Document:

Exhibit 10.15

 

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 (“[***]”).

 

Dated
24 October 2021

 

Supply
of Technical Services Agreement

 

between

 

Lifezone
Limited

 

and

 

Kellplant
Proprietary Limited

 

    

     

    

 

Table
of Contents

 

Page

 

		1.	Interpretation	2

 

		2.	Commencement
                                            and duration	11

 

		3.	Lifezone’s
                                            obligations	11

 

		4.	Provision
                                            of the Services	13

 

		5.	KP’s
                                            obligations	14

 

		6.	Regulatory
                                            Approval	16

 

		7.	Charges
                                            and payment	17

 

		8.	Quality
                                            of services	20

 

		9.	Confidentiality	22

 

		10.	Application
                                            and Training	22

 

		11.	Limitation
                                            of liability	23

 

		12.	Insurance	23

 

		13.	Termination	24

 

		14.	Force
                                            majeure	27

 

		15.	General	29

 

		16.	Rights
                                            of third parties	30

 

		17.	Notices	30

 

		18.	Dispute
                                            resolution	32

 

		19.	Governing
                                            law and jurisdiction	35

 

	Schedule
  1	Map
	37

 

	Schedule
  2	Personnel
  involved in rendering the Services and percentage of hours to be spent by each such Lifezone Appointee	38

 

    

     

    

 

This
Agreement is made on 24 October 2021

 

Between:

 

		(1)	Lifezone
                                            Limited incorporated and registered in Isle of Man with company number 019369V, whose
                                            registered office is at Commerce House, 1 Bowring Road, Ramsey IM8 2LQ, Isle of Man
                                            (“Lifezone”); and

 

		(2)	Kellplant
                                            Proprietary Limited (registration number 2015/364753/07), a private limited liability
                                            company incorporated in accordance with the laws of South Africa, whose registered office
                                            is at Unit FF04, First Floor, Southdowns Office Park Cnr. John Vorster Drive & Karee
                                            Road Irene Ext 54, 0157 Centurion, Republic of South Africa (“KP”).

 

Whereas:

 

		(A)	Lifezone
                                            has granted KellTech Limited (Company No. 084564 C1/GBL) (“KellTech”)
                                            an exclusive licence to use intellectual property relating to Kelltechnology in SADC (the
                                            “KellTech Licence”).

 

		(B)	KellTech
                                            has granted to Kelltechnology South Africa (RF) Proprietary Limited, (Registration No. 2008/026628/07),
                                            a private limited liability company incorporated in accordance with the laws of South Africa,
                                            whose registered office is at 6 Ecofusion Block B, 324 Witch-Hazel Avenue, Highveld Park
                                            Extension 59, Gauteng, South Africa (“KTSA”), an exclusive licence to
                                            use the Kelltechnology 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 (the “KTSA License”).

 

		(C)	KTSA
                                            has granted to KP a non-exclusive license to design, construct and operate a Kell Plant at
                                            the Pilanesberg Platinum Mine (“PPM”) (the “PPM Kell Plant”).

 

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		(D)	The
                                            Parties have agreed that Lifezone will provide technical support services to KP (the “Services”,
                                            as further defined below in 1.2(ff)) in relation to the design, construction and commissioning
                                            of the PPM Kell Plant on the terms set out in this Agreement.

 

		(E)	Lifezone
                                            will procure that the Lifezone Appointees will be the Lifezone personnel responsible for
                                            delivering the Services on behalf of Lifezone under this Agreement.

 

It
is agreed:

 

		1.	Interpretation

 

		1.1	Terms
                                            defined in the KellTech Licence and subsequent amendments thereof and not defined herein
                                            have the same meaning when used in this Agreement, notwithstanding that such defined terms
                                            have not been defined in this Agreement.

 

		1.2	The
                                            definitions and rules of interpretation in this clause apply in this Agreement.

 

		(a)	Agreement
                                            means this agreement, together with the schedule thereto;

 

		(b)	Alternative
                                            Rate means an interest rate agreed between the Parties, provided that if the Parties
                                            cannot so agree, then the interest rate will be determined by independent bankers. Such independent
                                            bankers will be agreed to by the Parties, and failing agreement will be appointed by the
                                            auditors of KP. The independent bankers shall act as an expert and not as an arbitrator.

 

		(c)	Commercial
                                            Production means and shall be deemed to have been achieved when the PPM Kell Plant produces
                                            refined PGMs: (i) at
                                            an average rate of 90% of the production capacity for the PPM Kell Plant as specified in
                                            the plant design and production specifications agreed to in the design agreement to be entered
                                            into between Lifezone, KP and Sim ulus Engineers; (ii) with a PGM

   

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extraction rate
of 90%, (iii) for a continuous operation period of 3 (three) months;

 

		(d)	Commercial
                                            Production Date means the date on which Commercial Production is achieved;

 

		(e)	Deed
                                            of Undertaking means the deed of undertaking entered into between Keith Liddell, Lifezone and
                                            KTSA dated on or about 10 June 2020;

 

		(f)	Effective
                                            Date means 1 January 2021;

 

		(g)	Exchange
                                            Control Regulations means the South African Exchange Control Regulations, 1961 (as amended
                                            from time to time) as promulgated in terms of section 9 of the South African Currency and
                                            Exchanges Act No. 9 of 1933;

 

		(h)	Financial
                                            Surveillance Department means the Financial Surveillance Department of the South African
                                            Reserve Bank;

 

		(i)	Governmental
                                            Entity means any national, state, municipal or local government (including any subdivision,
                                            court, administrative agency or commission or other authority thereof), or any governmental
                                            department, or any agency, regulator, court, entity, commission, board, ministry, bureau,
                                            locality or authority of any of the foregoing, or any quasi-governmental or private body
                                            exercising any binding regulatory or other governmental or quasi-governmental authority or
                                            function in South Africa;

 

		(j)	Group
                                            means KP, KTSA and any company in which KTSA (a) owns directly or indirectly a majority
                                            of the issued share capital and/or (b) holds directly or indirectly a majority of the
                                            voting rights is
                                            entitled to receive the majority of any distribution (d) is entitled to receive the
                                            majority of its assets on a winding up and/or (e) any holding company which directly
                                            or indirectly Controls KTSA;

 

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		(k)	Interest
                                            Rate means Libor, or if Libor (i) ceases to exist; (ii) is discontinued or
                                            ceases to be published, permanently or indefinitely; or (iii) will be prohibited from
                                            being used or its use will be subject to restrictions or adverse consequences, then the applicable
                                            interest for the purposes of clause 7.9(a) shall be a Successor Rate failing which,
                                            an Alternative Rate.

 

		(l)	KP
                                            Board means the board of directors of KP;

 

		(m)	KP
                                            Technical Appointee has the meaning set out in clause 10.1;

 

		(n)	KellTech
                                            Licence has the meaning set out in the recitals (as modified, novated, amended or supplemented
                                            from time to time);

 

		(o)	KellTech
                                            Shareholders Agreement means the written shareholders agreement entered into between
                                            Lifezone, SPM, Orkid, KellTech and Liddell (as modified, novated, amended or supplemented from
                                            time to time);

 

		(p)	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;

 

		(q)	KTSA
                                            License has the meaning set out in the recitals (as modified, novated, amended or supplemented
                                            from time to time);

 

		(r)	Law
                                            means any applicable law (including all statutes and subordinated legislation or other
                                            legislative measure), constitution, treaty, regulation, rule, ordinance, by-laws, principle
                                            of common law, order or decree of any Governmental Entity (including any judicial or administrative
                                            interpretation thereof) in force from time to time;

  

		(s)	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 US dollars for
                                            three months 

 

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displayed on pages LIBOR01 or LIBOR02 of the Reuters screen (or any replacement
                                            Reuters page which displays that rate);

 

		(t)	Licensed
                                            Territory has the meaning ascribed thereto in the KTSA Licence (as modified, novated,
                                            amended or supplemented from time to time);

 

		(u)	Lifezone
                                            Appointee has the meaning set out in clause 4.1;

 

		(v)	Lifezone
                                            Expenses has the meaning set out in clause 7.8;

 

		(w)	Orkid
                                            means Orkid S.à r.l., Registration No. B 167 777, a limited liability private
                                            company duly incorporated in Luxembourg;

 

		(x)	Parties
                                            means KP and Lifezone and “Party” means any one of them as the context requires;

 

		(y)	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;

 

		(z)	PPM
                                            Kell Plant Site means the site outlined in orange in the diagram attached as Schedule
                                            1 ;

 

		(aa)	Project
                                            Documents means any agreements and documents in relation to the design, engineering,
                                            construction, commissioning, development and/or operation of the PPM Kell Plant, including
                                            all documents, drawings and sketches, maps, plans, photographs, specifications, calculations,
                                            reports, computer software,

 

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 databases, manuals, as built documents, models, three-dimensional
                                            works pertaining to geography or topography or other architectural works, technical and design
                                            documents and any other copyright works prepared for the benefit of KP pursuant to this Agreement;

 

		(bb)	Reasonable
                                            and Prudent Standards means the standards of a person using reasonable efforts to perform
                                            its obligations under this Agreement exercising the degree of skill, diligence, prudence
                                            and foresight that would reasonably and ordinarily be expected from a skilled and experienced
                                            professional complying with all applicable Laws;

