Document:

Certain confidential information contained in this document, marked by asterisks, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

    

     

    

    Exhibit 4.1

    

    

    Execution Version

    

    

    UNIT PURCHASE AND SUBSCRIPTION AGREEMENT

    

    

    by and among

    

    

    RHYOLITE RIDGE HOLDINGS LLC

    a Delaware limited liability company,

    

    

    IONEER LTD

    an Australian company,

    

    

    and

    

    

    SIBANYE STILLWATER LIMITED

    a South African company

    

    

    Dated September 16, 2021
      

      

    

    
      
        

    

    
    Table of Contents

    

    

    	
            Article I DEFINITIONS

          	
            1

          
	 	 
	
            Section 1.1

          	
            Definitions

          	
            1

          
	
            Section 1.2

          	
            Construction

          	
            15

          
	 	 
	
            Article II ISSUANCE OF ACQUIRED UNITS AND AGGREGATE CAPITAL COMMITMENT; CLOSING

          	
            16

          
	 	 
	
            Section 2.1

          	
            Issuance of Acquired Units and Aggregate Capital Commitment

          	
            16

          
	
            Section 2.2

          	
            Conditions to Each Party’s Obligations to Effect the Transactions

          	
            16

          
	
            Section 2.3

          	
            Additional Conditions to Investor’s Obligations

          	
            17

          
	
            Section 2.4

          	
            Additional Conditions to the Company’s Obligations

          	
            18

          
	
            Section 2.5

          	
            Closing

          	
            19

            

          
	
            Section 2.6

          	
            Closing Deliveries by Investor

          	
            19

            

          
	
            Section 2.7

          	
            Closing Deliveries by the Company

          	
            19

            

          
	 	 
	
            Article III REPRESENTATIONS AND WARRANTIES OF THE COMPANY

          	
            20

          
	 	 
	
            Section 3.1

          	
            Organization; Good Standing; Qualification

          	
            20

          
	
            Section 3.2

          	
            Capitalization

          	
            20

          
	
            Section 3.3

          	
            Subsidiaries

          	
            21

          
	
            Section 3.4

          	
            Authorization

          	
            21

          
	
            Section 3.5

          	
            Valid Issuance of Acquired Units

          	
            22

          
	
            Section 3.6

          	
            Litigation

          	
            22

          
	
            Section 3.7

          	
            Intellectual Property

          	
            22

          
	
            Section 3.8

          	
            No Conflicts; Consents and Approvals

          	
            23

          
	
            Section 3.9

          	
            Material Contracts

          	
            23

          
	
            Section 3.10

          	
            Registration Rights and Voting Rights

          	
            24

          
	
            Section 3.11

          	
            Consolidated Project Budget and Project Work Plan

          	
            24

          
	
            Section 3.12

          	
            Absence of Certain Changes

          	
            24

          
	
            Section 3.13

          	
            No Undisclosed Liabilities

          	
            24

          
	
            Section 3.14

          	
            Real Property

          	
            24

          
	
            Section 3.15

          	
            Contribution of Assets.

          	
            25

          
	
            Section 3.16

          	
            Employee Matters; Managers and Officers

          	
            26

          
	
            Section 3.17

          	
            Tax Returns and Payments

          	
            26

          
	
            Section 3.18

          	
            Insurance

          	
            28

          
	
            Section 3.19

          	
            Permits

          	
            28

          
	
            Section 3.20

          	
            Environmental Matters

          	
            28

          
	
            Section 3.21

          	
            Anti-Corruption Laws; Anti-Money Laundering Laws; Economic Sanctions

          	
            29

            

          
	
            Section 3.22

          	
            Compliance with Laws

          	
            29

            

          

    

    

    
      i

      
        

    

    	
            Section 3.23

          	
            Bank Accounts

          	
            29

            

          
	
            Section 3.24

          	
            Brokers’ Fees

          	
            29

            

          
	
            Section 3.25

          	
            No Powers of Attorney

          	
            30

            

          
	
            Section 3.26

          	
            Solvency

          	
            30

          
	
            Section 3.27

          	
            No Other Representations

          	
            30

          
	 	 
	
            Article IV REPRESENTATIONS AND WARRANTIES OF INVESTOR

          	
            30

          
	 	 
	
            Section 4.1

          	
            Organization; Good Standing; Qualification

          	
            30

          
	
            Section 4.2

          	
            Authorization

          	
            30

          
	
            Section 4.3

          	
            No Conflicts; Consents and Approvals

          	
            31

          
	
            Section 4.4

          	
            Compliance Matters

          	
            31

          
	
            Section 4.5

          	
            Private Placement Matters

          	
            32

          
	
            Section 4.6

          	
            Investigation

          	
            32

          
	
            Section 4.7

          	
            Brokers’ Fees

          	
            33

          
	
            Section 4.8

          	
            Sufficiency of Funds

          	
            33

          
	
            Section 4.9

          	
            Anti-Corruption Laws; Anti-Money Laundering Laws

          	
            34

          
	
            Section 4.10

          	
            Litigation

          	
            34

          
	
            Section 4.11

          	
            Tax Status

          	
            34

          
	
            Section 4.12

          	
            No Other Representations

          	
            34

          
	 	 
	
            Article V COVENANTS

          	
            35

          
	 	 
	
            Section 5.1

          	
            Conduct of Business by the Company

          	
            35

          
	
            Section 5.2

          	
            Efforts to Consummate

          	
            38

          
	
            Section 5.3

          	
            Further Assurances

          	
            38

            

          
	
            Section 5.4

          	
            Publicity

          	
            39

            

          
	
            Section 5.5

          	
            Confidentiality

          	
            39

            

          
	
            Section 5.6

          	
            Tax Matters

          	
            39

            

          
	
            Section 5.7

          	
            Affiliate Agreements

          	
            40

          
	
            Section 5.8

          	
            Access; Books and Records

          	
            40

          
	
            Section 5.9

          	
            Debt Financing

          	
            40

          
	
            Section 5.10

          	
            Ancillary Agreements

          	
            41

          
	
            Section 5.11

          	
            Reclamation Bonding Support

          	
            41

          
	
            Section 5.12

          	
            Technical Committee

          	
            42

          
	
            Section 5.13

          	
            Exclusivity

          	
            42

          
	
            Section 5.14

          	
            ***

          	
            43

            

          
	
            Section 5.15

          	
            Investor Parent Guarantee

          	
            43

            

          
	
            Section 5.16

          	
            Incorporation of Investor

          	
            44

            

          
	
            Section 5.17

          	
            Antitrust Matters

          	
            44

            

          
	
            Section 5.18

          	
            Committee on Foreign Investment in the United States

          	
            45

            

          
	
            Section 5.19

          	
            ***

          	
            

            

          

    

    

    
      ii

      
        

    

    	
            Article VI SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION; EXCULPATION

          	
            45

          
	 	 
	
            Section 6.1

          	
            Survival

          	
            45

          
	
            Section 6.2

          	
            Agreements to Indemnify

          	
            46

          
	
            Section 6.3

          	
            Conditions to Indemnification

          	
            46

          
	
            Section 6.4

          	
            Available Remedies

          	
            48

          
	
            Section 6.5

          	
            Mitigation

          	
            48

            

          
	
            Section 6.6

          	
            Recovery

          	
            49

            

          
	
            Section 6.7

          	
            Calculation of Losses

          	
            49

            

          
	
            Section 6.8

          	
            Exclusive Remedy; Waiver

          	
            49

            

          
	
            Section 6.9

          	
            Tax Treatment

          	
            50

          
	 	 
	
            Article VII TERMINATION AND EXPENSES

          	
            51

          
	 	 
	
            Section 7.1

          	
            Termination

          	
            51

          
	
            Section 7.2

          	
            Notice of Termination; Effect of Termination

          	
            52

          
	 	 
	
            Article VIII MISCELLANEOUS

          	
            53

          
	 	 
	
            Section 8.1

          	
            Notices

          	
            53

          
	
            Section 8.2

          	
            Payments

          	
            53

          
	
            Section 8.3

          	
            Disclosure Schedule

          	
            54

          
	
            Section 8.4

          	
            Entire Agreement

          	
            55

          
	
            Section 8.5

          	
            Binding Effect; Assignment; No Third Party Benefit

          	
            55

          
	
            Section 8.6

          	
            Severability

          	
            56

          
	
            Section 8.7

          	
            Governing Law

          	
            56

          
	
            Section 8.8

          	
            Consent to Jurisdiction; Waiver of Jury Trial

          	
            56

          
	
            Section 8.9

          	
            Injunctive Relief

          	
            57

          
	
            Section 8.10

          	
            Amendment or Restatement

          	
            57

          
	
            Section 8.11

          	
            Effect of Waiver or Consent

          	
            57

          
	
            Section 8.12

          	
            Negotiation of Agreement

          	
            57

          
	
            Section 8.13

          	
            Counterparts

          	
            57

          

    

    

    	
            Exhibits

          	 
	
            Exhibit A

          	
            Form of A&R LLC Agreement

          
	
            Exhibit B

          	
            Key Terms of the Ancillary Agreements

          
	
            Exhibit C

          	
            Notice Addresses

          
	
            Exhibit D

          	
            Consolidated Project Budget

          
	
            Exhibit E

          	
            Project Work Plan

          
	
            Exhibit F

          	
            Phase 1 and Phase 2 Geographic Areas

          
	
            Exhibit G

          	
            North Basin Project

          

    

    

    
      iii

      
        

    

    
    UNIT PURCHASE AND SUBSCRIPTION AGREEMENT

    

    

    This UNIT PURCHASE AND SUBSCRIPTION AGREEMENT (this “Agreement”), dated as of September 16, 2021 (the “Execution Date”), is entered into by and among Rhyolite Ridge Holdings LLC, a Delaware limited liability company (the “Company”), ioneer Ltd, a company
      organized under the laws of Australia (the “ioneer Parent”), and Sibanye Stillwater Limited, a company organized under the laws of South Africa (the “Investor Parent”).  The Company, ioneer Parent, Investor (following the transactions contemplated by Section 5.16) and Investor Parent are referred to individually herein as a “Party” and collectively as the “Parties.”

    

    

    BACKGROUND

    

    

    WHEREAS, upon the terms and subject to the conditions of this Agreement, the Company desires to issue and sell to an Affiliate of Investor Parent to be designated by Investor Parent pursuant to Section

        5.16 (“Investor”), and Investor Parent desires to cause Investor to acquire from the Company, the Acquired Units, all in accordance with Article II;

    

    

    WHEREAS, the Company is currently governed by that certain Limited Liability Company Agreement of the Company, dated as of September 9, 2021 (the “Existing

        LLC Agreement”);

    

    

    WHEREAS, contemporaneously with the Closing, the Company, Investor and Ioneer Minerals Corporation, a Nevada corporation (“Ioneer Minerals Member”)

      and Ioneer USA Corporation, a Nevada corporation (“Ioneer USA Member”, and collectively with Ioneer Minerals Member, the “Ioneer Members”)

      will execute and deliver an Amended and Restated Limited Liability Agreement of the Company in substantially the form attached hereto as Exhibit A (the “A&R LLC Agreement”),
      pursuant to which, among other things, Investor will (and Investor Parent shall cause it to) be admitted as a member of the Company;

    

    

    WHEREAS, each of the Ioneer Members has agreed to contribute all of its respective assets, rights and properties owned, leased or licensed by such Ioneer Member and that relate to the Project, and
      all liabilities related thereto, to the Company in exchange for Units in the Company, subject to the terms and conditions of the Contribution Agreement;

    

    

    NOW, THEREFORE, for and in consideration of the foregoing and the respective representations, warranties, covenants, agreements and conditions set forth in this Agreement, the Parties agree as
      follows:

    

    

    ARTICLE I

    DEFINITIONS

    

    

    Section 1.1       Definitions.  As used in this
      Agreement, the following terms have the following meanings:

    

    

    “A&R LLC Agreement” has the meaning set forth in the Recitals of this Agreement.

     

    

    
      1

      
        

    

    “Acquired Units” means a number of Units equal to the product of (a) the Aggregate Closing Units multiplied by (b) 0.50.

    

    

    “Adverse Subsequent Funding Decision” has the meaning set forth in Section 2.3(f).

    

    

    “Affiliate” means, with respect to any Person, any Person that directly or indirectly through one or more intermediaries, Controls, is
      Controlled by or is under common Control with such Person; provided, however, that none of ioneer Parent, the Ioneer Members, the Company nor any of their respective
      Subsidiaries shall be considered an Affiliate of Investor or vice versa.

    

    

    “Aggregate Capital Commitment” has the meaning set forth in Section 2.1.

    

    

    “Aggregate Closing Units” means the aggregate number of Units issued and outstanding as of the Closing.

    

    

    “Agreement” has the meaning set forth in the Preamble of this Agreement.

    

    

    “Alternative Transaction” means any transaction to (x) purchase or otherwise acquire any capital stock or other equity interest in any
      Group Company, the Project or the North Basin Project, or (y) effect or agree or undertake to effect any sale, transfer, disposal, contribution, merger, share exchange, tender offer, business combination, consolidation, joint venture, restructuring,
      reorganization, recapitalization, spin-off, split-off or any similar transaction involving any capital stock, material business or material assets of any Group Company, the Project or the North Basin Project; provided,
      that, notwithstanding the foregoing, in no event shall the Financing be considered an Alternative Transaction.

    

    

    “Ancillary Agreements” has the meaning set forth in Section 5.10.

    

    

    “Anti-Corruption Laws” means the United States Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”), and all other similar or equivalent anti-corruption and/or anti-bribery laws of any jurisdiction applicable to the Company.

    

    

    “Anti-Money Laundering Laws” means financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting
      Act of 1970, as amended, the anti-money laundering statutes of all applicable jurisdictions (defined by virtue of such entity’s jurisdiction of incorporation or its conduct of business operations), the rules and regulations thereunder and any related
      or similar rules or regulations, issued, administered or enforced by any governmental agency that are applicable to the Company.

    

    

    “Assets” means:

    

    

    (a)       all Real Property;

    

    

    
      2

      
        

    

    (b)     all personal property and interests therein, including machinery, equipment, furniture, office equipment, communications equipment, vehicles, storage tanks, spare and
      replacement parts, fuel and other tangible property, in each case, primarily relating to the Project, in particular, the “South Basin” of Rhyolite Ridge;

    

    

    (c)       all raw materials, work-in-process, finished goods, supplies and other inventories;

    

    

    (d)       all Contracts;

    

    

    (e)       all accounts, notes and other receivables;

    

    

    (f)       all prepaid expenses, including ad valorem taxes, leases and rentals;

    

    

    (g)      all rights, claims, credits, causes of action or rights of set-off against third parties relating to or arising from the business of the Company, the Project or the
      Assets;

    

    

    (h)       all licensed Intellectual Property and owned Intellectual Property;

    

    

    (i)        all licenses, Permits or other governmental authorizations affecting, or relating in any way to, the Company, the Project or the Assets; and

    

    

    (j)      all books, records, files and papers, whether in hard copy or computer format, used in the business, including engineering information, sales and promotional literature,
      manuals and data, sales and purchase correspondence, lists of present and former suppliers, lists of present and former customers, personnel and employment records, and any information relating to any Tax imposed on the Assets;

    

    

    provided, that the Assets shall not include (i) any assets or properties relating exclusively to the North Basin Project, (ii) any assets, properties or employees that are or will be utilized by ioneer Parent or its Affiliates to
        provide services to the Company as contemplated by Exhibit B or, following their execution, the Ancillary Agreements, and (iii) any assets or properties expressly excluded from the transactions contemplated by the Contribution Agreement.

    

    

    “Benefit Plan” means: (a) any “employee benefit plan,” as such term is defined in Section 3(3) of ERISA, (b) any stock bonus, stock
      ownership, stock option, stock purchase, stock appreciation rights, phantom stock or other equity control plan, (c) any bonus, deferred compensation or incentive compensation plan and (d) any other employee benefit plan or agreement (including
      employment, consulting, retention, change in control, termination or severance plans, policies, arrangements or agreements); provided that the term “Benefit Plan” shall not include: (i) routine employment
      policies and procedures, including wage, vacation, holiday and sick or other leave policies, (ii) workers compensation insurance, and (iii) directors and officers liability insurance.

    

    

    
      3

      
        

    

    “Board” means the board of directors of the Company following the Closing.

    

    

    ***

    

    

    “Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banking institutions in New York, New York,
      Houston, Texas, Reno, Nevada, Sydney, Australia or Johannesburg, South Africa are authorized or required by Law or executive order to be closed.

    

    

    “Cap Amount” has the meaning set forth in Section 6.4(b).

    

    

    “CFIUS” means the Committee on Foreign Investment in the United States or any U.S. Government agency acting in its capacity as a member of
      CFIUS or directly involved in CFIUS’s review of a transaction.

    

    

    “CFIUS Approval” means the Parties shall have received written notice from CFIUS that (a) review or investigation under the DPA of the
      transactions contemplated by this Agreement has been concluded and that there are no unresolved national security concerns with respect to the transactions contemplated by this Agreement; (b) CFIUS shall have concluded that the transactions
      contemplated by this Agreement are not a covered transaction as that term is defined in 31 C.F.R. § 800.213 or a covered real estate transaction as that term is defined in 31 C.F.R. § 802.212 and not subject to review under the DPA; or (c) CFIUS
      shall have sent a report to the President of the United States requesting the President’s decision on the notice and either (i) the period under the DPA during which the President may announce his decision to take action to suspend or prohibit the
      transactions contemplated hereby shall have elapsed without any such action being announced or taken, or (ii) the President shall have announced a decision to take no action to suspend or prohibit the transactions contemplated hereby.

    

    

    “Claim” means any investigation (with respect to which written notice has been provided), action, claim, suit, arbitration or proceeding by
      or before any Governmental Authority.

    

    

    “Closing” has the meaning set forth in Section 2.5.

    

    

    “Closing Date” has the meaning set forth in Section 2.5.

    

    

    “Code” means the Internal Revenue Code of 1986, as amended.

    

    

    “Commercial Operations Date” has the meaning set forth in the A&R LLC Agreement.

    

    

    “Company” has the meaning set forth in the Preamble of this Agreement.

    

    

    “Company Group” has the meaning set forth in Section 6.2(b).

    

    

    
      4

      
        

    

    “Company’s Knowledge” means the actual knowledge of any of the following individuals: James Calaway, Bernard Rowe, Ian Bucknell and Matt
      Weaver, or, if applicable, any corresponding individuals replacing such officers, in each case after reasonable inquiry.

    

    

    “Confidentiality Agreement” means that certain Confidentiality Deed, dated as of July 15, 2021, by and between ioneer Parent and Investor
      Parent.

    

    

    “Consolidated Project Budget” means the consolidated budget then in effect for the development of the Project, including all capital
      required for the design, construction, operation, commissioning, testing and start-up of the Project (net of the amount of any out-of-pocket capital expenditures made by the Company, ioneer Parent or any of their respective Affiliates in respect of
      the Project following the Execution Date and prior to the Closing), all fees and interest payable under the Project Finance Facility and any Permitted Credit Facility and any broker fees (as may be amended following the Closing by the Board of the
      Company from time to time).  The Consolidated Project Budget as of the Execution Date (the “Execution Date Consolidated Project Budget”) is attached as Exhibit D.

    

    

    “Contract” means any contract, agreement, lease, license, evidence of indebtedness, mortgage, indenture, security agreement or other
      legally binding arrangement.

    

    

    “Contribution Agreement” has the meaning set forth in Section 3.15(a).

    

    

    “Contribution Date” means the date on which the Contribution Agreement was consummated, i.e. September 15, 2021.

    

    

    “Control” (including the correlative terms “Controlled by” and “Controlling”) means the possession, directly or indirectly, of the power to direct, or to cause the direction of, the management and policies of a Person, whether through ownership of voting
      securities, by contract or otherwise.

    

    

    “COVID-19 Measures” means any quarantine, “shelter in place,” “stay at home,” workforce reduction, social distancing, shutdown, closure,
      sequester, safety or similar Law, directive, guidelines or recommendations promulgated by any industry group or any Governmental Authority, including the Centers for Disease Control and Prevention and the World Health Organization, in each case, in
      connection with or response to the COVID-19 Pandemic, including the CARES Act and Families First Act, together with any actions or inaction taken (or omitted), or any plans, procedures or practices reasonably adopted, in each case, in furtherance of
      compliance with any of the foregoing.

    

    

    “COVID-19 Pandemic” means the SARS-Cov2 or COVID-19 pandemic, including any future resurgence or evolutions or mutations thereof and/or any
      related or associated disease outbreaks, epidemics and/or pandemics.

    

    

    
      5

      
        

    

    “Creditors’ Rights and Equitable Principles” has the meaning set forth in Section 3.4.

    

    

    “Damages” has the meaning set forth in Section 6.2(a).

    

    

    “Disclosure Schedule” has the meaning set forth in the preamble of Article III.

    

    

    “DOJ” has the meaning set forth in Section 5.17.

    

    

    “DPA” means Section 721 of Title VII of the Defense Production Act of 1950, as amended (50 U.S.C.§ 4565), and all rules and regulations
      thereunder, including those codified at 31 C.F.R. Parts 800-801 et seq.

    

    

    “Due Diligence Materials” means any and all materials uploaded to that certain virtual data room named “Project Longhorn” maintained by
      Ansarada by 5:00 pm, Central Time, on the second Business Day immediately prior to the Execution Date.

    

    

    “Embargoed Countries” means any country, state, territory, or region which is subject to comprehensive economic or trade restrictions under
      applicable Export Controls and Economic Sanctions Laws, which may change from time to time (as of the date of this Agreement, Cuba, Iran, North Korea, Syria, and the Crimea region of Ukraine).

    

    

    “Environmental Laws” has the meaning set forth in Section 3.20(c).

    

    

    “EPCM” means that certain EPCM Agreement with respect to the Project, by and between Ioneer USA Member and Fluor Enterprises, Inc., as may
      be amended from time to time.

    

    

    “Equity Securities” shall mean shares of capital stock, partnership interests, membership interests in a limited liability company
      (including the Units), beneficial interests in a trust, bonds, debentures, notes or other obligations the holders of which have the right to vote (or which are convertible into or exercisable for securities having the right to vote) or other equity
      interests in any Person, and any option, warrant or other right entitling the holder thereof to purchase or otherwise acquire any such equity interest.

    

    

    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

    

    

    “Execution Date” has the meaning set forth in the Recitals of this Agreement.

    

    

    “Execution Date Permits” has the meaning set forth in Section 3.19(a).

    

    

    “Existing LLC Agreement” has the meaning set forth in the Recitals of this Agreement.

    

    

    
      6

      
        

    

    “Export Controls and Economic Sanctions Laws” means any applicable Laws concerning export controls, economic sanctions, trade embargoes,
      boycotts, imports of goods, and payment of custom duties, including, as applicable, (a) the United States Arms Export Control Act and the International Traffic in Arms Regulations; (b) the Export Administration Act of 1979, the Export Control Reform
      Act of 2018, and the Export Administration Regulations; (c) the International Emergency Economic Powers Act, the Trading With the Enemy Act, the sanctions, embargoes, and other restrictions administered by the Office of Foreign Assets Control, orders
      of the President regarding embargoes and restrictions on transactions with designated countries and entities, including persons and entities designated on Office of Foreign Assets Control’s list of Specially Designated Nationals and Blocked Persons;
      (d) United States anti-boycott regulations administered by the U.S. Department of Commerce and the U.S. Department of the Treasury (as codified in the Code); (e) all Laws and regulations related to import and customs requirements; (f) the Laws and
      regulations administered by the Bureau of Alcohol, Tobacco, and Firearms; and (g) any other relevant Laws, regulations, and programs administered or enforced by the U.S. Department of Commerce, U.S. International Trade Commission, U.S. Customs and
      Border Protection, U.S. Immigration and Customs Enforcement, the U.S. Department of Homeland Security, and their predecessor agencies, and any similar export controls and economic sanctions laws of any country with jurisdiction over the Company.

    

    

    “Feasibility Study” means that certain Definitive Feasibility Study (DFS) Report prepared by Fluor Enterprises, Inc. for Ioneer USA
      Corporation, dated April 30, 2020.

    

    

    “Financing” means one or more debt financings (and for the avoidance of doubt, not equity, mezzanine, pay-in-kind or similar financing)
      entered into or to be entered into in accordance with the terms of this Agreement (including Section 5.9(b)) in relation to the Project to be used to fund, among other things, the development and construction costs of the Project and working
      capital needs of the Company, including the Project Finance Facility, but excluding the Aggregate Capital Commitment contemplated by this Agreement.

    

    

    “Financing Documents” means all agreements evidencing the Financing and any and all pledge, security, guaranty and other agreements,
      documents, certificates or other instruments contemplated thereby or by any of the foregoing.

    

    

    “FTC” has the meaning set forth in Section 5.17.

    

    

    “Fundamental Representations” means  with respect to the Company, the representations and warranties of the Company and the ioneer Parent
      in Section 3.1 (Organization; Good Standing; Qualification), Section 3.2 (Capitalization), Section 3.3 (Subsidiaries), Section 3.4 (Authorization), Section 3.5 (Valid Issuance of Acquired Units), Section
        3.8(a) (No Conflicts), Section 3.21 (Anti-Corruption Laws; Anti-Money Laundering Laws; Economic Sanctions) and Section 3.24 (Brokers’ Fees), and  with respect to Investor, the representations and warranties of Investor in Section

        4.1 (Organization; Good Standing; Qualification), Section 4.2 (Authorization), Section 4.3(a) (No Conflicts), Section 4.7 (Brokers’ Fees) and Section 4.8 (Sufficiency of Funds).

    

    

    “Funding Rate” has the meaning set forth in Section 5.11(b).

    

    

    
      7

      
        

    

    “Governing Documents” means, (a) with respect to a corporation, its charter and bylaws, or equivalent governing documents, (b) with respect
      to a limited partnership, its certificate of limited partnership and its limited partnership agreement, or equivalent governing documents, (c) with respect to a limited liability company, its certificate of formation and its limited liability company
      agreement, or equivalent governing documents and (d) with respect to any other type of entity, its applicable governing documents.

    

    

    “Governmental Authority” means any federal, national, multinational, regional, state, municipal, local or (to the extent applicable)
      foreign government, court or governmental or quasi-governmental department, agency, authority, instrumentality, judicial or regulatory body or other agency and any other political or quasi-political subdivision thereof and any arbitral body,
      self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority.

    

    

    “Government Official” means any officer or employee of a government, a public international organization, or any department or agency
      thereof or any person acting in an official capacity for such government or organization, including (i) a foreign official as defined in the FCPA, (ii) an officer or employee of a government-owned, controlled, operated enterprise, such as a national
      oil company, and (iii) any non-U.S. political party or party official or any candidate for foreign political office.

    

    

    “Group Companies” means the Company and its Subsidiaries set forth on Schedule 3.3, and a “Group Company” means the Company or its
      relevant Subsidiary, as applicable.

    

    

    “Hazardous Substance” has the meaning set forth in Section 3.20(a).

    

    

    “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

    

    

    “IFRS” means International Financial Reporting Standards as issued by the International Accounting Standards Board.

    

    

    “Improvements” has the meaning set forth in Section 3.14(c).

