRANTIES AND COVENANTS OF PARTIES.  

        2.1   Representations,
Warranties and Covenants of Seller: 

        Seller
hereby represents, warrants and covenants to and in favour of the Purchaser as follows: 

        2.1.1  The
Seller is a limited liability company duly incorporated and validly existing under the laws of the State of Colorado. 

        2.1.2  The
Seller is the sole registered and beneficial owner of the Property, free and clear of all claims, encumbrances and royalty interests other than the paramount title
of the United States with respect to the Mining Claims (hereinafter defined) and the royalty interests in favour of governmental authorities and the Sullivan lessors, and Seller does warrant and will
defend the title to the Property in Purchaser's name against all claims, whether now existing or hereafter arising, not hereinbefore expressly excepted. The Seller has the exclusive right to dispose
of the Property as provided in this agreement and such disposition will not violate, contravene, breach or offend against or result in any default under any indenture, mortgage, lease, agreement,
obligation, instrument, charter or by-law provisions, order, judgment, decree, license, permit or laws, to which the Seller is a party or subject or by which the Seller is bound or
affected. 

        2.1.3  Except
as to the mining claims set forth on Schedule A (the "Mining Claims"), there are no notifications, approvals or consents, whether of governmental
authorities or others, required in connection with the sale, assignment, conveyance and transfer of the Property by the Seller to the Purchaser or the execution, delivery and performance of this
agreement or any other documents or agreements to be delivered under this agreement. With respect to the Mining Claims, immediately following the execution of this Agreement, Seller shall make
application for transfer of the Mining Claims into Purchaser's name, cooperate with Purchaser, and do all things necessary or required by the State of New Mexico, the United States Department of the
Interior Bureau of Land Management, and all other appropriate local, state, and federal agencies in order to transfer all right, title, and interest in the Mining Claims into the name of Purchaser. 

        2.1.4  The
Seller has all necessary corporate power, authority and capacity to enter into this agreement and to perform its obligations under this agreement. The execution
and delivery of this agreement and the consummation of the transactions contemplated by this agreement have been duly authorized by all necessary corporate action on the part of the Seller. 

        2.1.5  This
agreement constitutes a legal, valid and binding obligation of the Seller, enforceable against it in accordance with its terms. 

        2.1.6  The
Seller is not a party to, bound or affected by or subject to any indenture, mortgage, lease, agreement, obligation, instrument, charter or by-law
provision, order, judgement, decree,
licence, permit, laws or governmental authorization which would be violated, contravened, breached by, or under which default would occur or a claim, restriction or encumbrance would be created as a
result of the execution and delivery by the Seller of this agreement or the performance by the Seller of any of the terms and conditions of this agreement or any other documents or agreements to be
delivered under this agreement. 

        2.1.7  There
are no claims, investigations, complaints, grievances or proceedings, including appeals and applications for review, in progress, or, to the knowledge of the
Seller, pending or threatened against or relating to the Seller before any court or governmental authority, which, if determined adversely to the Seller, would, 

	(a)
	enjoin,
restrict or prohibit the sale of all or any part of the Property as contemplated by this agreement, or

	(b)
	prevent
the Seller from fulfilling any of its obligations under this agreement, 

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and
the Seller has no knowledge of any existing grounds on which any such claims, investigations, complaints, grievances or proceedings might be commenced with any reasonable likelihood of success. 

        2.1.8  The
Mineral Interests are in good standing and all activities conducted in relation to the Mineral Interests have been conducted in compliance in all material respects
with all applicable laws, rules, regulations, tariffs, orders and directives of each governmental authority having jurisdiction. 

        2.1.9  Other
than certain reclamation obligations pertaining to Seller's exploration activities, which obligations are secured by a bond obtained by the Seller, neither the
Seller nor the Property is subject to any contingent or other liability relating to the restoration or rehabilitation of land, water or any other part of the environment or non-compliance
with environmental laws and no hazardous or toxic waste or substance has been stored on the Property or disposed of in a manner contrary to any environmental laws, and there are no contaminants on any
portion of the Property. 

        2.1.10  The
Shares are being acquired for investment purposes only, and not with a view to distribution, assignment or resale to others or to fractionalization in whole or in
part. Other than as set forth in this agreement, no other person or entity has or will have a direct or indirect beneficial interest in the Shares. Except as may be set forth in this agreement, the
Seller will not sell, hypothecate or otherwise transfer the Shares unless (a) the consent of the Purchaser has been received and (i) the Shares are registered under the Securities Act of
1933, as amended, and applicable state securities laws or (ii) in the opinion of counsel acceptable to the Purchaser, an exemption from the registration requirements of the Act and such state
laws is available. 

        2.1.11  The
Seller, either alone or with the assistance of its professional advisor, has such knowledge and experience in financial and business matters that the Seller is
capable of evaluating the merits and risks of the acquisition of the Shares and has the financial resources to undertake such risks. 

        2.1.12  The
Seller can bear the economic risk of an investment for an indefinite period of time and can at the present time afford a substantial loss of its investment. 

        2.1.13  Seller
hereby acknowledges that the securities to be issued by Purchaser pursuant to this agreement have not been registered under the Securities Act of 1933, as
amended, nor registered under any state securities laws. Such securities may not be offered for sale, sold, delivered after sale, transferred, pledged, or hypothecated unless registered under
applicable federal and state securities laws or unless, in the opinion of counsel satisfactory to the Purchaser, such registration is not required. Seller further acknowledges that the securities to
be issued by Purchaser pursuant to this agreement are subject to other restrictions, terms, and conditions as set forth in the Purchaser's Articles of Incorporation as filed with the Colorado
Secretary of State. 

        2.1.14  The
Seller is aware and has evaluated the substantial risks involved in acquiring the Shares and realizes (a) that the Shares as an investment involve a high
degree of risk, including but not limited to, the risk of economic loss of its investment; (b) the transfer of the shares will be restricted and require conformity with such restrictions; and
(c) all certificates evidencing the Shares will contain or be endorsed with the following, or substantially equivalent, legend: 

THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), IN RELIANCE UPON THE REPRESENTATION BY THE HOLDER THAT THEY HAVE
BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO RESALE OR FURTHER DISTRIBUTION. SUCH SHARES MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED OR
HYPOTHECATED, NOR WILL ANY ASSIGNEE OR ENDORSEE 

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HEREOF
BE RECOGNIZED AS AN OWNER HEREOF BY THE ISSUER FOR ANY PURPOSE, UNLESS A REGISTRATION STATEMENT UNDER THE ACT WITH RESPECT TO SUCH SHARES SHALL THEN BE IN EFFECT OR UNLESS THE AVAILABILITY OF
AN EXEMPTION FROM REGISTRATION SHALL BE ESTABLISHED TO THE SATISFACTION OF COUNSEL FOR THE ISSUER. 

THE
TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS RESTRICTED BY THE TERMS OF THE ARTICLES OF INCORPORATION FILED WITH THE COLORADO SECRETARY OF STATE ON AUGUST 8, 2007. 

        2.1.15  The
Purchaser has made available to the Seller, all documents and information that the Seller has requested relating to the acquisition of the Shares. Seller believes
that it has received all information that it considers necessary or appropriate for deciding whether to acquire the Shares and that it has had the opportunity to ask questions and receive answers from
the Purchaser regarding the terms and conditions of the offering of the Shares, the business, prospects and financial condition of the Purchaser. 