 

		(cc)	Relevant
                                            Nominating Body means:

 

		(i)	the
                                            New York Federal Reserve, or any central bank or other supervisory authority which is responsible
                                            for supervising the administrator of Libor; or

 

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

 

		(dd)	SADC
                                            means the Southern African Development Community excluding Mauritius, comprising Angola,
                                            Botswana, the Democratic Republic of Congo, Lesotho, Malawi,

  

Madagascar,
Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia and Zimbabwe;

 

		(ee)	Services
                                            Fee has the meaning set out in clause 7.1;

 

		(ff)	Services
                                            means the technical support services to be provided by Lifezone to KP in relation to
                                            the design, construction and commissioning of the PPM Kell Plant, including, without limitation:

 

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		(i)	scoping
                                            of the detailed design requirements and negotiation of proposals from contractors and suppliers
                                            to KP;

 

		(ii)	scoping,
                                            management and reporting of proposed design test work;

 

		(iii)	contributing
                                            to the detailed design of the PPM Kell Plant, evaluation of flowsheet/s, testwork and process
                                            simulation data to enable freezing of flowsheet/s for construction;

 

		(iv)	preparation,
                                            management and monthly reporting of budgets and schedule (actual against planned);

 

		(v)	general
                                            project management, including ongoing liaison meetings, updates, scheduling and coordination;

 

		(vi)	revision
                                            and co-approval with KP of all deliverables including basis of design documents, detailed
                                            drawings, vendor data and drawings;

 

		(vii)	revision
                                            and co-approval with KP of design, layout and equipment inclusions across plant areas to
                                            reduce operating complexity;

 

		(viii)	revision
                                            and co-approval with KP of scope segmentation and definition to enable development and delivery
                                            of the detailed design;

 

		(ix)	revision
                                            and co-approval with KP of scope segmentation and definition to enable early and stagewise
                                            procurement;

 

		(x)	co-approval
                                            with KP of recommended long lead purchase items;

 

		(xi)	co-approval
                                            with KP of recommended purchase items including long lead purchase items;

 

		(xii)	monitoring
                                            and co-approval with KP of scope change register;

 

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		(xiii)	review
                                            and co-approval with KP of recommended fabrication and construction contracts;

 

		(xiv)	assisting
                                            KP with preparation of materials and facilitating environmental, research and development,
                                            and other tax incentive applications;

 

		(xv)	liaison
                                            with KP and PPM staff for integration of the PPM Kell Plant into the PPM Kell Plant Site;

 

		(xvi)	providing
                                            expertise and assistance to KP, to facilitate KP’s negotiation of feed purchase and
                                            product offtake agreements;

 

		(xvii)	development
                                            and updating of project financial models;

 

		(xviii)	providing
                                            expertise and assistance to KP, to facilitate negotiation of project funding;

  

		(xix)	assisting
                                            KP with negotiation of Special Economic Zone (as such term is defined in the Special Economic
                                            Zone Act, 16 of 2014);

 

		(xx)	maintenance
                                            of project data room and assisting KP and/or SPM with due diligence as required;

 

		(xxi)	media
                                            and stakeholder liaison including preparation of materials;

 

		(xxii)	assisting
                                            with preparation of hazard and operability study procedures and documentation;

 

		(xxiii)	assisting
                                            with preparation of policies and procedures;

 

		(xxiv)	assisting
                                            with preparation of staffing requirements and training procedures;

 

		(xxv)	assisting
                                            with preparation of marketing materials and their dissemination;

 

		(xxvi)	assisting
                                            with preparation of reporting documents to the boards of the KP Group;

 

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		(xxvii)	assisting
                                            with preparation of commissioning policies and procedures; and

 

		(xxviii)	show
                                            and/or illustrate how the Intellectual Property is to be applied and/or implemented and provide
                                            training to KP to the extent reasonably required in order to enable independent commercial
                                            operation and maintenance of the PPM Kell Plant by KP;

 

		(gg)	Signature
                                            Date means the date on which this Agreement is signed by the last Party signing this
                                            Agreement;

 

		(hh)	South
                                            Africa means the Republic of South Africa;

 

		(ii)	SPM
                                            means Sedibelo Platinum Mines Limited, registration number 5440, a company incorporated
                                            in Guernsey having its registered address at 11 New Street, St Peter Port, Guernsey, GY1
                                            2PF;

 

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

 

		(kk)	Taxes
                                            includes all forms of taxation actually imposed, collected or assessed by, or payable
                                            to, any tax authority having jurisdiction over one / both of the Parties (regardless of whether
                                            such tax is directly or primarily chargeable against or attributable to a Party, and regardless
                                            of whether any Party has, or may have any right of reimbursement) and shall include statutory
                                            and governmental taxes, charges, imposts, duty, contributions and levies, withholdings and
                                            deductions, whenever imposed and all related penalties, charges, costs and interest whether
                                            by way of assessment or otherwise, and “Tax” and “Taxation” shall
                                            have a corresponding meaning;

 

		(ll)	VAT
                                            means value added tax levied from time to time in terms of the VAT Act; and

 

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		(mm)	VAT
                                            Act means the Value Added Tax Act No. 89 of 1991.

 

		1.3	Clause,
                                            schedule and paragraph headings are for reference purposes and convenience only and shall
                                            not affect the interpretation of this Agreement.

  

		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	A
                                            person includes a natural person, corporate or unincorporated body (whether or not having
                                            separate legal personality).

 

		1.6	The
                                            schedules form part of this Agreement and shall have effect as if set out in full in the
                                            body of this Agreement. Any reference to this Agreement includes the schedules.

 

		1.7	Terms
                                            defined in this Agreement shall bear the same meanings in schedules to this Agreement to
                                            the extent to which they do not themselves contain their own definitions.

 

		1.8	Words
                                            in the singular shall include the plural and vice versa.

 

		1.9	The
                                            rule of construction that a contract should be interpreted against the Party responsible
                                            for drafting or preparation of the contract, shall not apply to this Agreement. A reference
                                            to writing or written includes faxes but not e-mail.

 

		1.10	Where
                                            the words include(s), including or in particular are used in this Agreement, they are deemed
                                            to have the words without limitation following them. Where the context permits, the words
                                            other and otherwise are illustrative and shall not limit the sense of the words preceding
                                            them.

 

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		1.11	Any
                                            obligation in this Agreement on a person not to do something includes an obligation not to
                                            agree, allow, permit or acquiesce in that thing being done.

 

		1.12	References
                                            to clauses and schedules are to the clauses and schedules of this Agreement.

 

		1.13	Any
                                            reference in this Agreement to any other agreement or document shall be construed as reference
                                            to such agreement or document as same may have been, or may from time to time be, amended,
                                            varied, novated or supplemented.

 

		2.	Commencement
                                            and duration

 

		2.1	Lifezone
                                            shall provide the Services to KP on the terms and conditions of this Agreement from the Effective
                                            Date.

 

		2.2	Lifezone
                                            shall provide the Services for a period commencing on the Effective Date and terminating
                                            on the Commercial Production Date, subject to the provisions of clause 10, or is terminated
                                            in accordance with clause 13.

 

		3.	Lifezone’s
                                            obligations

 

		3.1	Lifezone
                                            shall:

 

		(a)	provide
                                            and complete the Services to KP:

 

		(i)	in
                                            accordance with this Agreement;

 

		(ii)	in
                                            accordance with Project Documents insofar as they pertain to the Services;

 

		(b)	in
                                            performing its obligations under this Agreement, not do anything or fail to do something
                                            which causes any member of the Group to be in breach of its obligations under the Project
                                            Documents or which impedes, hinders or disrupts any member of the Group’s performance
                                            of its obligations under the Project Documents;

  

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		(c)	obtain
                                            and maintain all necessary licences and consents and comply with all relevant Laws in relation
                                            to the Services;

 

		(d)	observe
                                            all health and safety rules and regulations and any other reasonable security requirements
                                            that apply at any of the KP and PPM premises and that have been communicated to it under
                                            clause 3.1(e) provided that it shall not be liable under this Agreement if, as a result
                                            of such observation, it is in breach of any of its obligations under this Agreement;

 

		(e)	notify
                                            KP in writing as soon as it becomes aware of any health and safety hazards or issues which
                                            arise: (i) in relation to the Services; and/or (ii) at any premises of KP or PPM;

 

		(f)	co-operate
                                            with KP in all matters relating to the Services; and

 

		(g)	generally,
                                            do all such things necessary and incidental to the provision of the Services as may be required
                                            by KP, acting reasonably; and

 

		(h)	co-operate
                                            with KP in order to enable KP to fully discharge KP’s obligations in terms of Tax and
                                            Exchange Control Regulations (if applicable) connected to or arising from this Agreement.

 

		3.2	Lifezone
                                            must ensure that:

 

		(a)	any
                                            documents to be prepared by Lifezone and submitted to KP under this Agreement are in a format
                                            approved by KP, acting reasonably; and

 

		(b)	that
                                            the Lifezone Appointees are familiar with and comply with any KP’s reasonable directions,
                                            procedures and policies that are provided by KP to Lifezone.

