Document:

Exhibit 10.2

 

AMENDMENT AND RESTATEMENT AGREEMENT

 

Dated 31 MARCH 2017

 

for

 

entered into between

 

INVESTEC BANK LIMITED

 

(Registration No. 1969/004763/06)

 

a limited liability company duly registered and incorporated in accordance
with the laws of South Africa and carrying on business at 100 Grayston Drive, Sandown, Sandton, 2196 South Africa

 

and

 

PILANESBERG PLATINUM MINS PROPRIETARY LIMITED

 

(Registration No. 2002/015572/07

 

a limited liability company duly registered and incorporated in accordance
with the laws of South Africa and having its registered address at 6 Ecofusion Office Park, Block B, 324 Witch-Hazel
Avenue, Highveld Extension 59, South Africa

 

and

 

PLATMIN SOUTH AFRICA PRIPRIETARY LIMITED

 

(Registration No. 200/002572/07

 

a limited liability company duly registered and incorporated with the
laws of South Africa and having is registered address at 6 Ecofusion Office Park, Block B, 324 Witch-Hazel Avenue,
Highveld Extension 59, South Africa

 

    

     

    

 

Table
of Contents

 

Page

 

		1.	DEFINITIONS	1

 

		2.	CONDITIONS PRECEDENT	2

 

		3.	AMENDMENT AND RESTATEMENT	4

 

		4.	GUARANTEES	5

 

		5.	ADDITIONAL PROVISIONS	5

 

		1.	DEFINITIONS AND INTERPRETATION	11

 

    (i)

     

    

 

This Agreement is made
on 31 March 2017

 

		(1)	PILANESBERG PLATINUM MINES PROPRIETARY LIMITED (Registration
No. 2002/015572/07), a limited liability company duly registered and incorporated in South Africa (the "Borrower");

 

		(2)	PLATMIN SOUTH AFRICA PROPRIETARY LIMITED (Registration No. 2000/002572/07,
a limited liability company duly registered and incorporated in South Africa ("Platmin");

 

		(3)	INVESTEC BANK LIMITED (Registration No. 1969/004763/06,
a limited liability company duly registered and incorporated in South Africa as Lender (as "Investec")

 

WHEREAS:

 

		(A)	(By way of a revolving commodity financing facility agreement (the "Original Facility Agreement'')
entered into on or about 26 June 2013 as amended from time to time between the Borrower, Platmin and Investec, Investec agreed
to make a facility available to the Borrower, all on the terms and conditions contained therein.

 

		(B)	The Parties have now agreed to amend and restate the Original Facility Agreement, all on the terms and
conditions contained in Annexure A hereto.

 

IT IS AGREED:

 

		1.	DEFINITIONS

 

In this Agreement, unless the context
otherwise requires, capitalised terms and expressions not otherwise defined shall bear the meanings given to them in the Amended and Restated
Facility Agreement. For the purpose of this Agreement:-

 

		1.1	"2017 Fees Letter" means the fees letter entered into or to be entered into on or about
the Amendment and Restatement Date and Time between the Borrower and Investec, all on the terms and conditions contained therein;

 

		1.2	"Amended and Restated Facility Agreement" shall bear the meaning ascribed thereto in
clause 3;

 

		1.3	"Amendment and Restatement Date and Time" means 12:00 (South African time) on the
date on which the Conditions Precedent are fulfilled;

 

		1.4	"Conditions Precedent" means the conditions precedent in clause 2 hereof;

 

		1.5	"Impala Notice" means the notice to Impala substantially in the form which is attached
hereto as Annexure B;

 

		1.6	"Obligors" means the Borrower and Platmin and "means any one of them as the context
may require;

 

		1.7	"Parties" means the Obligors and Investec and "Party" means any one
of them as the context may require; and

 

    

     

    

 

		1.8	"Relevant Agreements" means:

 

		1.8.1	this Agreement;

 

		1.8.2	the 2017 Fees Letter;

 

		1.8.3	the Impala Notice;

 

		1.8.4	the Amended and Restated Facility Agreement; and

 

and each a "Relevant Agreement"
as the context may require.

 

		2.	CONDITIONS PRECEDENT

 

		2.1	This Agreement is subject to the fulfilment (all in a form and substance satisfactory to the Holder) of
the following Conditions Precedent, namely:

 

		2.1.1	each Relevant Agreement has been signed by the parties thereto become unconditional in accordance with
its terms (save for any condition requiring this Agreement to become unconditional);

 

		2.1.2	the Lender has received

 

		2.1.2.1	a copy of a resolution of the board of directors of each Obligor, (i) approving the terms of. and
the transactions contemplated by, each Relevant Agreement to which it is a party and resolving that it execute each such Relevant Agreement;
and (ii) authorising a specified person or persons to execute each Relevant Agreement on its behalf;

 

		2.1.2.2	a certificate from each Obligor (signed by a director of such Obligor), dated the date of the Amendment
and Restatement Date and Time confirming that inter alia:

 

		2.1.2.2.1	confirming that borrowing or guaranteeing, as appropriate, the Facility would not cause any borrowing,
guarantee or similar limit binding on such Obligor to be exceeded;

 

		2.1.2.2.2	each document relating to it specified in the Amended and Restated Facility Agreement is correct, complete
and in full force and effect and has not been amended or superseded as at a date no earlier than the Amendment and Restatement Date and
Time;

 

    2

     

    

 

		2.1.2.2.3	the representations of the Borrower in the Transaction Documents to which it is a party are true and correct;

 

		2.1.2.2.4	no Default or Event of Default has occurred and is continuing;

 

		2.1.2.2.5	all of the representations and warranties are true and correct;

 

		2.1.2.2.6	no Material Adverse Event has occurred;

 

		2.1.2.2.7	no proceedings of the type contemplated in clause 23.13 (No Proceedings Pending or Threatened) are
pending or threatened in respect of either Obligor and no industrial action is pending or threatened against either Obligor; and

 

		2.1.2.2.8	no proceedings of the type contemplated in clause 23.13 (No Proceedings Pending or Threatened). of
which such Obligor ought to reasonably be aware, are pending or threatened in respect of Impala and no industrial action, of which such
Obligor ought to reasonably be aware, is pending or threatened against Impala;

 

		2.1.2.3	evidence to its satisfaction that at the time that the Relevant Agreements were entered into and became
effective, the assets of the Borrower exceeded its liabilities prior to and immediately following the implementation of such Relevant
Agreements;

 

    3

     

    

 

		2.1.2.4	copies of any consents and approvals (including, without limitation, any governmental or regulatory approvals)
required by each Obligor to enter into and perform its obligations under the Relevant Agreements;

 

		2.1.2.5	a signed notice to Impala substantially in the form attached hereto as Annexure B;

 

		2.1.2.6	the Lender is satisfied that the auditors of the Borrower have been notified of the out-and-out cession
of the Ceded Rights and that such out-and-out cession will be noted in the Borrower's financial statements;

 

		2.1.2.7	a legal opinion by the legal counsel to the Obligors, dealing, inter alia, with (a) the powers, capacity
and authority of the Obligors to conclude the Relevant Agreements to which they are a party; and (b) the due incorporation and due
execution of the Obligors;

 

		2.1.2.8	a tax opinion by ENSafrica, dealing with, inter alia, the tax implications in respect of the Relevant
Agreements; It is neither illegal nor unlawful for the Lender to perform any of its obligations under the Amended and Restated Facility
Agreement;

 

		2.1.3	no Material Adverse Effect has occurred;

 

		2.1.4	no Default or Event of Default has occurred which is continuing; and

 

		2.1.5	no Economic Failure has occurred.

 

		2.2	Each of the Conditions Precedent is stipulated for the benefit of the Lender. The Lender shall accordingly
be entitled to waive fulfilment of any such Condition/s Precedent by giving written notice to that effect to the Obligors.

 

		3.	AMENDMENT AND RESTATEMENT

 

The Parties agree that with effect from
the Amendment and Restatement Date and Time, the Original Facility Agreement shall be amended and restated in the form set out in Annexure
A hereto (the "Amended and Restated Facility Agreement").

 

    4

     

    

 

		4.	GUARANTEES

 

On the Amendment and Restatement Date
and time, each Obligor:

 

		4.1	confirms its acceptance of the Original Facility Agreement (as amended by this Agreement);

 

		4.2	agrees that it is bound as an Obligor by the terms of the Original Facility Agreement (as amended by this
Agreement); and

 

		4.3	(if a Guarantor) confirms that its guarantee under clause 18 (Guarantee and Indemnity) of
the Original Facility Agreement:

 

		4.3.1	continues in full force and effect on the terms of the Original Facility Agreement (as amended by this
Agreement); and

 

		4.3.2	extends to the obligations of the Obligors under the Finance Documents (including the Original Facility
Agreement (as amended by this Agreement)).

 

		5.	ADDITIONAL PROVISIONS

 

Clauses 1.2 (Construction),
29 (Notices). 31 (Partial Invalidity) to 36 (Independent Advice) of the Amended and Restated Facility Agreement
are deemed to be incorporated herein mutatis mutandis and shall apply hereto as if repeated herein in full.

 

    5

     

    

 

Signature Pages

 

BORROWER

 

SIGNED
at Centurion on this the 31st day of March 2017

 

	 	
    For and on behalf of

     

    Pilanesberg Platinum Mines Proprietary Limited

     

	 	/s/ Erich Clarke	 
	 	
    

     

    Name: Erich Clarke

     

    Capacity: Director

     

    Who warrants his authority hereto

 

    6

     

    

 

OBLIGORS

 

SIGNED
at Centurion on this the 31st day of March 2017

 

	 	
    For and on behalf of

     

    Platmin South Africa Proprietary Limited

     

	 	/s/ Erich Clarke	 
	 	
    

     

    Name: Erich Clarke

     

    Capacity: Director

     

    Who warrants his authority hereto

 

    7

     

    

 

 

LENDER

 

SIGNED
at ______________on this the ________ day of March 2017

 

	 	For
    and on behalf of 
	 	 
	 	Investec Bank Limited
	 	 
	 	/s/ Kriosha Naidoo
	 	 
	 	Name: Kriosha Naidoo
	 	 
	 	Capacity:
    Authorised Signatory
	 	 
	 	Who warrants
    his authority hereto

 

SIGNED
at ______________on this the ________ day of March 2017

 

	 	For
    and on behalf of 
	 	 
	 	Investec Bank Limited
	 	 
	 	/s/ Igna Ferreira
	 	 
	 	Name: Igna Ferreira
	 	 
	 	Capacity:
    Authorised Signatory
	 	 
	 	Who warrants
    his authority hereto

 

    8

     

    

 

Annexure A

 

Amended and Restated Facility Agreement

 

    9

     

    

 

IMPALA CONCENTRATE – AMENDED AND RESTATED REVOLVING COMMODITY
FINANCING FACILITY AGREEMENT AND OUT-AND-OUT CESSION

 

entered into between

 

INVESTEC BANK LIMITED

 

(Registration No. 1969/004763/06)

 

a limited liability company duly registered and incorporated in accordance
with the laws of South Africa and carrying on business at 100 Grayston Drive, Sandown, Sandton, 2196, South Africa

 

and

 

PILANESBERG PLATINUM MINS PROPRIETARY LIMITED

 

(Registration No. 2002/015572/07

 

a limited liability company duly registered and incorporated in accordance
with the laws of South Africa and having its registered address at 6 Ecofusion Office Park, Block B, 324 Witch-Hazel
Avenue, Highveld Extension 59, South Africa

 

and

 

PLATMIN SOUTH AFRICA PRIPRIETARY LIMITED

 

(Registration No. 200/002572/07

 

a limited liability company duly registered and incorporated with the
laws of South Africa and having is registered address at 6 Ecofusion Office Park, Block B, 324 Witch-Hazel Avenue, Highveld
Extension 59, South Africa

 

    10

     

    

 

WHEREBY IT IS
AGREED as follows:

 

PART 1

 

INTERPRETATION

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

In this Agreement:-

 

		1.1.1	"Acceleration" means acceleration of the Loan as contemplated in clause 26.2 hereof.

 

		1.1.2	"Accounting Principles" means generally accepted accounting principles in South Africa,
including IFRS.

 

		1.1.3	"Advance" means each advance against the Facility which is made by the Lender to the
Borrower in accordance with the provisions of clause 7 hereof, in an amount determined in accordance with the following formula:-

 

A
= AGA - DA

 

Where:-

 

	 	A =	the amount of the Advance;

 

	 	AGA =	the Aggregate Gross Amount; and

 

		DA =	the discount Discount Amount in respect of the Advance in question

 

		1.1.4	"Advance Additional Information" means, in relation to each Advance (other than the First
Advance), any other documents or information (other than Advance Calculation Information) in respect of such Advance which are analogous
to the First Advance Additional Information.

 

		1.1.5	"Advance Calculation Information" means any information required by the Lender in respect
of, or for, the calculation of each Advance.

 

		1.1.6	"Aggregate Gross Amount" means , in respect of each Advance, the aggregate of the Gross
Amounts in respect of BMC Minerals or PMC Minerals, as applicable, to be financed in terms of such Advance.

 

    11

     

    

 

		1.1.7	"Aggregate Outstandings" means, as of any date, the aggregate of all Financial Indebtedness
of the Borrower on such date

 

		1.1.8	"Aggregate Utilised Amount" means, in respect of any cancellation of the Facility, an
amount in Rands calculated in accordance with the following formula:-

 

		AUA =	UA+ UP

 

Where:-

 

		AUA =	the amount of the Aggregate Utilised Amount;

 

		UA =	the sum of:

 

		(a)	the aggregate amount of each Advance which is made by the Lender to the Borrower during each month or
part thereof during the Utilisation Period, less;

 

		(b)	in respect of each Aggregate Gross Amount which is repaid by the Borrower to the Lender during each month
or part thereof during the Utilisation Period, an amount equal to the Advance relating to such Aggregate Gross Amount; and

 

		UP =	the number of months or part thereof occurring during the relevant Utilisation Period.

 

		1.1.9	"Agreement" means this amended and restated revolving commodity financing facility agreement
and all schedules, addenda and extension agreements thereto (as such agreement has been amended and restated by the Amendment and Restatement
Agreement).

 

		1.1.10	"Amendment and Restatement Agreement" means the amendment and restatement agreement entered
into on or about the Signature Date between, inter alias, the Borrower and the Lender in terms of which, inter alia, the parties thereto
agree to amend and restate the Original Facility Agreement, all on the terms and conditions contained therein.

 

    12

     

    

 

		1.1.11	"Amendment and Restatement Date and Time" shall bear the meaning ascribed thereto in
the Amendment and Restatement Agreement.

 

		1.1.12	"Annual Financial Statements" means, in respect of each Obligor, the audited annual financial
statements (consolidated if appropriate) of such Obligor in respect of the year contemplated in the applicable clause.

 

		1.1.13	"Applicable Law" means, in relation to South Africa, any law, regulation, regulatory
requirement judgment, order or direction or any other act of any government entity of South Africa and includes any law insofar as it
relates to the interpretation of any law.

 

		1.1.14	"Approved Minerals" means platinum, palladium, gold, nickel and copper and "Approved
Mineral" means any one of them.

 

		1.1.15	"Assignment Entities" means The Standard Bank of South Africa Limited, Absa Bank Limited,
Nedbank Limited, Rand Merchant Bank (a division of FirstRand Bank Limited), Old Mutual Specialised Finance (Proprietary) Limited and Sanlam
Capital Markets Limited and "Assignment Entity" means any one of them.

 

		1.1.16	"Auditors" means any one of PricewaterhouseCoopers Ernst & Young, KPMG
or Deloitte or such other firm approved in advance by the Lender (such approval not to be unreasonably withheld or delayed).

 

		1.1.17	"Authorisation" means an authorisation, consent, approval, resolution, licence, exemption,
filing, notarisation or registration.

 

		1.1.18	"BMC Minerals" means copper and nickel and "BMC Mineral" means either
of them.

 

		1.1.19	"Borrower" means Pilanesberg Platinum Mines Proprietary Limited (Registration No. 2002/015572/07),
a company duly incorporated in accordance with the laws of South Africa and having its registered address at 6 Ecofusion Office Park,
Block B, 324 Witch-Hazel Avenue, Highveld Extension 59, South Africa.

 

    13

     

    

 

		1.1.20	"Borrower Account" means the bank account of the Borrower having the following details,
namely:-

 

		Bank:	The Standard Bank of South Africa Limited

 

	 	Account Name:	Pilanesberg Platinum Mines Proprietary Limited

 

	 	Branch No:	Cententurion 01-26-45

 

	 	Account No:	[***]

 

		1.1.21	"Borrower Entitlement Amount" means the Excluded Mineral Payment Amount and/or the Non-Financed
Amount.

 

		1.1.22	"Borrower Invoice" means the invoice delivered by the Borrower to Impala in respect of
the Concentrate Lots which were delivered by the Borrower to Impala during the applicable Delivery Month.

 

		1.1.23	"Borrower Shareholders" means the legal and beneficial owners of the issued share capital
of the Borrower from time to time and "Borrower Shareholder" means any one of them.

 

		1.1.24	"Break Costs" means, in respect of any Advance, all Losses properly evidenced and actually
incurred or sustained by the Lender in relation to the termination or modification of any commodity, currency, interest rate or other
hedging arrangements or on account of any funds borrowed, contracted for or utilised to fund such Advance due to non-payment (in whole
or in part) of the Aggregate Gross Amount of such Advance on the Payment Date of such Advance.

 

		1.1.25	"Break Fee" means a fee payable by the Borrower to the Lender in an amount of R600 000,00
(six hundred thousand Rand).

 

		1.1.26	"Break Gains" means, in respect of any Advance, any amount actually received by the Lender
(as properly evidenced), in relation to the termination or modification of any commodity, currency, interest rate or other hedging arrangements
or on account of any funds borrowed, contracted for or utilised to fund such Advance as a result of the Lender receiving any payment (in
whole or in part) of the Aggregate Gross Amount of such Advance on a date other than the Payment Date of such Advance.

 

    14

     

    

 

		1.1.27	"Business Day" means a day (other than a Saturday or Sunday) on which banks are open
for general business in Johannesburg, South Africa and London, England.

 

		1.1.28	"Cancellation Dates" means:-

 

		1.1.28.1	the date on which all of the Facility Limit is cancelled by the Borrower in terms of clause 13 hereof;
or

 

		1.1.28.2	each date on which a portion of the Facility Limit is cancelled by the Borrower in terms of clause 13
hereof,

 

and "Cancellation
Date" means any one of such dates, as the context may require.

 

		1.1.29	"Cancellation Fee" means the fee which is payable by the Borrower to the Lender in respect
of any Cancelled Portion, which fee shall be an amount, in Rands, calculated in accordance with the following formula:-

 

 

	 	CP =	P x 0.65% x (CM ÷ 12)2 x (CP ÷ FL)

 

Where:-

 

	 	CF =	the Cancellation Fe;

 

	 	uP =	the Unutilised Portion;

 

	 	CM =	the relevant Cancelled Portion;

 

		FL =	The Facility Limit (immediately prior to deducting the relevant Cancelled Portion0,

 

an illustrative example of the calculation
of which Cancellation Fee is attached hereto as Schedule 3.

 

		1.1.30	"Cancellation Notice" means the notice issued by the Borrower to the Lender pursuant
to clause 13.2 hereof.

 

    15

     

    

 

		1.1.31	"Cancellation Period" means, in respect of any Cancelled Portion, the period commencing
on (but excluding) the Cancellation Date and ending on (and including) the Maturity Date contemplated in clause 1.1.114.1 hereof.

 

		1.1.32	"Cancelled Portion" means the whole or any part of the Facility Limit which is cancelled
in terms of clause 13 hereof.

 

		1.1.33	"Capital" means the aggregate amount of the Facility drawn down by the Borrower from
time to time and which has not been repaid by the Borrower to the Lender.

 

		1.1.34	"Ceded Rights" means all of the Borrower's right, title and interest in and to (i) all
payments rights under the Concentrate Agreement; and (ii) all proceeds due to the Borrower arising from any Hedging Arrangement.

 

		1.1.35	"Collection Account" means the account of the Lender into which all payments due and
owing by Impala to the Borrower in terms of the Concentrate Agreement shall be paid namely:

 

	 	Account Name:	Investec Bank Limited

 

	 	Bank:	Investec Bank Limited

 

	 	Branch Code:	580105

 

	 	Account No:	[***]

 

		1.1.36	"Commitment Fee" means 0,45% (zero comma four five per cent) per annum of the aggregate
undrawn amount of the Facility from time to time during the relevant Facility Availability Period, payable on each Commitment Fee Payment
Date

 

		1.1.37	"Commitment Fee Commencement Date" means the date in the second calendar month following
the Facility Availability Date corresponding to the Facility Availability Date.

 

		1.1.38	"Commitment Fee Payment Date" means the last Business Day of each Commitment Fee Period.

 

		1.1.39	"Commitment Fee Period" means a period of 1 (one) month provided that:

 

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		1.1.39.1	the first Commitment Fee Period shall commence on the Commitment Fee Commencement Date and shall expire
on the 1st (first) Business Day of the next calendar month; and

 

		1.1.39.2	each subsequent Commitment Fee Period shall commence on the last Business Day of the previous Commitment
Fee Period.

 

		1.1.40	"Companies Act" means the Companies Act No. 71 of 2008.

 

		1.1.41	"Concentrate" shall bear the meaning ascribed thereto in the Concentrate Agreement

 

		1.1.42	"Concentrate Agreement" means collectively (i) the Treatment of Concentrate and
Sale of Metals Agreement entered into on or about 23 June 2015 between the Borrower (as seller) and Impala (as purchaser); and
(ii) all and any other concentrate agreements entered into between the Borrower and Impala pursuant to which inter alia the Borrower
agrees to sell the Concentrate to Impala, all on the terms and conditions contained therein.

 

		1.1.43	"Concentrate Lot" means each 100 dry metric ton of Concentrate delivered by the Borrower
to Impala which is defined as an "Accounting Batch" in the Concentrate Agreement.

 

		1.1.44	"Conditions Precedent" means the conditions precedent in clause 5 hereof.

 

		1.1.45	"Constitutional Documents" means, in relation to any entity, the memorandum and articles
of association and certificate of incorporation or other constitutional documents of such entity.

 

		1.1.46	"Control" means, in relation to any company or similar organisation or person, the power
(whether by way of ownership of shares, proxy, contract, agency or otherwise) to:-

 

		1.1.46.1	cast, or control the casting of, more than 50% (fifty per cent) of the votes that might be cast at a general
meeting of such person; or

 

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		1.1.46.2	the power to appoint the majority of directors (if the person is a company) or trustees (if the person
is a trust); or

 

		1.1.46.3	any analogous rights to those referred to in clauses 1.1.46.1 and 1.1.46.2 hereof in relation to
any other person or entity,

 

and "Controlled" or
 "Controlling" shall have corresponding meanings.

 

		1.1.47	"Current Period" means the First Facility Period and each applicable Renewal Period thereafter.

 

		1.1.48	"Debt to Equity Ratio" means, as of any date, the ratio comprised by the Aggregate Outstandings
to the Shareholders Equity on such date.

 

		1.1.49	"Default" means an Event of Default or any event or circumstance specified in clause 26.1
hereof, which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents
or any combination of any of the foregoing) be an Event of Default.

 

		1.1.50	"Default Interest" means Interest at the Default Rate accruing in terms of clause 16.2
hereof.

 

		1.1.51	"Default Rate" means the rate which is 2% (two per cent) above the Prime Rate.

 

		1.1.52	"Delivery Month" means each month in respect of which Concentrate is delivered to Impala
in terms of the Concentrate Agreement.

 

		1.1.53	"Derived JIBAR Rate" means -

 

		1.1.53.1	in respect of any Interest Period which is longer than 1 (one) month but shorter than 3 (three)
months, and on any applicable JIBAR Determination Date, the rate of interest which is interpolated by the Lender, acting reasonably, from
One Month JIBAR and Three Month JIBAR; and

 

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		1.1.53.2	in respect of any Interest Period which is longer than 3 (three) months but shorter than 6 (six)
months, and on any applicable JIBAR Determination Date, the rate of interest which is interpolated by the Lender, acting reasonably, from
Three Month JIBAR and Six Month JIBAR.

 

		1.1.54	"Determination Date" means the date on which the Price of each Approved Mineral to be
financed in terms of an Advance is agreed or determined in accordance with the provisions of clause 8 hereof.

 

		1.1.55	"Determination Reference Banks" means JP Morgan, Goldman Sachs and Societe Generale or
any one or more of the Replacement Determination Reference Banks, as the case may be.

 

		1.1.56	"Disbursement Request" means the Disbursement Request substantially in the form set out
in Schedule 2 or such other form as may be accepted by the Lender, to be delivered by the Borrower to the Lender from time to time
during the relevant Facility Availability Period in accordance with this Agreement.

 

		1.1.57	"Discount Amount" means, in respect of each Advance, an amount in Rands determined in
accordance with the following formula:-

 

	 	DA= AGA x IDR x (d ÷ 365)

 

Where:-

 

	 	DA =	the Discount Amount;

 

	 	AGA =	the Aggregate Gross Amount

 

	 	UDR =	BDR + m;

 

	 	m =	the Margin;

 

	 	BDR =	

 

		i =	the Relevant Base Interest Rate which corresponds to the relevant Interest Period of such Advance; and

 

		d =	the number of days in the Interest Period in respect of such Advance.

 

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		1.1.58	"Discount Amount" means, in respect of each Advance, an amount in Rands determined in
accordance with the following formula:-

 

		1.1.58.1	the dates on which such Concentrate Lots were delivered by the Borrower to Impala during such Delivery
Month;

 

		1.1.58.2	the moisture content of such Concentrate Lots;

 

		1.1.58.3	the Impala Initial Metal Analysis in respect of such Concentrate Lots;

 

		1.1.58.4	the Pilanesberg Initial Metal Analysis in respect of such Concentrate Lots;

 

		1.1.58.5	the DMT of such Concentrate Lots;

 

		1.1.58.6	if applicable, the determination by the parties to the Concentrate Agreement or the umpire laboratory,
as the case may be, of such Concentrate Lots, in accordance with the terms of the Concentrate Agreement;

 

		1.1.58.7	the Settlement Analysis (if applicable) of such Concentrate Lots; and

 

		1.1.58.8	the percentage of chromium oxide in such Concentrate (if available).

 

		1.1.59	"Disposal" means a sale, lease, licence, transfer, loan or other disposal by a person
of any asset, undertaking or business (whether by a voluntary or involuntary single transaction or series of transactions) and "Dispose"
shall have a corresponding meaning.

 

		1.1.60	"DMT" shall bear the meaning ascribed thereto in the Concentrate Agreement.

 

		1.1.61	"Dollars", "US$" and "USD" means the lawful currency
of the United States of America.

 

		1.1.62	"Due Diligence Investigations" means due diligence investigations required to be conducted
by the Lender as prescribed by the Lender's internal compliance requirements.

