Form 8-K

8-K — Ivanhoe Electric Inc.

Accession: 0001104659-26-081472

Filed: 2026-07-08

Period: 2026-07-07

CIK: 0001879016

SIC: 1000 (METAL MINING)

Item: Entry into a Material Definitive Agreement

Item: Financial Statements and Exhibits

Documents

8-K — tm2619969d1_8k.htm (Primary)

EX-10.1 — EXHIBIT 10.1 (tm2619969d1_ex10-1.htm)

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0001879016

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2026-07-07

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13

or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

July 7, 2026

IVANHOE

ELECTRIC INC.

(Exact name of registrant

as specified in its charter)

Delaware

001-41436

32-0633823

(State or other jurisdiction of

incorporation or organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

450 E Rio Salado Parkway, Suite 130

Tempe, Arizona

85281

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including

area code: (480) 656-5821

(Former name or former address, if changed since

last report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications

pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant

to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications

pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications

pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the

Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which

registered

Common

Stock, par value $0.0001 per share

NYSE American

Indicate by check mark whether the registrant

is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2

of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 1.01

Entry Into A Material Definitive Contract.

On July 7, 2026, Ivanhoe Electric Inc. (the “Company”)

entered into an Amended and Restated Shareholders Agreement (“A&R Shareholders Agreement”) with Saudi Arabian Mining Company

(Maaden) (“Maaden”), Ivanhoe Electric Mena Holdings Ltd. (“IE Mena”) and Maaden Ivanhoe Electric Exploration

and Development Limited Company (the “Joint Venture”), governing the Joint Venture. The A&R Shareholders Agreement amends

and restates the Shareholders Agreement dated July 6, 2023, as amended (collectively, the “Prior Agreement”).

The A&R Shareholders Agreement includes certain new provisions

not contained in the Prior Agreement including, but not limited to

· The Joint Venture and its subsidiaries may now acquire exploration licenses

and mining licenses directly in the name of the Joint Venture (“Joint Venture Land”) rather than only accessing such licenses

held by Maaden;

· If the Joint Venture chooses not to pursue Joint Venture Land, any shareholder

may pursue such rights individually with no risk or benefit to the Joint Venture;

· Certain loans made by a shareholder to the Joint Venture to cover any shortfall

in funding by the other shareholder shall now be repaid in priority to other shareholder loans;

· The approval of the Joint Venture board of directors is now only required

to hire or terminate certain senior executives;

· The technical committee of the Joint Venture is now given more authority

to reallocate funds within a board approved budget and approve non-material amendments to a previously approved exploration program, without

needing board approval in each instance;

· The exploration term of the Joint Venture will now run for ten (10) years

from the effective date, ending now on July 6, 2033; and

· General clean up matters relating to prior amendments.

The Prior Agreement, as amended and restated by the A&R Shareholders

Agreement, established a limited liability company under Saudi law and sets out the terms governing the relationship of the parties with

respect to the Joint Venture. It provides for the Company (through IE Mena), and Maaden to participate in the 50/50 Joint Venture which

had an initial term of five years but extendable to ten (10) years, now expiring on July 6, 2033. Maaden originally made available

approximately 48,500 km2 of land under an exploration license (or license application) within Saudi Arabia for exploration by the Joint

Venture. The Company originally contributed $66 million to fund the Joint Venture and provided the Joint Venture with a royalty-free license

to use Typhoon™, within the Kingdom of Saudi Arabia for the purpose of mineral exploration. The license will remain exclusive to

the Joint Venture in Saudi Arabia and effective during the term of the Joint Venture.

The Joint Venture is governed by a board of directors and a technical

committee composed of an equal number of representatives from each company. The technical committee supervises the exploration activities

of the Joint Venture.

The Joint Venture board of directors consists of six nominees –

three from each of Maaden and the Company. The Chairperson will be chosen from among the Maaden nominees. Decisions of the Joint Venture

board of directors are taken by simple majority vote, except for certain reserved matters that will require the approval of directors

representing a shareholder or shareholders holding at least seventy-five percent (75%) of the aggregate equity interest in Joint Venture.

These matters now include among others, the approval of budgets, the approval of additional funding, approval of material contracts valued

at $2 million or more (including offtake agreements) but excluding certain material contracts within the authority of the technical committee,

approval of the acquisition of additional land (including Joint Venture Land), approval of any changes to exploration programs (but only

if such change results in expenditure and/or costs outside a previously approved budget), and the initiation and/or settlement of certain

disputes on behalf of the Joint Venture.

The Company will be the operator during the exploration phase. Maaden

will assume operatorship if an economically viable deposit is found and is designated by the Joint Venture for further development (a

“Designated Project”). However, the A&R Shareholders Agreement also provides that no shareholder is obligated to pursue

a Designated Project and may inform the other shareholder that it does not wish to further participate in a Designated Project, in which

case the other shareholder may pursue the Designated Project on a sole risk basis. If the Company is the non-participating shareholder

for a Designated Project, it will have the right to engage Maaden in good faith discussions regarding the transfer or exchange of Ivanhoe

Electric’s interest in a Designated Project for fair market value and the terms of such transfer or exchange including the possible

terms of a royalty in lieu of a transfer or exchange for cash or securities.

The A&R Shareholders Agreement also provides that for so long as

Ivanhoe Electric or IE Mena remains a shareholder of the Joint Venture, Ivanhoe Electric shall not enter into any other business

or business partnership involving mining activities or mineral exploration in Saudi Arabia without Maaden’s prior written consent.

The Joint Venture will not be terminable, other than upon the occurrence

of an event of default, by either party until the end of the exploration phase. On termination, the Typhoon™ units will be returned

by the Joint Venture to Ivanhoe Electric but provided that Maaden shall have the right to engage Ivanhoe Electric in good faith discussions

regarding the potential terms and conditions for the continued provision by Ivanhoe Electric to Maaden of the Typhoon™ units under

a services arrangement for the purpose of exploring other Maaden land within Saudi Arabia.

The foregoing summary of the A&R Shareholders Agreement does not

purport to be a complete description of the A&R Shareholders Agreement and is qualified in its entirety by reference to the text of

the A&R Shareholders Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

As previously disclosed by the Company, Maaden beneficially owns greater

than 5% of the Company’s issued and outstanding shares of common stock. The Company and Maaden are parties to certain agreements

which give Maaden the right to nominate one director to the Company’s board of directors, registration rights and the right to purchase

our common stock under certain conditions and other rights as described in the Company’s definitive proxy statement on Schedule

14A filed with the Securities and Exchange Commission on April 21, 2026, in the paragraph appearing under the heading “Exploration

Joint Venture With Maaden”, which paragraph is incorporated herein by reference.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

No.

Description

10.1

Amended and Restated Shareholders Agreement between Saudi Arabian Mining Company (Maaden), Ivanhoe Electric Mena Holdings LTD., Ivanhoe Electric Inc. and Maaden Ivanhoe Electric Exploration and Development Limited Company dated July 7, 2026

104

Cover Page Interactive Data File (embedded with the inline XBRL document)

SIGNATURES

Pursuant to the requirements

of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto

duly authorized.

IVANHOE

ELECTRIC INC.

Date: July 8, 2026

By:

/s/

Taylor Melvin

President and Chief Executive

Officer

EX-10.1 — EXHIBIT 10.1

EX-10.1

Filename: tm2619969d1_ex10-1.htm · Sequence: 2

Exhibit 10.1

Execution Version

7 July 2026

(corresponding to 22/01/1448H)

SAUDI ARABIAN MINING COMPANY (MAADEN)

and

IVANHOE ELECTRIC MENA HOLDINGS LTD.

and

IVANHOE ELECTRIC INC.

and

MAADEN IVANHOE ELECTRIC EXPLORATION AND DEVELOPMENT

LIMITED COMPANY

AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

in respect of

a Joint Venture for

mineral exploration and production

in the

Kingdom of Saudi Arabia

Classification: Restricted 1

TABLE OF CONTENTS

Clause

Headings

Page

Definitions

and Interpretation

[Intentionally Deleted]

SHARE CAPITAL

Conduct of the Business

Shareholder UNDERTAKINGS

EXCLUSIVITY AND USE OF Typhoon™

Units

Exploration Phase

Designated Project

Area of Interest

10.

UNDESIGNATED LAND

11.

Exploration Licenses

12.

COMPANY FINANCING

13.

Distribution of Profits;

Taxes

14.

Budgets

15.

Accounting; Company Policies;

Insurance

16.

Shareholders

17.

Board of Directors

18.

Technical Committee

19.

Operator

20.

General Manager

21.

NON-SOLICIT

22.

TRANSFER RESTRICTIONS AND

Return of the Typhoontm units

23.

Ongoing Services Arrangement

24.

MAADEN RESTRICTIONS

25.

Representations, Warranties

and Undertakings

26.

Confidentiality and Public

Announcements

27.

Transfers of Shares

28.

Royalty Exit

29.

Term, Validity and Termination

30.

Survival

31.

Governing Law

32.

Disputes

33.

Language

34.

Assignment and Novation

Classification: Restricted 2

35.

Notices

36.

Miscellaneous

Schedule 1

Form of Agreement of Adherence

Schedule 2

Requirements relating to Transfers of Shares to a Purchaser

Schedule 3

Valuation

Schedule 4

Meetings of the Board

Schedule 5

Financial Reporting and Policies

Schedule 6

Initial License Register

Schedule 7

Metals

Schedule 8

ONGOING SERVICES ARRANGEMENT

Classification: Restricted 3

THIS

AMENDED AND RESTATED SHAREHOLDERS AGREEMENT is made and entered into on 7 July 2026 (corresponding to 22/01/1448H)

BETWEEN:

(1) SAUDI

ARABIAN MINING COMPANY (MAADEN), 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 Bakr Al Sadeeq Road (Exit 6), P.O. Box 68861, Riyadh 11537, the Kingdom of Saudi

Arabia (“Maaden”);

(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) MAADEN

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

1010890891 and whose principal office is at 8100, Abu Bakr Al Siddiq Road, Al Masyaf, Riyadh

12468 – 3996 (the “Company”).

Maaden, IE Mena and IE Parent are hereinafter

individually referred to as a “Party” and collectively as the “Parties”.

WHEREAS:

(A) On

11 January 2023, Maaden and IE Parent entered into legally binding heads of terms in

relation to, inter alia, the formation of a 50:50 joint venture for the purpose of

combining certain of their assets, technology, people and skills in order to survey, review,

identify and explore prospective mineral deposits within the Kingdom of Saudi Arabia (the

“Kingdom”), using Typhoon™ Units (as defined below), under Exploration

Licenses (as defined below) held by Maaden (the “Joint Venture”).

(B) Should

any economically viable mineral deposits within the Kingdom be identified as a result of

the Joint Venture, the Parties intend to continue the Joint Venture for the further development

of such mining projects into operating mines.

Shareholders have incorporated and are shareholders in the Company (as defined below) through

which they will implement the Joint Venture.

(D) As

at the Effective Date and as at the date of this Agreement, the Shareholders each hold fifty

percent (50%) of the Shares.

(E) The

Parties entered into this Agreement (as defined below) with effect from the Effective Date

to: (i) set out the terms governing the relationship between the Parties in relation

to the Company; and (ii) to regulate the manner in which the Company will be managed

and the Business (as defined below) will be undertaken.

(F) This

Agreement was amended on 1 November 2023 and on 25 June 2025 (the “Previous

Amendments”) and the Parties now wish to further amend and restate this Agreement

as at the date of this Agreement, such restatement including the amendments made pursuant

to the Previous Amendments.

Classification: Restricted 4

(G) Following

the Effective Date and as recorded in the Articles of Association, the Joint Venture was

initially funded with a USD 66,000,000 (USD sixty-six million United States Dollars cash

contribution provided by IE Mena to the Company and the Land Access Rights of an equivalent

value which were contributed as an in-kind contribution to the capital of the Company by

Maaden pursuant to Clause 5.1 (Undertakings by Maaden).

(H) On

26 February 2026, the Shareholders further agreed by mutual written consent in accordance

with the prevailing terms of this Agreement at the time, to extend the initial five (5) year

Exploration Term, which was due to expire on 6 July 2028, for a further five (5) years

such that the Exploration Term shall run for ten (10) years from the Effective Date,

expiring on 6 July 2033, unless otherwise agreed between the Parties.

NOW,

THEREFORE, in consideration of the covenants contained herein and intending to be legally bound, the Parties hereby agree

as follows:

1. Definitions

and Interpretation

1.1 Definitions

Whenever used herein and written in

initial capital letters, the following terms shall have the meanings respectively defined:

“Additional Funding”

has the meaning given to it in Clause 12.2 (Further Funding);

“Additional

Land Areas” has the meaning given to it in Clause 7.2.1(C) (Identification and Acquisition of Land Areas);

“Additional

Licenses” has the meaning given to it in Clause 9.2 (Acquisition of further Mineral Rights);

“Affiliate”

means any person that, directly or indirectly, Controls, is under common Control with, or is Controlled by, another person;

“Affiliate Transferee”

has the meaning given to it in Clause 27.2 (Transfers to Affiliates);

“Aggregate Equity Interests”

means the aggregate of the respective Equity Interests held by all the Shareholders, being one hundred percent (100%);

“Agreement” means

this shareholders agreement as originally entered into between the Parties on the Effective Date, as amended on 1 November 2023

and on 25 June 2025 and as amended and restated as at the date first written above, as it may be amended or supplemented from time

to time, together with all Schedules;

“Agreement of Adherence”

means the agreement of adherence in the form annexed to this Agreement as Schedule 1 (Form of Agreement of Adherence);

“Anti-Money

Laundering Laws" has the meaning given to it in Clause 25.1.3 (Mutual Representations and Warranties);

“Applicable Law”

means, in respect of a Party, any law, statute, regulation, rule, executive order, decree, code of practice, circular, treaty, convention,

guidance note or injunction of, or made by, any Competent Authority, which is binding on and/or enforceable against such Party or which

imposes any obligation on such Party or would subject such Party to any penalty or loss of benefits as a result of non-

Classification: Restricted 5

compliance by such Party, including,

specifically, the laws of the Kingdom including with respect to Saudization;

“Approvals and Consents”

means approvals, confirmations, consents, licenses, permits and other authorisations which are required by a Competent Authority and/or

Applicable Law in order to form, operate and to continue operating the Company and the Business;

“Approving

Shareholder” has the meaning given to it in Clause 7.4.1 (Sole Risk – Joint Venture Land (Exploration Phase));

“Area

of Interest” has the meaning given to it in Clause 9.1.1 (Creation of Area of Interest);

“Articles of Association”

means the articles of association of the Company, as amended and restated from time to time;

“At Cost Basis”

means:

(a) in relation to services and support provided

by the personnel of a Shareholder or any of its Affiliates, all payroll costs and related

expenses attributable to such personnel (including all salaries, wages, employee benefits

and allowances for vacation, sick leave, holidays, employer portion of employee insurance,

employer portion of social and retirement benefits, payroll taxes, premiums for public liability

and property damage liability insurance, workers’ compensation and employer’s

liability insurance, and any other insurance premiums measured by payroll costs, and other

employee contributions and benefits imposed by any Law that are attributable to such personnel,

in each case consistent with the then-current practice of such Shareholder or any of its

Affiliates with respect to personnel costs and expenses, and reasonable travel expenses)

for the periods in which such services and support are being performed; and

(b) in relation to other services and support

provided by a Shareholder or any of its Affiliates, all reasonable and duly documented costs

that are actually incurred by such Shareholder or Affiliate with third parties (other than

Affiliates) in performing the same;

“Blocking

Shareholder” has the meaning given to it in Clause 7.4.1 (Sole Risk – Joint Venture Land (Exploration Phase));

“Board” or “Board

of Directors” means the board of directors of the Company from time to time;

“Board Deadlock”

has the meaning given to it in paragraph 4 of Schedule 4 (Meetings of the Board);

“Board Deadlock Committee”

has the meaning given to it in paragraph 6 of Schedule 4 (Meetings of the Board);

“Board Deadlock Notice”

has the meaning given to it in paragraph 5 of Schedule 4 (Meetings of the Board);

“Budget”

means a description in reasonable detail of operations to be conducted and objectives to be accomplished by the Company for a given period

together with a detailed estimate of all sales revenues and other income to be received by, and all operating and capital costs to be

incurred by, the Company, together with a funding plan (if relevant) including any proposed Additional Funding required by the Company

with respect to such operations and shall include each Designated Project Budget and each Exploration Budget;

Classification: Restricted 6

“Business” means

the Company’s business of undertaking exploration for prospective mineral deposits and the operation, management and development

of mines and the production of minerals including the operation of the Company in accordance with the applicable Mining Licenses and

all other matters reasonably incidental thereto;

“Business Days”

means a day (other than Friday, Saturday and Sunday) on which banks are open for normal business in Riyadh;

“Capital Contributions”

means contributions to the share capital of the Company occurring by way of Cash Contributions or the conversion of outstanding amounts

under the Shareholder Loans, including for the avoidance of doubt, the contributions of IE Mena and Maaden described in Recital (G);

“Cash Contributions”

has the meaning given to it in Clause 12.2 (Further Funding);

“Cessation of Operatorship

Event” means any of the following:

(a) the Operator deviates from the approved

Budget by more than 25% for two (2) consecutive annual periods without obtaining a prior

Board approval;

(b) the Operator is in material breach of

its obligations or is grossly negligent in carrying out its obligations under this Agreement;

(d) an Insolvency Event has occurred with

respect to the Operator;

“CGI” means Computational

Geosciences Inc. a corporation incorporated under the laws of Canada, with registration number 752331-9, having its registered office

at Endeavor Law Corporation, 300 - 1055 West Hastings Street, Vancouver BC V6E 2E9, Canada;

“Chairperson” means

the Chairperson of the Board of the Company appointed in accordance with Clause 17.3.1 (Chairperson);

“Change of Control”

means in respect of any Shareholder or Guarantor (as the case may be), if a person who directly or indirectly has Control of the Shareholder

or Guarantor as at the Effective Date ceases to do so, or if a person obtains direct or indirect Control of the Shareholder or Guarantor

after the Effective Date;

“CJVP

Program and Budget” has the meaning given to it in Clause 7.1.4 (Exploration Term);

“Commercial Registration Certificate”

means the commercial registration certificate issued by MoC;

“Companies Law”

means the Companies Regulations issued pursuant to Royal Decree No. M132 dated 01/12/1443H (corresponding to 30 June 2022),

including any amendment, supplement, replacement or other modification thereto from time to time;

“Competent Authority”

means a governmental, supranational, local government, statutory or regulatory body or any subdivision thereof and any ministerial or

governmental, quasi-governmental or other regulatory department, body, instrumentality, agency or official court or tribunal (including

any arbitration tribunal or forum) having jurisdiction over the Company and/or any Party;

“Confidential Information”

has the meaning given to it in Clause 26.1.1 (Confidential Information);

"Confirmatory Acceptance Testing"

has the meaning given to it in Clause 2.5(g) of the TEPTSA;

Classification: Restricted 7

“Continuing

Joint Venture Project” has the meaning given to it in Clause 7.1.4 (Exploration Term);

“Control” means

the power of a person to secure either by means of the holding of shares or the possession of voting power in or in relation to the person

concerned or by virtue of any powers conferred by the articles of association or other document regulating that person, that its affairs

are conducted in accordance with the wishes of that person and the words “Controlled” and “Controlling”

and their cognates shall be construed accordingly;

“Cooling-Off Period”

has the meaning given to it in Clause 32.1.2 (Initial Resolution Efforts);

“CSR” means Corporate

Social Responsibility;

“Current TyphoonTM

Unit” means a 3D DC-resistivity induced polarization and electromagnetic geophysical electrical transmitter known as Typhoon™;

“Data Services Agreement”

means the data services agreement entered into between CGI and the Company on or around the Effective Date;

“Default” has the

meaning given to it in Clause 29.3 (Default);

“Default

Notice” has the meaning given to it in Clause 29.4 (Default Notice);

“Defaulting Shareholder”

has the meaning given to it in Clause 29.3 (Default);

“Delegation of Authorities”

means the delegation of authorities approved by the Board from time to time;

“Designated

Project” has the meaning given to it in Clause 8.1 (Creation of Designated Project);

“Designated Project Budget”

means a description in reasonable detail of operations to be conducted and objectives to be accomplished by the Company for a given period

with respect to a Designated Project together with a detailed estimate of all sales revenues and other income to be received (if any)

by, and all operating and capital costs to be incurred by, the Company, together with a funding plan (if relevant) including any proposed

Additional Funding required by the Company with respect to such Designated Project;

“Designated

Project Designation” means any Designated Project that has been designated in accordance with Clause 8.1 (Creation

of Designated Project);

"Designated Project Holding

Structure" has the meaning given to it in Clause 8.2.5 (Following Designated Project Designation);

“Director” means

a member of the Board of Directors;

“Dispute” has the

meaning given to it in Clause 32.1.1 (Initial Resolution Efforts);

“Dispute Notice”

has the meaning given to it in Clause 32.1.1 (Initial Resolution Efforts);

“Distribution” means:

(a) any Share Distribution; or

(b) any payment by the Company to any Shareholder

in respect of any Shareholder Loan;

“Economic Concentration”

means any action that results in a total or partial transfer of ownership of assets, rights, equity, stocks, shares, or liabilities of

an entity to another by way of merger, acquisition, takeover, or the joining of two or more

Classification: Restricted 8

managements in a joint management,

or by any other means, whether directly or indirectly;

“Effective Date”

means 6 July 2023;

“Encumbrance” means

any pledge, charge, lien, mortgage, debenture, hypothecation, security interest, pre-emption right, option and any other encumbrance

or third party right or claim of any kind;

“Equity Interest”

means the equity interest of a Shareholder in the Company, as determined in accordance with Clause 3.2 (Shareholders’ Equity

Interest);

“Excluded

Maaden Land” means any land, other than the Maaden Land or the Substitute Maaden Land, in relation to which Maaden holds

any rights or interest including, but not limited to, an Exploration License or Exploitation License;

“Exploitation License”

means a document issued by MIMR which constitutes approval to extract ores and minerals (by mining or quarrying), including any direct

or indirect activity required for such purpose;

“Exploration Area”

means, collectively, (i) the Maaden Land, (ii) any Substitute Maaden Land; (iii) any Additional Land Areas contributed

to, or acquired by, the Company; or (iv) any Joint Venture Land;

“Exploration Budget”

means a description in reasonable detail of operations to be conducted and objectives to be accomplished by the Company for a given period

with respect to the Exploration Phase, together with a detailed estimate of all operating and capital costs to be incurred by, the Company,

together with a funding plan (if relevant) including any proposed Additional Funding required by the Company with respect to such operations;

“Exploration Director”

means the exploration director of the Company from time to time;

“Exploration Drilling Stage”

has the meaning given to it in Clause 7.3.4 (Exploration Stages);

“Exploration License”

means a document issued by MIMR which constitutes approval to conduct a detailed activity leading to the discovery of deposits, using

geological, geophysical or geochemical methods, different types of drilling or any other appropriate method in any location to determine

the presence, extensions, quantities, types and mining viability of such deposits and includes:

(a) all Initial Exploration Licenses;

(b) exploration licenses to explore for all

of the metals set forth in Schedule 7 (Metals) arising from or in connection

with Exploration License Applications;

of the metals set forth in Schedule 7 (Metals) in and on the Substitute Maaden

Land; and

(d) exploration

licenses to explore for all of the metals set forth in Schedule 7 (Metals)

in and on the Joint Venture Land and/or on any Additional Land Areas;

“Exploration License Applications”

means applications for Exploration Licenses to explore for all of the metals set forth in Schedule 7 (Metals) in and on:

(i) the Maaden Land; (ii) the Joint Venture Land; and/or (iii) any Additional Land Areas contributed to, or acquired by,

the Company, including those which as at the Effective Date have been applied for by Maaden and recorded in the License Register from

time to time (if any);

Classification: Restricted 9

“Exploration Phase”

shall mean, together, (i) identification of the land areas in accordance with Clause 7.2 (Identification and Acquisition of Land

Areas); (ii) the Generative Exploration Stage; and (iii) the Exploration Drilling Stage;

“Exploration Program”

has the meaning given to it in Clause 7.3.2 (Exploration Stages);

“Exploration Term”

has the meaning given to it in Clause 7.1.1 (Exploration Term);

“Exploration

Works” means any and all activities, excluding development and mining and processing/beneficiation, undertaken to locate, investigate,

define or delineate a mineral prospect or mineral deposit located on or in (i) the Maaden Land; (ii) the Joint Venture Land;

or (iii) any Additional Land Areas, including ground and airborne geophysical and radiometric work, geochemical surveys, drilling,

bulldozing, trenching, evaluation of work done and other work commonly regarded as reconnaissance or exploration work in accordance

with Good Mining Practice including evaluation studies;