 

		3.3	Lifezone
                                            is and remains fully responsible for the suitability and safety of the equipment used by
                                            all the Lifezone Appointees from time to time, whether within or outside KP’s premises.

 

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		4.	Provision
                                            of the Services

 

		4.1	The
                                            Services will specifically be provided to KP and will be provided by suitably qualified,
                                            skilled and experienced directors, employees and consultants nominated by Lifezone and approved
                                            in writing by KP acting reasonably (each a Lifezone Appointee). The Lifezone Appointees will
                                            be:

 

		(a)	Keith Liddell;

 

		(b)	[***];

 

		(c)	[***];

 

		(d)	[***];

 

		(e)	[***];
                                            and

 

		(f)	any
                                            other suitably qualified, skilled and experienced employees and consultants nominated by
                                            Lifezone and approved in writing by KP acting reasonably (each a “Lifezone Consultant”).

 

		4.2	The
                                            named Lifezone Appointees in (a) to (e) above are deemed to be approved by KP as
                                            at the Effective Date.

 

		4.3	Lifezone
                                            will procure that Keith Liddell and [***] will remain Lifezone Appointees until such time as:

                                                                                 

                                                                                (a) KP
                                            notifies Lifezone, in writing, that either and/or both of them are no longer required to
                                            be a
Lifezone Appointee (which notification KP shall be entitled to furnish at any time); or (b) this Agreement is terminated.

   

		4.4	In
                                            relation to the Lifezone Appointees, Lifezone shall promptly inform KP of the absence (or
                                            the anticipated absence) of any of the Lifezone Appointees, and if so required by KP, provide
                                            a suitably qualified replacement for such individual.

 

		4.5	For
                                            the duration of the term of this Agreement, Lifezone shall:

 

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		(a)	ensure
                                            that Keith Liddell and [***] are reasonably available during normal South African business hours through,
                                            in particular, having a telephone and/or cellular telephone and maintaining continued accessibility
                                            to the internet and email for this purpose;

 

		(b)	immediately
                                            notify KP by way of telephone and/or email should any material circumstances arise, including
                                            any delays, in respect of or in connection with the rendering by it or any third party supplier
                                            of the Services and to work expeditiously with KP to resolve any such issues as may arise
                                            from time to time.

 

		4.6	In
                                            respect of Services which are to be co-approved by KP, notwithstanding that KP will co-approve
                                            such Services, Lifezone shall ultimately remain responsible for such Services.

 

		5.	KP’s
                                            obligations

 

		5.1	KP
                                            shall:

 

		(a)	co-operate
                                            with Lifezone in all matters relating to the Services and do such things as may be reasonably
                                            necessary to enable Lifezone to deliver the Services;

 

		(b)	to
                                            the extent that Lifezone has not been involved in the preparation and execution of any of
                                            the Project Documents, provide Lifezone with a copy of any such Project Documents upon execution
                                            thereof as soon as is reasonably practicable;

 

		(c)	provide
                                            Lifezone, its agents, subcontractors, consultants and employees, in a timely manner and at
                                            no charge, reasonable access to KP’s premises, the PPM Kell Plant Site, office accommodation,
                                            data and other facilities to the extent necessary for the performance of Services, provided
                                            that KP reserves the right to (acting reasonably) refuse any Lifezone Appointee access to
                                            KP’s premises at any time;

 

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		(d)	provide,
                                            in a timely manner, such information as Lifezone may reasonably require for the provision
                                            of the Services;

 

		(e)	obtain
                                            and maintain all necessary licences and consents and comply with all relevant legislation
                                            in relation to its operations;

 

		(f)	be
                                            responsible (at its own cost) for preparing and maintaining the relevant premises for the
                                            supply of the Services, including identifying, monitoring, removing and disposing of any
                                            hazardous materials from any of its premises in accordance with all applicable laws, before
                                            and during the supply of the Services at those premises;

 

		(g)	inform
                                            Lifezone of all health and safety rules and regulations and any other reasonable security
                                            requirements that apply at any of KP’s premises, the PPM Kell Plant Site and the PPM
                                            premises;

 

		(h)	ensure
                                            that all equipment, systems or facilities of KP and the PPM Kell Plant Site and used directly
                                            or indirectly in the supply of the Services are in good working order and suitable for the
                                            purposes for which it is used in relation to the Services and conforms to all applicable
                                            standards and requirements in South Africa; and

 

		(i)	make
                                            payment against Lifezone’s invoices for the Services Fee in accordance with clauses
                                            7.5, 7.6 and 7.7, and Lifezone Expenses in accordance with clause 7.8.

 

		5.2	If
                                            Lifezone’s performance of its obligations under this Agreement is prevented or delayed
                                            by any act or omission of KP, its agents, subcontractors, consultants, employees or PPM,
                                            Lifezone shall not be liable for any costs, charges or losses sustained or incurred by KP
                                            that arise directly or indirectly from such prevention or delay, provided that Lifezone shall
                                            only be relieved from performing and/or delaying its obligations under this Agreement to
                                            the extent that the aforesaid act or omission restricts or precludes the performance of the
                                            Services and

 

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 Lifezone has, promptly after the actual or potential non-compliance has come
                                            to its attention, notified KP thereof in writing.

 

		6.	Regulatory
                                            Approval

 

		6.1	Notwithstanding
                                            anything to the contrary, the Parties record and agree that no Service Fee shall become due
                                            and payable until such time as the approval required in terms of the Exchange Control Regulations
                                            for the payment and remittance of the relevant Service Fee by KP to Lifezone (“Exchange
                                            Control Approval”) has been obtained from the Financial Surveillance Department.

 

		6.2	KP
                                            and Lifezone will use their reasonable endeavours to procure that the filing for the first
                                            Exchange Control Approval is submitted to the Financial Surveillance Department as reasonably
                                            practicable after the Signature Date, and thereafter by no later than 90 (ninety) calendar
                                            days prior to each anniversary of the Effective Date for each subsequent Exchange Control
                                            Approval required.

 

		6.3	Pursuant
                                            the provisions if 6.2 above, each of KP and Lifezone will:

 

		(a)	sign
                                            all documents and expeditiously provide all necessary information upon being required to
                                            do so;

 

		(b)	use
                                            its reasonable endeavours and shall take all such steps and render all such assistance as
                                            may be reasonably necessary from a process point of view; and

 

		(c)	do
                                            everything reasonably required by the Financial Surveillance Department from a process point
                                            of view,

 

in
each case, to procure that the filing of the Exchange Control Approval with the Financial Surveillance Department is properly prepared
and duly

 

    16

     

    

  

submitted within the time period specified in clause 6.2 and the Exchange Control Approval is obtained.

 

		7.	Charges
                                            and payment

 

		7.1	In
                                            consideration for the provision of the Services by Lifezone, KP shall, with retrospective
                                            effect from the Effective Date, pay Lifezone a fixed fee of US$[***] per calendar month (exclusive
                                            of VAT, if applicable, provided that if VAT is applicable and Lifezone is registered as a
                                            VAT vendor, then all invoices issued by Lifezone must be a valid tax invoice as set out in
                                            section 20 of the VAT Act) (“Services Fee”) in respect of the Services
                                            rendered by Lifezone contemplated in clause 4.1.

 

		7.2	Subject
                                            to clause 4, it is recorded and agreed that the Services Fee is based on the Lifezone Appointees
                                            listed in the first column of the table in Schedule 2 spending no more than the percentage
                                            of allocated time opposite their name in rendering the Services. To the extent that Lifezone
                                            reasonably believes that:

 

		(a)	an
                                            additional Lifezone Appointee will be required to provide the Services;

  

		(b)	a
                                            Lifezone Appointee listed in the first column of the table in Schedule 2 is no longer required
                                            to provide the Services;

 

		(c)	a
                                            Lifezone Appointee listed in the first column of the table in Schedule 2 will be required
                                            to spend more than the percentage of allocated time in rendering the Services; and/or

 

		(d)	a
                                            Lifezone Appointee listed in the first column of the table in Schedule 2 will be required
                                            to spend less than the percentage of allocated time in rendering the Services,

 

Lifezone
undertakes to promptly notify KP thereof and provide KP with an updated Schedule 2 reflecting any additional or removed Lifezone Appointee/s
(as the case may be) and the updated percentage of allocated time to be spent by each Lifezone Appointee in rendering the

 

    17

     

    

  

Services, following
which the Parties shall negotiate in good faith to agree in writing any increase or decrease (as the case may be) in the Service Fee.

 

		7.3	Without
                                            derogating from the aforegoing, in the event that the employment of any Lifezone Appointee
                                            is transferred to KP, the Services Fees shall be reduced accordingly.

 

		7.4	On
                                            each anniversary of the Effective Date, the Services Fee shall be increased at [***]% per
                                            annum.

 

		7.5	At
                                            the end of each calendar quarter, Lifezone shall provide to KP three separate invoices for
                                            each calendar month in the following quarter specifying the Services Fee for each such calendar
                                            month and any accrued Lifezone Expenses for each calendar month in the prior quarter. KP
                                            shall pay the Services Fee monthly in advance on the first business day of each calendar
                                            month.