    

    

    “Indebtedness” means, with respect to any Person, all obligations and Liabilities of such Person: (a)  for borrowed money or in respect of
      loans, advances, or swap, currency, derivative or hedging transactions (including lines of credit or similar facilities to the extent drawn, term loans, mortgage loans, bonds, debentures and notes), including the outstanding principal amount thereof,
      plus any related interest, fees, and prepayment premiums or penalties created, issued, or incurred by such Person in respect thereof; (b) in respect of “earn-out” obligations and any obligations to pay the deferred purchase price of property
      or services, except trade accounts payable and other current liabilities arising in the ordinary course of business consistent with past practices; (c) any obligations as lessee under capitalized leases under IFRS; (d) any indebtedness created or
      arising under any conditional sale or other title retention agreement with respect to acquired property; (e) any obligations, contingent or otherwise, under acceptances, letters of credit or similar facilities; (f) any guaranty of any of the
      foregoing; and (g) any accrued interest, prepayment penalties, premiums, late charges, penalties, and collection and similar fees relating to any of the foregoing, in each case in respect of (a)-(g) above, other than Permitted Indebtedness.

    

    

    
      8

      
        

    

    “Indemnified Party” has the meaning set forth in Section 6.3.

    

    

    “Indemnifying Party” has the meaning set forth in Section 6.3.

    

    

    “Independent Engineer” has the meaning set forth in Section 2.2(b).

    

    

    “Individual Indemnity Threshold” has the meaning set forth in Section 6.4(b).

    

    

    “Initial Cash Consideration” has the meaning set forth in Section 2.1.

    

    

    “Intellectual Property” means all intellectual property rights whether protected, created or arising under the laws of the United States or
      any other jurisdiction including: (a) patents, patent applications, statutory invention registrations, including reissues, divisions, continuations, continuations-in-part, extensions and re-examinations; (b) trademarks, trademark applications,
      trademark registrations, trade names, fictitious business names (d/b/a’s), service marks, service mark applications, service mark registrations, uniform resource locators, domain names, trade dress, logos and other business identifiers and indicia of
      origin together with the goodwill associated with any of the foregoing along with all applications, registrations, renewals and extensions thereof; (c) copyrights, whether or not registered, copyright registrations, and copyright applications and all
      other rights corresponding thereto, along with all applications, registrations, renewals, reversions and extensions thereof; (d) trade secret and confidential information, including all confidential source code, know-how, processes, formulae,
      customer lists, inventions and marketing information; and (e) databases and data collections.

    

    

    “Investor” has the meaning set forth in the Recitals of this Agreement.

    

    

    “Investor Disclosure Schedule” has the meaning set forth in the preamble of Article IV.

    

    

    “Investor Group” has the meaning set forth in Section 6.2(a).

    

    

    “Investor Parent” has the meaning set forth in the Recitals of this Agreement.

    

    

    “Investor Parties” has the meaning set forth in Section 4.4.

    

    

    “Ioneer Members” has the meaning set forth in the Recitals of this Agreement.

    

    

    “Ioneer Minerals Member” has the meaning set forth in the Recitals of this Agreement.

    

    

    
      9

      
        

    

    “ioneer Parent” has the meaning set forth in the Recitals of this Agreement.

    

    

    “Ioneer USA Member” has the meaning set forth in the Recitals of this Agreement.

    

    

    “Law” means all applicable laws, statutes, rules, regulations, codes, ordinances, treaties, policies or other written guidance, judgments,
      injunctions, decrees, orders, franchise, guidelines, conditions or other directional requirement of a Governmental Authority having jurisdiction over the assets or the property of the applicable Person or the operations thereof.

    

    

    “Liability” means any indebtedness, obligation or other liability of a Person (whether absolute, accrued, contingent, fixed or otherwise,
      or whether due or to become due).

    

    

    “Lien” means any charges, liens, options, pledges, assessments, levies, encroachments, encumbrances, mortgages, deeds of trust,
      hypothecations, security interests, easements, leases or other similar encumbrances or any conditional sale contract, title retention contract or other contract to give any of the foregoing, including any restriction on transferability, right of
      first refusal or offer, whether arising by contract or operation of law.

    

    

    “Material Adverse Effect” means any change, event, effect or occurrence that (i) has, or would reasonably be expected to have, a material
      adverse effect on the Project, or the business or condition (financial or otherwise) of the Company, taken as a whole, or (ii) prevents, or would reasonably be expected to prevent, the consummation of the transactions contemplated hereunder; provided that any effect resulting from any of the following events, developments, conditions, circumstances, occurrences or state of facts shall not be considered when determining whether a Material Adverse
      Effect shall have occurred: (a) any change in economic or financial conditions generally or in the industries in which the Company operates or intends to operate; (b) any change in general regulatory, social or political conditions; (c) any acts of
      war (whether declared or not), armed hostilities, cyber-attack, sabotage or terrorist activities, including any escalation or worsening thereof or any declaration by a Governmental Authority of national emergency or war; (d) any change in the
      financial, banking, credit, securities or capital markets (including any suspension of trading in, or limitation on prices for, securities on any stock exchange or any changes in interest rates); (e) any change in IFRS or in any applicable Laws (or
      the enforcement, implementation, or definitive interpretation thereof); (f) acts of God, including naturally occurring events, hurricanes, tornados, meteorological and geological events, and storms; (g) strikes, work stoppages or other labor
      disturbances; (h) general changes in commodity prices; (i) effects or changes that are cured or no longer exist by the earlier of the Closing and the termination of this Agreement; (j) the effect of any epidemic, pandemic or disease outbreak
      (including the COVID-19 Pandemic) or any COVID-19 Measures, curfews or other restrictions that relate to, or arise out of, any epidemic, pandemic or disease outbreak (including the COVID-19 Pandemic) or material worsening of such conditions
      threatened or existing as of the date of this Agreement; (k) orders, acts, or failures to act of any Governmental Authority; (l) any actions taken by the Company or any Affiliate of the Company with Investor’s written consent or expressly permitted
      or prescribed by this Agreement; (m) entering into this Agreement, the announcement of the transactions contemplated by this Agreement, the identities of Investor or any of its Affiliates or the performance of the covenants set forth in Article V;
      or (n) any failure, in and of itself, by the Company to meet internal or other projections, forecasts, estimates or predictions in respect of financial, project progress or operating metrics for any period (but not the underlying causes thereof); provided further, that any event arising out of or resulting from any of the matters set forth in any of clauses (a) through (n) (other than clauses (i), (j), (l), (m) and (n))
      above may be taken into account in determining whether there has been a Material Adverse Effect, in each case to the extent that any such event has a materially disproportionate adverse impact on the Project or the Company (but only to the extent of
      such materially disproportionate adverse impact), as compared to other participants operating in the industries in which the Company operates or intends to operate.

    

    

    
      10

      
        

    

    “Material Contracts” has the meaning set forth in Section 3.9(a).

    

    

    “North Basin Project” means the North Basin project in Esmeralda County, Nevada, including any extensions and expansions directly related
      thereto and specifically including any expansion of the mineral resource through exploratory operations or staking of adjacent or nearby claims on substantially similar ore bodies, in each case, to the extent the underlying ore bodies and any
      applicable extensions or expansions are within the geographic areas designated as “BH Claims” and “NLB Claims” on the map attached as Exhibit G, and any and all facilities to be constructed from the processing or transportation of ores or
      other mineral resources mined therefrom.

    

    

    “OFAC” means the U.S. Treasury Department’s Office of Foreign Assets Control.

    

    

    “Order” means any writ, judgment, order, decree, injunction or award issued, or otherwise put into effect by or under the authority of any
      court, administrative agency, or other Governmental Authority (in each such case whether preliminary or final) or any arbitrator.

    

    

    “Parent Change of Control” means, at any time prior to the Closing, any Person, acting individually or in concert with one or more other
      Persons, shall have acquired Control of ioneer Parent or Investor Parent, as applicable, or any offer or transaction that, if consummated, would result in the foregoing is recommended by a majority of the board of directors of ioneer Parent or
      Investor Parent, as applicable;

    

    

    “Party” and “Parties” have the meanings set forth in the Preamble of this
      Agreement.

    

    

    “Permit” means any franchise, permit, license or authorization granted by a Governmental Authority.

    

    

    
      11

      
        

    

    “Permitted Encumbrances” means (a) encumbrances for Taxes not yet due or payable or that are being contested in good faith, with adequate
      reserves for such payment; (b) statutory encumbrances, cashiers’, landlords’, mechanics’, suppliers’, materialmen’s, carriers’, workmen’s, repairmen’s, contractors’ and warehousemen’s liens and similar encumbrances incurred in the ordinary course of
      business that are not yet due or payable or that are being contested in good faith with adequate reserves for such payment; (c) purchase money security interests arising in the ordinary course of business; (d) the terms and conditions of any Permit,
      Material Contract or Real Property Agreement; (e) zoning, building codes and other land use laws regulating the use or occupancy of any leased real property or the activities conducted or to be conducted thereon in connection with the Project which
      are imposed by any Governmental Authority having jurisdiction over such leased real property which are not, and would not reasonably be anticipated to be, violated by the current or currently contemplated future use or occupancy (as part of the
      Project) of such leased real property in connection with the Project or the operation of any currently conducted business with respect to the Project thereon or any business currently contemplated to be conducted in the future as part of the Project,
      and which would not be violated by the construction, development, management and operation of the Project; (f) encumbrances arising out of, under, or in connection with this Agreement; (g) with respect to real property, (i) all matters that a
      current, accurate survey would show, (ii) all easements, covenants, conditions, rights-of-way, restrictions and other similar charges and encumbrances of record and other encroachments and overlapping of improvements that are of record or that are
      noted in any surveys, title reports, title policies, title commitments or other similar title insurance documents that constitute Due Diligence Materials, and (iii) the terms and provisions of any Real Property Agreements, as to the real property
      encumbered or affected thereby or the subject thereof, in each case which do not interfere materially with the ordinary conduct of any business currently conducted or planned to be conducted thereon in connection with the Project; (h) any Liens that
      have been or will be released on or prior to the Closing and (i) any Liens securing obligations owing under the Financing.

    

    

    “Permitted Indebtedness” means, with respect to a Person, (a) Indebtedness under the Financing Documents; (b) current accounts payable,
      accrued expenses and other expenses arising out of transactions (other than borrowing) in the ordinary course of business on ordinary and customary trade terms; (c) Indebtedness in connection with the endorsement and deposit of checks in the ordinary
      course of business for collection; (d) contingent Liabilities, to the extent constituting Indebtedness, required under any Permit that is required for the Project; (e) contingent obligations under or in respect of performance bonds, bid bonds, appeal
      bonds, surety bonds, financial assurances, completion guarantees, decommissioning bonds and indemnification obligations, in each case incurred in the ordinary course of business and not in connection with Indebtedness for borrowed money; (f) trade or
      other similar indebtedness incurred in the ordinary course of business (but not for borrowed money) and (i) not more than ninety (90) days past due or (ii) being contested in good faith by appropriate proceedings and such Person shall have adequate
      reserves for the payment of such contested amounts; (g) leases of property by such Person as lessee that are accounted for as capital leases on the balance sheet of such Person with rents paid thereunder (whether calculated on a fixed or percentage
      basis) not in excess of $500,000 in the aggregate; (h) leases creating such Person’s leasehold interests in any real property; and (i) obligations of such Person that arise in connection with a Permitted Encumbrance.

    

    

    
      12

      
        

    

    “Person” means any natural person, corporation, limited partnership, general partnership, limited liability company, joint stock company,
      joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization or entity and any Governmental Authority.

    

    

    “Phase 1” means the phase of development of the Project described as “Quarry Stage 1” in the Feasibility Study.

    

    

    “Phase 1 Geographic Area” means the area identified as the “Stage 1 Quarry” as depicted on Exhibit F.

    

    

    “Phase 1 Required Permits” means the Permits that are set forth on Part 1 of Schedule 1.1-RP (as may be updated pursuant to Section

        8.3(c)).

    

    

    “Phase 2” means the phase of development of the Project described as “Quarry Stage 2” in the Feasibility Study.

    

    

    “Phase 2 Geographic Area” means the area identified as the “Stage 2 Quarry” as depicted on Exhibit F.

    

    

    “Phase 2 Required Permits” means the Permits that are set forth on Part 2 of Schedule 1.1-RP.

    

    

    “Project” means the ownership, development, financing, construction, operation and maintenance of the Rhyolite Ridge Lithium-Boron Project
      in Esmeralda County, Nevada, as further identified in the Execution Date Consolidated Project Budget and Feasibility Study.

    

    

    “Project Finance Facility” means the non-recourse project finance facility or facilities to fund in part the development of the Project.

    

    

    “Project Work Plan” means the work plan for the Project (as may be amended by the Board of the Company from time to time in accordance with
      this Agreement).  The Project Work Plan as of the Execution Date (the “Execution Date Project Work Plan”) is attached as Exhibit E.

    

    

    “Real Property” has the meaning set forth in Section 3.14(a).

    

    

    “Real Property Agreements” has the meaning set forth in Section 3.14(a).

    

    

    “Release” means any spilling, leaking, pumping, pouring, placing, emitting, emptying, discharging, injecting, escaping, leaching, dumping,
      discarding or disposing into the environment.

    

    

    “Representatives” has the meaning set forth in Section 5.5.

    

    

    “Required Permit Schedule Amendment Date” has the meaning set forth in Section 8.3(c).

    

    

    
      13

      
        

    

    “Sanctioned Persons” means (a) any individual, entity, or government that is designated under or the subject of any sanctions, export
      restrictions, restricted party list, or blocking measures administered by a Governmental Authority with jurisdiction over the Company, including OFAC’s Specially Designated Nationals and Blocked Persons List (“SDN List”), Foreign Sanctions Evaders
      List, or Sectoral Sanctions Identifications List (“SSI List”); any list of sanctioned persons administered and maintained by the U.S. Department of State relating to nonproliferation, terrorism, Cuba, Iran, or Russia; and any similar lists of other
      jurisdictions to the extent applicable to the Company; or (b) any individual or entity that is 50% or more owned, directly or indirectly, by one or more individuals or entities that is designated on the SDN List or SSI List.

    

    

    “Schedule Supplement” has the meaning set forth in Section 8.3(b).

    

    

    “Securities Act” means the Securities Act of 1933, and the rules and regulations promulgated thereunder as in effect from time to time.

    

    

    “Subsequent Funding Obligation” has the meaning set forth in Section 2.3(f).

    

    

    “Subsidiary” or “Subsidiaries” means, with respect to any Person, any other
      Person of which (a) if a corporation, a majority of the total voting power of shares of capital stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, or trustees thereof is at the time
      owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; (b) if a limited liability company, partnership, association or other business entity (other than a
      corporation), either the managing member or general partner or a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more other Subsidiaries of that
      Person or a combination thereof and for this purpose, a Person or Persons owns a majority ownership interest in such a business entity (other than a corporation) if such Person or Persons shall be allocated a majority of such business entity’s gains
      or losses or shall be any managing director or general partner of such business entity (other than a corporation) or control any managing director or general partner of such business entity (other than a corporation); or (c) is otherwise
      contractually entitled to direct and control.

    

    

    “Tax Lien” means any Lien imposed with respect to Taxes.

    

    

    “Tax Return” means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any
      schedule or attachment thereto and any amendment thereof.

    

    

    “Tax” or “Taxes” means all taxes, assessments, duties, levies, imposts or other
      similar charges, in each case in the nature of a tax, imposed by a Governmental Authority (whether payable directly or by withholding and whether or not requiring the filing of a Tax Return), including all income, franchise, profits, capital gains,
      capital stock, gross receipts, sales, use, transfer, service, occupation, ad valorem, property, excise, production, severance, windfall profit, premium, stamp, license, payroll, employment, social security, unemployment, disability, environmental,
      alternative minimum, add-on, value-added, withholding (including backup withholding) and estimated taxes, and any interest, fine, penalty or additions to tax imposed by a Governmental Authority in connection with any item described in clause (a),
      above.

    

    

    
      14

      
        

    

    “Technical Committee” has the meaning set forth in Section 5.12.

    

    

    “Third Party Claim” has the meaning set forth in Section 6.3.

    

    

    “Third Party Financing Amount” means an amount, without duplication, equal to (a) $852,117,521 less
      (b) the Aggregate Capital Commitment contemplated by this Agreement.

    

    

    “Threshold Amount” has the meaning set forth in Section 6.4(b).

    

    

    “Total Consideration” has the meaning set forth in Section 6.4(a).

    

    

    “Transaction Documents” means this Agreement, the A&R LLC Agreement, the Contribution Agreement, the Ancillary Agreements and any other
      documents, certificates or instruments delivered pursuant to this Agreement.

    

    

    “Unit” means a Unit in the Company.

    

    

    “Willful Breach” means any voluntary, intentional or deliberate action to materially breach a specific provision or covenant of this
      Agreement taken or omitted to be taken after the Execution Date that the breaching Party takes (or fails to take) with a conscious awareness that such action or omission will materially breach such representation, warranty, agreement or covenant.

    

    

    Section 1.2      Construction.  In this Agreement, unless a clear contrary intention appears: (a)
      pronouns in the masculine, feminine and neuter genders shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa; (b) the term “including” shall be construed to be expansive
      rather than limiting in nature and to mean “including, without limitation”; (c) references to Articles and Sections refer to Articles and Sections of this Agreement; (d) the words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder” and words
      of similar import refer to this Agreement as a whole, including the Annexes attached to this Agreement, and not to any particular subdivision unless expressly so limited; (e) references in any Article or Section or definition to any clause means such
      clause of such Article, Section or definition; (f) references to Exhibits are to the items attached hereto as the described Exhibits hereto, each of which is hereby incorporated herein and made a part of this Agreement for all purposes as if set
      forth in full herein; (g) references to Dollars or $ refer to the lawful currency of the United States; (h) references to “federal” or “Federal” mean U.S. federal or U.S. Federal, respectively; (i) reference to any agreement (including this
      Agreement), document or instrument means such agreement, document or instrument as amended or modified (including any waiver or consent) and in effect from time to time in accordance with the terms thereof; (j) where a word or expression is defined,
      other parts of speech and grammatical forms and the cognate variations of that word or expression shall have corresponding meanings; (k) the word “or” is not exclusive; (l) the terms “shall,” and “agrees” or “agree” are mandatory, and the term “may”
      is permissive; and (m) reference to any Law means such Law as amended, modified, codified, reenacted or replaced and in effect from time to time.  The Table of Contents and the Article and Section titles and headings in this Agreement are inserted
      for convenience of reference only and are not intended to be a part of, or to affect the meaning or interpretation of, this Agreement. Prior to the designation of the “Investor” and the execution of a joinder agreement pursuant to Section 5.16,
      all references in this Agreement to “Investor” shall be deemed to refer to “Investor Parent”, except for references to “Investor” in Sections 2.1, 4.11 and 5.6 and any other provision in this Agreement to the extent relating
      to a Person being a member of the Company (or taking an action in anticipation of becoming a member of the Company).

     

    

    
      15

      
        

    

    ARTICLE II

    ISSUANCE OF ACQUIRED UNITS AND AGGREGATE CAPITAL COMMITMENT; CLOSING

    

    

    Section 2.1     Issuance of Acquired Units and Aggregate Capital Commitment.  At the Closing, the
      Company shall issue and sell to Investor the Acquired Units, and in consideration therefor, Investor shall (and Investor Parent shall cause it to) subscribe for an aggregate capital commitment to the Company equal to $490,000,000 (the “Aggregate Capital Commitment”), with (a) a portion of such Aggregate Capital Commitment (the “Initial Cash Consideration”) to be
      delivered to the Company by Investor in cash at the Closing via wire transfer to an account designated by the Company in accordance with Section 8.2 and the terms of Exhibit E and (b) the remainder of such capital commitment to be
      delivered to the Company from time to time in accordance with the terms of Exhibit E.

    

    

    Section 2.2       Conditions to Each Party’s Obligations to Effect the Transactions.  The
      respective obligations of each Party to effect the transactions at the Closing contemplated hereby are subject to the satisfaction at or prior to the Closing of the following conditions (other than conditions that, by their nature, are to be
      satisfied by actions taken at the Closing, but subject to the satisfaction or waiver of those conditions):

    

    

    (a)      Governmental Consents; Antitrust Approvals.  All consents and approvals of any Governmental Authority (including those set forth on Schedule 2.2(a)) required for the
      transactions contemplated under this Agreement, except consents and approvals by Governmental Authorities that are customarily obtained after closing, shall have been granted or received, or the necessary waiting period shall have expired, or early
      termination of the waiting period shall have been granted.

    

    

    (b)       Phase 1 Required Permits.  (i) The Company or its authorized representative or construction contractor, as applicable, shall have obtained the Phase 1 Required Permits, and (ii) no
      condition, limitation, or restriction of any kind shall have been made, issued or otherwise required or imposed pursuant to or in connection with the granting of any of the Phase 1 Required Permits, except as would not reasonably be expected to
      result, individually or in the aggregate in ***

    

    

    
      16

      
        

    

    (c)      Financing.  (i) The Company, the Ioneer Members or the other applicable parties shall have secured binding commitments for the issuance or incurrence of the Financing on terms and
      conditions that are compliant with Section 5.9(b) and satisfactory to the Company in its sole discretion (subject to the terms and conditions of the Financing being compliant with Section 5.9(b)) in an aggregate amount not less than
      ***, and (ii) those conditions precedent to the closing of the Financing related to the obtainment or maintenance of any specified Permits (solely to the extent such conditions precedent would have been required to have been satisfied or waived at
      such time), shall have been satisfied or waived (as applicable) in full.

    

    

    (d)      No Injunctions or Restraints.  No Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision, injunction, decree,
      ruling, Law or order (whether temporary, preliminary or permanent) that is in effect and enjoins or otherwise prohibits or makes illegal the consummation of any of the transactions at the Closing.

    

    

    Section 2.3       Additional Conditions to Investor’s Obligations. The obligations of Investor to
      effect the transactions at the Closing contemplated by this Agreement are also subject to the satisfaction or waiver by Investor at or prior to the Closing of the following conditions (excluding conditions that, by their nature, are to be satisfied
      by actions taken at the Closing, but subject to the satisfaction or waiver of those conditions):

    

    

    (a)      Representations and Warranties of the Company.  (i) The Fundamental Representations of the Company shall be true and correct in all respects (other than de minimis inaccuracies) as if made at the Closing Date (except for representations and warranties made as of a specific date, which shall be true and correct in all respects (other than de
        minimis inaccuracies) as of such specific date), and (ii) all other representations and warranties of the Company in this Agreement shall be true and correct (disregarding all qualifications or limitations as to “materiality”, “Material
      Adverse Effect” or other words of similar import, other than in regards to the definition of “Material Contracts” in Section 3.9(a)) as if made at the Closing Date (except for representations and warranties made as of a specific date, which
      shall be true and correct in all respects as of such specific date), except, in the case of this clause (ii), where the aggregate failure of such representations to be so true and correct has not had and would not reasonably be expected to
      have a Material Adverse Effect.

    

    

    (b)       Company Agreements and Covenants.  The Company shall have performed or complied with, in all material respects, the agreements and covenants required by this Agreement to be
      performed or complied with by the Company at or prior to the Closing.

    

    

    (c)       Deliveries.  The Company shall have made the deliveries contemplated in Section 2.7.

    

    

    
      17

      
        

    

    (d)      Notice to Proceed.  The “Full Notice to Proceed” (as defined in the EPCM) shall have been issued pursuant to the EPCM without any material conditions.

    

    

    (e)      Phase 2 Required Permits.  The Company shall have delivered to Investor a certificate signed by the ioneer Parent officers named in the definition of Company’s Knowledge or, if
      applicable, any corresponding individuals replacing such officers, stating that there are no facts or circumstances which, to each such individual’s knowledge, after reasonable inquiry, would be likely to result in a material delay in obtaining, or a
      material reduction in the likelihood of obtaining, the Phase 2 Required Permits or in the issuance, requirement or imposition of any condition, limitation or restriction of any kind pursuant to or in connection with the Phase 2 Required Permits,
      except as would not reasonably be expected to result, individually or in the aggregate in ***.

    

    

    (f)     Conditions relating to Investor’s post-Closing funding obligations.  Notwithstanding anything to the contrary in the Transaction Documents, the obligations of Investor to fund
      post-Closing any or all of the amount of the Aggregate Capital Commitment in excess of the Initial Cash Consideration (a “Subsequent Funding Obligation”) shall be subject to ***.  Investor’s
      obligations to make a Subsequent Funding Obligation shall be suspended for as long as the relevant Adverse Subsequent Funding Decision remains in effect (and, unless terminated in accordance with this Agreement, shall resume if the Adverse Subsequent
      Funding Decision is lifted) and shall terminate upon the earlier of ***.

    

    

    Section 2.4    Additional Conditions to the Company’s Obligations.  The obligations of the
      Company to effect the transactions at the Closing contemplated by this Agreement are also subject to the satisfaction or waiver by the Company at or prior to the Closing of the following conditions (other than conditions that, by their nature, are to
      be satisfied by actions taken at the Closing, but subject to the satisfaction or waiver of those conditions):

    

    

    (a)      Representations and Warranties of Investor.  (i) The Fundamental Representations of Investor shall be true and correct in all respects (other than de

        minimis inaccuracies) as if made at the Closing Date (except for representations and warranties made as of a specific date, which shall be true and correct in all respects (other than de minimis inaccuracies)

      as of such specific date), and (ii) all other representations and warranties of Investor shall be true and correct in all material respects as if made at the Closing Date (except for representations and warranties made as of a specific date, which
      shall be true and correct as of such specific date).

    

    

    (b)     Investor Agreements and Covenants.  Investor shall have performed or complied with, in all material respects, the agreements and covenants required by this Agreement to be performed
      or complied with by Investor at or prior to the Closing.

    

    

    (c)       Deliveries.  Investor shall have made the deliveries contemplated in Section 2.6.

    

    

    
      18

      
        

    

    Section 2.5      Closing.  The issuance and sale of the Acquired Units (the “Closing”) shall take place no later than the date that is *** Business Days after the satisfaction or waiver of the conditions (excluding conditions that, by their nature, are to be satisfied by
      actions taken at the Closing, but subject to the satisfaction or waiver of those conditions) set forth in this Article II, remotely or at such other place and time as the Parties shall mutually agree (which date is designated as the “Closing Date”).

    

    

    Section 2.6       Closing Deliveries by Investor.  Subject to the terms and conditions of this
      Agreement, at the Closing, the following shall be delivered to the Company by Investor:

    

    

    (a)      the Initial Cash Consideration via wire transfer of immediately available funds to an account or accounts designated by the Company in accordance with Section 8.2;

    

    

    (b)       a counterpart of the A&R LLC Agreement, duly executed by Investor;

    

    

    (c)      a certificate signed by a senior executive officer of Investor and dated as of the Closing Date, stating that the conditions set forth in Section 2.4(a) and Section 2.4(b)
      have been satisfied;

    

    

    (d)     a duly completed and executed Internal Revenue Service Form W-9 with respect to Investor (or, if Investor is disregarded as an entity separate from another Person for U.S. federal income Tax
      purposes, such other Person), it being understood that Investor shall cooperate with the Company with respect to reasonable requests related to such forms, including reasonable requests for updated forms; and

    

    

    (e)      all other agreements, documents, instruments and other writings required to be delivered to another Party by Investor at or prior to the Closing pursuant to this Agreement or any other
      Transaction Document.

    

    

    Section 2.7      Closing Deliveries by the Company.  Subject to the terms and conditions of this
      Agreement, at the Closing, the following shall be delivered to Investor by the Company:

    

    

    (a)       a counterpart of the A&R LLC Agreement, duly executed by the Company and the Ioneer Members;

    

    

    (b)      a certificate signed by a senior executive officer of the Company and dated as of the Closing Date, stating that the conditions set forth in Section 2.3(a) and Section 2.3(b)
      have been satisfied;

    

    

    (c)      all other agreements, documents, instruments and writings reasonably required to be delivered to another Party by the Company at or prior to the Closing pursuant to this Agreement or any
      other Transaction Document.