“Fair Market Value”

has the meaning given to it in Schedule 3 (Valuation);

“Finance Manager”

means the finance manager of the Company from time to time;

“Financial Quarter”

means a period of three (3) consecutive calendar months ending on March 31, June 30, September 30 or December 31,

or such other dates as may be determined by the Shareholders of the Company from time to time;

“Financial Year”

means the financial year of the Company set forth in the Articles of Association, currently being the period commencing on 1 January and

ending on 31 December of each year;

“Funding

Notice” has the meaning given to it in Clause 12.4.2 (Procedure for Making Cash Contributions);

“GAC” means the

General Authority for Competition in the Kingdom;

“General Manager”

means the general manager of the Company from time to time;

“Generative Exploration Stage”

has the meaning given to it in Clause 7.3.2 (Exploration Stages);

“GEO27” means Geo27, Inc.,

a corporation incorporated under the laws of Delaware, USA, with registration number 6042581, having its registered office at Corporation

Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808, United States;

“Good Mining Practice”

means the application of those methods and practices customarily used in good and prudent mining practice in North America with that

degree of diligence and prudence reasonably and ordinarily exercised by capable operators engaged in similar activity under similar circumstances

and conditions;

“Government Official”

has the meaning given in Clause 36.1.2 (Anti-Bribery Compliance: Trade Sanctions Compliance);

“Group” means the

Company and its Subsidiary Undertakings from time to time and “Group Company” shall mean each one of them;

“Guarantor” means

each of IE Parent and Maaden;

“I-Pulse” means

I-Pulse, Inc., a corporation incorporated under the laws of Delaware, USA, with registration number 4302289, having its registered

office at Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE 19808, United States;

Classification: Restricted 10

“Implementing

Regulations” means the Implementing Regulations of the Saudi Mining Investment Law issued pursuant to Ministerial Resolution

No. 1006/1/1442 dated 05/09/1442H (corresponding to 17 April 2021), including any amendment, supplement, replacement or other

modification thereto from time to time;

“Initial

Existing TyphoonTM Units” means the Current TyphoonTM Units which were made available to

the Company by Ivanhoe Electric following the Effective Date;

“Initial Exploration Licenses”

means exploration licenses to explore for all of the metals set forth in Schedule 7 (Metals) in and on the Maaden Land which

are held by Maaden as at the Effective Date;

“Initial

License Register” has the meaning given in Clause 11.5.1 (License Register);

“Insolvency Event”

means, in respect of a Shareholder or Guarantor, any of the following events whereby that Shareholder or Guarantor:

(a) becomes insolvent;

(b) enters into official management or a scheme

of arrangement with creditors or any class or group of creditors;

to it or any asset or undertaking;

(d) has an administrator, provisional liquidator

or liquidator appointed;

(e) has any secured or other creditors take

possession, or appoint an agent to take possession, of any asset; or

(f) any other form of procedure relating to

insolvency, reorganization or dissolution,

or any similar or equivalent events

having force of law which applies to that Shareholder;

“Intellectual Property”

and “Intellectual Property Rights” means (a) all copyright rights and related rights under the laws of all countries

for the full terms thereof (of all rights accruing by virtue of copyright treaties and conventions), including but not limited to all

renewals, extensions, reversions or restorations of copyrights now or hereafter provided by law and all rights to make applications for

and obtain copyright registrations therefor and recordations thereof, and including without limitation all copyright rights in all software,

documentation, user and application interfaces including without limitation the look and feel and the structure, sequence and organization

thereof; (b) all rights to and under new and useful inventions (whether patentable or not), discoveries, designs, technology and

art and all other patentable subject matter, including, but not limited to, all improvements thereof and all know-how related thereto,

and all applications for and the right to make applications for such rights, all rights to claim priority in relation to such rights,

and all reissues, extensions, renewals, divisions, supplementary protection certificates, and continuations (including continuations-in-part)

thereof, for the full term thereof; (c) all trademarks, logos, get up, service marks and internet domain names and the like and

the goodwill associated therewith throughout the world and the rights to sue for passing off or for unfair competition; (d) all

trade secrets, confidential business information, evaluations and reports; (e) all know-how under the laws of any jurisdiction and

all know-how not otherwise included in the foregoing; and (f) all other intellectual and industrial property and proprietary rights

throughout the world not otherwise included in the foregoing, including without limitation all techniques, methodologies and concepts

and trade dress;

Classification: Restricted 11

“IRA” means the

investor rights agreement entered into between IE Parent and Maaden on or around the Effective Date;

“IRA Unwinding Events”

means:

(a) IE Parent has failed to comply with its

obligations under Article III of the IRA with respect to Maaden’s “Top-up

Right” (as that term is defined in the IRA);

(b) IE Parent has failed to comply with its

obligation under section 6.4 of the IRA with respect to Maaden’s “Equity Participation

Right” (as that term is defined in the IRA);

obligations under section 2.2 of the IRA with respect to a “Maaden Designated Nominee”

or an “Alternative Maaden Designated Nominee” (as those terms are defined in

the IRA); or

(d) IE Parent has failed to comply with its obligations under section

5.1 or 5.2 of the IRA,

and, in each case, such failure to

comply is incapable of remedy or, if capable of remedy is not remedied by IE Parent within ninety (90) days of being notified in writing

by Maaden of that failure to comply;

“Ivanhoe Electric”

means IE Mena and IE Parent, collectively;

“Ivanhoe Electric Directors”

has the meaning given to it in Clause 17.1.2(A) (Composition and Authority);

“Ivanhoe

Electric Technical Support” means the provision of technical support by IE Parent pursuant to the terms of the TyphoonTM

Equipment Purchase and Technical Support Agreement;

"Ivanhoe Support"

has the meaning given to it in Clause 5.2.1 (Undertakings by Ivanhoe Electric);

"Joint Venture" has

the meaning given to it in the Recitals;

“Joint Venture Exploration

Licenses” means Exploration Licenses in respect of Joint Venture Land, as recorded in the License Register from time to time;

“Joint Venture Land”

means any land areas covered by a Mining License held in the name of a Group Company;

“Joint Venture Property”

means all rights, titles, interest, claims, benefits and all other property of whatever kind, real or personal, including Joint Venture

Exploration Licenses, from time to time owned by the Group excluding the Typhoon™ Units and any Intellectual Property Rights or

other rights arising under the Licensing Agreement;

“Kingdom” means

the Kingdom of Saudi Arabia;

“Land

Access Rights” has the meaning given to that term in Clause 5.1.1 (Undertakings by Maaden);

“License

“Licensed Intellectual Property”

has the meaning given to that term in the Licensing Agreement;

“Licensing Agreement”

means the licensing agreement entered into between GEO27 and the Company on or around the Effective Date;

Classification: Restricted 12

“Loss” means any

actual loss, damage, penalty, liabilities, Tax, cost and expense (including reasonable legal and other reasonable professional fees and

costs), expenses, damages, claims and demands excluding any loss of profit, loss or earnings, loss of reputation or loss of opportunity,

indirect or consequential loss, economic loss or any punitive damages;

“Maaden Directors”

has the meaning given to it in Clause 17.1.2(A) (Composition and Authority);

“Maaden Land” has

the meaning given to it in Clause 5.1.1 (Undertakings by Maaden) and includes any Substitute Maaden Land;

“Maaden Support”

means regulatory, logistical and other support by Maaden on in-Kingdom matters, including CSR, dealings and interface with Competent

Authorities, employee relations and local community relations, but excludes general management time;

“MIMR” means the

Ministry of Industry and Mineral Resources of the Kingdom;

“Mineral Rights”

means any permit, license, license agreement, concession, development agreement or investment agreement which entitles the holder thereof

to prospect for, explore for, mine, extract, exploit, process (including for testing purposes), export, market or sell any mineral resources

(whether located under the earth’s surface, in any waste rock dump, tailings facility or otherwise);

“Mining Law” means

the mining investment law promulgated by Royal Decree No. (M/140) on 19/10/1441H (corresponding to 11 June 2020) and the Implementing

Regulations;

“Mining

License” means a Reconnaissance License, Exploration License, Exploitation License or any other document issued by MIMR,

which includes the approval to conduct any other activities relating to mining, such document being limited to a specified area in accordance

with the provisions of the Mining Law;

“MoC” means the

Ministry of Commerce of the Kingdom;

“NI

43-101” means the NI 43-101 Standards of Disclosure for Mineral Projects, Form 43-101F1 Technical Report and Related Consequential

Amendments as set out at https://mrmr.cim.org/media/1017/national-instrument-43-101.pdf;

“Non-Confidential Information”

has the meaning given to it in Clause 26.1.2 (Confidential Information);

“Non-Defaulting Shareholder”

has the meaning given to it in Clause 29.4 (Default Notice);

“Offered Interests”

has the meaning given to it in Schedule 2 (Requirements Relating to Transfers of Shares to a Purchaser);

“Offer Terms” has

the meaning given to it in Schedule 2 (Requirements Relating to Transfers of Shares to a Purchaser);

“Offeree(s)” has

the meaning given to it in Schedule 2 (Requirements Relating to Transfers of Shares to a Purchaser);

“Operator” means:

(a) with respect to the Exploration Phase, IE

Mena; and

(b) with respect to any Designated Project,

Maaden;

“Parent Undertaking”

means an Undertaking which, in relation to another Undertaking, a “Subsidiary Undertaking”:

Classification: Restricted 13

(a) holds a majority of the voting rights

in the Undertaking; or

(b) has the right to appoint or remove a majority

of its board of directors (or analogous body, including a management board and supervisory

council); or

over the Undertaking, by virtue of provisions contained in its constitutional documents or

elsewhere; or

(d) controls alone, pursuant to an agreement

with the other shareholders or members, a majority of the voting rights in the Undertaking,

and an Undertaking shall be treated

as the Parent Undertaking of any Undertaking in relation to which any of its Subsidiary Undertakings is, or is to be treated as, Parent

Undertaking, and “Subsidiary Undertaking” shall be construed accordingly;

“Parties” means:

(a) IE Parent, IE Mena and Maaden; and

(b) any Shareholder which executes and delivers

an Agreement of Adherence in accordance with this Agreement,

and “Party” means

any one of them (and for the avoidance of doubt, the Company, while a party to this Agreement is not a “Party”);

“Pre-Feasibility

Study” means a pre-feasibility study within the meaning of both of NI 43-101 and Reg S-K;

“Principal Geophysicist” means the principal

geophysicist of the Company from time to time;

"Prospectus" means the prospectus filed

by IE Parent on 30 March 2023, a copy of which can be found at https://www.sec.gov/Archives/edgar/data/1879016/000110465923039106/tm2232256-21_424b3.htm;

“Purchaser” means

a third party purchaser or bona fide prospective third party purchaser of a Transferor’s Shares (and excludes an Affiliate Transferee);

“Receiving Party”

has the meaning given to it in Clause 26.1 (Confidential Information);

“Recommended

Land Area” has the meaning given to it in Clause 7.2.1(A) (Identification and Acquisition of Land Areas);

“Reconnaissance License”

means a document issued by MIMR which constitutes approval to conduct a preliminary geological survey to identify the geological environment

and surface evidence for the existence of minerals and ores in general;

“Reg S-K” means

Regulation S-K subpart 1300;

“Rehabilitation Obligations”

means the obligations of the Shareholders under Applicable Law, all Approvals and Consents, and all applicable statutory and contractual

obligations relating to the rehabilitation, revegetation and cleaning up of the Maaden Land or any Additional Land Areas during and following

completion of the activities of the Company;

“Related Agreements”

means the Data Services Agreement, the TyphoonTM Equipment Purchase and Technical Support Agreement and the Licensing Agreement;

Classification: Restricted 14

“Representative”

has the meaning given to it in Clause 26.2.1 (Ownership/Uses of Confidential Information);

“Response

Period” has the meaning given to it in Clause 32.1.3 (Initial Resolution Efforts);

“Restatement Date”

means the date of this Agreement.

“Return

Event” has the meaning given in Clause 22.2 (Title to the TyphoonTM Units);

“Rules” has the

meaning given to it in Clause 32.2.1 (Arbitration);

“SAR” means the

lawful currency of the Kingdom;

“Saudi Anti-Bribery Law”

means the Saudi Arabia Anti-Bribery Law issued pursuant to Royal Decree No. M/36 dated 29/12/1412H (corresponding to 30 June 1992),

including any amendment, supplement, replacement or other modification thereto from time to time together with any relevant regulations;

“Saudi Arabian Accounting

Standards” means accounting standards which are in compliance with regulations and standards promulgated by MoC and the Saudi

Organization for Certified Public Accountants and where a particular standard is not promulgated thereby and to the extent permissible

in the Kingdom;

“Secretary” means

the secretary of the meetings of the Board from time to time;

“Share(s)” means

any share(s) in the Share Capital, and “Shareholding” shall be construed accordingly;

“Share

Capital” means the share capital of the Company;

“Share Distribution”

means any dividend or any other distribution or payment made by the Company on or in respect of its Shares, including any distribution

of the profits of the Company or any distribution of the assets of the Company upon any act of insolvency, liquidation or winding up

of the Company;

“Share

Offer” has the meaning given to it in Clause 12.4.2 (Procedure for Making Cash Contributions);

“Shareholder

Loan” means a loan from a Shareholder the terms of which shall be determined by the Board in accordance with Clause 17.6.3

(Board Decisions) but excludes Shortfall Loans;

“Shareholder

Loan Offer” shall have the meaning given to it in Clause 12.3.1(A) (Shareholder Loans);

“Shareholders” means,

for so long as they hold Shares, IE Mena and Maaden, and any other person holding Shares from time to time, and “Shareholder”

means any one of them;

“Shareholder Percentage”

means the number of Shares held by a Shareholder expressed as a percentage of the total number of Shares;

“Shortfall Loan”

has the meaning given to it in Clause 12.3.7 (Shareholder Loans);

“Shutdown Costs”

means all costs associated with shutting down all activities of the Company including the costs associated with satisfaction of the Rehabilitation

Obligations (if any) and any redundancy or termination benefits or payments to any consultant or contractor or employee who is engaged

by the Company in the conduct of the activities of the Company, but only to the extent of the period for which an employee was engaged

in the activities of the Company;

Classification: Restricted 15

“SOFR” means

the one (1) month secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other

person which takes over the administration of that rate) published by the Federal Reserve Bank of New York (or any other person

which takes over the publication of that rate);

“Sole Risk Designated Project

Completion” has the meaning given in Clause 8.3.2 (Sole Risk – Designated Project);

“Sole

Risk Joint Venture Land” has the meaning given to it in Clause 7.4.1 (Sole Risk – Joint Venture Land (Exploration

Phase));

“Sole Risk Joint Venture Land

Completion” has the meaning given to it in Clause 7.4.2 (Sole Risk – Joint Venture Land (Exploration Phase));

“Subject Party”

has the meaning given to it in Clause 26.1.1 (Confidential Information);

“Subsidiary Undertaking”

means any Undertaking in relation to which another Undertaking is its Parent Undertaking;

“Substitute Maaden Land”

has the meaning given in Clause 11.1 (Exploration License undertakings by Maaden);

“Sufficient Financial Standing”

means the ability to perform all of the obligations to be assumed by the Affiliate Transferee under all outstanding and prospective agreements

that relate to the Company and/or any Designated Project (as applicable);

“Survey” has the

meaning given in the TyphoonTM Equipment Purchase and Technical Support Agreement;

“Tax” or “Taxes”

means all foreign, federal, state, provincial, national, local and other taxes, fees, levies, duties and other assessments or charges

of whatever kind (including zakat, income, excise, customs duties, tariffs, stamp, transfer, property, occupancy, value added, use, real

estate, sales, payroll, gains, gross receipts, withholding and mining royalties or severance or other fees) together with any commission,

penalties, or additions payable in connection with such taxes, fees, levies, duties or other assessments or charges imposed or collected

by a Competent Authority whether directly or primarily charged against, recoverable from or attributable to any person;

“Technical Committee”

has the meaning given to it in Clause 18 (Technical Committee);

“Termination Event” has the meaning given

in Clause 29.1.2 (Term and Termination);

“TLA

Unwinding Event” means the termination of the Licensing Agreement by the Company in accordance with clause 7.2 of the

Licensing Agreement;

“Transfer”

and its cognates when used in connection with Shares or a TyphoonTM Unit means the sale, transfer, assignment, mortgage,

pledge or any other disposition of or creation of an Encumbrance in respect of such Shares or TyphoonTM Unit (as applicable);

“Transfer Notice”

has the meaning given to it in Schedule 2 (Requirements Relating to Transfers of Shares to a Purchaser);

“Transferor” means

any person that Transfers Shares in accordance with this Agreement;

Classification: Restricted 16

“TyphoonTM Anomaly”

means a chargeability anomaly identified by a TyphoonTM Unit during a Survey;

“TyphoonTM Equipment

Purchase and Technical Support Agreement” means the equipment purchase and technical support agreement entered into between

I-Pulse and the Company on or around the Effective Date;

“Typhoon™ Units”

means the T2-1, T2-2 and T2-3 units, being units of a 3D DC-resistivity induced polarization and electromagnetic geophysical electric

transmitter known as Typhoon™, in each case which are owned by the Joint Venture pursuant to this Agreement and the Typhoon™

Equipment Purchase and Technical Support Agreement;

“Undertaking” means

a body corporate or partnership or an unincorporated association carrying on trade or business;

“Undesignated Joint Venture

Land” has the meaning given to it in Clause 10 (Undesignated Land);

“Undesignated Maaden Land”

has the meaning given to it in Clause 10 (Undesignated Land);

“US Dollars” or

“USD” means the lawful currency of the United States of America;

“Valuation Expert”

has the meaning given to it in Schedule 3 (Valuation); and

“Winding

Up Activities” has the meaning given to it in Clause 29.8.1 (Consequences of Termination).

1.2 Interpretation

In this Agreement:

1.2.1 references to Recitals, Sections, Clauses,

Schedules, attachments and paragraphs are to the recitals, sections, clauses, schedules,

attachments and paragraphs of this Agreement from time to time, unless the context otherwise

requires. The Recitals and Schedules to this Agreement from time to time shall be deemed

to form an essential and integral part of this Agreement. Reference to this Agreement shall

be a reference to its Recitals and Schedules unless the context otherwise requires;

1.2.2 headings are inserted for convenience

only and shall not control the construction of this Agreement;

1.2.3 references to the Parties include their

respective successors and permitted assigns;

1.2.4 the masculine gender shall include the

feminine and neuter and the singular number shall include the plural, and vice versa;

1.2.5 the words and expressions “include”,

“such as”, “inter alia” and equivalent

or similar words or expressions and their cognates are not limiting;

1.2.6 unless the contrary is expressly stated,

all references to time and periods of time shall be construed by reference to the Gregorian

calendar;

1.2.7 words imposing an obligation on a Party

to do any lawful act, matter or thing include an obligation to procure that it be done and

words placing a Party under a restriction include an obligation not to permit infringement

of the restriction;

Classification: Restricted 17

1.2.8 save for Clause 17.7 (Liability), which is for

the benefit of the Directors and members of the Technical Committee (and who shall have the right to enforce that provision accordingly),

the provisions of this Agreement are for the benefit of the Parties only and a person who is not a Party has no right to enforce or to

enjoy the benefit of any provision of this Agreement;

1.2.9 any reference to “law”

means any law (including, any common or customary law) and any treaty, constitution, statute,

legislation, decree, normative act, rule, ordinance, regulation, judgment, order, writ, injunction,

determination, license, permit, governmental authorization, award or other legislative or

administrative measure or judicial or arbitral decision in any jurisdiction which has the

force of law or the compliance with which is in accordance with general practice in such

jurisdiction;

1.2.10 a person includes a natural person

and a corporate or unincorporated body;

1.2.11 any reference to a provision of law

is a reference to that provision as from time to time amended or re-enacted; and

1.2.12 references to “substantiated”

in the context of a breach of a representation, warranty or other obligation means a breach

of a representation, warranty or other obligation of a Party and which is admitted by the

relevant Party or proved in accordance with Clause 32.2 (Arbitration) with all rights

of appeal (if any) having been exhausted.

2. [Intentionally

Deleted]

3. SHARE

CAPITAL

3.1 Share

Capital and Shareholder Contributions

3.1.1 On and from the Effective Date:

(A) the Shares on issue to Maaden, on the one

hand, and IE, on the other hand, and the Share Capital which such Shares represent shall

be equal; and

(B) [Reserved]

and IE shall be as follows:

Classification: Restricted 18

Share Capital

Shareholder

Percentage

Equity

Interest

Maaden

50,000 SAR plus the SAR equivalent of USD 66,000,000

50 %

IE Mena

50,000 SAR plus the SAR equivalent of USD 66,000,000

50 %

Total

100,000 SAR plus the SAR equivalent of USD 132,000,000

100 %

3.1.2 Following

the Effective Date, the Share Capital, Shareholder Percentage and Equity Interest of Maaden

and IE shall be documented in a register which shall be maintained by the Company and updated

from time to time.

3.2 Shareholders’

Equity Interest

3.2.1 The Equity Interest of a Shareholder

shall be determined as follows:

Where:

the Equity Interest of

the Shareholder, expressed as a percentage

the sum of the Capital

Contributions and the outstanding principal and interest (if any) of Shareholder Loans funded or advanced or acquired (in accordance

with Clause 27 (Transfers of Shares)) by the Shareholder on and from the Effective Date

the sum of the Capital

Contributions and the outstanding principal and interest (if any) of Shareholder Loans (to the extent outstanding and not otherwise

converted into Shares, repaid, waived, forgiven or released) funded or advanced by all of the Shareholders on and from the Effective

Date

3.3 Changes

to Equity Interest

A Shareholders’ Equity Interest

may only be changed as follows:

3.3.1 upon

a Transfer of all, and not less than all, of its Shares and, to the extent transferred to

the transferee, Shareholder Loans in accordance with the provisions of Clause 27 (Transfers

of Shares) and Schedule 2 (Requirements Relating to Transfers of Shares to a

Purchaser) in which case the transferee shall be deemed to have an Equity Interest commensurate

to the Equity Interest transferred to the transferee; or

3.3.2 pursuant

to Clause 12.3 (Shareholder Loans) to the extent Shareholder Loans are provided

by the Shareholder(s) in accordance therewith and to the extent any interest accrues

on such Shareholder Loans; or

3.3.3 pursuant to Clause 12.4 (Procedure

for Making Cash Contributions) to the extent Cash Contributions are provided in accordance

therewith.

Classification: Restricted 19

3.4 Maintenance

of Shareholder Percentage

Each Party shall do all things and

execute all further documents, as necessary to ensure that each Shareholder’s Shareholder Percentage is equal to that Shareholder’s

Equity Interest provided that nothing in this Clause 3.4 (Maintenance of Shareholder Percentage) shall oblige a Shareholder to

contribute more than a nominal sum in order to give effect to the requirements of this Clause 3.4 (Maintenance of Shareholder Percentage).

4. Conduct

of the Business

4.1 Purpose

The Company is formed for the purpose

of carrying on the Business within the Kingdom.

4.2 Operations

4.2.1 Pursuant and subject to Clause 17 (Board

of Directors), Clause 18 (Technical Committee), Clause 19 (Operator) and

Clause 20 (General Manager), the Parties agree that day-to-day operations of the Company

shall be the responsibility of the General Manager, with the Board being responsible for

overall management and strategy and the Technical Committee and the Operators having the

responsibilities set out in this Agreement.

4.2.2 It

is the Parties’ intention as at the Effective Date that, in order to support the operations

of the Company, the Company will be staffed by a combination of personnel it hires directly,

through secondees from Maaden and Ivanhoe Electric (to the extent required) and otherwise

supported by the Maaden Support and the Ivanhoe Support.

4.3 Business

Policies

The Company shall, and the Shareholders

shall cause the Company to, adhere to and comply with all Applicable Laws, Good Mining Practice and the highest ethical standards, including

such business ethics and compliance policies and environmental, health and safety, and human resources policies as may be recommended

by the Technical Committee and/or the General Manager and, to the extent necessary in accordance with this Agreement, approved by the

Board from time to time.

4.4 Permits

Without prejudice to the generality

of Clause 4.3 (Business Policies), the Company shall comply with the terms and conditions of all approvals and consents issued

to the Company by Competent Authorities, including the applicable Mining Licenses.