 

		7.6	The
                                            accrued but unpaid Services Fee for the period 1 January 2021 to date of execution will
                                            become due and payable within 5 days of the later date on which (i) this Agreement is
                                            executed; and (ii) the Exchange Control Approval is obtained from the Financial Surveillance
                                            Department as relates to such Service Fees.

 

		7.7	The
                                            Services Fee and Lifezone Expenses shall be paid in full in US$ in cleared funds (without
                                            deduction or set-off) to the bank account detailed below or as otherwise nominated in writing
                                            by Lifezone:

 

	 	Bank	[***]
	 	Swift
    Code:	[***]
	 	In
    favour of:	Lifezone
    Limited
	 	IBAN
    Number:	[***]
	 	Correspondent
    bank for US$:	[***]

 

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	 	Correspondent
    bank’s address:	[***]
	 	Correspondent
    bank’s swift code:	[***]
	 	Correspondent
    bank’s Sort code:	[***]
	 	[***]
    account number with the correspondent bank:	[***]

 

		7.8	KP
                                            shall promptly reimburse Lifezone in respect of the reasonable costs (excluding VAT which
                                            Lifezone may be entitled to recover) of hotel, subsistence, travelling, communications and
                                            any other reasonable ancillary expenses reasonably incurred by any Lifezone Appointee or
                                            any other individual whom Lifezone engages in connection with the Services, the cost of any
                                            materials and the cost of services reasonably and properly provided by third parties and
                                            required by Lifezone for the supply of the Services (“Lifezone Expenses”),
                                            provided that Lifezone has either obtained the prior written approval of KP or such Lifezone
                                            Expenses which have been approved by the KP Board or in terms of any applicable KP budget
                                            specifically in respect of such Lifezone Expenses. For the avoidance of doubt, Lifezone shall
                                            not be entitled to recover the cost of appointing any consultant or sub-contractor to perform
                                            any part of the Services on its behalf.

 

		7.9	Without
                                            prejudice to any other right or remedy that it may have, if KP fails to pay Lifezone the
                                            Services Fee on the date upon which the Services Fee is due, owing and payable by KP to Lifezone,
                                            Lifezone may:

 

		(a)	charge
                                            interest on such sum from the due date for payment at the Interest Rate (applicable during
                                            the relevant quarter in which payment of such due sum is outstanding) plus a margin of 3%
                                            accruing on a daily basis until payment is made, whether before or after any judgement, and
                                            KP shall pay the interest immediately on demand. The said interest shall be compounded quarterly.
                                            The 

 

    19

     

    

 

	 	 	Interest
    Rate will be calculated on a basis of a 360 day year for actual days lapsed; and

 

		(b)	suspend
                                            all Services until payment has been made in full.

 

		7.10	All
                                            sums accrued but not yet payable to Lifezone under this Agreement shall become due immediately
                                            on its termination, despite any other provision. This clause 7.10 is without prejudice to
                                            any right to claim for interest under the law or any such right under this Agreement.

 

		8.	Quality
                                            of services

 

		8.1	Lifezone
                                            hereby warrants as at the Signature Date and the Effective Date and covenants to KP for the
                                            entire duration of this Agreement that:

 

		(a)	it
                                            has the expert skill and knowledge to provide the Services;

 

		(b)	it
                                            will perform the Services in accordance with Reasonable and Prudent Standards;

 

		(c)	the
                                            Services will conform with all descriptions and specifications reasonably required by KP;
                                            and

 

		(d)	the
                                            Services will be provided in accordance with all applicable Laws, from time to time in force,
                                            and Lifezone will inform KP as soon it becomes aware of any changes in any such Law and/or
                                            any breach by it of such Law.

 

		8.2	Lifezone
                                            hereby warrants as at the Signature Date and the Effective Date that:

 

		(a)	it
                                            is not aware (having made all reasonable enquiries) of any fact, matter or circumstance which
                                            may hinder it from performing the Services; and

 

		(b)	it
                                            is not aware (having made all reasonable enquiries) of any fact, matter or circumstance which
                                            is likely to result in it not being able to maintain the consents, licences, permits, registrations,

 

    20

     

    

 

approvals
and other authorities required by Lifezone in order to provide the Services after the Effective Date.

 

		8.3	Lifezone
                                            covenants to KP for the entire duration of this Agreement that:

 

		(a)	it
                                            will inform KP should it become aware of any fact, matter or circumstance:

 

		(i)	which
                                            may hinder it or any Lifezone Appointee from performing the Services; and/or

 

		(ii)	relating
                                            to any breach by any Lifezone Appointee of any term of this Agreement;

 

		(b)	it
                                            will inform KP should it become aware of any fact, matter or circumstance which is likely
                                            to result in it not being able to maintain the consents, licences, permits, registrations,
                                            approvals and other authorities required by: (i) Lifezone in order to provide the Services;
                                            and/or (ii) the operations of KP;

 

		(c)	it
                                            will forthwith disclose to KP all facts and circumstances within its knowledge which would
                                            reasonably be likely to be material to: (i) KP in relation to the appointment of Lifezone
                                            and/or any Lifezone Appointee to perform the Services; and

 

		(d)	it
                                            will provide the Services and to this end shall use its reasonable endeavours:

 

		(i)	to
                                            procure that each Lifezone Appointee acts with integrity and exercises all reasonable skill,
                                            care and diligence in providing the Services;

 

		(ii)	to
                                            protect and promote the business and interests of KP.

 

		8.4	The
                                            provisions of this clause 8 shall survive any performance, acceptance or payment pursuant
                                            to this Agreement and shall extend to any substituted or remedial Services provided by Lifezone.

 

    21

     

    

 

		9.	Confidentiality

 

The
provisions of clause 23 (Confidentiality) of the KellTech Licence will apply to this Agreement, with such changes as are required by
the context.

 

		10.	Application
                                            and Training

 

		10.1	It
                                            is hereby agreed:

 

		(a)	KP
                                            will appoint or nominate one or more suitably technically qualified, skilled and experienced
                                            directors, employees and/or consultants (each a “KP Technical Appointee”)
                                            to be its representative in respect of the Services provided for in this clause 10. KP will
                                            inform Lifezone in writing of the identity of each KP Technical Appointee;

 

		(b)	Lifezone
                                            will show and illustrate to KP and the KP Technical Appointee/s, the application, implementation
                                            and use of the Intellectual Property, inter alia, in respect of the operation and
                                            maintenance of the PPM Kell Plant to the extent reasonably required by KP, and which will
                                            be accompanied by the provision of all documentation, materials and information (in whatever
                                            form) to KP, with such provision occurring in terms of the KTSA License to enable KP to apply,
                                            implement and use the Intellectual Property; and

 

		(c)	KP
                                            will have the right, to be exercised reasonably, to request that Lifezone provide training
                                            to the KP Technical Appointee/s relating to a topic specified by KP, in order to enable KP
                                            and the KP Technical Appointee/s to effectively operate and/or maintain the PPM Kell Plant.

 

		10.2	KP
                                            will have the right to request from Lifezone, for a period of up to 24 months after the Commercial
                                            Product Date, any further assistance which may reasonably be required to enable KP to effectively
                                            operate 

 

    22

     

    

 

and/or
maintain the PPM Kell Plant and use the Kelltechnology. Lifezone will, subject to being paid hourly rates consistent with the terms of
this Agreement, provide the requested documentation, materials and/or information to KP.

 

		11.	Limitation
                                            of liability

 

		11.1	The
                                            maximum aggregate liability of Lifezone with respect to any and all claims under this Agreement
                                            in any consecutive twelve month period, whether in contract, delict (including negligence),
                                            for breach of statutory duty, or otherwise, shall be limited in respect of all claims (connected
                                            or unconnected) in any such consecutive twelve month period, to the equivalent of the total
                                            Service Fees actually paid by KP to Lifezone in the preceding twelve months, provided that
                                            the maximum aggregate liability of Lifezone with respect to any and all claims under this
                                            Agreement shall be limited to the aggregate of Service Fees paid by KP to Lifezone in the
                                            first 12 months of this Agreement or the period from the Effective date to Termination whichever
                                            is the lesser time.

 

		11.2	This
                                            Clause 11 shall not limit liability of Lifezone in any case of corrupt acts, fraud, deliberate
                                            default or reckless misconduct by it or any of the Lifezone Appointees.

 

		12.	Insurance

 

		12.1	KP
                                            will be responsible for obtaining and maintaining appropriate insurance policies in relation
                                            to the PPM Kell Plant and the PPM Kell Plant Site.

 

		12.2	If
                                            as a matter of law KP cannot obtain the relevant insurance in its own name or if Lifezone
                                            is, as a matter of Law or as agreed to between the Parties, required to take out and maintain
                                            any insurance policies in relation to the performance of the Services, then:

 

    23

     

    

 

		(a)	Lifezone
                                            shall, upon reaching agreement with KP, obtain and maintain such insurance policies in a
                                            form acceptable to KP;

 

		(b)	Lifezone
                                            shall ensure that such insurance policy is obtained with a reputable insurer with a level
                                            of cover and on such terms as are consistent with Reasonable and Prudent Standards for the
                                            duration of this Agreement;

 

		(c)	Lifezone
                                            undertakes to provide KP with evidence of the procurement of such insurance cover; and

 

		(d)	KP
                                            undertakes to reimburse Lifezone for any costs and premiums incurred and paid by Lifezone
                                            in relation to the procurement and maintenance of any such insurance policy.