        2.1.16  All
of the foregoing representations and warranties will be true on and as of the Closing Date and the Seller shall indemnify and hold the Purchaser harmless from and
against all losses, claims, damages, payments, liabilities, costs, fines, penalties and expenses of whatsoever nature or kind to which the Purchaser may become subject or otherwise involved as a
result of a breach of any of the foregoing representations and warranties. 

        2.2   Representations,
Warranties and Covenants of Purchaser. 

        Purchaser
hereby represents, warrants and covenants to and in favour of the Seller as follows: 

        2.2.1  The
Purchaser is a corporation duly incorporated and validly existing under the laws of the State of Colorado. 

        2.2.2  There
are no notifications, approvals or consents, whether of governmental authorities or others, required in connection with the purchase of the Property by the
Purchaser or the execution, delivery and performance of this agreement by the Purchaser or any other documents or agreements to be delivered under this agreement by the Purchaser. 

        2.2.3  The
Purchaser has all necessary power, authority and capacity to enter into this agreement and to perform its obligations under this agreement. The execution and
delivery of this agreement and the consummation of the transactions contemplated under this agreement have been duly authorized by all necessary corporate action on the part of the Purchaser. 

        2.2.4  Each
of this agreement, and when executed and delivered, the NPR Royalty Agreement, constitutes or will constitute a legal, valid and binding obligation of the
Purchaser enforceable against it in accordance with its terms. 

        2.2.5  The
Purchaser is not a party to, bound or affected by or subject to any indenture, mortgage, lease, agreement, obligation, instrument, charter or by-law
provision, order, judgement, decree, license, permit, laws or governmental authorization which would be violated, contravened or breached by, or under which any default would occur or a claim,
restriction or encumbrance would be created as a result of the execution and delivery by the Purchaser of this agreement or the performance by the Purchaser of any of the terms of this agreement or
any other documents or agreements to be delivered under this agreement. 

        2.2.6  There
are no claims, investigations, complaints, grievances or proceedings, including appeals and applications for review, in progress or, to the knowledge of the
Purchaser, pending, or threatened against or relating to the Purchaser before any court or governmental authority, which, if determined adversely to the Purchaser, would, 

4

 

	(a)
	enjoin,
restrict or prevent the Purchaser from issuing the Shares, or

	(b)
	prevent
the Purchaser from fulfilling any of its obligations under this agreement, 

and
the Purchaser has no knowledge of any existing grounds on which any such claims, investigations, complaints, grievances or proceedings might be commenced with any reasonable likelihood of success. 

        2.2.7  All
of the foregoing representations and warranties will be true on and as of the Closing Date. 

3.     ADDITIONAL MINING CLAIMS OR LEASES.  

        3.1   The
parties agree and acknowledge that the Mineral Interests conveyed pursuant to this agreement do not cover the entire extent of the known or predicted mining leases
or claims which are related to the Purchaser's mining activities in Socorro County and Sierra County, New Mexico and which could be deemed to be an asset by the Purchaser. 

        3.2   The
Seller, and its members as intended third party beneficiaries of this agreement, hereby agree that any mining lease, license, grant, concession, permit, patent,
other mineral property, or claim which, subsequent to the execution of this agreement, are located and recorded in Socorro County or Sierra County, New Mexico by the Seller or one of the Seller's
members shall, at the election of the Purchaser and upon written notice by the Purchaser indicating such election, be deemed to be included in the definition of Mineral Interests as set forth on
Schedule A and conveyed to Purchaser pursuant to this agreement. Upon such election and notice, such mining lease, license, grant, concession, permit, patent, other mineral property, or claim
shall also become subject to the terms and conditions set forth in the NPR Royalty Agreement. 

        3.3   Upon
receiving written notice of Purchaser's election to deem a specific mining lease, license, grant, concession, permit, patent, other mineral property, or claim as
included in the definition of Mineral Interests and conveyed to the Purchaser as provided in Paragraph 3.2, Seller and/or its member(s) shall cooperate with Purchaser, and do all things
necessary or required by the state of New Mexico, the United States Department of the Interior Bureau of Land Management, and all other appropriate local, state, and federal agencies in order to
transfer all right, title, and interest in the mining lease, license, grant, concession, permit, patent, other mineral property, or claim into the name of the Purchaser. 

        3.4   Such
mining lease, license, grant, concession, permit, patent, other mineral property, or claim may also become subject to the terms and conditions set forth in the NPR
Royalty Agreement even if no election is made by the Purchaser to include the mining lease, license, grant, concession, permit, patent, other mineral property, or claim in the definition of Mineral
Interests as set forth on Schedule A and conveyed to Purchaser, if so provided by the terms of the NPR Royalty Agreement. 

4.     CLOSING.  

        4.1   The
closing of the transactions contemplated by this agreement shall take place at 2:00 p.m. (New Mexico time) (the "Time of
Closing") on October 1, 2007, or such earlier or later date as may be mutually agreed upon by the parties (the "Closing
Date"). The closing shall take place at the offices of Dufford & Brown, P.C, 1700 Broadway, Suite 2100, Denver, CO. 

        4.2   Seller
shall, at the Time of Closing, deliver the following to the Purchaser: 

	(a)
	Special
Warranty Deeds, assignments, and bill of sale evidencing the transfer of the Property in the name of the Purchaser, together with evidence of registration; 

5

 

	(b)
	assignment
in form satisfactory to the Purchaser of the Sullivan Lease referred to in Schedule A;

	(c)
	evidence
satisfactory to the Purchaser of all governmental approvals required on the part of the Seller to enter into this agreement and to perform its obligations under this
agreement;

	(d)
	evidence
satisfactory to the Purchaser that all corporate authorizations required on the part of the Seller to enter into this agreement and to perform Seller's obligations hereunder
have been obtained;

	(e)
	executed
copies of the Conversion Agreements between the Seller and each of South West Exploration, LLC and Bethany Resources, LLC together with any other agreements
affecting or relating to the Property;

	(f)
	copies
of the NPR Royalty Agreements executed by the Seller, South West Exploration, LLC, Bethany Resources, LLC, and Stewart Jackson as directed under
section 1.3;

	(g)
	title
opinion of Comeau, Maldegan, Templeton & Indall, LLP directed to Purchaser respecting the Mineral Interests in form satisfactory to the Purchaser; and

	(h)
	Signed
Investment Letters from South West Exploration, LLC and Bethany Resources, LLC in a form reasonably satisfactory to Purchaser. 

        4.3   Purchaser
shall, at the Time of Closing, deliver the following to the Seller: 

	(a)
	share
certificates evidencing the Shares, registered as directed under section 1.2;

	(b)
	copies
of the NPR Royalty Agreements in the names as directed by Seller under section 1.3, executed by the Purchaser;

	(c)
	evidence
satisfactory to the Seller of all government approvals required on the part of the Purchaser to enter into this agreement and to perform its obligations under this agreement;
and

	(d)
	evidence
satisfactory to the Seller that all corporate authorizations required on the part of the Purchaser to enter into agreement and to perform Purchaser's obligations hereunder
have been obtained. 

