Document:

Exhibit 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 [***] 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 [***]% ([***] 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	 

 

    11Exhibit 10.19 

 

 

 

SHAREHOLDER’S LOAN AGREEMENT

 

Between

 

INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED

A corporation established under Section 2 of the Industrial Development Corporation 

Act 1940 (Act No. 22 of 1940)

(“Lender”)

 

and

 

KELLTECHNOLOGY SOUTH AFRICA (RF) PROPRIETARY LIMITED

Registration Number: 2008/026628/07 

("Borrower")

 

	 	Initial

 

     

    2 

    

 

 

 

TABLE OF CONTENTS

 

	1.	DEFINITIONS AND INTERPRETATION	3
	2.	THE LOAN	5
	3.	PURPOSE OF THE LOAN	6
	4.	INITIAL CONDITIONS PRECEDENT	6
	5.	ADVANCE CONDITIONS PRECEDENT	7
	6.	UNDERTAKINGS	8
	7.	GOVERNING LAW	9
	8.	JURISDICTION	9
	9.	LIQUID DOCUMENT	9
	10.	NOTICES AND DOMICILIA	10
	11.	GENERAL CONDITIONS AND UNDERTAKINGS	12
	12.	COUNTERPARTS	12

 

	 	Initial

 

     

    3 

    

 

 

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	In this Agreement, unless the context clearly
                                            indicates a contrary intention, the following words and expressions shall bear the meanings
                                            assigned to them and cognate expressions shall bear corresponding meanings:

 

		1.1.1	“Account” means the bank account
                                            of the Borrower as specified by it in writing;

 

		1.1.2	"Agreement" means this Shareholder’s
                                            loan agreement;

 

		1.1.3	“Board” means the board of
                                            directors of the Borrower from time to time;

 

		1.1.4	“Commercial Loan Agreements”
                                            means: (i) the loan agreement to be concluded between the Lender and Kellplant Proprietary
                                            Limited (Registration Number 2015/364757/07) (“Kellplant”), pursuant to
                                            which the Lender shall loan and advance to Kellplant the amount of R500,000,000.00 (five
                                            hundred million Rand) on the terms and conditions set out therein; and (ii) the loan agreement
                                            to be concluded between the PPM Lender and Kellplant, pursuant to which the PPM Lender shall
                                            loan and advance to Kellplant the amount of R500,000,000.00 (five hundred million Rand) on
                                            the terms and conditions set out therein;

 

		1.1.5	“Drawdown Request” means the
                                            drawdown request substantially in the form attached hereto as Annexure "A";

 

		1.1.6	“Facility” means the term
                                            loan facility made available or to be made available by the Lender under this Agreement as
                                            described in Clause 2 (Loan) below;

 

		1.1.7	“First Portion” means an
                                            amount of the Facility to be drawn first as required by the Borrower, which such amount will
                                            constitute 50% (fifty percent) of the existing loan balance between Kelltech Limited (as
                                            lender) and the Borrower, pursuant to the loan agreement entered into between Kelltech Limited
                                            and the Borrower, dated 14 December 2019, which such loan balance as at 28 February 2022,
                                            amounted to ZAR61,135,957 (sixty one million, one hundred and thirty five thousand, nine
                                            hundred and fifty seven) and which such amount will be finally determined in the first Drawdown
                                            Request;

 

		1.1.8	“Kelltech Limited” means Kelltech
                                            Limited, with company number 084564 C1/GBL, a private company limited by shares, duly incorporated
                                            in Mauritius;

 

	 	Initial

 

     

    4 

    

 

 

 

		1.1.9	“Kelltech Shareholder Loan Agreement”
                                            means the shareholder loan agreement entered into or to be entered into between the Borrower
                                            and Kelltech Limited in terms of which, inter alia, Kelltech Limited advances to the
                                            Borrower an aggregate amount of ZAR666,666,666.67 (six hundred and sixty-six million, six
                                            hundred and sixty-six thousand, six hundred and sixty-six Rand and sixty seven cents);

