EX-10.1 2 tm2529161d1_ex10-1.htm EXHIBIT 10.1

 

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 Abu Baker Al Sadeeq 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 30 Boulevard de Thibaud, 31100 Toulouse, France ("IE Mena");

 

(3)IVANHOE ELECTRIC INC., a corporation incorporated under the laws of Delaware, USA, with registration number 3239208, having its registered office at 251 Little Falls Drive, Wilmington, Delaware 19808 ("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 7524 King Road Tower, Suite# 1203, Jeddah 23412, the Kingdom of Saudi Arabia.

 

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 Musayna'ah Musayna'ah Hail 76.45 1 28-Jul-2022 4-Jun-2027
1442327 Musayna'ah 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 Musayna'ah A Musayna'ah_A_06 Hail 93.43 1 9-Jun-2021 16-Apr-2026
1442324 Musayna'ah A Musayna'ah_A_07 Hail 73.75 1 9-Jun-2021 16-Apr-2026
1442323 Musayna'ah 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 Musayna'ah A Musayna'ah_A_13 Hail 30.85 1 9-Jun-2021 16-Apr-2026
1442321 Musayna'ah A Musayna'ah_A_14 Hail 82.25 1 9-Jun-2021 16-Apr-2026
1442320 Musayna'ah 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 Robert Wilt  
Signature of authorized representative  
Name: Robert Wilt  
Title: Chief Executive Officer  
   
Ivanhoe Electric Inc.  
   
/s Taylor Melvin  
Signature of authorized representative  
Name: Taylor Melvin  
Title: President and CEO  
   
IVANHOE ELECTRIC MENA HOLDINGS LTD.  
   
/s Graham Boyd  
Signature of authorized representative  
Name: Graham Boyd  
Title: Director  

 

 

 

 

   
MA’ADEN IVANHOE ELECTRIC EXPLORATION AND DEVELOPMENT LIMITED COMPANY  
   
/s Louis Irvine  
Signature of authorized representative  
Name: Louis Irvine  
Title: Chairman  
   
/s Quentin Markin  
Signature of authorized representative  
Name: Quentin Markin  
Title: Board Member