Classification: Restricted 20

5. Shareholder

UNDERTAKINGS

5.1 Undertakings

by Maaden

Maaden undertakes that it shall (or

shall procure that a Subsidiary Undertaking of Maaden shall):

5.1.1 make available to the Company access

to approximately 48,500 km2 of land located within the Kingdom, which is regulated

under the Exploration Licenses as recorded in the License Register from time to time (the

“Maaden Land”) for the purpose of conducting exploration activities to

identify sub-area(s) of the Maaden Land that may be developed into an operating mine

as set out further in this Agreement (“Land Access Rights”);

5.1.2 make available to the Company its existing

geological data relating to the Maaden Land; and

5.1.3 provide the Company with such Maaden Support and access to its

experience, expertise, know-how, relevant Intellectual Property, operating systems and procedures as the Technical Committee shall reasonably

request to support the Business and the Joint Venture. The Company shall reimburse to Maaden or the relevant Maaden Subsidiary Undertaking

all costs and expenses incurred in the provision of such requested services referred

to in this Clause 5.1.3 (Undertakings by Maaden) on an At Cost Basis.

5.2 Undertakings

by Ivanhoe Electric

Ivanhoe Electric undertakes that it

shall (or shall procure that an Affiliate of Ivanhoe Electric shall):

5.2.1 provide

or shall procure that an Affiliate of Ivanhoe Electric shall provide the Company with: (A) Ivanhoe

Electric Technical Support; and (B) such support and access to Ivanhoe Electric's

experience, expertise, know-how and procedures as the Technical Committee shall reasonably

request to support the Business and the Joint Venture (together with (A), "Ivanhoe

Support"). The Company shall reimburse to Ivanhoe Electric or any such other relevant

Ivanhoe Electric Affiliate all costs and expenses incurred in the provision of requested

Ivanhoe Support on an At Cost Basis. All other support provided by Ivanhoe Electric or any

other Affiliate of Ivanhoe Electric shall be provided at no cost to the Company; and

5.2.2 at the Company's cost, provide training

and development to the employees of the Company and any individuals seconded to the Company

in relation to mineral exploration, geology and the use and operation of the Typhoon™

Units. Such training shall be sufficient to allow the individuals to safely use the Typhoon™

Units and collect, interpret, and transmit data generated from using the Typhoon™ Units.

5.3 Initial

Existing Typhoon™ Unit

The

Parties acknowledge and agree that the Company has returned the Initial Existing Typhoon™ Unit to Ivanhoe Electric and as

such the Company no longer has any risk associated with, or interest in the use of, the Initial Existing Typhoon™ Unit.

Classification: Restricted 21

5.4 [Reserved]

6. EXCLUSIVITY

AND USE OF Typhoon™ Units

6.1 For

so long as Ivanhoe Electric or an Affiliate of Ivanhoe Electric remains a Shareholder, Ivanhoe

Electric shall not, and shall procure that its Affiliates shall not, enter into any other

business or business partnership involving mining activities or mineral exploration in the

Kingdom without Maaden's prior written consent.

6.2 The

Parties acknowledge that the sole permitted use for the Typhoon™ Units shall be on

the Maaden Land, any Additional Land Areas, any Joint Venture Land and any Areas of Interest,

or as otherwise agreed between the Parties in writing. To the extent that a Shareholder proposes

to use the Typhoon™ Units and/or TyphoonTM technology on any other land

in which a Shareholder or their Affiliates has an interest, Maaden and Ivanhoe Electric shall

discuss such proposal in good faith.

6.3 The

Parties acknowledge and agree that any survey to be conducted for minerals through the use

of the Typhoon™ Units in the Kingdom on any land (whether or not licensed to Maaden)

shall be carried out by the Company on an exclusive basis only for the benefit of the Company

and not for the benefit of any Shareholder or Party unless otherwise agreed in writing by

the Parties.

7. Exploration

Phase

7.1 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.

7.2 Identification

and Acquisition of Land Areas

7.2.1 The Technical Committee may decide by

vote to:

(A) designate specific land areas from within

the Maaden Land and/or Joint Venture Land (the “Recommended Land Area”)

for Exploration Works, including to be explored during the Exploration Phase using techniques

which include the use of the Typhoon™ Units and including techniques to be applied

prior to conducting a Survey;

(B) in

respect of potential Joint Venture Land and in order for the Board to make a determination

pursuant to Clause 17.6.8 (Board Decisions), recommend to the Board

a Group Company to participate in an auction for, or acquire from a third party or otherwise,

one or more Exploration Licenses; and/or

further Reconnaissance Licenses and/or Exploration Licenses in respect of additional land areas which may be complementary to and in

the vicinity of the existing Maaden Land and/or Joint Venture Land (the “Additional Land Areas”).

7.3 Exploration

Stages

7.3.1 Within ten (10) Business Days of

the Technical Committee voting to designate a Recommended Land Area for Exploration Works,

and to the extent that the Company wishes to conduct Exploration Works under the Exploration

Licenses, any necessary amendments to the work programme set out in such Exploration Licenses

will be submitted for approval to MIMR pursuant to the Implementing Regulations.

7.3.2 With effect from:

(A) MIMR

approving any amendments to the Exploration Licenses submitted in accordance with Clause

7.3.1 (Exploration Stages), to the extent any such amendments are necessary;

(B) the Company obtaining a Reconnaissance License

or Exploration License issued by MIMR relating to the Joint Venture Land or Additional Land

Area (as applicable); or

Technical Committee designating a Recommended Land Area for Exploration Works,

the Company will undertake Exploration

Works in accordance with a reconnaissance exploration program (the “Exploration Program”) on the Recommended Land

Area and any Additional Land Areas with the Typhoon™ Unit or such other exploration tools or techniques as the Technical Committee

may approve (the “Generative Exploration Stage”). The Exploration Program will be subject to periodic review by the

Technical Committee.

7.3.3 During

the Exploration Phase, the Company shall undertake the Exploration Works in accordance with

the Exploration Program until the

Classification: Restricted 23

Company identifies proposed target land areas on a Recommended

Land Area or any Additional Land Areas for further, more invasive, Exploration Works (as

applicable).

7.3.4 The Technical Committee shall periodically

(and at least on a quarterly basis) review the data relating to the proposed target land

areas and decide, by vote, to accept some or all of the identified target land areas for

Exploration Works (the “Exploration Drilling Stage”).

7.3.5 All other exploration works not captured

in this Clause 7 (Exploration Phase) shall be determined and approved by the Technical

Committee.

7.4 Sole

Risk – Joint Venture Land (Exploration Phase)

7.4.1 To the extent a Shareholder’s appointees to the Technical

Committee or the Board (as applicable) (the “Blocking Shareholder”) vote against the acquisition of, or carrying out

of Exploration Works on, Joint Venture Land and/or Additional Land Areas, but the other Shareholder’s appointees to the Technical

Committee or the Board (as applicable) (the “Approving Shareholder”) vote in favour of the acquisition of, or carrying

out of Exploration Works on, Joint Venture Land, the Approving Shareholder may, within two (2) months of the relevant vote, elect

to proceed with the acquisition of, or Exploration Works in relation to, the relevant Joint Venture Land (“Sole Risk Joint Venture

Land”) at its sole risk and cost on the following basis:

(A) the

Company shall, or shall procure that the applicable Group Company shall, promptly and in

any event within ninety (90) Business Days of a Shareholder electing to proceed on a sole

risk basis, use its best efforts to procure the consent of MIMR to transfer the relevant

Exploration License(s) in respect of the relevant Sole Risk Joint Venture Land to the

special purpose vehicle or other holding structure through which the Approving Shareholder

intends to proceed with the development of such Sole Risk Joint Venture Land and the Approving

Shareholder shall reimburse the Company (or relevant Group Company) on an At Cost Basis for

all costs and expenses incurred by the Company in connection with procuring the consent of

MIMR to transfer relevant Exploration License(s) in accordance with this Clause

7.4.1(A) (Sole Risk – Joint Venture Land (Exploration Phase));

(B) subject to the balance of this Clause 7.4

(Sole Risk – Joint Venture Land (Exploration Phase)), the Shareholders shall

agree and implement, and cause the Company to implement, such structure as is necessary to

pass the economic benefit of the relevant Sole Risk Joint Venture Land to the Approving Shareholder

(provided that the Company shall not bear any Loss or carry any debt with respect to such

Sole Risk Joint Venture Land); and

to the relevant Sole Risk Joint Venture Land, the assets of the Group shall in no way be

Classification: Restricted 24

subject to an Encumbrance with respect to the relevant Sole Risk Joint Venture Land.

7.4.2 Following completion of the transfer

of the Sole Risk Joint Venture Land in accordance with Clause 7.4.1 (Sole Risk –

Joint Venture Land (Exploration Phase)) neither the Blocking Shareholder nor any Group

Company shall have any direct or indirect rights or any economic benefit in relation to the

mineral interests, mineral deposits and the operation, management and development of mines

and the production of minerals in relation to the applicable Sole Risk Joint Venture Land.

7.4.3 The

development of Sole Risk Joint Venture Land at the sole risk of a proceeding Shareholder

in accordance with this Clause 7.4 (Sole Risk – Joint Venture Land (Exploration

Phase)) shall not in any way reduce the Shareholder Percentage of the non-participating

Shareholder.

8. Designated

Project

8.1 Creation

of Designated Project

Any Maaden Land, Joint Venture Land

(other than Sole Risk Joint Venture Land with respect to which Sole Risk Joint Venture Land Completion has occurred) and/or any Additional

Land Areas on which an NI 43-101 and Reg S-K compliant resource of economically viable scale where a majority of the resource is indicated

or measured is identified shall be deemed to be a “Designated Project”.

8.2 Following

Designated Project Designation

Upon Designated Project Designation:

8.2.1 to

the extent relating to Maaden Land, Maaden shall promptly, and in any event within ninety

(90) Business Days, use its best efforts to procure the consent of MIMR to transfer the relevant

Exploration License(s) in respect of the Maaden Land that is the subject of the Designated

Project Designation to the Company and the Company shall reimburse Maaden on an At

Cost Basis for all costs and expenses incurred by Maaden in connection with procuring the

consent of MIMR to transfer relevant Exploration License(s) in accordance with this

Clause 8.2.1 (Following Designated Project Designation);

8.2.2 the

Technical Committee shall submit to the Board a works program and a Designated Project

Budget with respect to the Designated Project in accordance with Clause 17.6 (Board Decisions);

8.2.3 a Pre-Feasibility Study shall be commissioned

and completed, as soon as reasonably practicable, and in any case prior to the expiry of

the relevant Exploration License, in respect of the Designated Project;

8.2.4 following

the completion of a favourable Pre-Feasibility Study, the Parties shall use their respective

best endeavours (subject to Applicable Law) to secure for the Company an Exploitation License

with a term of not less than twenty-five (25) years;

8.2.5 the Shareholders shall, with necessary

input from the Company and the Technical Committee, agree and implement, and/or cause the Company to implement (to the extent necessary),

a holding structure for the development of the Designated Project with a view to maximizing

Classification: Restricted 25

organisational and operational efficiencies

and to minimising tax and other related legal concerns (“Designated Project Holding

Structure”);

8.2.6 unless otherwise agreed by the Shareholders

in writing, the Designated Project Holding Structure shall be owned between the Shareholders

in proportion to their Equity Interest;

8.2.7 the Designated Project Holding Structure

shall have a governance structure which is substantially the same as or similar to the governance

structure established by this Agreement with such changes as are necessary to reflect the

relevant financing and other arrangements specific to that Designated Project;

8.2.8 to the extent necessary, the Parties

will co-operate in seeking the approval of MIMR and any other appropriate Competent Authority

to the transfer of any Exploration License, Reconnaissance License or Exploitation License

into the Designated Project Holding Structure as may be required for the furtherance of the

Designated Project;

8.2.9 take

such other actions as the Shareholders (with input from the Technical Committee and/or the

Board, as applicable) deem appropriate for the development of the Designated Project; and

8.2.10 Clause 8.2 (Following Designated Project Designation)

shall not apply in respect of any Designated Project in relation to which a Shareholder elects to proceed on a sole risk basis in accordance

with the terms of Clause 8.3 (Sole Risk – Designated Project), in which case the provisions of Clause 8.3 (Sole Risk

– Designated Project) shall apply instead.

8.3 Sole

Risk – Designated Project

8.3.1 To

the extent a Shareholder (a “non-participating Shareholder”) does not

wish to participate in a Designated Project, such non-participating Shareholder may, within

two (2) months of a Designated Project being deemed a Designated Project in accordance

with Clause 8.1 (Creation of Designated Project), notify the other Shareholder

that it does not wish to participate in the relevant Designated Project following which the

other Shareholder (the “proceeding Shareholder”) may elect to proceed

with the Designated Project at its sole risk and cost on the following basis:

(A) to

the extent the Designated Project is located on: (i) Maaden Land and IE Mena is the proceeding Shareholder, Maaden shall promptly,

and in any event within ninety (90) Business Days of IE Mena or its Affiliate electing to proceed on a sole risk basis, use its best

efforts to procure the consent of MIMR to transfer the relevant Exploration License(s) in respect of the Maaden Land that is the

subject of the relevant Designated Project to the special purpose vehicle or other holding structure through which IE Mena or its Affiliate

intends to proceed with the development of the relevant Designated Project and IE Mena or its Affiliate shall reimburse Maaden on an

At Cost Basis for all costs and expenses incurred by Maaden in connection with procuring the consent of MIMR to transfer relevant

Exploration License(s) in accordance with this Clause 8.3.1(A)(i) (Sole Risk – Designated Project); or (ii) Joint

Venture Land or Additional Land Areas (in each case where the relevant Exploration License(s) is/are held in the name of a Group

Company), the Company shall,

Classification: Restricted 26

or shall procure that the relevant Group Company shall, promptly, and in any

event within ninety (90) Business Days of the proceeding Shareholder electing to proceed

on a sole risk basis, use its best efforts to procure the consent of MIMR to transfer the

relevant Exploration License(s) in respect of the Joint Venture Land or Additional Land

Area that is the subject of the relevant Designated Project to the proceeding Shareholder

or its Affiliate and the proceeding Shareholder or its Affiliate shall reimburse the relevant

Group Company on an At Cost Basis for all costs and expenses incurred by the Group in connection

with procuring the consent of MIMR to transfer relevant Exploration License(s) in accordance

with this Clause 8.3.1(A)(ii) (Sole Risk – Designated Project)

(B) subject to the balance of this Clause 8.3 (Sole Risk –

Designated Project), the Shareholders shall agree and implement, and cause the Company to implement, such structure as is necessary

to pass the economic benefit of the relevant Designated Project to the proceeding Shareholder or its Affiliate (provided that the Company

shall not bear any Loss or carry any debt with respect to the Designated Project);

to the relevant Designated Project, the assets of the Group shall in no way be subject to

an Encumbrance with respect to the relevant Designated Project; and

(D) the exchange of the interest of the non-participating

Shareholder in the relevant Designated Project for value (whether in the form of cash, securities,

a royalty or some other form of value) shall be determined following discussions in good

faith between the non-participating Shareholder and the proceeding Shareholder or its Affiliate.

8.3.2 The

non-participating Shareholder shall continue to retain its interest in the relevant Designated

Project until such time as the relevant transaction exchanging the non-participating Shareholder’s

interest in the Designated Project for value has completed (“Sole Risk Designated

Project Completion”). Following Sole Risk Designated Project Completion occurring,

neither non-participating Shareholder nor any Group Company shall have any direct or indirect

rights or any economic benefit in relation to the mineral interests, mineral deposits and

the operation, management and development of mines and the production of minerals in relation

to the applicable Designated Project to which the Sole Risk Designated Project Completion

relates other than with respect to any interest derived from or arising in connection with

the terms and conditions of the transaction agreed between the Parties in accordance with

Clause 8.3.1(D) (Sole Risk – Designated Project).

8.3.3 The

development of a Designated Project at the sole risk of a proceeding Shareholder or its Affiliate

in accordance with this Clause 8.3 (Sole Risk – Designated Project) shall

not in any way reduce the Shareholder Percentage of the non-participating Shareholder.

Classification: Restricted 27

9. Area

of Interest

9.1 Creation

of Area of Interest

9.1.1 If,

during the Exploration Phase or following a Designated Project Designation, a TyphoonTM

Anomaly is identified or any other mineral discovery is made on land in the Exploration Area,

then subject to Clause 9.1.2 (Creation of Area of Interest), a five (5) kilometre

area of interest (“Area of Interest”) will be created around the

then-known boundaries of the TyphoonTM Anomaly or other mineral discovery.

9.1.2 An

Area of Interest shall not extend into any Undesignated Maaden Land or Excluded Maaden Land

(such Excluded Maaden Land existing as at the date the Area of Interest is created pursuant

to Clause 9.1.1 (Creation of Area of Interest)) unless Maaden provides its prior written

consent thereto.

9.2 Acquisition

of further Mineral Rights

If the Area of Interest is not fully

comprised of the Exploration Area then the Technical Committee may (as appropriate):

9.2.1 authorize the Company to apply to MIMR

for further Reconnaissance Licenses, Exploration Licenses and/or Exploitation Licenses (as

required) in respect of the Area of Interest other than in respect of Undesignated Maaden

Land or Excluded Maaden Land;

9.2.2 to the extent Reconnaissance Licenses,

Exploration Licenses and/or Exploitation Licenses (as required) in respect of the Area of

Interest are held by a third party, authorize or recommend to the Board to approve the acquisition

of mineral rights in the Area of Interest by the Company from such third party (in each case

in accordance with any applicable Delegation of Authorities); or

9.2.3 to the extent Reconnaissance Licenses,

Exploration Licenses and/or Exploitation Licenses (as required) in respect of the Area of

Interest are held by Maaden, authorize or, to the extent above a threshold in the Delegation

of Authorities, authorize with the prior written approval of an Ivanhoe Electric Director

the acquisition of mineral rights in the Area of Interest by the Company from Maaden subject

to Clause 9.1.2 (Creation of Area of Interest),

(collectively, “Additional

Licenses”).

9.3 Exploration

of Area of Interest

Upon the receipt by the Company of

the Additional Licenses and/or inclusion of the Area of Interest within the Maaden Land, the Company shall extend the activities being

undertaken in the Exploration Area to the Area of Interest.

9.4 Restriction

on acquisition of further Mineral Rights within Area of Interest

On and from the Effective Date, no

Party (other than the Company) may acquire any interests or licenses or direct or indirect right in relation to any land within the Area

of Interest, including, but not limited to, an Exploration License or Exploitation License, except:

9.4.1 as

approved by the Board; or

Classification: Restricted 28

9.4.2 any interest or licenses or direct or

indirect right in land (not being a mineral interest or license) which:

(A) is

necessary for the development or operation of another project of the Party which project

does not fall within the Area of Interest; and

(B) does not materially interfere with any future development of mineral

rights or interests within the Area of Interest.

10. UNDESIGNATED

LAND

10.1 Undesignated

Maaden Land

The Technical Committee, and only

the Technical Committee, may at any time by unanimous written resolution vote to conclusively reject or relinquish any part of the

Maaden Land and expressly deem by written resolution that such land is “Undesignated Maaden Land” which land

shall fall outside of the definition of Maaden Land and shall no longer remain subject to the terms of this Agreement. Maaden shall

thereafter be free to deal with the Undesignated Maaden Land as it sees fit and shall bear all future costs incurred in relation to

such Undesignated Maaden Land. The Technical Committee shall have sole ability to designate any Maaden Land as Undesignated Maaden

Land.

10.2 Undesignated

Joint Venture Land

10.2.1 Subject to Clause 10.2.2 below, the

Technical Committee, and only the Technical Committee, may at any time by unanimous written

resolution conclusively reject or relinquish any part of the Joint Venture Land, such land

being “Undesignated Joint Venture Land” which shall fall outside of the definition

of Joint Venture Land.

10.2.2 If as part of any unanimous decision

to reject or relinquish part of the Joint Venture Land, the Technical Committee agrees that

one Shareholder or its Affiliate may proceed with the Exploration Works in respect of the

Joint Venture Land at its sole risk, then Clause 7.4 (Sole Risk – Joint Venture

Land (Exploration Phase)) shall apply mutatis mutandis with respect to the transfer of

such Joint Venture Land to that Shareholder or its Affiliates.

11. Exploration

Licenses

11.1 Exploration

License undertakings by Maaden

Maaden

undertakes that it shall (or shall procure that a Subsidiary Undertaking of Maaden shall) use its reasonable endeavours to obtain

the approval of MIMR with respect to the Exploration License Applications promptly following the Effective Date and, to the extent an

Exploration License Application is rejected:

11.1.1 provide the Company with access to

substitute land over which Maaden has validly subsisting Exploration Licenses; or

11.1.2 with input from the Technical Committee,

apply for and obtain additional Exploration Licenses as soon as reasonably practicable following

the rejection of Exploration License Application pending on the Effective Date;

ensure that the Company has access to land, located within the Kingdom, of equivalently the same size and quality of the rejected land

to explore for all of the

Classification: Restricted 29

metals set forth in Schedule 7 (Metals) and to which Ivanhoe Electric has agreed in writing shall

constitute substitute land (“Substitute Maaden Land”).

11.2 Maintenance

of Exploration Licenses

11.2.1 Maaden

shall be responsible for maintaining all Exploration Licenses in good standing for the period

commencing on and from the Effective Date and, with respect to each Exploration License relating

to Maaden Land individually, expiring on the date on which:

(A) any Maaden Land which is the subject of

the Exploration License becomes Undesignated Maaden Land in accordance with Clause 10 (Undesignated

Land);

(B) the

relevant Exploration Licenses are transferred to the Company in accordance with Clause 8.2.1

(Following Designated Project Designation); or

License becomes a Designated Project and in respect of which an Exploitation

License is granted pursuant to Clause 8.2.4 (Following Designated Project Designation).

11.2.2 Maaden’s

obligation to maintain the Exploration Licenses relating to Maaden Land in good standing

in accordance with Clause 11.1 (Maintenance of Exploration Licenses) shall include

Maaden undertaking (or procuring to be undertaken) the following actions:

(A) submitting work programs and amendments

to the same which have, in each case, been prepared by the Company and approved by the Technical

Committee;

(B) making payment of all rents, licenses, local

government rates and fees; and

for submission to MIMR.

11.2.3 The

Company shall, at its cost, do all things reasonably necessary to assist Maaden in achieving

the objectives of Clauses 11.2.1 (Maintenance of Exploration Licenses)

and 11.2.2 (Maintenance of Exploration Licenses) including through the preparation

of all reports to be submitted to MIMR in connection with the Exploration Licenses relating

to Maaden Land, provision of the Exploration Program and other information reasonably required

by Maaden.

11.2.4 The

Company shall reimburse Maaden on an At Cost Basis for all costs and expenses incurred in

connection with the maintenance of the Exploration Licenses relating to Maaden Land

in accordance with these Clauses 11.2.1 (Maintenance of Exploration Licenses) and

11.2.2 (Maintenance of Exploration Licenses).

11.2.5 IE

Mena, in its capacity as Operator, acknowledges and agrees that the implementation of the Exploration Program is necessary for Maaden

Classification: Restricted 30

achieve the objectives of Clauses

11.2.1 (Maintenance of Exploration Licenses) and 11.2.2 (Maintenance of Exploration Licenses).

11.3 Transfer

or disposal of Exploration License

Subject

to Clauses 8.2.1 (Following Designated Project Designation), and other than in respect of the Undesignated Maaden

Land, Maaden shall not surrender, dispose or transfer (other than to the Company or in accordance with Applicable Law) any Exploration

Licenses relating to the Maaden Land during the Exploration Phase except with the approval of the Technical Committee granted under Clause

18.4.2 (Voting).

11.4 Maintenance

of Additional Licenses and Joint Venture Exploration Licenses

Each of Maaden and Ivanhoe Electric

shall do all things reasonably necessary to assist the Company in obtaining and maintaining all Additional Licenses and Joint Venture

Exploration Licenses in good standing.

11.5 License

11.5.1 The Parties agree that, as at the date

of this Agreement, the details of:

(A) all Exploration Licenses and/or Joint Venture

Exploration Licenses relating to Maaden Land, Substitute Maaden Land, Joint Venture Land

and Additional Land Areas; and

(B) all Exploration License Applications,

are

those set out in Schedule 6 (Initial License Register) (the “Initial License Register”).

11.5.2 On and from the date of this Agreement,

the Company shall update the License Register promptly (and in any event within ten (10) Business

Days) following the:

(A) submission of any new Exploration License

Application;

(B) rejection or withdrawal of any Exploration

License Application;

Venture Exploration License; or

(D) transfer, expiry, relinquishment or amendment

of any Exploration License or Joint Venture Exploration License.

11.5.3 The License Register shall be maintained

in electronic form and shall be accessible to each Shareholder promptly upon request by the

Shareholders to the Company.