 

		1.1.63	"Economic Failure" means an event or circumstance has occurred or events or circumstances
have occurred (including any material adverse change or the continuation of any circumstance(s)), determined in the sole discretion of
the Lender, acting reasonably, in the South African or international capital markets or in South African or international monetary, financial,
political or economic conditions which materially adversely impacts on the Lender's ability to hedge an Advance and/or renders it unlawful
or impossible for the Lender to advance any amount against the Facility to the Borrower in accordance with the provisions of this Agreement.

 

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		1.1.64	"Event of Default" means any event or circumstance specified as such in clause 26.1
hereof.

 

		1.1.65	"Excluded Minerals" means rhodium, ruthenium and iridium.

 

		1.1.66	"Excluded Mineral Payment Amount" means any amount paid by Impala into the Collection
Account on account of the Excluded Minerals.

 

		1.1.67	"Excluded Person" means:-

 

		1.1.67.1	any person listed on the sanction lists of OFAC, the UN and/or Interpol from time to time;

 

		1.1.67.2	Politically Exposed Persons; and

 

		1.1.67.3	any person listed on any other recognised or official published list analogous to the sanction lists contemplated
in clause 1.1.67.1 hereof.

 

		1.1.68	"Facility" means a revolving commodity financing facility in an amount not exceeding
the Facility Limit which is made available during the relevant Facility Availability Period by the Lender to the Borrower in terms of
this Agreement.

 

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		1.1.69	"Facility Availability Date" means the first Business Day following fulfilment or waiver,
as the case may be, of the Conditions Precedent referred to in Clause 5.1, or such other date as the Lender and the Borrower may
agree in writing, provided that in respect of any Renewal Period subsequent to the First Facility Period, the Facility Availability Date
means the first Business Day following the later of the commencement date of the Renewal Period and the date on which the lender receives
a copy of the executed Concentrate Agreement or any amendment or renewal thereof which permits delivery of the Concentrate by the Borrower
to Impala during the Renewal Period and which is in form and substance satisfactory to the Lender and is in full force and effect in accordance
with its terms.

 

		1.1.70	"Facility Availability Period" means, provided that no Event of Default has occurred
and is continuing, the period commencing on the Facility Availability Date and ending on the date on which the Borrower ceases to be entitled
to deliver Concentrate to Impala in terms of the Concentrate Agreement.

 

		1.1.71	"Facility Limit" means, at any time, an aggregate amount of R400 000 000,00
(four hundred million Rand), less the amount of each Cancelled Portion, the Aggregate Outstandings under the Facility and the other Finance
Documents.

 

		1.1.72	"FICA" means the Financial Intelligence Centre Act, 2001.

 

		1.1.73	"FICA Obligations" means the Borrower's obligations under clause 12.1.2 to provide
the information and documentation that is required by a Lender under FICA in respect of the Relevant Shareholder.

 

		1.1.74	"FICA Obligor" means any Relevant Shareholder in respect of which the Lender requires
documents and/or information in accordance with the provisions of FICA as contemplated in clause 12.1.1.2 hereof.

 

		1.1.75	"Finance Documents" means:-

 

		1.1.75.1	this Agreement;

 

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		1.1.75.2	the Amendment and Restatement Agreement;

 

		1.1.75.3	the Impala Notice;

 

		1.1.75.4	the Northam Finance Documents;

 

		1.1.75.5	each Disbursement Request;

 

		1.1.75.6	the ISDA Master Agreement; and

 

		1.1.75.7	each Hedge Confirmation,

 

and any other document designated as
a "Finance Document" by the Lender and the Borrower.

 

		1.1.76	"Financial Half Year" means the 6 (six)-month periods ending on 31 August of any
Financial Year (it being recorded that the end of such Financial Half Year is being changed to 30 June as a result of the change
of the Financial Year).

 

		1.1.77	"Financial Indebtedness" means any indebtedness for or in respect of:-

 

		1.1.77.1	moneys borrowed;

 

		1.1.77.2	debit balances at banks or other financial institutions;

 

		1.1.77.3	any acceptance under any acceptance credit or bill discounting facility.

 

		1.1.77.4	any issue of bonds, notes, debentures, loan stock or any similar instrument ;

 

		1.1.77.5	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance
with IFRS, be treated as a balance sheet liability;

 

		1.1.77.6	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse
basis and meet any requirement for de-recognition under the Accounting Principles);

 

		1.1.77.7	any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit
or any other instrument issued by a bank or financial institution (other than any indemnity or guarantee in favour of the relevant authority
in respect of the rehabilitation liability of the Borrower in respect of its mine);

 

    23

     

    

 

		1.1.77.8	any amount raised by the issue of redeemable shares which are redeemable (other than at the option of
the issuer) prior to the Maturity Date;

 

		1.1.77.9	any amount of any liability under an advance or deferred purchase agreement if:-

 

		1.1.77.9.1	one of the primary reasons behind entering into the agreement is to raise finance or to finance the acquisition
or construction of the asset or service in question; or

 

		1.1.77.9.2	the agreement is in respect of the supply of assets or services and payment is due more than 120 (one
hundred and twenty) days after the date of supply;

 

		1.1.77.10	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back
or sale and leaseback agreement) having the commercial effect of a borrowing; and

 

		1.1.77.11	any liability in respect of any guarantee for any of the items referred to in clauses 1.1.77.1 to
1.1.77.10 hereof,

 

whether or not same is reflected on
the balance sheet of the applicable entity.

 

		1.1.78	"Financial Year" means the period commencing on 1 March of any year and ending
on 28 February of the following year (it being recorded that the end of such Financial Year is being changed to 31 December).

 

    24

     

    

 

		1.1.79	"First Advance" means the Advance made by the Lender on the First Advance Date.

 

		1.1.80	"First Advance Additional Information" means any other documents or information (other
than Advance Calculation Information) required by the Lender, acting reasonably, in relation to the First Advance.

 

		1.1.81	"First Advance Date" means the date on which the Lender makes the first Advance to the
Borrower under this Agreement pursuant to a Disbursement Request.

 

		1.1.82	"First Facility Period" means the period commencing on the Facility Availability Date
and ending on 31 March 2018.

 

		1.1.83	"Force Majeure Event" means any one of the events contemplated in the paragraph headed
 "Force Majeure" of the Concentrate Agreement.

 

		1.1.84	"Gross Amount" means, in respect of each Advance and in respect of each Approved Mineral
to be financed in term s of such Advance, an amount, in Rands, determined in accordance with the following formula:-

 

GA= Q x LFP x P

 

Where:-

 

		GA =	the Gross Amount of the Advance relating to such Approved Mineral;

 

		Q =	the Quantity of the Approved Mineral in question; the Loan Factor Percentage; and

 

		LFP =	the loan Factor Percentage; and

 

		P =	the Price of the Approved Mineral in question.

 

		1.1.85	"Guarantor" means Platmin South Africa Proprietary Limited previously known as Boynton
Investments Proprietary Limited, (Registration No. 2000/002572/07), a company duly incorporated in accordance with the laws
of South Africa and having its registered address at 6 Ecofusion Office Park, Block B, 324 Witch-Hazel Avenue, Highveld
Extension 59, South Africa.

 

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		1.1.86	"Hedge Confirmation" means in respect of each Advance, each confirmation concluded between
the Borrower and the Lender under the ISDA Master Agreement pursuant to which the Borrower and the Lender record the terms of the Hedging
Arrangement in respect of that Advance, all on the terms and conditions contained therein

 

		1.1.87	"Hedging Arrangement" means, in respect of each Advance, any and all hedging arrangements
entered into by the Borrower with the Lender in respect of the forward price of the expected Quantity of Approved Minerals to be processed
by Impala in respect of that Advance.

 

		1.1.88	"High Risk Jurisdictions" means countries which are identified by the OECD Financial
Action Task Force from time to time as being high risk jurisdictions and "High Risk Jurisdiction" means any one of them.

 

		1.1.89	"IFRS" means international financial reporting standards within the meaning of IAS Regulation
1606/2002 to the extent applicable to the relevant financial statements.

 

		1.1.90	"Impala" means Impala Refining Services Limited (Registration No. 1968/009670/06)
a limited liability company duly registered and incorporated in accordance with South African Law and carrying on business at the corner
of Cowles Street and East Geduld Road, East Geduld, Springs, 1560, Gauteng, South Africa.

 

		1.1.91	"Impala Notice" means the notice substantially in the form which is attached as Annexure B
to the Amendment and Restatement Agreement notifying Impala that payments under the Concentrate Agreement should be paid into the Collection
Account and the Borrower waiving its right to call for delivery of refined Platinum or Palladium in lieu of payment for the concentrate
delivered to Impala.

 

    26

     

    

 

		1.1.92	"Impala Initial Metal Analysis" means the analytical results in respect of each Concentrate
Lot delivered by the Borrower to Impala, communicated in writing by Impala to the Borrower.

 

		1.1.93	"Impala Invoice" means the VAT invoice delivered by Impala to the Borrower detailing
, inter alia, treatment costs, royalties or penalties which are payable by the Borrower to Impala in respect of the Concentrate which
has been delivered by the Borrower to Impala during any Delivery Month and which has been processed by Impala.

 

		1.1.94	"Insolvency Act 1936" means the South African Insolvency Act, 1936 (Act No. 24
of 1936.

 

		1.1.95	"Insolvency Event" means, in relation to any person, any of the following events or circumstances:-

 

		1.1.95.1	an order or declaration is made or a meeting of the directors or shareholders of such person is
                                                                                                        convened to consider the passing of a resolution, or a resolution is passed for the administration, custodianship, curatorship,
                                                                                                        bankruptcy, liquidation, sequestration, winding-up, dissolution or placing under supervision for business rescue proceedings (and
                                                                                                        whether provisional or final) of it or its estate but excludes a
bona fide solvent reorganisation the terms of which have been approved in advance by the Lender, acting reasonably;

 

		1.1.95.2	it is unable (or admits inability) to pay its debts generally as they fall due or is (or admits to being)
otherwise insolvent or stops, suspends or threatens to stop or suspend payment of all or a material part of its debts or proposes or seeks
to make or makes a general assignment or any arrangement or composition with or for the benefit of its creditors or a moratorium is agreed
or declared in respect of or affecting all or a material part of its indebtedness;

 

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		1.1.95.3	it takes any proceeding or other step with a view to the general readjustment, rescheduling or deferral
of its indebtedness to its creditors generally or any part of such indebtedness (or any part thereof) which it would otherwise be unable
to pay when due or proposes to take any such step;

 

		1.1.95.4	any receiver, administrative receiver, administrator, compulsory manager, judicial custodian, curator,
trustee in bankruptcy, liquidator, business rescue practitioner or the like (in each case whether provisional or final) is appointed in
respect of it or any material part of its assets or it requests any such appointment;

 

		1.1.95.5	any act which, if such act was committed by a South African individual, would be an act of insolvency
within the meaning of section 8 (other than sections 8 (a), (b) and (f)) of the Insolvency Act, as amended from time to time
or any equivalent legislation in any jurisdiction to which such person is subject;

 

		1.1.95.6	an application is made by any affected person for an order placing it under supervision for business rescue
proceedings as contemplated in section 131 1) of the Act; or

 

		1.1.95.7	it is "financially distressed" as contemplated in section 128(1) of the Act or may
become "financially distressed" within a period of 6 (six) months.

 

		1.1.96	"Interest" means interest on the Aggregate Gross Amount in respect of each Advance, which
is the Discount Amount.

 

		1.1.97	"Interest Period" means:-

 

		1.1.97.1	in respect of each Advance, the period commencing on the Relevant Advance Date and ending on the date
which is 5 (five) Business Days calculated from the expiry of the Quotational Period to which such Advance relates; or

 

		1.1.97.2	such other period as may be agreed to by the Borrower and the Lender, provided that the final Interest
Period for each Advance shall not extend beyond the Maturity Date.

 

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		1.1.98	"Interim Financial Statements" means:-

 

		1.1.98.1	in respect of the Borrower, unaudited consolidated interim financial statements in respect of the Financial
Half Year, ending on the last day of its Financial Half Year; and

 

		1.1.98.2	in respect of the Guarantor, the unaudited interim financial statements (consolidated if appropriate)
of such Guarantor in respect of the Financial Half Year ending on the last day of its Financial Half Year.

 

		1.1.99	"Interpol" means the International Criminal Police Organisation.

 

		1.1.100	"ISDA Master Agreement" means collectively the 2002 ISDA Master and schedule or schedules
thereto entered into on or about 28 August 2009 between the Borrower and the Lender.

 

		1.1.101	"JIBAR " means the Johannesburg Interbank Agreed Rate.

 

		1.1.102	"JIBAR Determination Date" means, in respect of each Advance, the Business Day immediately
preceding the Relevant Advance Date or such other date as the Parties may agree.

 

		1.1.103	"Judgment " means any judgment or arbitration or similar award.

 

		1.1.104	"Lender" means Investec Bank Limited, (Registration No. 1969/004763/06), a limited
liability company registered and incorporated in accordance with the laws of South Africa, carrying on business at 100 Grayston Drive,
Sandown, Sandton, 2196, South Africa.

 

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		1.1.105	"Loan " means the sum of all Aggregate Gross Amounts which are the subject matter of
all Advances which have been made to the Borrower but which have not been repaid by the Borrower in accordance with the provisions of
this Agreement, plus all Default Interest thereon, if any.

 

		1.1.106	"Loan Factor Percentage" means 89.3% (eighty nine point three per cent), provided
that, if after receipt of a Disbursement Request and having regard to the Dispatch Analysis Schedule attached thereto as Annexure B:-

 

		1.1.106.1	the average chromium oxide content of the Concentrate Lots which are delivered by the Borrower to Impala
during the relevant Delivery Month is greater than 1,2% (one comma two per cent) but less than 1,4% (one comma four per cent), then the
Lender shall be entitled to reduce the loan factor percentage to 87% (eighty seven per cent);

 

		1.1.106.2	the average chromium oxide content of the Concentrate Lots which are delivered by the Borrower to Impala
during the relevant Delivery Month is greater than 1,4% (one comma four per cent), then the Lender shall be entitled to either:-

 

		1.1.106.2.1	reduce the loan factor percentage to 83% (eighty three per cent); or

 

		1.1.106.2.2	refuse to finance the Approved Minerals in the Concentrate Lot in question.

 

		1.1.107	"Losses" includes all losses, payments, damages, liabilities, claims, proceedings, actions,
charges, demands, fees, judgments, costs and expenses or other sanctions of a monetary nature, and the term "Loss" shall
bear a corresponding meaning.

 

		1.1.108	"LBM" means the London Bullion Market.

 

		1.1.109	"LME" means the London Metals Exchange.

 

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		1.1.110	"LPPM" means the London Platinum and Palladium Market.

 

		1.1.111	"Management Accounts" means the consolidated management accounts of each Obligor.

 

		1.1.112	"Margin" means an all-in margin of 2.4% (two point four per cent) nacm, as adjusted
pursuant to clause 17.1 hereof.

 

		1.1.113	"Material Adverse Event" means any event, circumstance or matter or combination of events,
circumstances or matters which has or is likely, in the opinion of the Lender, acting reasonably, to have a material adverse effect on:-

 

		1.1.113.1	the business, operations, property or condition (financial or otherwise) of either Obligor or Impala;
or

 

		1.1.113.2	the ability of either Obligor to perform any of its material obligations (financial or otherwise) under
this Agreement or any other Finance Document to which it is party; or

 

		1.1.113.3	the ability of either Obligor or Impala to perform any of its material obligations (financial or otherwise)
under the Concentrate Agreement; or

 

		1.1.113.4	the legality, validity or enforceability of any of the Finance Documents.

 

		1.1.114	"Maturity Date" means the date which is the earliest to occur of:-

 

		1.1.114.1	31 March 2018 being the termination date of the current period (the "Current Period")
or the last day of any Renewal Period, as applicable;

 

		1.1.114.2	the date on which the Lender has notified the Borrower that it requires repayment of the Loan following
the occurrence of an Event of Default; or

 

		1.1.114.3	the Cancellation Date, if the Facility is cancelled in full on such Cancellation Date.

 

		1.1.115	"Mineral Classes" means, collectively, the PMC Minerals and the BMC Minerals and
 "Mineral Class" means either of them.

 

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		1.1.116	"nacm" means nominal annual compounded monthly in arrears.

 

		1.1.117	"Non Financed Amount" means, in respect of any Approved Mineral any amount in Rands which
is paid by Impala to the Borrower in respect of such Approved Mineral which has not been financed by means of an Advance under this Agreement.

 

		1.1.118	"Northam" means Northam Platinum Limited (Registration No. 1977/003282/06) a limited
liability company duly registered and incorporated in accordance with the laws of South Africa and carrying on business at Farm Zondereinde,
384 KO, District Thabazimbi, South Africa.

 

		1.1.119	"Northam Finance Documents" shall bear the meaning the ascribed to the term "Finance
Documents" in the Northam Revolving Credit Facility.

 

		1.1.120	"Northam Revolving Credit Facility" means the Revolving Commodity Financing Facility
Agreement entered into on 9 October 2009 between Investec, the Borrower and the Guarantor as amended from time to time in terms
of which the Lender has granted a commodity financing facility to the borrower in respect of concentrate delivered to Northam by the Borrower
and all and any other revolving commodity financing facility agreements replacing such facility from time to time.

 

		1.1.121	"Obligors " means the Borrower and the Guarantor and "Obligor" means
either of them.

 

		1.1.122	"OFAC" means the Office of Foreign Assets Control.

 

		1.1.123	"One Month JIBAR" means, on each JIBAR Determination Date:-

 

		1.1.123.1	the mid-market rate for deposits in Rands with South African banks for a period of 1 (one) month which
is published by Reuters Screen SAFEY page (or on any nominated successor screen) at approximately 11hOO Johannesburg time on that
date (as determined by the Lender); and

 

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		1.1.123.2	if the rate referred to in clause 1.1.123.1 does not so appear on the Reuters Screen SAFEY page (or
on any nominated successor screen) for any reason whatsoever on such date, the rate determined on the basis of the average of the mid-market
1 (one) month deposit rates quoted by the Reference Banks at or about 11h00 (Central African time) on the relevant JIBAR Determination
Date. For this purpose, the Lender will request the principal Johannesburg office of each of the Reference Banks to provide a quotation
of its rate (expressed as nacm rate) in respect of 1 (one) month deposits in Rands and, if 2 (two) or more quotations are provided,
the rate for the relevant JIBAR Determination Date will be the average of the quotations provided to the Lender.

 

In the event of any dispute, 1 (one)
month JIBAR shall be the rate certified by the Lender and whose certificate shall, in the absence of manifest error, be prima facie proof
of 1 (one) month JIBAR

 

		1.1.124	"Original Facility Agreement" means the means the revolving commodity financing facility
agreement entered into on or about the Original Signature Date between, inter alias, the Borrower and the Lender in terms of which, inter
alia, the Lender agreed to make a commodity financing facility available to the Borrower, all on the terms and conditions contained therein.

 

		1.1.125	"Original Financial Statements" means:-

 

		1.1.125.1	in relation to the Borrower, its Annual Financial Statements for the period ending on 28 February 2012;
and

 

		1.1.125.2	in relation to the Guarantor, its Annual Financial Statements for its Financial Year ending on 28 February 2012.

 

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		1.1.126	"Original Signature Date" means 26 June 2013.

 

		1.1.127	"Ounces" means 31,104 (thirty one comma one zero four) grams.

 

		1.1.128	"Parties" means the Borrower, the Lender and the Guarantor, and "Party"
means any one of them, as the context may require.

 

		1.1.129	"Payment Date" means, in respect of each Advance, the last day of the Interest Period
relating to such Advance.

 

		1.1.130	"Pilanesberg Initial Metal Analysis" means the analytical results in respect of each
Concentrate Lot delivered by the Borrower to Impala, communicated in writing by the Borrower to Impala in terms of the Concentrate Agreement.

 

		1.1.131	"Platmin" means Sedibelo Platinum Mines Limited (formerly known as Platmin Limited),
a limited liability company duly registered and incorporated in accordance with the laws of Guernsey, carrying on business at 11 New
Street, St Peter Port, Guernsey GY12PF.

 

		1.1.132	"PMC Minerals" means platinum, palladium and gold and "PMC Mineral"
means any one of them.

 

		1.1.133	"PMC Spot Price" means, in respect of a PMC Mineral and on each relevant Determination
Date, the price of such PMC Mineral as agreed to between the Borrower and the Lender, or as determined, as the case may be, in terms of
clause 8 hereof, with reference to the price of such PMC Mineral on the LBM (in the case of gold) and the LPPM (in the case of platinum
and palladium), as the case may be, on such Determination Date.

 

		1.1.134	"PMC Forward Price" means, in relation to a PMC Mineral in respect of which an Advance
has been requested by the Borrower, and on the relevant Determination Date, the forward price on such PMC Mineral on the LBM (if the relevant
PMC Mineral is gold) or the LPPM (if the relevant PMC Mineral is platinum or palladium), as the case may be, for the period that corresponds
to the Interest Period in respect of the proposed Advance on such Determination Date.

 

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		1.1.135	"Politically Exposed Persons" means:-

 

		1.1.135.1	persons into whose financial affairs the Lender is required to conduct Due Diligence Investigations (but
not including any FICA Obligors); and

 

		1.1.135.2	persons from High Risk Jurisdictions into whose financial affairs the Lender is required to conduct Due
Diligence Investigations (but not including any FICA Obligors),

 

and in respect of whom, after having
conducted the Due Diligence Investigations contemplated in clauses 1.1.135.1 and 1.1.135.2 hereof, as the case may be, the Lender determines
that it is not entitled to enter into any transaction with or execute any transaction on behalf of such person.

 

		1.1.136	"Preceding Delivery Month" means the Delivery Month immediately preceding the calendar
month in which the Required Delivery Date occurs.

 

		1.1.137	"Prepayment Date" shall bear the meaning ascribed thereto in clause 14.2.2 hereof.

 

		1.1.138	"Prepayment Notice" means the written notice given by the Borrower to the Lender that
it intends to prepay the Facility in the manner contemplated in clause 14 hereof.

 

		1.1.139	"Price" means, in respect of an Approved Mineral to be financed in terms of any Advance,
the price in Rands of such Approved Mineral as at the Determination Date, provided that -

 

		1.1.139.1	in respect of a PMC Mineral, the price of such PMC Mineral shall be the PMC Spot Price of such PMC Mineral
or such other price as the Borrower and Lender agree in writing; and

 

		1.1.139.2	in respect of a BMC Mineral, the price of such BMC Mineral shall be the price of such BMC Mineral agreed
to between the Borrower and the Lender or as determined, as the case may be, in terms of clause 8 hereof with reference to the forward
price of such BMC Mineral on the LME for the period that corresponds to the Interest Period in respect of the proposed Advance.

 

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		1.1.140	"Prime Rate" means the basic rate of interest (per cent, per annum, compounded monthly
in arrear and calculated on a 365 (three hundred and sixty five) day year) from time to time quoted by the Lender as being its prime
overdraft rate, as certified by any manager of the Lender, whose appointment and designation need not be proved.

 

		1.1.141	"Quantity" means, save as otherwise contemplated by this Agreement, in respect of each
Advance, the quantity of the relevant Approved Mineral for the Delivery Month immediately preceding the Relevant Advance Date of such
Advance, determined in accordance with the following formula -

 

Q = N x SA x RRP

 

Where:-

 

		Q =	the Quantity of the relevant Approved Mineral in question;

 

		N =	the net dry weight of Concentrate in DMT received by Impala for the Delivery Month immediately preceding
the Relevant Advance Date of such Advance;

 

		SA =	the weighted average of the grade of the relevant Approved Mineral in question, expressed in Ounces per
DMT for PMC Minerals and expressed as a percentage per DMT for BMC Minerals reflected in the Settlement Analysis or, if the Settlement
Analysis is not available as at the relevant JIBAR Determination Date. then the grade of the relevant Approved Mineral in question, expressed
in Ounces per DMT for PMC Minerals and expressed as a percentage of DMT for BMC Minerals which is reflected in the Impala Initial Metal
Analysis; and

 

		RRP =	the Recovery Rate Percentage of the relevant Approved Mineral in question.

 

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		1.1.142	"Quotational Period" means -

 

		1.1.142.1	in relation to an amount equal to 80% (eighty per cent) of the Aggregate Gross Amount payable on
account of any Advance, the date which is 86 days calculated from the date on which such Advance is made; and

 

		1.1.142.2	in relation to an amount equal to 20% (twenty per cent) of the Aggregate Gross Amount payable on
account of the Advance contemplated in clause 1.1.142.1, the date which is 144 days calculated from the date on which such Advance
is made.

 

		1.1.143	"Recovery Rate Percentage" means, in respect of each Approved Mineral, the overall return
percentage corresponding to that Approved Mineral as provided for in the Concentrate Agreement.

 

		1.1.144	"Reference Banks" means Absa Capital (a division of Absa Bank Limited), Standard Bank
Corporate & Investment Bank (a division of The Standard Bank of South Africa Limited), Nedbank Capital (a division of Nedbank
Limited) and Rand Merchant Bank (a division of FirstRand Bank Limited).

 

		1.1.145	"Relevant Advance Date" means, subject to the fulfilment of the Conditions Precedent
set out in clause 5.2 hereof, each date during the Facility Availability Period on which an Advance is made by the Lender to the
Borrower in terms of this Agreement.

 

		1.1.146	"Relevant Base Interest Rate" means, as applicable:-

 

		1.1.146.1	One Month JIBAR;

 

		1.1.146.2	Three Month JIBAR;

 

		1.1.146.3	Six Month JIBAR; or

 

		1.1.146.4	Derived JIBAR.

 

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		1.1.147	"Relevant Shareholder" means, in respect of any proposed change of Control, the person
who will acquire, or whose direct or indirect beneficial ownership interest in or holding of the:-

 

		1.1.147.1	issued ordinary share capital the Borrower or the Guarantor or Platmin; or

 

		1.1.147.2	the voting rights exercisable in the Borrower, the Guarantor or Platmin,

 

will or is proposed to increase and
as a result of which increase, or acquisition, a change of Control will occur in respect of that person.

 

		1.1.148	"Renewal Date" means the last day of the First Facility Period and the last day of any
Renewal Period.

 

		1.1.149	"Renewal Period" means, subject to clause 1.1.149.3 below, a period of 364 (three
hundred and sixty four) days:-

 

		1.1.149.1	the first Renewal Period shall commence on the expiry of the First Facility Period;

 

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		1.1.149.2	each subsequent Renewal Period shall commence on the first day immediately following the last day of the
previous Renewal Period;

 

		1.1.149.3	no Renewal Period shall extend beyond the date on which the Concentrate Agreement expires in accordance
with its terms; and

 

		1.1.149.4	all Renewal Periods are agreed to by Investec in writing prior to the expiry of the First Facility Period
or the current Renewal Period as applicable.