    

    

    
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    ARTICLE III

    REPRESENTATIONS AND WARRANTIES OF THE COMPANY

    

    

    Except as set forth on the disclosure schedule attached hereto as Annex A (as amended or supplemented in accordance with the terms hereof, the “Disclosure Schedule”), the Company and ioneer Parent each represents and warrants to Investor as follows:

    

    

    Section 3.1      Organization; Good Standing; Qualification. The Company is a limited liability
      company duly organized, validly existing and in good standing under the Laws of the State of Delaware and has all requisite limited liability company power and authority to carry on its business as presently conducted and to execute, deliver and
      perform the obligations under this Agreement.  ioneer Parent is a company duly organized, validly existing and in good standing under the Laws of Australia and has all requisite power and authority to carry on its business as presently conducted and
      to execute, deliver and perform the obligations under this Agreement.  The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or location of its assets and properties makes
      such qualification necessary, except where the failure to be so qualified would not, individually or in the aggregate, result in a Material Adverse Effect.

    

    

    Section 3.2       Capitalization.

    

    

    (a)      All of the Equity Securities of the Company are indirectly owned by ioneer Parent.  All of the Equity Securities of the Company (i) are directly owned by the ioneer Members and (ii) consist
      of Units. The Company has never been owned by any Person other than ioneer Parent and/or its Affiliates.

    

    

    (b)       Other than as expressly provided in, or waived under this Agreement, the Financing Documents or any other Transaction Document or as set forth on Schedule 3.2(b) of the Disclosure
      Schedule, there is no agreement, arrangement or obligation requiring the creation, allotment, issuance, sale, transfer, redemption or repayment of or conversion into, or the granting of the right (conditional or not) to require the allotment,
      issuance, sale, transfer, redemption or repayment of or conversion into, any share in the capital or other Equity Security of the Company (including an option or right of pre-emption or conversion).

    

    

    (c)      The Company has delivered true and correct copies of all Governing Documents of each Group Company as of the Execution Date to Investor.

    

    

    (d)     No Group Company has, or has ever had, any business, assets, Contracts, liabilities or Indebtedness except those that are or may be incidental to being parties to the Material Contracts or
      developing and constructing the Project, including the Financing and the Financing Documents.

     

    

    
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    Section 3.3       Subsidiaries.

    

    

    Except as set forth on Schedule 3.3 of the Disclosure Schedule:

    

    

    (a)      the Company does not own or control, directly or indirectly, any interest in, or other Equity Securities issued by, any Person, other than direct or indirect wholly-owned Subsidiaries. As of
      the Execution Date, the Company is not a participant in any joint venture, partnership or similar arrangement.

    

    

    (b)     each of the Company’s Subsidiaries is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or formation (as applicable), has all
      requisite corporate or limited liability company (as applicable) power and authority to carry on its businesses as presently conducted and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its
      businesses or location of its properties makes such qualification necessary, except where the failure to be so qualified would not, individually or in the aggregate, result in a Material Adverse Effect. Schedule 3.3 sets forth the
      capitalization of each of the Company’s Subsidiaries, including the number of shares of issued and outstanding Equity Securities of each such Subsidiary as of the Execution Date.

    

    

    (c)       all of the outstanding Equity Securities of each of the Company’s Subsidiaries listed on Schedule 3.3 of the Disclosure Schedules will be validly issued, fully paid and
      nonassessable (except to the extent nonassessibility may be affected by Section 18-607 of the Delaware Limited Liability Company Act), and free of restrictions on transfer, other than restrictions on transfer under the Governing Documents of such
      Subsidiary, applicable state and federal securities Laws, and other Liens arising by, through or under Investor or its Affiliates.  The Company has good and valid title to the Equity Securities of each of the Company’s Subsidiaries listed on Schedule

        3.3 of the Disclosure Schedules, free and clear of any restrictions on transfer, other than transfer restrictions under the Governing Documents of such Subsidiary, applicable state and federal securities Laws and any Liens arising by, through
      or under Investor or its Affiliates.

    

    

    Section 3.4      Authorization. All organizational action of, or with respect to, the Company, ioneer Parent and their relevant Affiliates, as applicable, required to be taken in order to authorize  the due execution of, delivery of and performance by
        the Company, ioneer Parent and such Affiliates of their obligations under this Agreement and each other Transaction Document to which the Company, ioneer Parent or any such Affiliate is or will be a party and  the issuance of the Acquired Units by
        the Company to Investor at the Closing has been duly and validly taken by all necessary Persons.  This Agreement and each other Transaction Document executed and delivered or to be executed and delivered in accordance with the terms provided herein
        or therein by the Company, ioneer Parent and their relevant Affiliates, assuming the due authorization, execution and delivery of this Agreement and such other Transaction Document by each other party thereto, constitutes (or shall constitute when
        executed and delivered, as may be applicable) the valid and legally binding obligation of the Company, ioneer Parent and their relevant Affiliates, enforceable against the Company and ioneer Parent in accordance with the terms of this Agreement or
        of such Transaction Document, subject to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and laws
        relating to the availability of specific performance, injunctive relief or other equitable remedies (the matters described in Section 3.4(b)(i) and Section 3.4(b)(ii) collectively, “Creditors’ Rights and Equitable Principles”).

    

    

    
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    Section 3.5    Valid Issuance of Acquired Units. The Acquired Units, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued, fully paid and nonassessable (except to the extent
        contemplated by the Governing Documents of the Company or to the extent nonassessibility may be affected by Section 18-607 of the Delaware Limited Liability Company Act), and free of restrictions on transfer, other than restrictions on transfer
        under the Governing Documents of the Company, applicable state and federal securities Laws, and other Liens arising by, through or under Investor or its Affiliates.  Assuming the accuracy of the representations of Investor in this Agreement and the
        A&R LLC Agreement, the Acquired Units will be issued in compliance with all applicable federal and state securities Laws.  Upon the Closing, Investor will acquire good and valid title to the Acquired Units, free and clear of any restrictions on
        transfer other than transfer restrictions under the Governing Documents of the Company, applicable state and federal securities Laws and any Liens arising by, through or under Investor or its Affiliates.

    

    

    Section 3.6       Litigation.  There is no Claim pending or, to the Company’s Knowledge, currently threatened by any Person against the Company or any of its Affiliates, or any of their assets or properties, or involving the Project by or before any
        Governmental Authority, or that seeks an Order restraining, enjoining or otherwise prohibiting any of the transactions contemplated by this Agreement or any Transaction Document or that would reasonably be expected to materially and adversely
        affect, restrict or hinder completion of the Project or result in a material Liability of a Group Company.  As of the Execution Date, there is no Claim pending against any Group Company, or which a Group Company has commenced preparations to
        initiate, against any other Person.  Notwithstanding any other provision in this Agreement to the contrary, this Section 3.6 does not include any representations or warranties relating to Permits, which shall be exclusively addressed in Section 3.19.

    

    

    Section 3.7       Intellectual Property.  None of the Group Companies owns any patents, patent applications, registered copyrights, registered trademarks or trademark applications. As of the Execution Date, Schedule 3.7 of the Disclosure Schedule sets
        forth all licenses held by the Group Companies to use Intellectual Property of one or more third parties that are material to the Project and the conduct of the business as currently conducted and reasonably expected to be conducted in the future
        of the Group Companies, other than (i) licenses of commercially available or off-the-shelf software or similar systems and (ii) implied licenses or non-exclusive licenses incidental to the sale or purchase of products or services.  All licensed
        Intellectual Property rights set forth on Schedule 3.7 of the Disclosure Schedule are free and clear of all Liens, other than Permitted Encumbrances and the terms of any Contract pursuant to which such license is granted.  As of the
        Execution Date, none of the Group Companies has received any written notice alleging that a Group Company has violated, infringed or misappropriated or by conducting its respective business, would violate, infringe or misappropriate any
        Intellectual Property of any other Person.

    

    

    
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    Section 3.8        No Conflicts; Consents and Approvals.  Except as set forth on Schedule 3.8, and subject to obtaining the consents and approvals referred to in Section 2.2(a), the execution, delivery and performance of this
        Agreement and each other Transaction Document to which the Company or any of its Affiliates is or will be a party and the consummation of the transactions contemplated by this Agreement and by each other Transaction Document to which the Company or
        any of its Affiliates is or will be a party does not and will not (i) violate or result in a breach of the Governing Documents of the Company or such Affiliate; (ii) violate or result in a material breach of or default under (whether with the
        giving of notice, the passage of time or both) any Material Contract or Real Property Agreement, or give rise to any right of termination, cancellation or acceleration, or give rise to a material change in terms, thereunder; (iii) violate any Law
        applicable to, or result in the suspension or revocation of any material Permit held by, a Group Company; (iv) result in the creation of any Lien upon any assets of any Group Company, other than Permitted Encumbrances; or (v) assuming the accuracy
        of the representations made by Investor and Investor Parent in this Agreement and in the A&R LLC Agreement, and other than such notices that have already been given, filings that have already been made and consents that have already been
        obtained, require the sending of any notice to, making of any filing with or obtaining of any consent or approval from any Governmental Authority or any other party to any Material Contract or Real Property Agreement, except, in the case of clauses

          (ii), (iii), (iv) and (v) (x) for filings pursuant to applicable securities laws or (y) as would not be materially adverse to the Company or its relevant Affiliate, including its ability to perform its obligations under this Agreement or any
        of the other Transaction Documents to which it is or will be a party, or to the Project.

    

    

    Section 3.9        Material Contracts.

    

    

    (a)     Other than the Governing Documents of the Group Companies and the Real Property Agreements, Schedule 3.9(a) of the Disclosure Schedule sets forth a complete and accurate list as of
      the Execution Date of all of the contracts in effect to which a Group Company is a party or by which any of its assets or properties or the Project are bound that are material to such Group Company and the Project, taken as a whole (the contracts
      listed in Schedule 3.9(a) of the Disclosure Schedule, the “Material Contracts”).

    

    

    (b)      The Company has made available to Investor true, correct and complete copies of all Material Contracts as in effect as of the Execution Date.  As of the Execution Date, each of the Material
      Contracts is in full force and effect in accordance with its terms and constitutes a legal, valid and binding obligation of the relevant Group Company (if a party thereto), and, to the Company’s Knowledge, each other party thereto, except as the same
      may be limited by Creditors’ Rights and Equitable Principles.  As of the Execution Date, none of the Group Companies is in default or breach under any Material Contract, nor, to the Company’s Knowledge, is any other party thereto, and none of the
      Group Companies has received or delivered any written notice of termination or suspension of, or any default or breach under, any Material Contract.

    

    

    
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    Section 3.10     Registration Rights and Voting Rights. The Company is not required to register under the Securities Act any of its currently outstanding Equity Securities or any securities issuable upon exercise or conversion of its currently
        outstanding Equity Securities.

    

    

    Section 3.11    Consolidated Project Budget and Project Work Plan. The Execution Date Consolidated
      Project Budget set forth on Exhibit D and the Execution Date Project Work Plan set forth on Exhibit E were prepared in good faith and, to the Company’s Knowledge, the assumptions set forth therein were not, as of the date so prepared,
      incorrect or misleading in any material respect.

    

    

    Section 3.12     Absence of Certain Changes.

    

    

    (a)       Since the Contribution Date until the date hereof, the Group Companies have conducted their business in the ordinary course and there has not been any event, occurrence, development or
      state of circumstances or facts that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

    

    

    (b)      From the Contribution Date until the date hereof, there has not been any action taken by a Group Company or ioneer Parent that, if taken during the period from the date of this Agreement
      through the Closing Date without Investor’s consent, would constitute a breach of Section 5.1.

    

    

    Section 3.13     No Undisclosed Liabilities. As of the Execution Date, none of the Group Companies
      has Liabilities, and there is no existing condition, situation or set of circumstances which could reasonably be expected to result in such a Liability, other than (a) Liabilities expressly set forth in the Contribution Agreements, (b) Liabilities
      disclosed on Schedule 3.13, and (c) Liabilities incurred in the ordinary course since the Contribution Date.

    

    

    Section 3.14     Real Property.

    

    

    (a)       Schedule 3.14(a) of the Disclosure Schedule sets forth a true and complete list as of the Execution Date of all real mining claims, property leases, licenses, easements, rights of
      way or similar Contracts pursuant to which the Group Companies own or lease any real property or hold an exclusive or non-exclusive easement, license or other right to use or otherwise operate on real property, including all modifications and
      Improvements thereto (the “Real Property” and the “Real Property Agreements”).  The Company has delivered or made available to
      Investor true, correct and complete copies of all Real Property Agreements as of the Execution Date, including all amendments, supplements or modifications thereto.

    

    

    
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    (b)      The Group Companies own or possess a valid leasehold, license, easement, right of way or similar interest (in each case, subject to the terms and conditions contained in the applicable Real
      Property Agreements) in all of the Real Property related to the Project, or otherwise necessary for the construction and development of the Project in accordance with the Consolidated Project Budget and Feasibility Study, free and clear of all Liens
      other than the Permitted Encumbrances. Other than the Real Property Agreements and, once executed, the Financing Documents, as of the Execution Date, none of the Group Companies is a party to any agreement or option to purchase, lease or sublease
      pertaining to or affecting the Real Property, and to the Company’s Knowledge As of the Execution Date (i) no other party to a Real Property Agreement is in default or breach thereunder and (ii) no condition exists which, with the delivery of notice,
      the passage of time or both, would constitute such breach or default.

    

    

    (c)       As of the Execution Date, none of the Group Companies has received written notice from any Governmental Authority that any building, structure, facilities or improvements located on any
      parcel of Real Property (collectively, “Improvements”) does not comply in all material respects with valid and current certificates of occupancy or similar Permit or that any Improvements do
      not conform with any applicable Law nor does any such non-conformity or non-compliance exist.

    

    

    (d)       The Group Companies have timely paid all consideration, rent, fees and other sums and charges payable by them under the Real Property Agreements.

    

    

    (e)     As of the Execution Date, all of the Real Property Agreements are in full force and effect and constitute a legal, valid and binding obligation of the relevant Group Company, subject to
      Creditors’ Rights and Equitable Principles.  As of the Execution Date, none of the Group Companies is in default or breach under any Real Property Agreement, nor, to the Company’s Knowledge, is any other party thereto, and, to the Company’s
      Knowledge, there is no event or condition in existence that would reasonably be expected to constitute such a default or breach, and none of the Group Companies has received or delivered any written notice of termination or suspension of, or any
      default or breach under, any Real Property Agreement.  To the Company’s Knowledge, as of the Execution Date there is no pending assessment or reassessment of any parcel included in the Real Property that would result in a material increase in Taxes
      or other similar charges with respect to any parcel of Real Property.

    

    

    Section 3.15     Contribution of Assets.

    

    

    (a)      Pursuant to the agreement attached at Schedule 3.15 hereto (the “Contribution Agreement”), ioneer Parent and/or its
      relevant Affiliates have contributed to the Company all of their respective Assets and associated Liabilities to the extent relating to the Project in exchange for Units in the Company, subject to the terms and conditions of the Contribution
      Agreement.

    

    

    (b)     Following the consummation of the transactions pursuant to the Contribution Agreement, the Group Companies shall hold all Assets reasonably necessary or appropriate for the development of the
      Project other than such Assets contemplated by, and whose expense is provided for in, the Consolidated Project Budget and which the Company reasonably believes shall be acquired in the ordinary course.

    

    

    
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    Section 3.16      Employee Matters; Managers and Officers.

    

    

    (a)       As of the Execution Date, no Group Company has, nor has it ever had, any employees on its payroll.  No Group Company has ever been the subject of any Claim asserted by or on behalf of any
      Person claiming to be an employee of a Group Company.

    

    

    (b)      As of the Execution Date, no Group Company is a party to, or has ever been a party to or bound by, any collective bargaining agreement or other Contract with a labor union or similar
      representative of employees, or has ever been bound by any other obligation to any union or other employee organization or group.

    

    

    (c)       The Group Companies are in compliance with all Laws relating to employment and benefits matters in all material respects and no Group Company has received any written notice of any actual
      or potential material violation of employment Laws related to such Group Company or the Project that has not been cured.

    

    

    (d)     No Group Company (i) maintains or sponsors, participates in, contributes to, or has an obligation to contribute to (nor has it ever maintained, sponsored, participated in, contributed to or
      had an obligation to contribute to) any employee Benefit Plan or (ii) would not reasonably be expected to have any liability after the Closing arising from any employee Benefit Plan that is or has been maintained by a Group Company or any ERISA
      Affiliate of the Company.

    

    

    (e)     Schedule 3.16(e) of the Disclosure Schedule sets forth a list of all of the managers and officers of the Group Companies as of the Execution Date.

    

    

    Section 3.17     Tax Returns and Payments.

    

    

    (a)      All material Tax Returns required to be filed by the Group Companies have been duly and timely filed.  Each such Tax Return is true, correct and complete in all material respects.  All
      material Taxes (i) owed by the Group Companies or (ii) that could result in a Tax Lien (other than statutory Liens for Taxes not yet due and payable) with respect to any asset owned by a Group Company at Closing, in either case that are or have
      become due have been timely paid in full (whether or not shown on any Tax Return).

    

    

    
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    (b)     To the Company’s Knowledge, there is: (i) no written or material claim against a Group Company or any other Person for any Taxes imposed on a Group Company or that could result in a Tax Lien
      (other than statutory Liens for Taxes not yet due and payable) with respect to any asset owned by a Group Company at Closing, and (ii) no assessment, deficiency, or adjustment has been asserted, proposed, or threatened in writing with respect to any
      Taxes or Tax Returns of a Group Company or that could result in a Tax Lien (other than statutory Liens for Taxes not yet due and payable) with respect to any asset owned by a Group Company at Closing.  No material Tax audits or administrative or
      judicial proceedings are being conducted or, to the Company’s Knowledge, pending or threatened in writing with respect to a Group Company or that could result in a Tax Lien (other than statutory Liens for Taxes not yet due and payable) with respect
      to any asset owned by a Group Company at Closing.  No Claim has ever been made in writing by a Governmental Authority in a jurisdiction where a Group Company does not file Tax Returns that a Group Company is or may be subject to taxation by that
      jurisdiction or required to file a Tax Return in that jurisdiction.

    

    

    (c)      Each Group Company is and has been since its formation properly classified as either a partnership or an entity disregarded as separate from its owner for U.S. federal income tax purposes.

    

    

    (d)       None of the Group Companies has ever owned any assets other than assets that relate to the Project.

    

    

    (e)       There are no Tax Liens (other than statutory Liens for Taxes not yet due and payable) upon any of the assets of any Group Company.

    

    

    (f)      All Tax withholding, information reporting and deposit requirements imposed on any Group Company have been satisfied in full in all material respects.

    

    

    (g)      No Group Company has been a party to any “listed transaction” as defined in Section 6707A(c)(2) of the Code and Treasury Regulations Section 1.6011-4(b)(2).

    

    

    (h)      No Group Company has liability for Taxes of any Person as a transferee, successor, by contract or otherwise (excluding any commercial agreements or contracts entered into in the ordinary
      course of business that are not primarily related to Taxes).  No Group Company is a party to any Tax-sharing, Tax indemnification or similar agreement (excluding, for the avoidance of doubt, any commercial agreements or contracts entered into in the
      ordinary course of business that are not primarily related to Taxes).

    

    

    (i)       No Group Company has deferred any Taxes under Section 2302 of the CARES Act or claimed any Tax credit under Section 2301 of the CARES Act or Sections 7001-7003 of the Families First
      Coronavirus Response Act.

    

    

    Notwithstanding any other provision in this Agreement, (i) except as set forth in Section 3.14(e), the representations and warranties in this Section 3.17 are the only representations
      and warranties in this Agreement with respect to the Tax matters of the Group Companies and (ii) the Company makes no representation or warranty with respect to the existence, availability, amount, usability or limitations (or lack thereof) of any
      net operating loss, net operating loss carryforward, capital loss, capital loss carryforward, or other Tax attribute of any Group Company after the Closing Date.

    

    

    
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    Section 3.18     Insurance.  All material insurance policies maintained by the Group Companies, or otherwise covering a Group Company, in each case, as of the Execution Date, are set forth in Schedule 3.18 of the Disclosure Schedule.

    

    

    Section 3.19     Permits.

    

    

    (a)       All Permits currently held by the Group Companies as of the Execution Date are set forth on Schedule 3.19(a) of the Disclosure Schedule and such Permits are in full force and effect
      (the “Execution Date Permits”).  No Group Company is in default in any material respect under any Execution Date Permit.  As of the Execution Date, no Claim to revoke, limit or modify any of
      the Execution Date Permits has been filed or served upon a Group Company or, to the Company’s Knowledge, threatened.

    

    

    (b)      The Execution Date Permits, together with the Phase 1 Required Permits and Phase 2 Required Permits set forth on Schedule 1.1-RP, constitute all Permits necessary to construct and
      develop the Project, other than Permits that would ordinarily be obtained at a later date in the ordinary course.

    

    

    Section 3.20     Environmental Matters.

    

    

    (a)      To the Company’s Knowledge, (i) the Group Companies are in compliance with all Environmental Laws in all material respects, and (ii) as of the Execution Date, there has been no Release or
      threatened Release of any pollutant, contaminant or other toxic or hazardous material, substance or waste, material, or petroleum in any form that is subject to regulation under Environmental Law because of its hazardous, toxic, or deleterious
      properties (each a “Hazardous Substance”) by a Group Company, on, upon, into or from any site currently owned, leased or otherwise used by the a Group in violation of Environmental Laws.

    

    

    (b)      As of the Execution Date, no Group Company has received any written notice, report, order, directive, or claim regarding any actual or alleged violation, in any material respect, of
      Environmental Laws, or any material or potentially material liability, including investigatory, remedial or corrective action obligation, in each case, relating to the business of such Group Company or the Project and arising under Environmental
      Laws.

    

    

    (c)       For purposes of this Section 3.20, “Environmental Laws” means, whenever in effect, any Law relating to Releases or
      threatened Releases of Hazardous Substances, prevention and remediation of pollution or protection of the environment or natural resources, worker health and safety (to the extent related to exposure to Hazardous Substances) or the manufacture,
      handling, transport, use, treatment, storage or disposal of Hazardous Substances.

    

    

    
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    (d)     The Company has made available to Investor all material environmental audits, reports and other material environmental documents relating to the Project, including current and former
      operations and facilities of the Group Companies, which are in the possession, custody or reasonable control of the Group Companies.

    

    

    Section 3.21     Anti-Corruption Laws; Anti-Money Laundering Laws; Economic Sanctions.

    

    

    (a)      During the *** preceding the Execution Date or, if later, since its respective date of incorporation, each Group Company and each Ioneer Member has been in compliance with applicable
      Anti-Corruption Laws and Anti-Money Laundering Laws, and the Group Companies and each such Ioneer Member and their respective officers, directors, employees, and to the Company’s Knowledge, their agents, consultants, and other representatives
      representing them have not made, given, offered, authorized, or promised to make, give, offer or authorize the payment of any money, commission, reward, gift, hospitality, entertainment, inducement (including any facilitation payments) or anything
      else of value, directly or indirectly, to any Government Official or any person acting for or on behalf of any Government Official for the purpose of obtaining or retaining business or favorable governmental action or to otherwise secure any improper
      advantage in violation of the applicable Anti-Corruption Laws.

    

    

    (b)     During the *** preceding the Execution Date or, if later, since its respective date of incorporation, no Group Company nor any Ioneer Member has violated any applicable Export Controls and
      Economic Sanctions Laws.  There are not now and have not been since the Inception Date any proceedings, investigations, or disclosures by or before any Governmental Authority involving a Group Company or any Ioneer Member relating to Export Controls
      and Economic Sanctions Laws, nor to the Company’s knowledge is such a proceeding, investigation, or disclosure pending or threatened.

    

    

    Section 3.22     Compliance with Laws. Each Group Company is in compliance with all Laws applicable to the Project, in all material respects, and as of the Execution Date no Group Company has received any written notice of any material violation of Laws
        related to such Group Company or the Project that has not been cured or otherwise resolved.

    

    

    Section 3.23    Bank Accounts. Schedule 3.23 of the Disclosure Schedule sets forth a complete and accurate list, as of the Execution Date, of: (a) the names of all banks and other financial institutions at which any Group Company currently has
        an account, deposit or safe deposit box and (b) the applicable account names and numbers (along with the names of all Persons authorized to draw on such accounts or deposits or to have access to such boxes).

    

    

    Section 3.24     Brokers’ Fees. No Group Company has nor will have, based on arrangements made by or with the or any of its Affiliates, as a result of the transactions contemplated by the Transaction Documents, any liability or obligation to pay any fees
        or commissions to any broker, finder or agent.

    

    

    
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    Section 3.25    No Powers of Attorney. As of the Execution Date, there are no outstanding powers of attorney granted by or on behalf of any Group Company to any Person, and there is no other authority (express or implied) outstanding by which any Person may
        enter into any contract or commitment on behalf of any Group Company.

    

    

    Section 3.26     Solvency. There are no bankruptcy, insolvency, reorganization or arrangement proceedings pending against, being contemplated by, or, to the Company’s Knowledge, threatened against, any Group Company.  At and immediately following the
        Closing and after giving effect to the transactions contemplated by this Agreement, (a) no Group Company will be insolvent and (b) each Group Company will be able to pay its debts and obligations as they become due.

    

    

    Section 3.27   No Other Representations. Other than the representations and warranties set forth in this Article III, the Company makes no representation or warranty, express or implied, relating to any Group Company or the transactions
        contemplated by this Agreement.

    

    

    ARTICLE IV

    REPRESENTATIONS AND WARRANTIES OF INVESTOR

    

    

    Except as set forth on the disclosure schedule attached hereto as Annex B (as amended or supplemented in accordance with the terms hereof, the “Investor Disclosure Schedule”), Investor hereby represents and warrants to the Company as follows:

    

    

    Section 4.1     Organization; Good Standing; Qualification. Investor will be, following the transactions contemplated by Section 5.16, a Delaware entity, duly formed, validly existing and in good standing under the Laws of the jurisdiction of
        its formation and has all requisite power and authority to own, lease or otherwise hold its properties and assets, to carry on its business as presently conducted and to execute, deliver and perform the obligations under this Agreement.  Investor
        Parent is a company duly organized, validly existing and in good standing under the Laws of South Africa and has all requisite power and authority to carry on its business as presently conducted and to execute, deliver and perform the obligations
        under this Agreement.  Investor is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on Investor or would reasonably be expected to hinder
        Investor’s ability to consummate the transactions contemplated by this Agreement or any other Transaction Document to which Investor is or will be a party.

    

    

    Section 4.2      Authorization. All organizational action of, or with respect to, Investor, Investor Parent and their relevant Affiliates, if applicable, required to be taken in order to authorize  the due execution of, delivery of and performance by
        Investor, Investor Parent and such Affiliates of their obligations under this Agreement and each other Transaction Document to which Investor, Investor Parent or any such Affiliate is or will be a party, has been duly and validly taken by all
        necessary Persons.  This Agreement and each other Transaction Document executed and delivered or to be executed and delivered in accordance with the terms provided herein or therein by Investor, Investor Parent or their relevant Affiliates,
        assuming the due authorization, execution and delivery of this Agreement and such other Transaction Document by each other party thereto, constitutes (or shall constitute when executed and delivered, as may be applicable) the valid and legally
        binding obligation of Investor, Investor Parent and their relevant Affiliates, enforceable against Investor, Investor Parent and their relevant Affiliates in accordance with the terms of this Agreement or of such Transaction Document, subject to
        Creditors’ Rights and Equitable Principles.