12. COMPANY

FINANCING

12.1 Capital

Increase and Decrease

The Share Capital of the Company may

only be increased or decreased in accordance with the terms and conditions of this Agreement, the Articles of Association and Applicable

Law.

12.2 Further

Funding

Classification: Restricted 31

12.2.1 The Shareholders shall not be obliged

to provide any funding (“Additional Funding”) to the Company or participate

in any guarantee or similar undertaking in relation to the Company.

12.2.2 The

Board may seek, in accordance with Clause 17.6.3 (Board Decisions), to satisfy

any Additional Funding (i) first, by way of a Shareholder Loan and (ii) thereafter,

if required, by way of a new issue of Shares to existing Shareholders (“Cash Contribution”)

or third party debt financing in accordance with Clause 12.5 (Financing).

12.3 Shareholder

Loans

12.3.1 If

the Board determines in accordance with Clause 17.6.3 (Board Decisions) that

Additional Funding requirements should be met by way of a Shareholder Loan, then the following

procedure shall apply:

(A) the

Company shall simultaneously offer by way of notice to Shareholders the opportunity to provide

Shareholder Loans in an amount in aggregate sufficient to satisfy the Additional Funding

(“Shareholder Loan Offer”). The Shareholders shall be entitled, but shall

not be obliged, to provide any Shareholder Loan to the Company;

(B) each Shareholder shall have the right, directly

or through an Affiliate, to provide Shareholder Loan(s) up to an amount equal to that

Shareholder’s Equity Interest of the aggregate amount of the Additional Funding requirements

that are the subject of the Shareholder Loan Offer;

Shareholder Loan Offer, each Shareholder shall notify the Company in writing whether it is

willing to take up the Shareholder Loan Offer and, if so, the maximum amount of funding that

it is willing to provide; and

(D) if

a Shareholder elects not to provide the full amount of funding offered pursuant to the Shareholder

Loan Offer then the Company shall offer to the other Shareholder (on the terms of the original

Shareholder Loan Offer) the opportunity to provide funding required to meet the shortfall.

The same procedure and provisions set out in this Clause 12.3.1 (Shareholder Loans)

shall apply, provided that no such further offers shall be made after the expiry of two (2) months

from the date of the original Shareholder Loan Offer.

12.3.2 The

Shareholder Loans shall be on terms (including as to interest rate) determined by the Board

in accordance with Clause 17.6.3 (Board Decisions) provided that accrued

but unpaid interest (if any) on Shareholder Loans shall not be capitalised into principal

under any circumstances.

12.3.3 The Shareholder Loan shall be unsecured

and subordinated in right of payment to all indebtedness of the Company to third parties

for borrowed money.

12.3.4 Each Shareholder Loan shall rank pari

passu with all other subordinated indebtedness of the Company outstanding from time to

time to the Shareholders.

12.3.5 Neither

the rights nor the obligations under a Shareholder Loan may be assigned or novated to any third party without the prior written consent

of all of the Shareholders and the Company

except in connection with a

Classification: Restricted 32

Transfer of Shares pursuant

to Clause 27 (Transfers of Shares) or as otherwise expressly provided for herein.

12.3.6 No demand for any amount outstanding

under any Shareholder Loan may be made by a Shareholder (i) during the Exploration Phase

and (ii) thereafter, unless the Shareholders unanimously agree.

12.3.7 To

the extent a Shareholder provides a Shareholder Loan in accordance with Clause 12.3.1(D) (Shareholder

Loans) to meet a shortfall in funding required in connection with the acquisition by

a Group Company of Joint Venture Land (a “Shortfall Loan”), then such

Shortfall Loan shall be repaid in priority to other Shareholder Loans in accordance with

Clause 13.1 (Distribution of Profits).

12.4 Procedure

for Making Cash Contributions

12.4.1 If

in accordance with Clauses 12.2 (Further Funding) and 17.6.3 (Board Decisions),

the Board has elected to obtain Additional Funding by means of a Cash Contribution, each

Shareholder shall be entitled, but shall not be obliged, to subscribe for its Equity Interest

of the relevant Cash Contribution.

12.4.2 Any

offer to the Shareholders to subscribe for their Equity Interest of the relevant Cash

Contribution shall be made simultaneously to the Shareholders by the Company in accordance

with Clause 12.4.1 (Procedure for Making Cash Contributions) (“Share Offer”).

A Share Offer shall be made by notice specifying the amount of Cash Contribution required

and terms of the Shares on offer and shall be on identical terms as between the Shareholders

("Funding Notice") provided always that the number of Shares issued pursuant

to such Cash Contribution shall be determined in accordance with Clause 12.4.7 (Procedure

for Making Cash Contributions).

12.4.3 Within twenty (20) days of receipt

of a Funding Notice, each Shareholder shall notify the Company in writing whether it is willing

to take up the Share Offer and, if so, the maximum amount of Additional Funding that it is

willing to provide pursuant to such Share Offer.

12.4.4 If a Shareholder elects not to provide

its full portion of the Additional Funding, the Shares attributable to the shortfall in the

Additional Funding (“Residual Shares”) shall be offered to the other Shareholder

provided that such other Shareholder has accepted its full entitlement under the relevant

Funding Notice, provided that no such Residual Shares shall be allotted after the expiry

of two (2) months from the date of the original Funding Notice and provided further

that no offer of Residual Shares shall be made in circumstances where neither Shareholder

has accepted its entitlement to take up any Shares pursuant to the Share Offer.

12.4.5 The

same procedure and provisions set out in Clauses 12.4.1 (Procedure for Making Cash

Contributions) to 12.4.3 (Procedure for Making Cash Contributions) (inclusive)

shall apply equally in relation to offers of Residual Shares.

12.4.6 Each

Shareholder agrees to waive any pre-emption rights that it may have, to exercise its rights

as Shareholder in such manner and to provide such necessary approvals and waivers as may

be required to allow the issue of Shares in accordance with this Clause 12 (Company

Financing).

Classification: Restricted 33

12.4.7 At

completion of the relevant Cash Contribution, the Company shall and each Shareholder shall

procure that the Company shall, issue to each Shareholder such number of Shares as is necessary

to ensure that the number of Shares held by a Shareholder expressed as percentage of the

total issued Shares is equal to its Equity Interest (assuming completion of the relevant

Cash Contribution carried out in accordance with this Clause 12.4 (Procedure

for Making Cash Contributions)).

12.5 Financing

12.5.1 The

Board shall determine in accordance with Clause 17.6.3 (Board Decisions) the

means in which to obtain any Additional Funding that has not been satisfied pursuant to Clause

12.3 (Shareholder Loans) or Clause 12.4 (Procedure for Making Cash Contributions).

12.5.2 The

portion of the Additional Funding that takes the form of debt financing, if any, may

consist of a Shareholder Loan, loans from local (in-Kingdom) and international financing

sources, and such other sources as may be recommended by the Board based upon which source

offers the best rates and terms.

12.5.3 The Shareholders agree that the Company

shall maximize the use of third-party financing sources and (to the extent commercially achievable)

non-recourse or limited-recourse financing.

12.5.4 All bank financing, whether obtained

in the Kingdom or abroad, shall be arranged in accordance with normal and sound business

principles and the terms and conditions of any such facilities (including any associated

Shareholder guarantee) shall require the approval of the Board.

12.6 Encumbrances

No Shareholder shall create any Encumbrance

over its Shares in the Company or its interest under this Agreement or as a result of operation of Applicable Law.

13. Distribution

of Profits; Taxes

13.1 Distribution

of Profits

13.1.1 It

is acknowledged and agreed by the Parties that no distributions will be made by the Company

(if any) during the Exploration Phase (other than pursuant to Clause 29.8 (Consequences

of Termination)).

13.1.2 Following completion of the Exploration

Phase, binding obligations under any financing documents and Applicable Law, the annual net

profits of the Company and any retained profits from previous Financial Years shall be applied

in the following manner, unless otherwise agreed by a resolution of the Shareholders:

(A) first,

to offset losses incurred during any Financial Year;

(B) secondly,

as may be required to meet the requirements of any financial or other covenants under any

third party financing arrangement entered into by the Company;

as may be required by the Company to meet its reasonable working capital needs, including

to fund any approved Budget;

(D) fourthly,

toward any exploration, capital expenditure and/or expansion activities as so approved in

the then-current Budget;

Classification: Restricted 34

(E) fifthly

to satisfy any repayment obligations (including any accrued but unpaid interest thereon)

with respect to any Shortfall Loans to the extent such obligations are due and payable under

the terms of such Shortfall Loans;

(F) sixthly,

to satisfy any repayment obligations (including any accrued but unpaid interest thereon)

with respect to Shareholder Loans to the extent such obligations are due and payable under

the terms of the applicable Shareholder Loan; and

(G) seventhly,

the balance of the net profits shall be distributed to the Shareholders in proportion to

their respective Shareholder Percentages as of the end of the Financial Year, net

of any Tax which is imposed by Applicable Law and has been paid by the Company on behalf

of the Shareholder.

13.2 Taxes

and Withholding

In accordance with Applicable Law,

and notwithstanding any other provision of this Agreement, each Shareholder shall be responsible for and shall bear the cost of any

Tax which may be imposed on such Shareholder, including any such Taxes imposed on such Shareholder with respect to its respective

share of profits in the Company and any Taxes imposed on payments made to such Shareholder by the Company in connection with a

Distribution to that Shareholder. Each Shareholder shall bear the cost of any withholding Taxes imposed on any payments made to it

by the Company in connection with a Distribution to that Shareholder. The Company shall withhold and pay all withholding or other

Taxes required under Applicable Law (as such withholding or other Taxes may be adjusted pursuant to the provisions of any applicable

treaty, to the extent that the provisions of such treaty are permitted to be applied under Applicable Law). In addition, the Company

shall have the right to withhold from any payment to any Shareholder any Taxes required to be withheld under any other Applicable

Law. All such amounts withheld from payments made to any Shareholder shall be deemed to have been distributed to such Shareholder

and shall be accounted for in accordance with Saudi Arabian Accounting Standards. The Company shall provide each Shareholder with

copies of all applicable Tax receipts evidencing such payments or other evidence reasonably satisfactory to the Shareholders.

14. Budgets

14.1 Budgets

Except as otherwise provided in Clause

14.5 (Emergency or Unexpected Expenditures), the Business shall be conducted, expenses shall be incurred, and assets shall be

acquired only pursuant to Budgets approved in accordance with this Agreement and any in the Delegation of Authorities (if any).

14.2 Preparation

of Budgets

The Technical Committee with input

from the General Manager shall, at least ninety (90) days prior to the end of each Financial Year, prepare and submit to the Board a

detailed annual Budget for the Group in relation to the forthcoming Financial Year.

14.3 Approval

and Funding of Budgets

Classification: Restricted 35

A Budget shall be adopted with effect

from the approval of a Budget by the Board in accordance with Clause 17.6.1 (Board Decisions) (or Clause 17.6.14 (Board Decisions)).

14.4 Budget

Overruns

Overruns of fifteen percent (15%) or

more of the amount provided for in any approved Budget shall require Board approval in accordance with Clause 17.6.14 (Board Decisions).

Without prejudice to the foregoing, the Operator shall immediately notify the Technical Committee of any anticipated material departure

from, or proposed changes to, the then applicable approved Budget and overruns of five percent (5%) or more of the amount provided for

in an approved Budget shall be added to the agenda for discussion at the next meeting of the Board and the Technical Committee.

14.5 Emergency

or Unexpected Expenditures

In case of emergencies, major

unexpected events or failures, IE Mena, in its capacity as Operator, or Maaden, in its capacity as Operator, may take any

reasonable action it deems necessary to protect life, property or the assets of the Company or to comply with Applicable Laws. The

Operator shall promptly notify the Board of the emergency or unexpected expenditure and such expenditure shall not require approval

by the Board or the Shareholders.

14.6 Amendments

to Exploration Programs and Reallocating Funds

The Technical Committee shall, by unanimous

consent and otherwise in accordance with the Technical Committee’s procedures and voting requirements set out in Clause 18 (Technical

Committee), be authorized to:

14.6.1 approve non-material amendments to

the Exploration Program; and/or

14.6.2 reallocate funds designated for certain

activities or expenditures under an approved Budget to fund the implementation of the Exploration

Program (as amended) provided that the Technical Committee cannot increase the overall amount

of aggregate funding allocated under an approved Budget other than as contemplated in Clause

14.4 (Budget Overruns).

15. Accounting;

Company Policies; Insurance

15.1 Accounting

Systems, Books and Policies

The Shareholders shall cause the Company

to keep proper books of record and accounts and shall cause the Company to comply with the financial reporting and other requirements

set out in Schedule 5 (Financial Reporting and Policies).

15.2 Appointing

Auditors

The Shareholders shall appoint an auditor

for the Company in accordance with Applicable Law, which shall be a major internationally recognised accounting firm with an affiliate

office in the Kingdom. The Company shall procure that the auditor shall provide the Board with annual audited financial statements in

conformity with Schedule 5 (Financial Reporting and Policies).

15.3 Insurance

The Company shall procure and maintain

all such insurance as may be required by Applicable Law or as may otherwise be reasonably necessary to protect the assets and operations

of the Company.

Classification: Restricted 36

16. Shareholders

16.1 Meetings

The Shareholders shall act through

meetings duly held and resolutions duly adopted in accordance with the terms and conditions of this Agreement, the Articles of Association

and Applicable Law. Shareholders’ meetings may be conducted by teleconference or videoconference. Unless otherwise agreed by the

Shareholders, resolutions of the Shareholders may be adopted by written resolution.

16.2 Quorum

No meeting of the Shareholders shall

transact any business unless a quorum is present at the start of and throughout the meeting. A quorum for the meeting shall consist of

the attendance in person or by proxy of Shareholders representing Equity Interests of not less than seventy-five percent (75%).

16.3 Voting

Subject to matters requiring a

specified approval threshold pursuant to Applicable Law, Shareholders’ resolutions shall require the approval of the

Shareholders representing Equity Interests equal to or greater than a simple majority of the Aggregate Equity Interest (other than

in the case of the appointment and removal of the members of the Board, which shall be governed solely by Clause 17.1.1

(Composition and Authority)).

16.4 Minutes

The Chairperson shall cause the Company

to maintain a special register in which the minutes of meetings of the Shareholders and all resolutions adopted shall be entered. The

Chairperson shall be responsible for taking, or designating a secretary of the meeting to take, the minutes of each meeting of the Shareholders.

Minutes of each meeting of, and resolutions adopted by, the Shareholders shall be signed by the Shareholders who attended the meeting.

17. Board

of Directors

17.1 Composition

and Authority

17.1.1 The Company shall be managed by a Board

of Directors in accordance with the provisions of this Agreement and the Articles of Association.

17.1.2 The Board shall consist of six (6) Directors

who shall be appointed and removed as follows:

(A) whilst Maaden and Ivanhoe Electric retain

an Equity Interest of fifty percent (50%), three (3) directors shall be appointed by

Ivanhoe Electric (the “Ivanhoe Electric Directors”) and three (3) directors

shall be appointed by Maaden (the “Maaden Directors”); and

(B) upon the Equity Interest of Maaden or Ivanhoe

Electric falling below fifty percent (50%), such Party shall be entitled to appoint and remove

one (1) Director for every twenty percent (20%) of the Aggregate Equity Interest that

it represents.

17.2 Appointments

Each of Ivanhoe Electric and Maaden

may change its appointees to the Board of Directors from time to time without the consent of the other Shareholder.

Classification: Restricted 37

17.3 Chairperson

17.3.1 Maaden shall appoint a Chairperson

from among the Maaden Directors. The Chairperson shall hold office until such time as Maaden

nominates and the Board appoints a new person (from among the Maaden Directors) as the Chairperson.

17.3.2 The Chairperson shall not have a casting

vote in respect of any matters voted on by the Board. The Chairperson shall also serve as

Chairperson of Shareholders’ meetings.

17.3.3 The Chairperson shall have the authorities set out in this Agreement

and the Articles of Association and such other authorities as the Board may delegate to the Chairperson expressly in writing from time

to time. The Chairperson shall exercise such authority in a manner consistent with the decisions of the Board. For the avoidance of doubt,

the Chairperson’s role shall be non-executive and the Shareholders do not intend that the Chairperson manages day-to-day operations

of the Company, which shall be the responsibility of the General Manager and/or Operator(s), as applicable.

17.4 Meetings

and Quorum

Meetings of the Board shall be held

in accordance with the provisions of Schedule 4 (Meetings of the Board). No meeting of the Board shall transact any

business unless a quorum is present at the start of and throughout the meeting. A quorum shall consist of the attendance in person or

by proxy of at least two (2) Directors with at least one (1) Maaden Director and one (1) Ivanhoe Electric Director.

17.5 Voting

Subject always to Clause 17.6 (Board

Decisions), the Board shall adopt resolutions on the simple majority vote of a quorate Board, with each Director (including the Chairperson)

being entitled to only one (1) vote.

17.6 Board

Decisions

Decisions on the following matters

shall be reserved to the Board of Directors in their exclusive authority and approval thereof shall not be capable of delegation by the

Board other than by written agreement of the Shareholders. Resolutions of the Board of Directors on the following matters shall only

be valid if passed by Directors representing a Shareholder or Shareholders holding Equity Interests of at least seventy-five percent

(75%) of the Aggregate Equity Interest:

17.6.1 any change in the Share Capital of

the Company including the approval of the issuance of any Shares to a party other than Maaden

or IE Mena or its Affiliate;

17.6.2 the approval of Budgets, subject to

Clause 18.5.19 (Technical Committee Responsibilities);

17.6.3 the approval and form of any Additional

Funding, including with respect to Shareholder Loans or Shortfall Loans and the terms thereof;

17.6.4 the approval or commitment to any unbudgeted

capital expenditures or operating expenditure above USD 2,000,000 (USD two million);

17.6.5 the approval of disposals of any Joint

Venture Property outside of the ordinary course of business or with a value of USD 2,000,000 (USD two

Classification: Restricted 38

million) or more other than as prescribed in Clause 10 (Undesignated Land);

17.6.6 approval

of the entry into, amendment, modification, or termination of any material contract (including

any offtake agreement) with a value of USD 2,000,000 (USD two million) or more, other

than as prescribed in Clause 18.5.2 (Technical Committee Responsibilities);

17.6.7 subject to Clause 14.6 (Amendments

to Exploration Programs and Reallocating Funds), approval of any material amendment or

variation to the Exploration Program if the impact of such amendment or variation results

in expenditure and/or costs which are outside a previously approved Budget;

17.6.8 the acquisition of Joint Venture Land

and Additional Land Areas (including the application for applicable Mining Licenses in relation

thereto) following the recommendation of the Technical Committee in accordance with Clause

7.2.1 (Identification and Acquisition of Land Areas);

17.6.9 the sale, assignment, transfer, grant

or creation of any Encumbrance or declaration of trust over, or other disposal (other than

as prescribed in Clause 10 (Undesignated Land)), or grant to any person, of any right

or interest in any part of the Joint Venture Land or Additional Land Areas, or any agreement

or arrangement (whether conditional or otherwise) to carry out any such action;

17.6.10 the approval of a Continuing Joint

Venture Project, any CJVP Program and Budget and any determination to terminate or otherwise

cease Exploration Works or other activities with respect to a Continuing Joint Venture Project;

17.6.11 approval of the assumption by the

Company of any obligation for the payment or repayment of money, whether present or future,

actual or contingent, above a limit of USD 2,000,000 (USD two million) or otherwise than

in the ordinary course of business, except as provided for in an approved Budget;

17.6.12 the approval of hiring and firing

the General Manager, Finance Manager, Exploration Director and Principal Geophysicist;

17.6.13 approving any works program and/or

Designated Project Budget with respect to a Designated Project submitted by the Technical

Committee in accordance with Clause 8.2.2 (Following Designated Project Designation);

17.6.14 the approval of any variances with

an increase of fifteen percent (15%) or more over an approved Budget;

17.6.15 any material change to the purpose

or Business of the Company and any decision to expand activities outside of the purpose for

which the Company was formed;

17.6.16 the grant of any power of attorney

or other delegation of authority of the powers of the Board and revocation of the same;

17.6.17 the entering into by the Company of

any agreement with a Shareholder or an Affiliate of a Shareholder or the amendment or termination

by the Company of any such agreement, other than those expressly provided by this Agreement

or any Related Agreements;

17.6.18 the commencement of the prosecution

or defence of, or settlement of, any judicial, arbitral, regulatory or Tax proceedings (other

than trade debt in the

Classification: Restricted 39

ordinary course of business) where the amount in controversy exceeds

USD 2,000,000 (USD two million);

17.6.19 any Encumbrance whatsoever over any

part of the business, undertaking, property or material assets of the Company, other than

in the ordinary course of business or imposed by Applicable Law;

17.6.20 the initiation of formal procedures

for the resolution of any dispute on behalf of the Company where the amount in dispute exceeds

USD 1,000,000 (USD one million);

17.6.21 the issuance of any press releases

or public announcements by the Company;

17.6.22 issuance by the Company of any guarantee,

indemnity or security for the liabilities or obligations of a third party;

17.6.23 subject to Clause 20.3 (Removal),

the appointment, termination or removal of the General Manager;

17.6.24 other than in respect of any changes

or amendments which are immaterial, administrative or clerical in nature or which has a cost

impact of less than USD 2,000,000 (USD 2 million), adoption by the Company of any policies

and programs (including, but not limited to, the anti-bribery and anti-corruption policy)

or approving changes or amendments to policies and procedures for operations and related

activities, including (except as required by Applicable Law) changes or amendments to accounting,

other internal control or Tax procedures of the Company;

17.6.25 conversion by the Company of any Shareholder

Loans (whether with respect to the conversion of the principal and/or the interest (if any)

of such Shareholder Loans); and

17.6.26 constituting

committees of the Board including and determining the authority of such committees.

17.7 Liability

Subject to Applicable Law and provided

that a Director has acted in good faith, each Director and each member of the Technical Committee shall, in the performance of their

duties, be defended, held harmless and indemnified by the Company. Each Shareholder shall be responsible for taking out any directors

and officers liability insurance on behalf of the Directors and members of the Technical Committee appointed by it and each Shareholder

shall bear the costs of any associated insurance premiums. The Parties agree that nothing in this Agreement will limit or exclude any

liability any Director or member of the Technical Committee may have for fraud, fraudulent misrepresentation or other wilful misconduct.

17.8 Compliance

with Agreement

In all cases, each Shareholder shall

cause the Directors and members of the Technical Committee appointed by it to comply with the terms and conditions set forth in this

Agreement. In the event such Director or member of the Technical Committee fails so to comply promptly with the terms hereof, the Shareholder

appointing such Director or member of the Technical Committee shall immediately replace him.

17.9 Compensation

Classification: Restricted 40

There shall be no remuneration, compensation

or reimbursement paid to a Director or member of the Technical Committee unless approved by the Shareholders. Any such remuneration,

compensation or reimbursement shall be in compliance with the Applicable Law.

17.10 Removal

Any Shareholder removing a Director

appointed by it (or, via its appointed Directors, a member of the Technical Committee appointed by it) shall be responsible for and shall

hold harmless the other Shareholders and the Company from and against any claim for unfair or wrongful dismissal arising out of such

removal and any reasonable costs and expenses incurred in defending such proceedings, including legal costs actually incurred.

18. Technical

Committee

18.1 Technical

Committee Composition and Authority

18.1.1 The Board shall establish a Technical

Committee (“Technical Committee”). The Technical Committee shall consist

of four (4) members (who may also be Directors): two (2) appointed by the Ivanhoe

Electric Directors; and two (2) appointed by the Maaden Directors.

18.1.2 The Ivanhoe Electric Directors and

the Maaden Directors may change their respective appointees to the Technical Committee from

time to time upon notification to, but without the consent of, the other Director group.

18.2 Chairperson

of the Technical Committee

18.2.1 IE Mena shall appoint a Chairperson

of the Technical Committee from among the members of the Technical Committee appointed by

the Ivanhoe Electric Directors. The Chairperson of the Technical Committee shall hold office

until such time as IE Mena appoints a new person (from among the members of the Technical

Committee appointed by the Ivanhoe Electric Directors) as the Chairperson of the Technical

Committee.

18.2.2 The Chairperson of the Technical Committee

shall not have a casting vote in respect of any matters voted on by the Technical Committee.

18.3 Meetings

and Quorum

Meetings of the Technical Committee

shall be held in accordance with the provisions of Schedule 4 (Meetings of the Board), which shall apply mutatis

mutandis save that the Technical Committee shall meet at least once every two (2) months unless the members agree otherwise.