 

		1.1.150	“Replacement Determination Reference Banks” means if JP Morgan and/or Goldman Sachs
and/or Societe Generale are unable to act as Determination Reference Banks for the purposes of clauses 8 and/or 9 hereof, any one
or more of the following banks as required to give effect to the provisions of clauses 8 and/or 9 hereof -

 

		1.1.150.1	Citibank;

 

		1.1.150.2	Credit Suisse;

 

		1.1.150.3	Deutsche Bank AG; or

 

		1.1.150.4	any one of the other largest market traders in BMC Minerals and PMC Minerals in South Africa or London
agreed to by the Borrower and the Lender.

 

		1.1.151	“Required Delivery Date” means the date which is 5 (five) Business Days prior to the
end of a calendar month immediately following a Delivery Month.

 

		1.1.152	“Sanctioned Entity” means:

 

		1.1.152.1	any entity or person, country or territory which is listed on a Sanctions List or is subject to Sanctions;

 

		1.1.152.2	a person which is ordinarily resident in a country or territory which is listed on a Sanctions List or
is subject to Sanctions.

 

		1.1.153	“Sanctioned Transaction” means the use of the proceeds of any Loan for the purpose
of financing or providing any credit, directly or indirectly, to:

 

		1.1.153.1	a Sanctioned Entity; or

 

		1.1.153.2	any other person or entity, if the Borrower has actual knowledge that the person or entity proposes to
use the proceeds of the financing or credit for the purpose of financing or providing any credit, directly or indirectly, to a Sanctioned
Entity,

 

in each case to the extent that to do
so is prohibited by, or would cause any breach of, Sanctions.

 

		1.1.154	“Sanctions” means any trade, economic or financial sanctions, laws, regulations, embargoes
or restrictive measures imposed, administered from time to time by any Sanctions Authority.

 

		1.1.155	“Sanctions Authority” means:

 

		1.1.155.1	the government of the Republic of South Africa;

 

		1.1.155.2	the United Nations;

 

		1.1.155.3	the European Union;

 

		1.1.155.4	the Council of Europe (founded under the Treaty of London, 1946);

 

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		1.1.155.5	the government of the Republic of France;

 

		1.1.155.6	the government of the United States of America; and

 

		1.1.155.7	the government of the United Kingdom,

 

and any of their governmental authorities,
including, without limitation, the U.S. Office of Foreign Assets Control of the U.S Department of the Treasury, the US Department of Commerce,
the U.S State Department or the US Department of the Treasury and Her Majesty’s Treasury and the French Ministry of Finance.

 

		1.1.156	“Sanctions List” means the list of Specifically Designated Nationals and Blocked Persons
List published by OFAC, the Consolidated List of Financial Sanctions Targets and Investments Ban List maintained by Her Majesty’s
Treasury or any similar list maintained, or a public announcement of a Sanctions designation made, by any Sanctions Authority, in each
case as amended, supplemented or substituted from time to time.

 

		1.1.157	“Security Interest” means any agreement or arrangement having the effect of creating
a security interest or right of possession, including any mortgage, pledge, lien, lease, cession, cession in securitatem debiti,
right of retention, right of set-off or claim (but excluding any right of set-off, consolidation, merger or combination of accounts
arising in favour of a banker by operation of Applicable Law), hypothecation, assignment, security interest, title retention, trust arrangement,
preferential arrangement or encumbrance whatever, however created or arising.

 

		1.1.158	“Senior Management” means, in respect of each member of each Obligor, all senior employees
of such company designated by it as senior management.

 

		1.1.159	“Settlement Analysis” means the settlement assay prepared in accordance with the provisions
of the Concentrate Agreement.

 

		1.1.160	“Shareholders Equity” means, as of any date, the aggregate of -

 

		1.1.160.1	the Borrower’s share or stated capital, as applicable; plus

 

		1.1.160.2	the Borrower’s share premium, if any; plus

 

		1.1.160.3	the Borrower’s distributable and non-distributable reserves; plus

 

		1.1.160.4	the aggregate of the principal amounts of the Shareholders Loans.

 

		1.1.161	“Shareholders Loans” means, as of any date, the amount then owing by the Borrower to
any Borrower Shareholder on account of loans made to the Borrower by such Borrower Shareholder.

 

		1.1.162	“Signature Date” means the date of last signature of this Agreement.

 

		1.1.163	“Six Month JIBAR” means, on each relevant JIBAR Determination Date-

 

		1.1.163.1	the mid-market rate for deposits in Rands with South African banks for a period of 6 (six) months
which is published by Reuters screen SAFEY page (or on any nominated successor screen) at approximately 11h00 Johannesburg time on
that date (as determined by the Lender); and

 

		1.1.163.2	if the rate referred to in clause 1.1.163.1 does not so appear on the Reuters Screen SAFEY page (or
on any nominated successor screen) for any reason whatsoever on such date, the rate determined on the basis of the average of the mid-market
6 (six) month deposit rates quoted by the Reference Banks at or about 11h00 (Central African time) on the relevant JIBAR Determination
Date. For this purpose, the Lender will request the principal Johannesburg office of each of the Reference Banks to provide a quotation
of its rate (expressed as a nominal annual compounded semi-annually in arrears rate) in respect of 6 (six) month deposits in Rands
and, if 2 (two) or more quotations are provided, the rate for the relevant JIBAR Determination Date will be the average of the quotations
provided to the Lender.

 

 

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In the event of any dispute, 6 (six)
month JIBAR shall be the rate certified by the Lender and whose certificate shall, in the absence of manifest error, be prima facie
proof of 6 (six) month JIBAR.

 

		1.1.164	“South Africa” means the Republic of South Africa.

 

		1.1.165	“Specified Default” means an Event of Default contemplated in clause 26.1.1.

 

		1.1.166	“Specified Warranties” means the representations and warranties -

 

		1.1.166.1	contained in clauses 23.7.1.3, 23.13 and 23.14.2 hereof only insofar as same relate to the threat
of proceedings contemplated in such provisions; and

 

		1.1.166.2	contained in clauses 23.11.2 and 23.12.1 hereof.

 

		1.1.167	“Spot Rate” means the USS/ZAR rate of exchange agreed to between the Lender and the
Borrower, or determined, as the case may be, in terms of clause 9 hereof, with reference to the US$/ZAR foreign exchange spot trading
rate published by Reuters on page “ZAR=INVT” at approximately 16:00 (South African time) on the relevant day.

 

		1.1.168	“Subsidiary” means a subsidiary as contemplated in section 1 of the Companies Act.

 

		1.1.169	“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar
nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

 

		1.1.170	“Term” means the period commencing on (and including) the First Advance Date and ending
on the date on which the Loan is fully, finally and irrevocably repaid to the Lender.

 

		1.1.171	“Termination Notice” means a written notice of termination which may be delivered by
either party, to the Concentrate Agreement to the other party, to cancel the Concentrate Agreement whether due to a default or breach
of the Concentrate Agreement or otherwise.

 

		1.1.172	“Three Month JIBAR” means, on each relevant JIBAR Determination Date -

 

		1.1.172.1	the mid-market rate for deposits in Rands with South African banks for a period of 3 (three) months
which is published by Reuters screen SAFEY page (or on any nominated successor screen) at approximately 11h00 Johannesburg time on
that date (as determined by the Lender); and

 

		1.1.172.2	if the rate referred to in clause 1.1.172.1 does not so appear on the Reuters Screen SAFEY page (or
on any nominated successor screen) for any reason whatsoever on such date, the rate determined on the basis of the average of the mid-market
3 (three) month deposit rates quoted by the Reference Banks at or about 11h00 (Central African time) on the relevant JIBAR Determination
Date. For this purpose, the Lender will request the principal Johannesburg office of each of the Reference Banks to provide a quotation
of its rate (expressed as a nominal annual compounded quarterly in arrears rate) in respect of 3 (three) month deposits in Rand and, if
more than 2 (two) quotations are provided, the rate for the relevant JIBAR Determination Date will be the average of the quotations provided
to the Lender.

 

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If in the event of any dispute, 3 (three)
month JIBAR shall be the rate certified by the Lender and whose certificate shall, in the absence of manifest error, be prima facie
proof of 3 (three) month JIBAR.

 

		1.1.173	“UN” means the United Nations, established in terms of the United Nations Charter dated
26 June 1945.

 

		1.1.174	“Unauthorised Change of Control” means -

 

		1.1.174.1	a change of Control in relation to the Borrower, the Guarantor and/or Platmin, in respect of which the
Borrower fails to comply with the FICA Obligations prior to the date of such change of Control; or

 

		1.1.174.2	the Relevant Shareholder is an Excluded Person.

 

		1.1.175	“Unpaid Sum” means any sum due and payable but unpaid by an Obligor under any Finance
Document.

 

		1.1.176	“Unutilised Portion” means, as at any relevant date and in respect of any Cancelled
Portion, an amount determined in accordance with the following formula -

 

	 	UP = 	FL-AUA

 

	 	Where -	 

 

		UP =	the Unutilised Portion;

 

		FL =	the Facility Limit at such date; and

 

		AUA =	the relevant Aggregate Utilised Amount.

 

		1.1.177	“Utilisation Period” means, in respect of any cancellation of the Facility, the period
commencing on (and including) the Facility Availability Date and ending on (but excluding) the relevant Cancellation Date.

 

		1.1.178	“VAT” or “Value Added Tax” means value-added Tax leviable in
terms of the South African Value-Added Tax Act, 1991 (Act No. 89 of 1991) or equivalent sales or value added Tax under any Applicable
Law.

 

		1.1.179	“ZAR” or “R” or “Rands” or “South African
Rands” means South African Rands, the lawful currency of South Africa.

 

		1.2	Construction

 

		1.2.1	Unless a contrary indication appears, a reference in this Agreement to -

 

		1.2.1.1	“assets” includes present and future properties, revenues and rights of every description;

 

		1.2.1.2	a “Finance Document” or any other agreement or instrument is a reference to that Finance
Document or other agreement or instrument as amended, novated, supplemented, extended or restated with the consent of the Lender;

 

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		1.2.1.3	“guarantee” means (other than in clause 22) any guarantee, letter of credit, bond,
indemnity or similar assurance against Loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness
of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation
is assumed in order to maintain or assist the ability of such person to meet its indebtedness;

 

		1.2.1.4	“indebtedness” includes any obligation (whether incurred as principal or as surety)
for the payment or repayment of money, whether present or future, actual or contingent;

 

		1.2.1.5	“month” shall be construed as a reference to a period starting on one day in a calendar
month and ending on the numerically corresponding day in the next calendar month (and any reference to months shall be construed accordingly)
save that, where any such period would otherwise end on a day which is not a Business Day, it shall end on the immediately preceding Business
Day, provided that if a period starts on the last Business Day in a calendar month or if there is no numerically corresponding day in
the month in which that period ends, that period shall end on the last Business Day in that month;

 

		1.2.1.6	a “person” includes any individual, firm, company, corporation, government, state or
agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate legal personality);

 

		1.2.1.7	a “regulation” includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory,
self-regulatory or other authority or organisation;

 

		1.2.1.8	the “winding up” of a person also includes the amalgamation, reconstruction, reorganisation,
administration, dissolution, liquidation, merger or consolidation of that person, or the commencement of a business rescue plan, and any
equivalent or analogous procedure under the Applicable Law of any jurisdiction in which that person is incorporated, domiciled or resident
or carries on business or has assets; and

 

		1.2.1.9	a time of day is a reference to South African time.

 

		1.2.2	Section, clause and schedule headings are for ease of reference only.

 

		1.2.3	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given
under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

 

		1.2.4	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 this Agreement.

 

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

 

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

 

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

 

		1.2.8	References to “including” and “in particular” shall not be construed
restrictively but shall mean “including, without limitation to the generality of the foregoing” and “in particular,
but without limitation to the generality of the foregoing” respectively.

 

		1.2.9	Any reference to an enactment is to that enactment as at the Original Signature Date and as amended or
re-enacted or replaced from time to time.

 

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

 

		1.2.11	Where any number of days is to be calculated from a particular day, such number shall be calculated as
including such particular day and excluding the last day of such number. Save as otherwise expressly provided for in this Agreement, if
the last day of the number so calculated falls on a day which is not a Business Day, the last day shall be deemed to be the next succeeding
Business Day.

 

		1.2.12	In the event that the day for payment of any amount due in terms of this Agreement should fall on a day
which is not a Business Day, the relevant day for payment shall be the succeeding Business Day.

 

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

 

		1.2.14	Any reference in this Agreement to a Party shall, if such Party is liquidated or sequestrated, be applicable
also to and binding upon that Party’s liquidator or trustee, as the case may be, to the extent that there is no conflict with any
Applicable Law.

 

PART 2

 

INTRODUCTION

 

		2.	INTRODUCTION

 

		2.1	It is recorded that-

 

		2.1.1	the Borrower and the Guarantor have entered into this Facility (in respect of deliveries of Concentrate
by the Borrower to Impala) and the Northam Revolving Credit Facility (in respect of concentrate delivered by the Borrower to Northam);

 

		2.1.2	The Borrower has entered into the Concentrate Agreement with Impala, in terms of which (i) the
                                                                Borrower sells to Impala, platinum group metals (“PGM”) and base metals (“BM”) in the form of
                                                                Concentrate; (ii) Impala processes the PGM and the BM; and (iii) Impala is obliged to pay the Lender the purchase price
                                                                for such Concentrate as a result of the Borrower
having ceded (on an out and out basis) all of its right, title and interest in and to the Ceded Rights to the Lender;

 

		2.1.3	Impala purchases the PGM and BM metals recovered by Impala during the processing of the Concentrate, and
is obliged to pay a price determined during the applicable Quotational Period in respect of such Concentrate;

 

		2.1.4	the Lender wishes to make the Facility available to the Borrower with the objective of facilitating the
reduction of the Borrower’s working capital requirements;

 

		2.1.5	the Facility is a renewable 364 (three hundred and sixty four) day revolving commodity financing facility
in an aggregate amount not exceeding the Facility Limit;

 

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		2.1.6	it is recorded that the Facility is in addition to the Northam Revolving Credit Facility and not in substitution
thereof;

 

		2.1.7	the Facility results in an effective spot-sale of selected PMC Minerals which are derived from the
Concentrate which has been delivered by the Borrower to, and accepted by, Impala, through an Advance by the Lender to the Borrower;

 

		2.1.8	in consideration for the Advances to be made by the Lender to the Borrower, the Borrower has ceded on
an out-and-out basis all of the Ceded Rights to the Lender and Impala has, pursuant to the Impala Notice, acknowledged and agreed
that it is required to make all payments on account of the Concentrate Agreement into the Collection Account and accordingly the Lender
shall pay to the Borrower the Borrower Entitlement Amount in respect of such Excluded Minerals; in terms of the Facility, the Lender will
finance up to 89.3% (eighty nine point three per cent) of the Approved Minerals derived from the Concentrate which is delivered by the
Borrower to Impala in terms of the Concentrate Agreement from time to time. Excluded Minerals shall not be financed through the Facility;

 

		2.1.9	the Borrower will be entitled to request Advances under the Facility from time to time during the Facility
Availability Period by means of delivering a Disbursement Request to the Lender. Each Disbursement Request may be in respect of PMC Minerals
and/or BMC Minerals to be financed in respect of such Advance, and the Borrower may not deliver more than 3 (three) Disbursement Requests
to the Lender in respect of each Delivery Month;

 

		2.1.10	each Advance made under the Facility will be calculated, in respect of each Approved Mineral to be financed
in respect of such Advance, with reference to -

 

		2.1.10.1	the specific quantity of the Approved Mineral, calculated with reference to the DMT of Concentrate delivered
by the Borrower to, and received by, Impala as specified in the Dispatch Analysis Schedule or as confirmed by Impala as having been
received by it;

 

		2.1.10.2	the application of the LFP of up to 89.3% (eighty nine point three per cent), which LFP may be reduced
according to the average chromium oxide content of the Concentrate to be financed in terms of such Advance, and with the balance being,
the Non Financed Amount, for the risk and reward of the Borrower; and

 

		2.1.10.3	the Rand price of the relevant Approved Mineral which, in the case of PMC Minerals, will be a spot price
and, in the case of BMC Minerals, will be based on a forward price for such BMC Mineral or as otherwise agreed between the Lender and
the Borrower in writing;

 

		2.1.11	the amounts in respect of each PMC Mineral or BMC Mineral, as the case may be, to be financed in terms
of each Advance which are calculated in clause 2.1.11 above will then be aggregated to determine the Aggregate Gross Amount for each
Advance;

 

		2.1.12	the interest on the Aggregate Gross Amount for each Advance shall be determined upfront, and shall be
based on JIBAR (converted to a discounted rate according to the formula applied to determine the Discount Amount in respect of such Advance)
corresponding to the Interest Period of such Advance, plus a Margin, and shall be deducted from the Aggregate Gross Amount for the purposes
of determining the amount of the Advance to be made to the Borrower;

 

		2.1.13	the Aggregate Gross Amount shall be payable by the Borrower to the Lender on each relevant Payment Date;

 

    45

     

    

 

		2.1.14	Advances made in respect of PMC Minerals and BMC will be repayable by the Borrower by no later than 5
(five) business days after the end of each applicable Quotational Period and are discharged by the Borrower by the Lender paying such
amount from the Collection Account; and

 

		2.1.15	a Hedging Arrangement will be entered into by the Borrower in respect of each Advance and the gains, if
any, due to the Borrower on account of such Hedging Arrangement are ceded (on an out-and-out basis) to the Lender pursuant to
clause 11 of this Agreement; and

 

		2.1.16	the amount of the Advances shall not be adjusted for, or take into account, any treatment costs, royalties
or penalties which are payable by the Borrower to Impala in respect of the processing of the Concentrate, which treatment costs, royalties
or penalties shall be payable by the Borrower to Impala by way of set-off.

 

		2.1.17	The Parties wish to record their agreement in respect of the aforegoing in writing.

 

PART 3

 

TERMS AND CONDITIONS OF THE FACILITY

 

	3.	THE FACILITY

 

Subject to the terms of this Agreement
and the other Finance Documents, the Lender makes the Facility available to the Borrower.

 

	4.	LOAN PURPOSE

 

		4.1	The Borrower shall apply the Capital borrowed by it under the Facility for working capital purposes of
the Borrower.

 

		4.2	The Lender is not bound to monitor or verify the application of the Capital borrowed pursuant to this
Agreement.

 

	5.	CONDITIONS PRECEDENT

 

		5.1	Condition to Availability of the Facility

 

		5.1.1	The Lender’s obligation to make the Facility available to the Borrower and to perform any other
obligation in terms of this Agreement or the other Finance Documents was subject in all respects to the fulfilment of the following Condition
Precedent, namely that on or before 21 July 2013, the Lender having received all of the documents and other evidence listed
in Schedule 1 in form and substance satisfactory to the Lender and each of the conditions precedent therein having been fulfilled
on or before 21 July 2013.

 

		5.1.2	It is recorded that all of the documents and other evidence listed in Schedule 1 were delivered
to the Lender on or prior to 21 July 2013.

 

		5.2	Conditions to All Advances

 

		5.2.1	The Lender’s obligation to make any Advance to the Borrower on each Relevant Advance Date and to
perform any of its obligations in terms of this Agreement is subject in all respects to the fulfilment of the following conditions precedent
as at the Relevant Advance Date, namely that -

 

		5.2.1.1	the Condition Precedent referred to in clause 5.1 remains fulfilled as of such Relevant Advance Date;

 

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		5.2.1.2	the Lender shall have received the Disbursement Request in respect of such Advance to be made during the
Facility Availability Period no less than 1 (one) Business Days (or such shorter period as the Lender and the Borrower may agree to) prior
to the Relevant Advance Date, provided that the Borrower shall not be entitled to furnish any such Disbursement Request nor shall the
Lender be obliged to act in accordance with such Disbursement Request if-

 

		5.2.1.2.1	the amount of such Advance is less than R1 000 000,00 (one million Rand);

 

		5.2.1.2.2	the Aggregate Gross Amount of such Advance would cause the Facility Limit to be exceeded;

 

		5.2.1.2.3	as a result of the proposed Advance more than 8 (eight) Advances will be outstanding; or

 

		5.2.1.2.4	the Concentrate Agreement is not in full force and effect and/or the Borrower is not entitled to deliver
Concentrate to Impala thereunder as at the time of the Relevant Advance Date;

 

		5.2.1.3	no Default has occurred and is continuing as of the Relevant Advance Date;

 

		5.2.1.4	no Economic Failure has occurred and is continuing as of the Relevant Advance Date;

 

		5.2.1.5	no Force Majeure Event has occurred and is continuing as of the Relevant Advance Date;

 

		5.2.1.6	the Borrower and the Lender have agreed the terms of the Hedging Arrangements in respect of such Advance;

 

		5.2.1.7	the Lender has received, in form and substance satisfactory to the Lender (acting reasonably) -

 

		5.2.1.7.1	a complete copy of the Dispatch Analysis Schedule in respect of the Concentrate Lots to be financed under
the Advance in question;

 

		5.2.1.7.2	a copy of Impala Initial Metal Analysis in respect of the Concentrate Lots to be financed under the Advance
in question, certified as being a true and correct copy thereof by an authorised signatory of the Borrower;

 

		5.2.1.7.3	if available, a provisional Borrower Invoice, duly counter-signed by an authorised signatory of Impala;
and

 

		5.2.1.7.4	all Advance Calculation Information;

 

		5.2.1.8	the Disbursement Request is only in respect of an Advance calculated with reference to one Mineral Class;

 

		5.2.1.9	the Borrower and the Lender have agreed the Price and the Spot Rate, or the Price and the Spot Rate have
been determined, as applicable; and

 

		5.2.1.10	the Borrower has not given a Prepayment Notice to the Lender in terms of clause 16.1 hereof.

 

		5.2.2	If a Disbursement Request in respect of Concentrate delivered during the Preceding Delivery Month is delivered
to the Lender after the Required Delivery Date, then no Advance shall be made in respect of such Concentrate.

 

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		5.2.3	Where the determination of the fulfilment of any of the Conditions Precedent relates to a matter which
requires the exercise of any discretion by the Lender, the Lender shall act reasonably in exercising such discretion.

 

		5.3	First Advance Additional Information

 

		5.3.1	If the Lender requires any First Advance Additional Information, the Lender shall be entitled to request
the First Advance Additional Information from the Borrower by providing written notice to that effect to the Borrower as soon as reasonably
possible after the receipt of the relevant Disbursement Notice, but in any event not less than 3 (three) Business Days prior to the First
Advance Date.

 

		5.3.2	The Borrower undertakes to use all reasonable commercial endeavours to deliver the First Advance Additional
Information to the Lender on or before the date which is 2 (two) Business Days prior to the First Advance Date.

 

		5.3.3	If the First Advance Additional Information is received by the Lender as contemplated in clause 5.3.2
hereof, the Lender shall only be obliged to disburse the First Advance to the Borrower if the First Advance Additional Information is
in form and substance acceptable to the Lender.

 

		5.3.4	If the Borrower is unable to deliver the First Advance Additional Information to the Lender within the
period contemplated in clause 5.3.2 hereof-

 

		5.3.4.1	the Borrower shall provide the Lender with written notice to that effect; and

 

		5.3.4.2	the Borrower shall deliver the First Advance Additional Information, in form and substance acceptable
to the Lender, to the Lender by no later than the date which is 5 (five) Business Days calculated from the First Advance Date.

 

		5.4	Advance Additional Information

 

		5.4.1	If the Lender requires any Advance Additional Information, the Lender shall be entitled to request the
Advance Additional Information from the Borrower by providing written notice to that effect to the Borrower as soon as reasonably possible
after the receipt of the relevant Disbursement Notice, but in any event not less than 3 (three) Business Days prior to the Relevant Advance
Date.

 

		5.4.2	The Borrower undertakes to use all reasonable commercial endeavours to deliver the Advance Additional
Information to the Lender on or before the date which is 2 (two) Business Days prior to the Relevant Advance Date.

 

		5.4.3	If the Advance Additional Information is received by the Lender as contemplated in clause 5.4.2 hereof,
the Lender shall only be obliged to disburse the relevant Advance to the Borrower if the Advance Additional Information is in form and
substance acceptable to the Lender.

 

		5.4.4	If the Borrower is unable to deliver the Advance Additional Information to the Lender within the period
contemplated in clause 5 4 2 hereof -

 

		5.4.4.1	the Borrower shall provide the Lender with written notice to that effect; and

 

		5.4.4.2	the Borrower shall deliver the Advance Additional Information, in form and substance acceptable to the
Lender, to the Lender by no later than the date which is 5 (five) Business Days calculated from the Relevant Advance Date.

 

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		5.5	Waiver or Deferment of Conditions Precedent

 

		5.5.1	The Lender shall be entitled to waive or defer fulfilment of the Conditions Precedent specified in clause 5.1
hereof on or prior to the date specified in clause 5.1 hereof with the prior written consent of the Borrower (such consent shall
not be unreasonably withheld or delayed). If the Conditions Precedent specified in clause 5.1 hereof are deferred, such deferment
shall be subject to such conditions as the Lender and the Borrower may agree.

 

		5.5.2	The Lender shall be entitled to waive or defer fulfilment of the Conditions Precedent specified in clauses 5.2
and/or 5.3 hereof, as the case may be, by giving written notice to that effect to the Borrower on or prior to the date specified in clauses 5.2
and/or 5.3 hereof, as the case may be, and, if deferred, such deferment shall be subject to such conditions as the Lender may stipulate.

 

		5.5.3	If an Advance is made by the Lender the Conditions Precedent shall be deemed to have been fulfilled, save
in relation to any Condition Precedent which has been deferred in accordance with clauses 5.5.1 or 5.5.2 hereof, as the case may
be.

 

PART 4

 

DRAWDOWN

 

	6.	EXPIRY OF FACILITY

 

The Borrower shall not be entitled to
draw down any amounts in respect of the Facility after the expiry of the relevant Facility Availability Period nor to draw down any amount
under the Facility that would result in the sum of the Aggregate Gross Amounts financed in terms of the Facility and which have not been
repaid by the Borrower exceeding the Facility Limit.

 

	7.	DRAWDOWN OF THE FACILITY

 

		7.1	Subject to the fulfilment of the Conditions Precedent, the Lender agrees to make the Facility available
to be drawn down by the Borrower during the relevant Facility Availability Period.

 

		7.2	The Borrower may utilise the Facility by delivering to the Lender a duly completed and signed Disbursement
Request not less than 1 (one) Business Day, or such shorter period as the Lender may agree, prior to the Relevant Advance Date, provided
that the Borrower shall not be entitled to deliver more than 3 (three) Disbursement Requests to the Lender in respect of each Delivery
Month during the Term. Each Disbursement Request to be in respect of either PMC Minerals or BMC Minerals.

 

		7.3	Each Disbursement Request shall specify the Delivery Month to which the requested Advance relates.

 

		7.4	The Lender shall, on the Relevant Advance Date, make an Advance to the Borrower, by paying the amount
of such Advance into the Borrower Account.

 

		7.5	Notwithstanding the foregoing, the Lender shall not be obliged to pay any amount in the event that any
of the Conditions Precedent would not be satisfied as of the date such Advance is required to be made.