    

    

    
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    Section 4.3     No Conflicts; Consents and Approvals. Subject to obtaining the consents and approvals referred to in Section 2.2(a), the execution, delivery and performance of this Agreement and each other Transaction Document to which
        Investor or any of its Affiliates is or will be a party and the consummation of the transactions contemplated by this Agreement and by each other Transaction Document to which Investor or any of its Affiliates is or will be a party does not and
        will not (i) violate or result in a breach of the Governing Documents of Investor or such Affiliate; or (ii) assuming the accuracy of the representations made by the Company and ioneer Parent in this Agreement and in the A&R LLC Agreement, and
        other than such notices that have already been given, filings that have already been made and consents that have already been obtained, require the sending of any notice to, making of any filing with or obtaining of any consent or approval from any
        Governmental Authority except, in the case of clause (ii), (x) for filings pursuant to applicable securities laws or (y) as would not be materially adverse to Investor or Investor Parent, including its ability to perform its obligations
        under this Agreement or any of the other Transaction Documents to which it is or will be a party, or to the Project.

    

    

    Section 4.4      Compliance Matters. No part of the funds used by Investor to pay the Initial Cash Consideration, any Subsequent Funding Obligation or other payments to the Company or to fund all or any part of Investor’s capital commitment has been, is, or
        will be, directly or indirectly derived from, or related to, any activities that contravene applicable Laws, including Anti-Corruption Laws, Anti-Money Laundering Laws and Export Controls and Economic Sanctions Laws.  Investor acknowledges that
        Export Controls and Economic Sanctions Laws prohibit dealing with individuals or entities in Embargoed Countries and prohibit or restrict, among other things as applicable, the engagement in transactions with, and the provision of services to
        Sanctioned Persons.  None of (a) Investor; (b) any Person Controlling or Controlled by Investor; (c) any Person that owns, directly or indirectly, 50% or more of Investor or any Persons that own, in the aggregate, directly or indirectly, 50% or
        more of Investor; or (d) any Person for whom Investor is acting as agent or nominee in connection with the transactions contemplated by this Agreement (collectively, the “Investor Parties”)

        is, or has been during the last *** , either (i) a Sanctioned Person, (ii) a Person with whom transactions are restricted or prohibited under Export Controls and Economic Sanctions Laws, or (iii) located, organized, or resident in an Embargoed
        Country or a Cuban national wherever located.  None of the Investor Parties is a senior foreign political figure or politically exposed person (as such term is defined by the Financial Action Task Force on Money Laundering) or any immediate family
        member or close associate of a senior foreign political figure or politically exposed person.  Investor is not a “foreign person” as that term is defined in 31 C.F.R. § 800.216.

    

    

    
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    Section 4.5       Private Placement Matters. Investor understands that the Acquired Units are not and will not be registered under the Securities Act or the laws of any state or other applicable jurisdiction.  Investor is aware and understands that the offering
        and sale of the Acquired Units are intended to be exempt from registration under the Securities Act by virtue of Section 4(a)(2) of the Securities Act and/or the provisions of regulations promulgated thereunder, including Rule 506(d) of Regulation
        D.  Investor is an “accredited investor” as defined in Rule 501(a) of Regulation D, as amended, under the Securities Act.  Investor recognizes that there is no established trading market for the Acquired Units and it is extremely unlikely that any
        public market for the Acquired Units will develop.  Investor understands and agrees that the Acquired Units must be held indefinitely unless the Acquired Units are subsequently registered with the Securities and Exchange Commission under the
        Securities Act and qualified by state authorities, where required, under the laws of other applicable jurisdictions, or unless an exemption from registration is available.  Investor further understands and agrees that no federal or state authority
        has approved or disapproved the Acquired Units, passed upon or endorsed the merits of the offering thereof, or made any finding or determination as to the fairness of the Acquired Units for investment.  Investor also understands that the Acquired
        Units are being offered and sold in reliance on specific exemptions from the registration requirements of federal and state securities laws and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements,
        acknowledgments and understandings set forth herein in order to determine the applicability of such exemptions and the suitability of Investor to acquire the Acquired Units.  Investor is acquiring the applicable Acquired Units for its own account
        and not with an intent to transfer or otherwise resell or distribute any part thereof.  Investor is not subject to any of the “bad actor” disqualifying events set forth in Rule 506(d) of Regulation D under the Securities Act.  Investor has
        sufficient knowledge and experience to evaluate the risks and merits of its investment in the Company and to make an informed investment decision.

    

    

    Section 4.6        Investigation.

    

    

    (a)       Investor acknowledges that it has made an independent decision to enter into this Agreement and the Transaction Documents, and that, in making its decision, Investor has relied solely upon
      any independent investigations made by Investor, its Affiliates and/or its Representatives and on the representations and warranties expressly set forth in this Agreement and in the Transaction Documents.  Investor acknowledges that none of the other
      Parties, their Affiliates or any of their respective officers, directors, managers, employees, Representatives or other agents has made, or is making, a recommendation or providing investment advice to Investor regarding an investment in the Company
      or has provided any representations or warranties, other than those representations and warranties set forth in Article III.  To the extent Investor has required or desired any advice in connection with the offering of the Acquired Units or
      entering into this Agreement or any assistance in understanding or evaluating an investment in the Company, Investor has engaged its own financial, legal, tax, accounting, regulatory and other advisors, and has not expected or received any such
      advice or assistance from the other Parties, their Affiliates or any of their respective Representatives.  Investor and any independent advisors engaged by Investor have conducted their own analysis and due diligence to the full extent they have
      deemed such action necessary, and, based upon such independent analysis and due diligence, Investor has made its own independent determination with respect to the matters contemplated hereby.

    

    

    
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    (b)      Investor acknowledges that no Party is making any representation or warranty as to the prospects, financial or otherwise, related to the Company and that any projections, estimates or
      forecasts of future results or events provided by or on behalf of the Company are subject to uncertainty and to the assumptions used in their preparation.  Investor agrees that it is acquiring the Acquired Units based on Investor’s due diligence,
      inspection, examination and determination with respect thereto as to all matters, and without reliance upon any express or implied representations or warranties of any nature, whether in writing, orally or otherwise, made by or on behalf of or
      imputed to the other Parties or their respective Affiliates or any of their respective Representatives as to the accuracy or completeness of any of the information (including projections, estimates or forecasts of future results or events) provided
      or made available to Investor or its Representatives, except as expressly set forth in the Transaction Documents.  Investor acknowledges and agrees that, except as expressly set forth in the Transaction Documents, none of the other Parties or their
      respective Affiliates or any of their respective Representatives has or shall have any liability or responsibility whatsoever to Investor or any of its Representatives on any basis (including in contract or tort, under applicable Law or otherwise)
      based upon any information (including projections, estimates or forecasts of future results or events) provided or made available, or statements made, to Investor or its Representatives.

    

    

    Section 4.7       Brokers’ Fees.  Based on arrangements made by Investor or any of its Affiliates, no Group Company will have any liability or obligation to pay any fees or commissions to any broker, finder or agent as a result of the transactions
        contemplated by the Transaction Documents.

    

    

    Section 4.8       Sufficiency of Funds. Investor Parent has, and will cause Investor to have, at all times prior to the Aggregate Capital Commitment being reduced to zero Dollars ($0.00), sufficient available funds to deliver the Initial Cash Consideration
        at the Closing and any Subsequent Funding Obligation, and to pay any and all costs and expenses required to be paid by Investor at the Closing.

    

    

    
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    Section 4.9      Anti-Corruption Laws; Anti-Money Laundering Laws. During the *** preceding the Execution Date, Investor and its Affiliates have been in compliance with applicable Anti-Corruption Laws and Anti-Money Laundering Laws, and Investor, its
        Affiliates and their respective officers, directors, employees, and to Investor’s knowledge, its and its Affiliates’ respective agents, consultants, and other representatives representing Investor or its Affiliates have not made, given, offered,
        authorized, or promised to make, give, offer or authorize the payment of any money, commission, reward, gift, hospitality, entertainment, inducement (including any facilitation payments) or anything else of value, directly or indirectly, to any
        Government Official or any person acting for or on behalf of any Government Official for the purpose of obtaining or retaining business or favorable governmental action or to otherwise secure any improper advantage in violation of the applicable
        Anti-Corruption Laws. The operations of Investor and, to the knowledge of Investor, its Affiliates are and have been conducted in compliance with all applicable financial recordkeeping and reporting requirements and Anti-Money Laundering Laws, and
        no Claim by or before any Governmental Authority against Investor or any of its Affiliates and pertaining to Anti-Money Laundering Laws is pending or, to the knowledge of Investor, threatened.

    

    

    Section 4.10    Litigation. As of the Execution Date, there is no Claim pending or, to the knowledge of Investor, currently threatened by any Person against Investor, or any of its assets or properties, or involving the Project by or before any Governmental
        Authority, or that seeks an Order restraining, enjoining or otherwise prohibiting any of the transactions contemplated by this Agreement or any Transaction Document or that would reasonably be expected to materially and adversely affect, restrict
        or hinder completion of the Project or result in a material Liability of Investor any.  As of the Execution Date, there is no Claim pending by Investor, or which Investor has commenced preparations to initiate, against any other Person.

    

    

    Section 4.11     Tax Status.  (i) Following the transactions contemplated by Section 5.16, Investor will be a United States person (as defined in Section 7701(a)(30) of the Code), or will be disregarded as an entity separate from such a United
        States person, and will deliver to the Ioneer Members or the Company a valid IRS Form W-9, and (ii) as a result of Investor’s ownership interest in the Company, the property of the Company or any entity in which the Company owns equity interests
        will not be treated as owned, leased by, leased to, or otherwise used by (A) an organization that is exempt from tax imposed by chapter 1 of the Code, (B) the United States, any state (including the District of Columbia) or political subdivision
        thereof, any international organization (as defined in Section 7701(a)(18) of the Code), or any agency or instrumentality of the United States, of any state or political subdivision thereof, or of any such international organization, (C) any
        non-United States person or entity that is not excluded from the definition of “tax-exempt entity”, or (D) any Indian tribal government described in Section 7701(a)(40) of the Code, in each case, for purposes of Section 168 of the Code and the
        Treasury Regulations promulgated thereunder, as well as pursuant to any similar provision of U.S. federal, state or local income tax law.

    

    

    Section 4.12     No Other Representations. Other than the representations and warranties set forth in this Article IV, Investor makes no representation or warranty, express or implied, relating to itself or the transactions contemplated by this
        Agreement.

    

    

    
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    ARTICLE V

    COVENANTS

    

    

    Section 5.1       Conduct of Business by the Company.

    

    

    (a)       The Company covenants and agrees that, from the Execution Date and continuing until the earlier of the Closing Date and the termination of this Agreement, except (1) as permitted by this
      Agreement, (2) as set forth in Schedule 5.1(a) of the Disclosure Schedule, (3) as contemplated by applicable Law or the rules, regulations or requirements of any Governmental Authority applicable to the Company or ioneer Parent, (4) as
      required by the terms of any Permit, Material Contract or Real Property Agreement, (5) as contemplated by the Consolidated Project Budget or the Project Work Plan, (6) with respect to the incurrence of any Liabilities of the Company that are fully
      satisfied and paid prior to the Closing, (7) for actions taken in connection with the Financing, (8) as requested by Investor, or (9) to the extent Investor shall otherwise consent in writing (which consent shall not be unreasonably withheld,
      conditioned or delayed), (x) the Company shall, and shall cause each of its Subsidiaries to, conduct its business in the ordinary course of its business, (y) the Company shall conduct its business, including the development of the Project, in
      accordance with the Consolidated Project Budget and Project Work Plan (in each case, as may be updated from time to time in accordance with this Agreement) in all material respects, and (z) the Company and its subsidiaries shall not:

    

    

    (i)        make any change or amendment to its Governing Documents, other than changes or amendments to the Governing Documents of any Subsidiary of the Company that would not be detrimental to
      Investor;

    

    

    (ii)      make any change to the Consolidated Project Budget or the Project Work Plan (for the avoidance of doubt, to the extent not permitted pursuant to Section 5.1(c));

    

    

    (iii)      make any change to the Contribution Agreement;

    

    

    (iv)       merge or consolidate with any Person, acquire all or substantially all of the assets of any Person, or purchase or acquire the Equity Securities of any Person;

    

    

    (v)       sell, issue, split, combine or reclassify any of the Equity Securities of the Company or any Subsidiaries or otherwise change the capital structure of the Company or any Subsidiary;

    

    

    (vi)      enter into any agreement or arrangement with ioneer Parent or any of its Affiliates (for the avoidance of doubt, to the extent not permitted pursuant to Section 5.10);

    

    

    (vii)      incur any capital expenditures or any obligations or Liabilities exceeding *** individually in any 12-month period;

    

    

    
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    (viii)    sell, lease, assign, transfer, dispose of, or create or incur any Lien on any Assets having a value in excess of *** individually or *** in the aggregate in any 12-month period, other than
      in the ordinary course of business or sales or similar transactions of excess or obsolete equipment;

    

    

    (ix)      (1) enter into any agreement or arrangement that limits or otherwise restricts in any material respect the development of the Project in accordance with the Consolidated Project Budget and
      Project Work Plan (in each case, as may be updated from time to time in accordance with this Agreement) or (2) enter into, amend, or voluntarily terminate any Material Contract, excluding any entry into, amendment or termination that the Company
      determines in good faith is reasonable or appropriate in connection with the development of the Project in accordance with the Consolidated Project Budget and Project Work Plan (in each case, as may be updated from time to time in accordance with
      this Agreement), or otherwise waive, release or assign any material rights, claims or benefits of the Company;

    

    

    (x)        hire any employees;

    

    

    (xi)     (1) grant or increase any severance or termination pay to (or amend any existing arrangement with) any director or officer of a Group Company, (2) enter into any deferred compensation or
      other similar arrangement (or amend any such existing agreement) with any director or officer of a Group Company, (3) establish, adopt or amend (except as required by applicable Law) any collective bargaining agreement, bonus, profit-sharing, thrift,
      pension, retirement, deferred compensation, compensation, stock option, restricted stock or other benefit plan or arrangement, or (4) increase compensation, bonus or other benefits payable to any director or officer of a Group Company, other than in
      the ordinary course of business consistent with past practice;

    

    

    (xii)      take any action with respect to any liquidation, dissolution, reorganization, or other winding up;

    

    

    (xiii)    purchase, lease or otherwise acquire any property or assets for an amount in excess of *** individually or *** in the aggregate in any 12-month period, other than in the ordinary course of
      business;

    

    

    (xiv)    ***

    

    

    (xv)      make any loans, advances, or capital contributions to, or investments in, any Person;

    

    

    (xvi)     create, incur, assume, suffer to exist or otherwise be liable with respect to any Indebtedness;

    

    

    
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    (xvii)   (1) change any material Tax election, (2) change any material Tax accounting method, (3) enter into any closing agreement within the meaning of Section 7121 of the Code (or any corresponding
      or similar provision of state, local or non-U.S. Tax Law), (4) enter into a Tax sharing, Tax indemnification or similar agreement (excluding, for the avoidance of doubt, any commercial agreements or contracts entered into in the ordinary course of
      business that are not primarily related to Taxes), (5) file any amended material Tax Return, (6) enter into any material agreement with any Tax authority with respect to Taxes or (7) consent to any extension or waiver of limitations regarding any
      material amount of Taxes;

    

    

    (xviii)  enter into or effect any transaction that would reasonably be expected to cause the conditions to the Closing set forth in Article II not to be satisfied; or

    

    

    (xix)     agree, or otherwise commit itself to take any of the actions described above.

    

    

    (b)      Unless otherwise approved by Investor in writing, the portion of the Aggregate Capital Commitment contributed to the Company pursuant to this Agreement will be used by the Company in
      accordance with the Consolidated Project Budget.

    

    

    (c)     The Parties acknowledge and agree that the Execution Date Consolidated Project Budget and the Execution Date Project Work Plan attached hereto as Exhibits D and E respectively
      are subject to change and development as the Project progresses to a final investment decision and the issuance of the “Full Notice to Proceed” (as defined in the EPCM). Accordingly, it is agreed and understood that from the Execution Date and
      continuing until the earlier of the Closing Date and the termination of this Agreement:

    

    

    (i)        the aggregate amount of capital expenditures included in the Consolidated Project Budget may (A) be increased by the Company without the prior written consent of Investor until such
      aggregate amount reaches *** (provided that Investor’s prior consent shall not be required for an increase in the aggregate amount of capital expenditures included in the Consolidated Project Budget beyond ***
      if ioneer Parent or its Affiliates fund such excess amount without a reduction in Investor’s equity ownership in the Company or in any of Investor’s rights in the Company or pursuant to any Transaction Document) and (B) subject to clause (A) above,
      be revised by the Company from time to time without the prior written consent of Investor so as to adjust line items (including amounts) or other matters;

    

    

    (ii)      the Project Work Plan may be amended without the prior written consent of Investor provided that any new Commercial Operations Date has been reasonably determined and is no later than ***
      from the corresponding date set forth on Exhibit E (provided that if the Closing Date is delayed from the corresponding date set forth on Exhibit E, then such *** period shall be extended on a
      day for day basis for any corresponding delay in the Closing Date); and

    

    

    (iii)     notwithstanding the foregoing, any proposed changes to the Consolidated Project Budget or the Project Work Plan from time to time shall be discussed first by the Technical Committee
      established pursuant to Section 5.12, and the Company shall use its commercially reasonable efforts to incorporate any reasonable comments thereon or changes thereto made by Investor to any such proposed changes.

    

    

    
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    Section 5.2       Efforts to Consummate.

    

    

    (a)      Efforts to Consummate Generally.  Subject to the terms and conditions of this Agreement, each of the Parties will use its commercially reasonable efforts to take, or cause to be
      taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under Law to consummate the transactions contemplated by this Agreement, including using commercially reasonable efforts to  cause the conditions precedent
      set forth in Article II to be satisfied,  obtain all necessary waivers, consents, approvals, permits, orders or authorizations (including the expiration or termination of any waiting periods) from Governmental Authorities and the making of
      all necessary registrations, declarations and filings (including registrations, declarations and filings with Governmental Authorities, if any) and take all steps as may be necessary to avoid, or to have terminated, if begun, any proceeding by any
      Governmental Authority by the Closing Date and  obtain all necessary waivers, consents, approvals, permits, orders or authorizations from other third parties.  Without limiting the generality of the foregoing, the Company shall use its commercially
      reasonable efforts to obtain the Phase 1 Required Permits as promptly after the Execution Date as possible.

    

    

    (b)       As from the date of this Agreement, the Company will keep Investor regularly informed, as reasonably requested by Investor from time to time, as to the progress of the registrations,
      declarations and filings and other actions necessary to cause the conditions precedent set forth in Sections 2.2 and 2.3(d) to be satisfied and as to the satisfaction of each such condition.

    

    

    (c)    As from the date of this Agreement, ioneer Parent and the Company shall, and shall cause their relevant Affiliates to, use their commercially reasonable efforts to take, or cause to be taken,
      all actions and to do, or cause to be done, all things necessary, proper or advisable under Law to (i) obtain as promptly as practicable any consent, authorization approval or waiver required to consummate the contribution of any and all Contribution
      Assets (as defined in the Contribution Agreement) pursuant to the Contribution Agreement, (ii) in the event that any such consent, authorization, approval or waiver cannot be obtained, enter into the arrangements referred to in section 3(b) of the
      Contribution Agreement, and (iii) if applicable, implement the arrangements referred to in section 1(e) of the Contribution Agreement.

    

    

    Section 5.3       Further Assurances. Upon the reasonable request of any other Party at any time at or after the Closing, a Party shall, or if requested shall cause its Affiliates to, promptly execute and deliver such further instruments and other documents,
        and take such further actions, as such other Party or its counsel may reasonably request in order to effectuate the transactions contemplated by this Agreement.

    

    

    
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    Section 5.4      Publicity.  No Party or any of their respective Affiliates shall issue any press release or similar public announcement pertaining to the Project, this Agreement or the transactions contemplated hereby without the prior consent of the other
        Parties, except as may be required by applicable Law or by obligations pursuant to any listing agreement with any national securities exchange, as reasonably determined by the Party issuing such press release or making such public announcement, in
        which case such issuing or announcing Party shall provide at least *** prior notice of such press release or public announcement to the other Parties for review and comment, which shall be taken into account in the announcing Party’s reasonable
        discretion.  Notwithstanding anything herein to the contrary, no Party’s consent shall be required for (a) the placement of customary “tombstone” advertisements in financial and other publications and media following the Closing and (b) any press
        release or similar public announcement (i) in substantially the same form, content and context as a prior press release or similar public announcement that has received consent from all Parties or (ii) limited to information that is already
        publicly available.

    

    

    Section 5.5      Confidentiality.  Each Party hereby agrees to keep the terms of this Agreement confidential and to not disclose them in any manner without the prior written consent of the other Parties; provided,
        however, that (a) any Party may disclose such terms to its Affiliates and its and their officers, directors, managers, employees, stockholders, members, partners, legal advisors, accountants, financial
        advisors, consultants and other representatives (collectively “Representatives”), and to potential and existing investors and potential and existing financing sources, in each case, who
        need to know such information and who are bound by confidentiality terms at least as strict as those contained in this Agreement, (b) any Party may disclose such terms in response to a court order or subpoena; provided
        that such Party first notifies the other Parties (if permitted) and cooperates with such other Parties to obtain a waiver of compliance or a protective order or other appropriate remedy and, in the absence of the foregoing, only discloses such
        information as such Party is legally compelled to disclose, (c) any Party may disclose such terms if so required by applicable Law or by obligations pursuant to any listing agreement with any national securities exchange, and (d) any Party may
        disclose such terms solely to the extent necessary to perform its obligations and enforce its rights hereunder or under any other Transaction Document. Upon the Closing, the obligations of the Parties under this Section 5.5 shall be
        superseded and replaced by the terms and conditions of Section 10.5(a) and Section 10.5(b) of the A&R LLC Agreement.

    

    

    Section 5.6      Tax Matters. The Parties agree that for U.S. federal income tax purposes, any
      capital contributions to be made by Investor to the Company under this Agreement will be treated as a nontaxable contribution to the Company in connection with the exercise of a noncompensatory option pursuant to Section 721 of the Code and the
      Parties will not take any position inconsistent therewith in any Tax Return or judicial, administrative or other proceeding unless otherwise required by applicable Law or a final “determination” within the meaning of Section 1313(a) of the Code.

    

    

    
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    Section 5.7       Affiliate Agreements. At or prior to the Closing, the Company shall terminate all Contracts between the Company, on the one hand, and any of its Affiliates, officers, directors, managers, employees, stockholders, members or partners, on the
        other hand, other than the Transaction Documents, the Existing LLC Agreement and those other Contracts set forth on Schedule 5.7 of the Disclosure Schedule.

    

    

    Section 5.8     Access; Books and Records. From the date of this Agreement until the Closing Date,
      the Company shall provide Investor and its Representatives with reasonable access, upon reasonable prior notice and during normal business hours, to all (i) officers, agents and accountants of the Company; and (ii) the Company’s assets, properties,
      books and records, but only to the extent that such access does not unreasonably interfere with the business and operations of the Company or any of its Affiliates; provided that the Company shall not be
      required to furnish any such information where the furnishing of such information would violate any applicable Law, Material Contract or Real Property Agreement (provided, however,
      that the Company shall use commercially reasonable efforts to obtain a waiver that would permit such furnishing of information, which commercially reasonable efforts shall not require the Company to expend any funds or incur additional liabilities or
      obligations), or could be reasonably expected to jeopardize any privilege relating to such information available to the Company or any of its Affiliates; provided, further,
      that neither Investor nor any of its Affiliates or Representatives shall be permitted to perform any invasive sampling of environmental media (including, but not limited to, surface soils, subsurface soils, air, surface water, or groundwater water).

    

    

    Section 5.9       Debt Financing.

    

    

    (a)       The Company shall use its commercially reasonable efforts to secure the Financing as promptly after the Execution Date as possible.  The Company shall keep Investor regularly informed as to
      the progress of the Financing, including providing drafts thereof, and the Company shall use commercially reasonable efforts to incorporate any reasonable comment made by Investor thereon.

    

    

    (b)     The Parties agree that the Financing shall be entered into with commercial banks or credit providers of international or United States national reputation and standing which are not
      Sanctioned Persons, on terms and conditions that are customary for limited recourse project financing for projects of a similar scope and nature to the Project and that, without the prior written consent of Investor, the Financing shall (i) not
      include any commitment or obligation whatsoever from Investor other than requiring Investor to enter into, execute and deliver (A) an equity contribution agreement reflecting the terms of this Agreement and such other terms and conditions reasonably
      requested by the Company’s lenders pursuant to the Financing and (B) such other documentation as the Company’s lenders pursuant to the Financing may reasonably request (provided that the documentation referred to in clauses (A) and (B) will not,
      without Investor’s prior written consent, include commitments and obligations of Investor that are in excess of those made by Investor pursuant to this Agreement), and (ii) maintain a debt to equity ratio of no less than ***.

    

    

    
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    (c)      From the date of this Agreement until the Closing Date Investor shall use commercially reasonable efforts to provide all documentation and information about Investor, as applicable, and each
      of its respective Affiliates as is reasonably requested by the Company in connection with the Financing that is related to applicable “know your customer” and other Anti-Money Laundering Laws, and including without limitation, providing information
      necessary for the Company to deliver customary certification regarding its beneficial ownership as required pursuant to 31 C.F.R. § 1010.230.

    

    

    (d)     Prior to the Closing, in the event that the amount of the commitments secured in the Financing are less than the Third Party Financing Amount, the Parties shall discuss in good faith whether
      to fund such shortfall through additional capital contributions and the funding of any such shortfall will be in accordance with the terms and conditions Section 10.1(b) of the form of A&R LLC Agreement attached as Exhibit A as if such
      A&R LLC Agreement were in effect as of such time, provided that (i) no Party shall have any obligation whatsoever to provide any such additional funding, (ii) in the event that any such additional capital
      funding is provided by the Ioneer Members and/or Investor, the respective capital ownership of the Ioneer Members and Investor shall be adjusted correspondingly, and (iii) in any event, the minimum debt to equity ratio set forth in Section 5.9(b)
      must be maintained.

    

    

    Section 5.10     Ancillary Agreements.  From the date of this Agreement until the Closing Date,
      ioneer Parent, the Company and Investor shall negotiate in good faith long-form agreements incorporating the key terms attached at Exhibit B (the “Ancillary Agreements”) and shall use commercially reasonable efforts to execute such long-form
      agreements as promptly as reasonably practicable.  In the event that one or more Ancillary Agreements have not been executed by the Closing, the terms attached at Exhibit B shall become binding on the relevant Parties (together with such
      other customary terms and conditions applicable to agreements of such nature) and the Parties shall continue to use commercially reasonable efforts to execute such Ancillary Agreements as soon as possible after the Closing.

    

    

    Section 5.11     Reclamation Bonding Support.

    

    

    (a)      Investor shall use commercially reasonable efforts to assist the Ioneer Members and the Company in procuring the most favorable funding terms for the Company with respect to any required
      reclamation bonds for the Project. The Company shall keep Investor fully informed of the progress of any such funding.

    

    

    (b)      Should the Company not be able to procure funding with respect to any required reclamation bonds on commercially acceptable terms, as determined by Investor in its reasonable discretion,
      and/or not be able to such procure funding from a financial institution at a cost equal to or less than *** (the *** “Funding Rate”), then Investor will have the option, at Investor’s sole
      election, to procure the relevant funding for and on behalf of the Company or provide such funding directly.

    

    

    
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    (c)     If Investor decides to exercise the funding option under Section 5.11(b), the amount of Investor’s aggregate commitment under such funding shall not exceed ***, and (i) if Investor
      provides the relevant funding to the Company, the interest rate on the principal amount of such funding shall be equal to the Funding Rate, and (ii) if Investor provides the relevant funding directly to the relevant third party, the Company will pay
      a fee to Investor equal to the Funding Rate on the principal amount so funded by Investor.