 

		1.1.10	"Loan" means the loan made
                                            or to be made available under the Facility or (as the context may require) the principal
                                            amount outstanding for the time being of that loan;

 

		1.1.11	"Parties" means the Lender
                                            and the Borrower and “Party” shall mean either any one of them as the context
                                            may require;

 

		1.1.12	“Pro-rata Portion” means
                                            an amount up to ZAR333,333,333.33 (three hundred and thirty-three million, three hundred
                                            and thirty-three thousand, three hundred and thirty-three Rand and thirty-three cents) of
                                            the Facility to be drawn as and when required by the Borrower;

 

		1.1.13	“Relevant Proportion” means:

 

		1.1.13.1	in respect of the Lender: one third
                                            of the total shareholder loan funding required by the Borrower from time to time, which shall
                                            be drawn from the Pro Rata Portion of the Loan; and

 

		1.1.13.2	in respect of Kelltech Limited: two
                                            thirds of the total shareholder loan funding required by the Borrower from time to time;

 

		1.1.14	“Shareholders” means, in
                                            respect of the Borrower, the Lender and Kelltech Limited;

 

		1.1.15	“Shareholders’ Agreement”
                                            means the agreement concluded between, among others, the Borrower and the Shareholders, dated
                                            12 February 2016;

 

		1.1.16	“Signature Date” means the
                                            date upon which the last Party in time signs this Agreement; and

 

		1.1.17	"Steering Committee” means
                                            the committee to be constituted by the Borrower or Kellplant and staffed by nominees of the
                                            Lender or Kellpant (as the case maybe) and the Borrower which will:

 

		1.1.17.1	monitor the building and commissioning
                                            of the Plant;

 

		1.1.17.2	monitor and address the relevant social,
                                            environmental, technical, marketing and financing matters in connection with construction
                                            of the Plant; and

 

		1.1.17.3	perform any function necessarily ancillary
                                            to the above.

 

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		1.2	Where any number of days is stated in this Agreement,
                                            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 Business Day.

 

		1.3	Words importing any gender shall include any
                                            of the other genders, and words importing the singular shall include the plural, and the
                                            converse shall also apply.

 

		1.4	Any reference in this Agreement to any other
                                            agreement or document shall be construed as a reference to that other agreement or document
                                            or as may have been amended, varied or novated from time to time.

 

		1.5	Any reference in this Agreement to legislation
                                            shall include a reference to that legislation as may be amended or re-enacted from time to
                                            time.

 

		1.6	Clause headings shall in no way affect the interpretation
                                            of this Agreement.

 

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

 

		1.8	Unless inconsistent with the context or save
                                            where the contrary is expressly indicated, a reference to a Party includes that Party's successors-in-title
                                            and permitted assigns.

 

		1.9	All words and phrases defined in the Commercial
                                            Loan Agreements and not defined in this Agreement will have the meaning ascribed to them
                                            in the Commercial Loan Agreements.

 

		2.	THE LOAN

 

The Lender has agreed to make a Rand
denominated term loan facility available to the Borrower in an aggregate amount of ZAR407 000 000.00 (four hundred and seven
million Rand) on the terms and conditions set out in this Agreement.

 

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		3.	PURPOSE OF THE LOAN

 

The Borrower shall apply the proceeds
of each Loan for the purpose of funding the Project, including, without limitation, providing funding to Kellplant and which will be
used in turn for:

 

		3.1	the design, development, construction and commissioning
                                            of the Plant and equipment;

 

		3.2	the payment of all advising, arrangement, commitment,
                                            agency and other fees and expenses incurred prior to the Signature Date payable by Kellplant;

 

		3.3	the working capital of Kellplant and the Borrower;

 

		3.4	to fund the working capital of Kellplant; and

 

		3.5	other development and operational costs of the
                                            Project.