 

	8.	PROCEDURE IN RELATION TO AGREEMENT AND/OR DETERMINATION OF THE PRICE

 

The Price shall be agreed between the
Lender and the Borrower, or determined, as the case may be, prior to the Relevant Advance Date of each Advance, as follows -

 

		8.1	on the date of receipt by the Lender of the Disbursement Request, the Lender shall notify the Borrower
of the Lender’s estimate of the Price of each Approved Mineral applicable to such Advance;

 

		8.2	following the notification by the Lender contemplated in clause 8.1 hereof, the Borrower and the
Lender shall consult with one another in good faith, the aim of which shall be to agree the Price applicable to each Approved Mineral
to be financed in terms of such Advance, whether telephonically, by email or otherwise in writing, within 2 (two) Business Days after
the date of delivery of the relevant Disbursement Request (the “Price Consultation Period”);

 

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		8.3	if, following the expiry of the Price Consultation Period, the Lender and the Borrower are unable to agree
on the Price of each Approved Mineral, then the dispute regarding the Price (the “Price Dispute”) shall be referred
on the Business Day immediately following the Price Consultation Period by the Lender to 3 (three) of the Determination Reference Banks
for determination. Each Determination Reference Bank shall be requested by the Lender to provide a price in respect of the relevant Quantity
of each applicable Approved Mineral (the “Price Quotes” and each a “Price Quote”) as at 11h00 on
the immediately following Business Day;

 

		8.4	following notification by each Determination Reference Bank to the Borrower and the Lender of each of
their Price Quotes -

 

		8.4.1	if 3 (three) Determination Reference Banks provide Price Quotes, the Price shall be the 2nd
(second) highest Price Quote;

 

		8.4.2	if 2 (two) Determination Reference Banks provide Price Quotes, the Price shall be the average of such
Price Quotes;

 

		8.4.3	if 1 (one) Determination Reference Bank provides a Price Quote, the Price shall be the Price Quote provided
by such Determination Reference Bank; and

 

		8.4.4	if none of the Determination Reference Banks provides a Price Quote, the Price shall be deemed not to
have been agreed or determined;

 

		8.5	the Lender shall not be obliged to make the relevant Advance contemplated in the relevant Disbursement
Request to the Borrower on the Relevant Advance Date unless and until the Price applicable to such Advance has been agreed or determined
as contemplated in this clause 8.

 

		9.	PROCEDURE IN RELATION TO AGREEMENT AND/OR DETERMINATION OF THE SPOT RATE

 

The Spot Rate shall be agreed between
the Lender and the Borrower or determined, as the case may be, prior to any relevant day on which the Spot Rate falls to be determined,
as follows -

 

		9.1	on the date of receipt by the Lender of the Disbursement Request, the Lender shall notify the Borrower
of the Lender’s estimate of the Spot Rate applicable to the Advance contemplated by such Disbursement Request;

 

		9.2	following the notification by the Lender contemplated in clause 9.1 hereof, the Borrower and the
Lender shall consult with one another in good faith, the aim of which shall be to agree the Spot Rate applicable to the Approved Mineral
to be financed on the Relevant Advance Date, whether telephonically, by email or otherwise in writing, within 2 (two) Business Days after
the date of delivery of the relevant Disbursement Request (the “Spot Rate Consultation Period”);

 

		9.3	if, following the expiry of the Spot Rate Consultation Period, the Lender and the Borrower are unable
to agree on the Spot Rate, then the dispute regarding the Spot Rate (the “Spot Rate Dispute”) shall be referred on
the Business Day immediately following the Spot Rate Consultation Period by the Lender to 3 (three) of the Determination Reference Banks
for determination. Each Determination Reference Bank shall be requested by the Lender to provide the spot rate with reference to the ZAR/USS
rate of exchange (the “Spot Rate Quotes” and each a “Spot Rate Quote”) as at 11h00 on the immediately
following Business Day;

 

		9.4	following notification by each Determination Reference Bank to the Borrower and the Lender of each of
their Spot Rate Quotes -

 

		9.4.1	if 3 (three) Determination Reference Banks provide Spot Rate Quotes, the Spot Rate shall be the 2nd
(second) highest Spot Rate Quote;

 

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		9.4.2	if 2 (two) Determination Reference Banks provide Spot Rate Quotes, the Spot Rate shall be the average
of such Spot Rate Quotes;

 

		9.4.3	if 1 (one) Determination Reference Bank provides a Spot Rate Quote, the Spot Rate Quote the Spot Rate
shall be provided by such Determination Reference Bank; and

 

		9.4.4	if none of the Determination Reference Banks provides a Spot Rate Quote, then the Spot Rate shall be deemed
not to have been agreed or determined;

 

		9.5	the Lender shall not be obliged to make the relevant Advance contemplated in the relevant Disbursement
Request to the Borrower on the Relevant Advance Date unless and until the Spot Rate applicable to such Advance has been agreed or determined
as contemplated in this clause 9.

 

PART 5

 

REPAYMENT

 

		10.	REPAYMENT OF THE LOAN

 

		10.1	Subject to the provisions of clause 15, each Advance shall be repaid by the Borrower paying to the
Lender an amount equal to the Aggregate Gross Amount of such Advance on the Payment Date relating to such Advance.

 

		10.2	The Borrower shall be entitled, subject to clause 5.2 hereof, to redraw any amounts repaid by the
Borrower to the Lender in accordance with the provisions of this Agreement.

 

		10.3	The Lender may set-off any matured obligation due from an Obligor under the Finance Documents (to
the extent beneficially owned by the Lender) against any matured obligation owed by the Lender to that Obligor, regardless of the place
of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Lender may convert either
obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

 

		11.	OUT-AND-OUT CESSION

 

		11.1	With effect from the Amendment and Restatement Date and Time:

 

		11.1.1	the Borrower cedes on an out-and-out basis, transfers and makes over to the Lender outright and
absolutely, all of the Ceded Rights; and

 

		11.1.2	the Lender hereby accepts the cession on an out-and-out basis contemplated in clause 11.1.

 

		11.2	Each of the Borrower and Lender hereby agree and record that, with effect from the Amendment and Restatement
Date and Time, the Lender and the Borrower’s common intention, and effect of the cession on an out-and-out basis contemplated
in this Agreement, is to irrevocably:

 

		11.2.1	divest the Borrower of all of its rights in terms of and pursuant to the Ceded Rights; and

 

		11.2.2	irrevocably confer all of the Ceded Rights on the Lender,

 

provided that in respect of the Borrower
Entitlement Amount, the Lender agrees that, unless a Default has occurred and is continuing, the Lender shall hold the related proceeds
as agent for the Borrower and apply same in accordance with the provisions of clause 15.1.2.

 

		11.3	The Borrower and the Lender agree that the cession contemplated by this clause 11 is effective and
nothing further is required to give effect hereto.

 

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		11.4	The Borrower makes the following representations and warranties to the Lender:

 

		11.4.1	it is the beneficial owner of the Ceded Rights and will be able to give free and unencumbered title thereof,
to the Lender on the Amendment and Restatement Date; and

 

		11.4.2	the Borrower has disclosed to the Lender all facts and circumstances material to the out-and-out
cession of the Ceded Rights.

 

		12.	MANDATORY PREPAYMENT

 

		12.1	Change of Control

 

		12.1.1	The Borrower must, promptly after becoming aware thereof, notify the Lender if the Borrower, the Guarantor
or Platmin has -

 

		12.1.1.1	publicly announced an intention to enter into or embark upon (as applicable); or

 

		12.1.1.2	entered into or embarked upon (as applicable),

 

any agreement or corporate action (in
each case, whether conditional or not) that, if implemented in accordance with its terms, would result in a change of Control in relation
to the Borrower, Platmin and/or the Guarantor (a “Change of Control Notice”).

 

		12.1.2	The Lender shall promptly, but in any event within 7 (seven) Business Days of receipt of a Change of Control
Notice, notify the Borrower whether or not -

 

		12.1.2.1	the requirements of FICA are applicable by the Lender to the Relevant Shareholder and shall, if applicable,
provide full details of all documents and other information that the Lender requires under FICA (the “FICA Documents”)
in respect of the Relevant Shareholder; and/or

 

		12.1.2.2	the Relevant Shareholder is an Excluded Person.

 

		12.1.3	The Borrower must provide or must procure that the Lender is provided with, the FICA Documents within
a reasonable period of time after being advised by the Lender that the requirements of FICA are applicable to the Relevant Shareholder,
but in any event by no later than 10 (ten) Business Days prior to the date upon which the proposed change of Control in relation to the
Borrower, Platmin and/or the Guarantor which is the subject of the relevant Change of Control Notice, becomes a change of Control in relation
to the Borrower, Platmin and/or the Guarantor.

 

		12.1.4	The Lender must notify the Borrower in writing, within 7 (seven) Business Days following the receipt of
the FICA Documents hereof whether or not the relevant FICA Obligations have been complied with.

 

		12.1.5	The Facility will be cancelled on the Business Day immediately preceding the Unauthorised Change of Control.

 

		12.1.6	The Borrower shall be obliged to -

 

		12.1.6.1	prepay the Loan together with all other applicable amounts accrued or outstanding under the Finance Documents
together with any Break Costs, if any; and

 

		12.1.6.2	pay the Cancellation Fee to the Lender, on the Business Day immediately preceding
the Unauthorised Change of Control.

 

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		12.2	Illegality

 

If it becomes unlawful in South Africa
for the Lender to perform any of its obligations as contemplated by this Agreement or to fund, issue, maintain and/or hedge the Loan -

 

		12.2.1	the Lender shall notify the Borrower and upon such notification, the obligation of the Lender to advance
any amount against the Facility will be immediately cancelled; and

 

		12.2.2	the Borrower shall repay the Loan (together with all and any Break Costs) in accordance with the provisions
of clause 10.1 hereof on the last day of the Interest Period occurring after the Lender has notified the Borrower or, if earlier,
the date specified by the Lender in the notice delivered to the Borrower (being no earlier than the last day of any applicable grace period
permitted by Applicable Law).

 

		12.3	Sanctions

 

		12.3.1	If any Obligor:

 

		12.3.1.1	is or becomes a Sanctioned Entity; or

 

		12.3.1.2	participates in any manner in any Sanctioned Transaction,

 

the Borrower shall notify the Lender
promptly upon becoming aware of that event.

 

		12.3.2	If any event contemplated by clause 12.3.1 occurs, the Borrower shall mandatorily prepay the Loan
and all other amounts accrued under the Finance Documents shall become immediately due and payable by the Borrower to the Lender.

 

		12.4	The Lender shall, following any repayment contemplated in clause 12 hereof, account and pay to the
Borrower the amount of any resulting Break Gains.

 

		13.	CANCELLATION

 

		13.1	The Borrower shall be entitled to cancel the Facility in the circumstances contemplated in clause 17.1
hereof.

 

		13.2	Other than in the circumstances contemplated in clause 17.1 hereof, the Borrower shall at any time
be entitled to cancel the whole or any part of the undrawn amount of the Facility after the Facility Availability Date by giving not less
than 15 (fifteen) Business Days’ written notice to the Lender to that effect. Such notice shall specify the proposed Cancellation
Date and Cancelled Portion. Such notice of cancellation shall be irrevocable.

 

		13.3	On the relevant Cancellation Date, the Cancelled Portion of the Facility Limit shall be cancelled provided
that:

 

		13.3.1	immediately after the cancellation of the Cancelled Portion, the Facility Limit shall not be exceeded;
and

 

		13.3.2	the Borrower has paid to the Lender the Cancellation Fee in respect of such Cancelled Portion in full.

 

		13.4	Cancelled Portions of the Facility may not be reinstated without the prior written approval of the Lender.

 

		14.	PREPAYMENT

 

		14.1	The Borrower shall, on not less than 10 (ten) Business Days prior written notice to the Lender, be entitled
at any time to prepay the whole of the Loan, subject to the conditions and provisions relating to prepayment set out in clause 14.2
hereof, and provided the Borrower pays any Break Costs incurred by the Lender in relation to such prepayment.

 

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		14.2	Any notice of prepayment in terms of clause 14.1 hereof shall -

 

		14.2.1	be irrevocable;

 

		14.2.2	specify a date (the “Prepayment Date”) upon which such prepayment is to be made; and

 

		14.2.3	oblige the Borrower to make such prepayment on the Prepayment Date.

 

		14.3	The Lender shall, following any prepayment contemplated in this clause 14, account and pay to the
Borrower the amount of any resulting Break Gains.

 

		14.4	Save as contemplated by this Agreement, the Borrower shall not be entitled to repay or prepay all or any
part of any Aggregate Gross Amount of any Advance prior to the Payment Date of such Advance.

 

		14.5	No Cancellation Fee shall be payable by the Borrower pursuant to any prepayment in terms of this clause 14.

 

		14.6	Any amount prepaid in terms of this Agreement shall be available for re-drawing subject to the terms
and conditions of this Agreement.

 

		15.	APPLICATION OF MONIES IN THE COLLECTION ACCOUNT

 

		15.1	On each day on which Impala pays any amount into the Collection Account (the “Impala Payment
Amount”), such Impala Payment Amount shall be applied as follows -

 

		15.1.1	first, together with any proceeds realised from any Hedging Arrangements, towards discharging all
amounts due and owing under the Loan together with all other amounts due and owing under the Finance Documents (other than the Northam
Finance Documents);

 

		15.1.2	second, for so long as no Default in respect of Impala and/or the Borrower has occurred and is
continuing under this Agreement and/or the other Finance Documents, the Lender shall withdraw the Borrower Entitlement Amount from the
Collection Account, and pay such amount into the Borrower Account

 

		15.2	If a Default has occurred and is continuing in respect of Impala and/or the Borrower:

 

		15.2.1	no amounts standing to the credit of the Collection Account which relate to payments by Impala in respect
of the Borrower Entitlement Amount shall be paid to the Borrower; and

 

		15.2.2	the Lender shall be entitled to apply such amounts standing to the credit of the Collection Account in
respect of the sums due under this Agreement and the other Finance Documents in such order as the Lender may (in its sole discretion)
determine.

 

		15.3	The Borrower shall be obliged from time to time to notify Investec as soon as reasonably possible it becomes
aware that Impala has paid or will pay any amounts into the Collection Account.

 

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PART 6

 

COSTS OF LOAN

 

		16.	INTEREST

 

		16.1	Payment of Interest

 

In respect of each Advance, the Interest
in respect of such Advance for the relevant Interest Period shall be equal to the Discount Amount in respect of such Advance and shall
be paid by the Borrower to the Lender on the Relevant Advance Date of such Advance by means of deducting the Discount Amount from the
Aggregate Gross Amount of such Advance.

 

		16.2	Default Interest

 

		16.2.1	Interest shall accrue on any Unpaid Sum from the due date for the payment of such amount to the date of
actual payment (both dates inclusive and such Default Interest shall accrue both before and after judgment) at the Default Rate. All Default
Interest accruing under this clause 16.2 shall be immediately payable on demand by the Lender.

 

		16.2.2	Default Interest (if unpaid) arising on any Unpaid Sum will be compounded with the Unpaid Sum at the end
of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.

 

		16.2.3	If and for so long as a Specified Default has occurred and is continuing, each Advance shall accrue Interest
at the Default Rate.

 

		16.3	Notification of Discount Amount

 

The Lender shall on the JIBAR Determination
Date relating to any Advance notify the Borrower of the Discount Amount in respect of such Advance.

 

		17.	CHANGES TO THE CALCULATION OF INTEREST

 

		17.1	Adjustment to the Margin

 

		17.1.1	Should the projected return to the Lender in relation to this Agreement deteriorate at any time between
the Original Signature Date and the date on which the first Disbursement Request is delivered by the Borrower to the Lender as a result
of any adverse change in the local or international monetary, economic or capital markets, the Lender shall be entitled to adjust the
Margin (acting in good faith) so as to preserve such rate of return. The Lender shall notify the Borrower in writing of such adjusted
Margin.

 

		17.1.2	If the Lender exercises its right to adjust the Margin, and the Borrower does not agree in writing to
the adjusted Margin by no later than the date which is the earlier of -

 

		17.1.2.1	5 (five) Business Days calculated from the date on which the Borrower receives the notice contemplated
in clause 17.1.1 hereof; or

 

		17.1.2.2	the Business Day prior to the First Advance Date,

 

then the Borrower shall be entitled
in writing to the Lender to cancel the whole and not part of the Facility on a date (the “Termination Date”) prior
to the First Advance Date and shall not be required to pay any Commitment Fees, the Cancellation Fee to the Lender.

 

		17.1.3	The Borrower shall pay the Break Fee to the Lender on the Termination Date.

 

		17.1.4	If the Borrower does not cancel the Facility in whole by means of written notice to the Lender prior to
the First Advance Date, then the Margin shall be so adjusted for the duration of the Facility.

 

		17.2	Market Disruption

 

		17.2.1	If a Market Disruption Event occurs in relation to any Interest Period, provided that such Market Disruption
Event is not caused by the gross negligence or wilful misconduct of the Lender, then the rate of interest on the Aggregate Gross Amount
for that Interest Period shall be the percentage rate which is the sum of -

 

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		17.2.1.1	the Margin; plus

 

		17.2.1.2	the rate notified to the Borrower by the Lender as soon as practicable and in any event before Interest
is due to be paid in respect of that Interest Period, to be that which expresses, as a percentage rate, the cost to the Lender of funding
the Advance for the relevant Interest Period from whatever source it may reasonably select, and if requested by the Borrower, the Lender
shall inform the Borrower of the source of its funding for such purpose.

 

		17.2.2	In this Agreement, “Market Disruption Event” means -

 

		17.2.2.1	at or about noon on the JIBAR Determination Date for the relevant Interest Period the Reuters SAFEY Screen
Rate is not available and none or only 1 (one) of the Reference Banks supplies a rate to the Lender to determine the Relevant Base Interest
Rate for the relevant Interest Period; or

 

		17.2.2.2	before close of business in South Africa on the JIBAR Determination Date for the relevant Interest Period,
the Lender notifies the Borrower that the cost to it of obtaining matching deposits in the relevant interbank market would be in excess
of JIBAR for the relevant Interest Period.

 

		17.3	Alternative Basis of Interest or Funding

 

		17.3.1	If a Market Disruption Event occurs and the Lender or the Borrower so requires, then the Lender and the
Borrower shall enter into negotiations (for a period of not more than 5 (five) Business Days) with a view to agreeing a substitute basis
for determining the rate of Interest.

 

		17.3.2	The Lender and the Borrower agree that the negotiations contemplated in clause 17.3.1 hereof shall
be conducted by the Borrower and the Lender acting reasonably and in good faith.

 

		18.	FEES

 

The Borrower shall pay to the Lender
 -

 

		18.1	the Commitment Fee in respect of each Commitment Fee Period on each Commitment Fee Payment Date;

 

		18.2	the Cancellation Fee on each Cancellation Date; and

 

		18.3	the Break Fee on the Termination Date,

 

in cash, free of any deductions whatsoever.

 

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PART 7

 

ADDITIONAL PAYMENT OBLIGATIONS

 

		19.	TAX GROSS UP AND INDEMNITIES

 

		19.1	Definitions

 

		19.1.1	In this Agreement-

 

		19.1.1.1	“Protected Party” means the Lender if it is or will be subject to any liability or
required to make any payment for or on account of Tax (save for any capital gains Tax and income Tax levied against the Lender) in relation
to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.

 

		19.1.1.2	“Tax Deduction” means a deduction or withholding for or on account of Tax (save for
any capital gains Tax and income Tax levied against the Lender) from a payment under a Finance Document,.

 

		19.1.1.3	“Tax Payment” means either the increase in a payment made by an Obligor to the Lender
under clause 19.2 or a payment under clause 19.3.

 

Unless a contrary indication appears,
in this clause 19 a reference to “determines” or “determined” means a determination made in
the absolute discretion of the person making the determination, acting reasonably. The Parties hereby agree that the Party making the
determination shall, upon the written request of any other Party hereto, provide such Party with details specifying the basis on which
such determination was made.

 

		19.2	Tax Gross-Up

 

		19.2.1	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction
is required by Applicable Law.

 

		19.2.2	Each Obligor shall promptly upon becoming aware that such Obligor must make a Tax Deduction (or that there
is any change in the rate or the basis of a Tax Deduction) notify the Lender accordingly. Similarly, the Lender shall notify the Obligors
on becoming so aware in respect of a payment payable to the Lender.

 

		19.2.3	If a Tax Deduction is required by any Applicable Law to be made by an Obligor, the amount of the payment
due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which
would have been due if no Tax Deduction had been required.

 

		19.2.4	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any
payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by Applicable Law.

 

		19.2.5	Within 30 (thirty) days of making either a Tax Deduction or any payment required in connection with that
Tax Deduction, the Obligor making that Tax Deduction shall -

 

		19.2.5.1	deliver to the Lender evidence reasonably satisfactory to the Lender that the Tax Deduction has been made
or (as applicable) any appropriate payment paid to the relevant Taxing authority; and

 

		19.2.5.2	pay to the Lender an amount that will place the Lender in the same net position as it would have been
in but for such Tax Deduction.

 

		19.3	Tax Indemnity

 

		19.3.1	The Borrower shall (within 3 (three) Business Days of demand by the Protected Party) pay an amount equal
to the Loss (save for any losses incurred on account of consequential Losses) which the Protected Party determines will be or has been
(directly or indirectly) suffered for or on account of Tax by the Protected Party in respect of a Finance Document.

 

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		19.3.2	Clause 19.3.1 above shall not apply:

 

		19.3.2.1	with respect to any Tax assessed on the Lender under the Applicable Law of the jurisdiction in which the
Lender is incorporated, if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum
deemed to be received or receivable) by the Lender; or

 

		19.3.2.2	to the extent a Loss-

 

		19.3.2.2.1	is compensated for by an increased payment under clause 19.2; or

 

		19.3.2.2.2	would have been compensated for by an increased payment under clause 19.2 but was not so compensated
solely because one of the exclusions in clause 19.3.2 applied.

 

		19.3.3	If the Protected Party makes, or intends to make a claim under clause 19.3.1 above the Protected
Party shall promptly notify the Borrower of the event which will give, or has given, rise to the claim together with a brief explanation
and a calculation of such amount.

 

		19.3.4	The Lender shall not be obliged to disclose any of its Tax affairs or restructure any of its operations
pursuant to or in connection with this clause 19.

 

		19.4	Value Added Tax

 

		19.4.1	All consideration expressed to be payable under a Finance Document by any Party to the Lender shall be
deemed to be exclusive of any VAT. If VAT is chargeable on any supply made by the Lender to any Party in connection with a Finance Document,
that Party shall pay to the Lender (in addition to and at the same time as paying the consideration) an amount equal to the amount of
the VAT.

 

		19.4.2	Where a Finance Document requires any Party to reimburse the Lender for any costs or expenses, that Party
shall also at the same time pay and indemnify the Lender on demand against all VAT incurred by the Lender in respect of the costs or expenses
to the extent that the Lender reasonably determines that it is not entitled to credit or repayment from the relevant Tax authority in
respect of the VAT.

 

		20.	INCREASED COSTS

 

		20.1	Increased Costs

 

		20.1.1	Subject to clause 20.3 the Borrower shall pay the Lender, within 15 (fifteen) Business Days of a
demand by the Lender the amount of any Increased Costs incurred by the Lender as a result of -

 

		20.1.1.1	any introduction of or change in any Applicable Law or in the administration or application of any Applicable
Law; and/or

 

		20.1.1.2	compliance with any request made after the Original Signature Date, from or requirement of, any central
bank or other fiscal, monetary, regulatory or other authority (including, without limitation, a request or requirement which affects the
manner in which the Lender is required to or does maintain capital resources having regard to the obligations of the Lender hereunder
and to amounts owing to it hereunder) where such compliance is required by banks generally carrying on business in South Africa; and/or

 

		20.1.1.3	compliance with any aspect of the Basel III Framework (including any national regulation which implements
the Basel III Framework) implemented before or after the Signature Date,

 

including, without limitation, any such
law or regulation (including a Basel III Directive) concerning capital adequacy requirements, liquid asset holding requirements, special
deposit requirements, prudential limits, reserve assets or Tax.

 

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		20.1.2	In this Agreement:

 

		20.1.2.1	“Increased Costs” means -

 

		20.1.2.1.1	the Lender is unable to obtain a rate of return on its overall capital which it would have earned prior
to the imposition of such Increased Cost (including, without limitation, as a result of any reduction in the rate of return on capital
brought about by more capital being required to be allocated by the Lender); or

 

		20.1.2.1.2	there is any increase in the cost to the Lender of funding or maintaining the Facility or its commitments
in relation to the Facility or any of its other obligations under the Finance Documents,

 

which is incurred or suffered by a Lender
to the extent that it is attributable to the Lender performing its obligations under any Finance Document; and

 

		20.1.2.2	“Basel III Framework” means:

 

		20.1.2.2.1	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel
III: A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for
liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical
capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or
restated;

 

		20.1.2.2.2	the rules for global systemically important banks contained in “Global systemically important
banks: assessment methodology and the additional loss absorbency requirement - Rules text” published by the Basel Committee
on Banking Supervision in November 2011, as amended, supplemented or restated; and

 

any other guidance, standards or directives
published by the Basel Committee on Banking Supervision relating to “Basel III”.

 

		20.2	Increased Cost Claims

 

If the Lender intends to make a claim
pursuant to clause 20.1, the Lender shall notify the Borrower of the event giving rise to the claim confirming the amount of its
Increased Costs together with a brief explanation and a calculation of such amount.

 

		20.3	Exceptions

 

		20.3.1	Clause 20.1 does not apply to the extent any Increased Cost is -

 

		20.3.1.1	attributable to a Tax Deduction required by Applicable Law to be made by an Obligor; or

 

		20.3.1.2	compensated for by clause 19.3.

 

		20.3.2	In this clause 20.3, reference to a “Tax Deduction” has the same meaning given
to the term in clause 19.1.

 

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		20.4	Currency indemnity

 

		20.4.1	If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order,
judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”)
in which that Sum is payable into another currency (the “Second Currency”) for the purpose of:

 

		20.4.1.1	making or filing a claim or proof against that Obligor; or

 

		20.4.1.2	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

 

that Obligor shall as an independent
obligation, within 3 (three) Business Days of demand, indemnify the Lender and shall pay to the Lender, any cost, loss or liability arising
out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from
the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt
of that Sum.

 

		20.4.2	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents
in a currency or currency unit other than that in which it is expressed to be payable.

 

		20.5	Other Indemnities

 

Each Obligor shall, within 3 (three) Business
Days of demand, indemnify the Lender against any Loss (excluding any consequential Losses) incurred by it as a result of -

 

		20.5.1	the occurrence of any Default;

 

		20.5.2	funding, or making arrangements to fund, an Advance requested by the Borrower in a Disbursement Request
but not made by reason of the operation of any one or more of the provisions of this Agreement (including, without limitation, the failure
of any Condition Precedent) including, without limitation, any Losses incurred by it in connection with interest rate risks and/or its
other risks all in connection with the proposed Advance specified in such Disbursement Request.

