Exploration Drilling Stage Clause Samples

Exploration Drilling Stage. The Saudi JVCo will carry out drilling and other exploration activities on the applicable Recommended Land Areas and Additional Land Areas to assess whether an NI 43-101 compliant resource of economically viable scale is present such that the relevant land areas can be carved out as a Designated Project (the "Exploration Drilling Stage"). Ma’aden shall maintain all exploration licenses relating to the Ma’aden Land in good standing until such licenses become Undesignated Land. All costs related to the maintenance of such lands (including fees in respect of the exploration licenses) shall be borne by the Saudi JVCo until such licences become Undesignated Land. Except for the Undesignated Land, Ma’aden shall not dispose or transfer any exploration licenses relating to the Ma'aden Land during the Exploration Phase (except if it is agreed by the Technical Committee), except that after five (5) years from the start of the Exploration Phase (or earlier if an exploration license expires in accordance with its terms) Ma’aden and Ivanhoe Electric will mutually agree to reduce the Ma’aden Land subject to the Exploration Phase by 50% so as to focus efforts on prospective targets based on the survey results.