 

		4.	INITIAL CONDITIONS PRECEDENT

 

		4.1	With the exception of this clause 3 and clauses
                                            7, 8 and 10 to 11 which shall be enforceable on the Signature Date, the enforceability and
                                            effectiveness of this Agreement shall be conditional upon the fulfilment or waiver (as the
                                            case may be) of the following suspensive conditions, in form and content satisfactory to
                                            the Lender:

 

		4.1.1	the Borrower shall have furnished Lender
                                            with:

 

		4.1.1.1	a resolution of the Board authorising
                                            the conclusion of this Agreement; and

 

		4.1.1.2	a resolution of the Shareholders and
                                            the shareholders of Kelltech Limited, unanimously authorising the conclusion of this Agreement.

 

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		5.	ADVANCE CONDITIONS PRECEDENT

 

		5.1	Subject to the provisions of clause 3 above
                                            being fulfilled and this Agreement becoming effective, each Loan shall be advanced as follows:

 

		5.1.1	as to the First Portion, against receipt
                                            by the Lender of a Drawdown Request;

 

		5.1.2	as to the balance of the Loan, against
                                            receipt by the Lender of the following from the Borrower:

 

		5.1.2.1	evidence that the Commercial Loan Agreements
                                            have been entered into and have become unconditional in accordance with their terms (save
                                            for any conditions therein requiring this Agreement to be unconditional); 

 

		5.1.2.2	in respect of the Lender’s Pro-rata
                                            Portion, delivery of a Drawdown Request which such Drawdown Request must be (i) in respect
                                            of the Relevant Proportion of the total shareholder loan funding required by the Borrower
                                            at the relevant point in time; and (ii) accompanied by evidence of a simultaneous drawdown
                                            request submitted to Kelltech Limited under the Kelltech Shareholder Loan Agreement in its
                                            Relevant Proportion;

 

		5.1.2.3	provided no Material Adverse Event has
                                            occurred under the Commercial Loan Agreements.

 

		5.2	All amounts advanced under the Facility shall
                                            be credited to the Lender’s Shareholder’s Loans in the books of account of the
                                            Borrower.

 

		5.3	Each Loan shall be advanced on the following
                                            basis:

 

		5.3.1	each Loan shall not bear interest and
                                            shall be unsecured;

 

		5.3.2	each Loan shall be subordinated to all
                                            other loans owing by the Borrower to third parties and shall only be repayable out of excess
                                            cash flow of the Borrower (determined after taking into account the future operational requirements
                                            of the Borrower);

 

		5.3.3	the Borrower may at any time prepay the
                                            whole or any part of any Loan subject to, for the avoidance of doubt, if not breaching the
                                            provisions of the Commercial Loan Agreements; and

 

		5.3.4	all repayments due to be made by the Borrower
                                            under this Agreement shall be made (i) in full without any set-off or counterclaim; and (ii)
                                            to such account as notified to the Borrower by the Lender from time to time, or in such other
                                            manner as the Parties may agree in writing.

 

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		6.	UNDERTAKINGS

 

		6.1	The Borrower undertakes that it shall:

 

		6.1.1	ensure that the Lender is represented
                                            on the Steering Committee;

 

		6.1.2	regularly furnish the Lender with a written
                                            progress reports regarding the construction and commissioning of the Plant;

 

		6.1.3	upon reasonable prior written notice to
                                            the Borrower, ensure that the Lender is given reasonable access to the Plant, which such
                                            access shall be in accordance with the safety and security policies and procedures adopted
                                            in respect of the Plant and its operations, from time to time;

 

		6.1.4	regularly furnish the Lender with the
                                            minutes of the Steering Committee meetings;

 

		6.1.5	give the Lender unrestricted access to
                                            its records and books of accounts upon reasonable prior written notice to the Borrower;

 

		6.1.6	ensure that the Lender may appoint at
                                            least one person to the Board;

 

		6.1.7	maintain adequate insurance in accordance
                                            with industry standards;

 

		6.1.8	notify the Lender in writing upon it becoming
                                            aware of:

 

		6.1.8.1	criminal civil or proceedings being
                                            initiated against it or members of the Board;

 

		6.1.8.2	any member of the Board being subpoenaed
                                            to give evidence in relation to the Borrower and/or the Plant, by the South African Police
                                            Services, the Special Investigation Unit and/or any Commissioner of Enquiry or the Public
                                            Protector; and

 

		6.1.8.3	any new member of the Board being appointed
                                            in order that the Lender may conduct background check under the Financial Intelligence Centre
                                            Act No 38 of 2001.