 

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		21.	COSTS AND EXPENSES

 

		21.1	Transaction Expenses

 

Without double counting, the Borrower
shall on demand pay all third party costs and expenses (including legal fees) incurred by the Lender in connection with its entry into
or preparation of all the Finance Documents.

 

		21.2	Amendment Costs

 

If an Obligor requests an amendment, waiver
or consent, the Borrower shall, within 10 (ten) Business Days of demand, reimburse the Lender for the amount of all costs and expenses
(including legal fees) reasonably incurred by the Lender in responding to, evaluating, negotiating or complying with that request or requirement.

 

		21.3	Enforcement and Preservation Costs

 

The Borrower shall, within 10 (ten) Business
Days of demand, pay to the Lender the amount of all costs and expenses (including legal fees) incurred by it in connection with the enforcement
of or the preservation of any rights under any Finance Document.

 

PART 8

 

GUARANTEE

 

		22.	GUARANTEE AND INDEMNITY

 

		22.1	Guarantee and Indemnity

 

The Guarantor irrevocably and unconditionally
 -

 

		22.1.1	guarantees to the Lender punctual performance by the Borrower of the Borrower’s obligations under
the Finance Documents;

 

		22.1.2	undertakes with the Lender that whenever the Borrower does not pay any amount when due under or in connection
with any Finance Document, the Guarantor shall immediately on demand pay that amount as if the Guarantor was the principal obligor; and

 

		22.1.3	indemnifies the Lender immediately on demand against any Loss suffered by the Lender if any obligation
guaranteed by it is or becomes unenforceable, invalid or illegal. The amount of the Loss shall be equal to the amount which the Lender
would otherwise have been entitled to recover.

 

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		22.2	Continuing Guarantee

 

The guarantee contained in clause 22.1
is a continuing guarantee and will extend to the ultimate balance of sums payable by the Borrower under the Finance Documents, regardless
of any intermediate payment or discharge in whole or in part.

 

		22.3	Reinstatement

 

If any payment by the Borrower or any
discharge given by the Lender (whether in respect of the obligations of the Borrower or any security for those obligations or otherwise)
is avoided or reduced as a result of insolvency or any similar event -

 

		22.3.1	the liability of the Guarantor shall continue as if the payment, discharge, avoidance or reduction had
not occurred; and

 

		22.3.2	the Lender shall be entitled to recover the value or amount of that security or payment from the Guarantor,
as if the payment, discharge, avoidance or reduction had not occurred.

 

		22.4	Waiver of Defences

 

The obligations of the Guarantor under
the guarantee in this clause 22 will not be affected by an act, omission, matter or thing which, but for this clause 22, would
reduce, release or prejudice any of its obligations under this clause 22 (without limitation and whether or not known to it or the
Lender) including -

 

		22.4.1	any time, waiver or consent granted to, or composition with, either Obligor or other person;

 

		22.4.2	the release of either Obligor or any other person under the terms of any composition or arrangement with
any creditor;

 

		22.4.3	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, either Obligor or other person or any non-presentation or non-observance
of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

 

		22.4.4	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of either Obligor or any other person;

 

		22.4.5	any amendment, novation, supplement, extension (whether of maturity or otherwise) or restatement (in each
case, however fundamental and of whatsoever nature) or replacement of a Finance Document or any other document or security;

 

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		22.4.6	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document
or any other document or security; or

 

		22.4.7	any insolvency or similar proceedings.

 

		22.5	Obligor Intent

 

Without prejudice to the generality of
clause 22.4, the Guarantor expressly confirms that it intends that this guarantee shall extend from time to time to any (however
fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available
under any of the Finance Documents.

 

		22.6	Immediate Recourse

 

The Guarantor waives any right it may
have of first requiring the Lender (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security
or claim payment from any person before claiming from the Guarantor under this clause 22. This waiver applies irrespective of any
Applicable Law or any provision of a Finance Document to the contrary.

 

		22.7	Appropriations

 

Save as otherwise expressly required in
terms of this Agreement or any other Finance Document, until all amounts which may be or become payable by each Obligor under or in connection
with the Finance Documents have been unconditionally and irrevocably paid in full, the Lender (or any trustee or agent on its behalf)
may -

 

		22.7.1	refrain from applying or enforcing any other moneys, security or rights held or received by the Lender
(or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees
fit (whether against those amounts or otherwise) and no Obligor shall be entitled to the benefit of the same; and

 

		22.7.2	hold in an interest-bearing suspense account any moneys received from the Guarantor or on account
of the Guarantor’s liability under this clause 22.

 

		22.8	Deferral of Obligor’s Rights

 

Until all amounts which may be or become
payable by the Obligors under or in connection with the Finance Documents have been unconditionally and irrevocably paid in full and unless
the Lender otherwise directs, the Guarantor will not exercise any rights which it may have by reason of performance by it of its obligations
under the Finance Documents -

 

		22.8.1	to be indemnified by the Borrower;

 

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		22.8.2	to claim any contribution from any other guarantor of the Borrower’s obligations under the Finance
Documents; and/or

 

		22.8.3	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of the Lender under the Finance Documents or of any other Security Interest taken pursuant to, or in connection with, the Finance Documents
by the Lender.

 

If the Guarantor receives any benefit,
payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable
all amounts which may be or become payable to the Lender by the Obligors under or in connection with the Finance Documents to be repaid
in full on trust for the Lender and shall promptly pay or transfer the same to the Lender or as the Lender may direct for application
in accordance with clause 28 of this Agreement.

 

		22.9	Additional Security

 

The guarantee in this clause 22 is
in addition to and is not in any way prejudiced by any other Security Interest now or subsequently held by the Lender.

 

		22.10	Approvals

 

The Guarantor shall procure and at all
times maintain all approvals and authorisations whatsoever (including, without limitation, any regulatory approvals) required to enable
it to provide the guarantee in this clause 22.

 

PART 9

 

REPRESENTATIONS, WARRANTIES, UNDERTAKINGS AND
EVENTS OF DEFAULT

 

		23.	REPRESENTATIONS AND WARRANTIES

 

		23.1	General

 

		23.1.1	In deciding to enter into this Agreement and the other Finance Documents the Lender relies on the representations
and warranties which each Obligor makes in this clause 23 as being true, correct and complete and each Obligor recognises and agrees
that the Lender would not have entered into this Agreement and/or the other Finance Documents to which it is party but for the representations
and warranties contained in this Agreement.

 

		23.1.2	Each Obligor makes the representations and warranties set out in this clause 23 to the Lender.

 

		23.1.3	In relation to all representations and warranties, the knowledge of each member of Senior Management is
attributed to each Obligor.

 

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		23.2	Status

 

		23.2.1	It is a limited liability corporation, duly incorporated and validly existing under the Applicable Law
of its jurisdiction of incorporation.

 

		23.2.2	It has the power to own its assets and carry on its business as it is being conducted.

 

		23.3	Binding Obligations

 

The obligations expressed to be assumed
by it in each Finance Document to which it is a party are legal, valid, binding and enforceable obligations.

 

		23.4	Non-Conflict with Other Obligations

 

The entry into and performance by it of,
and the transactions contemplated by, the Finance Documents do not and will not conflict with -

 

		23.4.1	any Applicable Law binding on it;

 

		23.4.2	the Constitutional Documents of either Obligor; or

 

		23.4.3	any agreement or instrument binding upon it or its assets or constitute a default or termination event
(however described) under any such agreement or instrument.

 

		23.5	Power and Authority

 

		23.5.1	It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its
entry into, performance and delivery of, the Finance Documents to which it is or will be a party and the transactions contemplated by
those Finance Documents and in particular all -

 

		23.5.1.1	actions and conditions required in order to enable each Obligor lawfully to enter into, exercise its rights
under and comply with its obligations contained in, all Finance Documents, and to ensure that those obligations are legally valid, binding
and enforceable, have been taken and fulfilled; and

 

		23.5.1.2	requisite resolutions of each Obligor’s board of directors have been duly and properly passed at
duly convened and constituted meetings at which all statutory and other relevant formalities were observed to authorise each Obligor’s
execution and performance of the Finance Documents and such resolutions are in full force and effect and have not been varied or rescinded.

 

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		23.5.2	No limit on its powers will be exceeded as a result of the borrowing, grant of security or giving of guarantees
or indemnities contemplated by the Finance Documents to which it is a party.

 

		23.6	Validity and Admissibility in Evidence

 

		23.6.1	All Authorisations required or desirable -

 

		23.6.1.1	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance
Documents to which it is a party; and

 

		23.6.1.2	to make the Finance Documents to which it is a party admissible in evidence in South Africa,

 

have been obtained or effected and are
in full force and effect.

 

		23.6.2	All Authorisations necessary for the conduct of the existing business, trade and ordinary activities of
the Obligors have been obtained or effected and are in full force and effect.

 

		23.7	Insolvency

 

		23.7.1	No -

 

		23.7.1.1	corporate action, legal proceeding or other procedure or step described in clause 26.1.8.1; or

 

		23.7.1.2	creditors’ process described in clause 26.1.9; or

 

		23.7.1.3	steps have, to the knowledge of each Obligor (having made due and careful enquiries), been taken or threatened
in relation to such Obligor; and none of the circumstances described in clause 26.1.7 applies to an Obligor.

 

		23.7.2	Its assets (fairly valued) exceed its liabilities (including contingent liabilities) and it is able to
meet its obligations as and when they fall due.

 

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		23.8	No Filing or Stamp Taxes

 

Under the laws of South Africa it is not
necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any
stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Finance Documents or the transactions contemplated
by the Finance Documents.

 

		23.9	Deduction of Tax

 

As at the Original Signature Date and
thereafter (save as a result of any change in Applicable Law), it is not required to make any deduction for or on account of Tax from
any payment it may make under any Finance Document.

 

		23.10	No Default

 

		23.10.1	No Default (other than a Default in respect of Impala, save for a Default in respect of Impala of which
the Obligors ought reasonably to be aware) has occurred and is continuing, or is reasonably likely to result from the making of any Advance
or the entry into, the performance of, or any transaction contemplated by, any Finance Document.

 

		23.10.2	No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period,
the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default or termination
event (however described) under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its (or
any of its Subsidiaries’) assets are subject, in each case that would constitute or is reasonably likely to constitute a Material
Adverse Event.

 

		23.11	No Misleading Information

 

Save as disclosed in writing to the Lender
prior to the date of this Agreement -

 

		23.11.1	all material information (other than projections) provided to the Lender by or on behalf of the Obligors
in connection with the Finance Documents on or before the date of this Agreement and not superseded before that date is true, complete
and accurate and not misleading in any respect;

 

		23.11.2	all projections provided to the Lender on or before the Original Signature Date have been prepared in
good faith on the basis of assumptions which were reasonable at the time at which they were prepared and supplied; and

 

		23.11.3	all other written information provided by each Obligor (including its advisers) to the Lender was true,
complete and accurate in all material respects as at the date it was provided and is not misleading in any respect.

 

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		23.12	Original Financial Statements

 

		23.12.1	Its Original Financial Statements were prepared in accordance with the Accounting Principles consistently
applied unless expressly disclosed to the Lender in writing to the contrary.

 

		23.12.2	Based on the information available to the Borrower on the date on which the audited Original Financial
Statements are published, such audited Original Financial Statements give a true and fair view of its financial condition and results
of operations in respect the relevant financial year.

 

		23.12.3	There has been no material adverse change in its assets, business or financial condition (or the assets,
business or consolidated financial condition of each Obligor) since the date of the Original Financial Statements.

 

		23.12.4	Its most recent financial statements delivered pursuant to clause 24.1-

 

		23.12.4.1	have been prepared in accordance with the Accounting Principles; and

 

		23.12.4.2	fairly present (if audited) or give a true and fair value of (if unaudited) its consolidated financial
condition as at the end of, and consolidated results of operations for, the period to which they relate.

 

		23.12.5	Since the date of the most recent financial statements delivered pursuant to clause 24.1 there has
been no material adverse change in the business, assets or financial condition of either Obligor.

 

		23.13	No Proceedings Pending or Threatened

 

No litigation, arbitration or administrative
proceedings or investigations of, or before, any court, arbitral body or agency which, if adversely determined, are reasonably likely
to constitute a Material Adverse Event have (to the best of its knowledge and belief (having made due and careful enquiries) been started
or threatened against it or any of its Subsidiaries.

 

		23.14	No Breach of Applicable Laws

 

		23.14.1	To the best of its knowledge and belief (having made due and careful enquiries) it has not (and none of
its Subsidiaries has) breached any Applicable Law which breach has or is reasonably likely to constitute a Material Adverse Event.

 

		23.14.2	No labour disputes are current or, to the best of its knowledge and belief (having made due and careful
enquiries), threatened against either Obligor which constitute or are reasonably likely to constitute a Material Adverse Event.

 

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		23.15	Ranking

 

The claims of the Lender under the Finance
Documents rank at least pari passu with all present and future unsecured unsubordinated Financial Indebtedness of each Obligor.

 

		23.16	Disclosure

 

Each Obligor has disclosed to the Lender
any information known to it (having made due and careful enquiries) which might reasonably be expected to adversely influence the decision
of a Lender to make the Facility available to the Borrower on terms and conditions similar to those contained in this Agreement and the
other Finance Documents.

 

		23.17	Concentrate Agreement

 

The Concentrate Agreement constitutes
the valid and binding obligations of each Obligor, is in full force and effect and has not been varied or modified in any way or cancelled
(save for any variations or modifications made to the Concentrate Agreement with the Lender’s prior written consent), and, to the
best of such Obligor’s knowledge (having made all reasonable enquiries), none of the parties thereto are in default thereunder.

 

		23.18	Out-and-out cession

 

The Borrower’s Annual Financial
Statements and Interim Financial Statements reflect that the Ceded Rights have been ceded on an out basis to the Lender as contemplated
in clause 11 of this Agreement.

 

		23.19	Sanctions

 

		23.19.1	It:

 

		23.19.1.1	is not using and will not use the proceeds of the Facility for the purposes of financing or making funds
available directly or indirectly to any person or entity which is currently a Sanctioned Entity or as part of a Sanctioned Transaction,
to the extent that such financing or provision of funds would currently be prohibited by Sanctions or would otherwise cause any person
to be in breach of Sanctions;

 

		23.19.1.2	is not contributing and will not contribute or otherwise make available the proceeds of the Facility to
any other person or entity for the purpose of financing the activities of any person or entity which is currently listed on a Sanctions
List, to the extent the contribution or provision of proceeds would currently be prohibited by Sanctions or would otherwise cause any
person to be in breach of Sanctions; or

 

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		23.19.1.3	will not prepay all or any part of this Facility using the proceeds it receives from a Sanctioned Entity
or from participating in a Sanctioned Transaction.

 

		23.19.2	To the best of its knowledge and belief:

 

		23.19.2.1	it has not been nor is it targeted under any Sanctions;

 

		23.19.2.2	it has not violated nor is it violating any applicable Sanctions.

 

		23.19.3	The Borrower has conducted its businesses in compliance with applicable anticorruption laws.

 

		23.20	Times when Representations Made

 

		23.20.1	All the representations and warranties in this clause 23 are made by each Obligor on the Original
Signature Date and the Signature Date.

 

		23.20.2	All of the representations and warranties (other than the Specified Warranties) are deemed to be made
by each Obligor on each day of the Term.

 

		23.20.3	Each representation or warranty deemed to be made after the date of this Agreement shall be deemed to
be made by reference to the facts and circumstances existing at the date the representation or warranty is deemed to be made.

 

		24.	INFORMATION UNDERTAKINGS

 

The undertakings in this clause 24
remain in force from the date of this Agreement until the full, final and irrevocable discharge of all obligations owed to the Lender
under the Finance Documents.

 

		24.1	Financial Statements, Management Accounts and Debt to Equity Ratio

 

Each Obligor shall supply to the Lender
 -

 

		24.1.1	as soon as they are available, but in any event within 60 (sixty) days after the end of each of its Financial
Half Years, the Interim Financial Statements in respect of such Obligor;

 

		24.1.2	as soon as they are available, but in any event within 90 (ninety) days after the end of each of its Financial
Years, its Annual Financial Statements for that Financial Year;

 

		24.1.3	a copy of the monthly Management Accounts and the monthly debtors age analysis and monthly production
figures and details for such Obligor by not later than 20 (twenty) days (or such later date as may be agreed to in writing by the Lender)
after the end of each calendar month to which such accounts and analysis relate; and

 

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		24.1.4	together with the monthly Management Accounts contemplated in clause 24.1.3 hereof, a certificate
signed by a director of the Borrower certifying -

 

		24.1.4.1	the Debt to Equity Ratio as at the last Business Day of the month to which such monthly Management Accounts
relate; and

 

		24.1.4.2	that the Debt to Equity Ratio has not been breached as of the date of such certificate.

 

		24.2	Requirements as to Financial Statements

 

		24.2.1	Each Obligor shall procure that each set of Annual Financial Statements and Interim Financial Statements
includes a balance sheet, profit and loss account and cash flow statement. In addition, each Obligor shall procure that each set of Annual
Financial Statements shall be audited by the Auditors.

 

		24.2.2	Each set of financial statements delivered pursuant to clause 24.1 shall be prepared in accordance
with the Accounting Principles.

 

		24.2.3	If the Lender wishes to discuss the financial position of either Obligor with the Senior Management, the
Lender may notify such Obligor in writing, which written notice shall state the questions or issues which the Lender wishes to discuss
with the Senior Management. In this event, the relevant Obligor must ensure that the Senior Management are authorised (at the expense
of such Obligor):

 

		24.2.3.1	to discuss the financial position of such Obligor with the Lender on request from the Lender; and

 

		24.2.3.2	to disclose to the Lender any information which the Lender may reasonably request.

 

		24.2.4	Each Obligor shall maintain its books and records such that it is able to deliver the information required
by this clause 24.

 

		24.3	Year-End

 

Save as otherwise contemplated in this
Agreement, no Obligor shall make any change to its Financial Year without the prior written consent of the Lender (which consent shall
not be unreasonably withheld). The Parties record that the Financial Year is being changed to 31 December.

 

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		24.4	Information: Miscellaneous

 

Each Obligor shall:

 

		24.4.1	supply to the Lender, (if the Lender so requests) at the same time as they are dispatched, copies of all
documents dispatched by such Obligor to its creditors generally (or any class of them), or any announcement published by it for the benefit
of its shareholders or creditors;

 

		24.4.2	supply to the Lender, within 3 (three) Business Days after becoming aware of same and immediately following
the occurrence of any Default, as the case may be, the details of any litigation, arbitration or administrative proceedings which are
current, threatened or pending against such Obligor, and which, if adversely determined, are reasonably likely to constitute a Material
Adverse Event;

 

		24.4.3	promptly on request, supply to the Lender, such further information regarding the financial condition,
assets and operations of such Obligor as the Lender may reasonably request and shall notify the Lender in writing of any change in its
accounting policies or Auditors;

 

		24.4.4	promptly advise the Lender in writing of any Force Majeure Event occurring or being threatened; and

 

		24.4.5	promptly advise the Lender in writing of all and any disputes, events, matters or circumstances arising
or threatened under or in respect of the Concentrate Agreement which will or may adversely affect or impact or prejudice the Facility
or the Lender’s rights under any of the Finance Documents in any manner whatsoever.

 

		24.5	Notification of Default

 

		24.5.1	Each Obligor shall notify the Lender -

 

		24.5.1.1	of any Default in relation to such Obligor (and the steps, if any, being taken to remedy it) promptly
upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by the other Obligor);

 

		24.5.1.2	of any Default in relation to Impala (and the steps, if any, being taken to remedy it insofar as such
Obligor is aware of such steps) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already
been provided by the other Obligor).

 

		24.5.2	Within 2 (two) Business Days after a request by the Lender and immediately following the occurrence of
any Default (of which such Obligor is aware or ought to reasonably have been aware, having made all reasonable enquiries), each Obligor
shall supply to the Lender a certificate signed by 2 (two) of its directors or Senior Management on its behalf certifying that no Default
is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it if such Default relates
to the Obligors).

 

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		24.6	Impala Invoice and Borrower Invoice

 

The Borrower shall -

 

		24.6.1	deliver a copy of the Borrower Invoice to the Lender prior to the date on which the Borrower delivers
the Borrower Invoice to Impala;

 

		24.6.2	deliver a copy of the Impala Invoice to the Lender on the date on which the Borrower receives such Impala
Invoice; and

 

		24.6.3	advise the Lender of any payments relating to the Borrower Invoice made by Impala into the Collection
Account on the Business Day following such payment having been made.

 

		25.	GENERAL UNDERTAKINGS

 

The undertakings in this clause 25
remain in force from the date of this Agreement until the full, final and irrevocable discharge of all obligations owed by the Obligors
to the Lender under the Finance Documents. Each undertaking applies unless the Lender gives its prior written consent in respect of anything
that would otherwise have been a breach of such undertaking.

 

		25.1	Authorisations

 

Each Obligor shall promptly -

 

		25.1.1	obtain, comply with and do all that is necessary to maintain in full force and effect all Authorisations
applicable to such Obligor; and

 

		25.1.2	supply certified copies to the Lender of any Authorisation required under any Applicable Law to -

 

		25.1.2.1	enable it to perform its obligations under the Finance Documents to which it is a party and/or the Concentrate
Agreement;

 

		25.1.2.2	ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document to
which it is a party and/or the Concentrate Agreement; and

 

		25.1.2.3	carry on its business where failure to do so constitutes or is reasonably likely to constitute a Material
Adverse Event.

 

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		25.2	Compliance with Applicable Laws

 

Each Obligor shall comply in all respects
with all material Applicable Laws to which it may be subject whether relating to the conduct of its business or otherwise.

 

		25.3	Change of Business

 

No Obligor shall make a substantial change
to the general nature or scope of the business of such Obligor from that carried on at the Original Signature Date.

 

		25.4	Pari Passu Ranking

 

Save as provided for in this Agreement,
each Obligor shall ensure that at all times any unsecured and unsubordinated claims of the Lender against it under the Finance Documents
rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims
are mandatorily preferred by Applicable Law.

 

		25.5	Disposals

 

		25.5.1	Neither Obligor shall, without the prior written consent of the Lender, Dispose of -

 

		25.5.1.1	the whole or the greater part of the undertaking of such Obligor; or

 

		25.5.1.2	the whole or the greater part of the assets of such Obligor.

 

		25.5.2	For the purposes of this clause 25.5 the undertaking or assets of the Obligor in question, and the
part to be Disposed of, shall be calculated according to the fair value of the undertaking or assets as described in financial reporting
standards.

 

		25.6	Arm’s Length Basis

 

No Obligor shall enter into any transaction
with any person except on arm’s length terms and for full market value.

 

		25.7	Access

 

Each Obligor shall permit the Lender and/or
accountants or other professional advisers and contractors of the Lender during the business hours of such Obligor and on reasonable written
notice to such Obligor:

 

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		25.7.1	to access the premises;

 

		25.7.2	to freely access the assets, books, accounts and records of each Obligor; and

 

		25.7.3	to meet and discuss matters with Senior Management.

 

		25.8	Hedging Arrangements

 

If at any time during the Term, the Borrower
wishes to enter into any interest rate, foreign exchange and/or commodity hedging arrangements in respect of any other aspects or assets
of the Borrower’s business, the Borrower shall advise the Lender in writing and the Lender shall be entitled to provide such hedging
arrangements to the Borrower on terms and conditions not less favourable and not more onerous to the Borrower than terms and conditions
offered by any third party (the “Third Party Hedge Offeror”) to the Borrower. If the Lender can only provide the hedging
arrangements contemplated in this clause 25.8 on terms and conditions which are less favourable to the Borrower than the terms and
conditions offered by the Third Party Hedge Offeror, then the Borrower shall be entitled to enter into such hedging arrangements with
the Third Party Hedge Offeror.

 

		25.9	Sale of Shares

 

The Guarantor undertakes in favour of
the Lender that the Guarantor shall not, without the prior written consent of the Lender, Dispose of the shares legally and beneficially
owned by the Guarantor in the issued share capital of the Borrower as at the Original Signature Date.

 

		25.10	Borrower Invoice

 

The Borrower undertakes in favour of the
Lender that it shall deliver the Borrower Invoice to Impala Prior to the end of the Quotational Period to which such Borrower Invoice
relates.

 

		25.11	Concentrate Agreement

 

The Borrower irrevocably and unconditionally
undertakes in favour of the Lender that it will not exercise any rights which it has under Concentrate Agreement or any other agreement
to request from Impala the delivery of processed Approved Minerals in lieu of payment for any Concentrate delivered to Impala without
the prior written consent of the Lender.

 

		25.12	Sanctions

 

		25.12.1	No Obligor shall at any time participate in a Sanctioned Transaction in any manner.

 

		25.12.2	Each Obligor shall take all reasonable steps to ensure that appropriate controls and safeguards are in
place, designed to prevent it from being or becoming involved in a Sanctioned Transaction.

 

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		25.13	Swap Confirmations

 

The Borrower shall execute the Swap Confirmation
in respect of each Advance within 5 (five) Business Days calculated from the Relevant Advance Date.

 

		26.	EVENTS OF DEFAULT

 

		26.1	Each of the events or circumstances set out in this clause 26.1 is an Event of Default.

 

		26.1.1	Non-Payment

 

		26.1.1.1	Either Obligor does not pay on the due date any amount payable pursuant to a Finance Document to which
it is a party and/or the Concentrate Agreement at the place at and in the currency in which it is expressed to be payable unless -

 

		26.1.1.1.1	its failure to pay is caused by administrative or technical error (save for an administrative or technical
error caused by Borrower’s gross negligence or wilful default); and

 

		26.1.1.1.2	payment is made within 2 (two) Business Days of its due date.

 

		26.1.1.2	Impala does not pay on the due date any amount payable pursuant to the Concentrate Agreement at the place
at and in the currency in which it is expressed to be payable unless -

 

		26.1.1.2.1	its failure to pay is caused by administrative or technical error; and

 

		26.1.1.2.2	payment is made within 2 (two) Business Days of its due date.

 

		26.1.2	Covenants and Other Obligations

 

		26.1.2.1	An Obligor does not comply with the provisions of-

 

		26.1.2.1.1	clause 24 and does not remedy the position within 10 (ten) days of the Lender giving notice to the
relevant Obligor or an Obligor becoming aware of the failure to comply; and/or

 

		26.1.2.1.2	clause 25 and, if a period is not specified for the remedy of such breach, such Obligor does not
remedy such breach within 3 (three) Business Days calculated as from the date on which the Lender gives notice to the relevant Obligor
or such Obligor, becomes aware of such breach; and/or

 

		26.1.2.1.3	any other provision of this Agreement and, if a period is not specified for the remedy of such breach,
such Obligor does not remedy such breach within 10 (ten) days from the date on which the Lender gives notice to the relevant Obligor,
or such Obligor, becomes aware of such breach.

 

		26.1.3	Other Obligations

 

		26.1.3.1	Either Obligor does not comply with any provision of the Finance Documents to which it is a party (other
than those referred to in clause 26.1.1 hereof).

 

		26.1.3.2	No Event of Default under clause 26.1.3.1 will occur if the failure to comply is capable of remedy
and is remedied within 10 (ten) days (or such other period as may be specified in this Agreement in relation to the specific provision).