5.     MISCELLANEOUS.  

        5.1   Each
party to this agreement shall at the request of the other furnish, execute and deliver such documents, instruments, certificates, notices or other further
assurances as counsel of the requesting party shall reasonably deem necessary or desirable for effecting complete consummation of the transactions contemplated by this agreement. 

        5.2   Each
and every one of the representations, warranties, covenants and agreements made herein by either party, shall survive the closing and the consummation of the
transactions contemplated by this agreement, notwithstanding any investigation heretofore or hereafter made by the parties hereto. 

        5.3   All
notices, approvals or other communications to be sent or given to the Seller shall be deemed validly and properly given or made if in writing and delivered by hand
or registered or certified mail, return receipt requested, and addressed to Great Western Exploration, LLC at 2008 Meander Road, Windsor, CO 80550. 

        5.4   All
notices, approvals or other communications to be sent or given to the Purchaser shall be deemed validly and properly given or made if in writing and delivered by
hand or registered or certified 

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mail,
return receipt requested, and addressed to BE Resources Inc. at 107 Hackney Crescent, Box 684, Elephant Butte, NM, 87935, attention David Tognoni. 

        5.5   Either
of the parties hereto may give notice to the other at any time by the methods specified above of a change in the address at which, or the person to whom, notices
addressed to it are to be delivered in the future. 

        5.6   This
agreement may be executed in any number of counterparts, each of which shall be taken to be an original. 

        5.7   No
amendment, modification or waiver of any provision of this agreement shall be binding on any party unless consented to in writing by such party. No waiver of any
provision of this agreement shall constitute a waiver of any other provision, nor shall any waiver constitute a continuing waiver unless otherwise expressly provided. 

        5.8   The
invalidity or unenforceability of any particular provision of this agreement shall not affect the other provisions of this agreement, and this agreement shall be
construed as if such invalid or unenforceable provision was omitted. All parties hereto have participated actively in the negotiation and drafting of this agreement. The terms of this agreement shall
not be construed against, or more favorably to, any party, regardless of their responsibility for its preparation. 

        5.9   This
agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. 

        5.10 This
agreement and any documents or instruments delivered pursuant to this agreement constitute the entire agreement and understanding between the parties and supersede
any prior agreement and understanding relating to the subject matter of this agreement. 

        5.11 Whenever
in this agreement words, including pronouns, are used in the masculine, they shall be read and construed in the feminine or neuter wherever they would so
apply, and wherever in this agreement words, including pronouns, are used in the singular, they shall be read and construed in the plural, wherever they would so apply. 

        5.12 This
agreement shall be governed by and construed in accordance with the laws of the State of Colorado, and each of the parties submits to the jurisdiction of the
courts of the State of Colorado for the resolution of any dispute or controversy arising in connection herewith. 

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IN
WITNESS WHEREOF the parties have duly executed and delivered this agreement effective as of the date first above written. 

	

SELLER:	
 	

 
	
GREAT WESTERN EXPLORATION, LLC	
 	

 
	
Per:	
 	

/s/  DAVID TOGNONI      
 Name:

Title:	
 	

 
	

PURCHASER:	
 	

 
	
BE RESOURCES INC.	
 	

 
	
Per:	
 	

/s/  DAVID TOGNONI      
 Name: David Tognoni

Title: President and CEO	
 	

 

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  Schedule A

Mineral Interests  

The
mining leases include: 

State
of New Mexico lease number HG 0059, HG 0060 and HG 0061

Mining lease dated January 2, 2004 between David Q. Tognoni as leasee, and Kenneth Alan Sullivan and Cherrill L. Sullivan as lessor, as assigned by David Q. Tognoni to
Great Western Exploration, LLC on February 3, 2004 (the "Sullivan Lease") 

The
mining claims include: 

        The
following mining claims located in Sections 3, 27 and 34, Township 10 South, Range 8 West, N.M.P.M, Sierra County New Mexico: 

	Claim Name
 
	 	NMMC
	 	Book
	 	Page

	Bertrandite #34	 	170506	 	100	 	2116
	Bertrandite #35	 	170507	 	100	 	2117
	Bertrandite #54	 	170602	 	100	 	3317
	Bertrandite #65	 	170792	 	101	 	625
	Bertrandite #66	 	170793	 	101	 	626
	Bertrandite #67	 	170794	 	101	 	627

	 

	Claim Name
 
	 	NMMC
	 	Book
	 	Page

	Berts Clay #92	 	173538	 	105	 	45
	Berts Clay #93	 	173539	 	105	 	44

AND

        The
following mining claims located in Sections 6, 13, 14, 15, 20, 21, 22, 24, 26, 27, 28, 33 and 34, Township 9 South, Range 8 West, N.M.P.M., Socorro County, New Mexico: 

	Claim Name
 
	 	NMMC
	 	Book
	 	Page
	 	Claim Name
 
	 	NMMC
	 	Book
	 	Page

	Bert #1	 	171160	 	511	 	783	 	Bert #2	 	171161	 	511	 	784
	Bert #3	 	171162	 	511	 	785	 	Bert #4	 	171163	 	511	 	786
	Bert #5	 	171164	 	511	 	787	 	Bert #6	 	171165	 	511	 	788
	Bert #7	 	171166	 	511	 	789	 	Bert #8	 	171167	 	511	 	790
	Bert #9	 	171168	 	511	 	791	 	Bert #10	 	171169	 	511	 	792
	Bert #11	 	171170	 	511	 	793	 	Bert #12	 	171171	 	511	 	794

	 

	Claim Name
 
	 	NMMC
	 	Book
	 	Page
	 	Claim Name
 
	 	NMMC
	 	Book
	 	Page

	Special Clay #100	 	171152	 	511	 	1938	 	Special Clay #101	 	171153	 	511	 	1939
	Special Clay #102	 	171154	 	511	 	1940	 	Special Clay #103	 	171155	 	511	 	1941
	Special Clay #104	 	171156	 	511	 	1942	 	Special Clay #105	 	171157	 	511	 	1943
	Special Clay #106	 	171158	 	511	 	1944	 	Special Clay #107	 	171159	 	511	 	1945

