Document:

AMENDMENT TO

EXECUTIVE EMPLOYMENT AGREEMENT 

This Amendment to Executive Employment
Agreement (“Amendment”) amends the Executive Employment Agreement between Geovic Mining Corp. and Barbara A. Filas
(“Executive”) effective as of 16 February, 2009 (“Agreement”), and is effective 31 March, 2012.

RECITALS

WHEREAS, the parties acknowledge the
Agreement may be amended by mutual written agreement of the parties thereto;

NOW THEREFORE, in consideration of the
mutual promises and undertakings contained herein, the sufficiency of which is acknowledged by the parties hereto, the parties
to this Amendment, intending to be legally bound, agree to amend the Agreement as follows:

AMENDMENT

A new Section 16 is hereby added
to the Agreement and reads as follows:

16.Section 409A.

Notwithstanding anything in this
Agreement to the contrary, if Executive is a ‘specified employee’ within the meaning of Section 409A(a)(2)(B)(i) of
the Internal Revenue Code of 1986, as amended (the ‘Code’) and would receive any payment sooner than six (6) months
after Executive’s ‘separation from service’ (as such term is defined for purposes of Section 409A of the Code)
that, absent the application of this Section 16, would be subject to additional tax imposed pursuant to Section 409A of the Code
as a result of such status as a specified employee, then such payment shall instead be payable on the date that is the earliest
of (i) the first business day following six (6) months after Executive’s separation from service, (ii) Executive’s
death, or (iii) such other date that would not subject such payment to additional tax imposed pursuant to Section 409A of the Code.
All payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive (or Executive’s estate
or beneficiaries), and any remaining payments due to Executive under this Agreement shall be paid as otherwise provided herein.

 

This Amendment may be executed in counterparts
and may be delivered by facsimile, e-mail, or other electronic means, all of which shall be deemed to be originals, and which shall
be deemed to constitute one document.

	 Geovic Mining Corp.	 	Executive 
	 	 	 
	/s/  Michael T. Mason	 	 /s/ Barbara A. Filas
	By:  Michael T. Mason	 	 
	Title: CEO, Chairman	 	Date: March 31, 2012
	Date: March 31, 20121200 Seventeenth Street, Suite 980 • Denver,
CO 80202 USA

Office: 303.476.6455 • Fax: 303.476.6456 •
www.geovic.net • TSX:GMC • OTCBB: GVCM

 

 

Effective July 1, 2012

 

Mr. William A. Buckovic

988 Kestrel Ct

Grand Junction CO 81505

 

Dear Bill:

 

This letter (“Agreement”) confirms
that, we have agreed to modifications that we have agreed upon to your employment agreement dated January 1, 2008, as amended January
1, 2010 (together referred to as your “Employment Agreement”). These changes are based on the following agreed facts:

 

	Through June 30, 2012, your employment agreement, as amended, has been with Geovic Mining
Corp., a Delaware corporation (the “Company”), and the Company’s wholly owned subsidiary Geovic Ltd, a corporation
organized under the laws of the Cayman Islands has been your employer, as contemplated by the Employment Agreement.
	As an employee of Geovic Ltd., all salary, reimbursements and other payments to you
have been paid by Geovic Ltd.
	Geovic Ltd. and Geovic Mining have also together been deemed to be the employer under
the Company’s Section 401(k) Employee Benefit Plan administered by John Hancock Life Insurance
Company (U.S.A.) (the “401(k) Plan”).
	The Company has requested and you now agree that your Employment
Agreement shall be modified to provide that the Company shall assume and succeed to all obligations to you under the Employment
Agreement, including any and all obligations which may be deemed owed by Geovic Ltd. as employer, and that you will be deemed to
be an employee of Geovic Mining Corp. from and after July 1, 2012.
	No other changes will be made to the terms of your employment.

Now, therefore, FOR CONSIDERATION, the receipt and
sufficiency of which we mutually acknowledge, we agree as follows

 

	Effective July 1, 2012 (the “Effective Date”), Geovic Mining Corp. shall
assume all liabilities, obligations and responsibilities of Geovic Ltd. under the Employment Agreement, and you shall be deemed
to be an employee of Geovic Mining Corp. This assumption shall be deemed to include any and all liabilities, obligations and responsibilities
of Geovic Ltd. in existence as of July 1, 2012.
	After the Effective Date, Geovic Ltd. shall have no liabilities, obligations and responsibilities
owed to you. The Company’s responsibilities to you shall include those related to death or disability of you while employed,
as described in the Employment Agreement.
	You hereby waive and release any claim that you may have or be deemed to have or to
have had against Geovic Ltd. This waiver and release shall be binding upon you, your heirs and estate.
	The Company shall assume all responsibilities of Geovic Ltd. under the 401(k) Plan,
and you as a participant under the 401(k) Plan shall not be affected and your assets held in the 401(k) Plan shall not be affected.
The Plan will be amended to delete Geovic Ltd. as one of the employers. The Company shall continue to provide the participation
in the 401(k) Plan to its employees.
	You hereby acknowledge and agree that nothing contained in this Agreement constitutes
a termination of your employment for any purpose under the Employment Agreement or otherwise. All provisions relating to
Section 3.4.5 of the Employment Agreement and your rights thereunder shall continue to apply in all respects, notwithstanding
the changes otherwise made in this Agreement.
	The term of employment by the Company shall include the time during which you were technically
an employee of Geovic Ltd. All your accrued annual leave and sick leave will continue to be recognized by the Company. As a result
of this change, there will be no changes to your medical or dental insurance participation or reimbursements, as applicable. Existing
insurance providers will continue to be engaged, subject only to future changes that might be made in the ordinary course of our
business.
	All other terms and conditions of the Employment Agreement remain in full force and
effect, subject to minor modifications that we may mutually agree upon from time to time in the future to reflect changing conditions
in the Company or its business.
	You agree to execute and deliver any further documentation or agreement which may be
necessary or appropriate in order to further establish our intentions regarding your employment as set forth herein.