 

		13.	Termination

 

		13.1	If
                                            there is any decision to delay or abort the development of the PPM Kell Plant the Parties
                                            will negotiate in good faith to modify this Agreement. Should the Parties fail to reach agreement
                                            on the modifications to be made as a result of the decision to delay or abort within 30 days,
                                            without prejudice to any other rights or remedies which the Parties may have, KP shall be
                                            entitled to terminate the KP Services by giving 60 days written notice to Lifezone.

 

		13.2	Without
                                            affecting any other right or remedy available to it, KP shall be entitled to terminate this
                                            Agreement following the second anniversary of the Effective Date, by giving not less than
                                            90 days’ written notice to Lifezone.

 

		13.3	Notwithstanding
                                            clause 13.1 and 13.2 and without prejudice to any other rights or remedies which the Parties
                                            may have, either Party may terminate this Agreement without liability to the other immediately
                                            on giving notice to the other if:

 

		(a)	the
                                            KTSA Licence is terminated for any reason;

 

    24

     

    

 

		(b)	the
                                            other Party fails to pay any amount due under this Agreement on the due date for payment
                                            and remains in default not less than 14 days after being notified in writing to make such
                                            payment other than in instances where there is a bona fide dispute between the Parties as
                                            to whether the Party claiming payment has discharged its reciprocal obligations pursuant
                                            to which such payment is to be made and the other Party withholds payment of fees relevant
                                            to such dispute pending the resolution of such dispute; or

 

		(c)	the
                                            other Party commits a material breach of any of the material terms of this Agreement and
                                            (if such a breach is remediable) fails to remedy that breach within 30 days of that Party
                                            being notified in writing of the breach; or

 

		(d)	Keith Liddell
                                                                                                                                                                                                                                    and/or Lifezone commits a material breach of any of the material terms of the Deed of Undertaking and (if such a breach is
                                                                                                                                                                                                                                    remediable) fails to remedy that breach within 30 days (or such later period as KP may elect in its sole discretion) of being
                                                                                                                                                                                                                                    notified in writing of the breach; or

 

		(e)	the
                                            other Party suspends, or threatens to suspend, payment of its debts, is unable to pay its
                                            debts as they fall due, admits inability to pay its debts; or

 

		(f)	the
                                            other Party commences negotiations with all, or any class of, its creditors with a view to
                                            rescheduling any of its debts, or makes a proposal for, or enters into any compromise or
                                            arrangement with, its creditors other than for the sole purpose of a scheme for a solvent
                                            amalgamation of that Party with one or more other companies, or the solvent reconstruction
                                            of that Party; or

 

		(g)	an
                                            order is made, for or in connection with the winding up of the other Party other than for
                                            the sole purpose of a scheme for a solvent amalgamation of that Party with one or more other
                                            companies, or the solvent reconstruction of that Party; or

 

    25

     

    

 

		(h)	an
                                            administrator is appointed over the other Party; or

 

		(i)	a
                                            floating charge holder over the material assets of the other Party has appointed an administrative
                                            receiver; or

 

		(j)	a
                                            receiver is appointed over the material assets of the other Party; or

 

		(k)	any
                                            event occurs with respect to the other Party in any jurisdiction to which it is subject that
                                            has an effect equivalent or similar to any of the events mentioned in clause 13.3(f) to
                                            13.3(j) inclusive; or

 

		(l)	the
                                            other Party suspends or ceases to carry on all or a substantial part of its business.

 

		13.4	Without
                                            prejudice to any other rights or remedies which KP may have, KP may terminate this Agreement
                                            without liability to Lifezone immediately on giving notice to Lifezone if Lifezone ceases
                                            to own shares in KellTech.

 

		13.5	On
                                            termination of this Agreement for any reason:

 

		(a)	KP
                                            shall immediately pay to Lifezone all amounts due, owing and payable under this Agreement;

 

		(b)	the
                                            accrued rights, remedies, obligations and liabilities of the Parties as at term ination shall
                                            not be affected, including the right to claim damages in respect of any breach of the Agreement
                                            which existed at or before the date of termination; and

 

		(c)	clauses
                                            which expressly or by implication have effect after termination shall continue in full force
                                            and effect, including the following clauses: clause 8 (Quality of services), clause 9 (Confidentiality),
                                            clause 10 (Application and Training), clause 11 (Limitation of liability), clause 13.5, clause
                                            17 (Notices), clause 18 (Dispute resolution), and clause 19 (Governing law and jurisdiction).

 

    26

     

    

 

		14.	Force
                                            majeure

 

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

 

		(a)	that
                                            the failure was due to an impediment beyond its control and without the fault, negligence
                                            or breach of contract;

 

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

 

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

 

		14.2	An
                                            impediment in clause 14.1 may result from events such as the following, this enumeration
                                            not being exhaustive:

 

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

 

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

 

		(c)	explosions,
                                            fire, destruction of machines, of factories and of any kind of installations;

 

		(d)	boycotts,
                                            strikes and lock-outs of all kinds, go-slow, occupation of factories and premises, and work
                                            stoppages;

 

		(e)	acts
                                            of authority, whether lawful or unlawful, apart from acts for which the Party seeking relief
                                            has assumed the risk by virtue of any other provisions of this Agreement; and apart from
                                            the matters mentioned in clause 14.3.

 

		14.3	For
                                            the purposes of clause 14.1 “impediment” does not include lack of authorisations,
                                            of licenses, or permits or of approvals necessary for the performance of the Services.

 

    27

     

    

 

		14.4	Relief
                                            from liability for non-performance by reason of the provisions of clause 14 shall commence
                                            on the date upon which the Party seeking relief gives notice of the impediment relied upon
                                            and shall terminate upon the date upon which such impediment ceases to exist; provided that
                                            if such impediment continues for a period of more than 6 (six) months either Party shall
                                            be entitled to terminate this Agreement by written notice to the other Party. For the avoidance
                                            of doubt, if Lifezone is prevented from performing the Services as a consequence of an impediment
                                            which satisfies the requirements of clause 14.1, KP shall not be required to pay the Services
                                            Fee in respect of any period during which Lifezone is prevented from performing the Services
                                            as a result of that impediment. The impediment, however, shall not apply to KP’s obligations
                                            to pay Lifezone any monies due and/or owing in terms of the Agreement.

 

		14.5	The
                                            Party seeking relief shall:

 

		(a)	as
                                            soon as reasonably practicable after the start of the impediment but no later than 7 days
                                            from its start, notify the other party in writing of the impediment, the date on which it
                                            started, it’s likely or potential duration, and the effect of the impediment on its
                                            ability to perform any of its obligations under the Agreement; and

 

		(b)	use
                                            all reasonable endeavours and take all reasonable steps to terminate the circumstances giving
                                            rise to the impediment and minimise the effect of such circumstances upon the performance
                                            of its obligations under this Agreement (to the extent that it is within its reasonable powers
                                            to do so).

 

		14.6	Notwithstanding
                                            any other provision of this clause 14, the occurrence of an impediment shall not relieve
                                            a Party from an obligation which arose before the occurrence of that impediment.

 

    28

     

    

 

		15.	General

 

		15.1	No
                                            variation of this Agreement shall be valid unless it is in writing and signed by or on behalf
                                            of each of the Parties.

 

		15.2	A
                                            waiver of any right or remedy under this Agreement is only effective if given in writing
                                            and shall not be deemed a waiver of any subsequent breach or default. A failure or delay
                                            by a Party to exercise any right or remedy provided under this Agreement or by law shall
                                            not constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict
                                            any further exercise of that or any other right or remedy. No single or partial exercise
                                            of any right or remedy provided under this Agreement or by law shall preclude or restrict
                                            the further exercise of any such right or remedy.

 

		15.3	If
                                            any court or competent authority finds that any provision of this Agreement (or part of any
                                            provision) is invalid, illegal or unenforceable, that provision or part-provision shall,
                                            to the extent required, be deemed to be deleted, and the validity and enforceability of the
                                            other provisions of this Agreement shall not be affected.

 

		15.4	This
                                            Agreement constitutes the entire agreement between the Parties in relation to its subject
                                            matter and supersedes and extinguishes all previous drafts, arrangements, understandings
                                            or agreements between them, whether written or oral, relating to the subject matter of this
                                            Agreement.

 

		15.5	Each
                                            Party acknowledges that, in entering into this Agreement, it does not rely on, and shall
                                            have no remedies in respect of, any representation or warranty (whether made innocently or
                                            negligently) that is not set out in this Agreement. Each Party agrees that its only liability
                                            in respect of those representations and warranties that are set out in this Agreement (whether
                                            made innocently or negligently) shall be for breach of contract.

 

		15.6	Nothing
                                            in this Agreement shall limit or exclude any liability for fraud.