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	Claim Name
 
	 	NMMC
	 	Instrument #
	 	Claim Name
 
	 	NMMC
	 	Instrument #

	Berts Clay #1	 	173447	 	200576333	 	Berts Clay #2	 	173448	 	200576333
	Berts Clay #3	 	173449	 	200576333	 	Berts Clay #4	 	173450	 	200576333
	Berts Clay #5	 	173451	 	200576333	 	Berts Clay #6	 	173452	 	200576333
	Berts Clay #7	 	173453	 	200576333	 	Berts Clay #8	 	173454	 	200576333
	Berts Clay #9	 	173455	 	200576333	 	Berts Clay #10	 	173456	 	200576333
	Berts Clay #11	 	173457	 	200576333	 	Berts Clay #13	 	173459	 	200576333
	Berts Clay #14	 	173460	 	200576333	 	Berts Clay #15	 	173461	 	200576333
	Berts Clay #16	 	173462	 	200576333	 	Berts Clay #17	 	173463	 	200576333
	Berts Clay #18	 	173464	 	200576333	 	Berts Clay #19	 	173465	 	200576333
	Berts Clay #21	 	173467	 	200576333	 	Berts Clay #22	 	173468	 	200576333
	Berts Clay #23	 	173469	 	200576333	 	Berts Clay #24	 	173470	 	200576333
	Berts Clay #25	 	173471	 	200576333	 	Berts Clay #26	 	173472	 	200576333
	Berts Clay #27	 	173473	 	200576333	 	Berts Clay #28	 	173474	 	200576333
	Berts Clay #29	 	173475	 	200576333	 	Berts Clay #30	 	173476	 	200576333
	Berts Clay #31	 	173477	 	200576333	 	Berts Clay #33	 	173479	 	200576333
	Berts Clay #34	 	173480	 	200576333	 	Berts Clay #35	 	173481	 	200576333
	Berts Clay #36	 	173482	 	200576333	 	Berts Clay #37	 	173483	 	200576333
	Berts Clay #38	 	173484	 	200576333	 	Berts Clay #39	 	173485	 	200576333
	Berts Clay #40	 	173486	 	200576333	 	Berts Clay #42	 	173488	 	200576333
	Berts Clay #43	 	173489	 	200576333	 	Berts Clay #44	 	173490	 	200576333
	Berts Clay #45	 	173491	 	200576333	 	Berts Clay #46	 	173492	 	200576333
	Berts Clay #47	 	173493	 	200576333	 	Berts Clay #48	 	173494	 	200576333
	Berts Clay #49	 	173495	 	200576333	 	Berts Clay #50	 	173496	 	200576333

	 

	Claim Name
 
	 	NMMC
	 	Instrument #
	 	Claim Name
 
	 	NMMC
	 	Instrument #

	Berts Clay #51	 	173497	 	200576333	 	Berts Clay #52	 	173498	 	200576333
	Berts Clay #53	 	173499	 	200576333	 	Berts Clay #54	 	173500	 	200576333
	Berts Clay #55	 	173501	 	200576333	 	Berts Clay #56	 	173502	 	200576333
	Berts Clay #57	 	173503	 	200576333	 	Berts Clay #58	 	173504	 	200576333
	Berts Clay #59	 	173505	 	200576333	 	Berts Clay #60	 	173506	 	200576333
	Berts Clay #61	 	173507	 	200576333	 	Berts Clay #62	 	173508	 	200576333
	Berts Clay #63	 	173509	 	200576333	 	Berts Clay #64	 	173510	 	200576333
	Berts Clay #65	 	173511	 	200576333	 	Berts Clay #66	 	173512	 	200576333
	Berts Clay #67	 	173513	 	200576333	 	Berts Clay #68	 	173514	 	200576333
	Berts Clay #69	 	173515	 	200576333	 	Berts Clay #70	 	173516	 	200576333
	Berts Clay #71	 	173517	 	200576333	 	Berts Clay #72	 	173518	 	200576333
	Berts Clay #73	 	173519	 	200576333	 	Berts Clay #74	 	173520	 	200576333
	Berts Clay #75	 	173521	 	200576333	 	Berts Clay #76	 	173522	 	200576333
	Berts Clay #77	 	173523	 	200576333	 	Berts Clay #78	 	173524	 	200576333
	Berts Clay #79	 	173525	 	200576333	 	Berts Clay #80	 	173526	 	200576333
	Berts Clay #81	 	173527	 	200576333	 	Berts Clay #82	 	173528	 	200576333
	Berts Clay #83	 	173529	 	200576333	 	Berts Clay #84	 	173530	 	200576333
	Berts Clay #85	 	173531	 	200576333	 	Berts Clay #86	 	173532	 	200576333
	Berts Clay #87	 	173533	 	200576333	 	Berts Clay #88	 	173534	 	200576333
	Berts Clay #89	 	173535	 	200576333	 	Berts Clay #90	 	173536	 	200576333
	Berts Clay #91	 	173537	 	200576333	 	 	 	 	 	 

10

 

	 

	Claim Name
 
	 	NMMC
	 	Book
	 	Page
	 	Claim Name
 
	 	NMMC
	 	Book
	 	Page

	Bertrandite #9	 	170487	 	508	 	1583	 	Bertrandite #30	 	170468	 	508	 	1580
	Bertrandite #10	 	170486	 	508	 	1584	 	Bertrandite #31	 	170467	 	508	 	1581
	Bertrandite #11	 	170485	 	508	 	1585	 	Bertrandite #39	 	170511	 	508	 	5046
	Bertrandite #12	 	170484	 	508	 	1586	 	Bertrandite #41	 	170513	 	508	 	5048
	Bertrandite #15	 	170481	 	508	 	1567	 	Bertrandite #45	 	170515	 	508	 	5050
	Bertrandite #18	 	170478	 	508	 	1570	 	Bertrandite #56	 	170598	 	509	 	1692
	Bertrandite #21	 	169878	 	504	 	1845	 	Bertrandite #57	 	170597	 	509	 	1691
	Bertrandite #22	 	170475	 	508	 	1573	 	Bertrandite #58	 	170596	 	509	 	1690
	Bertrandite #25	 	170472	 	508	 	1576	 	Bertrandite #59	 	170595	 	509	 	1689
	Bertrandite #26	 	170471	 	508	 	1577	 	Bertrandite #64	 	170590	 	509	 	1684
	Bertrandite #29	 	170608	 	509	 	2469	 	 	 	 	 	 	 	 

11

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AGREEMENT OF PURCHASE AND SALEQuickLinks
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Exhibit 10.2    
    

 
 

NPR ROYALTY AGREEMENT    
    

        THIS AGREEMENT made as of the 1st day of October, 2007. 

        BETWEEN:

GREAT WESTERN EXPLORATION, LLC, a limited liability company under the laws of Colorado (hereinafter referred to as the
"Royaltyholder") 

—and—

BE RESOURCES INC., a company incorporated under the laws of Colorado (hereinafter referred to as the
"Royaltypayor") 

WHEREAS
the Royaltypayor has on this day acquired from the Royaltyholder a 100% interest in the Property (hereinafter defined); 

AND
WHEREAS part of the consideration for the Property is the royalty provided for in this agreement (the "Royalty"); 

AND
WHEREAS capitalized words and expressions shall have the meanings set forth in Article 3 of this agreement; 

THIS
AGREEMENT WITNESSES THAT, in consideration of the premises and the respective covenants and agreements hereinafter set forth in this agreement and other good and valuable consideration (the
receipt and sufficiency of which are hereby acknowledged), the parties do covenant and agree with one another as follows: 

ARTICLE 1    OBLIGATION  

1.1    If
the Royaltyholder becomes entitled to any payments under this agreement, the Royaltypayor shall calculate, as at the end of each calendar quarter subsequent to the Completion Date,
the Net Profits in accordance with generally accepted accounting principles consistently applied in the United States ("GAAP"). 

1.2    Subsequent
to the Completion Date, the Royaltypayor shall within 60 days of the end of each calendar quarter in which the Royaltypayor is in receipt of any Gross Receipts: 

        (a)   deliver
to the Royaltyholder a statement indicating: 

        (i)    the
Gross Receipts during the calendar quarter; 

        (ii)   the
deductions therefrom made in the order itemized in §2.1 of this agreement; 

        (iii)  the
amount of Net Profits remaining, if any; and 

        (iv)  the
amount of those Net Profits, if any, to which the Royaltyholder is entitled; and 

        (b)   pay
or cause to be paid to the Royaltyholder that amount equal to 15.98% of the Net Profits, if any. 