    

    

    (d)       The Company and Investor shall use their commercially reasonable efforts so that any funding provided by Investor under Section 5.11 be replaced by the Company, and Investor be
      fully released from any and all obligations under such funding, as soon as reasonably practicable upon achievement of commercial production.

    

    

    Section 5.12   Technical Committee.  ioneer Parent and Investor hereby establish a Technical
      Committee (the “Technical Committee”), which shall consist of up to *** members, up to *** of which shall be designated by ioneer Parent and up to *** of which shall be designated by
      Investor. The Technical Committee shall meet to discuss and review issues of a technical nature concerning the Project, including with respect to risks, Permits, technical assurance to the Consolidated Project Budget and the Project Work Plan, and
      any proposed changes to the Consolidated Project Budget or the Project Work Plan. Each member of the Technical Committee shall be permitted to conduct at least *** site visits per year at reasonable intervals of time and upon reasonable advance
      notice to the Company; provided, however, that such site visits may be conditioned upon such Technical Committee members executing any applicable liability waivers or
      other documents reasonably requested by the Company and complying with all applicable policies and procedures of the Company with respect to site visitors.  The Technical Committee shall meet (including remotely) at least quarterly unless otherwise
      agreed by ioneer Parent and Investor. In addition to any regularly scheduled meetings, any member of the Technical Committee may call a meeting of the Technical Committee on no less than *** advance notice. The Technical Committee shall be disbanded
      upon the Closing.

    

    

    Section 5.13     Exclusivity.  Until the earlier of the occurrence of the Closing and the termination of this Agreement in accordance with its terms, except as required by Law, ioneer Parent shall not and shall cause its
        Affiliates not to, directly or indirectly, including through their respective directors, officers, employees and other representatives and/or advisors (i) pursue, solicit, encourage, facilitate, or negotiate any Alternative Transaction with any
        third party (other than Investor or any of its Affiliates and their respective designated representatives and advisors) or (ii) provide, give access to or consent to provide or give access to any information with respect to any of the Group
        Companies to any person (other than Investor or any of its Affiliates and their respective designated representatives and advisors) with a view to evaluating, negotiating or implementing an Alternative Transaction.

    

    

    ***

     

    

    
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    Section 5.15     Investor Parent Guarantee.

    

    

    (a)      In consideration of the Company entering into this Agreement, Investor Parent hereby unconditionally and irrevocably guarantees to the Company, as a continuing obligation, the full, due and
      punctual performance, observation and payment by Investor of its obligations under this Agreement.

    

    

    (b)     Investor Parent’s obligations under this Section 5.15 shall not be satisfied, prejudiced, discharged, released, impaired, lessened or otherwise affected by any matter or thing which
      but for this provision might operate to satisfy, prejudice, discharge, release, impair, lessen or otherwise affect those obligations.

    

    

    (c)      Investor Parent waives any right it may have to require the Company to proceed first against or enforce any other rights or security or claim payment from any Person before claiming under
      this Section 5.15.

    

    

    Section 5.16     Incorporation of Investor. Investor Parent shall have the right to designate an
      Affiliate of Investor Parent as the “Investor” hereunder by causing such designee to execute and deliver to the Company a joinder agreement on terms and conditions mutually acceptable to the Parties, acting reasonably, in which such designee agrees
      to be bound by this Agreement as the “Investor” hereunder and to observe and comply with this Agreement and with all obligations imposed on Investor hereunder, no later than the date that is *** Business Days prior to the anticipated Closing Date,
      and the designation and execution of a joinder agreement pursuant to this Section 5.16 shall relieve Investor Parent of its obligations and liabilities under this Agreement other than those obligations and liabilities which are specific to
      Investor Parent (including under Section 5.15). Any such designee of Investor Parent shall be formed or incorporated, as applicable, no earlier than the date that is *** Business Days prior to the date on which such joinder agreement is
      executed and delivered to the Company pursuant to this Section 5.16.

    

    

    
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    Section 5.17    Antitrust Matters. Investor shall file or cause to be filed with the United States
      Federal Trade Commission (“FTC”) and the Antitrust Division of the United States Department of Justice (“DOJ”) a Notification and
      Report Form relating to this Agreement and the transactions contemplated by this Agreement as required by the HSR Act within *** days following the date of this Agreement. Such filing shall specifically request early termination of the HSR waiting
      period. ***. Investor shall promptly file or cause to be filed comparable pre-merger notification filings, forms and submissions with any Governmental Authority that are required by other applicable antitrust laws in connection with the transactions
      contemplated by this Agreement (with any comparable pre-merger filings to be made as soon as reasonably practicable following the date of this Agreement), and Investor shall not make such Governmental Authority filings without the prior written
      consent of the Company (not to be unreasonably withheld or delayed). Each of Investor and the Company will (A) cooperate and coordinate (and cause its respective Affiliates to cooperate and coordinate) with the other in the making of such filings;
      (B) supply the other (or cause the other to be supplied) with any information or documents that may be required in order to make such filings, provided that insofar as any such information or documents are competitively sensitive, such information or
      documents may be provided directly to the relevant Governmental Authorities or, if required, on an outside counsel-to-counsel, in each case on a strictly confidential basis; (C) supply (or cause the other to be supplied) any additional information
      that reasonably may be required or requested by the FTC, the DOJ or the Governmental Authorities of any other applicable jurisdiction in which any such filing is made; and (D) use commercially reasonable efforts to (1) cause the expiration or
      termination of the applicable waiting periods pursuant to the HSR Act and any other antitrust laws applicable to the transactions contemplated by this Agreement; and (2) obtain any required consents pursuant to any antitrust laws applicable to the
      transactions contemplated by this Agreement as soon as practicable. Investor (and its Affiliates, if applicable), on the one hand, and the Company (and its Affiliates), on the other hand, will (i) promptly inform the other party of any material
      written or oral communication received from any Governmental Authority relating to the transactions contemplated hereby (and if in writing, furnish the other party with a copy of such communication); (ii) use commercially reasonable efforts to
      respond as promptly as practicable to any request from any Governmental Authority for information, documents or other materials in connection with the review of the HSR Act filings or the transactions contemplated hereby; (iii) provide to the other
      party, and permit the other party to review and comment in advance of submission, all proposed material correspondence and written communications to any Governmental Authority with respect to the transactions contemplated hereby; and (iv) not
      participate in any substantive meeting or discussion with any Governmental Authority in respect of investigation or inquiry concerning the transactions contemplated hereby without giving the other parties reasonable prior notice of such meeting or
      discussions and, except as prohibited by applicable Law or Governmental Authority, giving the other party the opportunity to attend and participate thereat.

    

    

    Section 5.18     Committee on Foreign Investment in the United States.

    

    

    (a)      The Parties have mutually determined that they will not make a filing with CFIUS under Section 721 of the DPA with respect to the transactions contemplated under this Agreement, based on
      their mutual agreement that no such filing is required or warranted.

    

    

    (b)       In the event that CFIUS directs the Parties to submit a filing, the Parties shall (i) prepare and file, or cause the preparation and filing of, as promptly as reasonably practicable but in
      no event later than 15 Business Days after CFIUS directs the Parties to submit a filing, a pre-filing joint voluntary notice with CFIUS pursuant to the DPA and 31 C.F.R. § 800.501(g) and, (ii) as soon as practicable after (but no earlier than five
      Business Days after) the pre-filing, prepare and file a formal joint voluntary notice with CFIUS; (iii) provide any other relevant information or submissions requested by CFIUS or any other agency or branch of the U.S. government in connection with
      CFIUS review or investigation of the transactions contemplated by this Agreement within the timeframes required by the DPA unless CFIUS agrees in writing to an extension of such timeframe; (iv) provide each other with the reasonable opportunity to
      review and comment on any information or submission provided to CFIUS, with the exception of personal identifier information required under 31 C.F.R. § 800.502(c)(5)(vi)(B); (v) coordinate and cooperate fully with each other in exchanging such
      information and provide such assistance as the other Party may reasonably request in connection with the foregoing; (vi) promptly inform the other Party of any communication (orally or in writing) received by such Party from, or given by such Party
      to, CFIUS, including by promptly providing copies to the other Party of any such written communications; (vii) permit the other Party to review in advance any communication that it gives to, and consult with each other in advance of any meeting,
      substantive telephone call or conference with CFIUS, and to the extent not prohibited by CFIUS, give the other Party the opportunity to attend and participate in any such meeting, call, or conference with CFIUS; (viii) use, or cause their respective
      Affiliates to use, their reasonable best efforts to obtain CFIUS Approval as promptly as practical after the Execution Date; and (ix) refrain from Closing until such time as the Parties obtain CFIUS Approval. Investor and the Company shall each be
      responsible for 50% of the filing fee under the DPA.

    

    

    ***

     

    

    
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    ARTICLE VI

    SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION; EXCULPATION

    

    

    Section 6.1     Survival. The right to assert an indemnification claim with respect to the representations and warranties (other than the Fundamental Representations) made by the Company in Article III or by Investor in Article IV shall
        survive the Closing for *** from the Closing Date; provided that the Fundamental Representations and the representations and warranties in Section 3.17 (Tax Returns and Payments) shall survive until the expiration of the applicable statute
        of limitations, and the representations and warranties in Sections 3.21 and 4.9 (Anti-Corruption Laws; Anti-Money Laundering Laws; Economic Sanctions) shall survive the Closing for ***. Any covenant or agreement to be first
        performed prior to the Closing shall terminate and expire at the Closing and any covenant or agreement to be performed after the Closing except as otherwise provided in this Section 6.1, shall survive until performed in accordance with its
        terms.  The indemnities in Section 6.2(a) and Section 6.2(b) shall terminate as of the expiration date of each respective representation, warranty, covenant or agreement that is subject to
        indemnification, except in each case as to matters for which a specific written claim for indemnity has been delivered to the Indemnifying Party on or before such expiration date.  The representations, warranties, covenants and agreements contained
        in this Agreement shall be of no further force and effect after the date of the expiration of a right to assert an indemnification claim with respect thereto; provided that there shall be no termination of
        any claim asserted pursuant to this Agreement with respect to such a representation, warranty, covenant or agreement prior to the applicable expiration date.

    

    

    
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    Section 6.2       Agreements to Indemnify.

    

    

    (a)       Subject to the terms and conditions of this Article VI, from and after the Closing, ioneer Parent shall indemnify, defend and hold harmless Investor, its equity holders and
      Affiliates, and their respective managers, directors, officers, employees and agents (collectively, the “Investor Group”), but expressly excluding the Company and its Subsidiaries, from and
      against all Claims, actions or causes of action, assessments, demands, losses, damages, judgments, fines, settlements, Liabilities, costs and expenses, including interest, penalties and reasonable attorneys’, experts’ and accounting fees and expenses
      of any nature whatsoever (subject to Section 6.8(b), collectively, “Damages”), suffered by, imposed upon or incurred by the Company, a subsidiary of the Company or any member of the
      Investor Group to the extent caused by, arising from or based upon any breach of a representation and warranty set forth in Article III or a breach of any covenant or agreement of ioneer Parent or the Company contained in this Agreement. 
      Subject to the other terms of this Article VI, in the event that the Damages of the Investor Group are suffered by, imposed upon or incurred by (i) a member of the Investor Group, the amount of Damages to be indemnified by ioneer Parent shall
      be equal to the full amount of such Damages (subject to the limitations included in this Article VI) or (ii)  the Company or one of its subsidiaries (and, for the avoidance of doubt, such Damages are indemnifiable hereunder), the amount of
      Damages to be indemnified by ioneer Parent shall be equal to the full amount of such Damages (subject to the limitations included in this Article VI) multiplied by the equity percentage owned directly and indirectly by Investor in the
      Company at Closing.

    

    

    (b)      Subject to the terms and conditions of this Article VI, from and after the Closing, Investor shall indemnify, defend and hold harmless the Company, its equity holders and Affiliates,
      and their respective managers, directors, officers, employees and agents (collectively, the “Company Group”) from and against all Damages suffered by, imposed upon or incurred by any member
      of the Company Group to the extent caused by, arising from or based upon any breach of any representation or warranty of Investor contained in Article IV or  any breach of any covenant or agreement of Investor contained in this
      Agreement.

    

    

    Section 6.3    Conditions to Indemnification.  Whenever any claim shall arise for indemnification under this Article VI, the party seeking indemnification (the “Indemnified Party”) shall
        promptly notify the Party from whom indemnification is sought (the “Indemnifying Party”) of the existence of the claim and, when known, the facts constituting the basis for such claim; provided, that, no delay in or failure to give such notice shall relieve the Indemnifying Party of its obligations pursuant to this Article VI except as otherwise provided in Section 6.3(a). The
        obligations and liabilities of ioneer Parent to indemnify the Investor Group under Section 6.2(a) or of Investor to indemnify the Company Group under Section 6.2(b), resulting from the assertion of any Damages by third parties (a “Third Party Claim”), shall be subject to the following terms and conditions:

    

    

    (a)       The Indemnified Party will give the Indemnifying Party prompt notice of any such Third Party Claim, including the specific details of and specific basis under this Agreement for its claim
      (a “Claims Notice”) and shall enclose a copy of all papers (if any) served to the Indemnified Party with respect to the Third Party Claim; provided,
      however, that failure to provide such Claim Notice will not relieve the Indemnifying Party of its obligations under this Agreement unless and to the extent such failure results in insufficient time being
      available to permit the Indemnifying Party to effectively defend against such Third Party Claim or otherwise actually and materially prejudices the Indemnifying Party’s ability to defend against such Third Party Claim.  In the event that the claim
      for indemnification is based upon an inaccuracy or a breach of a representation, warranty, covenant or agreement, the Claim Notice shall specify the representation, warranty, covenant or agreement that was purportedly inaccurate or breached.

    

    

    
      46

      
        

    

    (b)      In the case of a claim for indemnification based upon a Third Party Claim, the Indemnifying Party shall have *** from its receipt of the Claim Notice to notify the Indemnified Party whether
      it admits or denies its obligation to defend and indemnify the Indemnified Party against such Third Party Claim at the sole cost and expense of the Indemnifying Party.  The Indemnified Party is authorized, prior to and during such *** period, at the
      expense of the Indemnifying Party, to file any motion, answer or other pleading that it shall deem necessary or appropriate to protect its interests or those of the Indemnifying Party and that is not prejudicial to the Indemnifying Party.

    

    

    (c)      As to a claim for indemnification based upon a Third Party Claim, except as set forth in Section 6.3(f), the Indemnifying Party shall be, subject to the limitations set forth in this
      Section 6.3, entitled to assume full control of the defense of such Third Party Claim and proceedings, including any compromise or settlement thereof.  If requested by the Indemnifying Party, the Indemnified Party agrees to cooperate in
      contesting any Third Party Claim which the Indemnifying Party elects to contest.

    

    

    (d)     Notwithstanding anything to the contrary in this Section 6.3: an Indemnified Party shall have the right, at its own cost and expense, to participate in (but not control) the defense,
      compromise or settlement of such claim (except if there exists a conflict of interest that could make it inappropriate under applicable standards of professional conduct for the Indemnifying Party and the Indemnified Parties to have common counsel
      such participation, including the reasonable fees and expenses of separate counsel, shall be at the expense of the Indemnifying Party); the Indemnifying Party shall not, without the written consent of the Indemnified Party, settle or compromise any
      claim or consent to the entry of any judgment (x) that does not include as an unconditional term thereof the giving by the claimant or the plaintiff to the Indemnified Party a release from all liability in respect of such claim, or that involves a
      finding of or admission of criminal wrongdoing, or (y) as a result of which injunctive or other equitable relief, or the payment of any monetary damages as to which the Indemnified Party shall not be paid in full by the Indemnifying Party, would be
      imposed against the Indemnified Party.

    

    

    (e)      If the Indemnifying Party fails to diligently prosecute, indemnify against or settle such Third Party Claim (as finally determined by a court of competent jurisdiction), then the Indemnified
      Party shall have the right to defend against the Third Party Claim at the sole cost and expense of the Indemnifying Party, with counsel of the Indemnified Party’s choosing, subject to the right of the Indemnifying Party to assume the defense of the
      Third Party Claim at any time prior to settlement or final determination thereof.  If settlement has been offered and the Indemnifying Party has not yet assumed the defense of such Third Party Claim, the Indemnified Party shall send written notice to
      the Indemnifying Party of any proposed settlement and the Indemnifying Party shall have the option for *** following receipt of such notice to (i) admit in writing its obligation to indemnify the Indemnified Party from and against the liability and
      consent to such settlement, (ii) if liability is so admitted, reject, in its reasonable judgment, the proposed settlement, or (iii) deny liability.  Any failure by the Indemnifying Party to respond to such notice shall be deemed to be an election
      under subsection (iii) above.

    

    

    
      47

      
        

    

    (f)       With respect to any claim for indemnification based on a Third Party Claim for Taxes assessed directly against an Indemnified Party, the Indemnified Party shall control the defense of such
      Third Party Claim and proceedings and shall keep the Indemnifying Party informed on such Third Party Claim and proceedings and will consider in good faith any comments made by the Indemnifying Party, provided that the Indemnified Party shall not
      settle or compromise such Third Party Claim without the consent of the Indemnifying Party (not to be unreasonably withheld).

    

    

    Section 6.4      Available Remedies.  Notwithstanding anything herein to the contrary, but subject to the other provisions and limitations of this Article VI:

    

    

    (a)     In no event shall ioneer Parent’s or Investor’s (as applicable) aggregate liability with respect to this Article VI in respect of Damages exceed *** (the “Total Consideration”).

    

    

    (b)      Other than in connection with a breach of any Fundamental Representation or breach of the representations and warranties in Section 3.15 (Contribution of Assets) or of any covenant,
      neither ioneer Parent nor Investor, respectively, shall have any liability to any Person under Section 6.2(a) or Section 6.2(b), respectively, in respect of Damages arising from a breach of any representation or warranty for
      which ioneer Parent or Investor has agreed to provide indemnification (i) for any individual Damage unless the amount with respect to such Damage meets or exceeds *** (the “Individual Indemnity
        Threshold”), (ii) unless and until the aggregate amount of all Damages incurred by all Persons seeking indemnification hereunder collectively meets or exceeds *** of the Total Consideration (the “Threshold Amount”), in which event ioneer Parent or Investor (as applicable) shall be liable for Damages from the first dollar and not merely the excess over such amount, and (iii) other than in connection with a breach of the
      representations and warranties set forth in Section 3.15 (Contribution of Assets), for aggregate Damages incurred by all Persons seeking indemnification hereunder in excess of *** of the Total Consideration (the “Cap Amount”).  For the avoidance of doubt, none of the limitations set forth in this Section 6.4(b) shall apply to Damages arising from a breach of a covenant or other obligation under this Agreement.

    

    

    Section 6.5      Mitigation.  Without prejudice to the Indemnifying Party’s obligation to indemnify hereunder, the Parties agree that each Indemnified Party shall take commercially reasonable efforts to mitigate any Damages for which such Indemnified Party
        may have any recourse under this Article VI; provided that no such Indemnified Party shall be required to take any action or refrain from taking any action that is contrary to any applicable Permit,
        Contract or Law.

    

    

    
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    Section 6.6     Recovery.  In the event that any Damages are suffered by any Indemnified Party for which any such Indemnified Party is entitled to indemnification under this Article VI and such Indemnified Party has actually been fully indemnified
        or reimbursed or compensated, directly or indirectly, by an Indemnifying Party with respect to all such Damages (including fees and expenses incurred in obtaining such indemnification), then such Damages shall be deemed to have been fully satisfied
        and shall no longer exist and, therefore, any further recovery by such Indemnified Party or any other Indemnified Party from any Indemnifying Party for such Damages would constitute an unintended “double” recovery and shall be prohibited under this
        Agreement.

    

    

    Section 6.7       Calculation of Losses.

    

    

    (a)       The amount of any Damages for which any Indemnified Party is finally determined to be entitled to indemnification under this Article VI shall be reduced by (i) any insurance
      proceeds actually received by such Indemnified Party (together with any related insurance proceeds actually received by any Affiliate of such Indemnified Party) with respect to such Damages, (ii) any actual cash Tax savings or attributes arising from
      or related to such Damages, and (iii) indemnification or reimbursement payments actually received by the Investor Group or the Company Group (as applicable) from third parties with respect to such Damages.

    

    

    (b)       If any matter giving rise to a claim of Damages by any Indemnified Party pursuant to this Article VI is reasonably likely to be covered by any insurance policy of any Party or its
      Affiliates, then, without prejudice to the Indemnifying Party’s indemnification obligation hereunder, such Parties shall reasonably cooperate with one another and use commercially reasonable efforts to obtain reimbursement for such Damages under such
      insurance policy; provided further that, if any insurance proceeds are thereafter received by an Indemnified Party with respect to Damages that have been satisfied directly by an Indemnifying Party, then such
      Indemnified Party shall promptly reimburse each such Indemnifying Party the amount of any such payment made directly by such Indemnifying Party (up to the amount of the insurance proceeds actually received by such Indemnified Party and after
      deducting any reasonable costs or expenses incurred in securing such insurance proceeds).

    

    

    Section 6.8       Exclusive Remedy; Waiver.

    

    

    (a)       NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, FROM AND AFTER THE CLOSING, EXCEPT AS PROVIDED IN THIS ARTICLE VI,  EXHIBIT E OR SECTION 8.9, NO PARTY
      SHALL HAVE ANY LIABILITY, AND NO INDEMNIFIED PARTY SHALL MAKE ANY CLAIM, FOR ANY DAMAGES (AND THE PARTIES HEREBY WAIVE ANY RIGHT OF CONTRIBUTION AGAINST EACH OTHER AND THEIR RESPECTIVE AFFILIATES) UNDER, ARISING OUT OF OR RELATING TO THIS AGREEMENT,
      WHETHER BASED IN CONTRACT, TORT, STRICT LIABILITY, OTHER LAWS OR OTHERWISE.

    

    

    
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    (b)       NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, NO PARTY SHALL BE LIABLE UNDER THIS AGREEMENT FOR LOST PROFITS OR CONSEQUENTIAL, SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, REMOTE
      OR SPECULATIVE DAMAGES, WHETHER BASED IN CONTRACT, TORT, STRICT LIABILITY, OTHER LAW OR OTHERWISE; PROVIDED, HOWEVER, THAT THIS SECTION 6.8(B) SHALL NOT LIMIT
      AN INDEMNIFIED PARTY’S RIGHT TO RECOVERY UNDER THIS ARTICLE VI FOR ANY SUCH DAMAGES TO THE EXTENT SUCH INDEMNIFIED PARTY IS REQUIRED TO PAY SUCH DAMAGES TO A THIRD PARTY IN CONNECTION WITH A MATTER FOR WHICH SUCH INDEMNIFIED PARTY IS
      OTHERWISE ENTITLED TO INDEMNIFICATION UNDER THIS ARTICLE VI.

    

    

    (a)    NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, NO MANAGER, DIRECTOR, OFFICER, REPRESENTATIVE OR AFFILIATE OF ANY PARTY (OR ANY REPRESENTATIVE OF ANY SUCH AFFILIATE) IN SUCH
      CAPACITY SHALL HAVE ANY PERSONAL LIABILITY TO ANY PARTY AS A RESULT OF THE BREACH OF ANY REPRESENTATION, WARRANTY, COVENANT, AGREEMENT OR OBLIGATION IN THIS AGREEMENT (FOR THE AVOIDANCE OF DOUBT, WITH RESPECT TO ANY MATTER EXPRESSLY AGREED TO IN
      WRITING BY SUCH MANAGER, DIRECTOR, OFFICER, REPRESENTATIVE OR AFFILIATE AS A PRINCIPAL AND NOT IN SUCH PERSON’S CAPACITY AS A MANAGER, DIRECTOR, OFFICER, REPRESENTATIVE OR AFFILIATE OF A PARTY).  EACH PARTY HEREBY WAIVES, AND SHALL CAUSE EACH OF ITS
      AFFILIATES TO WAIVE (TO THE EXTENT PERMITTED BY LAW), ANY CLAIMS OR OTHER METHOD OF RECOVERY, WHETHER BASED IN CONTRACT, TORT OR STRICT LIABILITY, OR UNDER APPLICABLE LAW, AGAINST ANY SUCH MANAGER, DIRECTOR, OFFICER, REPRESENTATIVE OR AFFILIATE
      RELATING TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT IN SUCH CAPACITY  (FOR THE AVOIDANCE OF DOUBT, WITH RESPECT TO ANY MATTER EXPRESSLY AGREED TO IN WRITING BY SUCH MANAGER, DIRECTOR, OFFICER, REPRESENTATIVE OR AFFILIATE AS A PRINCIPAL AND
      NOT IN SUCH PERSON’S CAPACITY AS A MANAGER, DIRECTOR, OFFICER, REPRESENTATIVE OR AFFILIATE OF A PARTY).

    

    

    Section 6.9       Tax Treatment.  Any indemnity payment made pursuant to this Agreement will be
      treated as an adjustment to the capital contributions of the Parties to the Company for Tax purposes, unless an audit or other administrative or judicial action or Law causes any such payment not to constitute an adjustment to the capital
      contributions for U.S. federal income tax purposes.

    

    

    
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    ARTICLE VII

    TERMINATION AND EXPENSES

    

    

    Section 7.1      Termination.  This Agreement may be terminated and the transactions contemplated
      hereby may be abandoned at any time prior to the Closing:

    

    

    (a)      by any Party if the conditions set forth in Article II are not satisfied or, where applicable, waived, by the date that is twenty-four (24) months after the Execution Date (the “Longstop Date”), provided, however, that a Party shall not have the foregoing right to terminate if, at the
      time of such termination, such Party is in material breach of any of its covenants contained herein such as would result in any of the closing conditions set forth in Section 2.2, 2.3 or 2.4 not being satisfied, and provided, further, however, that if all the conditions to Closing have been satisfied or waived (other than Section 2.2(b)(ii)(A) or (B)), the Longstop Date shall automatically be extended once
      (and not more than once) for an additional six (6) months;

    

    

    (b)       by mutual written consent of the Parties;

    

    

    (c)      by Investor in the event of a Parent Change of Control of ioneer Parent or by ioneer Parent or the Company in the event of a Parent Change of Control of Investor Parent, in each case,
      exercisable by the terminating Party providing notice to the other Party no later than thirty (30) days after receipt of a notice from the non-terminating Party that the applicable Parent Change of Control has been consummated;

    

    

    (d)      by any Party if any Governmental Authority of competent jurisdiction shall have issued any order, decree, ruling or injunction or taken any other action permanently restraining, enjoining or
      otherwise prohibiting the consummation of the transactions contemplated by this Agreement and such order, decree, ruling or injunction or other action shall have become final and nonappealable, or if there shall be adopted following the Execution
      Date any Law that makes consummation of the transactions contemplated by this Agreement illegal or otherwise prohibited;

    

    

    (e)     by Investor if any of the representations or warranties of the Company or ioneer Parent was or becomes inaccurate or any breach or breaches by the Company or ioneer Parent of any covenant or
      other agreement of the Company or ioneer Parent contained in this Agreement occurs and as a result of any such breach or inaccuracies, any condition set forth in Section 2.3 would not then be capable of being satisfied, and any such breaches
      or inaccuracies are not curable, or, if curable have not been cured within twenty (20) Business Days after Investor sends notice of such breach to the Company; provided, however,
      that Investor shall not have the foregoing right to terminate if, at the time of such termination, Investor is in material breach of any of its representations, warranties or covenants contained herein such as would result in any of the closing
      conditions set forth in Section 2.4 not being satisfied;

    

    

    
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    (f)      by the Company or ioneer Parent if any of the representations or warranties of Investor was or becomes inaccurate or any breach or breaches by Investor of any covenant or other agreement of
      Investor contained in this Agreement occurs and as a result of any such breach or inaccuracies, any condition set forth in Section 2.4 would not then be capable of being satisfied, and any such breaches or inaccuracies are not curable, or, if
      curable have not been cured within twenty (20) Business Days after the Company sends notice of such breach to Investor; provided, however, that neither Company nor
      ioneer Parent shall have the foregoing right to terminate if, at the time of such termination, the Company or ioneer Parent is in material breach of any of its representations, warranties or covenants contained herein such as would result in any of
      the closing conditions set forth in Section 2.3 not being satisfied; and

    

    

    (g)       by either Party, pursuant to Section 8.3(c).

