AMENDMENT #2 (REVISED) TO SHAREHOLDERS' AGREEMENT IN RESPECT OF MA'ADEN IVANHOE ELECTRIC EXPLORATION AND DEVELOPMENT LIMITED COMPANY
Exhibit 10.1
AMENDMENT #2 (REVISED) TO SHAREHOLDERS' AGREEMENT IN RESPECT OF MA'ADEN IVANHOE ELECTRIC EXPLORATION AND DEVELOPMENT LIMITED COMPANY
This Amendment Agreement is made on 25 June 2025 corresponding to 29/12/1446H (this "Agreement") Between:
| (1) | SAUDI ARABIAN MINING COMPANY (MA'ADEN), a joint stock company established pursuant to Royal Decree No. M/17 dated 14/11/1417H (corresponding to 23 March 1997) and existing under the laws of the Kingdom of Saudi Arabia with commercial registration number 1010164391 dated 10/11/1421 H. (corresponding to 4 February 2001) and whose principal office is at ▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ Road (Exit 6), P.O. Box 68861, Riyadh 11537, the Kingdom of Saudi Arabia ("Ma'aden"); |
| (2) | IVANHOE ELECTRIC MENA HOLDINGS LTD., a corporation incorporated under the laws of France, with registration number 951 524 479 R.C.S. Toulouse, having its registered office at ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ("IE Mena"); |
| (3) | IVANHOE ELECTRIC INC., a corporation incorporated under the laws of Delaware, USA, with registration number 3239208, having its registered office at ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ("IE Parent"); and |
| (4) | MA'ADEN IVANHOE ELECTRIC EXPLORATION AND DEVELOPMENT LIMITED COMPANY, a limited liability company existing under the laws of the Kingdom of Saudi Arabia with commercial registration number 1 0 1 0890891 and whose principal office is at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇# ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇. |
Ma'aden, 1E Mena and 1E Parent are hereinafter individually referred to as a "Party" and collectively as the "Parties".
Whereas:
| (A) | The Parties have previously entered into a shareholders' agreement in relation to the Company dated 6 July 2023 (corresponding to 1 8/12/1444H) (the "SHA"). |
| (B) | The Parties amended the SHA on 1 November 2023. |
| (C) | The Parties now wish to amend some terms of the SHA in accordance with this Agreement. |
It is agreed:
| 1. | Unless the context requires otherwise, capitalised terms used in this Agreement shall have the same meaning given to those terms in the SHA. |
| 2. | With effect from the date of this Agreement, the Parties agree that Part 1 Exploration Licenses of Schedule 6 (Ma 'aden Land Area) of the SHA shall be amended as follows: |
| (a) | by the insertion of the following table into Pari 1 of Schedule 6 reflecting the addition of new Exploration Licenses: |
Group A Additions - Exploration License Applications to Exploration Licenses
| License Number | Group_Licence Name | Exploration Licence Name | Region | Area km' | Licence Blocks No. |
Issue Date_G | Expiry Date |
| 20250300140 | Najran | Najran_04 | Najran | 82.64 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300021 | Najran | Najran_05 | Najran | 99.59 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300093 | Najran | Najran_06 | Najran | 99.59 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| License Number | Group_Licence Name | Exploration Licence Name | Region | Area km2 | Licence Blocks No. |
Issue Date_G | Expiry Date |
| 20250300098 | Najran | Najran_07 | Najran | 99.59 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300105 | Najran | Najran_08 | Najran | 99.59 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300106 | Najran | Najran_09 | Najran | 99.64 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300107 | Najran | Najran_10 | Najran | 99.64 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300108 | Najran | Najran_11 | Najran | 99.64 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300091 | Najran | Najran_12 | Najran | 99.64 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300090 | Najran | Najran_13 | Najran | 99.53 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300020 | Najran | Najran_14 | Najran | 11.97 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300089 | Najran | Najran_17 | Najran | 99.70 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300088 | Najran | Najran_18 | Najran | 99.70 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300079 | Najran | Najran_19 | Najran | 94.44 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300019 | Najran | Najran_20 | Najran | 99.69 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300087 | Najran | Najran_21 | Najran | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300109 | Najran | Najran_22 | Najran | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300110 | Najran | Najran_23 | Najran | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300096 | Najran | Najran_24 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300097 | Najran | Najran_25 | Najran | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300111 | Najran | Najran_26 | Najran | 99.71 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300112 | Najran | Najran_27 | Najran | 99.70 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300018 | Najran | Najran_28 | Najran | 99.74 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300086 | Najran | Najran_29 | Najran | 95.51 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300085 | Najran | Najran_30 | Najran | 12.15 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300084 | Najran | Najran_31 | Najran | 64.