 

    29

     

    

 

		15.7	Neither
                                            Party shall, without the prior written consent of the other, assign, transfer, charge, mortgage,
                                            subcontract or deal in any other manner with all or any of its rights or obligations under
                                            this Agreement. Nothing in this Agreement is intended to, or shall operate to, create a partnership
                                            between the Parties, or to authorise either Party to act as agent for the other, and neither
                                            Party shall have authority to act in the name or on behalf of or otherwise to bind the other
                                            in any way (including the making of any representation or warranty, the assumption of any
                                            obligation or liability and the exercise of any right or power).

 

		15.8	At
                                            all times during the performance of the Services, Lifezone shall be an independent contractor
                                            and is not an employee or agent of KP.

 

		16.	Rights
                                            of third parties

 

A
person who is not a Party to this Agreement shall not have any rights under or in connection with it.

 

		17.	Notices

 

		17.1	A
                                            notice or communication given to a Party under or in connection with this Agreement:

 

		(a)	shall
                                            be in writing;

 

		(b)	shall
                                            be signed by or on behalf of the Party giving it;

 

		(c)	shall
                                            be sent for the attention of the person, at the address or fax number specified in this clause
                                            (or to such other address, fax number or person as that Party may notify to the other, in
                                            accordance with the provisions of this clause); and

 

		(d)	shall
                                            be:

 

		(i)	delivered
                                            personally;

 

		(ii)	sent
                                            by commercial courier;

 

		(iii)	sent
                                            by email; or

 

    30

     

    

 

		(iv)	sent
                                            by pre-paid first-class post or recorded delivery.

 

		17.2	The
                                            addresses for service of a notice are as follows:

 

		(a)	Lifezone:

 

	 	(i)	Physical:	[***]
	 	(ii)	Postal:	[***]
	 	(iii)	Tel:	[***]
	 	(iv)	Email:	[***]
	 	(v)	Attention:	[***]
	 	(vi)	With
    a copy to:	[***]
	 	(vii)	And
    to:	[***]

 

		(b)	KP:

 

	 	(i)	Physical:	[***]
	 	(ii)	Postal:	[***]
	 	(iii)	Email:	[***]

 

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	 	(iv)	for
    the attention of:	[***]

 

		17.3	If
                                            a notice or other communication has been properly sent or delivered in accordance with this
                                            clause, it will be deemed to have been received as follows:

 

		(a)	if
                                            delivered personally, at the time of delivery; or

 

		(b)	if
                                            delivered by commercial courier, at the time of signature of the courier’s receipt;
                                            or

 

		(c)	if
                                            sent by email, on the business day immediately succeeding the date of successful transmission
                                            thereof; or

 

		(d)	if
                                            sent by pre-paid first-class post or recorded delivery, at 9.00 am on the second day after
                                            posting.

 

		17.4	For
                                            the purposes of this clause:

 

		(a)	all
                                            times are to be read as local time in the place of deemed receipt; and

 

		(b)	if
                                            deemed receipt under this clause is not within business hours (meaning 9.00 am to 5.30 pm
                                            Monday to Friday on a day that is not a public holiday in the place of receipt), the notice
                                            or other communication is deemed to have been received when business next starts in the place
                                            of receipt.

 

		18.	Dispute
                                            resolution

 

		18.1	Amicable
                                            Settlement

 

If
any dispute arises between the Parties, they shall use all reasonable endeavours to resolve the matter amicably and in good faith. If
one Party gives the 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.

 

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No
Party shall resort to arbitration against the 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.

 

		18.2	Arbitration

 

		(a)	Unless
                                            provided for to the contrary in this Agreement, a dispute which arises in regard to:

 

		(i)	the
                                            interpretation of;

 

		(ii)	the
                                            carrying into effect of;

 

		(iii)	any
                                            of the Parties’ rights and obligations arising from;

 

		(iv)	the
                                            termination or purported termination of or arising from the termination of; or

 

		(v)	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 18.1, 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.

 

		(b)	The
                                            seat and place of arbitration shall be in the Republic of South Africa with only the Parties
                                            and their representatives present thereat.

 

		(c)	The
                                            Parties shall use their reasonable endeavours to procure the expeditious completion of the
                                            arbitration.

 

    33

     

    

 

		(d)	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 the Republic of South Africa.

 

		(e)	There
                                            shall be one arbitrator who shall, if the question in issue is:

 

		(i)	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

 

		(ii)	any
                                            other matter, a suitably qualified person.

 

		(f)	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.

 

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

 

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

 

		(i)	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.

 

		(j)	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.

 

    34

     

    

 

		19.	Governing
                                            law and jurisdiction

 

		19.1	This
                                            Agreement and any dispute or claim arising out of or in connection with it or its subject
                                            matter or formation (including non-contractual disputes or claims), shall be governed by,
                                            and construed in accordance with, the law of the Republic of South Africa.

 

		19.2	Notwithstanding
                                            anything to the contrary contained in clause 18, either Party shall be entitled to apply
                                            for any interdict (or any other matter that cannot be resolved pursuant to clause 18) to
                                            be heard by any competent court having jurisdiction. In this regard, the Parties submit to
                                            the nonexclusive jurisdiction of the courts of the Republic of South Africa.

 

This
Agreement has been entered into on the date stated at the beginning of it.

 

Execution
page follows:

 

    35

     

    

 

	FOR	LIFEZONE
    LIMITED	 
	 	 	 
	Signature:	ILLEGIBLE 	 
	  	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Name:	[***]	 
	 	 	 
	Date:	 24
    October 2021	 
	 	 	 
	Place:	 [***]	 
	 	 	 
	FOR	KELLPLANT
    PROPRIETARY LIMITED	 
	 	 	 
	Signature:	 	 
	  	who
    warrants that he / she is duly authorised thereto	 
	 	 	 
	Name:	 
	 
	 	 	 
	Date:	 	 
	 	 	 
	Place:	 	 
	 	 	 

 

    36

     

    

 

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

 

Schedule
1 – Map

Schedule
2 - Personnel involved in rendering the Services and percentage of hours to be spent by each such Lifezone AppointeeExhibit 10.18

 

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 (“[***]”).

 

 

Dated 9 November 2021

 

ZAR Equivalent of USD10,000,000

Loan Agreement

 

 

 

between

 

 

 

 

Kellplant Proprietary Limited

 

 

 

 

and

 

 

 

 

 

 

Pilanesberg Platinum Mines Proprietary Limited

 

 

 

 

 

 

 

 

White & Case SA

Katherine Towers, 1st Floor

1 Park Lane, Wierda Valley

Sandton, Johannesburg, 2196

Republic of South Africa

 

     

     

    

 

Table of Contents

 

	 	 	Page

 

	1.	Definitions
                                            and Interpretation	    1
	2.	Condition
                                            Precedent	    3
	3.	Advancement
                                            of the Loan	    3
	4.	Interest	    4
	5.	Security	    4
	6.	Repayment	    4
	7.	Other
                                            Provisions	    5

 

	Schedule 1	Funding Notice	  10

 

    (i)

     

    

 

Between:

 

		(1)	Kellplant
                                            Proprietary Limited (registration number 2015/364753/07), a company incorporated in South
                                            Africa [***] (the “Kellplant”); and

 

		(2)	Pilanesberg
                                            Platinum Mines Proprietary Limited (registration number 2002/015572/07), a company incorporated
                                            in South Africa [***] (“PPM”).

 

Whereas:

 

		(A)	Kellplant requires
                                            funding in the amount of Rand equivalent of USD10,000,000 for purposes of, inter alia,
                                            the design, engineering, construction, commissioning and operation of an integrated processing
                                            plant.

 

		(B)	The Parties
                                            have set out the terms and conditions upon which PPM will provide such funding to Kellplant
                                            in this Agreement.

 

It is agreed:

 

		1.	Definitions and Interpretation

 

In
this Agreement, unless the context otherwise requires, the provisions in this Clause 1 apply:

 

		1.1	Definitions:

 

“AFSA”
means the Arbitration Foundation of Southern Africa:

 

“Agreement”
means this agreement;

 

“Availability
Period” means a period commencing on the Effective Date and terminating 18 (eighteen) months following the Effective Date,
unless otherwise extended by PPM on notice to Kellplant;

 

“Available
Facility” means the principle amount of the Loan still available to be drawn down by Kellplant, during the Availability Period,
in terms of this Agreement;

 

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

 

“Condition
Precedent” means the suspensive condition set out in Clause 2;

 

“Debt
Funding” means funding to be received by Kellplant pursuant to the:

 

		(a)	IDC Loan;
                                            and/or

 

		(b)	PPM Loan.