 

Please sign below to indicate your agreement to the above modifications.

 

Sincerely,

Geovic Mining Corp.

 

 

/s/ Michael T. Mason      

By:  Michael T. Mason

       CEO, Chairman

 

 

Employee:

 

/s/ William A. Buckovic   

William A. Buckovic

Executive Vice President1200 Seventeenth Street, Suite 980 • Denver,
CO 80202 USA

Office: 303.476.6455 • Fax: 303.476.6456 •
www.geovic.net • TSX:GMC • OTCBB: GVCM

 

 

Effective July 1, 2012

 

Mr. Timothy D. Arnold

1315 Cody Trail

Golden CO 80403

 

Dear Tim:

 

This letter (“Agreement”) confirms
that we have agreed to modifications to your employment agreement dated November 13, 2010, effective February 1, 2011, as amended
January 21, 2011 and March 30, 2012 (together referred to as your “Employment Agreement”). These changes are based
on the following agreed facts:

 

	Through June 30, 2012, your employment agreement, as amended, has been with Geovic Mining
Corp., a Delaware corporation (the “Company”), and the Company’s wholly owned subsidiary Geovic Ltd, a corporation
organized under the laws of the Cayman Islands has been your employer, as contemplated by the Employment Agreement.
	As an employee of Geovic Ltd., all salary, reimbursements and other payments to you
have been paid by Geovic Ltd.
	Geovic Ltd. and Geovic Mining have also together been deemed to be the employer under
the Company’s Section 401(k) Employee Benefit Plan administered by John Hancock Life Insurance
Company (U.S.A.) (the “401(k) Plan”).
	The Company has requested and you now agree that your Employment Agreement shall be
modified to provide that the Company shall assume and succeed to all obligations to you under the Employment Agreement, including
any and all obligations which may be deemed owed by Geovic Ltd. as employer, and that you will be deemed to be an employee of Geovic
Mining Corp. from and after July 1, 2012.
	No other changes will be made to the terms of your employment.

 

Now, therefore, FOR CONSIDERATION, the receipt and sufficiency
of which we mutually acknowledge, we agree as follows

 

	Effective July 1, 2012 (the “Effective Date”), Geovic Mining Corp. shall
assume all liabilities, obligations and responsibilities of Geovic Ltd. under the Employment Agreement, and you shall be deemed
to be an employee of Geovic Mining Corp. This assumption shall be deemed to include any and all liabilities, obligations and responsibilities
of Geovic Ltd. in existence as of July 1, 2012.
	After the Effective Date, Geovic Ltd. shall have no liabilities, obligations and responsibilities
owed to you. The Company’s responsibilities to you shall include those related to death or disability of you while employed,
as described in the Employment Agreement.
	You hereby waive and release any claim that you may have or be deemed to have or to
have had against Geovic Ltd. This waiver and release shall be binding upon you, your heirs and estate.
	The Company shall assume all responsibilities of Geovic Ltd. under the 401(k) Plan,
and you as a participant under the 401(k) Plan shall not be affected and your assets held in the 401(k) Plan shall not be affected.
The Plan will be amended to delete Geovic Ltd. as one of the employers. The Company shall continue to provide the participation
in the 401(k) Plan to its employees.
	You hereby acknowledge and agree that nothing contained in this Agreement constitutes
a termination of your employment for any purpose under the Employment Agreement or otherwise. All provisions relating to
Section 3.4.5 of the Employment Agreement and your rights thereunder shall continue to apply in all respects, notwithstanding
the changes otherwise made in this Agreement.
	The term of employment by the Company shall include the time during which you were technically
an employee of Geovic Ltd. All your accrued annual leave and sick leave will continue to be recognized by the Company. As a result
of this change, there will be no changes to your medical or dental insurance participation or reimbursements, as applicable. Existing
insurance providers will continue to be engaged, subject only to future changes that might be made in the ordinary course of our
business.
	All other terms and conditions of the Employment Agreement remain in full force and
effect, subject to minor modifications that we may mutually agree upon from time to time in the future to reflect changing conditions
in the Company or its business.
	You agree to execute and deliver any further documentation or agreement which may be
necessary or appropriate in order to further establish our intentions regarding your employment as set forth herein.

 

Please sign below to indicate your agreement to the above modifications.

 

Sincerely,

Geovic Mining Corp.

 

 

/s/ Michael T. Mason             

By:  Michael T. Mason

       CEO, Chairman

 

 

Employee:

 

/s/ Timothy D. Arnold            

Timothy D. Arnold

EVP, Chief Operating Officer

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