    

    

    Section 7.2        Notice of Termination; Effect of Termination.

    

    

    (a)       A terminating Party shall provide notice of termination to the other Party specifying with particularity the reason for such termination, and any such termination in accordance with Section

        7.1 shall be effective immediately upon delivery of such written notice to the other Parties.

    

    

    (b)      In the event of termination of this Agreement by any Party as provided in Section 7.1, this Agreement shall forthwith become void and there shall be no liability or obligation on the
      part of any Party except with respect to this Section 7.2 and Article VIII (and any defined terms in Section 1.1 implicated in the foregoing Sections) which shall remain in full force and effect; provided, however, that, notwithstanding anything to the contrary herein, no such termination shall relieve any Party from liability for any Damages resulting from or arising out of a
      Willful Breach of this Agreement.

    

    

    (c)      In the event that (i) this Agreement is terminated by the Company or ioneer Parent pursuant to Section 7.1(a) as a result of the condition set forth in Section 2.2(b) (Phase
      1 Required Permits) not being satisfied by the Longstop Date (as extended pursuant to Section 7.1(a), if applicable) and (ii) within six (6) months of the date of termination, the Phase 1 Required Permits are obtained and ioneer
      Parent or any of its Affiliates enters into a binding agreement with a third party for the equity financing of all or part of the Project and the transactions contemplated by such binding agreement are thereafter consummated, then (x) ioneer Parent
      shall notify SSW Parent immediately of the consummation of such equity financing transaction and (y) within ten (10) Business Days after the consummation of such equity financing transaction, ioneer Parent shall pay SSW Parent a lump-sum amount in
      cash equal to *** via wire transfer to an account designated by SSW Parent.

    

    

    
      52

      
        

    

    (d)      Notwithstanding anything in this Agreement to the contrary, and for the avoidance of doubt, the termination of this Agreement shall not, in any way, alter or limit any of the obligations of
      the Parties or any of their respective Representatives (as defined in the Confidentiality Agreement) or any of the rights of the Company and its Affiliates, in each case, under the Confidentiality Agreement, which obligations and rights shall survive
      the termination of this Agreement in accordance with its terms.

    

    

    (e)     Expenses and Other Payments.  Except as otherwise provided in this Agreement, each Party shall pay its own expenses incident to preparing for, entering into and carrying out this
      Agreement and the consummation of the transactions contemplated by this Agreement, whether or not such transactions shall be consummated.

    

    

    ARTICLE VIII

    MISCELLANEOUS

    

    

    Section 8.1        Notices.

    

    

    (a)      All notices, requests or consents provided for or required to be given under this Agreement shall be in writing and shall be deemed to be duly given if personally delivered, or mailed by
      certified mail, return receipt requested, or nationally recognized overnight delivery service with proof of receipt maintained, or given by email, in each case, pursuant to the address and contact information set forth on Exhibit C.  All
      notices given in accordance with this Agreement shall be effective upon delivery at the address of the addressee.  Either Party may change its contact information for notice by giving written notice to the other Party in the manner provided in this Section

        8.1.

    

    

    (b)      Whenever any notice is required to be given by Law or this Agreement, a written waiver thereof, signed by the Person entitled to notice, whether before or after the time stated therein,
      shall be deemed equivalent to the giving of such notice.

    

    

    Section 8.2     Payments.  All payments of the Total Consideration shall be made by wire transfer
      of immediately available funds to an account or accounts designated by the Company in writing to Investor, such designation to be provided not later than *** Business Days prior to the Closing Date.

    

    

    
      53

      
        

    

    Section 8.3       Disclosure Schedule.

    

    

    (a)      For the purposes of this Agreement, any information or matter disclosed in the Disclosure Schedule with respect to any Section of this Agreement shall be deemed to have been disclosed with
      respect to any other Section to the extent the applicability thereto is readily apparent on the face of such disclosure.  No reference to or disclosure of any item or other matter in the Disclosure Schedule shall be construed as an admission or
      indication that such item or other matter is material (nor shall it establish a standard of materiality for any purpose whatsoever) or that such item or other matter is required to be referred to or disclosed in the Disclosure Schedule.  The
      information set forth in the Disclosure Schedule is disclosed solely for the purposes of this Agreement, and no information set forth therein shall be deemed to be an admission by any Party hereto to any third party of any matter whatsoever,
      including any violation of Law or breach of any contract.  The Disclosure Schedule and the information and disclosures contained therein are intended only to qualify and limit the representations, warranties and covenants of the Company contained in
      this Agreement.  Nothing in the Disclosure Schedule shall be deemed to broaden the scope of any representation or warranty contained in this Agreement or create any covenant.  Matters reflected in the Disclosure Schedule are not necessarily limited
      to matters required by this Agreement to be reflected in the Disclosure Schedule.  Such additional matters are set forth for informational purposes and do not necessarily include other matters of a similar nature.

    

    

    (b)       From time to time prior to the Closing Date, the Company may supplement or amend the Disclosure Schedule (including, in each case, by the Company adding Disclosure Schedules that are
      responsive to the representations and warranties in question) with respect to any event, development, occurrence or non-occurrence of an event arising after the Execution Date (each a “Schedule
        Supplement”) if such event, development, occurrence or non-occurrence of an event would cause any representation or warranty made by the Company in Article III to be untrue or inaccurate as of the Closing Date.  Notwithstanding the
      foregoing, (i) for all purposes, including for purposes of determining whether the conditions to the Closing set forth in Article II have been fulfilled, the Disclosure Schedule shall be deemed to include only the information contained
      therein on the Execution Date, (ii) the delivery of a Schedule Supplement shall not affect ioneer Parent’s indemnification obligation pursuant to Article VI in any manner whatsoever, i.e., ioneer Parent’s indemnification obligation pursuant to
      Article VI shall be determined as if no such Schedule Supplement has been delivered, (iii) to the extent that the Company determines that any such event, development, occurrence or non-occurrence that is the subject of a Schedule Supplement
      constitutes or relates to something that (either individually or in the aggregate with all or any other predecessor Schedule Supplements) would prevent the conditions to the Closing set forth in Section 2.2 and Section 2.3 from being
      satisfied or otherwise permit Investor to terminate this Agreement pursuant to Section 7.1, then the Company will advise Investor in writing of such determination at the time that such Schedule Supplement is delivered to Investor (any
      Schedule Supplement in which the Company provides Investor written notice of such determination, a “Material Supplement”), but the delivery of a Material Supplement shall not affect ioneer
      Parent’s indemnification obligation pursuant to Article VI in any manner whatsoever, i.e., ioneer Parent’s indemnification obligation pursuant to Article VI shall be determined as if no such Material Supplement has been delivered even if Investor has
      elected not to exercise the right to terminate this Agreement pursuant to Section 7.1(e), and (iv) more generally and for the avoidance of doubt, Investor shall be deemed not to have waived any rights to indemnification pursuant to Article

        VI with respect to any event, development or occurrence described on any Schedule Supplement or Material Supplement.

     

    

    
      54

      
        

    

    (c)       The Parties shall each use their commercially reasonable efforts to meet in good faith from time to time until the date that is *** days after the Execution Date (the “Required Permit Schedule Amendment Date”) to discuss the completeness of the list of the Phase 1 Required Permits set forth on Part 1 of Schedule 1.1-RP as the Permits necessary to
      commence the construction of Phase 1 of the Project in accordance with the Consolidated Project Budget and Feasibility Study. Notwithstanding anything in Section 8.3(b) to the contrary, any amendments to Part 1 of Schedule 1.1-RP
      agreed to by the Parties by the Required Permit Schedule Amendment Date shall be deemed to amend Part 1 of Schedule 1.1-RP effective as of the Execution Date for all purposes under this Agreement, including for purposes of determining whether
      the conditions to the Closing set forth in Article II have been fulfilled and for purposes of determining whether a breach of any of the representations and warranties of ioneer Parent and the Company set forth in Article IV has
      occurred. In the event that Investor proposes in writing to the Company in good faith that Part 1 of Schedule 1.1-RP be amended to include an additional Permit (other than de minimis Permits and
      non-discretionary Permits) by the date that is *** Business Days prior to the Required Permit Schedule Amendment Date and the Parties are thereafter unable to agree on whether to include such Permit in an amended Part 1 of Schedule 1.1-RP by
      the Required Permit Schedule Amendment Date, then either Party shall have the right to terminate this Agreement without further liability to the other Party by providing notice of such termination to the other Party no later than *** after the
      Required Permit Schedule Amendment Date.

    

    

    Section 8.4     Entire Agreement. This Agreement (including the Annexes, Exhibits and Schedules to this Agreement), together with the other Transaction Documents, and any other writings delivered pursuant to this Agreement, constitutes the entire agreement
        among the Parties with respect to the subject matter hereof and thereof and supersedes all prior contracts, agreements and understandings, whether oral or written, among the Parties with respect to the subject matter of this Agreement.

    

    

    Section 8.5       Binding Effect; Assignment; No Third Party Benefit.  This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective heirs, permitted successors, and permitted assigns, and by their signatures hereto,
        each of the Parties intends to and does hereby become bound.  Except to the extent expressly provided in this Agreement (including the rights of the Investor Group pursuant to Section 6.2(a) and of the Company Group pursuant to Section
          6.2(b)), nothing in this Agreement is intended or shall be construed to give any Person other than the Parties and their respective heirs, permitted successors, and permitted assigns any legal or equitable right, remedy or claim under, in or
        in respect of this Agreement or any provision of this Agreement; provided that only a Party and its successors and permitted assigns will have the right to enforce the provisions of this Agreement on its
        own behalf or on behalf of any of its related Investor Group or Company Group, as applicable (but shall not be obligated to do so).  Neither this Agreement nor any of the rights, interests, or obligations hereunder shall be assigned by any Person
        without the prior written consent of the other Parties; provided that the Company may, upon written notice to the other Parties, assign its rights, interests or obligations under this Agreement, in whole or
        in part, to the Company’s or its Affiliates’ debt financing sources for collateral security purposes; provided, however, that any such assignment shall not relieve
        any Party of any of its obligations hereunder.

    

    

    
      55

      
        

    

    Section 8.6     Severability.  If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future Laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be
        construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the
        illegal, invalid or unenforceable provision or by its severance from this Agreement; provided, however, that if any such provision may be made enforceable by
        limitation thereof, then such provision shall be deemed to be so limited and shall be enforceable to the maximum extent permitted by applicable Law.  Furthermore, in lieu of (and to the extent of) each such illegal, invalid or unenforceable
        provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable.

    

    

    Section 8.7      Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware without giving effect to any of the conflict of laws rules thereof.

    

    

    Section 8.8     Consent to Jurisdiction; Waiver of Jury Trial.  Any action or proceeding relating to this Agreement shall be brought and enforced exclusively in the Delaware Court of Chancery or, solely if such court does not have jurisdiction, then in
        the state or federal courts in the State of Delaware, and the Parties irrevocably submit to the jurisdiction of such courts in respect of any such action or proceeding, and appropriate appellate courts therefrom, over any dispute arising out of or
        relating to this Agreement or any of the transactions contemplated hereby, and each party hereby irrevocably agrees that all claims in respect of such dispute may be heard and determined in such courts. The Parties hereby irrevocably waive, to the
        fullest extent permitted by applicable Law, any objection which they may now or hereafter have to the laying of venue of any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby brought in such courts
        or any defense of inconvenient forum for the maintenance of such dispute. Each of the Parties agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. This
        consent to jurisdiction is being given solely for purposes of this Agreement and is not intended to, and shall not, confer consent to jurisdiction with respect to any other dispute in which a party to this Agreement may become involved. Each of the
        Parties hereby consents to process being served by any party to this Agreement in any suit, action, proceeding or counterclaim of the nature specified in this Section 8.8 by the mailing of a copy thereof in the manner specified by the
        provisions of Section 8.1.   AS A SPECIFICALLY BARGAINED INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT (EACH PARTY HAVING HAD THE OPPORTUNITY TO CONSULT COUNSEL), EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
        WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES TO THIS AGREEMENT KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
        OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

    

    

    
      56

      
        

    

    Section 8.9      Injunctive Relief.  The Parties acknowledge and agree that irreparable damage would occur in the event any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached and that
        monetary damages alone would not be a sufficient remedy.  It is accordingly agreed that the Parties shall be entitled to a temporary, preliminary, or permanent injunction or injunctions to prevent breaches of the provisions of this Agreement,
        without posting a bond or any other undertaking, and shall be entitled to enforce specifically the provisions of this Agreement, in any court of the United States or any state thereof having jurisdiction, in addition to any other remedy to which
        the Parties may be entitled under this Agreement, at Law or in equity.

    

    

    Section 8.10     Amendment or Restatement.  This Agreement (including any Exhibit and Schedule hereto (other than Exhibit C, which may be amended in accordance with Section 8.1(a))) may only be amended, modified, supplemented or restated
        by an instrument in writing executed by all Parties and expressly identified as an amendment, restatement, supplement or modification.

    

    

    Section 8.11    Effect of Waiver or Consent.  Any of the terms, covenants, representations, warranties or conditions hereof may be waived only by a written instrument executed by or on behalf of the Party waiving compliance.  A waiver or consent, express or
        implied, to or of any breach or default by any Person in the performance by that Person of its obligations with respect to this Agreement is not a consent or waiver to or of any other breach or default in the performance by that Person of the same
        or any other obligations of that Person with respect to this Agreement.  Failure on the part of a Person to complain of any act of any Person or to declare any Person in default with respect to this Agreement, irrespective of how long that failure
        continues, does not constitute a waiver by that Person of its rights with respect to that default until the applicable statute of limitations period has run.  Except where otherwise provided herein, the rights of the Parties under this Agreement
        shall be cumulative, and the exercise or partial exercise of any such right shall not preclude the exercise of any other right.

    

    

    Section 8.12   Negotiation of Agreement.  The Parties have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
        jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.

    

    

    Section 8.13    Counterparts.  This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original but all of which shall constitute one and the same agreement.  Delivery of an executed signature page of
        this Agreement by facsimile or other customary means of electronic transmission (e.g., “pdf” or signature via DocuSign or similar services) shall be effective as delivery of a manually executed counterpart hereof.

    

    

    [Signature Pages Follow]

     

    

    
      57

      
        

    

    IN WITNESS WHEREOF, the Parties hereto have executed and delivered this Agreement as of the date first above written.

    

    

    	 	
            RHYOLITE RIDGE HOLDINGS LLC

          
	 	 	 
	 	
            By:

          	/s/ Bernard Rowe
	 	
            Name:

          	
            Bernard Rowe

          
	 	
            Title:

          	
            President

          

    

    

    Signature Page to Unit Purchase and Subscription Agreement

    

    

    
      
        

    

    	 	
            SIGNED for IONEER LTD, in accordance with 

            section 127 of the Corporations Act 2001 (Cth):

          
	 	 	 
	 	
            By:

          	/s/ Bernard Rowe

          
	 	
            Name:

          	
            Bernard Rowe

          
	 	
            Title:

          	
            Director

          
	 	 	 
	 	
            By:

          	/s/ Ian Bucknell

          
	 	
            Name:

          	
            Ian Bucknell

          
	 	
            Title:

          	
            Secretary

          

    

    

    Signature Page to Unit Purchase and Subscription Agreement

     

    

    
      
        

    

    	 	
            SIBANYE STILLWATER LIMITED

          
	 	 	 
	 	
            By:

          	/s/ Neal Froneman

          
	 	
            Name:

          	Neal Froneman
	 	
            Title:

          	Chief Executive Officer

    

    

    Signature Page to Unit Purchase and Subscription Agreement

      

    

    
      
        

    

    
    EXHIBIT A

    

    

    Form of A&R LLC Agreement

    

    

    ***

    

    
      Exhibit A – 1

      
        

    

    
    EXHIBIT B

    

    

    Key Terms of the Ancillary Agreements

    

    

    ***

    

    

    
      Exhibit B – 1

      
        

    

    
    EXHIBIT C

    

    

    Notice addresses

    

    

    ***

    

    

    
      Exhibit C – 1

      
        

    

    
    EXHIBIT D

    

    

    Consolidated Project Budget

    

    

    ***

     

    

    
      Exhibit D – 1

      
        

    

    
    EXHIBIT E

    

    

    Project Work Plan

    

    

    ***

    

    

    

    

  

  Exhibit E – 1 

  
    
      

  

  
  
    EXHIBIT F

    

    

    

    Phase 1 and Phase 2 Geographic Areas

    

    

    

    ***

     

    

     

    

    
      Exhibit F – 1

      
        

    

    
    
      EXHIBIT G

      

      

      

      North Basin Project

      

      

      

      ***

       

      

       

      

    

  

  Exhibit G – 1Exhibit 4.2

     

     Certain confidential information contained in this document, marked by asterisks, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

    

     

    

    Mining Lease and Option to Purchase Agreement

     Lithium Basin Project

     

    This Mining Lease and Option to Purchase Agreement (“Agreement”) is made and entered into by and among:

     

    Boundary Peak Minerals LLC, a Nevada limited liability company (“Owner”)

     

    and

     

    Derek Amen, Ruth Carraher, and Paul Muto, and C&M Consultants, a Nevada corporation (collectively "Warrantors")

     

    and

     

    Global Geoscience Ltd, an Australian public company whose shares are listed on ASX (“Global”)

     

    and

     

    Paradigm Minerals Arizona Corporation, a Nevada corporation (“Paradigm”).

     

    Recitals

     

    A.          Owner owns the unpatented mining claims situated in Esmeralda County, Nevada, described in Exhibit A attached to and by this reference incorporated in this Agreement (collectively the “Property”).

     

    B.          The parties are parties to a letter agreement which provided, among other things, for the key commercial terms of an agreement by which Owner would lease the Property to Paradigm (“Letter Agreement”).

     

    C.          Owner desires to lease the Property to Paradigm and to grant to Paradigm the• option to acquire ownership of the Property on the terms stated in this Agreement.

     

    Now, therefore, in consideration of their mutual promises, the parties agree as follows:

     

    1.          Definitions.  The following defined terms, wherever used in this Agreement, shall have the meanings
        described below:

     

    1.1         “Area of Interest” means the lands identified in Exhibit A as the Area of Interest.

     

    1.2         “Closing Date” means the date on which Paradigm’s purchase of the Property is closed in accordance with Section
        6.

     

    1.3         “Deed” means the conveyance to be delivered.by Owner on closing of the Option• in accordance with Section 6.5.

     

      

    
      1

      
        

    

    1.4         “Deed of Trust” means the deed of trust to be delivered by Paradigm on closing of the Option in accordance with
        Section 5.6.

     

    1.5         “Due Diligence Notice Date” means the date on which Paradigm notifies Owner that Paradigm has completed its due
        diligence investigation of the Property.

     

    1.6         “Due Diligence Period” means the period to and including July 3, 2016.

     

    1.7         “Effective Date” means the date on which this Agreement is executed by the last party to do so.

     

    1.8         “Fifth Payment Date” means the date on which Global or Paradigm publicly announces the decision of its board of
        directors to cause Global, Paradigm, or an affiliated company to commence the development of a mine on the Property.

     

    1.9         “First Payment Date” means May 26, 2016.

     

    1.10       “Fourth Payment Date” means the second anniversary of the Effective Date.

     

    1.11       “Global” means Global Geoscience Ltd, an Australian public company whose shares are listed on ASX, and its
        successors and assigns.

     

    1.12       “Governmental Regulations” means all directives, laws, orders, ordinances, regulations and statutes of any
        federal, state or local agency, court or office.

     

    1.13       “Interest Rate” means LIBOR as of the date interest becomes due under this Agreement, plus four percent (4%) per
        annum.

     

    1.14       “Minerals” means all minerals and mineral materials, including gold, silver, platinum and platinum group metals,
        base metals (including antimony, chromium, cobalt, copper, lead, manganese, mercury, nickel, molybdenum, titanium, tungsten, zinc), boron, lithium, and other metals and mineral materials which are contemplated to be on, in or under the Property or
        which after the Effective Date are discovered on the Property.

     

    1.15      · “Option” means the option granted by Owner to Paradigm to acquire
        ownership of the Property.

     

    1.16       “Owner” means Boundary Peak Minerals LLC, a Nevada limited liability company, and its successors and assigns.

     

    1.17       “Paradigm” means Minerals USA Corporation, a Nevada corporation, and its successors and assigns.

     

    1.18       “Property” means the unpatented mining claims described in Exhibit A and .any additional unpatented mining
        claims located by the parties within the Area of Interest which become subject to this Agreement by operation of Section 9.

     

      

    
      2

      
        

    

    1.19       “Purchase Price” means the purchase price for the Property shall be the sum of the payments described in Section
        4.

     

    1.20       “Second Payment Date means the earlier of the Due Diligence Notice Date or July 3, 2016.

     

    1.21       “Shares” means duly authorized and issued common shares of Global.

     

    1.22       “Third Payment Date” means the first anniversary of the Effective Date of this Agreement.

     

    2.          Paradigm Due Diligence.

     

    2.1         Access.  During the Due Diligence Period, Global and Paradigm are
        authorized to enter on the Property for the purpose of investigating regulatory status of and title to the Property, potential environmental liabilities, and other conditions on the Property.

     

    2.2         Termination.  At any time on or prior to the Second Payment Date,
        Paradigm may notify Owner that:

     

    2.2.1      it does not wish to proceed with the transaction the subject of this Agreement; and

     

    2.2.2      the Agreement is terminated.

     

    2.3         Effect of Termination.  If Paradigm terminates this Agreement under
        Section 2.2 above:

     

    2.3.1      it is released from the obligation to make any further payments under this Agreement (including any further
        payments under Section 5 and any payments under Section 8.4); and

     

    2.3.2      Owner must promptly refund the• First Payment if required to do so under Section 5.1.

     

    3.          Lease and Grant of Rights.  Subject to and conditional on Paradigm paying the Second Payment to
        Owner as provided under Section 5.2, Owner grants to Paradigm the rights and privileges described in this Section.

     

    3.1         Lease.  Owner leases the Property exclusively to Paradigm for the
        purposes of exploration and prospecting for Minerals.  Notwithstanding the foregoing, Paradigm shall have no right to extract or mine Minerals (other than for exploration or prospecting purposes) without first exercising the Option and closing the
        sale and purchase of the Property.

     

    3.2         Water Rights.  Subject to the regulations of the State of Nevada
        concerning the appropriation and taking of water, Paradigm shall have the right to appropriate and use water, to drill wells for the water on the Property and to lay and maintain all necessary water lines as may be required by Paradigm in its
        operations on the Property.

     

      

    
      3

      
        

    

    4.           Term.  The term of this Agreement shall commence on the Effective Date and shall expire on the
        first anniversary of the Effective Date, unless Paradigm elects to continue this Agreement in effect after such date by exercising the Option or this Agreement is otherwise terminated, canceled or extended.

     

    5.           Payments.  Paradigm shall pay to Owner the payments provided in this Section.

     

    5.1         First Payment.  The payment of the sum of *** (the “First Payment”) by
        Paradigm to Owner on the First Payment Date is acknowledged.  The First Payment shall be nonrefundable, except that if Paradigm’s due diligence reveals environmental liabilities in excess of *** or legal, permitting or title impediments which would
        unreasonably jeopardize or prevent Paradigm’s commencement of exploration on expiration of the Due Diligence Period, Paradigm will have no obligation to proceed and the First Payment shall be refunded promptly on Paradigm giving written notice to
        the Owner terminating this Agreement.

     

    5.2         Second Payment.

     

    5.2.1     On the Second Payment Date, Paradigm shall pay to Owner the sum of ***; and

     

    5.2.2      (subject to Global shareholder approval and execution of voluntary escrow agreements by all holders) within 45
        days after the Second Payment Date, Global shall deliver to Owner the number of Shares determined in accordance with this Section,

     

    (collectively the “Second Payment”).  The Second Payment Shares shall be equivalent of *** in Shares at an exchange rate of A$1 = US$0.75 and a Share price based on the 30-trading day volume weighted average price
      (“VWAP”) fifteen (15) trading days either side of the Second Payment Date.  The Second Payment Shares issued will be escrowed for six (6) months from the date of issue.

     

    5.3         Third Payment.

     

    5.3.1      On the Third Payment Date, Paradigm shall pay to Owner the sum of ***; and

     

    5.3.2      (subject to Global shareholder approval and execution of voluntary escrow agreements by all holders) within
        forty-five (45) days after the Third Payment Date, Global shall deliver to Owner the number of Shares determined in accordance with this Section,

     

    (collectively the “Third Payment”).  The Third Payment Shares shall be equivalent of *** in Shares at an exchange rate of A$1=US$0.75 and a Share price based on the 30-trading day VWAP fifteen (15) trading days either
      side of the Third Payment Date.  The Third Payment Shares issued will be escrowed for six (6) months from the date of issue.  For the avoidance of doubt, if Paradigm does not exercise the Option, or terminates this Agreement under Section 20, on or
      before the Third Payment Date, it is released from any obligation to make the Third Payment.

     

    5.4         Fourth Payment.

     

      

    
      
        5.4.1    On the Fourth Payment Date, Paradigm shall pay to Owner the sum of ***; or

      

    

    

    

    
      4

      
        

    

    5.4.2      at Owner’s option, (subject to Global shareholder approval) within forty-five (45) days after the Fourth Payment
        Date, Global shall deliver to Owner the number of Shares determined in accordance with this Section as designated by Owner in increments of value of *** which shall be in lieu of the corresponding portion of the cash component of the Fourth
        Payment,

     

    (the “Fourth Payment”).  If Owner elects to be paid in Shares, the Fourth Payment Shares shall be equivalent of *** in Shares at an exchange rate of A$1=US$0.75 and a Share price based on the 30-trading day VWAP
      fifteen (15) trading days either side of the Fourth Payment Date.  For the avoidance of doubt, if Paradigm does not exercise the Option on or before the Third Payment Date, or terminates this Agreement under Section 20 on or before the Fourth Payment
      Date, it is released from any obligation to make the Fourth Payment.

     

    5.5         Fifth Payment.

     

    5.5.1      Within five (5) business days after the Fifth Payment Date, Paradigm shall pay to Owner the sum of
        $3,000,000.00; or

     

    5.5.2      , at Owner’s option, (subject to Global shareholder approval) within forty-five (45) days after the Fifth
        Payment Date, Global shall deliver to Owner the number of Shares determined in accordance with this Section as designated by Owner in increments of value of *** which shall be in lieu of the corresponding portion of the cash component of the Fifth
        Payment,

     

    (the “Fifth Payment”).  If Owner elects to be paid in Shares, the Fifth Payment Shares shall be equivalent of $3,000,000.00 in Shares at an exchange rate of A$1=US$0.75 and a Share price based on the 30-trading day
      VWAP fifteen (15) trading days either side of the Fifth Payment Date.  For the avoidance of doubt, if Paradigm does not exercise the Option on or before the Third Payment Date or if Paradigm withdraws from the project and surrenders the Property in
      accordance with the Deed before the Fifth Payment Date, Paradigm shall be released from any obligation to make the Fifth Payment.