 

“Effective
Date” means 3 (three) Business Days after the date upon which the last Condition Precedent is fulfilled or waived as the case
may be;

 

“Equity
Funding” means funding to be received by Kellplant pursuant to the subscription by KTSA for shares in Kellplant after the date
of this Agreement;

 

     

     

    

 

“Kelltech”
means Kelltech Limited, a private company limited by shares incorporated in Mauritius, having company number 084564 C1/GBL, with its
registered address at 4th Floor, Ebene Skies, rue de l’Institute, Ebene, Republic of Mauritius;

 

“Kelltech
Shareholders Agreement” means the shareholders’ agreement between Lifezone Limited, Orkid S.à.r.l., Sedibelo Platinum
Mines Limited, Kelltech and Keith Liddell in respect of Kelltech dated or about 16 April 2014, as amended;

 

“KTSA”
means Kelltechnology South Africa (RF) Proprietary Limited, registration number 2008/026628/07, a private company incorporated in accordance
with the laws of the Republic of South Africa;

 

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

 

“IDC
Loan” means the R500,000,000 loan to be advanced by IDC to Kellplant in terms of a loan agreement, and ancillary security documents,
to be entered into between Kellplant and the IDC;

 

“Loan”
shall bear the meaning ascribed thereto in clause 3.1;

 

“Margin”
means 3.5% (three comma five per cent) per annum;

 

“Parties”
means the parties to this Agreement and “Party” means any one of them;

 

“PPM
Loan” means the R500,000,000 loan to be advanced by PPM to Kellplant in terms of a loan agreement, and ancillary security documents,
to be entered into between, inter alia, Kellplant and PPM;

 

“Prime
Rate” means the prime rate of interest published by The Standard Bank of South Africa Limited from time to time, calculated
daily on a 365 (three hundred and sixty five) day basis and compounded monthly in arrear, as certified by any manager of The Standard
Bank of South Africa Limited, whose appointment, designation or authority shall not be necessary to prove and whose certificate shall
(in the absence of manifest error) be final and binding on the Parties;

 

“R”
or “Rands” means South African Rands;

 

“Relevant
PPM Loan” shall bear the meaning ascribed thereto in clause 3.2;

 

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

 

“SPM
Group” shall bear the meaning ascribed to it in the Kelltech Shareholders Agreement; and

 

“USD”
means United States Dollars.

 

		1.2	Singular,
                                            Plural, Gender

 

References
to one gender include all genders and references to the singular include the plural and vice versa.

 

		1.3	Clauses
                                            and Headings

 

References
to Clauses are to Clauses of this Agreement.

 

    2

     

    

 

		1.4	References
                                            to Persons and Companies

 

References
to:

 

		(a)	a
                                            person include any firm, company, government, state partnership, trust or unincorporated
                                            association (whether or not having separate legal personality); and

 

		(b)	a
                                            company shall include any company, corporation or any body corporate, wherever incorporated.

 

		1.5	References
                                            to Documents:

 

References
to any document (including to this Agreement) shall include that document as amended or novated and any amendment or novation.

 

		1.6	References
                                            to Days:

 

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

 

		(b)	Where
                                            any day for the performanc e of any obligation and/ or the payment of any amount in terms
                                            of this Agreement falls on a day other than a Business Day, such obligation shall be performed
                                            and/or such amount shall be paid on the next succeeding day which is a Business Day.

 

		2.	Condition Precedent

 

		2.1	The
                                            whole of this Agreement, save for the provisions of this Clause 2, Clause 1, and Clause 7
                                            (the “Operative Provisions”), which shall be of immediate force and effect
                                            on the Signature Date, is subject to the fulfilment or waiver (as the case may be), by not
                                            later than 30 June 2022 (or such other dates as the Parties may agree in writing), of
                                            the following conditions:

 

		(a)	the
                                            board of directors of Kellplant authorising the entering into and implementation of this
                                            Agreement; and

 

		(b)	the
                                            holders of at least [***] % of the shares of Kelltech approving the terms of, and the transactions
                                            contemplated by, this Agreement.

 

		2.2	The
                                            Parties shall use their reasonable endeavours and co-operate in good faith to procure the
                                            fulfilment of the Condition Precedent as soon as reasonably possible after the Signature
                                            Date, to the extent that it is within their power to do so.

 

		2.3	Unless
                                            the Condition Precedents have been timeously fulfilled: (i) the provisions of this Agreement
                                            (save for the Operative Provisions which will remain of full force and effect and will be
                                            binding on the Parties) will never become of any force or effect; (ii) this Agreement
                                            shall terminate (with each Party being relieved of its duties and obligations arising in
                                            terms of this Agreement from and after the relevant date, other than in terms of the Operative
                                            Provisions); and (iii) the status quo ante will be restored by the Parties as near as
                                            may be possible.

 

		3.	Advancement of the Loan

 

		3.1	During
                                            the Availability Period, PPM hereby makes available to Kellplant a loan (“Loan”)
                                            in the amount of the Rand equivalent of USD10,000,000 as at the Signature Date.

 

    3

     

    

 

		3.2	As
                                            and when Kellplant requires funding during the Availability Period, it shall deliver a notice
                                            to PPM in the form attached hereto as Schedule 1 (the “Funding Notice “)
                                            notifying PPM of the amount of funding required in Rands (the “Funding Requirement”)
                                            and calling upon PPM to advance a loan to it (the “Relevant PPM Loan”)
                                            in the Rand amount equal to the Funding Requirement (the “Relevant PPM Loan Amount”).
                                            Each Funding Notice shall confirm the Available Facility.

 

		3.3	Unless
                                            otherwise agreed between the Parties, PPM shall advance the Relevant PPM Loan to Kellplant
                                            within 3 (three) Business Days upon receipt of a Funding Notice and transfer the Relevant
                                            PPM Loan Amount by way of electronic funds transfer into the bank account nominated by Kellplant
                                            in the Funding Notice.

 

		3.4	Kellplant
                                            shall apply all amounts borrowed by it under this Agreement towards certain initial costs
                                            relating to the design, engineering, construction and commissioning of an integrated processing
                                            plant.

 

		3.5	Kellplant
                                            will administer and keep records of all Relevant PPM Loans, and will advise PPM of all amounts
                                            outstanding in respect of such loans on a quarterly basis.

 

		3.6	Kellplant
                                            hereby indemnifies PPM against, and shall pay to PPM, any cost, loss or liability incurred
                                            by PPM as a result of any default of Kellplant under this Agreement.

 

		4.	Interest

 

		4.1	Each
                                            Relevant PPM Loan shall be in South African Rands and will bear interest at the Prime Rate
                                            plus the Margin.

 

		4.2	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 365 (three hundred and sixty-five)
                                            day year for actual days elapsed.

 

		5.	Security

 

Each
Relevant PPM Loan will be unsecured.

 

		6.	Repayment

 

		6.1	Each
                                            Relevant PPM Loan will become immediately repayable to the extent that Kellplant receives,
                                            and Kellplant must apply any and/or all proceeds that it receives from:

 

		(a)	the
                                            Debt Funding (or a portion thereof) pursuant to a drawdown in terms of either the IDC Loan
                                            and/or the PPM Loan; or

 

		(b)	the
                                            Equity Funding (or a portion thereof),

 

whichever
is sooner, to repay all Relevant PPM Loans made under this Agreement.

 

		6.2	Each
                                            Relevant PPM Loan will in any event be repayable if:

 

		(a)	Kellplant
                                            is placed in liquidation or under a winding-up order, whether provisionally or finally, voluntarily
                                            or compulsorily;

 

		(b)	Kellplant
                                            takes any steps to be wound up or liquidated, whether provisionally or finally and whether
                                            compulsorily or voluntarily;

 

		(c)	Kellplant
                                            takes any steps to be deregistered or is deregistered;

 

    4

     

    

 

		(d)	Kellplant
                                            enters into any compromise with its creditors generally, or offers to do so; or

 

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

 

		7.	Other Provisions

 

		7.1	Breach

 

Should
any Party (the “Defaulting Party”) breach any provision of this Agreement and fail to remedy such breach within 5
Business Days after receiving written notice requiring it to do so from the Party to whom the obligation was owed (the “Innocent
Party”), then the Innocent Party shall be entitled, without prejudice to its other rights in law including any right to claim
damages, to claim immediate specific performance of the obligations of which the Defaulting Party is in default.

 

		7.2	Confidentiality
                                            and Publicity

 

		(a)	Any
                                            information obtained by a Party in terms of this Agreement, or arising from the implementation
                                            of this Agreement shall be treated as confidential by the Parties and shall not be used,
                                            divulged or permitted to be divulged to any person not being a Party to this Agreement, without
                                            the prior written consent of the other Parties save that:

 

		(i)	each
                                            Party shall be entitled to disclose such information to its employees, and to its directors,
                                            shareholders, professional advisors and funders. Before revealing such information to any
                                            such persons, it undertakes to procure that the persons are aware of the confidential nature
                                            of the information being made available to them;

 

		(ii)	each
                                            Party shall be entitled to disclose any information which is required to be furnished by
                                            law or regulation or by existing contract as at the Signature Date; and

 

		(iii)	no
                                            Party shall be precluded from using or divulging such information in order to pursue any
                                            legal remedy available to it.

 

		(b)	In
                                            the event that a Party is required to disclose information as contemplated in Clause 7.2(a)(i),
                                            such Party will:

 

		(i)	advise
                                            the other Parties in respect of whom such information relates (the “Relevant Party”)
                                            in writing prior to disclosure, if possible;

 

		(ii)	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;

 

		(iii)	afford
                                            the Relevant Party a reasonable opportunity, if possible, to intervene in the proceedings;

 

		(iv)	comply
                                            with the Relevant Party’s reasonable requests as to the manner and terms of such disclosure;
                                            and

 

		(v)	notify
                                            the Relevant Party of the recipient of, and the form and extent of, any such disclosure or
                                            announcement immediately after it was made.

