Exploration Term Clause Samples

Exploration Term. The Exploration period shall last three (3) years from the commencement date of the first Exploration Campaign approved by the Technical Committee (the “Exploration Term”). The Parties agree that the Exploration Term may be extended by mutual written agreement of both Parties. If Exploration Activities are suspended or delayed as a result of a Force Majeure event, the Exploration Term shall be extended for a period equal to the duration of such suspension or delay, provided that such extension shall not exceed a total of six (6) months. If IE is prevented from performing the IE Exploration Services over any portion of the Typhoon Exploration Area due to unforeseen circumstances beyond the reasonable control of either IE or SQM, such event shall not give rise to any liability of IE or SQM for any damage, loss, cost, or expense arising out of or in connection with such event.

Exploration Term. 7.1.1 Subject to compliance with Applicable Law, regulations and the terms of the Exploration License, the Exploration Phase will have a term of ten (10) years from the Effective Date (the “Exploration Term”). 7.1.2 Unless otherwise agreed by the Shareholders in writing and subject to a Continuing Joint Venture Project, if at the end of the Exploration Term there has been no Designated Project Designation (“Exploration Term Expiry”), this Agreement shall terminate in accordance with Clause 29 (Term, Validity and Termination), provided that where there is a Continuing Joint Venture Project that has been approved by the Board in accordance with Clause 17.6.10 (Board Decisions) termination of this Agreement shall be subject to Clause 29.8.2 (Consequences of Termination). 7.1.3 To the extent there is any Joint Venture Land, the Technical Committee shall meet at least three (3) months prior to the Exploration Term Expiry to determine the future activities to be undertaken on such Joint Venture Land. If the Technical Committee determines Exploration Works or other activities should be conducted on any part of the Joint Venture Land beyond the Exploration Term Expiry, the Technical Committee shall recommend to the Board that the Joint Venture should continue with respect to such Joint Venture Land and Exploration Works or other activities (a “Continuing Joint Venture Project”) and provide a draft works program and budget with respect to such Continuing Joint Venture Projects (a “CJVP Program and Budget”). 7.1.4 The Exploration Phase shall be deemed to continue for so long as there is Exploration Works being carried out in accordance with the terms of this Agreement and shall otherwise expire on the earlier to occur of (i) the written agreement of the Shareholders, or (ii) following a period of three (3) years during which no Exploration Works have been undertaken by the Parties. Classification: Restricted 22 7.1.5 For the avoidance of doubt and subject to the written agreement of the Shareholders, the Group may apply directly for Exploration Licenses and participate in auctions for such Exploration Licenses.

Exploration Term. 7.1.1 Subject to compliance with Applicable Law, regulations and the terms of the Exploration License, the Exploration Phase will have an initial term of five (5) years from the Effective Date (the “Initial Exploration Term”). 7.1.2 The initial term of the Exploration Phase may be extended for up to five (5) years (the “Additional Exploration Term”) upon a Shareholder giving notice to the other Shareholder of the Additional Exploration Term at least three (3) months prior to the expiry of the Initial Exploration Term and the other Shareholder confirming in writing their agreement to extend the Exploration Phase. 7.1.3 Unless otherwise agreed by the Shareholders in writing, if at the end of the Exploration Term there has been no Designated Project Designation (“Exploration Term Expiry”), this Agreement shall terminate in accordance with Clause 29 (Term, Validity and Termination). 7.1.4 The Exploration Phase shall be deemed to continue for so long as there is Exploration Works being carried out in accordance with the terms of this Agreement and shall otherwise expire on the earlier to occur of (i) the written agreement of the Shareholders, or (ii) following a period of three (3) years during which no Exploration Works have been undertaken by the Parties.

Exploration Term. Unless sooner terminated or expiring as provided ---------------- for herein, the Exploration Term of this Agreement shall commence on the effective date and shall end seven (7) years therefrom at 11:59 P.M.

Exploration Term. Subject to compliance with Applicable Law, regulations and the terms of the Exploration License, the Exploration Phase will have an initial term of five (5) years from the Effective Date (the “Initial Exploration Term”).

Exploration Term. The effective term of the right of exploration granted by Committing Assignor to Nayarit pursuant to this Agreements is of 2 years commencing as of the date of execution hereof. However, Nayarit may early terminate this Agreement without responsibility through written notice thereof. The parties agree that in case of early termination, Nayarit shall not be obligated to make the payments of money, shares and royalties described in Clause 6, paragraph 6.1.1, 6.1.2 and 6.1.2 of this Agreement that were not due upon early termination, nor shall Nayarit be obligated to continue its investment obligation as described in paragraph 7.1 of Clause 7 of this Agreement. Notwithstanding the foregoing and in the event that Nayarit terminates this Agreement by means of a simple written notice addressed to the “Committing Assignor”, Nayarit commits to pay to the owner of the concession and the Committing Assignor the 20% (twenty per cent) of the total of the remaining payments set forth in paragraph 6.1.1 of Clause 6, the foregoing due to the obligation of Committing Assignor to comply with the term herein stated. Moreover, the Explorer and Committing Assignee shall deliver to the Committing Assignor every 6 months, without the need of any previous requirement, each and all of the exploration reports performed on the lots of the mining concession, including the results of such works, its plot plans, and all those documents produced by the Explorer and Committing Assignee due to the performance of such works, documents that will not cause any costs to be paid by the Committing Assignor.