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300083 | Najran | Najran_32 | Najran | 80.39 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300104 | Najran | Najran_35 | Najran | 99.76 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300139 | Najran | Najran_36 | Najran | 98.33 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300138 | Najran | Najran_37 | Najran | 99.75 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300113 | Najran | Najran_38 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300114 | Najran | Najran_39 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300115 | Najran | Najran_40 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300116 | Najran | Najran_41 | Najran | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300117 | Najran | Najran_42 | Najran | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300118 | Najran | Najran_43 | Najran | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300017 | Najran | Najran_44 | Najran | 99.69 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300103 | Najran | Najran_45 | Najran | 99.70 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300082 | Najran | Najran_46 | Najran | 34.20 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300078 | Najran | Najran_50 | Najran | 14.12 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300077 | Najran | Najran_51 | Najran | 71.03 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300081 | Najran | Najran_52 | Najran | 48.13 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300080 | Najran | Najran_53 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
2
| License Number | Group_Licence Name | Exploration Licence Name | Region | Area km2 | Licence Blocks No. |
Issue Date_G | Expiry Date |
| 20250300095 | Najran | Najran_54 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300119 | Najran | Najran_55 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300094 | Najran | Najran_56 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300016 | Najran | Najran_57 | Najran | 99.74 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300076 | Najran | Najran_58 | Najran | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300075 | Najran | Najran_59 | Najran | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300015 | Najran | Najran_60 | Najran | 77.50 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300014 | Najran | Najran_61 | Najran | 95.32 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300069 | Najran | Najran_62 | Najran | 65.22 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300068 | Najran | Najran_63 | Najran | 32.63 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300132 | Najran | Najran_66 | Najran | 36.97 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300067 | Najran | Najran_67 | Najran | 58.88 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300137 | Najran | Najran_68 | Najran | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300136 | Najran | Najran_69 | Najran | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300135 | Najran | Najran_70 | Najran | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300134 | Najran | Najran_71 | Najran | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300133 | Najran | Najran_72 | Najran | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300102 | Najran | Najran_73 | Najran | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300002 | Najran | Najran_74 | Najran | 99.74 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300131 | Najran | Najran_75 | Najran | 95.10 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300130 | Najran | Najran_76 | Najran | 33.39 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300013 | Najran | Najran_77 | Najran | 99.74 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300101 | Najran | Najran_78 | Najran | 25.65 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300066 | Najran | Najran_85 | Najran | 22.29 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300001 | Najran | Najran_86 | Najran | 99.73 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300074 | Najran | Najran_87 | Najran | 99.73 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300073 | Najran | Najran_88 | Najran | 99.73 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300072 | Najran | Najran_89 | Najran | 99.73 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300071 | Najran | Najran_90 | Najran | 99.73 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300070 | Najran | Najran_91 | Najran | 99.73 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300065 | Najran | Najran_92 | Najran | 93.26 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300064 | Najran | Najran_93 | Najran | 26.46 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300063 | Najran | Najran_94 | Najran | 52.78 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300033 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_01 | Riyadh | 99.63 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300003 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_02 | Riyadh | 99.63 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300032 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_03 | Riyadh | 99.63 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300025 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_04 | Riyadh | 99.62 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300031 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_05 | Riyadh | 99.62 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300030 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_06 | Riyadh | 99.62 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300028 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_07 | Riyadh | 99.62 | 1 | 2-Jan-2025 | 1-Jan-2030 |
3
| License Number | Group_Licence Name | Exploration Licence Name | Region | Area km' | Licence Blocks No. |
Issue Date_G | Expiry Date |