     

    5.6         Payments as Binding Obligations.  If Paradigm exercises and closes the
        Option, subject to Section 20, the obligations to pay the Third Payment, the Fourth Payment, and the Fifth Payment shall be binding obligations of Global, Paradigm, and any entity which holds or gains control of Global or Paradigm.  Global and
        Paradigm agree and covenant that any agreement, arrangement, or instrument by which the control or ownership of Global or Paradigm is transferred to a third party or by which an ownership interest in the Property is transferred to a third party
        shall include conditions and terms by which the third party and any affiliate which acquires an interest or right to acquire an interest in the Property expressly agrees to assume and perform the cash payment obligation under this Section.The
        obligation to pay the Third Payment, the Fourth Payment, and the Fifth Payment shall be secured by the grant by Paradigm of a first priority lien and security interest in the Property which shall be perfected by Paradigm’s execution, delivery, and
        recording of the Deed of Trust.  The Deed of Trust shall be in a form which perfects Owner’s lien and security interest in accordance with Nevada law and shall contain customary terms and conditions consistent with practices and standards
        applicable to real property secured financing transactions in the mineral industry in Nevada.  Owner must reconvey the lien and security interest granted by the Deed of Trust promptly following payment in full of the Fifth Payment.

     

    
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    5.7         Shares.  If under applicable Australian, United States, Provincial and
        state laws and regulations or the rules of each exchange or trading association on which the Shares are listed for trading or are traded, Global or the surviving entity (if not Global) may not lawfully deliver the Shares or the shares of the
        surviving entity (including because Global shareholders have not approved the issue of shares under the ASX Listing Rules• or other applicable laws), Global or the surviving entity (if not Global) shall pay the applicable cash amount which was to
        be satisfied through the issue of Shares as specified in the relevant Section above.  The protections afforded Owner under this Section will apply equally to payments of Shares in lieu of cash payments such that the right of Owner to receive in
        lieu payments will not be diminished by any change in the Shares.

     

    The Shares shall be subject to the requirements of applicable Australian laws and regulations and the rules of the ASX.  Owner acknowledges that, in addition to the legends required under Australian
      securities laws, the Shares will bear legends to that effect.  Owner understands and acknowledges that Global is not obligated to file and has no present intention of filing with the United States Securities and Exchange Commission or with any state
      securities administrator any registration statement in respect of resale of the Shares in the United States.  Global covenants, however, that it will timely file all reports required to be filed by it under Australian securities laws.

     

    5.8         Method of Delivery of Payments.  All cash payments by Paradigm to Owner
        shall be paid by wire transfer to an account which Owner designates.  All Share Payments shall be paid by delivery to an address which Owner designates in holding statements for the number of Shares required to be delivered.  At Owner’s request,
        the Shares shall be issued to the members of Owner in such proportions as Owner instructs Global.  Global and Paradigm shall have no liability or responsibility for allocation of the cash payments or Share payments following delivery to Owner.  All
        Share Payments are conditional on Global shareholder approval and the execution by Owner or Warrantors as members of Owner, as applicable, of any voluntary escrow agreements provided for in Section 5.

     

    5.9         Late Charge and Interest.  If Paradigm does not timely pay any payment,
        or any other amount payable by Paradigm under this Agreement within *** after the date on which such payment is due, Paradigm shall pay to Owner interest on the outstanding amount from and after the due date until the date of payment at the
        Interest Rate.

     

    5.10       Currency.  All sums referred to in this Agreement are in United States
        currency unless otherwise specified.  Where a payment payable pursuant to Sections 5.1 to 5.5 is required to be converted from Australian currency to United States currency or vice versa, an exchange rate of A$1=US$0.75 shall be applied.

     

    6.            Option.  Owner grants to Paradigm the exclusive right to acquire ownership of the entire
        interest in the Property, subject to Paradigm’s obligations under the conveyance executed and delivered by Owner on the closing of the Option.  Paradigm may exercise the Option at any time on or before the Third Payment Date.  The portion of the
        Purchase Price payable on exercise of the Option shall consist of the cash and Share payments described in Sections 5.1 through 5.3 outstanding at the time the Option is exercised.

     

      

    
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    6.1         Notice of Election.  If Paradigm elects to exercise the Option,
        Paradigm shall deliver written notice to Owner.  On Owner’s receipt of Paradigm’s notice of exercise of the Option, the parties promptly shall complete the purchase and sale of the Property.  Paradigm shall pay the cash component of the Purchase
        Price on or before the Third Payment Date and shall deliver the Share component of the Purchase Price within *** days after Paradigm’s delivery of the notice.

     

    6.2         Real Property Transfer Taxes.  Paradigm shall pay the real property
        transfer taxes, if any, the costs of escrow and all recording costs incurred in closing of the Option.

     

    6.3         Proration of Taxes.  Payment of any and all state and local real
        property and personal property taxes levied on the Property, if any, and not otherwise provided for in this Agreement shall be prorated between the parties as of the closing of any transaction on the basis of a thirty (30) day month.

     

    6.4         Payment on Closing.  On closing of the Option, Paradigm shall pay the
        Purchase Price (other than the cash or Share payments described in Sections 5.4 and 5.5), less the amount of the cash and Share payments previously delivered by Global and Paradigm and received by Owner.

     

    6.5          Conveyance on Closing.  If Paradigm exercises and closes the Option,
        Owner shall execute and deliver to Paradigm a conveyance of the Property in the form of the Deed attached to this Agreement as Exhibit B and a declaration of value for the Deed.  Paradigm shall execute and deliver a declaration of value for the
        Deed and the Deed of Trust as provided in Section 5.6.  Owner and Paradigm shall execute and deliver such other written assurances and instruments as are reasonably necessary for the purpose of closing the purchase and sale of the Property.

     

    6.6         Effect of Closing.  On closing of the Option, Paradigm shall own the
        Property, subject to the obligations stated in the Deed and the Deed of Trust.

     

    6.7         Post Closing Payments.  Following the Closing Date, Paradigm shall pay
        the components of the Purchase Price provided in Section 5.4 and 5.5 (unless Paradigm elects to withdraw from and surrender the Property before the applicable payment date).  Paradigm may elect, in its sole discretion, to pay either of the
        outstanding components of the Purchase Price provided in Section 5.4 and 5.5 earlier than the applicable payment date

     

    7.            Compliance With The Law.

     

    7.1         During the term of this Agreement and thereafter until Paradigm’s payment of the Fifth Payment, Paradigm shall,
        at its sole cost, promptly comply with all Governmental Regulations relating to the condition, use or occupancy of the Property by Paradigm, including ,but not limited, to all exploration, development, and mining work performed by Paradigm during
        the term of this Agreement.

     

    7.2         During the term of this Agreement and thereafter until Paradigm’s payment of the Fifth Payment, Paradigm shall,
        at its sole cost, promptly comply with all applicable Governmental Regulations regarding reclamation of the Property and Paradigm shall defend, indemnify and hold harmless Owner from any and all actions, assessments, claims, costs, fines, liability
        and penalties arising from or relating to Paradigm’s failure to comply with any applicable Governmental Regulations.

     

      

    
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    7.3         Owner agrees to cooperate with Paradigm in Paradigm’s application for governmental licenses, permits and
        approvals, the costs of which, including the reasonable costs incurred by Owner in response to Paradigm’s request for cooperation, shall be borne by Paradigm.

     

    7.4         During the period to and including the date on which Paradigm pays the Fourth Payment, at Owner’s request,
        Paradigm shall provide Owner with copies of Paradigm’s plans, maps and other documents submitted in compliance with Government Regulations and all agreements with government agencies pertaining to the Property, including but not limited to, notices
        of intent to operate, plans of operation, environmental impact statements, reclamation statements, and communications sent to any such agency or received by Paradigm from any such government agency which are related to such submissions or
        agreements.  On the Closing Date, at Owner’s sole cost and expense, Owner must deliver any such information held by it to Paradigm.

     

    8.           Paradigm’s Work Practices and Reporting.

     

    8.1         Work Practices.  During the period to and including the date on which
        Paradigm pays the Fourth Payment, Paradigm shall work the Property in a miner-like fashion.

     

    8.2         Inspection of Data.  During the period to and including the date on
        which Paradigm pays the Fourth Payment, Owner shall have the right to examine and make copies of all data, including interpretative data, regarding the Property in Paradigm’s possession during reasonable business hours and upon prior notice,
        provided, however, that the rights of Owner to examine such data shall be exercised in a manner that does not interfere with the operations of Paradigm.

     

    8.3         Reports.  During the period to and including the date on which Paradigm
        pays the Fourth Payment, on or before March 1 of each year during that period (and within thirty (30) days after the Closing Date, Paradigm shall deliver to Owner a comprehensive report of Paradigm’s activities conducted on the Property for the
        previous calendar year.  The report shall include factual data in digital format which is readable and useful using commercially available software which is customarily used in the mineral industry in the United States.  Each report and all digital
        and written data shall be in English.  The annual report shall include a description of the Mineral resources and reserves on the Property and their locations, the amount and a description of all of Paradigm’s qualified expenditures during the
        preceding calendar year and a description of Paradigm’s exploration, development and mining plans for the succeeding calendar year.  Within thirty (30) days following the end of each calendar quarter during the term of this Agreement, Paradigm
        shall deliver to Owner a summary report of Paradigm’s operations.  On or before March 1 of each year after the Closing Date until Paradigm has paid the Purchase Price in full, including the Fifth Payment, Paradigm shall deliver to Owner a summary
        report of Paradigm’s activities conducted on the Property for the previous calendar year.

     

      

    
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    8.4         Work Commitment.  Subject to Section 2.3.1, on or before the Third
        Payment Date.  Paradigm shall incur expenditures in the amount of *** for the exploration for and development of Minerals on the Property.  Qualified expenditures shall include, by way of illustration and not by limitation, the costs of geological,
        geochemical and geophysical mapping, reconnaissance, and surveying; drilling; environmental compliance; feasibility studies; sample collection; assaying of samples; consulting services; direct costs of employment of Paradigm’s employees working
        directly on the Property; equipment, materials and supplies; fees paid to governmental agencies for applications for approvals, consents, licenses and permits for Paradigm’s operations on the Property or in the Area of Interest; and costs and fees
        paid to maintain the Property, including federal annual mining claim maintenance fees for unpatented mining claims; and reasonable administrative and corporate overhead costs not to exceed *** of the total amount of qualified expenditures (but not
        including payments of federal mining claim filing and annual mining claim maintenance fees and county recording mining claim fees).  Costs incurred by Owner or Paradigm to locate additional unpatented mining claims in the Area of Interest shall be
        reimbursed to Owner or paid by Paradigm, as applicable.  If Paradigm does not expend the requisite amount of qualified expenditures on or before the Third Payment Date, Paradigm may elect to pay Owner the amount equal to the difference between the
        requisite amount and the amount of Paradigm’s actual qualified expenditures during such period (the “Differential”).  If Paradigm so elects, it shall pay the Differential to Owner within ten (10) days after the Third Payment Date.  If Paradigm does
        not expend the requisite qualified expenditures and does not timely pay the Differential, Owner may deliver notice of Paradigm’s failure to do so and if within ten (10) business days following Paradigm’s receipt of Owner’s notice Paradigm does not
        pay the Differential, Paradigm’s failure to pay the Differential shall be a default by Paradigm and Owner may terminate this Agreement in accordance with Section 19.  In all events, Paradigm shall remain liable and obligated to pay the Differential
        to Owner. Paradigm shall offer to the current members of Owner the opportunity to enter consulting agreements for exploration services for the Property.  The consulting agreements shall be separate from this Agreement.

     

    9.           Scope of Agreement.  This Agreement shall extend to and include the unpatented mining claims
        described in Exhibit A and any other unpatented mining claims located by Owner, Global or Paradigm which are situated partially or entirely in the Area of Interest, including any unpatented mining claims located to appropriate any fractions or gaps
        among the unpatented mining claims described in Exhibit A.  Paradigm shall pay or reimburse Owner, as applicable, for all costs and expenses to locate the unpatented mining claims incurred before, on or following the Effective Date.  All new
        locations shall be part of the mining claims subject to this Agreement.  The parties will promptly after location of such claims execute and deliver an addendum to this Agreement and an amended memorandum of this Agreement to such effect.

     

    10.         Liens and Notices of Non-Responsibility.  Paradigm agrees to keep the Property at all times free
        and clear of all liens, charges and encumbrances of any and every nature and description done made, or caused by Paradigm, and to pay, and defend, indemnify and hold harmless Owner from and against, all indebtedness and liabilities incurred by or
        for Paradigm which may or might become a lien, charge or encumbrance; except that Paradigm need not discharge or release any such lien, charge or encumbrance so long as Paradigm disputes or contests the lien, charge or encumbrance and posts a bond
        in a form sufficient to Owner and in an amount sufficient to discharge the lien, charge, or encumbrance.  Subject to Paradigm’s right to post a bond in accordance with the foregoing, if Paradigm does not within thirty (30) days following the
        imposition of any such lien, charge or encumbrance, cause the same to be released of record, Owner shall have, in addition to Owner’s contractual and legal remedies, the right, but not the obligation, to cause the lien to be released by such manner
        as Owner deems proper, including payment of the claim giving rise to such lien, charge or encumbrance.  All sums paid by Owner for and all expenses incurred by it in connection with such purpose, including court costs and attorney’s fees, shall be
        payable by Paradigm to Owner on demand with interest at the Interest Rate.  The obligations of Paradigm contained in this Section shall survive the expiration of the term or other termination of this Agreement to the extent necessary to assure that
        Owner shall not be liable for or incur any cost or expense as a result of Paradigm’s activities on or relating to the Property.  Nothing in this Section shall limit or prohibit Paradigm’s right to grant a security interest in its rights under this
        Agreement for the purpose of securing financing for Paradigm or its affiliates, provided that such security interest shall be junior and subordinate to the lien and security interest which Paradigm grants to secure Paradigm’s payment of the Fourth
        Payment and Fifth Payment.

     

      

    
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    11.          Taxes.

     

    11.1       Real Property Taxes.  The parties acknowledge that there are presently
        no real property taxes assessed against the unpatented mining claims which constitute part of the Property.

     

    11.2       Personal Property Taxes.  Each party shall promptly when due pay all
        taxes assessed against such party’s personal property, improvements or structures placed or used on the Property.

     

    11.3       Income Taxes.  Neither party shall be liable for any taxes levied on or
        measured by income or other taxes applicable to the other party, based upon payments under this Agreement or under the conveyance executed and delivered by Owner on the closing of the Option.

     

    11.4       Delivery of Tax Notices.  If a party receives tax bills or claims which
        are the other party’s responsibility, such party shall promptly forward them to the other party for payment.

     

    12.          Insurance and Indemnity.

     

    12.1       Paradigm’s Liability Insurance.  At its sole cost, Paradigm shall keep
        in force during this Agreement term a policy of commercial general liability insurance covering property damage and liability for personal injury occurring on or about the Property, with limits in the amount of at least *** per occurrence for
        injuries to or death of any person.  Paradigm shall cause its insurance carrier to identify Owner as an additional insured of the policy and shall deliver to Owner a certificate of such insurance policy.

     

    12.2       Form and Certificates.  The policy of insurance required ,to be carried
        by Paradigm pursuant to this Section shall be with a company approved by Owner and •shall have a Best’s Insurance Rating of at least A-VII or such other rating acceptable to Owner.  Such policy shall name Owner as an additional insured and contain
        a cross-liability and severability endorsement.  Paradigm’s insurance policy shall also be primary insurance without right of contribution from any policy carried by Owner.  A certificate of insurance and a copy of Paradigm’s insurance policy shall
        be provided to Owner before any entry by Paradigm or its agents or employees on the Property and shall provide that such policy is not subject to cancellation, expiration or change, except upon thirty (30) days prior written notice to Owner.

     

      

    
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    12.3       Waiver and Indemnification.  Owner shall not be liable to Paradigm and
        Paradigm waives all claims against Owner for any injury to or death of any person or damage to or destruction of any personal property or equipment or theft of property occurring on or about the Property or arising from or relating to Paradigm’s
        business conducted on the Property.  Paradigm shall defend, indemnify and hold harmless Owner and Owner’s agents, directors, employees, and members from and against any and all claims, costs, damages, expenses, judgments or liabilities arising from
        or relating to Paradigm’s activities on the Property.  Owner shall defend, indemnify and hold harmless Paradigm and Paradigm’s agents, directors, employees, and members from and against any and all claims, costs, damages, expenses, judgments or
        liabilities arising from or relating to Owner’s activities on the Property.

     

    13.          Environmental.

     

    13.1      Definitions.  Hazardous Materials means any material, waste, chemical,
        mixture  or byproduct which:  (a) is or is subsequently defined, listed, or designated under Applicable Environmental Laws (defined below) as a pollutant, or as a contaminant, or as toxic or hazardous; or (b) is harmful to or threatens to harm
        public health, safety, ecology, or the environment and which is or hereafter becomes subject to regulation by any federal, state or local governmental authority or agency.  Applicable Environmental Laws means any applicable federal, state, or local
        government law (including common law), statute, rule, regulation, ordinance, permit, license, requirement, agreement or approval, or any applicable determination, judgment, injunction, directive, prohibition or order of any governmental authority
        with jurisdiction at any level of federal, state, or local government, relating to pollution or protection of the environment, ecology, natural resources, or public health or safety.

     

    13.2       Hazardous Materials Activities.  Paradigm shall limit any use,
        generation, storage, treatment, transportation, and handling of Hazardous Materials in connection with Paradigm’s use of the Property (collectively “Hazardous Materials Activities”) to those Hazardous Materials, and to quantities of them, that are
        necessary to perform activities permitted under this Agreement.  Hazardous Materials Activities include, without limitation, all such activities on or about the Property by Paradigm’s employees, partners, agents, invitees, contractors and their
        subcontractors.  Paradigm shall not cause or permit any Hazardous Materials to be disposed or abandoned at the Property, except as allowed under Applicable Environmental Laws.  Paradigm shall cause all Hazardous Materials Activities to be performed
        in strict conformance to Applicable Environmental Laws.  Paradigm shall promptly notify Owner of any actual or claimed violation of Applicable Environmental Laws in connection with Hazardous Materials Activities, and Paradigm shall promptly and
        thoroughly cure any violation of Applicable Environmental Laws in connection with Hazardous Materials Activities.  If any governmental approval, consent, license or permit is required under Applicable Environmental Laws for Paradigm to perform any
        portion of its work at the Property, including without limitation any air emission permits, before commencing any such work, Paradigm shall be solely responsible, at Paradigm’s expense, for obtaining and maintaining, and providing copies of, each
        approval, consent, license or permit.

     

     

    13.3       Survival.  The provisions of this Section shall survive expiration or
        termination of this Agreement.

     

    14.          Property Maintenance.

     

    14.1       Federal and State Mining Claim Maintenance Fees.  On the later of:

     

      

    
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    14.1.1    July 1, 2016; and

     

    14.1.2    the date which is five (5) business days after the Second Payment Date,

     

    Paradigm shall pay the federal annual mining claim maintenance fees and Nevada mining claims fees for the unpatented mining claims included in the Property which are due on or before September 1,
      2016, and November 1, 2016, respectively, and promptly shall deliver substantiation of such payments.  Paradigm shall execute and record or file, as applicable, proof of payment of the federal annual mining claim maintenance fees and of Owner’s
      intention to hold the unpatented mining claims which constitute the Property.  If Paradigm exercises the Option, Paradigm shall perform the foregoing obligations for the annual assessment year September 1, 2017, to September 1, 2018, on or before
      July 1, 2017.  Paradigm shall pay the federal annual mining claim fees, administrative fees, and annual maintenance fees, and Nevada mining claim fees, map fees, and recording fees for the unpatented mining claims located by Owner for which the
      certificates of location and mining claim maps have not been filed and recorded on or before the Effective Date.

     

    14.2       Amendment of Mining Laws.  The parties acknowledge that legislation for
        the amendment or repeal of the mining laws of the United States applicable to the Property has been, and in the future may be, considered by the United States Congress.  The parties desire to insure that any and all interests of the parties in the
        lands subject to the unpatented mining claims which comprise all or part of the Property, including any rights or interests acquired in such lands under the mining laws as amended, repealed or superseded, shall be part of the Property and shall be
        subject to the Agreement.  If the mining laws applicable to the unpatented mining claims subject to this Agreement are amended, repealed or superseded, the conversion or termination of Owner’s interest in the Property pursuant to such amendment,
        repeal or supersession of the mining laws shall not be considered a deficiency or defect in Owner’s title in the Property, and Paradigm shall have no right or claim against Owner resulting from the conversion, diminution, or loss of Owner’s
        interest in and to the Property, except as expressly provided in this Agreement.  If pursuant to any amendment or supersession of the mining laws Owner is granted the right to convert its interest in the unpatented mining claims comprising the
        Property to a permit, license, lease, or other right or interest, all converted interests or rights shall be deemed to be part of the Property subject to this Agreement.  Upon the grant or issuance of such converted interests or rights, the parties
        shall execute and deliver an addendum to this Agreement, in recordable form, by which such converted interests or rights are made subject to this Agreement.

     

    14.3       Amendment and Relocation of Claims.  On not less than ten (10) days
        notice to and after consultation with Owner, Paradigm shall have the right to amend or relocate in the name of Owner any of the unpatented mining claims subject to this Agreement which Paradigm deems advisable to so amend or relocate and the right
        to abandon any unpatented mining claims subject to this Agreement and to relocate the lands formerly appropriated by such abandoned mining claims as mill sites.  Subject to the provisions in this Section, Owner appoints Paradigm as Owner’s lawful
        attorney in fact for the purpose of the location, amendment or relocation of any such claims.  All amended or new locations shall be part of the mining claims subject to this Agreement and the parties will promptly after amendment or location of
        such claims execute and deliver an addendum to this Agreement and an amended memorandum of this Agreement to such effect.

     

      

    
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    15.          Relationship of the Parties.

     

    15.1       No Partnership.  This Agreement shall not be deemed to constitute any
        party, in its capacity as such, the partner, agent or legal representative of any other party, or to create any joint venture, partnership, mining partnership or other partnership relationship between the parties.

     

    15.2       Competition.  Except as expressly provided in this Agreement, each party
        shall have the free and unrestricted right independently to engage in and receive the full benefits of any and all business endeavors of any sort outside the Property, the Area of Interest or otherwise outside the scope of this Agreement, whether
        or not competitive with the endeavors contemplated under this Agreement, without consultation with or participation of the other party.  In particular, without limiting the foregoing, neither party to this Agreement shall have any obligation to the
        other as to any opportunity to acquire any interest, property or right offered to it outside the scope of this Agreement.

     

    16.         Inspection.  Until Paradigm pays the Fourth Payment, Owner or Owner’s duly authorized
        representatives shall be permitted to enter on the Property and Paradigm’s workings at all reasonable times for the purpose of inspection, but they shall enter on the Property at their own risk and in such a manner which does not unreasonably
        hinder, delay or interfere with Paradigm’s operations.

     

    17.         Title.

     

    17.1       Representations and Warranties.  In respect of the unpatented mining
        claims Owner represents and warrants that:  (a) the unpatented mining claims were properly located in accordance with applicable federal and state laws and regulations; (b) the federal annual mining claim maintenance and rental fees have been paid
        properly, except for the *** unpatented mining claims for which such fees are not yet due; (c) the unpatented mining claims are in good standing; (d) subject to the paramount title of the United States, Owner has good right and full power to lease
        and to convey the interests described in this Agreement; (e) the unpatented mining claims are free and clear of all liens, claims and encumbrances created by, through or under Owner; and (f) to Owner’s best knowledge, the unpatented mining claims
        are free and clear of all liens, claims and encumbrances created by, through or under third parties.  Owner disclaims any representation or warranty concerning the existence or proof of a discovery of locatable minerals on or under the Property.

     

    17.2       Paradigm’s Title Remedies.  If as a result of Owner’s failure to
        properly locate and perfect by filing and recording of the certificates of location for the unpatented mining claims included in the Property, Owner owns an interest in such unpatented mining claims which is less than the entire interest, Paradigm
        may seek any remedies available to it at law or in equity.  Paradigm may also acquire any interest not owned by Owner, the restitution of any and all payments made by Paradigm pursuant to this Agreement.  If Owner fails to promptly remedy any
        defects in title or to pay, when due, mortgages or other liens against the Property, Paradigm shall have the right, but shall not be obligated, to remedy such defects or to pay such amounts, and if it does so, Paradigm shall have the right to
        offset and credit against subsequent payments due to Owner all of Paradigm’s costs and payments reasonably and in good faith incurred to remedy such defects or to pay such amounts, including any and all costs incurred by Paradigm to acquire from
        any third party any interest in the Property or any portion of the Property.

     

      

    
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    17.3          Escrow of Payments Pending Dispute.  If at any time a third party
        asserts a bona fide claim of ownership in the Property or the Minerals which is adverse to the interest of Owner or Paradigm, Paradigm may deposit any payments which would otherwise be due to Owner into escrow and give notice of such deposit to
        Owner.  In the event of such a dispute as to ownership of the Property or the Minerals, Paradigm’s obligation to pay Purchase Price may be deferred until twenty (20) days after Paradigm is furnished satisfactory evidence that such dispute has been
        finally settled.

     

    17.4       Survival of Paradigm’s Rights.  The provisions of this Section shall
        survive any termination of this Agreement and *** after Owner’s execution, delivery and recording of the Deed of the Property on Closing of the Option.

     

    18.         Covenants, Warranties and Representations.  Each of the parties covenants, warrants and represents
        for itself as follows:

     

    18.1       Compliance with Laws.  That it has complied with all applicable laws and
        regulations of any governmental body, federal, state or local, regarding the terms of and performance of its obligations under this Agreement.

     

    18.2       No Pending Proceedings.  That there are no lawsuits or proceedings
        pending or threatened which affect its ability to perform the terms of this Agreement.

     

    18.3       Costs.  That it shall pay all costs and expenses incurred or to be
        incurred by it in negotiating and preparing this Agreement and in closing and carrying out the transactions contemplated by this Agreement.

     

    18.4       Brokers.  That it has had no dealings with any agent, broker or finder
        in connection with this Agreement, and shall indemnify, defend and hold the other party harmless from and against any claims that may be asserted through such party that any agent’s broker’s or finder’s fee is due in connection with this Agreement.

     

    18.5       Patriot Act.  That it is not on the Specially Designated National &
        Blocked Persons List of the Office of Foreign Assets Control of the United States Treasury Department and is not otherwise blocked or banned by any foreign assets office rule or any other law or regulation, including the USA Patriot Act or
        Executive Order 13224.

     

    19.         Termination by Owner.  Any failure by Paradigm to perform any of its covenants, liabilities,
        obligations or responsibilities under this Agreement shall be a default.  Owner may give Paradigm written notice of a default.  If the default is not remedied within thirty (30) days after receipt of the notice, provided the default can reasonably
        be cured within that time, or, if not, if Paradigm has not within that time commenced action to cure the same or does not after such commencement diligently prosecute such action to completion, Owner may terminate this Agreement by delivering
        notice to Paradigm of Owner’s termination of this Agreement.  In the case of Paradigm’s failure to pay any part of the Purchase Price, Owner shall be entitled to give Paradigm written notice of the default, and if such default is not remedied
        within fifteen (15) days after the receipt of the notice, then Owner may terminate this Agreement by delivering notice to Paradigm of Owner’s termination of this Agreement.  On termination of this Agreement based on Paradigm’s default, within ten
        (10) days after termination Paradigm shall execute and deliver to Owner a release and termination of this Agreement in form acceptable for recording.