No meeting of the Technical Committee shall transact any business unless a quorum is present at the start of and throughout the meeting.

A quorum shall consist of the attendance in person or by proxy of at least two (2) members with at least one (1) member having

been appointed by the Maaden Directors and one (1) member having been appointed by the Ivanhoe Electric Directors.

18.4 Voting

18.4.1 Subject to Clause 18.4.2 below, the

Technical Committee, reporting to the Board, shall adopt resolutions on the simple majority

vote of a quorate Technical Committee, with each member being entitled to only one (1) vote.

18.4.2 The Technical Committee must vote unanimously

to effectuate:

Classification: Restricted 41

(A) the

power of Maaden to surrender, dispose of or transfer Exploration Licenses in relation to

the Maaden Land under Clause 11.3 (Transfer or disposal of Exploration License);

(B) the disposal of Maaden Land and Joint Venture

Land under Clauses 10.1 (Undesignated Maaden Land) and 10.2 (Undesignated Joint

Venture Land), respectively.

18.5 Technical

Committee Responsibilities

The Technical Committee shall be responsible

for all technical aspects of the Joint Venture, including:

18.5.1 preparation of the Exploration Program

and other work programs and exploration results;

18.5.2 approval of the entry into, amendment,

modification, or termination of an operational contract for Exploration Works to be carried

out in connection with an Exploration Program, in each case such entry, amendment or modification

being subject to the Delegation of Authorities and there being sufficient capacity with an

approved Budget for such contract to be entered into, amended, modified or terminated (including

the reallocation of any amounts thereunder pursuant to Clause 14.6 (Amendments to Exploration

Programs and Reallocating Funds));

18.5.3 subject

to Clause 17.6.7 (Board Decisions), approval of any non-material amendment

or variation to the Exploration Program pursuant to Clause 14.6 (Amendments to Exploration

Programs and Reallocating Funds);

18.5.4 periodic

review of the Exploration Program pursuant to Clause 7.3.2 (Exploration Stages);

18.5.5 to

the extent necessary, requesting Maaden Support and/or Ivanhoe Support (as the case may be)

pursuant Clauses 5.1.3 (Undertakings by Maaden) and 5.2.1 (Undertakings

by Ivanhoe Electric);

18.5.6 save to the extent within the authority

of the Technical Committee to determine pursuant to the Delegation of Authorities, making

recommendations to the Board (including as part of the preparation of Budgets) as to the

personnel required with respect to the Exploration Program and/or a Designated Project and

whether those personnel should be seconded from a Shareholder, hired by the Company or otherwise

provided as part of the Shareholders’ obligations with respect to Maaden Support and/or

Ivanhoe Support (as contemplated above);

18.5.7 making

a recommendation to the Board in relation to a Continuing Joint Venture Project and providing

a CJVP Program and Budget, in each case in accordance with Clause 7.1.4 (Exploration

Term);

18.5.8 designating

Recommended Land Areas in accordance with Clause 7.2 (Identification and Acquisition

of Land Areas);

18.5.9 making

a recommendation to the Board to acquire Joint Venture Land or Additional Land Areas in accordance

with Clause 7.2 (Identification and Acquisition of Land Areas);

18.5.10 the

determination of Exploration Works pursuant to Clause 7.3.4 (Exploration Stages);

Classification: Restricted 42

18.5.11 determination

and approval of all other exploration works pursuant to Clause 7.3.5 (Exploration

Stages);

18.5.12 authorising

the acquisition of Additional Licenses pursuant to Clause 9.2.1 (Acquisition of

further Mineral Rights);

18.5.13 delineating the boundaries of a mineral

discovery for the purposes of defining an Area of Interest in accordance with Clause 9.1

(Creation of Area of Interest);

18.5.14 designating any Maaden Land as Undesignated

Maaden Land pursuant to Clause 10 (Undesignated Land);

18.5.15 designating any Joint Venture Land

as Undesignated Joint Venture Land pursuant to Clause 10 (Undesignated Land);

18.5.16 to

the extent not otherwise approved by the Technical Committee, approval of work programs and

amendments pursuant to Clause 11.2.1(A) (Maintenance of Exploration Licenses);

18.5.17 approving

the transfer of Exploration Licenses pursuant to Clause 11.3 (Transfer or disposal

of Exploration License);

18.5.18 preparation of Budgets pursuant to

Clause 14.2 (Preparation of Budgets);

18.5.19 the reallocation of the funds of an

approved Budget pursuant to Clause 14.6 (Amendments to Exploration Programs and Reallocating

Funds);

18.5.20 overseeing the Operator; and

18.5.21 carrying out any further responsibilities

which may be delegated to the Technical Committee from the Board or the Shareholders from

time-to-time including through the Delegation of Authorities.

18.6 Powers

and Delegation

The Board and the Shareholders shall

delegate all powers to the Technical Committee necessary to give full effect to Clause 18.5 (Technical Committee Responsibilities)

and shall execute appropriate resolutions to such effect. Subject to Applicable Laws, the Board and Shareholders may delegate just their

powers to or otherwise restore the decision making authority of the Technical Committee through the Delegation of Authorities.

19. Operator

19.1 Operator’s

Responsibilities

19.1.1 IE Mena will, in its capacity as Operator,

have the following responsibilities:

(A) carrying out the Exploration Works in accordance

with the Exploration Program and any other directions of the Board and the Technical Committee

(including with respect to the Generative Exploration Stage and Exploration Drilling Stage);

and

(B) undertaking

its responsibilities in Clause 19.1.1(A) (Operator’s Responsibilities)

in accordance with the then applicable Exploration Budget.

19.1.2 Maaden will, in its capacity as Operator,

have the following responsibilities:

Classification: Restricted 43

(A) developing each Designated Project including

in accordance with the directions of the Technical Committee (with the input of the Board

if applicable); and

(B) undertaking

its responsibilities in Clause 19.1.2(A) (Operator’s Responsibilities)

in accordance with the then applicable Designated Project Budget.

19.2 Standard

19.2.1 Each Operator will undertake its duties

in a prudent workmanlike manner and in accordance with Good Mining Practice and in compliance

with all Applicable Law, permits, contracts and agreements and the terms of the Mining Licenses,

permits, approvals and regulatory reporting requirements relating to the Maaden Land, Joint

Venture Land and/or Additional Land Areas.

19.2.2 Each Operator may not subcontract its

duties other than as approved by the Board or provided for in a Budget save that the Technical

Committee shall agree the matters that may be subcontracted in order to obtain equipment

and/or personnel necessary for the Exploration Works.

19.3 Information

Sharing

19.3.1 Each Operator shall provide regular

monthly updates to the Company.

19.3.2 Either Shareholder may audit the Operator’s

activities and obtain access to relevant information held by the relevant Operator in respect

of its duties.

19.4 Fees

19.4.1 Subject

at all times to Clause 19.4.2 (Fees), all duly documented costs and expenses that

are reasonably and properly incurred by an Operator in carrying out its duties in accordance

with an approved Budget and otherwise in accordance with the terms of this Agreement, shall

be reimbursed by the Company (“Operator Fee”).

19.4.2 It is acknowledged and agreed by the

Parties that the Operator Fee shall not give rise to any profit in favour of the Party discharging

the role of Operator.

19.5 Cessation

of Operatorship Event

a Shareholder, which is not acting in its capacity as Operator, has reasonable grounds to believe that a Cessation of Operatorship Event

has occurred in relation to the relevant Operator, such Shareholder shall give a written notice to the relevant Operator setting out

in reasonable detail the grounds for considering that a Cessation of Operatorship Event has occurred and proposing a meeting to consider

this matter further. The Chief Executive Officers of each IE Parent and Maaden shall meet within thirty (30) days from the date of the

notice (save if an Insolvency Event has occurred with respect to the Operator, in which case the Shareholders shall meet as soon as possible)

to consider whether a Cessation of Operatorship Event has occurred and, if applicable, to agree the remedial steps. If the Chief Executive

Officers agree that a Cessation of Operatorship Event has occurred and it is not remediable (or it is remediable and it is not otherwise

remedied within 180 days following the agreement of the Chief Executive Officers), the Operator shall cease to act as Operator and the

other Shareholder shall assume that the operatorship

Classification: Restricted 44

responsibilities of the Shareholder which is ceasing to act as Operator pursuant

to this Clause 19.5 (Cessation of Operatorship Event). If the Chief Executive Officers disagree that a Cessation

of Operatorship Event has occurred, the dispute resolution mechanism in Clause 32 (Disputes) shall apply.

19.6 Each

Shareholder hereby agrees that in respect of the period of time for which it shall act as

the Operator, or appoint the Operator, it shall indemnify and hold the Company harmless against

any action brought or claim made against the Company, its agents or employees and any Loss

suffered by the Company to the extent such claim is not covered by insurance and results

from the gross negligence or wilful misconduct of the Operator in carrying out its duties

as Operator pursuant to the terms of this Agreement.

20. General

Manager

20.1 Appointment

The General Manager shall be an employee

of the Company, and the Parties agree that any person appointed to the position of General Manager by the Board shall be suitably qualified,

including relevant mining or industrial leadership experience. The General Manager shall not serve on the Board or the Technical Committee

while holding the position of General Manager.

20.2 General

Manager Responsibilities

20.2.1 The General Manager shall be responsible

for all day-to-day operations of the Company to the extent not undertaken by the Operator(s) including

implementing the approved Budget in accordance with the Delegation of Authorities (as applicable),

hiring employees in accordance with such approved Budgets and such other responsibilities

as the Board of Directors shall from time to time determine.

20.2.2 Other than as prescribed in Clause

17.6.12 (Board Decisions) or otherwise contemplated by Clause 18.5.6 (Technical

Committee Responsibilities), the General Manager shall hire personnel as required for

the Business from time to time subject, in each case, to there being sufficient capacity

in an approved Budget for such hires.

20.3 Removal

The General Manager shall be removed

from that position:

20.3.1 automatically upon his or her death,

incapacity or resignation; or

20.3.2 on

request by either Shareholder at any time in the event of material underperformance against

approved Budgets over a period of at least six (6) months, in which case the replacement

General Manager shall be made by the Board in accordance with Clause 17.6.23 (Board Decisions).

20.4 Delegation

The Board shall delegate such powers

to the General Manager (to the extent the Board is permitted to delegate) as it determines are necessary to enable him or her to perform

his or her duties.

21. NON-SOLICIT

Neither Shareholder shall (and each

Shareholder shall procure that its Affiliates do not), whilst it or any of its Affiliates is a Shareholder, directly or indirectly, offer

Classification: Restricted 45

employment to, enter into a contract for the services of, or attempt to solicit or seek to entice away from the Company, the other Shareholder

or any of its Affiliates any individual who is, at the time of the offer, a director, officer or employee holding an executive or directorial

position with such person and working in the Kingdom, or procure or facilitate the making of any such offer or attempt by any other person.

22. TRANSFER

RESTRICTIONS AND Return of the Typhoontm units

22.1 Transfer

of TyphoonTM Units

In no circumstances shall the Company

Transfer the TyphoonTM Units to any person or other entity other than in accordance with this Clause 22 (Transfer Restrictions

and Return of the TyphoonTM Units).

22.2 Title

to the TyphoonTM Units

Notwithstanding Clause 29 (Term,

Validity and Termination) or anything to the contrary in this Agreement or any other agreement, IE Mena shall be entitled to

immediate reversion to each TyphoonTM Unit and legal and beneficial title to each TyphoonTM Unit shall automatically

vest in IE Mena upon:

22.2.1 the conclusion of the Exploration Phase

in accordance with Clause 7.1.5 (Exploration Term);

22.2.2 the termination of this Agreement in

accordance with Clause 29 (Term, Validity and Termination);

22.2.3 the termination of the Licensing Agreement;

22.2.4 Ivanhoe Electric (and their Affiliates)

ceasing to hold any Shares, including as a result of Maaden exercising its rights as the

Non-Defaulting Shareholder under Clause 29.5 (Transfer of the Defaulting Shareholder’s

Shares),

(“Return Event”).

22.3 Return

of the TyphoonTM Units

Notwithstanding Clause 29 (Term,

Validity and Termination) or anything to the contrary in this Agreement or any other agreement, in the event a TyphoonTM

Unit is to be returned to IE Mena in accordance with Clause 22.2 (Title to the TyphoonTM Units), the Company shall:

22.3.1 make

available such TyphoonTM Unit(s) for collection by IE Mena at its

cost within thirty (30) days of the date on which the Return Event occurs or if a Survey

is underway but not completed, within thirty (30) days following completion of such Survey;

22.3.2 provide

to IE Mena all operation manuals and other documents relating to or associated with the TyphoonTM

Unit(s);

22.3.3 assign

to IE Mena all relevant sub-contracts, warranties and guarantees relating to the TyphoonTM

Unit(s);

22.3.4 as

soon as practicable before the date of collection of such TyphoonTM Unit(s),

procure the delivery to IE Mena of all available warranties and guarantees in respect of

any plant and machinery from each manufacturer and supplier delivered to the Company in accordance

with the TyphoonTM Equipment Purchase and Technical Support Agreement; and

Classification: Restricted 46

22.3.5 retain

risk of the TyphoonTM Unit(s) until the TyphoonTM Unit(s) are

delivered to IE Mena. If any Loss occurs with respect to the TyphoonTM Unit(s) while

under the Company’s risk, the Company shall at its own cost repair and make good the

TyphoonTM Unit(s).

22.4 Title

to the Maaden Land

Notwithstanding Clause 29 (Term,

Validity and Termination) or anything to the contrary in this Agreement or any other agreement, Maaden shall be entitled to withdraw

the Land Access Rights upon:

22.4.1 the conclusion of the Exploration Phase

in accordance with Clause 7.1.5 (Exploration Term);

22.4.2 the termination of this Agreement in

accordance with Clause 29 (Term, Validity and Termination);

22.4.3 the termination of the Licensing Agreement;

22.4.4 Maaden (and its Affiliates) ceasing

to hold any Shares, including as a result of Ivanhoe Electric exercising its rights as the

Non-Defaulting Shareholder under Clause 29.5 (Transfer of the Defaulting Shareholder’s

Shares),

provided that this right to withdraw

Land Access Rights shall not apply to a Designated Project (other than a Designated Project in relation to which Maaden elects to proceed

on a sole risk basis, in accordance with the terms of Clause 8.3.1 (Sole Risk)).

23. Ongoing

Services Arrangement

Following

the completion of the return of the TyphoonTM Unit(s) in accordance with Clause 22 (Transfer Restrictions and

Return of the TyphoonTM Units), Maaden shall have the right to engage Ivanhoe Electric in good faith discussions

regarding the potential terms and conditions for the continued provision by Ivanhoe Electric to Maaden of the TyphoonTM Unit(s) under

a services arrangement for the purpose of exploring the Maaden Land, including good faith discussions of the matters set out in Schedule 8

(Ongoing Services Arrangement).

24. MAADEN

RESTRICTIONS

24.1 No

reverse engineer

Maaden shall not and shall procure

that none of its Affiliates shall copy, modify, reverse engineer, reproduce, deconstruct, decompile or in any way alter any TyphoonTM

Units, any other machine similar to a TyphoonTM Unit or any other data systems or software associated with the TyphoonTM

Units.

24.2 No

Intellectual Property Rights

Maaden acknowledges and agrees on behalf

of itself and each of its Affiliates that:

24.2.1 neither

Maaden nor any of its Affiliates shall:

(A) have any Intellectual Property Rights or

other rights in any of the Typhoon™ Units or the Licensed Intellectual Property;

(B) make any claim or otherwise portray or hold

itself out to have any such rights; and

Classification: Restricted 47

make any patent applications with respect to the Typhoon™ Units or the Licensed Intellectual

Property.

24.2.2 it shall, in its capacity as a Shareholder

with the rights afforded to it under this Agreement and the Articles of Association, procure

that the Company acts in accordance with the terms of the Licensing Agreement.

25. Representations,

Warranties and Undertakings

25.1 Mutual

Representations and Warranties

Each of the Parties represents and

warrants, severally and not jointly, to each of the other Parties that:

25.1.1 this Agreement constitutes the legal,

valid and binding obligation of such Party, enforceable against such Party in accordance

with its terms, except as may be limited by Applicable Law;

25.1.2 the execution, delivery and performance

of this Agreement by such Party does not and will not conflict with, violate or cause a breach

of its constitutive documents, any agreement, contract or instrument to which such Party

is a party or any judgment, order or decree to which such Party is subject; and

25.1.3 the operations of the Party and its

Subsidiary Undertakings are and have been conducted at all times in material compliance with

all applicable financial recordkeeping and reporting requirements, including those of the

Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act

of 2001, and its implementing regulations, and the applicable anti-money laundering statutes

of jurisdictions where the Party or its Subsidiaries conduct business, the rules and

regulations thereunder, and any applicable related or similar rules, regulations or guidelines

issued, administered or enforced by any governmental agency (collectively, the “Anti-Money

Laundering Laws”). No action, suit or proceeding by or before any court or governmental

agency, authority or body or any arbitrator involving the Party or any of its Subsidiaries

with respect to the Anti-Money Laundering Laws is pending, or, to the best knowledge of the

Party or any of its Subsidiaries, threatened; and

25.1.4 neither Shareholder nor any of its

Subsidiary Undertakings, Parent Undertakings nor any of its or their respective officers,

directors, managers, managing members, general partners or any other person acting in a similar

capacity or carrying out a similar function, is:

(A) a person named on the Specially Designated

Nationals and Blocked Persons List, the Foreign Sanctions Evaders List, the Sectoral Sanctions Identification List, or any other similar

list of sanctioned persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control, or any similar list

of sanctioned persons administered by the European

Classification: Restricted 48

Union or any individual European Union member

state, including the United Kingdom (each a, “Sanctions List”);

(B) directly or indirectly owned or controlled

by, or acting on behalf of, one or more persons on any Sanctions List;

or resident, or a citizen, national, or the government, including any political subdivision,

agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria, Venezuela, the

Crimea region of Ukraine, or any other country or territory embargoed or subject to substantial

trade restrictions by the United States, the European Union or any individual European Union

member state, including the United Kingdom;

(D) a Designated National as defined in the

Cuban Assets Control Regulations, 31 C.F.R. Part 515; or

(E) a

non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank.

25.2 IE

Parent Warranty

IE Parent represents and warrants to

Maaden that the statements in the Prospectus regarding I-Pulse, TyphoonTM technology, Geo27's Intellectual Property Rights,

and CGI’s data inversion technology remain as at the Effective Date accurate and applicable to the TyphoonTM Units.

25.3 Compliance

with Applicable Law

Each Shareholder undertakes to the

other Shareholders that it shall:

25.3.1 use its reasonable efforts to procure

that the Company shall comply in all material respects with all Applicable Laws and that

its nominated Directors and members of the Board and Technical Committee, as well as the

General Manager, shall take appropriate steps to further such compliance;

25.3.2 procure that the Articles of Association

are complied with; and

25.3.3 use

its reasonable efforts to procure that the Company shall do or cause to be done all things

necessary to obtain and maintain in full force and effect all authorizations issued by any

Competent Authority which may at any time be required under Applicable Law to enable the

Company to conduct the Business in accordance with this Agreement and in accordance with

any lawful decisions of the Shareholders, the Board of Directors or the Technical Committee.

26. Confidentiality

and Public Announcements

26.1 Confidential

Information

26.1.1 “Confidential Information”

where used in this Agreement means the written confidential commercial, financial, marketing, business, and technical or other data including

know-how, trade secrets, specifications, calculations, formulae, processes, business methods, diagrams, drawings and all other written

confidential information relating to the Company (including all exploration results of whatever nature and activities, and the Exploration

Program), the Shareholders or any of their Affiliates (whether

Classification: Restricted 49

written or electronic) (each a “Subject Party”) received or obtained

by a Party (the “Receiving Party”), and excludes in all cases Non-Confidential

Information;

26.1.2 “Non-Confidential Information”

where used in this Agreement means information:

(A) in the public domain at the time the Receiving

Party learns of it, or which later becomes publicly known through no wrongful act of a Party

(other than the Subject Party);

(B) which was in the possession of the Receiving

Party prior to the Effective Date, as shown by written records of the Receiving Party, and

which was not subject to prior confidentiality obligations with any Subject Party;

the time of disclosure by or on behalf of any Subject Party, from a third party who had a

lawful right to disclose it to the Receiving Party and had no obligation to any Subject Party

to maintain the confidentiality of such information;

(D) which was independently developed by the

Receiving Party without the use of or reference to the Confidential Information of any Subject

Party; or

(E) which is approved for release in writing

by the Board; and

26.1.3 any Confidential Information will be

treated on the terms and conditions of this Clause 26 (Confidentiality and Public Announcements).

26.2 Ownership/Uses

of Confidential Information

The Receiving Party hereby acknowledges

that the relevant Subject Party is the owner or licensee of the Confidential Information. The Receiving Party shall not use any of the

Confidential Information at any time except for the purposes of this Agreement and the management of the Business of the Company. The

Receiving Party shall:

26.2.1 not disclose any of the Confidential

Information other than on a need to know basis, as reasonably necessary, to its directors,

officers, employees, attorneys, accountants, bankers, financial advisors or consultants who

are bound by written agreements with the Receiving Party to maintain the Confidential Information

in confidence or who are otherwise under obligations of confidentiality to the Receiving

Party (collectively, the “Representatives”);

26.2.2 advise its Representatives of the obligation

of confidentiality hereunder;

26.2.3 require its Representatives to use

the same degree of care as is used with the Receiving Party’s own proprietary information;

and

26.2.4 advise the Board of Directors of any

misappropriation or misuse of the Confidential Information.

26.3 Disclosures

26.3.1 Notwithstanding

the foregoing, the Receiving Party shall have the right to disclose Confidential Information

to the extent required by Applicable Law or any Competent Authority, in accordance with the

rules or by-laws of any stock exchange or pursuant to Clause 26.3.2 (Disclosures)

below, provided that the Receiving Party shall, to the extent practicable and permitted by

Classification: Restricted 50

Applicable Law or rules or by-laws of any stock exchange, give the Board of Directors

and the other Shareholders prompt written notice and sufficient opportunity to object to

such use or disclosure, or to request confidential treatment of the Confidential Information,

in either case on reasonable grounds.

26.3.2 Where a Shareholder wishes to Transfer

its Shares to a Purchaser in accordance with Schedule 2 (Requirements Relating to

Transfers of Shares to a Purchaser) it shall have the right to disclose Confidential

Information to the extent reasonably required to enable a Purchaser to carry out due diligence

and review information on the Company and its Business as would be reasonable for a purchaser

seeking to purchase Shares for value and on arm’s length terms, provided always the

Transferor shall obtain from the Purchaser a confidentiality undertaking in favour of the

Company and its Shareholders on terms acceptable to the Board of Directors and the other

Shareholders, in each case acting reasonably.

26.4 Return

of Confidential Information

Upon: (i) the termination of

this Agreement as to any Party; or (ii) upon the request of the Board of Directors, the Receiving Party shall promptly return

to the relevant Subject Party all Confidential Information that is in tangible form, and any copies thereof, and use all reasonable

endeavours to expunge all Confidential Information from any computer, word processor or other device containing Confidential

Information.

26.5 Public

Announcements

Each Party shall notify each other

Party and the Company of its intent to issue any press release or other public announcement with respect to the Company and its activities

and, except as required by or pursuant to any Applicable Law or the rules, regulations or requirements of, any competent legal or regulatory

authority or any internationally recognised stock exchange (including, for the avoidance of doubt, the Capital Market Authority of the

Kingdom, the New York Stock Exchange and the Toronto Stock Exchange, as applicable) on which securities of such Party or its Parent Undertaking

are listed, shall not issue any such release or announcement without the prior consent of each other Party and the Company which consent

shall not be unreasonably withheld, conditioned or delayed. Such consent shall not, however, be required in order for a Party to include

a reference to its ownership interest in the Company in its annual reports and similar publications.

27. Transfers

of Shares

27.1 Limitation

on Transfer of Shares

The Shareholders hereby acknowledge

and agree that any Transfer of Shares must be effected in accordance with the provisions of this Agreement and the Articles of Association

and is subject in all respects to Applicable Law and to the obtaining of all approvals from the Competent Authorities, including, where

applicable, MIMR. Except as provided in Clause 27.2 (Transfers to Affiliates) or unless the Shareholders unanimously approve,

no Shareholder may Transfer any of its Shares to any person who is not already a Shareholder during the Exploration Phase. No Transfer

of Shares shall be valid unless recorded in the register of Shareholders maintained by the Company and notified to the relevant Competent

Authority.