| 20250300029 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_08 | Riyadh | 99.68 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300038 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_09 | Riyadh | 99.68 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300039 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_10 | Riyadh | 99.68 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300040 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_11 | Riyadh | 99.68 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300041 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_12 | Riyadh | 99.68 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300027 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_13 | Riyadh | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300004 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_14 | Riyadh | 99.69 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300034 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_15 | Riyadh | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300042 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_16 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300043 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_17 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300044 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_18 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300045 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_19 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300046 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_20 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300047 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_21 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300005 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_22 | Riyadh | 99.79 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300048 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_23 | Riyadh | 99.79 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300049 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_24 | Riyadh | 99.79 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300050 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_25 | Riyadh | 99.80 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300051 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_26 | Riyadh | 99.80 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300121 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_27 | Riyadh | 96.15 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300100 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_28 | Riyadh | 99.80 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300120 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_29 | Riyadh | 99.75 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300059 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_30 | Riyadh | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300128 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_31 | Riyadh | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300127 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_32 | Riyadh | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300058 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_33 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300023 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_34 | Riyadh | 99.74 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300022 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_35 | Riyadh | 96.95 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300026 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_36 | Riyadh | 94.50 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300012 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_37 | Riyadh | 99.78 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300024 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_38 | Riyadh | 97.22 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300011 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_39 | Riyadh | 99.78 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300060 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_40 | Riyadh | 99.78 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300010 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_41 | Riyadh | 99.79 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300035 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_42 | Riyadh | 99.79 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300036 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_43 | Riyadh | 99.82 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300061 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_44 | Riyadh | 99.82 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300062 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_45 | Riyadh | 99.82 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300052 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_46 | Riyadh | 99.82 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300053 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_47 | Riyadh | 99.82 | 1 | 2-Jan-2025 | 1-Jan-2030 |
4
| License Number | Group_Licence Name | Exploration Licence Name | Region | Area km' | Licence Blocks No. |
Issue Date_G | Expiry Date |