     

      

    
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    20.         Termination by Paradigm.  In addition to its termination right under Section 2.2, Paradigm may at
        any time terminate this Agreement or after the Closing Date surrender the Property, as applicable, by giving thirty (30) days written notice to Owner.  If Paradigm terminates this Agreement under this Section or surrenders the Property in
        accordance with the Deed, Paradigm shall perform all obligations and pay all payments which accrue or become due before the termination date, including the work commitment and Differential payment obligations, as applicable.  For the avoidance of
        doubt, if Paradigm terminates this Agreement on or before the Third Payment Date, the Fourth Payment Date or the Fifth Payment Date, Paradigm shall be relieved of its obligation to pay the applicable payment and any succeeding payment(s).  If
        Paradigm does not timely notify Owner of Paradigm’s election to terminate this Agreement or to surrender the Property, Paradigm shall be obligated to pay any part of the Purchase Price which becomes due before termination of this Agreement or
        surrender of the Property, as applicable.  On Paradigm’s termination of this Agreement, within ten (10) days after termination Paradigm shall execute and deliver to Owner a release and termination of this Agreement in form acceptable for recording.

     

    21.         Surrender of Property.  On expiration or termination of this Agreement (other than as a result of
        the Closing of the Option), Paradigm shall surrender the Property promptly to Owner and at Paradigm’s sole cost shall remove from the Property all of Paradigm’s buildings, equipment and structures.  Paradigm shall reclaim the Property in accordance
        with all applicable Governmental Regulations.  Paradigm shall diligently perform such reclamation and restoration of the Property as is required under any notice of intent to operate obtained by Paradigm or as a result of operations undertaken by
        Paradigm on the Property such that Paradigm’s reclamation and restoration shall be completed not later than the date required under any Governmental Regulations.  On expiration or termination of this Agreement (other than as a result of’ the
        Closing of the Option), Paradigm shall have the right to enter on the Property for the purpose of reclaiming the Property in accordance with applicable Governmental Regulations.  Paradigm shall close all historic mine openings, including adits,
        shafts, trenches or underground openings, created or used by Paradigm during the term of this Agreement in accordance with Governmental Regulations.

     

    22.         Data.  On the Effective Date, at Owner’s sole cost and expense, Owner shall deliver to Paradigm
        copies of all of the publicly available data and data independently created by Owner regarding the Property which Owner possesses and which before the Effective Date Owner has not delivered to Paradigm.  Within thirty (30) days following
        termination of this Agreement, except on Paradigm’s exercise of the Option, at Paradigm’s sole cost and expense, Paradigm shall deliver to Owner copies of all data regarding the Property in Paradigm’s possession at the time of termination which
        before termination have not been furnished to Owner.  The digital data shall be in a format which is readable and useful using commercially available software which is customarily used in the mineral industry in the United States.  All digital and
        written data shall be in English.  Within thirty (30) days following termination of this Agreement, except on Paradigm’s exercise of the Option, at Paradigm’s sole cost and expense, Paradigm shall deliver to Owner all drilling core, samples and
        sample splits taken from the Property which are in Paradigm’s possession on the effective date of termination of this Agreement.  If Owner does not take delivery of the drilling core, samples and sample splits within thirty (30) days following the
        effective date of termination of this Agreement, Paradigm may dispose of them in any manner determined in its discretion.

     

      

    
      15

      
        

    

    23.         Confidentiality.  The data and information, including the terms of this Agreement, disclosed to
        any party by another party by virtue of this Agreement shall be deemed confidential and shall not be disclosed to outside third parties except as may be required to publicly record or protect title to the Property or to publicly announce and
        disclose information under Governmental Regulations or under the rules and regulations of any stock exchange on which the stock of any party, or the parent or affiliates of any party, is listed.  Owner agrees to inform Paradigm of the content of
        the announcement or disclosure in sufficient time to permit the other party to jointly or simultaneously make a similar public announcement or disclosure.  If Owner or Paradigm negotiates for a transfer of all or any portion of its interest in the
        Property or under this Agreement or negotiates to procure financing or loans relating to the Property, in order to facilitate any such negotiations Owner or Paradigm (as applicable) shall have the right to furnish information to third parties,
        provided that each third party to whom the information is disclosed agrees to maintain its confidentiality in the manner provided in this Section.  Owner and its members shall have the right of disclosure to their accounting and legal advisors and
        to the beneficiaries of such members’ estate plan instruments.  Data and information which the parties publicly disclose or which is in the public domain shall not be confidential information for purposes of this Section.

     

    24.         Assignment.

     

    24.1       Paradigm’s Assignment.

     

        

    24.1.1     While any part of the Purchase Price remains outstanding, except as expressly
          provided in this Agreement, Paradigm shall not assign, convey, encumber, sublease, or license or otherwise transfer (each a “Transfer”) all or any part of its interest in this Agreement or the Property, without, in each case, Owner’s prior
          written consent, which shall not be •withheld unreasonably.  Any Transfer of this Agreement which is prohibited under this Section shall be deemed void and shall constitute a material default under the terms of this Agreement.  In its
          consideration of Paradigm’s request for consent to a Transfer, Owner may consider, but is not limited to considering, the financial, legal, operating and regulatory history, and the market capitalization of the proposed transferee.  Before
          execution of any documents effecting a Transfer, Paradigm shall provide Owner with a copy of the proposed Transfer documents not less than fifteen (15) days before Paradigm’s execution of the documents.  The instrument of Transfer shall provide
          that the transferee assumes and agrees to perform all of Paradigm’s obligations under this Agreement.  Paradigm acknowledges that if Paradigm requests that Owner consent to a Transfer, Owner will incur costs and attorney’s fees for the purpose of
          evaluating Paradigm’s request.  Paradigm agrees to reimburse Owner for Owner’s costs and attorney’s fees incurred in response to Paradigm’s request for consent for a Transfer in an amount not to exceed ***.  

     

     

    24.1.2    Following payment of the Fifth Payment, Paradigm shall have the right to assign all or any part of its interest
        in this Agreement or the Property without Owner’s consent.

     

      

    
      16

      
        

    

    24.2       Owner’s Assignment.  Subject to the provisions of this Section, Owner
        shall have the right to transfer its interest in this Agreement and the Property.  No change in ownership of Owner’s interest in the Property shall affect Paradigm’s obligations under this Agreement unless and until Owner delivers and Paradigm
        receives copies of the documents which demonstrate the change in ownership of Owner’s interest.  Until Paradigm receives Owner’s notice and the documents required to be delivered under this Section, Paradigm may continue to make all payments under
        this Agreement as if the transfer of Owner’s ownership interest had not occurred.  No division of Owner’s ownership as to all or any part of the Property shall enlarge Paradigm’s obligations or diminish Paradigm’s rights under this Agreement.

     

    25.          Force Majeure.  The respective obligations of the parties, except Paradigm’s obligations to pay
        the Purchase Price, maintain insurance coverage and to perform or pay Property maintenance obligations, including payment of the federal annual mining claim maintenance fees for the unpatented mining claims which constitute the Property, shall be
        suspended during the time and to the extent that the parties are prevented from compliance, in whole or in part, by accident, act or restraint of any lawful authority, earthquake, unavailability of equipment and equipment operating crews (including
        drilling equipment and drilling crews), fire, flood, labor shortage, stoppage or strike, application or imposition of Governmental Regulations which prohibit or unreasonably hinder or interfere with Paradigm’s operations on the Property, including
        delay or refusal in the issuance of license or permit approvals and other causes of the same or other character beyond the reasonable control of the parties.

     

    26.          Disputes Not to Interrupt Operations.  Disputes or differences between the parties shall not
        interrupt performance of this Agreement or the continuation of Paradigm’s operations.  In the event of any dispute or difference, operations may be continued, and settlements and payments may be made in the same manner as before such dispute or
        difference.

     

    27.          Memorandum Agreement.  The parties shall execute and deliver a memorandum of this Agreement which
        shall include Owner’s notice of nonresponsibility.  The execution of the memorandum shall not limit, increase or in any manner affect any of the terms of this Agreement or any rights, interests or obligations of the parties.

     

    28.          Notices.  Any notices required or authorized to be given by this Agreement shall be in writing and
        shall be sent either by commercial courier, facsimile, or by certified U.S. mail, postage prepaid and return receipt requested, addressed to the proper party at the address stated below or such address as the party shall have designated to the
        other parties in accordance with this Section, together with a copy to such email address as the party shall have designated to the other parties in accordance with this Section.  Such notice shall be effective on the date of receipt by the
        addressee party, except that any facsimiles received after 5:00 p.m. of the addressee’s local time shall be deemed delivered the next day.

     

      

    
      17

      
        

    

    	 	
            If to Owner or the Warrantors:

          	
            Boundary Peak Minerals LLC

          
	 	 	
            550 West Plumb Lane Suite B #187

          
	 	 	
            Reno, Nevada 89509

          
	 	 	
            Attention:

          	
              Derek Amen

          
	 	 	
            By email:

          	
              ***

          
	 	 	 
	 	
            If to Paradigm or Global:

          	
            Paradigm Minerals Arizona Corporation

          
	 	 	 
	 	 	
            c/o Global Geoscience Ltd.

          
	 	 	
            Suite 203, 161 Walker Street

          
	 	 	
            North Sydney, NSW 2060

          
	 	 	 
	 	 	
            Attention:

          	
              Bernard Rowe

          
	 	 	
            By email:

          	
              ***

          

     

    29.         Binding Effect of Obligations.  This Agreement shall be binding upon and inure to the benefit of
        the respective parties and their successors or assigns.

     

    30.         Entire Agreement.  The parties agree that the entire agreement between them is written in this
        Agreement and in a memorandum of agreement of even date.  There are no terms or conditions, express or implied, other than expressly stated in this Agreement.  This Agreement may be amended or modified only by a written instrument signed by the
        parties with the same formality as this Agreement.  The parties acknowledge and agree that this Agreement supersedes and replaces the Letter Agreement.

     

    31.         Governing Law and Forum Selection.  This Agreement shall be construed and enforced in accordance
        with the laws of the State of Nevada.  Any action or proceeding concerning the construction, or interpretation of the terms of this Agreement or any claim or dispute between the parties shall be commenced and heard in the Second Judicial District
        Court of the State of Nevada, in and for the County of Washoe, Reno, Nevada.  Each of the parties agrees that the Second Judicial District Court has jurisdiction of the subject matter of this Agreement and personal jurisdiction of the parties and
        each of the parties agree to submit to the jurisdiction of the Second Judicial District Court.

     

    32.         Multiple Counterparts.  This Agreement may be executed in any number of counterparts, each of
        which shall be deemed to be an original, but all of which shall constitute the same Agreement.

     

    33.         Severability.  If any part, term or provision of this Agreement is held by a court of competent
        jurisdiction to be illegal or in conflict with any Governmental Regulations, the validity of the remaining portions or provisions shall not be affected, and the rights and obligations of the parties shall be construed and enforced as if the
        Agreement did not contain the particular part, term or provision held to be invalid.

     

    34.         Time of Essence.  Time is of the essence in the performance of the parties’ obligations under this
        Agreement.

     

    35.         Attorney’s Fees.  The prevailing party in any litigation or other form of dispute resolution
        elected by the parties concerning this Agreement and the parties’ rights and obligations under this Agreement shall be entitled to an award of its reasonable attorney’s fees and costs incurred in such litigation or other form of dispute resolution.

     

    36.         Warrantors.  Except as otherwise expressly provided in this Agreement, Warrantors have executed
        this Agreement for the sole purpose of representing that Warrantors own *** of the members’ interests in Owner as follows:  ***.  Each Warrantor represents that such Warrantor has not entered into any agreement or executed any instrument by which
        such Warrantor has conveyed or granted any right, title, or interest in or any option to purchase any right, title, or interest in such Warrantor’s membership interest in Owner.

     

      

    
      18

      
        

    

    The parties have executed this Agreement effective the Effective Date.

     

    Boundary Peak Minerals LLC

     

    

    
      	
              By

            	
              /s/ Derek Amen

            	 
	
              Name

            	
              Derek Amen

              

            	 
	
              Title

            	
              Manager

            	 

    

    

    

    
      	
              C&M Consultants

            
	  	 
	
              By

            	
              /s/ Ruth Carraher

            	 
	
              Name

            	
              Ruth Carraher

              

            	 
	
              Title

            	
              President

            	 

    

     

    

    
      	
              By

            	
              /s/ Ruth Carraher

            	 
	
              Name

            	
              Ruth Carraher

            	 
	
              Title

            	
              

              

            	 

    

     

    

    
      	
              By

            	
              /s/ Paul Muto

            	 
	
              Name

            	
              Paul Muto

            	 
	
              Title

            	
              

              

            	 

    

     

    

    
      

    

    	
            Paradigm Minerals Arizona Corporation

          
	  	 
	  	 
	
            By

          	
            /s/Bernard Rowe

          	 
	
            Name

          	
            Bernard Rowe

          	 
	
            Title

          	
            Director

          	 

     

    	
            Global Geoscience Ltd.

          
	  	 
	
            By

          	
            /s/ Bernard Rowe

          	 
	
            Name

          	
            Bernard Rowe

          	 
	
            Title

          	
            Director

          	 

    

    

    
      19

      
        

    

    Global Guaranty

     

    Global unconditionally and irrevocably assures and guarantees all of the agreements; covenants and obligations of Paradigm under this Agreement.  This guarantee is absolute, irrevocable, primary and
      unconditional, irrespective of any circumstances which might otherwise constitute a legal or equitable discharge or defense of or by a Global or surety.  Subject to the limitation of Global’s liabilities and obligations contained in this guarantee,
      if for any reason any sums are not paid when due, or any agreement, condition, covenant or term is not performed or observed in accordance with this guarantee, Global, within five (5) business days after notice, but in any event before expiration of
      any period of grace provided for in this guarantee, shall pay the same in accordance with the terms of this guarantee, and will perform or observe or cause to be performed and observed every such agreement, condition, covenant and term of this
      guarantee regardless of:  (a) any defenses or rights of setoff or counterclaims which Global may have or assert; (b) whether Owner has taken any steps to enforce any rights against Paradigm or Global or any other remedy as a result of the default of
      Paradigm; and (c) any other condition or contingency.  Global’s failure to comply with the provisions of this Section shall constitute an event of default under this guarantee.  Global agrees to pay to Owner such amounts as may be sufficient to cover
      the cost and expense of Owner’s collection of any sums due and payable or enforcement of this guarantee or this guarantee, including, in any arbitration proceeding, action or case, fees and costs, court costs and reasonable attorney’s fees.  This
      guarantee is an assurance and guaranty of payment and performance and not merely of collectibility.  Performance under this guarantee shall not give rise to any right of subrogation in favor of Global as to any person or party until such time as the
      payments and obligations due under this guarantee and this guarantee have been paid or discharged in full.  Global’s agreements, assurances, covenants, duties and obligations under this guarantee shall in no way be affected or impaired by reason of
      the occurrence of any of the following events:  (a) the waiver by Owner of the performance or observance by Global of this guarantee; (b) the extension, in whole or in part, of the time for payment by Global of any sums owing or payable under this
      guarantee; (c) alteration or modification (whether material or otherwise) of any of the obligations of Global under this guarantee; (d) any delay, failure, inability part of or omission by Owner to assert, enforce, exercise any right, title or remedy
      conferred on or available to Owner in or under this guarantee; (e) any change in the relationship between Global and Paradigm; or (f) termination of this guarantee or any assignment, conveyance, sale or transfer by Paradigm of any or all of its
      rights in or under this guarantee.

     

    

    	
            Global Geoscience Ltd.

          
	  	 
	  	 
	
            By

          	 	 
	
            Name

          	 	 
	
            Title 

            

          	 	 

    

    

    
      20

      
        

    

    
      	
              STATE OF NEVADA, 

              

            	 )	
               

            
	
               

            	
              ss

            	
               

            
	
              COUNTY OF WASHOE.

            	 )	
               

            

            

    

     

    

    This Mining Lease and Option to Purchase Agreement was acknowledged before me on June _3__ 2016, by Derek Amen individually and in his capacity as Manager of Boundary Peak Minerals LLC.

     

    

    	
             /s/ Kathy M. Miyoshi

          	 
	
            Notary Public

          	 

     

      	
              STATE OF NEVADA, 

              

            	 )	
               

            
	
               

            	
              ss

            	
               

            
	
              COUNTY OF WASHOE.

            	 )	
               

            

    

     

    

    This Mining Lease and Option to Purchase Agreement was acknowledged before me on June _3__, 2016, by Ruth Carraher individually and in her capacity as President of C&M Consultants.

     

    
      	
              /s/ Kathy M. Miyoshi

            	 
	
              Notary Public

            	 

    

     

    
      	
              STATE OF NEVADA, 

              

            	 )	
               

            
	
               

            	
              ss

            	
               

            
	
              COUNTY OF WASHOE.

            	 )	
               

            

    

    

    

    This Mining Lease and Option to Purchase Agreement was acknowledged before me on June _3__ 2016, by Paul Muto.

     

    

    	
            /s/ Kathy M. Miyoshi

          	 
	
            Notary Public

          	 

     

    
      	
              STATE OF NEW SOUTH WALES, 

              

            	
              )

            	
               

            
	
               

            	
              ss.

            	
               

            
	
              ________________LOCAL GOVERNMENT AREA.

            	
              )

            	
               

            

    

           

    

    

    

      

    

    This Mining Lease and Option to Purchase Agreement was acknowledged before me on June___, 2016, by _____________________________ as the ________________________ of Paradigm Minerals Arizona
      Corporation.

    

    

    
      21

      
        

    

    Notary Public

    My appointment does not expire.

    

      	
              STATE OF NEW SOUTH WALES, 

              

            	
               )

            	
               

            
	
               

            	
              ss.

            	
               

            
	
              ________________LOCAL GOVERNMENT AREA.

            	
               )

            	
               

            

    

    

    

    This Mining Lease and Option to Purchase Agreement was acknowledged before me on June___, 2016, by ____________________________ as the ___________________________ of Global Geosciences Ltd.

     

    _______________________________

    Notary Public

    My appointment does not expire.

    

    

    
      22

      
        

    

    
    Exhibit A

     Description of Area of Interest and Property

     Esmeralda County, Nevada

     

    Area of Interest.

     

    

    Area of Interest.

     

    The Area of Interest shall include the following lands:

     

    T1NR37E:  Sections 29 - 32 and W1/2 Section 33

    T1SR37E:  Sections 4 - 9, 16 - 23. 26 - 28, and 33 – 35

    T2SR37E:  Sections 2 – 4

    T1NR36E:  Section 36.

     

    Property

     

    Unpatented mining claim:

     

    SLB 1-48          NMC 1117360-1117407

    NLB 1-72          NMC 1118666-1118737

     

    

    SLB 49 – 109 located April 28 and 29, 2016 and May 29 and 30, 2016

    

    

    
      23

      
        

    

    Exhibit B

     Deed

     

    

    
      24

      
        

    

    

     

    11 July 2016

     

    Boundary Peak Minerals LLC

    550 West Plumb Lane Suite B #187

    Reno, Nevada 89509

     

    

    Attention:  Derek Amen

    By email:  ***

     

    Dear Sirs

     

    Exploration Option Agreement- Extension of time to issue Second Payment Shares

     

    We refer to the Exploration Option Agreement (Agreement) dated 3 June 2016 between Boundary Peak Minerals LLC (Owner) and Global Geoscience Limited (Global).

     

    Variation and Consent

     

    

    
      	
              1.

            	
              Pursuant to this letter (Variation Letter), the parties agree to amend the Agreement:

            

       

      

    

    
      	
              (a)

            	
              to extend the date for the issue of the Second Payment Shares so that Global must issue the Second Payment Shares on or before 26 August 2016; and

            

       

      

    

    
      	
              (b)

            	
              so that the voluntary escrow period which applies to the Second Payment Shares will be the period from the issue of the Second Payment Shares until 15 February 2017.

            

       

      

    

    
      	
              2.

            	
              By the execution of this Variation Letter, Owner irrevocably consents to the variation of the Agreement as set out in this Variation letter.

            

    

     

    General

     

    

    
      	
              3.

            	
              The Agreement continues In full force and effect save and except as varied by this Variation Letter.

            

    

    

    

    
      
        	
                Global Geoscience Ltd

                

              	
                Tel:          

                

              	+61 (2) 9922-5800

              
	ABN 76 098 564 606	Fax:	+61 (2) 9922-4004

              
	Suite 203, 161 Wmker Street	e-mail:	explore@globalgeo.com.au

              
	NORTH SYDNEY NSW 2060	Web: 

              	www.globalgeo.com.au
	AUSTRALIA	 	 

      

      
        

    

    
      	
              4.

            	
              This Variation Letter shall be governed and construed in accordance with the laws of the State of Nevada and the parties agree to submit to the jurisdiction of the Second Judicial District Court of the State of Nevada, in and for the
                County of Washoe, Reno, Nevada.

            

    

     

    

    
      	
              5.

            	
              This Variation letter may be executed in any number of counterparts and all those counterparts shall together constitute one instrument.

            

    

     

    

    
      	
              6.

            	
              Terms used in this Variation Letter have the same meaning as the terms defined in the Agreement unless the context requires otherwise.

            

    

     

    

    
      
        

    

    Please confirm Owner’s acceptance of the terms and conditions of this Variation Letter, by signing where indicated below.

     

    Yours faithfully

     

    /s/ Bernard Rowe

     

    Bernard Rowe

    Managing Director

    Global Geoscience Limited

     

    The parties have executed this Variation Letter effective the Effective Date.

     

    

    

    
      	
              Boundary Peak Minerals LLC

            
	 	 	 
	
              By

            	
              /s/ Derek Amen

            	 
	
              Name

            	
              Derek Amen

              

            	 
	
              Title

            	
              Manager

            	 

    

    

    

    	
            Paradigm Minerals Arizona Corporation

          
	 	 	 
	
            By

          	
            /s/ Bernard Rowe

          	 
	
            Name

          	
            Bernard Rowe

          	 
	
            Title

          	
            Director

          	 

     

    

    

    	
            Global Geoscience Ltd.

          
	 	 	 
	
            By

          	
            /s/ Bernard Rowe

          	 
	
            Name

          	
            Bernard Rowe

          	 
	
            Title 

            

          	
            Managing Director

          	 

     

    
      
        

    

    

     

    18 July, 2016

     

    Boundary Peak Minerals LLC

    550 West Plumb Lane Suite B #187

    Reno, Nevada 89509

     

    Attention:  Derek Amen

     By email:  ***

     

    Dear Sirs

     

    Exploration Option Agreement - Extension of time to issue Second Payment Shares

     

    We refer to the Exploration Option Agreement (Agreement) dated 3 June 2016 between Boundary Peak Minerals LLC (Owner) and Global
      Geoscience Limited (Global) as amended.

     

    Variation and Consent

     

    

    
      	
              1.

            	
              Pursuant to this letter (Variation Letter), the parties agree to amend the Agreement by deleting Section 5.2 and replacing it with:

            

    

     

    	

          	5.2	
            Second Payment.

          

     

    	

          	5.2.1	
            On the Second Payment Date, Paradigm shall pay to Owner the sum of ***; and

          

     

    	

          	5.2.2	
            (subject to Global shareholder approval and execution of voluntary escrow agreements by all holders) on or before 26 August 2016, Global shall deliver to Owner the number of Shares determined in accordance with this Section,

          

     

    (collectively the “Second Payment”).  The Second Payment Shares shall be equivalent of *** in Shares at an exchange rate of A$1 = US$0.75 and a Share price based on the lower of (a) A$0.04 per Share, and (b) the
      30-trading day volume weighted average price for the Shares (“VWAP”) fifteen (15) trading days either side of the Second Payment Date.  The Second Payment Shares issued will be escrowed for from issue until 15 February 2017.

    

    
      
        	
                Global Geoscience Ltd

                

              	
                Tel:          

                

              	+61 (2) 9922-5800

              
	ABN 76 098 564 606	Fax:	+61 (2) 9922-4004

              
	Suite 203, 161 Wmker Street	e-mail:	explore@globalgeo.com.au

              
	NORTH SYDNEY NSW 2060	Web: 

              	www.globalgeo.com.au
	AUSTRALIA	 	 

      

      
        

    

    
      
        	
                2.

              	
                By the execution of this Variation Letter, the parties irrevocably consent to the variation of the Agreement as set out in this Variation Letter.

              

      

       

      General

       

      

      
        	
                3.

              	
                The Agreement continues in full force and effect save and except as varied by this Variation Letter.

              

      

       

      
        	
                4.

              	
                This Variation Letter shall be governed and construed in accordance with the laws of the State of Nevada and the parties agree to submit to the jurisdiction of the Second Judicial District Court of the State of Nevada, in and for the
                  County of Washoe, Reno, Nevada.

              

         

        

      

      
        	
                5.

              	
                This Variation Letter may be executed in any number of counterparts and all those counterparts shall together constitute one instrument.

              

         

        

      

      
        	
                6.

              	
                Terms used in this Variation Letter have the same meaning as the terms defined in the Agreement unless the context requires otherwise.

              

      

      

      

      Please confirm Owner’s acceptance of the terms and conditions of this Variation Letter, by signing where indicated below.

     

    

    	
            Yours faithfully

          	 
	
            

            

          	 
	
            Bernard Rowe

          	 
	
            Managing Director

          	 
	
            Global Geoscience Limited

          	 

     

    The parties have executed this Variation Letter effective the Effective Date.

     

    

    

    
      	
              Boundary Peak Minerals LLC

            
	 	 	 
	
              By

            	
              /s/ Derek Amen

              

            	 
	
              Name

            	
              Derek Amen

              

            	 
	
              Title

            	
              Manager

            	 

    

    

    

    	
            Paradigm Minerals Arizona Corporation

          
	 	 	 
	
            By

          	
            /s/ Bernard Rowe

          	 
	
            Name

          	
            Bernard Rowe

          	 
	
            Title

          	
            Director

          	 

     

    	
            Global Geoscience Ltd.

          
	 	 	 
	
            By

          	
            /s/ Bernard Rowe

          	 
	
            Name

          	
            Bernard Rowe

          	 
	
            Title

          	
            Director

          	 

    

    

    
      
        

    

    

    1 July 2016

     

    Boundary Peak Minerals LLC

    550 West Plumb Lane Suite B #187

    Reno, Nevada 89509

     

    Attention:  Derek Amen

     By facsimile:  ***

     By email:  ***

     

    Dear Sirs

     

    Notice of Completion of Due Diligence

     

    We refer to the Exploration Option Agreement (Agreement) dated 3 June 2016 between Boundary Peak Minerals LLC (Owner) and Global Geoscience Limited (Global).  Terms which are defined in the Agreement shall have the same meaning where used in this notice, unless the context requires otherwise.

     

    Global confirms that it has completed its due diligence investigation of the Property to its satisfaction.  Accordingly:

     

    

    
      	
              1.

            	
              the Due Diligence Notice Date and the Second Payment Date under the Agreement are both 1 July 2016., being the date of this notice; and

            

       

      

    

    
      	
              2.

            	
              subject to Global shareholder approval and execution of a voluntary escrow agreement by Owner (or Its nominees) in accordance with Section 5.2.2 of the Agreement, Global will issue the Second Payment Shares to the Owner (or its nominees)
                on or before 15 August 2016 (being 45 days from the Second Payment Date).

            

       

      

    

    	
            Yours faithfully

          	 
	 	 
	
            /s/ Bernard Rowe

          	 
	
            Bernard Rowe

          	 
	
            Managing Director

          	 
	
            Global Geoscience Limited

          	 

     

  

  
    	 	 	 
	
            Global Geoscience Ltd

            

          	
            Tel:          

            

          	+61 (2) 9922-5800

          
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