 

	 	Initial

 

     

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		7.	GOVERNING LAW

 

		7.1	The entire provisions of this Agreement shall
                                            be governed by and construed in accordance with the laws of the Republic of South Africa.

 

		8.	JURISDICTION

 

		8.1	The Parties hereby irrevocably and unconditionally
                                            consent to the non-exclusive jurisdiction of the South Gauteng High Court, Johannesburg (or
                                            any successor to that division) in regard to all matters arising from this Agreement.

 

		9.	LIQUID DOCUMENT

 

		9.1	The amount of the Borrower’s indebtedness
                                            to the Lender in terms of this Agreement shall be determined and proved by the mere production
                                            of a certificate purporting to have been signed by any official or authorised signatory of
                                            the Lender, whose appointment, qualification and authority need not be proved.

 

		9.2	A certificate in terms of clause 9.1 shall
                                            be:

 

		9.2.1	in the absence of manifest error, binding
                                            on the Borrower as prima facie proof of the amount of the Borrower’s indebtedness hereunder; and

 

		9.2.2	valid as a liquid document against the
                                            Borrower in any competent court for the purpose of obtaining provisional sentence against
                                            the Borrower thereon.

 

	 	Initial

 

     

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		10.	NOTICES AND DOMICILIA

 

		10.1	Notices

 

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

 

		10.1.1.1	the Lender:

 

		10.1.1.1.1	physical address at [***];

		10.1.1.1.2	email: [***];

		10.1.1.1.3	for the attention of [***];

 

		10.1.1.2	the Borrower:

 

		10.1.1.2.1	physical address at [***];

		10.1.1.2.2	email: [***];

		10.1.1.2.3	for the attention of [***];

 

		10.1.2	Any notice or communication required
                                            or permitted to be given in terms of this Agreement shall be valid and effective only if
                                            in writing but it shall be competent to give notice by telefax transmitted to its telefax
                                            number set out opposite its name above.

 

		10.1.3	Either Party may by written notice to
                                            the other Party change its chosen addresses and/or telefax number for the purposes of clause 10.1.1
                                            to any other address(es) and/or telefax number, provided that the change shall become effective
                                            on the fourteenth day after the receipt of the notice by the addressees.

 

	 	Initial

 

     

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		10.1.4	Any notice given in terms of this Agreement
                                            shall:

 

		10.1.4.1	if sent by a courier service or registered
                                            mail be deemed to have been received by the addressee on the 7th (seventh) Business Day following
                                            the date of such sending;

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

		10.1.4.3	if transmitted by facsimile be deemed
                                            to have been received by the addressee on the first Business Day after the date of transmission;

 

unless the contrary is proved.

 

		10.1.5	Notwithstanding anything to the contrary
                                            herein contained, a written notice or communication actually received by a Party shall be
                                            an adequate written notice or communication to it, notwithstanding that it was not sent to
                                            or delivered at its chosen address.

 

		10.2	Domicilia

 

		10.2.1	Each of the Parties chooses its physical
                                            address set out opposite its name in clause 10.1 as its domicilium citandi et executandi
                                            at which documents in legal proceedings in connection with this Agreement may be served.

 

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		11.	GENERAL CONDITIONS AND UNDERTAKINGS

 

		11.1	No alteration, variation or consensual cancellation of this Agreement shall be of any effect unless it
is recorded in writing and signed by both the Parties or their respective successors in title.