1.3    If
at any time after the date of this agreement any party or an affiliate of any party (the "Acquiring Party") stakes or otherwise
acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property (the "Acquired
Properties") located wholly within three miles of the boundary of each mining lease and claim comprising the Property (the "Area of
Interest"), the Acquired Properties shall be subject to the Royalty and, notwithstanding any other provisions of this agreement, all amounts to be calculated under this
agreement shall relate to the Property and Acquired Properties, and Exploration Costs shall include the costs of acquisition of the Acquired Properties. Notwithstanding the foregoing, a particular
Acquired Property shall not be subject to the Royalty if the Acquired Property was acquired from a 

 

third
party (and not through staking) and the Acquired Property is already subject to a royalty interest other than to a government entity. 

1.4    The
parties intend that the Royalty, to the extent permissible under applicable laws, constitutes an interest in the Property and, accordingly agree that the Royalty will run with and
be binding upon title to the Property and binding upon the successor in title to the Property. Nothing herein is to be construed however to limit or restrict the ability of the Royaltypayor to sell
the Property or any portion thereof at any time and in its complete discretion. 

ARTICLE 2    NET PROFITS DEFINED  

2.1    "Net Profits" means the Gross Receipts minus deductions therefrom of (A) and (B), to the extent of but not exceeding the amount
of those Gross Receipts, where (A) is the Gross Royalty and (B) is the then net unrecovered amounts of Costs, with Costs to be deducted in the following order: 

        (a)   Marketing
Costs; 

        (b)   Distribution
Costs; 

        (c)   Operating
Costs; 

        (d)   Taxes
and Royalties; 

        (e)   Interest
Costs; 

        (f)    Capital
Costs; and 

        (g)   Exploration
Costs 

2.2    For
greater certainty, in calculating Net Profits at any time, each of the classes of Costs shall constitute a separate pool from which all Costs deducted on any previous quarterly
calculation shall be removed and to which Costs of those classes recorded since the date of this agreement (in the case of the first quarterly calculation) or since the date of the last quarterly
calculation (in the case of any calculation subsequent to the first quarterly calculation) shall be added. 

2.3    If
the application of credits to a pool of Costs results in a negative balance in that pool of Costs, the amount of any negative balance from a Cost pool shall be applied to reduce
the balances then remaining in pools itemized in §2.1 of this agreement in the order itemized. 

ARTICLE 3    DEFINITIONS  

3.1    In
this agreement, including the recitals hereof, the following words and expressions shall have the following meanings, except where the context otherwise necessarily requires: 

        (a)   "Completion Date" means the date on which the Royaltypayor determines that the project of preparing and equipping a Mine
for commercial production is complete; 

        (b)   "Costs" means all items of outlay and expense whatsoever, both direct and indirect, with respect to the Property or any
Mine recorded by the Royaltypayor in accordance with GAAP, including without limiting the generality of the foregoing: 

        (i)    "Capital Costs" which means: 

        (1)   all
Costs of preparing and equipping a Mine for commercial production which are recorded by the Royaltypayor, and all Costs of obtaining financing and providing
security; and 

        (2)   subject
to §8.1, a charge of 3% of the Capital Costs referred to in §(1) in return for its overhead functions which are not charged directly; 

2

 

        (ii)   "Distribution Costs" which means all Costs of: 

        (1)   transporting
Products from a Mine or a concentrating plant to a smelter, refinery or other place of delivery designated by the purchaser and, in the case of concentrates
tolled, of transporting the metal from a smelter to the place of delivery designated by the purchaser; 

        (2)   handling,
warehousing and insuring the Products; and 

        (3)   in
the case of concentrates tolled, of smelting and refining, including any penalties thereon or in connection therewith; 

        (iii)  "Exploration Costs" which means: 

        (1)   all
Costs of Exploration Operations recorded by the Royaltypayor less any exploration tax credits received by the
Royaltypayor; and 

        (2)   subject
to §8.1, a charge which shall not aggregate more than 5% of the Exploration Costs referred to in §(1), reduced to 3% on amounts in excess
of US $100,000 on any single third party contract, in return for its overhead functions which are not charged directly; 

        (iv)  "Gross Royalty" which means that royalty of 1% payable to David Q. Tognoni pursuant to the Gross Royalty Agreement dated
October 1, 2007 between BE Resources Inc. and David Q. Tognoni; 

        (v)   "Interest Costs" which means interest computed quarterly and not in advance and being the aggregate of the interest
determined for each month in the quarter as follows: 

        (1)   the
average of the opening and closing monthly outstanding balances for each month of the net unrecovered amounts of all Costs in the classes enumerated in
§2.1 of this agreement; 

multiplied
by, 

        (2)   the
Prime Rate plus 2%; 

multiplied
by, 

        (3)   the
number of days in the month; 

divided
by, 

        (4)   the
number of days in the year. 

These
Interest Costs are in lieu of an inclusion in Costs for the interest charged by third party project lenders of Capital Costs and Operating Costs; 

        (vi)  "Marketing Costs" which means such reasonable charge for marketing of ores and concentrates sold or of concentrates
tolled as is consistent with generally accepted industry marketing practices; 

        (vii) "Mining Costs" which means all costs related to mining, milling, concentrating and recovering metals from the Property
and reclamation, rehabilitation and monitoring costs; 

        (viii)  "Operating Costs" which means: 

        (1)   all
Mining Costs recorded by the Royaltypayor, including, without limiting the generality of the foregoing, an amount to be established by the Royaltypayor in good faith
as representing the cost of rehabilitation which will have to be spent after commercial production has terminated, it being agreed that the Royaltypayor may charge a portion of that cost to the
royalty account over a reasonable period of time commencing with commercial production; and 

3

 

        (2)   subject
to §8.1, a charge of 3% of the Operating Costs referred to in §(1) in return for its overhead functions which are not charged directly;
and 

        (ix)  "Taxes and Royalties" which means all taxes (other than income taxes), royalties (other than the Gross Royalty) or other
charges or imposts provided for pursuant to any law or legal obligation imposed by any government if paid by the Royaltypayor; 

        (c)   "Exploration Operations" means every kind of work done by the Royaltypayor and every kind of payment on or in respect of
the Property including, without limiting the generality of the foregoing, investigating, prospecting, exploring, mapping, geological work, geochemical surveys, geophysical surveys, grid preparation,
developing, property maintenance, preparing reports, estimates and studies, designing, equipping, improving, surveying and construction costs; 

        (d)   "Gross Receipts" means the aggregate of all receipts, revenues, recoveries or amounts received by or credited to the
Royaltypayor in connection with this agreement including, without limiting the generality of the foregoing: 

        (i)    the
receipts from the sale of the Royaltypayor's proportionate share of Products produced from the Mine: 

        (ii)   all
proceeds received from the sale of any portion of the Property or assets at the end of commercial production; 

        (iii)  all
insurance recoveries (including amounts received to settle claims) in respect of loss of, or damage to any Products subsequent to the Completion Date; 

        (iv)  all
amounts received as compensation for the expropriation or forcible taking of any portion of the Property; 

        (v)   the
fair market value, at the Property, of those assets, if any, that are transferred from the Property for use by the Royaltypayor elsewhere subsequent to the
Completion Date; and 