Classification: Restricted 51

27.2 Transfers

to Affiliates

A Shareholder may, after giving at

least thirty (30) days’ prior written notice to each other Shareholder and satisfying the following conditions, Transfer all (but

not less than all, unless the Shareholders unanimously agree otherwise in writing) of its Shares and Shareholder Loans to a transferee

which is a wholly-owned Subsidiary Undertaking of that Shareholder or the Parent Undertaking which wholly-owns the Shareholder (“Affiliate

Transferee”), provided that:

27.2.1 where the Transferor is Ivanhoe Electric,

the Transfer does not and will not have any impact on any Related Agreement relating to the

Typhoon™ Units;

27.2.2 the Affiliate Transferee executes an

Agreement of Adherence;

27.2.3 the Affiliate Transferee is of Sufficient

Financial Standing;

27.2.4 the

Transferor undertakes, in form and substance in a manner acceptable to the other Shareholders, that the Shares will be Transferred back

to the Transferor (or the Parent Undertaking which wholly-owns the Transferor) prior to the Affiliate Transferee ceasing to be a wholly-owned

Subsidiary Undertaking of the Transferor or the Parent Undertaking which wholly-owns (or owned, as the case may be) the Transferor. The

Affiliate Transferee shall provide to the other Shareholders such information as they may reasonably

request to ascertain that the Affiliate Transferee has not ceased to be a wholly-owned Subsidiary Undertaking of the Transferor

or the Parent Undertaking which wholly-owns (or owned, as the case may be) the Transferor; and

27.2.5 where applicable, MIMR has given its

approval for such Transfer.

For the avoidance of doubt, any pre-emptive

rights under Applicable Law and the provisions of Clause 27.4 (Transfers Following Completion of the Exploration Phase) shall

not apply to Transfers to an Affiliate Transferee.

27.3 Maaden

Transfer

Maaden

shall have the right, at any time following entry into this Agreement, to Transfer all (but not less than all, unless the Shareholders

unanimously agree otherwise in writing) of its rights and obligations, including all of its Shares and Shareholder Loans, (other than

with respect to Clause 29.10 (Maaden Guarantee)) under this Agreement to any single, directly or indirectly, wholly owned Subsidiary

Undertaking of Maaden provided that such Transfer is in compliance with Clause 27.2 (Transfers to Affiliates) other than with

respect to the requirement to thirty (30) days’ prior written notice which notice the Parties agree shall not be required.

27.4 Transfers

Following Completion of the Exploration Phase

Subject

to Applicable Law, the Articles of Association and the terms of any financing or other agreement entered into by the Company and approved

by the Board, at any time after (but not on or before) the date on which the Exploration Phase has concluded in accordance with Clause

7.1.5 (Exploration Term) is completed, a Shareholder may Transfer all (but not less than all, unless the Shareholders unanimously

agree otherwise in writing) of its Shares and Shareholder Loans to a Purchaser pursuant to the requirements set out in Schedule 2

(Requirements Relating to Transfers of Shares to a Purchaser) and provided that any direct or indirect wholly-owned subsidiaries

of a Shareholder which hold Shares pursuant to Clause 27.2 (Transfers to Affiliates) simultaneously Transfer all (but not

less than

Classification: Restricted 52

all) of the Shares and Shareholder Loans held by them to the same Purchaser at the same time in accordance with the same provisions.

28. Royalty

Exit

With respect to a Designated Project,

to the extent Ivanhoe Electric does not wish to participate or continue to participate in a Designated Project:

28.1.1 Ivanhoe Electric may exercise its rights

under Clause 8.3 (Sole Risk – Designated Project ) within the time permitted

under such clause;

28.1.2 at any time, Ivanhoe Electric

shall have the right to engage Maaden in good faith discussions regarding the transfer or

exchange of Ivanhoe Electric's interest in a Designated Project for Fair Market Value and

the terms of such transfer or exchange including the possible terms of a royalty in lieu

of a transfer or exchange for cash or securities; or

28.1.3 to the extent Ivanhoe Electric’s

equity or other participating interest in a Designated Project is less than ten percent (10%)

of the aggregate equity or other participating interests in the Designated Project, then

Ivanhoe Electric shall have the right to engage Maaden in good faith discussions regarding

the conversion of its interest in such Designated Project into a royalty and the terms of

such conversion.

29. Term,

Validity and Termination

29.1 Term

and Termination

29.1.1 This

Agreement shall commence on the Effective Date and shall continue in full force until:

(A) all of the Shares are held by a single Shareholder

(and its Affiliates); or

(B) the

finalisation of the dissolution or liquidation of the Company, including with respect to

the full and final discharge of the activities contemplated by Clause 29.8 (Consequences

of Termination).

29.1.2 If

not terminated earlier under Clause 29.1.1 (Term and Termination), this Agreement

shall also terminate and the Parties shall procure that all of the activities contemplated

by Clause 29.8 (Consequences of Termination) are undertaken and are

fully and finally discharged on the occurrence of the following events:

(A) provided

there is no Designated Project, upon the Exploration Term Expiry unless agreed otherwise

by the Shareholders (subject to the requirements of Clause 17.6.10 (Board Decisions));

(B) a TLA Unwinding Event;

it is electing to terminate this Agreement as a result of the occurrence of an IRA Unwinding

Event; or

(D) all of the Shareholders agree in writing

to terminate this Agreement,

(in each case, a “Termination

Event”).

Classification: Restricted 53

29.2 No

Obligations Post-Transfer

Unless otherwise herein expressly provided,

no Shareholder that has Transferred all of its Shares (and whose Affiliates have Transferred all of their Shares) to a Purchaser in accordance

with the provisions of this Agreement shall be bound by its terms and conditions after the date of such Transfer. For the avoidance of

doubt where a Shareholder Transfers all of its Shares to a Purchaser (and its Affiliates Transfer all of their Shares to the same Purchaser)

in accordance with the provisions of this Agreement any guarantee given by a Party in respect of the obligations of that Shareholder

(and its Affiliates) under this Agreement shall (subject and without prejudice to the provisions of Clause 30 (Survival)) be released

with effect from the date of such Transfer and the guarantor Party shall cease to have any obligation under the guarantee with respect

to any matter occurring after the date of such Transfer.

29.3 Default

If:

29.3.1 any Shareholder or Guarantor is in

material breach of its obligations under:

(A) Clause 25.1.3 and 25.1.4 (Mutual Representations

and Warranties);

(B) Clause 36.1 (Anti-Bribery Compliance:

Trade Sanctions Compliance);

(D) with respect to IE Parent only, Clause 25.2

(IE Parent Warranty),

and that breach is incapable of remedy

or, if capable of remedy is not remedied within 90 days of being notified in writing by another Party of the breach; or

29.3.2 IE

is in breach of Clause 6.1 (Exclusivity and use of Typhoon™ Units);

29.3.3 any

Shareholder or a Guarantor is subject to an Insolvency Event; or

29.3.4 any

Shareholder is subject to a Change of Control (other than a Change of Control of IE Parent

which occurs while IE Parent is publicly listed company or a Change of Control of Maaden

which occurs while Maaden is a publicly listed Company),

then

such Shareholder shall be in “Default” and shall be a “Defaulting Shareholder”. For the

purposes of this Clause 29 (Term, Validity and Termination), any Affiliate of a Defaulting Shareholder to which it has

Transferred Shares pursuant to Clause 27.2 (Transfers to Affiliates) shall also be deemed to be in Default.

29.4 Default

Notice

In the event of a Default, the Shareholder(s) who

is or are not in Default (a “Non-Defaulting Shareholder”) may give written notice to the Defaulting Shareholder (with

a copy to all other Parties) that it has elected to exercise its rights under Clause 29.5.1 (Transfer of the Defaulting Shareholder’s

Shares) (a “Default Notice”).

29.5 Transfer

of the Defaulting Shareholder’s Shares

29.5.1 Subject

to Clause 29.5.2 (Transfer of the Defaulting Shareholder’s Shares), if a Default Notice is given pursuant to Clause

29.4 (Default Notice), then the Non-Defaulting Shareholder shall have the right (but not the obligation),

Classification: Restricted 54

within ninety (90) days of deemed

service of such Default Notice in accordance with Clause 35 (Notices), to serve

notice to purchase all (but not less than all) of the Shares and Shareholder Loans held by

the Defaulting Shareholder and any Affiliate which holds Shares for eighty percent (80%)

of Fair Market Value.

29.5.2 For

the purpose of calculating Fair Market Value in the context of clause 29.5.1 (Transfer

of the Defaulting Shareholder’s Shares), no value shall be attributed to:

(A) the TyphoonTM Units;

(B) Land Access Rights relating to a Designated

Project in respect of which a Shareholder has elected to proceed on a sole risk basis in

accordance with the terms of Clause 8.3.1 (Sole Risk); and

Land which do not relate to a Designated Project.

29.5.3 Service

of notice under Clause 29.5.1 (Transfer of the Defaulting Shareholder’s Shares)

shall initiate the process to determine the Fair Market Value of the relevant Shares and

Shareholder Loans. Within thirty (30) days after delivery of the certified determination

of the Fair Market Value of a Defaulting Shareholder’s Equity Interest pursuant

to Schedule 3 (Valuation), the Parties shall commence the procedures required

to obtain all approvals and consents under Applicable Law and from the Competent Authorities

required to Transfer the Shares of the Defaulting Shareholder (and its Affiliates, if applicable)

free and clear of all Encumbrances and credited as fully paid. At the closing in respect

of the Transfer of the Shares of the Defaulting Shareholder (and its Affiliates, if applicable),

the Defaulting Shareholder (and its Affiliates, if applicable) shall assign any Shareholder

Loans to the Non-Defaulting Shareholder free and clear of all Encumbrances, and the Parties

shall sign such documents and shall comply with all requirements under Applicable Law and

as directed by the Competent Authorities to effect the Transfer of the Shares and the assignment

of the Shareholder Loans.

29.6 Suspension

of Voting Rights

After service of a Default Notice and

during the continuation of any Default, the Defaulting Shareholder and its Affiliates shall not be entitled to be represented at meetings

of the Board, the Technical Committee or any sub-committee thereof or to vote thereat and all matters to be decided by those bodies (including

the matters set out at Clause 17.6 (Board Decisions)) or otherwise in relation to the Company shall, to the extent permissible

by Applicable Law, be decided by the Non-Defaulting Shareholder (or the Directors or members of the Technical Committee appointed by

or on behalf of the Non-Defaulting Shareholder, as the case may be) in its (or their) sole discretion.

29.7 Continuing

Joint Venture Projects

Where

a Continuing Joint Venture Project has been approved by the Board in accordance with Clause 17.6.10 (Board Decisions) and

a Termination Event has occurred or the Shareholders have unanimously agreed in writing to dissolve or liquidate the Company, the Parties:

Classification: Restricted 55

29.7.1 agree that, notwithstanding anything to the contrary herein,

the provisions of this Agreement shall be deemed to apply only to the extent necessary for the conduct of the Continuing Joint Venture

Project(s) and the implementation of the approved CJVP Program(s) and Budget(s) including the continuation of the governance

and shareholding structure of the Company during the period in which such Continuing Joint Venture Project(s) are being conducted;

29.7.2 to the extent an NI 43-101 and Reg

S-K compliant resource of economically viable scale where a majority of the resource is indicated

or measured is identified on Joint Venture Land constituting a Continuing Joint Venture Project

then Clause 8 (Designated Project) shall apply and, unless agreed otherwise by the

Shareholders in writing, the Parties shall establish a Designated Project Holding Structure

in which to progress the development of the Continuing Joint Venture Project; and

29.7.3 either:

(a) following the establishment of the Designated Project Holding Structure in which

to continue with the development of the Continuing Joint Venture Project; or (b) a determination

by the Board to cease further Exploration Works or other activities being carried out with

respect to all remaining Continuing Joint Venture Project(s), the Winding Up Activities contemplated

by Clause 29.8 (Consequences of Termination) shall be finalised.

29.8 Consequences

of Termination

29.8.1 Subject

to Clause 29.8.2 (Consequences of Termination) and the requirements

of any Continuing Joint Venture Project(s) as contemplated by Clause 29.7 (Continuing

Joint Venture Projects) and any approved CJVP Program(s) and Budget(s), upon the

occurrence of a Termination Event or the unanimous written agreement of the Shareholders

to dissolve or liquidate the Company, the Board shall commence the winding up of all activities

of the Company including:

(A) to

the extent not already returned, returning the Typhoon™ Units to IE Mena in accordance

with Clause 22 (Transfer Restrictions and Return of the TyphoonTM Units);

(B) arranging for an evaluation of the Shutdown

Costs as at the date of the termination;

the extent applicable and unless the Shareholders otherwise agree in writing, distributing

the legal and/or beneficial interests (including any debt financing by the Company whether

by way of Shareholder Loan or otherwise) held by the Company in any Designated Project Holding

Structure to the Shareholders pro-rata to their Equity Interest;

(D) taking such steps in relation to the Continuing

Joint Venture Projects as contemplated by Clause 29.7 (Continuing Joint Venture Projects)

and as otherwise directed by the Board to take;

(E) taking such steps to dispose of Joint Venture

Property (other than Joint Venture Land which is the subject of a Continuing Joint Venture

Project) as it is directed to take by the Board;

Classification: Restricted 56

(F) to the extent reasonably possible, meeting

the Shutdown Costs from the proceeds of realization of Joint Venture Property (other than

Joint Venture Land the subject of a Continuing Joint Venture Project);

(G) requiring payment of a Cash Contribution from each Shareholder

to the extent that the proceeds of realization of Joint Venture Property in accordance with 29.8.1(F) above are insufficient to

meet the Shutdown Costs; and

(H) after

paying the Shutdown Costs, distributing any net amount remaining from the proceeds of realization

of Joint Venture Property among the Shareholders pro rata in proportion to their respective

Equity Interests.

(collectively, the “Winding

Up Activities”).

29.8.2 Where

a Continuing Joint Venture Project has been approved by the Board in accordance with Clause

17.6.10 (Board Decisions) the Winding Up Activities shall only be carried out to the

extent such actions do not impact the Continuing Joint Venture Project(s) with the balance

of the Winding Up Activities to be completed following the conclusion of the Continuing Joint

Venture Project(s) (as determined by the Board in Clause 17.6.10 (Board Decisions))

and as contemplated by Clause 29.7 (Continuing Joint Venture Projects).

29.9 IE

Parent Guarantee

29.9.1 In

consideration of Maaden and the Company entering into this Agreement, IE Parent irrevocably

and unconditionally guarantees to each of the Maaden Parties and the Company the punctual

performance of all obligations of IE Mena and any of its Affiliate Transferees under

this Agreement (each an “IE Party” and together the “IE Parties”)

and undertakes to each Maaden Party and the Company that:

(A) whenever an IE Party does not pay any amount

when due under or in connection with this Agreement, IE Parent shall immediately on

demand pay that amount as if it was the principal obligor; and

(B) whenever an IE Party fails to perform any

other obligations under this Agreement, IE Parent shall immediately on demand perform

(or procure performance of) and satisfy (or procure the satisfaction of) that obligation,

so that the same benefits are conferred

on each Maaden Party and the Company as they would have received if such obligation had been performed and satisfied by the relevant

IE Party.

29.9.2 The obligations of IE Parent will not

be affected by any act, omission, matter or thing which, but for this Clause 29.9.2

(IE Parent Guarantee), would reduce, release or prejudice any of its obligations under

this Agreement including:

(A) any time, waiver or consent granted to an

IE Party or any other person;

Classification: Restricted 57

(B) the taking, variation, compromise, exchange,

renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against

an IE Party under this Agreement;

of an IE Party, any incapacity or lack of power, authority or legal personality of an IE

Party;

(D) any amendment to this Agreement;

(E) any illegality, invalidity or unenforceability

of any obligation of any person under this Agreement; or

(F) any other act, event or omission which might

operate to discharge, impair or otherwise affect any of the obligations of IE Parent or any

of the rights, powers and remedies conferred on Maaden or the Company under this Agreement.

29.10 Maaden

Guarantee

29.10.1 In

consideration of Ivanhoe Electric and the Company entering into this Agreement, Maaden irrevocably

and unconditionally guarantees to each IE Party and the Company the punctual performance

of all obligations of any entity to which it Transfers its rights and obligations under this

Agreement pursuant to Clause 27.3 (Maaden Transfer) and any of its or such entity

or entities (as the case may be) or Affiliate Transferees under this Agreement (each

an “Maaden Party” and together the “Maaden Parties”)

and undertakes to each IE Party and the Company that:

(A) whenever a Maaden Party does not pay any

amount when due under or in connection with this Agreement, Maaden shall immediately on demand

pay that amount as if it was the principal obligor; and

(B) whenever a Maaden Party fails to perform

any other obligations under this Agreement, Maaden shall immediately on demand perform (or

procure performance of) and satisfy (or procure the satisfaction of) that obligation,

so that the same benefits are conferred

on each IE Party and the Company as they would have received if such obligation had been performed and satisfied by the relevant Maaden

Party.

29.10.2 The obligations of Maaden will not

be affected by any act, omission, matter or thing which, but for this Clause 29.10.2

(Maaden Guarantee), would reduce, release or prejudice any of its obligations under

this Agreement including:

(A) any time, waiver or consent granted to a

Maaden Party or any other person;

(B) the taking, variation, compromise, exchange,

renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against

a Maaden Party under this Agreement;

Classification: Restricted 58

of a Maaden Party, any incapacity or lack of power, authority or legal personality of a Maaden

Party;

(D) any amendment to this Agreement;

(E) any illegality, invalidity or unenforceability

of any obligation of any person under this Agreement; or

(F) any other act, event or omission which might

operate to discharge, impair or otherwise affect any of the obligations of Maaden or any

of the rights, powers and remedies conferred on an IE Party or the Company under this Agreement.

30. Survival

The

rights and obligations of each of the Parties under the following provisions shall survive termination of this Agreement: Clause 1.1

(Definitions), Clause 21 (Non-Solicit), Clause 23 (Ongoing Services Arrangement), Clause 26 (Confidentiality

and Public Announcements), Clause 29.8 (Consequences of Termination), Clause 30 (Survival), Clause 31 (Governing

Law), Clause 32 (Disputes), Clause 33 (Language), Clause 34 (Assignment and Novation), Clause

35 (Notices), and Clause 36 (Miscellaneous). Subject to Applicable Law, other than with respect to those rights and obligations

expressed to survive termination and listed in this Clause 30 (Survival), and without prejudice to rights and obligations accrued

and subsisting under this Agreement as at termination of this Agreement, no Party shall have any further rights or obligations under

this Agreement following its termination.

31. Governing

Law

This Agreement shall be governed by

and construed in accordance with the laws and regulations of the Kingdom of Saudi Arabia.

32. Disputes

32.1 Initial

Resolution Efforts

32.1.1 Prior

to referring any dispute, controversy or claim arising out of or in connection with this

Agreement, including any question regarding its breach, existence, termination or validity

(for the purposes of this Clause 32 (Disputes), a "Dispute")

to arbitration, the Party or Parties wishing to make such reference shall notify in writing

the other Party or Parties of the existence and nature of the Dispute (for the purposes of

this Clause 32 (Disputes), a "Dispute Notice") and its / their proposed

basis for settlement of such Dispute. The Dispute Notice shall state which other Parties

the notifying Party or Parties consider(s) to be parties to the Dispute.

32.1.2 For a period of thirty (30) days following

service of the Dispute Notice, the Parties to the Dispute shall take steps to resolve the

Dispute ("Cooling-Off Period").

32.1.3 If the Dispute is not resolved during

the Cooling-Off Period, the Party or Parties in receipt of the Dispute Notice shall respond

to such Dispute Notice within fourteen (14) days of expiry of the Cooling-Off Period ("Response

Period"), including its/their proposed basis for settlement.

Classification: Restricted 59

32.1.4 A Chief Executive Officer of each Party

which is a party to the Dispute shall then meet within ten (10) days of expiry of the

Response Period to attempt to settle the Dispute. No statement as to a Party's proposed basis

for settlement may be relied upon or referred to in later proceedings (except for the terms

of any agreed settlement between the Parties).

32.2 Arbitration

32.2.1 Any Dispute which has not been settled within sixty (60) days

from the date of issue of the Dispute Notice (whether or not the Parties complied with the requirements of Clause 32.1(Initial Resolution

Efforts)) shall, at the initiative of any of the Parties to the Dispute, be referred to be finally and exclusively resolved by arbitration

under the Saudi Centre for Commercial Arbitration Rules (the "Rules") in force at the date hereof, which Rules are

deemed to be incorporated by reference to this Clause 32 (Arbitration).

32.2.2 The number of arbitrators shall be

three (3), one selected by the initiating party in the notice of arbitration, the second

selected by the other party within thirty (30) days of receipt of the notice of arbitration,

and the third, who shall act as presiding arbitrator, selected by the two parties’

appointed arbitrators within thirty (30) days of the selection of the second arbitrator.

If any arbitrators are not selected within these time periods, the SCCA Administrator shall

make the selection(s).

32.2.3 The seat, or legal place, of any arbitration

shall be London. The language of the arbitration shall be English. Each of the Parties hereby

agrees that: (i) it shall not appeal against or challenge any arbitral award made pursuant

to arbitration proceedings conducted in accordance with this Clause 32, insofar as such waiver

may validly be made; and (ii) it shall not object to or challenge any application to

recognise or enforce any arbitral award made pursuant to this Clause 32 in any court, insofar

as such waiver may validly be made, and it will submit to the jurisdiction of that court

for the purposes of those enforcement proceedings.

32.2.4 The costs of arbitration, any court

proceedings ancillary to the arbitration or any court proceedings relating to challenging

or enforcing any arbitral award or order, including the reasonable legal fees and expenses

of the winning Party or Parties and the fees and expenses of the arbitrator and of any independent

experts and advisors appointed by the arbitrator in connection with the dispute, shall be

borne by the losing Party or Parties unless otherwise determined by the arbitrator or the

court as the case may be. Unless otherwise agreed by the Parties, all payments ordered to

be made in any arbitration award shall be denominated in US Dollars free and clear of any

deduction or withholdings whatsoever (including, but not limited to, any deduction or withholdings

for Tax). Any arbitration award shall be enforceable by any court having jurisdiction over

a Party against which the award has been rendered and wherever assets of a Party against

which the award has been rendered can be located.

32.2.5 Should any part of this Agreement or

any other agreements arising out of or relating to it be null and void, such nullity shall

not affect the validity of this Clause 32.

32.2.6 By agreeing to arbitration in accordance

with this Clause 32, the Parties do not intend to deprive any competent court of its jurisdiction

to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of the

Classification: Restricted 60

arbitration proceedings, or the recognition and/or enforcement of any award. Any interim

or provisional relief ordered by any competent court may subsequently be vacated, continued

or modified by the arbitral tribunal on the application of any party to the Dispute.

32.2.7 The Parties undertake to keep confidential all awards in any

arbitration, together with all materials in the proceedings created for the purpose of the arbitration and all other documents produced

by another Party in the proceedings not otherwise in the public domain, save and to the extent that disclosure may be required of a Party

by legal duty, to protect or pursue a legal right or to enforce or challenge an award in legal proceedings before a court or other judicial

authority.

32.3 Waiver

of Sovereign Immunity

Any Party that now or later has a right

to claim sovereign immunity for itself or any of its assets hereby irrevocably waives any such immunity to the fullest extent permitted

by the laws of any applicable jurisdiction. This waiver includes immunity from:

32.3.1 any mediation or arbitration proceeding

commenced under this Agreement or otherwise;

32.3.2 any judicial, administrative or other

proceedings to aid any mediation or arbitration commenced under this Agreement or otherwise;

and

32.3.3 any effort to confirm, enforce or execute

any decision, settlement, award, judgment, service of process, execution order or attachment

(including pre-judgment attachment) over any asset, property or revenues that results from

a mediation, an arbitration or any judicial or administrative proceedings commenced under

this Agreement or otherwise.

32.4 Compliance

with Laws

If the Company’s losses equal

or exceed 50% of its Share Capital, the Board shall convene a meeting of the Shareholders within a period not exceeding sixty (60) days

following the date of knowledge of such loss at which the Shareholders shall discuss in good faith mechanisms to bring the Company into

compliance with Applicable Law.

32.5 Notices

Each Party hereby agrees that any summons,

judgment or other notice of legal process shall be sufficiently served if delivered in accordance with Clause 35 (Notices).

32.6 Continuing

Operations

During the period of the process described

in this Clause 32 (Disputes), the Company shall continue the Business and its operations (i) until the end of the period

covered by then prevailing approved Budget on the basis that Budget (which shall remain in effect for the remainder of that period);

and (ii) from the start of the immediately succeeding period and for all subsequent periods, on the basis of a caretaker Budget

agreed by the Board, in each case until the process and proceedings described in Clause 32.1 (Initial Resolution Efforts) and

in Clause 32.2 (Arbitration) have concluded, or the Parties otherwise agree.