 

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		26.1.4	Misrepresentation

 

		26.1.4.1	Any representation or statement made or deemed to be made by an Obligor in the Finance Documents to which
it is a party and/or the Concentrate Agreement is or proves to have been incorrect, incomplete, inaccurate or misleading in any material
respect when made or deemed to be made.

 

		26.1.4.2	Any information provided in the Dispatch Analysis Schedule is or proves to have been incorrect, incomplete
or misleading at the time such information is provided.

 

		26.1.5	Cross Default

 

		26.1.5.1	Any Financial Indebtedness of Impala and/or either Obligor is not paid when due nor within any originally
applicable grace period.

 

		26.1.5.2	Any Financial Indebtedness of Impala and/or either Obligor is declared to be or otherwise becomes due
and payable prior to its specified maturity as a result of an event of default (however described).

 

		26.1.5.3	Any commitment for any Financial Indebtedness of Impala and/or either Obligor is cancelled or suspended
by a creditor of Impala and/or such Obligor as a result of an event of default (however described).

 

		26.1.5.4	Any creditor of Impala and/or either Obligor becomes entitled to declare any Financial Indebtedness of
Impala and/or such Obligor due and payable prior to its specified maturity as a result of an event of default (however described).

 

		26.1.5.5	No Event of Default will occur under this clause 26.1.5 if-

 

		26.1.5.5.1	the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within
clauses 26.1.5.1 to 26.1.5.4 above is less than R5 000 000,00 (five million Rand) (or its equivalent in any other currency or currencies);
or

 

		26.1.5.5.2	the Financial Indebtedness in question is subject to a bona fide dispute which is being diligently
pursued by the parties thereto, provided that such dispute is settled by no later than the date
which is 30 (thirty) days calculated from the date on which such dispute arises.

 

		26.1.6	Judgments

 

Impala and/or either Obligor has any
Judgment in excess of R5 000 000,00 (five million Rand) (or its equivalent in any other currency) awarded against it unless such entity
-

 

		26.1.6.1	satisfies such Judgment in full;

 

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		26.1.6.2	if such Judgment is appealable, appeals against such Judgment within the prescribed time limits and diligently
prosecutes such appeal thereafter and succeeds in such appeal;

 

		26.1.6.3	if such Judgment is a default judgment, applies for the rescission thereof within the prescribed time
limits and diligently prosecutes such application; or

 

		26.1.6.4	if such Judgment is reviewable, initiates proceedings for the review thereof within the prescribed time
limits and diligently prosecutes such proceedings thereafter and succeeds in such proceedings   
	 	 	 
	 	 	(and having so succeeded does not
satisfy the Judgment in question; provided that the entity in question does not, as a result of having satisfied such Judgment, breach
any of the provisions of the Finance Documents),

 

provided that any period afforded to
Impala and/or either Obligor to act (or procure that such entity acts) in accordance with the provisions of clauses 26.1.6.1, 26.1.6.2
or 26.1.6.3, shall immediately terminate upon the occurrence of any other Default in terms of this Agreement or upon the occurrence of
a Material Adverse Event.

 

		26.1.7	Insolvency

 

		26.1.7.1	Any Insolvency Event occurs in respect of Impala and/or either Obligor.

 

		26.1.7.2	A moratorium or debt standstill is declared in respect of any indebtedness of Impala and/or either Obligor.
If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

 

		26.1.8	Insolvency Proceedings

 

		26.1.8.1	Any corporate action, legal proceedings or other procedure or step is taken in relation to -

 

		26.1.8.1.1	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, commencement of
business rescue proceedings, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of
Impala and/or either Obligor without the express prior written consent of the Lender;

 

		26.1.8.1.2	a composition, compromise, assignment or arrangement with any creditor of Impala and/or either Obligor;

 

		26.1.8.1.3	the appointment of a liquidator, receiver, sequestrator, trustee, administrator, administrative receiver,
compulsory manager, business rescue practitioner or other similar officer in respect of Impala and/or either Obligor or any of its assets
(in each case whether provisional or final); or

 

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		26.1.8.1.4	enforcement of any Security Interest over any assets of Impala and/or either Obligor in respect of a claim
in excess of R5 000 000,00 (five million Rand) (or its equivalent in any other currency),

 

or any analogous procedure or step
is taken in any jurisdiction.

 

		26.1.8.2	Clause 26.1.8.1 shall not apply to any winding-up petition which is frivolous or vexatious and is
discharged, stayed or dismissed within 14 (fourteen) days of commencement or, if earlier, the date on which it is advertised.

 

		26.1.8.3	Clause 26.1.8.1.1 and 26.1.8.1.3 shall not apply to any bona fide solvent group restructuring
that occurs in respect of the Obligors with the prior written consent of the Lender.

 

		26.1.9	Creditors’ Process

 

There is any attachment of an asset
of either Obligor and/or Impala in respect of a claim in excess R5 000 000,00 (five million Rand) (or its equivalent in any other currency)
or more.

 

		26.1.10	Unlawfulness and Invalidity

 

		26.1.10.1	It is or becomes unlawful for any Obligor to perform any of its obligations under the Finance Documents
to which it is a party and/or the Concentrate Agreement.

 

		26.1.10.2	It is or becomes unlawful for Impala to perform any of its obligations under the Concentrate Agreement.

 

		26.1.10.3	Any obligation or obligations of either Obligor under any Finance Documents to which it is a party and/or
the Concentrate Agreement are not or cease to be legal, valid, binding or enforceable.

 

		26.1.10.4	Any obligation or obligations of Impala under the Concentrate Agreement are not, or cease to be, legal,
valid and binding or enforceable.

 

		26.1.10.5	Any Finance Document and/or the Concentrate Agreement ceases to be in full force and effect.

 

		26.1.11	Cessation of Business

 

Impala and/or or either Obligor suspends
or ceases to carry on or threatens to suspend or cease to carry on all or a material part of its business.

 

		26.1.12	Audit Qualification

 

The Auditors of Impala and/or either
Obligor qualify the audited annual consolidated financial statements of Impala and/or such Obligor (other than in any immaterial respect
(as determined by the Lender acting in good faith).

 

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		26.1.13	Expropriation

 

The authority or ability of Impala and/or
either Obligor to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation,
intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation
to Impala and/or such Obligor or any of its assets if same constitutes or is reasonably likely to constitute a Material Adverse Event.

 

		26.1.14	Repudiation and Rescission of Agreements

 

		26.1.14.1	Either Obligor rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document
to which it is a party and/or the Concentrate Agreement or evidences an intention to rescind or repudiate a Finance Document and/or the
Concentrate Agreement.

 

		26.1.14.2	Impala rescinds or purports to rescind or repudiates or purports to repudiate the Concentrate Agreement
or evidences an intention to rescind or repudiate the Concentrate Agreement.

 

		26.1.15	Litigation

 

Any litigation, arbitration, administrative,
governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened in relation to the Finance Documents
and/or the Concentrate Agreement or the transactions contemplated therein or against Impala and/or either Obligor or its assets which
constitutes a Material Adverse Event.

 

		26.1.16	Material Adverse Event

 

Any Material Adverse Event occurs.

 

		26.1.17	Concentrate Agreement

 

		26.1.17.1	Either Obligor agrees to any amendment, waiver, relaxation, renewal, suspension, cancellation or termination
of any of the provisions of the Concentrate Agreement, without the Lender’s prior written consent, provided that such consent shall
not be unreasonably withheld if such amendment, waiver, relaxation, suspension, cancellation or termination shall not adversely impact
on the amounts which are payable by Impala to the Borrower under the Concentrate Agreement.

 

		26.1.17.2	Any Force Majeure Event occurs.

 

		26.1.17.3	Any party to the Concentrate Agreement delivers a Termination Notice to any other party to the Concentrate
Agreement in accordance with the provisions thereof.

 

		26.1.18	Debt to Equity Ratio

 

At any time during the Term, the Debt
to Equity Ratio of Platmin is greater than 45:55.

 

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		26.2	Acceleration

 

On and at any time after the occurrence
of an Event of Default which is continuing the Lender may by written notice to the Borrower:

 

		26.2.1	cancel all or any part of the Facility whereupon it shall be immediately cancelled;

 

		26.2.2	declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents (including, without limitation, all Break Costs) be immediately due and payable, at which time
such amounts shall become immediately due and payable; and/or

 

		26.2.3	declare all other amounts owing by the Obligors to the Lender in terms of the Finance Documents be immediately
due and payable, at which time such amounts shall become immediately due and payable; and/or

 

		26.2.4	demand and be entitled to receive specific performance of any obligation of either Obligor under and in
terms of any Finance Documents to which it is a party; and/or

 

		26.2.5	exercise any or all of the rights, remedies, powers or discretions of the Lender under the Finance Documents.

 

PART 10

 

CHANGES TO PARTIES

 

		27.	ASSIGNMENT

 

		27.1	The Lender shall be entitled to assign all or any of its rights and/or obligations under this Agreement
and the other Finance Documents (together with the benefit of all and any security held by the Lender for such obligations) -

 

		27.1.1	prior to the occurrence of a Default-

 

		27.1.1.1	to any of the Assignment Entities (without the prior written consent of the Obligors); or

 

		27.1.1.2	to any other person, with the prior written consent of the Obligors (which consent shall not be unreasonably
withheld or delayed);

 

		27.1.2	following a Default which is continuing, to any person or entity whomsoever (without the prior written
consent of the Obligors).

 

		27.2	Each Obligor hereby irrevocably and unconditionally consents to the splitting of all and any claims against
it hereunder (both known and unknown (as of any date), present and future, actual and contingent) which may result directly or indirectly
from or pursuant to any such assignment.

 

		27.3	No Obligor shall be entitled, without the prior written consent of the Lender, to cede or assign or otherwise
make over or transfer all or any of its rights and/or obligations in terms of the Finance Documents.

 

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PART 11

 

ADMINISTRATION

 

		28.	PAYMENT MECHANICS

 

		28.1	Payments to the Lender

 

All payments by the Borrower to the Lender
in terms of this Agreement and the other Finance Documents shall be paid as contemplated in this Agreement into the Collection Account.

 

		28.2	No Set-off by Obligors; Obligations Unconditional

 

		28.2.1	all payments to be made by an Obligor under the Finance Documents shall be calculated and be made without
(and free and clear of any deduction for) set-off or counterclaim.

 

		28.2.2	Each Obligor’s obligation to effect all payments in accordance with the Finance Documents shall
be absolute and unconditional, irrespective of any contingency whatsoever, including, but not limited to -

 

		28.2.2.1	any right of set-off, counterclaim, recoupment, defence or other right;

 

		28.2.2.2	any insolvency, bankruptcy, administration, reorganisation, arrangement, readjustment of debt, dissolution,
liquidation, business rescue proceedings or similar proceedings by or against the Lender or either Obligor;

 

		28.2.2.3	any invalidity or unenforceability or lack of due authorisation of, or other defect in, any Finance Document;
or

 

		28.2.2.4	any other cause which (but for the provisions of this clause 28.2.2) would or might have the effect
of terminating, discharging or in any way affecting any obligation of or either Obligor under the Finance Documents.

 

		28.3	Renewal of Facility

 

		28.3.1	The Parties shall be entitled (but not obliged) to agree a renewal of the Facility for successive periods
each equal to the Renewal Period on the terms and conditions which may be agreed between the Lender and the Borrower in writing at the
time of such renewal.

 

		28.3.2	Should the Parties fail to reach an agreement on the terms and conditions of such renewal, the Facility
shall terminate on the then applicable Maturity Date, unless otherwise agreed in writing by the Parties.

 

		29.	NOTICES

 

		29.1	The Parties choose as their address for all purposes under this Agreement, whether in respect of court
process, notices or other documents or communications of whatsoever nature, the following addresses :

 

		29.1.1	the Borrower:

 

		Physical:	[***]

 

		Telefax:	[***]

 

		Attention:	[***]

 

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		29.1.2	the Guarantor:

 

		Physical:	[***]

 

		Telefax:	[***]

 

		Attention:	[***]

 

		29.1.3	the Lender:

 

		Physical:	[***]

 

		Telefax:	[***]

 

or at such other address, not being a
post office box or poste restante, of which the Party concerned may notify the other in writing.

 

		29.2	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 only by hand delivery or by courier and by telefax.

 

		29.3	Either Party may by notice to the other Party change the physical address chosen as its address in terms
of clause 29.1 hereof to another physical address where postal delivery occurs in South Africa or its telefax number, provided that
the change shall become effective on the 14th (fourteenth) Business Day from the deemed receipt of the notice by the other
Party.

 

		29.4	Any notice to a Party -

 

		29.4.1	delivered by hand to a responsible person during ordinary business hours at the physical address chosen
as its domicilium citandi et executandi shall be deemed to have been received on the day of delivery; or sent by telefax to its
chosen telefax number, during ordinary business hours, stipulated in clause 29.1, shall be deemed to have been received on the date
of despatch (unless the contrary is proved).

 

		29.4.2	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 address
contemplated in clause 29.1 hereof.

 

		30.	CALCULATIONS AND CERTIFICATES

 

		30.1	Accounts

 

In any litigation or arbitration proceedings
arising out of or in connection with a Finance Document, the entries made in the accounts maintained by the Lender are phma facie evidence
of the matters to which they relate. A certificate signed by any manager of the Lender (whose designation, appointment or authority as
such it shall not be necessary to prove) certifying any amount outstanding in terms of this Agreement and the other Finance Documents
which has become due and payable shall, in the absence of manifest error, be prima facie proof of the matters therein stated for
all purposes, including for the purposes of furnishing further particulars, obtaining provisional sentence or other Judgment against either
Obligor.

 

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		30.2	Certificates and Determinations

 

Any certification or determination by
the Lender of a rate or amount under any Finance Document is, in the absence of manifest error, prima facie evidence of the matters
to which it relates.

 

		30.3	Day Count Convention

 

Any interest, commission or fee accruing
under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of
365 (three hundred and sixty five) days.

 

		31.	PARTIAL INVALIDITY

 

If, at any time, any provision of the
Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any Applicable Law of any jurisdiction, neither
the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under
the Applicable Law of any other jurisdiction will in any way be affected or impaired.

 

		32.	REMEDIES AND WAIVERS

 

No failure to exercise, nor any delay
in exercising, on the part of the Lender, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single
or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights
and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by Applicable Law.

 

		33.	COUNTERPARTS

 

Each Finance Document may be executed
in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance
Document. A facsimile shall be a valid counterpart for all purposes under the Finance Documents.

 

		34.	WHOLE AGREEMENT

 

		34.1	This Agreement together with the other Finance Documents constitutes the whole agreement between the Parties
in relation to the subject matter hereof.

 

		34.2	No addition to, variation, amendment, novation, waiver or agreed cancellation of any provision of this
Agreement shall be binding upon the Parties unless reduced to writing and signed by or on behalf of the Parties.

 

		34.3	No oral pactum de non petendo shall be of any force or effect.

 

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PART 12

 

GOVERNING LAW, ENFORCEMENT AND INDEPENDENT ADVICE

 

		35.	GOVERNING LAW

 

The Finance Documents shall be construed
and interpreted in accordance with the laws of South Africa.

 

		35.1	Arbitration

 

		35.1.1	Save for clauses 8 and 9 hereof, and in respect of those provisions of this Agreement which provide
for their own remedies which would be incompatible with arbitration, a dispute which arises in regard to -

 

		35.1.1.1	the interpretation of; or

 

		35.1.1.2	the carrying into effect of; or

 

		35.1.1.3	either of the Parties’ rights and obligations arising from; or

 

		35.1.1.4	the termination or purported termination of or arising from the termination of; or

 

		35.1.1.5	the rectification or proposed rectification of,

 

this Agreement, or out of or pursuant
to this Agreement (other than where an interdict is sought or urgent relief may be obtained from a court of competent jurisdiction), shall
be submitted to and decided by arbitration.

 

		35.1.2	The arbitration contemplated in clause 35.1.1 hereof shall be held -

 

		35.1.2.1	with only the Parties and their representatives present thereat;

 

		35.1.2.2	at Johannesburg.

 

		35.1.3	It is the intention that the arbitration shall, where possible, be held and concluded in 21 (twenty one)
Business Days after it has been demanded. The Parties shall use their best endeavours to procure the expeditious completion of the arbitration.

 

		35.1.4	Save as expressly provided in this Agreement to the contrary, the arbitration shall be subject to the
arbitration legislation for the time being in force in South Africa.

 

		35.1.5	The arbitrator shall be an impartial admitted attorney of not less than 10 (ten) years’ standing
appointed by the Parties or, failing agreement by the Parties within 10 (ten) Business Days after the arbitration has been demanded, at
the request of either of the Parties shall be nominated by the President for the time being of the Law Society of the Northern Province
(or its successor body), whereupon the Parties shall forthwith appoint such person as the arbitrator. If that person fails or refuses
to make the nomination, either Party may approach the High Court of South Africa to make such an appointment. To the extent necessary,
the court is expressly empowered to do so.

 

		35.1.6	The Parties shall keep the evidence in the arbitration proceedings and any order made by any arbitrator
confidential.

 

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

 

		35.1.8	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.

 

		35.1.9	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.

 

    85

    	 	 	 

    

 

		35.1.10	The arbitrator, but acting as an expert and not as an arbitrator, may “make the contract”
between the parties by completing any gaps in the contract or by determining any matter which has been or is left to be agreed upon by
the parties and on which they have not reached agreement.

 

		35.1.11	The arbitrator’s award shall be final and binding on the Parties to the dispute. There shall be
a right of appeal against any award of the arbitrator provided that -

 

		35.1.11.1	the appeal is noted within 10 (ten) Business Days of the arbitrator’s award;

 

		35.1.11.2	the appellant delivers the record to the respondent within 10 (ten) Business Days of the record becoming
available to the appellant.

 

		35.1.12	The relevant provisions of this arbitration clause shall apply mutatis mutandis in regard to the
appeal.

 

		35.1.13	The appeal shall be heard before a panel of 3 (three) arbitrators and the provisions of clause 35.1.5
shall apply mutatis mutandis.

 

		35.1.14	The costs of any venue, arbitrator’s remuneration, recording, transcription and other costs and
expenses ancillary to the hearing shall be borne by the Parties in equal shares and shall be recoverable, as costs in the cause, under
the provisions of any award made by the arbitrator. The Parties, together with the arbitrator will agree form time to time on the arbitrator’s
remuneration, which will be paid by the Parties in equal shares, upon receipt of invoices therefor.

 

		35.1.15	Nothing in this clause 35.1 shall preclude any Party from seeking interim and/or urgent relief from
a court of competent jurisdiction. In this regard, each Obligor agrees that any such legal action or proceedings may be brought against
it in the South Gauteng High Court of South Africa (or any successor to that court) and irrevocably submits to the non-exclusive jurisdiction
of such court. Each Obligor irrevocably waives any objection it may now or hereafter have that such action or proceeding has been brought
in an inconvenient forum. Nothing herein shall affect the Lender’s right to serve process in any manner permitted by law. The submission
to such jurisdiction shall not (and shall not be construed so as to) limit the right of the Lender to take proceedings against any Obligor
in whatever other jurisdiction the Lender considers appropriate nor shall the taking of proceedings in any one or more jurisdictions preclude
the taking of proceedings in any other jurisdiction whether concurrently or not.

 

		36.	INDEPENDENT ADVICE

 

Each Obligor acknowledges that it has
been free to secure independent legal and other advice as to the nature and effect of all the provisions of this Agreement and the other
Finance Documents to which it is party and that it has either taken such independent legal and other advice or dispensed with the necessity
of doing so. Each Obligor acknowledges that all of the provisions of the Finance Documents and the restrictions herein and therein contained
have been negotiated as between it and the other parties hereto and thereto and are part of the overall intention of the Parties in connection
with this Agreement and the other Finance Documents.

 

    86

    	 	 	 

    

 

		37.	CONFIDENTIALITY

 

		37.1	Subject to clause 37.2, each of the Parties agrees to maintain -

 

		37.1.1	the provisions of the Finance Documents to which it is a party;

 

		37.1.2	the details of the negotiations leading up to the conclusion of the Finance Documents to which it is a
party,

 

(collectively the “Confidential
Information”) as confidential and shall not disclose any of the Confidential Information to any third party, use such information
for any purpose other than in connection with the Finance Documents.

 

		37.2	The confidentiality undertaking set out in clause 37.1 above shall not apply to information that
-

 

		37.2.1	is disclosed to professional advisers of the Obligors under confidentiality undertakings that are in a
form and substance satisfactory to the Lender;

 

		37.2.2	is disclosed to a potential financier of the Obligors under confidentiality undertakings that are in a
form and substance satisfactory to the Lender;

 

		37.2.3	is disclosed to the professional advisers of the Lender;

 

		37.2.4	is disclosed by or on behalf of the Lender to a potential Assignment Entity or any other person to whom
the Lender assigns its rights and/or obligations under this Agreement and the other Finance Documents in accordance with the provisions
of clause 27 hereof (the “Other Assignment Parties” and each an “Assignment Party”) (including
the professional advisers of such Assignment Entity or Assignment Party, as the case may be);

 

		37.2.5	is disclosed to any person by or on behalf of the Lender pursuant to any enforcement of its rights under
the Finance Documents;

 

		37.2.6	is at the time of its disclosure, already known to the receiving person from a source other than the disclosing
Party;

 

		37.2.7	is or becomes public knowledge other than pursuant to a breach of the Finance Documents by the Party who
received the Confidential Information; or

 

		37.2.8	is required by Applicable Laws, Accounting Principles or by the rules or regulations of any recognised
stock exchange to be disclosed.

 

		38.	DELIVERIES OF CONCENTRATE PRIOR TO THIS AGREEMENT

 

The Parties agree that any Advances
made to the Borrower by the Lender in terms of the Northam Revolving Credit Facility prior to the date on which this Agreement comes into
force and effect in respect of Concentrate delivered by the Borrower to Impala under the terms of the Concentrate Agreement shall be deemed
to be Advances made in terms of this Agreement notwithstanding anything else to the contrary contained herein and all of the provisions
of this Agreement shall apply in relation to such Advances mutatis mutandis.

 

    87

    	 	 	 

    

 

 

Signed for and on behalf of

 

	Investec Bank Limited	 	Investec Bank Limited
	 	 	 
	/s/ Kriosha Naidoo	 	 /s/ Susan Elizabeth Neilan
	Name: Kriosha Naidoo	 	Name: Susan Elizabeth Neilan
	 	 	 
	Title: Authorised Signatory	 	Title: Authorised Signatory
	 	 	 
	Date:	 	Date:
	 	 	 
	Witness	 	Witness

 

Signed for and on behalf of

 

Pilanesberg Platinum Mines Proprietary Limited  

 

	 /s/ Erich Clarke	 
	Name: Erich Clarke	 
	 	 
	Title: Director	 
	 	 
	Witness:	 
	 	 
	Date: 31 March 2017	 

 

Signed for and on behalf of

 

Pilanesberg Platinum Mines Proprietary
Limited  

 

	/s/ Elmarie Maritz	 
	Name: Elmarie Maritz	 
	 	 
	Title: CFO	 
	 	 
	Witness:	 
	 	 
	Date: 31 March 2017	 

 

    88

    	 	 	 

    

 

Signed for and on behalf of

 

 Platmin  South Africa Proprietary
Limited  

 

	/s/ Erich Clarke	 
	Name: Erich Clarke	 
	 	 
	Title: Director	 
	 	 
	Witness:	 
	 	 
	Date: 31 March 2017	 

 

Signed for and on behalf of

 

Platmin South Africa Proprietary Limited
  

 

	/s/ Elmarie Maritz	 
	Name: Elmarie Maritz	 
	 	 
	Title:CFO	 
	 	 
	Witness:	 
	 	 
	Date: 31 March 2017	 

 

    89

    	 	 	 

    

 

Schedule
1

CONDITIONS PRECEDENT

 

		1.	Obligors

 

		1.1	A copy of a resolution of the board of directors of each Obligor:

 

		1.1.1	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party
and resolving that it execute, deliver and perform the Finance Documents to which it is a party;

 

		1.1.2	authorising a specified person or persons to execute the Finance Documents to which it is a party on its
behalf; and

 

		1.1.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, any Disbursement Request) to be signed and/or despatched by it under or in connection with the Finance Documents
to which it is a party.

 

		1.2	A certificate of each Obligor (signed by a director of such Obligor) confirming that borrowing or guaranteeing
or securing, as appropriate, the Facility would not cause any borrowing, guarantee, security or similar limit binding on such Obligor
to be exceeded.

 

		1.3	A certificate of an authorised signatory of the Borrower or other relevant Obligor certifying that each
document relating to it specified in this Schedule 1 is correct, complete and in full force and effect and has not been amended or
superseded as at a date no earlier than the date of this Agreement.

 

		2.	Finance Documents and Concentrate Agreement

 

The original signed version of this
Agreement in form and substance satisfactory to the Lender executed by the parties to those documents and evidence that each has become
unconditional in accordance with its terms; and

 

A signed copy of the Concentrate Agreement
or renewal, or amendment thereof which permits deliveries of Concentrate to Impala which is in form and substance satisfactory to the
Lender and is duly executed by the Borrower, and Impala together with evidence that it has become unconditional in accordance with its
terms.

 

		3.	Other Documents and Evidence

 

A certificate from each Obligor, in
respect of the First Facility Availability Period dated as at any date before 21 July 2013 and in respect of any Facility Renewal
Period dated no longer than 3 Business Days before the commencement of the Facility Renewal Period, confirming that-

 

		3.1	no Default or Event of Default has occurred and is continuing;

 

		3.2	all of the representations and warranties are true and correct;

 

		3.3	no Material Adverse Event has occurred;

 

		3.4	no proceedings of the type contemplated in clause 23.13 are pending or threatened in respect of either
Obligor and no industrial action is pending or threatened against either Obligor;

 

		3.5	no proceedings of the type contemplated in clause 23.13, of which such Obligor ought to reasonably
be aware, are pending or threatened in respect of Impala and no industrial action, of which such Obligor ought to reasonably be aware,
is pending or threatened against Impala,

 

    90

    	 	 	 

    

 

and the Lender is satisfied in its sole
discretion that the certificate is correct.

 

		4.	Enforceability of Finance Documents and the Concentrate Agreement

 

The Lender is satisfied that each of
the Finance Documents and the Concentrate Agreement are legal, valid, binding and enforceable in accordance with their terms.

 

		5.	Regulatory Approvals

 

The Lender has received a copy, certified
as true and correct by an officer of each of the Obligors, of each approval and consent of any governmental or other regulatory authorities
which are necessary for the execution, performance and delivery by it of the Finance Documents to which it is a party and the Concentrate
Agreement or confirmation in writing by a duly authorised officer of it that no such consents, authorisations or approvals are required
in relation to the Obligors.