        (vi)  the
amount of any negative balance remaining after the reallocation of negative balances pursuant to §2.3 of this agreement; to the extent that those
receipts, recoveries or amounts have not been applied by the Royaltypayor as a recovery of any of the classes of Costs itemized in §2.1 of this agreement; 

provided
that where any Products are sold to, or treated in, a smelter or refinery owned or controlled by Royaltypayor, the pricing for that sale or treatment will be established by Royaltypayor on an
arms-length basis so as to be fairly competitive with pricing, net of transportation, insurance, treatment charges and other related costs, then available on world markets for product of
like quantity and quality; 

        (e)   "Mine" means the workings established and assets acquired in order to bring the Property or a portion thereof into
commercial production, including, without limiting the generality of the foregoing, development headings, plant and concentrator installations and all infrastructure, plant, housing, airport, roads
and other facilities; 

        (f)    "Prime Rate" means the weighted average of the rates of interest for the period of calculation as stated by the Bank of
Montreal, Main Office, Toronto, Ontario, as being charged by it on United States Dollar demand loans to its most creditworthy domestic commercial customers; 

        (g)   "Products" shall mean ores, concentrates and minerals mined from the Property, or solutions, concentrates or cathodes
retrieved through leaching or solution mining or solution extraction/electrowinning or other processing of mineralized material mined from the Property; 

        (h)   "Property" shall mean the mining leases and claims in Socorro County and Sierra County, New Mexico set forth in
Schedule A and any of the Acquired Properties; and 

4

 

        (i)    "Trading Activities" shall have the meaning set out in §6 of this agreement. 

ARTICLE 4    ROYALTYPAYOR TO DETERMINE OPERATIONS  

4.1    The
Royaltypayor will have complete discretion concerning the nature, timing and extent of all exploration, development, mining and other operations conducted on or for the benefit of
the Property and may suspend operations and production on the Property at any time it considers prudent or appropriate to do so. The Royaltypayor will owe the Royaltyholder no duty to explore, develop
or mine the Property or to do so at any rate or in any manner other than that which the Royaltypayor may determine in its sole and unfettered discretion. The Royaltypayor may, but will not be
obligated to treat, mill, heap leach, sort, concentrate, refine, smelt or otherwise process, beneficiate or upgrade the ores, concentrates and other products at sites located on or off the Property,
prior to sale, transfer or conveyance to a purchaser, user or consumer. The Royaltypayor will not be liable for mineral values lost in processing under sound practices and procedures, and no royalty
will be due on any such lost mineral values. 

ARTICLE 5    COMMINGLING  

5.1    Ores,
concentrates and derivatives mined or retrieved from the Property may be commingled with ores, concentrates or derivatives mined or retrieved from other properties. All
determinations required for calculation of Net Profits, including without limitation the amount of the metals contained in or recovered from ores, solutions, concentrates or derivatives mined or
retrieved from the Property, the amount of the metals contained in or recovered from commingled ores, solutions, concentrates or derivatives, gross revenues from the sale of Products, and costs and
expenses allocated to the Property or Products shall be made in accordance with prudent weighing, sampling, assaying, engineering, metallurgical and cost accounting practices. 

ARTICLE 6    TRADING ACTIVITIES  

6.1    The
Royaltypayor may, but need not, engage in forward sales, futures trading or commodity options trading, and other price hedging, price protection and speculative arrangements
("Trading Activities") which may involve the possible delivery of base or precious metals produced from the Property. The parties acknowledge and agree
that the Royaltyholder shall not be entitled to participate in the proceeds or be obligated to share in any losses generated by the Trading Activities. 

6.2    The
Royaltypayor may retain any base or precious metals produced from the Property in which case the value of such retained metals shall be added to the Gross Receipts. The value of
such metals shall be determined, in the case of gold or silver, by taking the average London Bullion Brokers PM fixing price for the calendar quarter of production or for other metals the average spot
price of the New York Commodities Exchange final daily spot price for the applicable metal for the calendar quarter of production for the applicable metal. 

ARTICLE 7    ADJUSTMENTS AND VERIFICATION  

7.1    Payment
of any Net Profits by the Royaltypayor shall not prejudice the right of the Royaltypayor to adjust the statement supporting the payment; provided, however, that all statements
presented to the Royaltyholder by the Royaltypayor for any quarter shall conclusively be presumed to be true and correct upon the expiration of 12 months following the end of the quarter to
which the statement relates, unless within that 12 month period the Royaltypayor gives notice to the Royaltyholder making claim on the Royaltyholder for an adjustment to the statement. 

7.2    The
Royaltypayor shall not adjust any statement in favour of itself after the expiration of 12 months following the end of the quarter to which the statement relates. 

5

 

7.3    The
Royaltyholder may from time to time request reasonable supporting documentation for statements that are within the period contemplated in §7.1 and the Royaltypayor,
acting in good faith, shall provide the same promptly to the Royaltyholder. 

7.4    If
the supporting documentation and any discussion with the Royaltypayor do not resolve the Royaltyholder's concerns, the Royaltyholder shall be entitled upon notice to the
Royaltypayor to request from the Royaltypayor that mutually acceptable auditors be requested to provide the Royaltyholder with their opinion that any statement delivered pursuant to §1.2
of this agreement in respect of any quarterly period falling within the 12 month period immediately preceding the date of the Royaltyholder's notice has been prepared in accordance with this
agreement. When giving any notice aforesaid, the Royaltyholder will articulate the matter or matters of concern to it. Within 45 days from the date the auditors are provided with the
Royaltyholder's notice, the auditors shall provide a written statement to the parties setting forth the auditors' opinion with respect the matter or matters of concern as described in the
Royaltyholder's notice. The audit opinion provided by the auditors shall be conclusive and legally binding upon the parties. 

7.5    The
time required for giving the audit opinion contemplated in §7.4 of this agreement shall not extend the time for the taking of exception to and making claim on the
Royaltyholder for adjustment as provided in §7.1 of this agreement. 

7.6    The
cost of the audit opinion requested pursuant to §7.4 of this agreement shall be solely for the account of the Royaltyholder unless the audit opinion reveals an error
which is adverse to the Royaltyholder of greater than 3% in which case the cost of the audit opinion shall be solely for the account of the Royaltypayor. 

7.7    The
provisions of §7.4 are intended to provide an effective mechanism for the Royaltyholder to resolve its unresolved concerns regarding Net Profits accounting and not to
effect a regular audit of the Net Profits calculation. 

ARTICLE 8    OVERHEAD CHARGES  

8.1    The
charges set out in §3.1(b)(i)(2), 3.1(b)(iii)(2) and 3.1(b)(viii)(2) are intended as a reimbursement of the costs for the time incurred by the Royaltypayor's head
office management and support functions in respect of work on or in respect of the financing, constructing and operating a Mine. It is intended that the Royaltypayor shall not profit nor suffer loss
by virtue of providing the services. This charge shall not be subject to audit but may be reviewed, in good faith, by the parties from time to time, at the instance of either party. 