| 20250300129 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_48 | Riyadh | 99.82 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300122 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_49 | Riyadh | 99.81 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300126 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_50 | Riyadh | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300125 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_51 | Riyadh | 99.75 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300007 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_52 | Riyadh | 99.75 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300006 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_53 | Riyadh | 99.75 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300124 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_54 | Riyadh | 99.75 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300123 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_55 | Riyadh | 99.75 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300037 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_56 | Riyadh | 99.76 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300099 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_57 | Riyadh | 99.80 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300054 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_58 | Riyadh | 99.80 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300055 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_59 | Riyadh | 99.79 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300056 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_60 | Riyadh | 99.79 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300008 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_61 | Riyadh | 99.79 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300009 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_62 | Riyadh | 99.79 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300057 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_63 | Riyadh | 99.79 | 1 | 2-Jan-2025 | 1-Jan-2030 |
Group B Additions — New Exploration Licenses
| License Number | Group_Licence Name | Exploration Licence Name | Region | Area km2 | Licence Blocks No. |
Issue Date_G | Expiry Date |
| 1442337 | Al Mahad | Al_Mahad_04 | Madinah | 54.944 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442336 | Al Mahad | Al_Mahad_06 | Madinah | 44.319 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442335 | Al Mahad | Al_Mahad_07 | Madinah | 46.84 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442334 | Baara | Baara | Madinah | 99.831 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 14413016 | La Huf | La_Huf_01 | Madinah | 95.8 | 1 | 1-Aug-2020 | 6-Jun-2025* |
| 14413017 | La Huf | La_Huf_02 | Madinah | 57.11 | 1 | 1-Aug-2020 | 6-Jun-2025* |
| 14433139 | ▇▇▇▇▇▇▇'▇▇ | ▇▇▇▇▇▇▇'▇▇ | ▇▇▇▇ | 76.45 | 1 | 28-Jul-2022 | 4-Jun-2027 |
| 1442327 | ▇▇▇▇▇▇▇'▇▇ A | Musayna'ah_A_04 | Hail | 38.32 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442326 | Musayna'ah A | Musayna'ah_A_05 | Hail | 99.82 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442325 | ▇▇▇▇▇▇▇'▇▇ A | Musayna'ah_A_06 | Hail | 93.43 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442324 | ▇▇▇▇▇▇▇'▇▇ A | Musayna'ah_A_07 | Hail | 73.75 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442323 | ▇▇▇▇▇▇▇'▇▇ A | Musayna'ah_A_08 | Hail | 97.91 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442322 | Musayna'ah A | Musayna'ah_A_09 | Hail | 84.78 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 144332 | ▇▇▇▇▇▇▇'▇▇ A | Musayna'ah_A_13 | Hail | 30.85 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442321 | ▇▇▇▇▇▇▇'▇▇ A | Musayna'ah_A_14 | Hail | 82.25 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442320 | ▇▇▇▇▇▇▇'▇▇ A | Musayna'ah_A_15 | Hail | 99.90 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 14433108 | Musayna'ah B | Musayna'ah_B_01 | Hail | 85.37 | 1 | 28-Jun-2022 | 6-May-2027 |
| 14433107 | Musayna'ah B | Musayna'ah_B_02 | Hail | 83.08 | 1 | 28-Jun-2022 | 6-May-2027 |
| • | Under renewal application |
5
| 3. | With effect from the date of this Agreement, the Parties agree that Part 2 Exploration License Applications of Schedule 6 (Ma'aden Land Area) of the SHA shall be deemed amended to remove from that Part of the Schedule the corresponding Exploration License Applications —Group A Additions - set forth in Clause 2 above that have now been converted to Exploration Licenses. |
| 4. | The amendment of the SHA pursuant to this Agreement shall constitute a variation of the SHA in accordance with Clause 36.7 (Amendment) of the SHA. |
| 5. | Save as amended in accordance with Clauses 2 and 3 above, the provisions of the SHA (as amended) are confirmed and shall continue in full force and effect. |
| 6. | Each of the Parties shall from time to time and at their own cost do, execute and deliver or procure to be done, executed and delivered all such further acts, documents and things required by law or as may be necessary or desirable to give full effect to this Agreement and the rights, powers and remedies conferred under this Agreement. |
| 7. | The Parties agree that the following clauses of the SHA shall apply to this Agreement as if incorporated into this Agreement in full with any amendments necessary in the context of this Agreement: Clauses 1.2 (Interpretation) 31 (Governing Law), 32 (Disputes), 33 (Language), 35 (Notices) and 36.5 (Entire Agreement), 36.7 (Amendment), 36.8 (Articles of Association), 36.9 (No Partnership) and 36.10 (Counterparts). |
[Signatures over page]
6
This Agreement has been entered into by the Parties on the date first above written.
| SAUDI ARABIAN MINING COMPANY (MA'ADEN) | |
| /s ▇▇▇▇▇▇ ▇▇▇▇ | |
| Signature of authorized representative | |
| Name: ▇▇▇▇▇▇ ▇▇▇▇ | |
| Title: Chief Executive Officer | |
| Ivanhoe Electric Inc. | |
| /s ▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
| Signature of authorized representative | |
| Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
| Title: President and CEO | |
| IVANHOE ELECTRIC MENA HOLDINGS LTD. | |
| /s ▇▇▇▇▇▇ ▇▇▇▇ | |
| Signature of authorized representative | |
| Name: ▇▇▇▇▇▇ ▇▇▇▇ | |
| Title: Director |
| MA’ADEN IVANHOE ELECTRIC EXPLORATION AND DEVELOPMENT LIMITED COMPANY | |
| /s ▇▇▇▇▇ ▇▇▇▇▇▇ | |
| Signature of authorized representative | |
| Name: ▇▇▇▇▇ ▇▇▇▇▇▇ | |
| Title: Chairman | |
| /s ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
| Signature of authorized representative | |
| Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
| Title: Board Member |