 

    91

    	 	 	 

    

 

Schedule
2

DISBURSEMENT REQUEST

 

	From:	Pilanesberg Platinum Mines (Proprietary) Limited (the "Borrower")

 

	To:	Investec Bank Limited (the "Lender")

 

Dated: [●] 2017

 

Dear Sirs

 

Disbursement Request in terms of the Revolving Commodity Financing
Facility Agreement (the "Facility Agreement") dated November 2012 between inter alia the Borrower (as borrower)
and the Lender (as lender)

 

		1.	Reference is made to the Facility Agreement. Terms defined in the Facility Agreement have the same meaning
in this Disbursement Request unless given a different meaning in this Disbursement Request.

 

		2.	The Borrower wishes the Lender to make an Advance to the Borrower in respect of the following Concentrate
Lots delivered to Impala during the Delivery Month of [●] [specify Delivery Month], all on the terms and conditions of the
Facility Agreement and, in particular, subject to fulfilment of the Conditions Precedent referred to in clause 5 of the Facility Agreement.

 

		3.	The Mineral Class of this Disbursement Request is [PMC] I [BMC]. [Delete whichever is not
applicable]

 

		4.	A certificate of compliance in terms of clause 5.2.1 of the Facility Agreement is attached hereto
as Annexure A.

 

		5.	The Dispatch Analysis d in respect of the Concentrate Lots referred in paragraph 2 above is attached
hereto as Annexure B.

 

		6.	Based on the Dispatch Analysis Schedule, the Borrower's bona fide estimate in respect of such Concentrate
Lots is as follows:

 

    92

    	 	 	 

    

 

	Approved	DMT of	Percentage	Relevant	Estimated	Royalty	Estimated	Treatment	Estimated
	Mineral	Concentrate	Chromium	Recovery	Quantity of	Costs	Penalties	Costs	Price
	 	Lots	Oxide	Percentage	Approved	 	 	 	 
	 	delivered	Content of	 	Mineral (in	 	 	 	 
	 	during	Concentrate	 	Ounces) to	 	 	 	 
	 	relevant	Lots	 	be derived	 	 	 	 
	 	Delivery	 	 	from such	 	 	 	 
	 	Month	 	 	Concentrate	 	 	 	 
	 	 	 	 	Lots	 	 	 	 
	Platinum	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Palladium	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Gold	 	 	 	 	 	 	 	 

 

	Approved	DMT of	Percentage	Relevant	Estimated	Royalty	Estimated	Treatment	Estimated
	Mineral	Concentrate	Chromium	Recovery	Quantity of	Costs	Penalties	Costs	Price
	 	Lots	Oxide	Percentage	Approved	 	 	 	 
	 	delivered	Content of	 	Mineral (in	 	 	 	 
	 	during	Concentrate	 	Ounces) to	 	 	 	 
	 	relevant	Lots	 	be derived	 	 	 	 
	 	Delivery	 	 	from such	 	 	 	 
	 	Month	 	 	Concentrate	 	 	 	 
	 	 	 	 	Lots	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Copper	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Nickel	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

[Delete whichever is not applicable]

 

		7.	The Relevant Advance Date is [●] [specify proposed Advance Date],

 

		8.	The Borrower's estimate of the Aggregate Gross Amount of such Advance is R[●] ([●] Rand).

 

		9.	This Disbursement Request is irrevocable.

 

Yours faithfully

 

 

authorised signatory for

Pilnesberg Platinum Mines (Proprietary) Limited

 

    93

    	 	 	 

    

 

Annexure A

 

Compliance with
Conditions as referred to in Clause 5.2.1 of the Facility Agreement

 

	From	 Pilanesberg
    Platinum Mines Proprietary Limited
	 	 
	To:	Investec
    Bank Limited

 

Date:

 

Dear Sirs

 

The Borrower hereby confirms that
the conditions precedent in clause 5.2.1 of the Facility Agreement have been fulfilled as at the date stated above, namely that:

 

	1.	The
                                            conditions precedent referred to in clause 5.1 of the Facility Agreement remain fulfilled
                                            as of the Relevant Advance Date

 

	2.	This
                                            Disbursement Request

 

		2.1	Is
                                            for an advance greater than R1,000,000 (one million Rand);

 

		2.2	Will
                                            not cause the Aggregate Gross Amount of the Facility Limit to be exceeded; and

 

		2.3	Will
                                            not cause more than 8 (eight) Advances to be outstanding

 

		2.4	The
                                            Concentrate Agreement is in full force and effect and deliveries of Concentrate are permitted
                                            thereunder.

 

	3.	No
                                            default has occurred nor is continuing as of the Relevant Advance Date;

 

	4.	No
                                            Economic Failure has occurred nor is continuing as of the Relevant Advance Date;

 

	5.	No
                                            Force Majeure Event has occurred nor is continuing as of the Relevant Advance Date;

 

	6.	The
                                            Lender has received in form and substance satisfactory to the Lender:

 

		6.1	a
                                            complete copy of the Dispatch Analysis Schedule in respect of the Concentrate Lots to be
                                            financed under the Advance in question;

 

		6.2	a
                                            copy of the Northam Initial Metal Analysis in respect of the Concentrate Lots to be financed
                                            under the Advance in question, directly from Northam and/or a copy from an independent
                                            assaying lab’s test report (being SGS south Africa Proprietary Limited) in respect
                                            of the Concentrate Lots to be financed under the Advance in question, directly from the independent
                                            assaying lab.[delete whichever is not applicable]

 

		6.3	confirmation
                                            of the delivery month to which the relevant requested Advance relates;

 

		6.4	All
                                            the Advance Calculation Information;

 

	7.	The
                                            Disbursement Request is only in respect of and Advance calculated with reference to one Mineral
                                            class;

 

	8.	The
                                            Borrower has determined the Price and the Spot Rate which is to be agreed to by the Lender;
                                            and

 

	9.	The
                                            Borrower has not given a Prepayment Notice to the Lender in terms of clause 15.1 of the Facility
                                            Agreement.

 

     

     

    

 

	Yours
    faithfully	 
	 	 
	By	 	 
	Authorised
    signatory	 
	 	 
	For
    and on behalf of:	 
	 	 
	Pilnesberg
    Platinum Mines (Proprietary) Limited	 
	 	 
	By	        	 
	Authorised
    signatory	 
	 	 
	For
    and on behalf of:	 
	 	 
	Pilnesberg
    Platinum Mines (Proprietary) Limited	 

 

     

     

    

 

Annexure B

 

Dispatch Analysis
Schedule

 

     

     

    

 

Schedule
3

 

Illustrative worked examples of the calculation of the Cancellation Fee and the Discount
Amount

 

     

     

    

 

Annexure B

 

NOTICE OF THE
CHANGE IN BANKING DETAILS UNDER THE CONCENTRATE AGREEMENT

 

	To:	Impala
                                            Refining Services Limited

                                            Corner of Cowles Street and East Geduld Road

                                            East Geduld

                                            Springs

                                            1560

                                            Gauteng

                                            ("Impala")

 

	From:	Pilanesberg
                                            Platinum Mines Proprietary Limited

                                            6 Ecofusion Office Park

                                            Block B, 324 Witch-Hazel Avenue

                                            Highveld Extension 59

                                            South Africa

                                            ("PPM")

 

Date: [●] 2017

 

Dear Sirs

 

Treatment of Concentrate and Sales
of Metal Agreement dated 23 June 2015 (the "Concentrate Agreement") between Impala and PPM

 

We refer to
the Concentrate Agreement, a copy of which is attached hereto in terms of which Impala has consented to the cession of payment
rights under the Concentrate Agreement by PPM in favour of Investec Bank Limited pursuant to a financing facility granted to it by
Investec Bank Limited. From the date of this notice, PPM hereby requests that Impala pays all amounts due to PPM on account of the
Concentrate Agreement into the following account:

 

	Account
    Holder:	Investec
    Bank Limited
	Bank:	Investec
Bank Limited
	Branch:	580105
	Account
    number:	[***]

 

PPM hereby irrevocably
waives its right to request deliver processed platinum and/or palladium to it in lieu of payment of some or all of the purchase price
for the Concentrate pursuant to clause 2 of the Concentrate Agreement.

 

GOVERNING LAW

 

This notice shall
be governed by and construed in accordance with the laws of the Republic of South Africa. Impala and PPM irrevocably and unconditionally
submit to the non-exclusive jurisdiction of the High Court of South Africa (Gauteng Local Division, Johannesburg) (or any successor to
that division).

 

     

     

    

 

As witnessed by the duly authorised
representatives of the Parties hereto

 

	Signed
    for and on behalf of	 
	 	 
	Impala
    Refining Services Limited	 
	 	 
	 	 
	Name:	       	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:
     	 	 
	 	 
	Signed
    for and on behalf of	 
	 	 
	Pilanesberg
    Platinum Mines Proprietary Limited	 
	 	 
	/s/  Erich
    Clarke	 
	Name:  	 Erich
    Clarke	 
	 	 	 
	Title:	Director	 
	 	 	 
	Date:	31 March 2017	 

 

     

     

    

 

Table
of Contents

 

Page

 

		1.	DEFINITIONS AND INTERPRETATION	11

 

		2.	INTRODUCTION	44

 

		3.	THE FACILITY	46

 

		4.	LOAN PURPOSE	46

 

		5.	CONDITIONS PRECEDENT	46

 

		6.	EXPIRY OF FACILITY	49

 

		7.	DRAWDOWN OF THE FACILITY	49

 

		8.	PROCEDURE IN RELATION TO AGREEMENT AND/OR DETERMINATION OF THE PRICE	49

 

		9.	PROCEDURE IN RELATION TO AGREEMENT AND/OR DETERMINATION OF THE SPOT RATE	50

 

		10.	REPAYMENT OF THE LOAN	51

 

		11.	OUT-AND-OUT CESSION	51

 

		12.	MANDATORY PREPAYMENT	52

 

		13.	CANCELLATION	53

 

		14.	REPAYMENT	53

 

		15.	APPLICATION OF MONIES IN THE COLLECTION ACCOUNT	54

 

		16.	INTEREST	55

 

		17.	CHANGES TO THE CALCULATION OF INTEREST	55

 

		18.	FEES	56

 

		19.	TAX GROSS UP AND INDEMNITIES	57

 

		20.	INCREASED COSTS	58

 

		21.	COSTS AND EXPENSES	61

 

		22.	GUARANTEE AND INDEMNITY	61

 

		23	REPRESENTATIONS AND WARRANTIES	64

 

		24.	INFORMATION UNDERTAKINGS	70

 

		25.	GENERAL UNDERTAKINGS	73

 

		26.	EVENTS OF DEFAULT	76

 

		27.	ASSIGNMENT	81

 

		28.	PAYMENT MECHANICS	82

 

		29.	NOTICES	82

 

		30.	CALCULATIONS AND CERTIFICATES	83

 

		31.	PARTIAL INVALIDITY	84

 

		32.	REMEDIES AND WAIVERS	84

 

		33.	COUNTERPARTS	84

 

		34.	WHOLE AGREEMENT	84

 

		35.	GOVERNING LAW	85

 

		36.	INDEPENDENT ADVICE	86

 

		37.	CONFIDENTIALITY	87

 

		38.	DELIVERIES OF CONCENTRATE PRIOR TO THIS AGREEMENT	87Exhibit 10.3

 

	Settlement
  Agreement	EXECUTION
  COPY
	 	 

 

	 	Version
    2	 
	 	 	 
	 	30
    Nov 2019	 

 

SETTLEMENT AGREEMENT

 

between

 

PILANESBERG PLATINUM MINES PROPRIETARY
LIMITED

 

And

 

ITERELENG BAKGATLA MINERALS RESOURCES
PROPRIETARY LIMITED

 

and

 

LESETLHENG COMMUNITY

 

    Page 1 of 39

    	 	 	 

    

 

CONTENTS

 

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

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

 

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

 

    Page 2 of 39

    	 	 	 

    

 

	1.	DEFINITIONS

 

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

 

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

 

		1.2	Agreement
                                            - means this agreement and any annexures hereto;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    Page 3 of 39

    	 	 	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    Page 4 of 39

    	 	 	 

    

 

	2.	PARTIES

 

		2.1	The
                                            Parties to this Agreement are:

 

		2.1.1	IBMR,
                                            which:

 

		2.1.1.1	is
                                            a wholly owned subsidiary of PPM;

 

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

 

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

 

		2.1.2	PPM,
                                            which:

 

		2.1.2.1	is
                                            the cessionary of the Mining Right;

 

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

 

		2.1.3	Lesetlheng
                                            Community, who:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    Page 5 of 39

    	 	 	 

    

 

	3.	INTRODUCTION

 

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

 

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

 

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

 

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

 

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

 

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

 

	4.	LEGAL
                                            BASIS FOR NEGOTIATIONS

 

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

 

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

 

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

 

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

 

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

 

    Page 6 of 39

    	 	 	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	6.	CONDITIONS
                                            PRECEDENT

 

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

 

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

 

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

 

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

 

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

 

    Page 7 of 39

    	 	 	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

	7.	DURATION
                                            AND NATURE OF THIS AGREEMENT

 

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

 

	8.	ACCESS
                                            TO WILGESPRUIT

 

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

 

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

 

    Page 8 of 39

    	 	 	 

    

 

  

		9.	TERMS
                                            OF THE SETTLEMENT AGREEMENT

 

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

 

		9.1	PAYMENT
                                            OF COMPENSATION

 

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

 

		9.1.1	RETROSPECTIVE
                                            RENTAL

 

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

 

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

 

		9.1.1.3	The
                                            Retrospective Rental Amount shall be:

 

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

 

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

 

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

 

		9.1.2	FUTURE
                                            RENTAL FOR USE OF WILGESPRUIT

 

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

 

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

  

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

 

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

 

		9.1.2.4.1	payable
                                            without deduction, set-off or withholding;

 

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

 

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

 

    Page 9 of 39

    	 	 	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    Page 10 of 39

    	 	 	 

    

  

	 	10.1.1.11.1	water
    supply;

 

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

 

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

 

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

 

	 	10.1.1.11.5	fencing
    of grazing lands;

 

	 	10.1.1.11.6	fencing
    of arable land;

 

	 	10.1.1.11.7	grubbing
    of arable land; and

 

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

  

    Page 11 of 39

    	 	 	 

    

 

		10.1.2	ESTABLISHMENT OF THE LESETLHENG
                                            COMMUNITY ECONOMIC DEVELOPMENT TRUST

 

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

 

		10.1.2.1.1	the founder of the Trust shall be
                                            PPM;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		10.2	SOCIAL
                                            AND LABOUR PLANS

 

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

 

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

 

    Page 12 of 39

    	 	 	 

    

 

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

 

		10.2.3.1	PREFERENTIAL EMPLOYMENT

 

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

 

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

 

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

 

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

 

		10.2.3.2	PREFERENTIAL
                                            PROCUREMENT

 

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

 

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

 

		9.2.3.2.2.1	the
                                            guidelines in the Mining Charter;

 

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

 

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

 

    Page 13 of 39

    	 	 	 

    

 

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

 

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

 

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

 

		10.2.3.3	SOCIO-ECONOMIC
                                            DEVELOPMENT AND EMPOWERMENT

 

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

 

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

 

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

  

		10.3	THE
                                            LESETLHENG PROCUREMENT ENTITY

 

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

 

		10.3.2	The
                                            Procurement Entity shall:

 

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

 

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

 

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

 

    Page 14 of 39

    	 	 	 

    

  

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

 

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

 

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

 

		11.	UNDERTAKINGS
                                            IN RESPECT OF MINING OPERATIONS

 

		11.1	REHABILITATION
                                            OF WILGESPRUIT

 

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

 

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

 

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

 

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

 

		11.2	CONSULTATION
                                            ON AMENDMENTS TO THE SOCIAL AND LABOUR PLAN

  

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

 

		11.3	CONSULTATION
                                            ON AMENDMENTS TO ENVIRONMENTAL MANAGEMENT PROGRAMME REPORT

 

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

 

    Page 15 of 39

    	 	 	 

    

 

		10.4	REZONING

 

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

 

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

 

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

 

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

 

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

 

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

 

		11.	LESETLHENG
                                            COMMUNITY UNDERTAKING

 

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

 

		12.	LEGACY
                                            ISSUES

 

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

 

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

 

		13.	SCOPE
                                            OF THE AGREEMENT AND CONFLICT

  

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

 

    Page 16 of 39

    	 	 	 

    

 

 

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

 

		14.	ACKNOWLEDGEMENT
                                            BY THE LESETLHENG COMMUNITY

 

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

 

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

 

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

 

		14.4	PPM
                                            and the Lesetlheng Community agree and acknowledge that –

 

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

 

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

 

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

 

		15.	REGISTRATION
                                            AGAINST THE TITLE DEED

 

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

 

    Page 17 of 39

    	 	 	 

    

 

  

		16.	STIPULATIO
                                            ALTERI IN FAVOUR OF THE LESETLHENG COMMUNITY

 

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

 

		17.	STIPULATIO
                                            ALTERI IN FAVOUR OF THE TRUST

 

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

 

		18.	WARRANTIES

 

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

 

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

 

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

 

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

 

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

 

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

  

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

 

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

 

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

 

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

 

		19.	BREACH

 

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

 

    Page 18 of 39

    	 	 	 

    

 

 

 

  

		20.	DISPUTE
                                            RESOLUTION

 

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

 

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

 

		20.3	The
                                            arbitration proceedings shall be:

 

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

 

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

 

		20.3.3	conducted
                                            as expeditiously as possible.

 

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

 

		20.5	The
                                            request to AFSA to nominate an arbitrator shall be in writing setting out the claim in such
                                            detail as is required for pleadings and any counterclaim of which the Party to the Dispute
                                            concerned is aware and, if desired, suggesting suitable nominees for appointment, and a copy
                                            shall be furnished to the other Party to the Dispute who may, within 5 Business Days, submit
                                            written comments on the request to the addresser of the request.

 

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

 

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

 

		20.7.1	be
                                            final on them;

 

		20.7.2	be
                                            carried into effect; and

 

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

 

    Page 19 of 39

    	 	 	 

    

  

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

   

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

 

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

 

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

 

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

 

		21.	AGREEMENT
                                            BINDING ON SUCCESSORS IN TITLE

 

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

 

		22.	GOVERNING
                                            LAW

 

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

 

		23.	COSTS

 

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

 

		24.	NOTICES
                                            AND LEGAL PROCESS

 

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

 

    Page 20 of 39

    	 	 	 

    

  

Pilanesberg
Platinum Mines Proprietary Limited

  

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

 

 

    Page 21 of 39

    	 	 	 

    

 

	Copy To:	 
	 	 
	Name:	 
	 	 
	Address:	 
	 	 
	Email:	 
	 	 
	Attention:	 

 

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

  

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

 

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

 

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

 

		25.	INTERPRETATION

 

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

 

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

 

		25.2.1	any
                                            gender includes the other two genders;

 

		25.2.2	the
                                            singular includes the plural and vice versa;

 

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

 

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

 

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

 

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

 

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

  

    Page 22 of 39

    	 	 	 

    

 

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

 

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

 

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

 

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

 

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

 

		26.	GENERAL
                                            AND MISCELLANEOUS

 

		26.1	Sole
                                            record of agreement

 

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

 

		26.2	Counterparts

 

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

 

		26.3	No
                                            amendments except in writing

 

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

 

		26.4	Waivers

 

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

 

    Page 23 of 39

    	 	 	 

    

  

		26.5	Survival
                                            of obligations

 

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

  

		26.6	Approvals
                                            and consents

 

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

 

    Page 24 of 39

    	 	 	 

    

  

Counterpart signatory

 

Signed at KWA MARITANE on 30th NOVEMBER 2019

 

Pilanesberg Platinum Mines Proprietary Limited

 

	/s/ [ILLEGIBLE]	 

Who warrants authority

 

Counterpart signatory

 

Signed at KWA MARITANE on 30th NOVEMBER 2019

 

Itereleng Bakgatla Minerals Resources Proprietary Limited

 

	/s/ [ILLEGIBLE]	 

Who warrants authority

Counterpart signatory

 

    Page 25 of 39

    	 	 	 

    

   

Counterpart signatory

 

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:

 

	/s/ MPULE DAVID PHETO	 

Name: MPULE DAVID PHETO

Capacity: CHAIRPERSON LESETLHENG LAND COMMITTEE

Who warrants authority

 

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:

  

	/s/ Grace Maledu MotlaTsi
    Pheto ML	 

Name: Grace Maledu MotlaTsi
Pheto ML

Capacity: LLC 

Who warrants authority

Counterpart signatory

 

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:

  

	/s/ Grace Maledu	 

Name: Grace Maledu

Capacity: LLC 

Who warrants authority 

 

    Page 26 of 39

    	 	 	 

    

  

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:

 

	/s/ TUMECO JUSTICE PECOAKGOSI	 

Name: TUMECO JUSTICE PECOAKGOSI

Capacity: LLC  

Who warrants authority

 

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:

  

	/s/ SEFORE ERNEST MOKWATE  	 

Name: SEFORE ERNEST MOKWATE  

Capacity:LLC 

Who warrants authority

 

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:

  

	/s/ ELIA PHERO RASEPAE	 

Name: ELIA PHERO RASEPAE

Capacity: LLC 

Who warrants authority 

Counterpart signatory

 

Signed at KWA MARITANE on 30th NOVEMBER 2020

 

For and on behalf of:  

  

	/s/ Sephedi Rasepae 	 

Name: Sephedi Rasepae 

Capacity: LLC 

Who warrants authority

 

    Page 27 of 39

    	 	 	 

    

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority

 

Counterpart signatory

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority  

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority

 

    Page 28 of 39

    	 	 	 

    

  

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority  

 

Counterpart signatory

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority 

 

Signed at                    on                   2019

 

For and on behalf of: 

______________________________________ 

Name: 

Capacity: 

Who warrants authority

  

    Page 29 of 39

    	 	 	 

    

 

 

Signed at                    on                   2019

 

For and on behalf of:

 

______________________________________ 

Name: 

Capacity: 

Who warrants authority

 

    Page 30 of 39

    	 	 	 

    

 

Appendix 1

 

Lesetlheng Families (Descendants of the Original
13 Wilgespruit Occupiers)

 

		1.	[***]

 

		2.	[***]

 

		3.	[***]

 

		4.	[***]

 

		5.	[***]

 

		6.	[***]

 

		7.	[***]

 

		8.	[***]

 

		9.	[***]

 

		10.	[***]

 

		11.	[***]

 

		12.	[***]

 

		13.	[***]

  

    Page 31 of 39

    	 	 	 

    

 

Appendix 2

 

Dear Lucas

 

Request for disclosure of information* In
re Wilgespruit 2 JQ

 

	1.	We act for the Lesetlheng Land Committee.

 

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

 

2.1            Shareholders
Agreement for PPM;

 

2.2            Bagatla
Ba Kgafela Traditional Authority company registration documents;

 

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

 

2.4            List
of minority shareholders of Sedibelo Platinum Mine.

 

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

 

Yours faithfully

WEBBER WENTZEL

[***]

Partner

Direct tel[***]

Direct fax: [***]

Email: [***]

 

    Page 32 of 39

    	 	 	 

    

 

Appendix 2

 

 

 

	1.0	Itereleng
                                            Bakgatla Mineral Resources (Pty) Ltd

 

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

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

 

		2.0	The
                                            mineral rights in the farm Wilgespruit

 

	2.1	When
                                            were the mineral rights in Wilgespruit first registered?

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

 

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

 

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

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

 

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

 

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

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

 

    Page 33 of 39

    	 	 	 

    

 

		5.0	IBMR'S
                                            Abandonment Of Mineral Rights

 

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

 

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

 

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

 

    Page 34 of 39

    	 	 	 

    

 

Appendix 3

 

	TO:	Pilanesberg Platinum Mines (Pty) Ltd

 

	AND TO:	Lesetlheng Community

 

	AND TO:	Itereleng Bakgatla Minerals Resources (Pty) Ltd

 

	DATE:	[●]

 

Dear Sirs

 

STIPULATIONS FOR THE BENEFIT OF THE LESETLHENG COMMUNITY

 

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

 

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

 

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

 

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

 

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

 

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

 

Yours faithfully

 

	 	 
	Name:	 

 

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

 

Authorised and warranting authority

 

Authorised and warranting authority

 

    Page 35 of 39

    	 	 	 

    

 

Appendix 3

 

Received on this the ______ day of _________________________ 20 ____

 

	 	 
	For and on behalf of:	 

 

	Pilanesberg Platinum Mines (Pty) Ltd	 

 

Received on this the ______ day of _________________________ 20 ____

 

	 	 
	For and on behalf of:	 

 

Itireleng Bakgatla Minerals Resources (Pty) Ltd

 

Received on this the ______ day of _________________________ 20 ____

 

	 	 

For and on behalf of:

 

The Lesetlheng Community

 

    Page 36 of 39

    	 	 	 

    

 

Appendix 4

 

TO:
Pilanesberg Platinum Mines (Pty) Ltd

 

AND
TO: Lesetlheng Community

 

AND
TO: Itereleng Bakgatla Minerals Resources (Pty) Ltd

 

DATE: [●]

 

Dear Sirs

 

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

 

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

 

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

 

	3.	The Settlement Agreement:

 

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

 

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

 

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

 

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

 

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

 

	Yours faithfully	 

 

	 	 

 

    Page 37 of 39

    	 	 	 

    

 

Appendix 4

 

	Name:	 

 

	For and on behalf of the [●] Trust	 

 

	Authorised and warranting authority	 

 

    Page 38 of 39

    	 	 	 

    

 

Appendix 4

 

Received on this the ______ day of _________________________ 20 ____

 

	 	 

For and on behalf of:

 

Pilanesberg Platinum Mines (Pty) Ltd

 

Received on this the ______ day of _________________________ 20 ____

 

	 	 

For and on behalf of:

 

Itireleng Bakgatla Minerals Resources (Pty) Ltd

 

Received on this the ______ day of _________________________ 20 ____

 

	 	 

For and on behalf of:

 

The Lesetlheng Community

 

    Page 39 of 39

    	 	 	 

    

 

 

EXECUTION
COPY

 

REINSTATEMENT
AND FIRST ADDENDUM TO THE

 

SETTLEMENT AGREEMENT

 

between

 

PILANESBERG
PLATINUM MINES PROPRIETARY LIMITED (“PPM”)

 

and

 

ITERELENG
BAKGATLA MINERALS RESOURCES PROPRIETARY

LIMITED (“IBMR”)

 

and

 

LESETLHENG COMMUNITY

 

and

 

LESETLHENG
LAND COMMITTEE (“LLC”)

and

 

LAWYERS FOR HUMAN
RIGHTS’ CLIENTS

(“LHR CLIENTS”)

 

    1

    	 	 	 

    

 

1.            DEFINITIONS

 

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

 

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

 

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

 

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

 

1.4            Compensation
Amount - means the aggregate of the following:

 

1.4.1           Retrospective
Rental referred to in clause 9.1.1.2;

 

1.4.2           Surface
Use Rental referred to in clause 9.1.2.4;

 

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

 

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

 

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

 

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

 

    2

    	 	 	 

    

 

EXECUTION COPY

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    3

    	 	 	 

    

 

EXECUTION COPY

 

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

 