ARTICLE 9    BUYDOWN AND RIGHT OF FIRST REFUSAL  

9.1    The
Royaltypayor shall have the right at any time by providing written notice to the Royaltyholder to purchase up to one-half or some other lesser fraction of the Royalty
at the fair market value thereof (as of the last day of the last calendar quarter prior to the date on which the written notice is sent by the Royaltyholder) as determined by an independent business
valuator retained by the Royaltypayor. The purchase and sale of the Royalty interest under this section shall be completed on that date which is 90 days following the date on which notice is
sent by the Royaltypayor. 

9.2    The
Royaltypayor shall have a right of first refusal to acquire the Royalty. If the Royaltyholder wishes to dispose of the Royalty or any portion thereof, the Royaltyholder must first
offer to sell it to the Royaltypayor for a price and on terms which the Royaltyholder establishes including the financial value of any non cash consideration specified. The Royaltyholder will provide
the Royaltypayor with a written notice setting out the terms of the proposed sale (the "Notice") and the Royaltypayor will have 90 days following
receipt of the Notice to advise the Royaltyholder if the Royaltypayor wishes to acquire the offered interest. If the Royaltypayor does not exercise its right of first refusal, the Royaltyholder shall
then have 180 days to dispose of the Royalty or the specified portion thereof to a 

6

 

third
party for the same or greater price and on the same term or terms no more favourable to the third party. The right of first refusal shall not apply to a transfer by the Royaltyholder to
affiliated corporations provided such a corporation remains so for at least three years. 

ARTICLE 10    GENERAL  

10.1    This
agreement shall be governed by and construed in accordance with the laws of the State of Colorado, and each of the parties submits to the jurisdiction of the courts of the State
of Colorado for the resolution of any dispute or controversy arising in connection herewith. 

10.2    Any
notice or other communication required or permitted to be given hereunder shall be in writing and shall be: (i) delivered by courier, or (ii) sent by registered
mail (postage prepaid), unless there is a
postal strike then in progress; or (iii) transmitted by facsimile transmission (but only if a fax number is provided below for the party in question), addressed or sent as follows: 

        (i)    if
to the Royaltyholder: 

Great
Western Exploration, LLC

2008 Meander Road

Windsor, CO 80550 

        (ii)   if
to the Royaltypayor: 

107
Hackney Circle

Box 684

Elephant Butte, NM

87935 

Attention:  David
Q. Tognoni

Facsimile:  505-744-5801 

	(b)
	any
such notice or other communication shall be deemed to have been given and received: (i) if delivered by courier, on the day on which it is so delivered; (ii) if sent
by registered mail, on the 10th day after posting, but if there shall be any intervening postal strike, then on the 10th day after the end of such postal strike; and (iii) if
transmitted by facsimile transmission, on the next business day (in the city where the recipient of the facsimile transmission resides) after the day of successful transmission.

	(c)
	any
party may at any time change its address for service from time to time by giving notice to the other parties in accordance with this Section. 

10.3    Except
as expressly provided in this agreement, this agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and
replaces all prior agreements, understandings, negotiations and discussions, whether written or oral. There are no warranties, conditions or representations (including any that may be implied by
statute) and there is no agreement in connection with such subject matter, except as specifically set forth or referred to in this agreement. 

10.4    No
amendment, modification or waiver of any provision of this agreement shall be binding on any party unless consented to in writing by such party. No waiver of any provision of this
agreement shall constitute a waiver of any other provision, nor shall any waiver constitute a continuing waiver unless otherwise expressly provided. 

10.5    Time
shall be of the essence of this agreement. 

10.6    If
any provision of this agreement is determined to be invalid or unenforceable by an arbitrator or a court of competent jurisdiction from which no further appeal lies or is taken,
that provision shall 

7

 

be
deemed to be severed, and the remaining provisions of this agreement shall not be affected thereby and shall remain valid and enforceable. 

10.7    The
Royaltyholder acknowledges that it has had the opportunity to obtain legal representation in connection with this agreement. Any rule of construction to the effect that any
ambiguity is to be resolved against the drafting party shall not be applicable in the interpretation of this agreement. The parties further acknowledge to each other that they have each entered into
the transactions herein contemplated voluntarily, and without duress or undue pressure from any other party. 

10.8    This
agreement shall enure to the benefit of and shall be binding on and enforceable by the parties and, where the context so permits, their respective successors and permitted
assigns. This agreement may not be assigned by the Royaltyholder without (a) the prior written consent of the Royaltypayor, and (b) the execution by the assignee of an agreement agreeing
to be bound by and subject to the terms set forth in this agreement. 

If
any day on or before which any action is required to be taken under this agreement is not a Business Day, such action shall be required to be taken on the next succeeding day that is a Business
Day. "Business Day" means any day except Saturday, Sunday or a statutory holiday in the State of Colorado. 

        IN
WITNESS WHEREOF the parties have duly executed and delivered this agreement effective as of the date first above written. 

	 	ROYALTYHOLDER:
	

 	
GREAT WESTERN EXPLORATION, LLC
	

 	

Per:	
 	

/s/  DAVID TOGNONI      
 Authorized Signatory
	

 	

ROYALTYPAYOR:
	

 	
BE RESOURCES INC.
	

 	

Per:	
 	

/s/  DAVID TOGNONI      
 Authorized Signatory

8

 
 
 

SCHEDULE A
  MINERAL INTERESTS    
    

The
mining leases include: 

State
of New Mexico lease number HG 0059, HG 0060 and HG 0061

Mining lease dated January 2, 2004 between David Q. Tognoni as leasee, and Kenneth Alan Sullivan and Cherrill L. Sullivan as lessor, as assigned by David Q. Tognoni to Great Western
Exploration, LLC on February 3, 2004 (the "Sullivan Lease") 

The
mining claims include: 

        The
following mining claims located in Sections 3, 27 and 34, Township 10 South, Range 8 West, N.M.P.M, Sierra County New Mexico: 

	Claim Name
 
	 	NMMC
	 	Book
	 	Page

	Bertrandite #34	 	170506	 	100	 	2116
	Bertrandite #35	 	170507	 	100	 	2117
	Bertrandite #54	 	170602	 	100	 	3317
	Bertrandite #65	 	170792	 	101	 	625
	Bertrandite #66	 	170793	 	101	 	626
	Bertrandite #67	 	170794	 	101	 	627

	 

	Claim Name
 
	 	NMMC
	 	Book
	 	Page

	Berts Clay #92	 	173538	 	105	 	45
	Berts Clay #93	 	173539	 	105	 	44

AND

        The
following mining claims located in Sections 6, 13, 14, 15, 20, 21, 22, 24, 26, 27, 28, 33 and 34, Township 9 South, Range 8 West, N.M.P.M., Socorro County, New Mexico: 

	Claim Name
 
	 	NMMC
	 	Book
	 	Page
	 	Claim Name
 
	 	NMMC
	 	Book
	 	Page

	Bert #1	 	171160	 	511	 	783	 	Bert #2	 	171161	 	511	 	784
	Bert #3	 	171162	 	511	 	785	 	Bert #4	 	171163	 	511	 	786
	Bert #5	 	171164	 	511	 	787	 	Bert #6	 	171165	 	511	 	788
	Bert #7	 	171166	 	511	 	789	 	Bert #8	 	171167	 	511	 	790
	Bert #9	 	171168	 	511	 	791	 	Bert #10	 	171169	 	511	 	792
	Bert #11	 	171170	 	511	 	793	 	Bert #12	 	171171	 	511	 	794

