Ann: Binding Sales and Distribution Agreement with IberoClays SLU, page-38

This BOA provides significant improvement against the original LOI recieved from Ibero in July 2023.

Under the original LOI;

• target 15-20kpta of CRM intial term of 3 years (ie 45-60kt total tonnage)
• exclusive distrubtion rights to Spain, France, Italy, Portugal, Morocco, Egypt, Turkey.
• prepayment on orders confirmed before 30 Septmber 2025, payable quarterly at the beginning for product shipped in the qtr.
• Evergreen provision.

Under the new BOA ;

• target 10-20ktpa (Y1 @8k-10k) of CRM intial term of 5 years (48-88kt total tonnage)
• 2ktpa of HRM intial term of 5 years. (ie 10kt total total tonnage)
• Exclusive marketing and distribution in Spain, Portugal and Italy and non-exclusive rights in France, Morocco, Egypt and Turkey
• CRM Pricing from Year 2 onwards in line with assumptions made in the 2023 Definitive Feasibility
• HRM Pricing that is significantly above the conservative product pricing assumptions made in the 2023 DFS
• Prepayment terms for shipments until 30 September 2025, payable at the beginning of each quarter for all shipments due to be shipped during that quarter (based on 70% of provisional invoice)
• Evergreen provision.