2.            BASIS
OF THE ADDENDUM

 

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

 

and

 

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

 

and

 

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

 

and

 

WHEREAS the
LHR Clients were not signatories to the Settlement

 

Agreement;

 

and

 

    4

    	 	 	 

    

 

EXECUTION COPY

 

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

 

and

 

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

 

and

 

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

 

and

 

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

 

and

 

    5

    	 	 	 

    

 

EXECUTION COPY

 

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

 

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

 

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

 

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

 

3.            REINSTATEMENT
OF THE SETTLEMENT AGREEMENT

 

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

 

4.            CONDITIONS
PRECEDENT

 

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

 

    6

    	 	 	 

    

 

EXECUTION COPY

 

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

 

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

 

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

 

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

 

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

 

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

 

6.            AMENDMENT
OF DATES IN THE AGREEMENT

 

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

 

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

 

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

 

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

 

    7

    	 	 	 

    

 

EXECUTION COPY

 

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

 

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

 

7.            SUPPLEMENTARY
CLAUSES TO THE SETTLEMENT AGREEMENT

 

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

 

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

 

7.1.2            Clause
18B - Conflict Resolution Mechanism;

 

7.1.3            Clause
18C - Commencement of Mining;

 

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

 

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

 

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

 

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

 

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

 

    8

    	 	 	 

    

 

EXECUTION COPY

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

9.            AD
CLAUSE 18B - CONFLICT RESOLUTION MECHANISM

 

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

 

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

 

    9

    	 	 	 

    

 

 

EXECUTION COPY

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    10

    	 	 	 

    

 

EXECUTION COPY

 

		10.	AD CLAUSE 18C - COMMENCEMENT
                                            OF MINING OPERATIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    11

    	 	 	 

    

 

EXECUTION COPY

 

		12.	WHOLE AGREEMENT

 

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

 

		13.	EFFECTIVE DATE

 

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

 

		14.	COUNTERPARTS

 

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

 

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

 

    12

    	 	 	 

    

 

EXECUTION COPY

 

Counterpart signatory

 

Signed at KWA MARITANE
on 8th  June 2020

 

Pilanesberg Platinum Mines Proprietary Limited

 

	/s/ [ILLEGIBLE]	 
	 	 
	Who warrants authority	 

 

Counterpart signatory

 

Signed at KWA MARITANE on 8th   June 2020

 

Itereleng Bakgatla Minerals Resources Proprietary Limited

 

	/s/ [ILLEGIBLE]	 
	 	 
	Who warrants authority	 

 

    13

    	 	 	 

    

 

EXECUTION COPY

 

Counterpart signatory

 

Signed at
KWA MARITANE on 8th   June 2020

 

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

Who warrants authority

 

Signed at
MARITANE on 8th  June 2020

 

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

Who warrants authority

 

Signed at KWA MARITANE on 8th June 2020

 

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

 

    14

    	 	 	 

    

 

EXECUTION COPY

 

Counterpart signatory

 

Signed at
 KWA MARITANE on 8th June 2020

 

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

 

Signed at
 KWA MARITANE on 8th June 2020

 

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

  

Signed at
 KWA MARITANE on 6th June 2020

 

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

 

    15

    	 	 	 

    

 

EXECUTION COPY

 

Counterpart signatory

 

Signed
at KWA MARITANE on 8th
June 2020

 

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

 

Signed
at
 KWA MARITANE on 8th June 2020

 

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

 

Signed
at
 KWA MARITANE on 8th June 2020

 

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

 

    16

    	 	 	 

    

 

EXECUTION COPY

 

Counterpart signatory

 

Signed at KWA MARITANE
on  8th June 2020

 

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

 

Signed at KWA MARITANE
on  8th June 2020

 

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

 

Signed at
KWA MARITANE on  8th June 2020

 

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

 

 

    17

    	 	 	 

    

 

EXECUTION COPY

 

Signed
at
KWA MARITANE on  8th June 2020

 

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

 

    18

    	 	 	 

    

 

EXECUTION COPY

 

Appendix 1

 

13 Clans

 

Lesetlheng Families (Descendants of the Original
13 Wilgespruit Occupiers)

 

1.            [***]

 

2.            [***]

 

3.            [***]i

 

4.            [***]i

 

5.            [***]

 

6.            [***]

 

7.            [***]

 

8.            [***]

 

9.            [***]

 

10.          [***]

 

11.          [***]

 

12.           [***]

 

13.          [***]

 

    19

    	 	 	 

    

 

 

 

 

Appendix 2

 

LLC Mandate

 

    20

    	 	 	 

    

 

“V”

 

 

RESOLUTIONS OF
THE MEMBERS OF THE LESETLHENG COMMUNITY

COMPRISING OF 13 DIBESO (FAMILIES)

(“THE COMMUNITY”)

 

 

	1.	WHEREAS:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    21

    	 	 	 

    

 

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

 

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

 

    22

    	 	 	 

    

 

Appendix 3

 

LHR Clients

 

    23

    	 	 	 

    

 

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

 

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

 

Dear: Madam,

 

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

 

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

 

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

 

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

 

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

 

We hope the above will assist with a
way forward.

 

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

 

    24

    	 	 	 

    

 

Appendix 4

 

Social Survey
Guidelines

 

Guidelines on
how the class of beneficiaries must be determined

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		4.1	the
                                            names of both girls and boys;

 

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

 

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

 

    25

    	 	 	 

    

 

Appendix 5

 

Social Survey
Procedures

 

Procedure to
be used for determining Clan Membership

 

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

 

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

 

		2.1	through
                                            the local radio station;

 

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

 

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

 

		3.	The
                                            Survey Company shall:

 

		3.1	convene
                                            separate public meetings with each Clan;

 

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

 

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

 

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

 

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

 

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

 

    26

    	 	 	 

    

 

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

 

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

 

	3.5.1	consider
                                            the customs of each Clan;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		3.7.4	have
                                            the power to:

 

    27

    	 	 	 

    

 

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

 

	3.7.4.2	impose
                                            a solution and make a decision;

 

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

 

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

 

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

 

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

 

    28

    	 	 	 

    

 

 

 

    29

    	 	 	 

    

 

 

 

    30

     

    

 

REINSTATEMENT AND SECOND ADDENDUM TO THE SETTLEMENT AGREEMENT

 

between

 

PILANESBERG PLATINUM MINES PROPRIETARY LIMITED (PPM)

 

and

 

ITERELENG BAKGATLA MINERALS RESOURCES PROPRIETARY LIMITED (IBMR)

 

and

 

LESETLHENG COMMUNITY

 

and

 

LESETLHENG LAND COMMITTEE

 

(LLC)

 

and

 

LAWYERS FOR HUMAN RIGHTS CLIENTS

 

(LHR Clients)

 

     

     

    

  

CONTENTS

 

	1.	Introduction	3
	2.	Recordal	3
	3.	Reinstatement of the Settlement Agreement	4
	4.	Extension of the Conditions Precedent Fulfilment Date	4
	5.	Amendment of Dates in the Agreement	4
	6.	General	4

 

     

     

    

 

1.            Introduction

 

		1.1	On 8 June 2020, Pilanesberg Platinum Mines Proprietary Limited ("PPM"), Itereleng Bakgatla Minerals
Resources Proprietary Limited ("IBMR"), the Lesetlheng Community, Lesetlheng Land Committee and Lawyers for Human Rights
Clients entered into a Reinstatement and First Addendum to the Settlement Agreement in order to amend the Settlement Agreement signed
on 30 November 2019.

 

		1.2	The Parties wish to record a further amendment by entering into this Reinstatement and Second Addendum to the Settlement Agreement.
Terms used but not otherwise defined herein shall, unless the context otherwise requires, have the meanings given to them in the Settlement
Agreement.

 

2.            Recordal

 

		2.1	In terms of the Settlement Agreement, the Conditions Precedent were to be fulfilled by 30 June 2020.

 

		2.2	All the Conditions Precedent have been fulfilled, except those contained in clauses 6.1.4 and 6.1.5 of the Settlement Agreement, ("the
Remaining Condition Precedent"). These Remaining Conditions Precedent have not been timeously fulfilled.

 

		2.3	Pursuant to the Settlement Agreement, if the Conditions Precedent are not fulfilled by 30 June 2020 or such other date as the
Parties may agree, save for certain provisions, the Settlement Agreement shall be of no force and effect.

 

		2.4	In the circumstances, the Parties wish to reinstate the Settlement Agreement with retrospective effect from 30 June 2020 and
in order to allow sufficient time for the fulfilment of the Remaining Conditions Precedent, the Parties wish to extend the date for fulfilment
of the Remaining Conditions Precedent to 31 March 2023.

 

		2.5	The Parties also wish to record a further amendment to certain of the dates reflected in the Agreement, which have lapsed.

 

    3

     

    

 

3.            Reinstatement
of the Settlement Agreement

 

		3.1	With effect from the date that the last Party signs this addendum, the Parties agree that the Settlement Agreement is hereby reinstated
in its entirety. Such reinstatement shall be retrospective with effect from 30 June 2020 and shall accordingly be deemed to have
taken place on that date.

 

		3.2	The Settlement Agreement as amended by this addendum shall accordingly continue to be binding on the Parties in accordance with its
terms and conditions, notwithstanding the signature date of this addendum, from the date specified in paragraph 3.1.

 

4.            Extension
of the Conditions Precedent Fulfilment Date

 

4.1            The
Parties agree to effect the following amendments to the Settlement Agreement:

 

the date of fulfilment of the Remaining Conditions Precedent is extended
until 31 March 2023.

 

5.            Amendment
of Dates in the Agreement

 

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

 

5.1.1            clause
8.2, the date for which access to Wilgespruit shall be granted is amended from 30 June 2020 to 15 August 2021 or such
earlier or later date as PPM may notify in writing to the other Parties at any time and from time to time on or before such
date;

 

5.1.2            clause
9.1.3.3, the date for the compilation of the relocation plan is amended from 31 July 2020 to 31 December 2021 or such later
date as PPM may notify in writing to the other Parties at any time and from time to time on or before such date.

 

5.1.3            clause
9.3.1, the date for establishment of the Procurement Entity is amended from 31 July 2020 to 120 days after the determination or
resolution of the dispute contemplated in clause 18B or such other date as may be agreed to between the Parties.

 

		5.2	The Parties recognise that due to the COVID-19 pandemic and
the restrictions imposed by the Government pursuant thereto, it is not possible for the Survey Company to comply with the timeframes
set out in Appendix 5. The Parties accordingly agree to the relaxation of those time frames and also undertake to take all necessary
steps as may be required to facilitate the expedient conclusion of the Social Survey.

 

6.            General

 

		6.1	This addendum constitutes an amendment to the Settlement Agreement and shall be read and construed together with the Settlement Agreement
and be deemed to constitute one and the same agreement.

 

		6.2	All clauses in the Settlement Agreement other than those amended by this addendum, shall remain unchanged and in full force and effect.

 

		6.3	This addendum takes effect on the date on which it is signed by the last Party signing in time.

 

		6.4	This addendum may be signed in any number of counterparts but shall not be effective until each of the Parties has executed at least
one counterpart.

 

    4

     

    

 

Counterpart signatory

Signed at Centurion on 22 April 2022

 

Pilanesberg Platinum Mines Proprietary Limited 

 

	/s/ [Illegible] 	 
	Who warrants authority	 

 

Signed at Centurion on 22 April 2022

 

Itereieng Bakgatla Minerals Resources Proprietary Limited 

 

	/s/ [Illegible] 	 
	Who warrants authority 	 
	 	 
	Counterpart signatory 	 
	/s/ [Illegible] 	 
	[***] 	 
	For
    and on behalf of: The LLC 	 
	Date: 21/04/2022 	 
	Place: [Illegible]	 
	 	 
	/s/ [Illegible] 	 
	[***]For
    and on behalf of: The LLC 	 
	Date: 21/04/2022 	 
	Place: [Illegible]	 
	 	 
	/s/ [Illegible] 	 
	[***]For
    and on behalf of: The LLC 	 
	Date: 21/04/2022 	 
	Place: [Illegible]	 
	 	 
	/s/ [Illegible] 	 
	[***]For
    and on behalf of: The LLC 	 
	Date: 21/04/2022 	 
	Place: [Illegible]	 
	 	 
	/s/ [Illegible] 	 
	[***]For
    and on behalf of: The LLC 	 
	Date: 21/04/2022 	 
	Place: [Illegible] 	 
	 	 
	/s/ [Illegible] 	 
	[***]For
    and on behalf of: The LLC 	 
	Date: 21/04/2022 	 
	Place: [Illegible]	 
	 	 
	/s/ [Illegible] 	 
	[***]For
    and on behalf of: The LLC 	 
	Date: 21/04/2022 	 
	Place: [Illegible]	 

 

    5

     

    

 

Counterpart signatory

 

	/s/ [Illegible] 	 
	[***]For
    and on behalf of: The LHR Clients 	 
	Date: 16/04/2022 	 
	Place: Lesetlheng	 
	 	 
	/s/ [Illegible] 	 
	[***] 	 
	For
    and on behalf of: The LHR Clients 	 
	Date: 16/04/2022 	 
	Place: Lesetlheng	 
	 	 
	/s/ [Illegible] 	 
	[***]	 
	 For
    and on behalf of: The LHR Clients 	 
	Date: 16/04/2022 	 
	Place: Lesetlheng	 
	 	 
	/s/ [Illegible] 	 
	[***] 	 
	For
    and on behalf of: The LHR Clients 	 
	Date: 16/04/2022 	 
	Place: Lesetlheng	 
	 	 
	/s/ [Illegible] 	 
	[***]	 
	For
    and on behalf of: The LHR Clients 	 
	Date: 16/04/2022 	 
	Place: Lesetlheng	 
	 	 
	/s/
    [Illegible]  	 
	[***] 	 
	For
    and on behalf of: The LHR Clients 	 
	Date: 16/04/2022 	 
	Place: Lesetlheng	 

 

    6

     

    

 

THIRD ADDENDUM TO THE SETTLEMENT AGREEMENT

 

between

 

PILANESBERG PLATINUM MINES PROPRIETARY LIMITED

 

(PPM)

 

and

 

ITERELENG BAKGATLA MINERALS RESOURCES PROPRIETARY LIMITED (IBMR)

 

(IBMR)

 

And

 

LESETLHENG COMMUNITY

 

And

 

LESETLHENG LAND COMMITTEE

 

(LLC)

 

And

 

LAWYERS FOR HUMAN RIGHTS CLIENTS

 

(LHR Clients)

 

    

     

    

 

CONTENTS

 

	1.	INTRODUCTION	3
	2.	RECORDAL	3
	3.	AMENDMENTS	5
	3.1	Removal of the conditions precedent	5
	3.2	Increase in the budget for the costs of the arbitration	6
	4.	GENERAL	7
	5.	REMAINING TERMS BINDING	7
	6.	EFFECTIVE DATE	7
	7.	COUNTERPARTS	7

 

    

     

    

 

1.              INTRODUCTION

 

1.1            On
8 June 2020, Pilanesberg Platinum Mines Proprietary Limited ("PPM"), Itereleng Bakgatla Minerals Resources
Proprietary Limited ("IBMR"), the Lesetlheng Community, Lesetlheng Land Committee ("LLC") and Lawyers
for Human Rights Clients ("LHR Clients") (collectively, "Parties") entered into a Reinstatement and
First Addendum to the Settlement Agreement ("First Addendum”) in order to amend the Settlement Agreement signed on 30
November 2019 ("Settlement Agreement").

 

1.2            The
Parties entered into the Reinstatement and Second Addendum to the Settlement Agreement ("Second Addendum") in order to
amend the Settlement Agreement further, prior to the conclusion of this addendum.

 

1.3            The
Parties wish to record a further amendment to the Settlement Agreement, as set out in this Addendum and wish to reduce this variation
to writing.

 

1.4            Terms
used but not otherwise defined herein shall, unless the context otherwise requires, have the meanings given to them in the Settlement
Agreement and/ or the First Addendum and/or Second Addendum (as applicable).

 

2.              RECORDAL

 

2.1            The
Settlement Agreement was initially concluded in November 2019; and amended in June 2020. Since the conclusion of the Settlement
Agreement:

 

2.1.1         PPM
and IBMR have:

 

2.1.1.1      appointed
an entity to conduct the Social Survey in accordance with clause 8 of the First Addendum, and procured the preparation of the Social Survey
Report as contemplated therein,

 

2.1.1.2     with the consent and knowledge
of the LLC and the LHR Clients, procured the relocation of farmers from the Mining Area, in accordance with clause 11 of the First Addendum;

 

2.1.1.3     assisted in the acquisition
of Alternative Farming Land as follows:

 

 2.1.1.3.1   Farm Keerom, 184 KP, Limpopo measuring 1000.9005 and Farm Dordrecht (portion 1), 190 KP, Limpopo measuring 256, 9596 hectares in extent ("Farm Keerom") which cost R14 980 000,00 excluding value added tax ("VAT");

 

 2.1.1.3.2     Farm Dordrecht (remaining extent), 190 KP, Limpopo measuring 1634.2959 hectares ("Farm Dordrecht") which cost R8 560 000.00 excluding VAT; and

 

2.1.1.3.3     Farm Buffelspan 329 KQ,
Limpopo measuring 14443, 9716 hectares ("Farm Buffelspan") which cost R15 515 000.00 excluding VAT,

 

    3

     

    

 

2.1.1.4     PPM
agreed to purchase the Farm Dordrecht at its cost and in due course, transfer it to the 13 Clans (or their elected entity), should the
13 Clans decide to have the farms (Farm Keerom and Farm Buffelspan) transferred to them on conclusion of the arbitration proceedings.
PPM also agreed to cover the costs of the transfer duty, employed and will continue to employ members of the 13 Clans as part of its
preferential employment obligations in terms of clause 9.2.3.1.1 of the Settlement Agreement;

 

2.1.1.5      undertaken
to provide the 13 Clans with PPM’s employment plan relating to the Mining Operations on Wilgespruit (in accordance with clause 9.2.3.1.3
of the Settlement Agreement);

 

2.1.1.6      adopted
a procurement policy in accordance with clause 9.2.3.2.4 of the Settlement Agreement;

 

2.1.1.7      awarded
procurement contracts to members of the 13 Clans as part of its obligations to grant the 13 Clans Preferential Procurement in terms of
clause 9.2.3.2 of the Settlement Agreement;

 

2.1.1.8      undertaken
to ensure that 60% of the community development initiatives implemented pursuant to the Mining Operations on Wilgespruit, have been in
favour of the 13 Clans (in accordance with clause 9.2.3.3.1.1 of the Settlement Agreement);

 

2.1.1.9      undertaken
to ensure that 50% of the bursaries, internships, learnerships and training established pursuant to Mining Operations on Wilgespruit,
have been in favour of the 13 Clans (in accordance with clause 9.2.3.3.1.2 of the Settlement Agreement);

 

2.1.1.10    paid
up to R415 151.02 (R220196.02 towards the LHR Clients and R194 955.00 towards the LLC’s legal costs) of the R 600 000 allocated
to the parties to the arbitration for the arbitration proceedings. The Arbitration was commissioned for the determination of the dispute
regarding the legal regime pertaining to the ownership of Wilgespruit and the determination of the decision making process relating to
the distribution of the Compensation Amount (the "Dispute");

 

10.4          applied
for the rezoning of Wilgespruit (in accordance with clause of the Settlement Agreement) and is waiting for the Moses Kotane Local
Municipality’s feedback on the application;

 

2.1.2        the
LHR Clients and the LLC have given effect to the determination of the Dispute in the manner set out in clause 9 of the First Addendum.

 

    4

     

    

 

2.2           The
actions contemplated above have been implemented even though certain of the conditions precedent in the Settlement Agreement have not
been fulfilled. The parties wish to render the Settlement Agreement effective and accordingly wish to remove and delete following conditions
precedent ("CPs”) to the Settlement Agreement in the manner set out in this Addendum:

 

2.2.1         CP
6.1.4 "the 13 Families accepting the stipulations in this Agreement in accordance with clause 16 and in the manner set out in
Appendix 3”; and

 

2.2.2        CP 6.1.5 “the
Trust accepting the stipulations in this Agreement in accordance with clause 17 and in the manner set out in Appendix 4”, and
incorporate provisions to ensure that the principles set out in the CPs are fulfilled before all or a portion of the Compensation
Amount or is advanced to the 13 Clans.

 

2.3            In
addition, in terms of clause 18B.2.11 of the First Addendum to the Settlement, PPM agreed to pay the costs of the Arbitration, up to R1
000 000 (one million Rand), of which 40% will be allocated to the arbitrator and 60% to the legal representatives of the other parties.
Any costs above the aforementioned amount was to be borne by the 13 Clans.

 

2.4            Pursuant
to a request from the LLC and the LHR Clients, PPM has approved the advancement of an additional R1 000 000 (one million Rand) towards
the costs of the Arbitration with conditions.

 

2.5            In
the circumstances, the Parties wish to record a further amendment to the Settlement Agreement, to record:

 

2.5.1         PPM’s
agreement to increase its contribution towards the costs of the Arbitration and the conditions attached to the increase; and

 

2.5.2        the
Parties’ agreement to remove CP 6.1.4 and CP 6.1.5 as well as the conditions attached to the removal of the CPs.

 

3.             AMENDMENTS

 

3.1           Removal
of the conditions precedent

 

The Parties hereby agree that:

 

3.1.1        CP
6.1.4 and CP 6.1.5 be and are hereby are removed as CPs to the Settlement Agreement and included as obligations, in the manner set out
in clause 3.1.2 below, to be complied with prior to PPM being required to pay any additional funds in terms of the Settlement Agreement.
The remaining CPs to the Settlement Agreement remain unchanged.

 

3.1.2        a
new clause 9.1.5 be inserted to the Settlement Agreement, recording the conditions attached to the removal of the CPs and disbursement
of the compensation amount. The clause shall read as follows:

 

“9.1.5 - Conditions to be fulfilled prior
to disbursement of the Compensation Amount

 

    5

     

    

 

9.1.5.1            prior
to the compensation amounts referred to in clauses 9.1.1, 9.1.2, 9.1.3 and 9.1.4 of the Settlement Agreement being paid out:

 

9.1.5.1.1            the
13 Clans must have accepted the stipulations set out in the Settlement Agreement in accordance with clause 16 and in the manner set out
in Appendix 3; and

 

9.1.5.1.2            the
Trust must have accepted the stipulations in the Settlement Agreement in accordance with clause 17 and in the manner set out in Appendix
4.”

 

3.2            Increase
in the budget for the costs of the arbitration

 

The parties agree to insert a new subclause to the Settlement Agreement
(and the First Addendum to the Settlement Agreement), recording PPM’s agreement to increase its contribution towards the costs of
the Arbitration and conditions attached to the increase be included and the clause shall read as follows:

 

“18B.2.11A - Increase in the budget for the costs of the arbitration
18B.2.11A.1. PPM shall advance an additional R1 000 000 (one million Rand) ("Additional Amount") towards the Arbitration
costs on the following conditions:

 

18B.2.11A. 1.a - The Additional Amount is a
grant and not a loan and will not be deducted from the Compensation Amount agreed to in terms of the Settlement Agreement.

 

18B.2.11A.1.b - PPM will not be required to
advance any further funds to or in respect of the Parties and in relation to the Arbitration.

 

18B.2.11A.1.C - The costs of the transcription for the Arbitration
shall be paid from and accordingly deducted from the Additional Amount.

 

18B.2.11A.1.d - After the deduction of the
costs contemplated in paragraph 18B.2.11A.1.C, the Additional Amount should be split fairly between the parties and the parties must reach
agreement in relation to how the amount will be split between them (the agreed split referred to as the "Agreed Portion")
before the funds are advanced.

 

18B.2.11A.1.e - The Agreed Portion for or in
respect of each party will be paid to each of the parties after the Arbitration is finalized.

 

18B.2.11A.1.f - The Arbitration proceedings
(excluding the delivery of the Arbitration ruling) must be finalized by no later than 28 February 2022, failing which PPM shall not
be obliged to advance the Additional Amount.

 

18B.2.11A.1.g - If PPM has queries on the invoices,
Bills of Costs would have to be prepared and submitted for a ruling before the Taxing Master.

 

18B.2.11A.1.h - Any invoices exceeding the
Agreed Portion will be for the own account of the parties to the Arbitration and/ or Settlement Agreement.”

 

    6

     

    

 

4.             GENERAL

 

This addendum constitutes an amendment to the Settlement Agreement
and shall be read and construed together with the Settlement Agreement and be deemed to constitute one and the same agreement.

 

5.             REMAINING
TERMS BINDING

 

All clauses in the Settlement Agreement, together with the annexures,
other than those referred to in this addendum shall remain unchanged and in full force and effect.

 

6.             EFFECTIVE
DATE

 

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

 

7.             COUNTERPARTS

 

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

 

    7

     

    

 

Counterpart signatory

Signed at Centurion on 22 April 2022

 

Pilanesberg Platinum Mines Proprietary Limited

 

	/s/ [Illegible]	 

Who warrants authority

 

Signed at Centurion on 22 April 2022

 

Itereieng Bakgatla Minerals Resources Proprietary Limited

 

	/s/ [Illegible]	 

Who warrants authority

 

Counterpart signatory

 

	/s/ [Illegible]	 

[***]

For and on behalf of: The LLC

Date: 21/04/2022

Place: [Illegible]

 

	/s/ [Illegible]	 

[***]

For and on behalf of: The LLC

Date: 21/04/2022

Place: [Illegible]

 

	/s/ [Illegible]	 

[***]

For and on behalf of: The LLC

Date: 21/04/2022

Place: [Illegible]

 

	/s/ [Illegible]	 

[***]

For and on behalf of: The LLC

Date: 21/04/2022

Place: [Illegible]

 

    8

     

    

 

	/s/ [Illegible]	 

[***]

For and on behalf of: The LLC

Date: 21/04/2022

Place: [Illegible]

 

	/s/ [Illegible]	 

[***]

For and on behalf of: The LLC

Date: 21/04/2022

Place: [Illegible]

 

	/s/ [Illegible]	 

[***]

For and on behalf of: The LLC

Date: 21/04/2022

Place: [Illegible]

 

    9

     

    

 

Counterpart signatory

 

	/s/ [Illegible]	 

[***]

For and on behalf of: The LHR Clients

Date: 16/04/2022

Place: Lesetlheng

 

	/s/ [Illegible]	 

[***]

For and on behalf of: The LHR Clients

Date: 16/04/2022

Place: Lesetlheng

 

	/s/ [Illegible]	 

[***]

For and on behalf of: The LHR Clients

Date: 16/04/2022

Place: Lesetlheng

 

	/s/ [Illegible]	 

[***]

For and on behalf of: The LHR Clients

Date: 16/04/2022

Place: Lesetlheng

 

	/s/ [Illegible]	 

[***]

For and on behalf of: The LHR Clients

Date: 16/04/2022

Place: Lesetlheng

 

	/s/ [Illegible]	 

[***]

For and on behalf of: The LHR Clients

Date: 16/04/2022

Place: Lesetlheng

 

    10

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