	 

	Claim Name
 
	 	NMMC
	 	Book
	 	Page
	 	Claim Name
 
	 	NMMC
	 	Book
	 	Page

	Special Clay #100	 	171152	 	511	 	1938	 	Special Clay #101	 	171153	 	511	 	1939
	Special Clay #102	 	171154	 	511	 	1940	 	Special Clay #103	 	171155	 	511	 	1941
	Special Clay #104	 	171156	 	511	 	1942	 	Special Clay #105	 	171157	 	511	 	1943
	Special Clay #106	 	171158	 	511	 	1944	 	Special Clay #107	 	171159	 	511	 	1945

9

 

	 

	Claim Name
 
	 	NMMC
	 	Instrument #
	 	Claim Name
 
	 	NMMC
	 	Instrument #

	Berts Clay #1	 	173447	 	200576333	 	Berts Clay #2	 	173448	 	200576333
	Berts Clay #3	 	173449	 	200576333	 	Berts Clay #4	 	173450	 	200576333
	Berts Clay #5	 	173451	 	200576333	 	Berts Clay #6	 	173452	 	200576333
	Berts Clay #7	 	173453	 	200576333	 	Berts Clay #8	 	173454	 	200576333
	Berts Clay #9	 	173455	 	200576333	 	Berts Clay #10	 	173456	 	200576333
	Berts Clay #11	 	173457	 	200576333	 	Berts Clay #13	 	173459	 	200576333
	Berts Clay #14	 	173460	 	200576333	 	Berts Clay #15	 	173461	 	200576333
	Berts Clay #16	 	173462	 	200576333	 	Berts Clay #17	 	173463	 	200576333
	Berts Clay #18	 	173464	 	200576333	 	Berts Clay #19	 	173465	 	200576333
	Berts Clay #21	 	173467	 	200576333	 	Berts Clay #22	 	173468	 	200576333
	Berts Clay #23	 	173469	 	200576333	 	Berts Clay #24	 	173470	 	200576333
	Berts Clay #25	 	173471	 	200576333	 	Berts Clay #26	 	173472	 	200576333
	Berts Clay #27	 	173473	 	200576333	 	Berts Clay #28	 	173474	 	200576333
	Berts Clay #29	 	173475	 	200576333	 	Berts Clay #30	 	173476	 	200576333
	Berts Clay #31	 	173477	 	200576333	 	Berts Clay #33	 	173479	 	200576333
	Berts Clay #34	 	173480	 	200576333	 	Berts Clay #35	 	173481	 	200576333
	Berts Clay #36	 	173482	 	200576333	 	Berts Clay #37	 	173483	 	200576333
	Berts Clay #38	 	173484	 	200576333	 	Berts Clay #39	 	173485	 	200576333
	Berts Clay #40	 	173486	 	200576333	 	Berts Clay #42	 	173488	 	200576333
	Berts Clay #43	 	173489	 	200576333	 	Berts Clay #44	 	173490	 	200576333
	Berts Clay #45	 	173491	 	200576333	 	Berts Clay #46	 	173492	 	200576333
	Berts Clay #47	 	173493	 	200576333	 	Berts Clay #48	 	173494	 	200576333
	Berts Clay #49	 	173495	 	200576333	 	Berts Clay #50	 	173496	 	200576333

	 

	Claim Name
 
	 	NMMC
	 	Instrument #
	 	Claim Name
 
	 	NMMC
	 	Instrument #

	Berts Clay #51	 	173497	 	200576333	 	Berts Clay #52	 	173498	 	200576333
	Berts Clay #53	 	173499	 	200576333	 	Berts Clay #54	 	173500	 	200576333
	Berts Clay #55	 	173501	 	200576333	 	Berts Clay #56	 	173502	 	200576333
	Berts Clay #57	 	173503	 	200576333	 	Berts Clay #58	 	173504	 	200576333
	Berts Clay #59	 	173505	 	200576333	 	Berts Clay #60	 	173506	 	200576333
	Berts Clay #61	 	173507	 	200576333	 	Berts Clay #62	 	173508	 	200576333
	Berts Clay #63	 	173509	 	200576333	 	Berts Clay #64	 	173510	 	200576333
	Berts Clay #65	 	173511	 	200576333	 	Berts Clay #66	 	173512	 	200576333
	Berts Clay #67	 	173513	 	200576333	 	Berts Clay #68	 	173514	 	200576333
	Berts Clay #69	 	173515	 	200576333	 	Berts Clay #70	 	173516	 	200576333
	Berts Clay #71	 	173517	 	200576333	 	Berts Clay #72	 	173518	 	200576333
	Berts Clay #73	 	173519	 	200576333	 	Berts Clay #74	 	173520	 	200576333
	Berts Clay #75	 	173521	 	200576333	 	Berts Clay #76	 	173522	 	200576333
	Berts Clay #77	 	173523	 	200576333	 	Berts Clay #78	 	173524	 	200576333
	Berts Clay #79	 	173525	 	200576333	 	Berts Clay #80	 	173526	 	200576333
	Berts Clay #81	 	173527	 	200576333	 	Berts Clay #82	 	173528	 	200576333
	Berts Clay #83	 	173529	 	200576333	 	Berts Clay #84	 	173530	 	200576333
	Berts Clay #85	 	173531	 	200576333	 	Berts Clay #86	 	173532	 	200576333
	Berts Clay #87	 	173533	 	200576333	 	Berts Clay #88	 	173534	 	200576333
	Berts Clay #89	 	173535	 	200576333	 	Berts Clay #90	 	173536	 	200576333
	Berts Clay #91	 	173537	 	200576333	 	 	 	 	 	 

10

 

	 

	Claim Name
 
	 	NMMC
	 	Book
	 	Page
	 	Claim Name
 
	 	NMMC
	 	Book
	 	Page

	Bertrandite #9	 	170487	 	508	 	1583	 	Bertrandite #30	 	170468	 	508	 	1580
	Bertrandite #10	 	170486	 	508	 	1584	 	Bertrandite #31	 	170467	 	508	 	1581
	Bertrandite #11	 	170485	 	508	 	1585	 	Bertrandite #39	 	170511	 	508	 	5046
	Bertrandite #12	 	170484	 	508	 	1586	 	Bertrandite #41	 	170513	 	508	 	5048
	Bertrandite #15	 	170481	 	508	 	1567	 	Bertrandite #45	 	170515	 	508	 	5050
	Bertrandite #18	 	170478	 	508	 	1570	 	Bertrandite #56	 	170598	 	509	 	1692
	Bertrandite #21	 	169878	 	504	 	1845	 	Bertrandite #57	 	170597	 	509	 	1691
	Bertrandite #22	 	170475	 	508	 	1573	 	Bertrandite #58	 	170596	 	509	 	1690
	Bertrandite #25	 	170472	 	508	 	1576	 	Bertrandite #59	 	170595	 	509	 	1689
	Bertrandite #26	 	170471	 	508	 	1577	 	Bertrandite #64	 	170590	 	509	 	1684
	Bertrandite #29	 	170608	 	509	 	2469	 	 	 	 	 	 	 	 

11

QuickLinks

Exhibit 10.2

NPR ROYALTY AGREEMENT

SCHEDULE A MINERAL INTERESTS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}]]