 

		11.2	No relaxation which the Lender may allow the Borrower at any time in regard to the carrying out of this
Agreement, shall:

 

		11.2.1	prejudice any of the Lender’s rights under this Agreement in any manner whatever; and

 

		11.2.2	be regarded as a waiver of any of those rights.

 

		11.3	This Agreement contains the entire agreement between the Parties and no representation, warranty or undertaking,
whether express, implied or tacit, not contained in this Agreement, may be relied on by any Party.

 

		12.	COUNTERPARTS

 

		12.1	This Agreement may be executed in any number of counterparts and by different Parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one
and the same agreement.

 

	 	Initial

 

     

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	SIGNED at [***] on 31 March 2022	 	 
	 	 	For
	 	 	KELLTECHNOLOGY SOUTH AFRICA (RF) PROPRIETARY LIMITED
	 	 	 
	 	 	 
	 	 	/s/ [***]
	 	 	DIRECTOR [***]
	 	 	who warrants that he/she is duly authorised thereto
	 	 	 
	AS WITNESSES:	 	 
	 	 	 
	1.	 	 	 
	 	 	 
	2.	 	 	 
	 	 	 
	SIGNED at [***] on 31 March 2022	 	 
	 	 	For
	 	 	KELLTECHNOLOGY SOUTH AFRICA (RF) PROPRIETARY LIMITED
	 	 	 
	 	 	 
	 	 	/s/ [***]
	 	 	DIRECTOR [***]
	 	 	who warrants that he/she is duly authorised thereto
	 	 	 
	AS WITNESSES:	 	 
	 	 	 
	1.	 	 	 
	 	 	 
	2.	 	 	 

 

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	SIGNED at [***] on 31 March 2022	 	 
	 	 	For:
	 	 	INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED
	 	 	 
	 	 	 
	 	 	/s/ [***]
	 	 	 
	 	 	[***]
	AS WITNESSES:	 	 
	 	 	 
	1.	 	 	 
	 	 	 
	2.	 	 	 

 

	 	Initial

 

     

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ANNEXURE "A":
FORM OF SHAREHOLDER DRAWDOWN REQUEST

 

INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH
AFRICA LIMITED ("LENDER")

 

	[***]	 	 
	Tel:	[***]	 

Dear Sirs/Madam

 

REQUEST FOR ADVANCE UNDER THE SHAREHOLDER LOAN
AGREEMENT CONCLUDED BETWEEN THE LENDER AND KELLTECHNOLOGY SOUTH AFRICA (RF) PROPRIETARY LIMITED DATED ON OR ABOUT [●] 20[●]
("SHAREHOLDER LOAN AGREEMENT")

 

		1.	We refer to the Shareholder Loan Agreement.

 

		2.	The terms defined in the Shareholder Loan Agreement shall have the same
meanings where used in this Drawdown Request.

 

		3.	We hereby give you notice that, pursuant to the Shareholder Loan Agreement,
we wish to make a drawdown in an amount of ZAR[●] under this Loan upon the terms and subject
to the conditions contained herein. 

 

		4.	[As required, in accordance with the provisions of clause 5.1.2.2
of the Shareholder Loan Agreement, annexed hereto is a copy of the corresponding drawdown request to Kelltech Limited for drawdown of
the Relevant Proportion of the shareholder loan as advanced under the Kelltech Shareholders Loan Agreement.] [Note: this clause
must only be used if the draw down is pursuant to the Pro-Rata Portion regulated in terms of clause 5.1.2.2 of the Shareholder Loan
Agreement. For purposes of the First Drawdown, this clause must be deleted.]

 

		5.	The proceeds of the Advance shall be credited to the following bank
account:

 

	Name of Bank:	 	[●]

	Account Name: 	 	[●]

	Account Number: 	 	[●]

	Branch Code: 	 	[●]

 

Yours faithfully,

 

	 	 
	For and on behalf of:	 
	Kelltechnology South Africa (RF) Proprietary Limited	 

 

Name:

Capacity:

 

	 	Initial

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