Classification: Restricted 61

33. Language

This Agreement is executed in the English

language. Solely for the purposes of any proceeding or action before a Competent Authority in which an Arabic translation of this Agreement

is required to be produced and is required by Applicable Law to be paramount, such Arabic translation shall prevail over the English

version, provided that, in case of ambiguity in the Arabic text, the English text shall be consulted in determining the intended meaning

of the Parties. In all other instances, the English version shall prevail over the Arabic version and shall be paramount.

34. Assignment

and Novation

34.1 Assignment

Subject to Clause 27.3 (Maaden Transfer),

except as expressly agreed in writing or otherwise expressly provided for in this Agreement, no Party shall have the right to assign

its rights and/or obligations under this Agreement to any third party. This Agreement shall inure to the benefit of and be binding upon

the Parties and their respective heirs, successors and permitted assigns.

35. Notices

Any notice or other communication required

or permitted hereunder shall be in writing and in English and shall be deemed given upon delivery if delivered personally, or five (5) days

after mailing if mailed by registered or certified mail, return receipt requested, or three (3) days after dispatch if sent by overnight

international courier service that provides evidence of receipt or the next day if sent by facsimile or email and confirmed by return

receipt as follows:

if to Maaden:

Abu Bakr Al Sadeeq Road (Exit 6)

P.O. Box 68861

Riyadh 11537

Kingdom of Saudi Arabia

Fax: +966 11 874 8296

Email: legaldeptnotices@maaden.com.sa

Attention: Chief Legal Counsel

to Ivanhoe Electric:

Ivanhoe Electric Inc.

Marina Heights

450 E. Rio Salado Parkway,

Suite 130

Tempe, Arizona 85251

USA

Attn: General Counsel

Email: GeneralCounsel@ivnelectric.com

if to the Company:

Maaden

Classification: Restricted 62

Abu Bakr Al Sadeeq Road (Exit 6)

P.O. Box 68861

Riyadh 11537

Kingdom of Saudi Arabia

Fax: +966 11 874 8296

Email: legaldeptnotices@maaden.com.sa

Attention: Chief Legal Counsel of Maaden

Ivanhoe Electric Inc.

Marina Heights

450 E. Rio Salado Parkway,

Suite 130

Tempe, Arizona 85251

USA

Attention: General Counsel of Ivanhoe Electric Inc.

Email: GeneralCounsel@ivnelectric.com

or to such other addresses or fax numbers

as the Parties shall have designated to each other in writing.

36. Miscellaneous

36.1 Anti-Bribery

Compliance: Trade Sanctions Compliance

36.1.1 Each of the Parties shall in relation

to this Agreement, and for the purpose of implementing this Agreement and procuring actions

on the part of the Company, comply with all Applicable Laws concerning bribery and corruption,

including the Saudi Anti-Bribery Law.

36.1.2 Without limiting Clause 36.1.1 (Anti-Bribery

Compliance: Trade Sanctions Compliance), no Party shall make, nor will offer or commit

to make, authorize or further, any payment or transfer of money, or gift of anything of value,

directly or indirectly, to any Government Official or any other person, for the purpose of

securing or inducing the act, decision, influence, or omission of such Government Official

or any other person to obtain, retain, or direct business, or secure any improper advantage,

for any person in connection with this Agreement, or for the purpose of implementing this

Agreement. “Government Official” for purposes of this Clause 36.1.2 (Anti-Bribery

Compliance: Trade Sanctions Compliance) shall mean any officer, employee, agent or representative

of a department, agency, or instrumentality of government (national, state, or local) or

a public international organization, including any state-owned or controlled enterprise,

or anyone acting in an official capacity for any government body.

36.1.3 Without prejudice to any Party’s

right to enforce any other remedy provided by Applicable Law, if any Party or Shareholder (i) wilfully and intentionally commits

any act or omission that constitutes a breach of Clause 36.1.1 (Anti-Bribery Compliance: Trade Sanctions Compliance) or Clause

36.1.2 (Anti-Bribery Compliance: Trade Sanctions Compliance) and (ii) such act or omission has a significant adverse effect

(financial or otherwise) on any other Party or Shareholder, then such act or omission shall be deemed to

Classification: Restricted 63

constitute a material breach of this Agreement

by the Party or Shareholder committing such act or omission and shall entitle each other

Party or Shareholder to those rights and remedies afforded to a Non-Defaulting Shareholder

in accordance with Clauses 29.4 (Default Notice), 29.5.1 (Transfer of the Defaulting

Shareholder’s Shares) and 29.6 (Suspension of Voting Rights).

36.1.4 No part of any of the dividends paid by the Company to a Shareholder

will be paid, directly or indirectly, to any individual who is a Government Official. The Company shall adopt procedures to ensure that

any transactions with persons who may be deemed to be Government Officials under all Applicable Laws are reviewed and assessed consistent

with their risks and measures are taken to mitigate such risks.

36.1.5 The Company shall operate in a manner

to comply with all applicable trade control laws and regulations, anti-money laundering laws,

sanction laws, anti-boycott laws and human rights laws, and shall adopt relevant policies,

procedures and other measures, including human rights policies consistent with Applicable

Law, to ensure that it so complies.

36.2 Severability

In the event that any provision of

this Agreement should be or become incomplete or ineffective, such invalidity or incompleteness shall not affect the validity of the

remaining provisions hereof. In such case, the Parties shall re-negotiate in good faith a valid provision which implements the intent

and purpose of the invalid provision and which shall be agreed upon by the Parties, affords the same rights and imposes the same obligations

on the Parties and has substantially the same economic effect on both the Parties and the Company.

36.3 Limitation

of Liability

Notwithstanding any other provision

of this Agreement, except to the extent caused by the Party’s wilful breach of this Agreement, a Party and the Party’s Directors,

officers, employees, agents and other representatives are not liable, whether in contract, negligence or otherwise, to any other Party

for any actions or inactions unless such person acted with gross negligence, wilful misconduct or in violation of Applicable Law, for

any damages or loss of profit, use, opportunity or goodwill or for any special, indirect or other consequential losses arising out of

or in connection with this Agreement.

36.4 Rights

and Remedies Cumulative and not Exclusive

The rights and remedies as provided

for in this Agreement are cumulative and shall be in addition to and not in substitution for any other rights and remedies available

under this Agreement or under Applicable Law. Except as otherwise expressly provided for in this Agreement, the election of one or more

remedies shall not waive the election of any other remedies.

36.5 Entire

Agreement

This Agreement and any documents referenced

herein, constitutes the complete and exclusive statement of the agreement between the Parties with reference to the subject matter hereof

and supersedes all prior agreements, promises, proposals, representations, understandings and negotiations, whether or not reduced to

writing, between the Parties respecting such subject matter.

Classification: Restricted 64

36.6 No

Waiver

A failure by a Shareholder to assert

its rights under this Agreement shall not be deemed a waiver of such rights, nor shall any waiver be implied from any act or omission.

No waiver by a Shareholder with respect to any right shall extend to any subsequent breach of the terms hereof unless such waiver explicitly

provides otherwise.

36.7 Amendment

No variation or amendment to this Agreement

shall be effective unless in writing signed on behalf of all of the Parties.

36.8 Articles

of Association

The Parties agree that the Articles

of Association shall at all times, subject to Applicable Law, conform to and not be inconsistent with this Agreement. In the event of

any conflict or inconsistency between this Agreement and the Articles of Association, the terms of this Agreement shall prevail as between

the Shareholders and the Shareholders unanimously agree that they shall exercise their voting rights as Shareholders to amend the Articles

of Association to reflect the terms of this Agreement, subject to Applicable Law.

36.9 No

Partnership

Nothing contained or implied in this

Agreement shall constitute or be deemed to constitute a partnership between the Shareholders and none of the Shareholders shall have

any authority to bind or commit any other Party in any way, save as expressly set out herein or as otherwise agreed by the Shareholders

in writing.

36.10 Counterparts

This Agreement may be executed simultaneously

in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

36.11 Delegation

of Authorities

Subject to the reserved matters in Clause 17.6 (Board

Decisions), the Directors may create and dissolve, and may delegate any of their powers to, one or multiple committees of the Board,

the General Manager, the Finance Manager or any other managers of the Company pursuant to the Delegation of Authorities.

[Signature page follows]

Classification: Restricted 65

WITNESS WHEREOF, the Parties have executed this Agreement the day and year first above written:

Saudi

Arabian Mining Company (Maaden)

/s/ Robert Wilt

Signature of authorized representative

Name: Robert Wilt

Title: Chief Executive Officer

[Signature Page to

Shareholders’ Agreement]

Ivanhoe

Electric Inc.

/s/ Taylor Melvin

Signature of authorized representative

Name: Taylor Melvin

Title: President and Chief Executive Officer

Ivanhoe

Electric MENA Holdings Ltd.

/s/ Graham Boyd

Signature of authorized representative

Name: Graham Boyd

Title: Director

[Signature Page to

Shareholders’ Agreement]

MAADEN

IVANHOE ELECTRIC EXPLORATION AND DEVELOPMENT LIMITED COMPANY

/s/ Quentin Markin

Signature of authorized representative

Name: Quentin Markin

Title: Director

Signature of authorized representative

Name:

Title:

[Signature Page to Shareholders’

Agreement]

MAADEN

IVANHOE ELECTRIC EXPLORATION AND DEVELOPMENT LIMITED COMPANY

/s/ Darryl Clark

Signature of authorized representative

Name: Darryl Clark

Title: Executive Vice President, Exploration &

Resource Development

Signature of authorized representative

Name:

Title:

[Signature Page to Shareholders’

Agreement]

Schedule 1

Form of

Agreement of Adherence

Date: ____________________H. (corresponding to

____________________G.)

[Name

of shareholder] (hereinafter “we”) intend to become shareholder of Maaden Ivanhoe Electric Exploration and Development

Limited Company, a limited liability company organized under the laws and regulations of the Kingdom of Saudi Arabia (the “Company”),

and hereby agree to comply with, and be bound by, all of the provisions of the Shareholders’ Agreement dated as of _____________

h. (corresponding to _____________ g.) (the “Shareholders’ Agreement”) (a copy of which has been delivered to

us and which we have initialled and attached to this Agreement of Adherence for identification) in all respects as if we were a party

to that Shareholders’ Agreement and were originally named in it as a party (as defined in the Shareholders’ Agreement).

1. In

addition we hereby warrant to each of the other Parties hereto on the date hereof as follows:

1.1.1 we are duly organized, validly existing

and in good standing under the respective laws of the jurisdiction in which we are organized;

1.1.2 each of this Agreement of Adherence

and the Shareholders’ Agreement constitutes a legal, valid and binding obligation on

our part, enforceable against us in accordance with its terms, except as may be limited by

Applicable Law (as defined in the Shareholders Agreement);

1.1.3 the execution, delivery and performance

of this Agreement of Adherence by us does not and will not conflict with, violate or cause

a breach of our constitutive documents, any agreement, contract or instrument to which we

are a party or any judgment, order or decree to which we are subject; and

1.1.4 we

agree to give written notice to the other Parties if any of the warranties made by us in

this Agreement of Adherence should prove to have been incorrect, incomplete or misleading

on the date of this Agreement of Adherence or [●] should become incorrect, incomplete

or misleading during the term of the Shareholders’ Agreement.

WITNESS whereof we have executed this Agreement of Adherence on the date stated above.

[Shareholder]

By:

Name:

Title:

[Existing Shareholders]

By:

Name:

Title:

By:

Name:

Title:

Schedule 2

Requirements

relating to Transfers of Shares to a Purchaser

1. Obligation

to Give Offer Prior to Sale

Each Shareholder agrees that, except

as provided in Clause 27.2 (Transfers to Affiliates), it will not Transfer or suffer the Transfer to any third party of

its Shares, whether now owned or hereafter acquired or whether by sale or otherwise, and whether voluntary or involuntary, until and

unless it shall have first made the offer to sell as set out in this Schedule 2 (Requirements relating to Transfers of Shares

to a Purchaser).

2. Notice

of Intent to Transfer

The Transferor shall first deliver

a written notice (a “Transfer Notice”) to the other Shareholder and the Company (each, an “Offeree”)

through the Company’s Board of Directors.

3. Contents

of Transfer Notice

The Transfer Notice shall identify

the Purchaser, and all shareholders holding 10% or more of the shares in the capital of the Purchaser (other than shareholders of publicly

traded stock on any national exchange) and shall specify the Transferor’s Shares and Shareholder Loans that are to be Transferred

(the “Offered Interests”), the terms of the proposed Transfer and the price per Share offered by the Purchaser for

the Offered Interests, which must be wholly in cash, cash equivalents or readily marketable securities (the terms and price together

are referred to hereinafter as the “Offer Terms”).

4. Pre-Emptive

Rights

Each Offeree shall, by written notice

served on the Transferor, within thirty (30) days after the date of service of a Transfer Notice, elect to:

4.1.1 purchase all (but not less than all)

of the Offered Interests for cash on the Offer Terms; or

4.1.2 waive its right to purchase the Offered

Interests and to consent to the Transfer by the Transferor of all of the Offered Interests

to the Purchaser, subject only to the conditions in Paragraph 9.

5. Waiver

of Pre-Emptive Rights

If the Offeree fails to make an election

pursuant to Paragraph 4 within thirty (30) days after the date of service of a Transfer Notice:

5.1.1 the Offeree shall be deemed to have

waived its rights to purchase such Offered Interests and to have consented to the Transfer

by the Transferor of all of the Offered Interests to the Purchaser, subject only to the conditions

in Paragraph 9;

5.1.2 the Transferor may either withdraw its

offer to Transfer all of its Shares to the Purchaser or, within one hundred and twenty (120)

days after the date of service of the Transfer Notice, Transfer all of its Shares to the

Purchaser at a price and on terms no less favourable to the Transferor than those

offered to the Offeree

in the Transfer Notice (after the expiry of one hundred and twenty (120) days a new offer must be made in accordance with this Schedule 2

(Requirements relating to Transfers of Shares to a Purchaser)); and

5.1.3 if the Transferor elects to sell its

Shares to the Purchaser under Paragraph 5.1.2, the Transferor shall provide information to

the Offeree sufficient to enable the Offeree to verify the price and terms of the sale.

6. Transfers

to Offeree

If any Offeree elects within thirty

(30) days after the date of service of the Transfer Notice to purchase all (but not less than all) of the Offered Interests as contemplated

by Paragraph 4.1.1, the Transferor shall, within sixty (60) days after the date of such election, sell to the Offeree free and clear

of all Encumbrances and credited as fully paid, and the Offeree shall purchase from the Transferor, the Offered Interests in cash on

the Offer Terms.

7. Transfer

of Shareholder Loans

At the closing of any Transfer to the

Offeree or a Purchaser, as applicable, the Transferor shall assign any Transferor Shareholder Loans which are required to be transferred

as part of the Transfer of the applicable Shares to the Offeree or the Purchaser (or its Affiliate, as the case may be) free and clear

of all Encumbrances, and the parties to such Transfer and the Company shall execute and deliver such documents as are reasonably necessary

to effect such Transfer and assignment.

8. Validity

of Transfer

Notwithstanding the foregoing provisions

of this Schedule 2 (Requirements relating to Transfers of Shares to a Purchaser), no Transfer of Shares or any economic interests

therein to a Purchaser shall be valid or enforceable against either the Company or any Shareholder unless and until the Purchaser: (i) executes

an Agreement of Adherence; and (ii) procures a guarantee of its obligations as Shareholder from a guarantor party acceptable to

the other Shareholder (where the other Shareholder(s), acting reasonably, requires such a guarantee).

9. Circumstances

when pre-emption right is not applicable

The pre-emption right set forth in

this Schedule 2 (Requirements relating to Transfers of Shares to a Purchaser) shall not apply to the transfer of ownership

of Shares by inheritance, will, or by virtue of a judgment issued by the competent judicial authority.

Schedule 3

Valuation

1. Independent

Expert Determination

Except as the Shareholders may otherwise

agree on a case-by-case basis, the “Fair Market Value” of a Shareholder’s Equity Interest shall as required

be determined as follows.

1.1 Each

Shareholder shall select an independent expert (a “Valuation Expert”).

The costs of each Valuation Expert shall be borne by the Defaulting Shareholder. For the

purpose of this Schedule 3 (Valuation), “Valuation Expert”

shall mean the mining section of any internationally recognized investment bank or accountancy

firm with mining valuation expertise. Each Valuation Expert shall calculate the Fair Market

Value of the relevant Equity Interest in accordance with Paragraph 1.2 and shall submit a

report of its valuation of the relevant Equity Interest to the Shareholders within twenty

(20) days of the date of the Default Notice.

1.2 If the variance in the Fair Market Value

of the relevant Equity Interest as calculated by each Valuation Expert is fifteen percent

(15%) or less, then the mathematical average of the two (2) valuations shall be calculated

and the resultant amount shall be the final Fair Market Value of the relevant Equity Interest

and shall be binding on the Shareholders.

1.3 If the variance in the Fair Market Value

of the relevant Equity Interest as calculated by each Valuation Expert is greater than fifteen

percent (15%), the Shareholders shall jointly appoint a third Valuation Expert. If the Shareholders

are unable to agree on a third Valuation Expert it shall be appointed by the auditors to

the Company. Irrespective of whether it is selected by agreement or by the auditors, the

third Valuation Expert shall be appointed by or deemed to be appointed by both Shareholders.

The costs of the third Valuation Expert shall be borne by the Defaulting Shareholder.

1.4 The third Valuation Expert shall conduct

an independent review of the reports submitted by each of the two prior Valuation Experts

and shall calculate the Fair Market Value of the relevant Equity Interest.

1.5 The Fair Market Value of the relevant

Equity Interest as calculated by the third Valuation Expert shall be the final Fair Market

Value of the relevant Equity Interest and shall be binding on the Shareholders. The Valuation

Expert shall act as expert and not as arbitrator.

2. Valuation

Criteria

Each of the Valuation Experts shall

apply the following valuation criteria and principles. The Fair Market Value of Equity Interest shall be the price at which a willing

seller would sell and a willing buyer would buy having full knowledge of the facts, in an arm’s-length transaction without time

constraints, and without being under any compulsion to buy or sell. The Fair Market Value of the relevant Equity Interest may give effect

to any discount for a minority interest or premium for a majority interest. In determining Fair Market Value of the relevant Equity Interest,

the Valuation Expert shall value the Company on a going concern basis, taking into account the then existing market conditions, the Company’s

net assets other than:

2.1 the

TyphoonTM Units;

2.2 Land Access Rights relating to a Designated

Project in respect of which a Shareholder has elected to proceed on a sole risk basis in

accordance with the terms of Clause 8.3.1 (Sole Risk); and

2.3 Land Access Rights which do not relate

to a Designated Project.

and

the then present value of the company’s future cash flows.

Schedule 4

Meetings

of the Board

Meetings of the Board shall be conducted in accordance

with the Articles of Association, and in accordance with the following provisions:

1. Meetings

of the Board.

Meetings

of the Board of Directors shall be called by the Secretary (or acting secretary) and may be held via teleconference or videoconference

in accordance with paragraph 2 of this Schedule 4 (Meetings of the Board), with at least one (1) meeting held

in-person at the location specified by the Chairperson, which will ordinarily be at the head office of the Company, or more frequently

or at a location as the Board may determine. Meetings shall be held at such times as the Chairperson may require upon at least fifteen

(15) days’ prior written notice to each of the Directors. Any two (2) Directors may also request the Chairperson to call a

meeting of the Directors, in which case the Secretary shall promptly send notice of the meeting in accordance with this Schedule 4

(Meetings of the Board). The Board shall meet at least three (3) times every year with up to six (6) months between

each meeting, or more frequently as the Board may determine, and any meeting of the Board may be combined with a meeting of the Shareholders.

1.1.1 The notice shall indicate the date,

time and place of the meeting and shall include the agenda for the meeting. Any Director

wishing to add items to the agenda shall be entitled to do so, provided that such Director

notifies the Secretary of the additional agenda items at least five (5) calendar days

prior to the scheduled date of the meeting of the Board of Directors. Notice of additional

agenda items may be delivered by email or facsimile transmission.

1.1.2 Any Director unable to attend the meeting

may be represented by proxy pursuant to written authorization of the Director. Such written

authorization may be in any form sufficient to convey the Director’s intent to be represented

at the meeting by proxy and shall be signed by such represented Director.

1.1.3 A Director may waive notice of a meeting

and/or additional agenda items in writing.

1.1.4 In

case of a Board Deadlock, the provisions of paragraphs 4 to 7 (inclusive) of this Schedule 4

(Meetings of the Board) shall apply.

2. Meetings

by Teleconference or Videoconference

The

Chairperson or the Secretary shall, prior to the Board meeting held on teleconference or videoconference, ensure that arrangements are

in place to enable participation by such means. Participation in a meeting pursuant to this provision constitutes presence in person

at such meeting. The minutes of any telephonic meeting shall be recorded and signed in accordance with paragraph 3 of this Schedule 4

(Meetings of the Board).

3. Minutes

The Chairperson shall cause the Company

to maintain a special register in which the minutes of meetings of the Board and its resolutions shall be entered. The

Chairperson shall be responsible for

taking, or designating the Secretary of the meeting to take, the minutes of each meeting of the Board. Minutes of meetings shall be signed

by the Chairperson and the secretary of the meeting and resolutions adopted by the Board shall be signed by the Directors in attendance

at the meeting, as provided herein.

4. Board

Deadlock

A Board deadlock (“Board Deadlock”)

will be deemed to occur where a duly convened meeting of the Board fails to take affirmative action on a matter set out in:

4.1.1 Clause

17.6.1 (Budgets)

4.1.2 Clause 17.6.3 (Additional Funding);

4.1.3 Clause 17.6.7 (Exploration Program);

4.1.4 Clause 17.6.14 (Budget Variations);

4.1.5 Clause 17.6.15 (Changes to the Business);

4.1.6 Clause 17.6.17 (Related Party Agreements).

5. Board

Deadlock Notice

Where a Board Deadlock occurs, a Director

seeking action may serve notice (a “Board Deadlock Notice”) on the other Directors stating that in his or her opinion

a Board Deadlock has occurred and identifying the matter over which the Board is deadlocked.

6. Negotiation

Within fifteen (15) days of delivery

of the Board Deadlock Notice, senior officers of IE Parent and Maaden (the “Board Deadlock Committee”) shall negotiate

and endeavour to resolve in good faith the Board Deadlock. If the Board Deadlock Committee resolves the Board Deadlock within fifteen

(15) days of delivery of the Board Deadlock Notice the Directors shall adopt any resolution reached by the Board Deadlock Committee.

If the Board Deadlock Committee does not resolve the Board Deadlock within fifteen (15) days of delivery of the Board Deadlock Notice,

the status quo shall prevail.

7. Continuity

of Operations

Throughout the entire period from the

date of delivery of the Board Deadlock Notice until resolution of the Board Deadlock or otherwise the prevailing of the status quo, the

Company shall continue its Business and operations in accordance with Clause 32.6 (Continuing Operations) and all directions from

the Board of Directors and the Technical Committee on matters unaffected by the matter in question on the Board Deadlock.

Schedule 5

Financial

Reporting and Policies

1. Records

The Shareholders shall cause the Company

to keep proper books of record and accounts in English in which full and correct entries shall be made of all financial transactions

relating to the business and financial position of the Company. The Company shall establish effective systems of internal controls and

accounting allowing accurate control and allocation of all transactions of the business. Such systems of internal controls shall be designed

to ensure that all transactions are properly identified and recorded and described in sufficient detail to ensure their proper classification;

to ensure that expenditures are made in accordance with management directives and Company policies; to accurately measure the value of

transactions; to ensure that transactions are recorded in the proper period; to ensure that transactions are properly presented and disclosed

in the financial statements of the Company; to ensure compliance with all Applicable Laws and statutory requirements; and to ensure auditing

at appropriate intervals. Off book transactions and accounts shall be strictly prohibited. For the avoidance of doubt, such systems shall

provide for the preparation of financial statements in accordance with International Financial Reporting Standards, US GAAP, Saudi Arabian

Accounting Standards and other Applicable Law, and such other controls as are required to ensure each Shareholder (and its Affiliates)

is provided with all material information relating to the Company to allow timely decisions by such Shareholder regarding required disclosure

necessary to satisfy any regulatory or other disclosure obligations to the extent required by Applicable Law.