 

		7.3	Assignment

 

		(a)	PPM
                                            (the “Existing Lender”) may cede and/or delegate (a “Transfer”)
                                            all (and not part) of its rights and/or obligations under this Agreement to any member of
                                            the SPM

 

    5

     

    

 

	 	 	Group (a “New Lender”) and the consent of Kellplant
    is not required for such Transfer of all rights and/or obligations under this Agreement by an Existing Lender to any New Lender.

 

		(b)	The
                                            consent of Kellplant shall be required where there is a Transfer of only part (and not all)
                                            of the rights and/or obligations under this Agreement to any New Lender, which such consent
                                            shall not be unreasonably withheld.

 

		(c)	Kellplant
                                            may not cede any of its rights or delegate any of its obligations under this Agreement without
                                            the prior written consent of PPM.

 

		7.4	Whole
                                            Agreement

 

		(a)	This
                                            Agreement contains the whole agreement between the Parties relating to the subject matter
                                            of this Agreement at the date of this Agreement to the exclusion of any terms implied by
                                            law which may be excluded by contract and supersedes any previous written or oral agreement
                                            between the Parties in relation to the matters dealt with in this Agreement.

 

		(b)	No
                                            addition to, variation or agreed cancellation of this Agreement (or of any bill of exchange
                                            or other document issued or executed pursuant to or in terms of this Agreement) shall be
                                            binding upon the Parties unless reduced to writing and signed by or on behalf of the Parties.

 

		(c)	No
                                            Party’s partial exercise of, failure to exercise or delay in exercising any right,
                                            power, privilege or remedy in terms of this Agreement (or of any bill of exchange or other
                                            document issued or executed pursuant to or in terms of this Agreement), shall be construed
                                            as a waiver by that Party or otherwise operate so as to preclude that Party from exercising
                                            its rights strictly in accordance with this Agreement, unless such Party has expressly waived
                                            or otherwise foregone its ability to exercise such right, power, privilege or remedy (at
                                            all or in part or until after such period of delay) in terms of a written document signed
                                            by such Party, in which event such written document shall be strictly construed.

 

		7.5	Stipulatio
                                            Alteri

 

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

 

		7.6	Notices

 

		(a)	Any
                                            notice or other communication in connection with this Agreement (each a “Notice”)
                                            shall be:

 

		(i)	in
                                            writing;

 

		(ii)	delivered
                                            by email, hand, pre-paid first class post or courier; and

 

		(iii)	sent
                                            to such address as may be notified to the sending Party by the other Party from time to time.

 

		(b)	A
                                            Notice shall be effective upon receipt and shall be deemed to have been received:

 

		(i)	24
                                            hours after posting, if delivered by pre-paid first class post;

 

		(ii)	at
                                            the time of delivery, if delivered by hand or courier; or

 

		(iii)	24
                                            hours after it was sent, if sent by email.

 

    6

     

    

 

		(c)	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.

 

		7.7	Counterparts

 

This
Agreement may be executed in any number of counterparts each of which shall be deemed an original, but all the counterparts shall together
constitute one and the same instrument. Each Party may enter into this Agreement by executing any such counterpart.

 

		7.8	Arbitration

 

		(a)	In
                                            the event of there being any dispute or difference between the Parties arising out of this
                                            Agreement (including but not limited to any dispute or difference as to the validity or otherwise
                                            of this Agreement, or as to the enforceability of this Agreement) the said dispute or difference
                                            shall on written demand by any Party be submitted to arbitration in Johannesburg in accordance
                                            with the AFSA rules, which arbitration shall be administered by AFSA.

 

		(b)	Should
                                            AFSA, as an institution, not be operating at that time or not be accepting requests for arbitration
                                            for any reason, or should AFSA refuse to accept the particular request for arbitration for
                                            whatever reason, then the arbitration shall be conducted in accordance with the AFSA rules for
                                            commercial arbitration (as last applied by AFSA) before an arbitrator appointed by agreement
                                            between the Parties or failing agreement within 10 business days of the demand for arbitration,
                                            then any Party shall be entitled to forthwith call upon the chairperson of the Johannesburg
                                            Bar Council to nominate the arbitrator, provided that the person so nominated shall be an
                                            advocate of not less than 10 years standing as such. The person so nominated shall be the
                                            duly appointed arbitrator in respect of the dispute. In the event of the attorneys of the
                                            parties to the dispute failing to agree on any matter relating to the administration of the
                                            arbitration, such matter shall be referred to and decided by the arbitrator whose decision
                                            shall be final and binding on the parties to the dispute.

 

		(c)	Each
                                            Party to this Agreement:

 

		(i)	expressly
                                            consents to any arbitration in terms of the AFSA rules being conducted as a matter of
                                            urgency; and

 

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

 

		(d)	The
                                            seat of the arbitration shall be in Sandton, Johannesburg.

 

		(e)	Any
                                            Party to the arbitration may appeal the decision of the arbitrator or arbitrators in terms
                                            of the AFSA rules for commercial arbitration.

 

		(f)	Nothing
                                            herein contained shall be deemed to prevent or prohibit a Party to the arbitration from applying
                                            to the appropriate court for urgent relief pending the determination of the dispute.

 

		(g)	Any
                                            arbitration in terms of this Clause 7.8 (including any appeal proceedings) shall be conducted
                                            in camera and the Parties shall treat as confidential details of the dispute submitted to
                                            arbitration, the conduct of the arbitration proceedings and the outcome of the arbitration.

 

		(h)	The
                                            Parties declare that it is their intention that this Clause 7.8 will regulate the manner
                                            in which they will resolve any dispute or difference regarding the validity or otherwise

 

    7

     

    

 

	 	 	of this Agreement, regardless of the fact that one of the parties may
    dispute the validity or enforceability of the Agreement.

 

		(i)	This
                                            Clause 7.8 will continue to be binding on the Parties notwithstanding any termination or
                                            cancellation of the Agreement.

 

		(j)	The
                                            Parties agree that the written demand by a party to the dispute in terms of Clause 7.8(a) that
                                            the dispute or difference be submitted to arbitration, is to be deemed to be a legal process
                                            for the purpose of interrupting extinctive prescription in terms of the Prescription Act,
                                            1969.

 

		7.9	Governing
                                            Law

 

This
Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance
with South African law and, subject to Clause 7.8, each of the Parties hereby submits itself to the
non-exclusive jurisdiction of the High Court of South Africa (North Gauteng High Court, Pretoria) to settle any disputes which may arise
out of or in connection with this Agreement.

 

Signed by the Parties
on the following dates respectively:

 

    8

     

    

 

	Pilanesberg Platinum Mines Proprietary
    Limited	
	/s/ Erich Clarke
	 	Signer
	 	who warrants that he / she is duly authorised thereto
	 	 
	 		Erich Clarke
	 	 	Name
	 	 	 
	 	 	9 November 2021 
	 	 	Date
	 	 	 
	Kellplant Proprietary Limited	
	/s/ Erich Clarke
	 	Signer
	 	who warrants that he / she is duly authorised thereto
	 	 
	 		Erich Clarke
	 	 	Name
	 	 	 
	 	 	9 November 2021 
	 	 	Date

  

    9

     

    

 

Schedule 1

 

Funding Notice

 

		From:	Kellplant Proprietary Limited

                                            (registration no. 2015/364753/07)

                                            (“Kellplant”)

 

		To:	Pilanesberg Platinum Mines Proprietary Limited

                                            (registration no. 2002/015572/07)
	 	 	 
	 	 	(“PPM”)

 

[●] [Date]

 

Dear Sirs

 

Funding Notice

 

		1.	We
                                            refer to the agreement entered into between, inter alia, Kellplant and PPM on or about
                                            [•] (the “Agreement”).

 

		2.	Capitalised
                                            terms used herein but not defined shall bear the meaning ascribed thereto in the Agreement.

 

		3.	This
                                            letter constitutes a Funding Notice under the Agreement.

 

		4.	Kellplant
                                            hereby notifies PPM that funding in the amount of the Rand equivalent of USD[^] (“Funding
                                            Requirement”) is required and calls on PPM to advance a loan (the “PPM
                                            Loan”) in the Rand equivalent of the Funding Requirement (the “PPM Loan
                                            Amount”).

 

		5.	PPM
                                            is hereby requested to make payment of the PPM Loan Amount by way of electronic funds transfer
                                            into the following bank account:

 

	 	Account
    holder:	Kellplant
    Proprietary Limited
	 	Bank:	[●]
	 	Branch:	[●]
	 	Branch
    code:	[●]
	 	Account
    number:	[●]
	 	Swift
    Code:	[●]
	 	Ref:	PPM
    Loan

 

		6.	The
                                            PPM Loan shall be subject to the terms and conditions set out in the Agreement.

 

		7.	Following
                                            the advancement ofthe aforementioned PPM Loan, the remaining Available Facility is the Rand
                                            equivalent of USD[●].

 

    10

     

    

 

		8.	The
                                            provisions of clause 7 of the Agreement will apply to
                                            this letter as if set out in full herein.

 

Yours faithfully

 

	ILLEGIBLE	 
	For and on behalf of Kellplant Proprietary
    Limited	 

 

    11

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