2. Financial

Reporting

The financial reporting requirements

of the Company shall be as determined by the Board, subject to Applicable Law. In respect of each approved Budget:

2.1.1 the Company shall forward to the Shareholders

within fifteen (15) days (or such longer period as may be approved by the Board) after the

end of each calendar month, monthly management accounts in a form which shall include:

i. a balance sheet, profit and loss account

and cash flow statement (and related supporting schedules). For the month and year to, date,

which shall show the financial position of the Company and provide a report on the Company’s

performance and operations, including a comparison on a line by line basis between budgeted

and actual revenues and expenditures, with an explanation of material variances between such

figures and in respect of current operations, and in connection with any development the

current estimated costs to the projected date on which the preparation and equipping of a

mine complex on the Maaden Land will be complete, or will be sufficiently complete to commence

commercial operations, compared on a line by line basis to the approved Budget, with an explanation

of material variances between such figures;

ii. a profit and cash flow forecast to the end

of the current Financial Year and a comparison between such forecast and the budgeted figures;

and

iii. such additional information as either Shareholder

may request from time to time, including, for example, to explain any variances between the

budgeted and actual figures of the Company for any period;

2.1.2 the Company shall forward to the Shareholders

within twenty (20) days after the end of Financial Quarter of the Company, statements comparing

the financial results of the Company for such Financial Quarter and the portion of the current

Financial Year as well as standard production numbers (including tonnes, grade and recoveries)

then ended with the same Financial Quarters of the previous Financial Year, together with,

to the extent requested by any Shareholder, a review engagement letter from the Company’s

auditors with respect thereto, to be prepared at the expense of the requesting Shareholder;

2.1.3 the Company shall forward to the Shareholders

within forty-five (45) days following the end of each Financial Year the audited consolidated

accounts of the Company and the Company shall instruct the Company auditors to discuss the

same with each Shareholder as required from time to time and to make their working papers

available for inspection to either Shareholder or such firm of chartered accountants as either

Shareholder may nominate at its written request; and

2.1.4 to the extent required by Ivanhoe Electric,

the Company shall reconcile any financial information provided with US GAAP and Ivanhoe Electric

shall provide reasonable assistance with such reconciliation. All costs in relation to such

reconciliation will be borne solely by Ivanhoe Electric.

3. Policies

The Board of Directors shall adopt,

and the General Manager, the Operator and the Technical Committee shall procure maintenance of the management policies, directives, operating

procedures, standard terms and conditions, price guidelines and other documents necessary for the successful and proper operation of

the Business and compliance with all Applicable Laws.

4. Inspection

by Shareholders

Each Shareholder is entitled to inspect

and copy the books and records of the Company at its own expense either directly or through an agent reasonably acceptable to the other

Shareholder, subject to such Shareholder first obtaining reasonable undertakings of confidentiality from such agent. Such rights of inspection

shall be exercised upon reasonable prior notice and in such a manner as not to interfere unreasonably with the conduct of the Company’s

business.

Schedule 6

Initial License Register

Part 1

Exploration Licenses Granted

License

Number

Region_Name

Exploration

Licence

Name

Region

Area

km2

Licence

Blocks

NO.

Issue

Date_G

Expiry

Date

Comments

1443365

Amar

Al_Amar_05

Riyadh

99.720

07-Jun-22

15-Apr-27

1443366

Amar

Al_Amar_06

Riyadh

80.990

07-Jun-22

15-Apr-27

1443367

Amar

Al_Amar_07

Riyadh

99.700

07-Jun-22

15-Apr-27

1443368

Amar

Al_Amar_08

Riyadh

99.710

07-Jun-22

15-Apr-27

1443389

Amar

Al_Amar_09

Riyadh

56.400

07-Jun-22

15-Apr-27

1443371

Amar

Al_Amar_10

Riyadh

81.980

07-Jun-22

15-Apr-27

1443388

Amar

Al_Amar_11

Riyadh

33.490

07-Jun-22

15-Apr-27

1443386

Amar

Al_Amar_12

Riyadh

41.500

07-Jun-22

15-Apr-27

1443387

Amar

Al_Amar_13

Riyadh

99.710

07-Jun-22

15-Apr-27

1443369

Amar

Al_Amar_14

Riyadh

52.220

07-Jun-22

15-Apr-27

1443385

Amar

Al_Amar_15

Riyadh

99.680

07-Jun-22

15-Apr-27

1443384

Amar

Al_Amar_16

Riyadh

99.220

07-Jun-22

15-Apr-27

1443383

Amar

Al_Amar_17

Riyadh

99.710

07-Jun-22

15-Apr-27

1443382

Amar

Al_Amar_18

Riyadh

99.710

07-Jun-22

15-Apr-27

1443381

Amar

Al_Amar_20

Riyadh

99.710

07-Jun-22

15-Apr-27

1443380

Amar

Al_Amar_21

Riyadh

99.700

07-Jun-22

15-Apr-27

1443379

Amar

Al_Amar_22

Riyadh

68.320

07-Jun-22

15-Apr-27

1443378

Amar

Al_Amar_23

Riyadh

73.660

07-Jun-22

15-Apr-27

1443377

Amar

Al_Amar_24

Riyadh

72.400

07-Jun-22

15-Apr-27

1443376

Amar

Al_Amar_25

Riyadh

70.590

07-Jun-22

15-Apr-27

1443375

Amar

Al_Amar_26

Riyadh

99.690

07-Jun-22

15-Apr-27

1443374

Amar

Al_Amar_27

Riyadh

99.690

07-Jun-22

15-Apr-27

1443373

Amar

Al_Amar_28

Riyadh

74.970

07-Jun-22

15-Apr-27

1443372

Amar

Al_Amar_29

Riyadh

31.600

07-Jun-22

15-Apr-27

1442337

Mahad

Al_Mahad_04

Madinah

54.940

09-Jun-21

16-Apr-26

Renewal

Submitted

1442336

Mahad

Al_Mahad_06

Madinah

44.320

09-Jun-21

16-Apr-26

Renewal

Submitted

1442335

Mahad

Al_Mahad_07

Madinah

46.840

09-Jun-21

16-Apr-26

Renewal

Submitted

1442334

Baara

Madinah

99.830

09-Jun-21

16-Apr-26

Renewal

Submitted

1442356

Bir_Umq

Bir_Umq_01

Madinah

99.740

21-Jun-21

28-Apr-26

Renewal

Submitted

1442355

Bir_Umq

Bir_Umq_02

Madinah

74.910

21-Jun-21

28-Apr-26

Renewal

Submitted

1442354

Bir_Umq

Bir_Umq_03

Madinah

95.210

21-Jun-21

28-Apr-26

Renewal

Submitted

1442353

Bir_Umq

Bir_Umq_04

Madinah

99.740

21-Jun-21

28-Apr-26

Renewal

Submitted

1442352

Bir_Umq

Bir_Umq_05

Madinah

82.510

21-Jun-21

28-Apr-26

Renewal

Submitted

1442351

Bir_Umq

Bir_Umq_06

Madinah

67.960

21-Jun-21

28-Apr-26

Renewal

Submitted

1442350

Bir_Umq

Bir_Umq_07

Madinah

93.440

21-Jun-21

28-Apr-26

Renewal

Submitted

1442349

Bir_Umq

Bir_Umq_11

Madinah

99.740

21-Jun-21

28-Apr-26

Renewal

Submitted

1442348

Bir_Umq

Bir_Umq_12

Madinah

87.930

21-Jun-21

28-Apr-26

Renewal

Submitted

1442346

Bir_Umq

Bir_Umq_13

Madinah

50.130

21-Jun-21

28-Apr-26

Renewal

Submitted

1443316

Bir_Umq

Bir_Umq_14

Madinah

67.280

27-Oct-21

03-Sep-26

1443350

Bir_Umq

Bir_Umq_15

Madinah

54.400

29-Apr-22

07-Mar-27

1442347

Bir_Umq

Bir_Umq_16

Madinah

60.920

21-Jun-21

28-Apr-26

Renewal

Submitted

1442345

Bir_Umq

Bir_Umq_17

Madinah

99.720

21-Jun-21

28-Apr-26

Renewal

Submitted

1442344

Bir_Umq

Bir_Umq_18

Madinah

95.270

21-Jun-21

28-Apr-26

Renewal

Submitted

14413016

Huf

La_Huf_01

Madinah

95.800

07-Jun-25

31-Jul-30

14413017

Huf

La_Huf_02

Madinah

57.110

07-Jun-25

31-Jul-30

14433139

Musayna'ah

Hail

76.450

28-Jul-22

04-Jun-27

1442327

Musayna'ah

Musayna'ah_A_04

Hail

38.320

09-Jun-21

16-Apr-26

Renewal

Submitted

1442326

Musayna'ah

Musayna'ah_A_05

Hail

99.820

09-Jun-21

16-Apr-26

Renewal

Submitted

1442325

Musayna'ah

Musayna'ah_A_06

Hail

93.430

09-Jun-21

16-Apr-26

Renewal

Submitted

1442324

Musayna'ah

Musayna'ah_A_07

Hail

73.750

09-Jun-21

16-Apr-26

Renewal

Submitted

1442323

Musayna'ah

Musayna'ah_A_08

Hail

97.910

09-Jun-21

16-Apr-26

Renewal

Submitted

1442322

Musayna'ah

Musayna'ah_A_09

Hail

84.780

09-Jun-21

16-Apr-26

Renewal

Submitted

144332

Musayna'ah

Musayna'ah_A_13

Hail

30.850

09-Jun-21

16-Apr-26

Renewal

Submitted

1442321

Musayna'ah

Musayna'ah_A_14

Hail

82.250

09-Jun-21

16-Apr-26

Renewal

Submitted

1442320

Musayna'ah

Musayna'ah_A_15

Hail

79.110

09-Jun-21

16-Apr-26

Renewal

Submitted

14433107

Musayna'ah

Musayna'ah_B_01

Hail

85.370

28-Jun-22

06-May-27

14433108

Musayna'ah

Musayna'ah_B_02

Hail

83.080

28-Jun-22

06-May-27

20250300140

Najran

Najran_04

Najran

82.640

03-Jan-25

02-Jan-30

20250300021

Najran

Najran_05

Najran

99.590

01-Jan-25

31-Dec-29

20250300093

Najran

Najran_06

Najran

99.590

02-Jan-25

01-Jan-30

20250300098

Najran

Najran_07

Najran

99.590

02-Jan-25

01-Jan-30

20250300105

Najran

Najran_08

Najran

99.590

02-Jan-25

01-Jan-30

20250300106

Najran

Najran_09

Najran

99.640

02-Jan-25

01-Jan-30

20250300107

Najran

Najran_10

Najran

99.640

02-Jan-25

01-Jan-30

20250300108

Najran

Najran_11

Najran

99.640

02-Jan-25

01-Jan-30

20250300091

Najran

Najran_12

Najran

99.640

02-Jan-25

01-Jan-30

20250300090

Najran

Najran_13

Najran

99.640

02-Jan-25

01-Jan-30

20250300020

Najran

Najran_14

Najran

11.971

01-Jan-25

31-Dec-29

20250300089

Najran

Najran_17

Najran

99.700

02-Jan-25

01-Jan-30

20250300088

Najran

Najran_18

Najran

99.700

02-Jan-25

01-Jan-30

20250300079

Najran

Najran_19

Najran

94.439

02-Jan-25

01-Jan-30

20250300019

Najran

Najran_20

Najran

99.690

01-Jan-25

31-Dec-29

20250300087

Najran

Najran_21

Najran

99.690

02-Jan-25

01-Jan-30

20250300109

Najran

Najran_22

Najran

99.690

02-Jan-25

01-Jan-30

20250300110

Najran

Najran_23

Najran

99.690

02-Jan-25

01-Jan-30

20250300096

Najran

Najran_24

Najran

99.690

02-Jan-25

01-Jan-30

20250300097

Najran

Najran_25

Najran

99.740

02-Jan-25

01-Jan-30

20250300111

Najran

Najran_26

Najran

99.740

02-Jan-25

01-Jan-30

20250300112

Najran

Najran_27

Najran

99.740

02-Jan-25

01-Jan-30

20250300018

Najran

Najran_28

Najran

99.740

01-Jan-25

31-Dec-29

20250300086

Najran

Najran_29

Najran

95.516

02-Jan-25

01-Jan-30

20250300085

Najran

Najran_30

Najran

12.149

02-Jan-25

01-Jan-30

20250300084

Najran

Najran_31

Najran

64.740

02-Jan-25

01-Jan-30

20250300083

Najran

Najran_32

Najran

80.395

02-Jan-25

01-Jan-30

20250300104

Najran

Najran_35

Najran

5.820

02-Jan-25

01-Jan-30

20250300139

Najran

Najran_36

Najran

98.334

03-Jan-25

02-Jan-30

20250300138

Najran

Najran_37

Najran

99.750

03-Jan-25

02-Jan-30

20250300113

Najran

Najran_38

Najran

99.750

02-Jan-25

01-Jan-30

20250300114

Najran

Najran_39

Najran

99.750

02-Jan-25

01-Jan-30

20250300115

Najran

Najran_40

Najran

99.750

02-Jan-25

01-Jan-30

20250300116

Najran

Najran_41

Najran

99.700

02-Jan-25

01-Jan-30

20250300117

Najran

Najran_42

Najran

99.700

02-Jan-25

01-Jan-30

20250300118

Najran

Najran_43

Najran

99.700

02-Jan-25

01-Jan-30

20250300017

Najran

Najran_44

Najran

99.700

01-Jan-25

31-Dec-29

20250300103

Najran

Najran_45

Najran

99.700

02-Jan-25

01-Jan-30

20250300082

Najran

Najran_46

Najran

34.205

02-Jan-25

01-Jan-30

20250300078

Najran

Najran_50

Najran

14.124

02-Jan-25

01-Jan-30

20250300077

Najran

Najran_51

Najran

71.028

02-Jan-25

01-Jan-30

20250300081

Najran

Najran_52

Najran

48.129

02-Jan-25

01-Jan-30

20250300080

Najran

Najran_53

Najran

99.750

02-Jan-25

01-Jan-30

20250300095

Najran

Najran_54

Najran

99.750

02-Jan-25

01-Jan-30

20250300119

Najran

Najran_55

Najran

99.750

02-Jan-25

01-Jan-30

20250300094

Najran

Najran_56

Najran

99.750

02-Jan-25

01-Jan-30

20250300016

Najran

Najran_57

Najran

99.740

01-Jan-25

31-Dec-29

20250300076

Najran

Najran_58

Najran

99.740

02-Jan-25

01-Jan-30

20250300075

Najran

Najran_59

Najran

99.740

02-Jan-25

01-Jan-30

20250300015

Najran

Najran_60

Najran

77.495

01-Jan-25

31-Dec-29

20250300014

Najran

Najran_61

Najran

95.314

01-Jan-25

31-Dec-29

20250300069

Najran

Najran_62

Najran

65.217

02-Jan-25

01-Jan-30

20250300068

Najran

Najran_63

Najran

32.627

02-Jan-25

01-Jan-30

20250300132

Najran

Najran_66

Najran

36.971

03-Jan-25

02-Jan-30

20250300067

Najran

Najran_67

Najran

58.881

02-Jan-25

01-Jan-30

20250300137

Najran

Najran_68

Najran

99.740

03-Jan-25

02-Jan-30

20250300136

Najran

Najran_69

Najran

99.740

03-Jan-25

02-Jan-30

20250300135

Najran

Najran_70

Najran

99.740

03-Jan-25

02-Jan-30

20250300134

Najran

Najran_71

Najran

99.740

03-Jan-25

02-Jan-30

20250300133

Najran

Najran_72

Najran

99.740

03-Jan-25

02-Jan-30

20250300102

Najran

Najran_73

Najran

99.740

02-Jan-25

01-Jan-30

20250300002

Najran

Najran_74

Najran

99.740

01-Jan-25

31-Dec-29

20250300131

Najran

Najran_75

Najran

95.098

03-Jan-25

02-Jan-30

20250300130

Najran

Najran_76

Najran

33.390

03-Jan-25

02-Jan-30

20250300013

Najran

Najran_77

Najran

51.150

01-Jan-25

31-Dec-29

20250300101

Najran

Najran_78

Najran

25.652

02-Jan-25

01-Jan-30

20250300066

Najran

Najran_85

Najran

22.292

02-Jan-25

01-Jan-30

20250300001

Najran

Najran_86

Najran

99.730

01-Jan-25

31-Dec-29

20250300074

Najran

Najran_87

Najran

99.730

02-Jan-25

01-Jan-30

20250300073

Najran

Najran_88

Najran

99.730

02-Jan-25

01-Jan-30

20250300072

Najran

Najran_89

Najran

99.730

02-Jan-25

01-Jan-30

20250300071

Najran

Najran_90

Najran

99.730

02-Jan-25

01-Jan-30

20250300070

Najran

Najran_91

Najran

99.730

02-Jan-25

01-Jan-30

20250300065

Najran

Najran_92

Najran

93.262

02-Jan-25

01-Jan-30

20250300064

Najran

Najran_93

Najran

26.455

02-Jan-25

01-Jan-30

20250300063

Najran

Najran_94

Najran

52.781

02-Jan-25

01-Jan-30

14433109

Umm

Ash Shalahib

Umm_Ash_Shalahib_03

Riyadh

65.000

28-Jun-22

06-May-27

1444375

Wadi

Bidah

Wadi_Bidah_01

Makkah

72.230

22-Dec-22

28-Oct-27

1444376

Wadi

Bidah

Wadi_Bidah_02

Makkah

79.190

22-Dec-22

28-Oct-27

1444378

Wadi

Bidah

Wadi_Bidah_03

Makkah

85.930

22-Dec-22

28-Oct-27

1444385

Wadi

Bidah

Wadi_Bidah_04

Makkah

99.440

25-Dec-22

31-Oct-27

1444393

Wadi

Bidah

Wadi_Bidah_05

Makkah

81.010

25-Dec-22

31-Oct-27

1444392

Wadi

Bidah

Wadi_Bidah_06

Makkah

16.440

25-Dec-22

31-Oct-27

1444381

Wadi

Bidah

Wadi_Bidah_07

Baha

68.850

22-Dec-22

28-Oct-27

1444391

Wadi

Bidah

Wadi_Bidah_08

Makkah

-Al Baha

80.540

25-Dec-22

31-Oct-27

1444379

Wadi

Bidah

Wadi_Bidah_09

Baha

42.470

22-Dec-22

28-Oct-27

1444390

Wadi

Bidah

Wadi_Bidah_10

Baha

31.880

25-Dec-22

31-Oct-27

1444389

Wadi

Bidah

Wadi_Bidah_11

Baha

17.700

25-Dec-22

31-Oct-27

1444388

Wadi

Bidah

Wadi_Bidah_12

Baha

30.530

25-Dec-22

31-Oct-27

1444380

Wadi

Bidah

Wadi_Bidah_13

Baha

41.270

22-Dec-22

28-Oct-27

1444387

Wadi

Bidah

Wadi_Bidah_14

Baha

23.390

25-Dec-22

31-Oct-27

1444377

Wadi

Bidah

Wadi_Bidah_15

Baha

41.800

22-Dec-22

28-Oct-27

1444386

Wadi

Bidah

Wadi_Bidah_16

Baha

95.400

25-Dec-22

31-Oct-27

1444384

Wadi

Bidah

Wadi_Bidah_17

Baha

44.490

22-Dec-22

28-Oct-27

1444382

Wadi

Bidah

Wadi_Bidah_18

Baha

25.720

22-Dec-22

28-Oct-27

20250300033

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_01

Riyadh

99.630

02-Jan-25

01-Jan-30

20250300003

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_02

Riyadh

99.630

01-Jan-25

31-Dec-29

20250300032

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_03

Riyadh

99.630

02-Jan-25

01-Jan-30

20250300025

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_04

Riyadh

99.620

02-Jan-25

01-Jan-30

20250300031

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_05

Riyadh

99.620

02-Jan-25

01-Jan-30

20250300030

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_06

Riyadh

99.620

02-Jan-25

01-Jan-30

20250300028

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_07

Riyadh

99.620

02-Jan-25

01-Jan-30

20250300029

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_08

Riyadh

99.680

02-Jan-25

01-Jan-30

20250300038

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_09

Riyadh

99.680

02-Jan-25

01-Jan-30

20250300039

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_10

Riyadh

99.680

02-Jan-25

01-Jan-30

20250300040

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_11

Riyadh

99.680

02-Jan-25

01-Jan-30

20250300041

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_12

Riyadh

99.680

02-Jan-25

01-Jan-30

20250300027

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_13

Riyadh

99.690

02-Jan-25

01-Jan-30

20250300004

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_14

Riyadh

99.690

01-Jan-25

31-Dec-29

20250300034

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_15

Riyadh

99.750

02-Jan-25

01-Jan-30

20250300042

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_16

Riyadh

99.740

02-Jan-25

01-Jan-30

20250300043

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_17

Riyadh

99.740

02-Jan-25

01-Jan-30

20250300044

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_18

Riyadh

99.740

02-Jan-25

01-Jan-30

20250300045

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_19

Riyadh

99.740

02-Jan-25

01-Jan-30

20250300046

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_20

Riyadh

99.740

02-Jan-25

01-Jan-30

20250300047

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_21

Riyadh

99.740

02-Jan-25

01-Jan-30

20250300005

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_22

Riyadh

99.790

01-Jan-25

31-Dec-29

20250300048

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_23

Riyadh

99.790

02-Jan-25

01-Jan-30

20250300049

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_24

Riyadh

99.790

02-Jan-25

01-Jan-30

20250300050

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_25

Riyadh

99.800

02-Jan-25

01-Jan-30

20250300051

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_26

Riyadh

99.800

02-Jan-25

01-Jan-30

20250300121

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_27

Riyadh

96.146

03-Jan-25

02-Jan-30

20250300100

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_28

Riyadh

99.800

02-Jan-25

01-Jan-30

20250300120

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_29

Riyadh

99.750

03-Jan-25

02-Jan-30

20250300059

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_30

Riyadh

99.750

02-Jan-25

01-Jan-30

20250300128

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_31

Riyadh

99.740

03-Jan-25

02-Jan-30

20250300127

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_32

Riyadh

99.740

03-Jan-25

02-Jan-30

20250300058

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_33

Riyadh

99.740

02-Jan-25

01-Jan-30

20250300023

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_34

Riyadh

99.740

01-Jan-25

31-Dec-29

20250300022

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_35

Riyadh

96.950

01-Jan-25

31-Dec-29

20250300026

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_36

Riyadh

94.496

02-Jan-25

01-Jan-30

20250300012

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_37

Riyadh

99.780

01-Jan-25

31-Dec-29

20250300024

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_38

Riyadh

97.219

01-Jan-25

31-Dec-29

20250300011

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_39

Riyadh

99.780

01-Jan-25

31-Dec-29

20250300060

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_40

Riyadh

99.780

02-Jan-25

01-Jan-30

20250300010

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_41

Riyadh

99.780

01-Jan-25

31-Dec-29

20250300035

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_42

Riyadh

99.790

02-Jan-25

01-Jan-30

20250300036

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_43

Riyadh

99.830

02-Jan-25

01-Jan-30

20250300061

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_44

Riyadh

99.820

02-Jan-25

01-Jan-30

20250300062

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_45

Riyadh

99.820

02-Jan-25

01-Jan-30

20250300052

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_46

Riyadh

99.820

02-Jan-25

01-Jan-30

20250300053

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_47

Riyadh

99.820

02-Jan-25

01-Jan-30

20250300129

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_48

Riyadh

99.820

03-Jan-25

02-Jan-30

20250300122

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_49

Riyadh

99.810

03-Jan-25

02-Jan-30

20250300126

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_50

Riyadh

99.750

03-Jan-25

02-Jan-30

20250300125

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_51

Riyadh

99.750

03-Jan-25

02-Jan-30

20250300007

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_52

Riyadh

99.750

01-Jan-25

31-Dec-29

20250300006

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_53

Riyadh

99.750

01-Jan-25

31-Dec-29

20250300124

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_54

Riyadh

99.750

03-Jan-25

02-Jan-30

20250300123

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_55

Riyadh

99.750

03-Jan-25

02-Jan-30

20250300037

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_56

Riyadh

99.760

02-Jan-25

01-Jan-30

20250300099

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_57

Riyadh

99.800

02-Jan-25

01-Jan-30

20250300054

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_58

Riyadh

99.800

02-Jan-25

01-Jan-30

20250300055

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_59

Riyadh

99.790

02-Jan-25

01-Jan-30

20250300056

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_60

Riyadh

99.790

02-Jan-25

01-Jan-30

20250300008

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_61

Riyadh

99.790

01-Jan-25

31-Dec-29

20250300009

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_62

Riyadh

99.790

01-Jan-25

31-Dec-29

20250300057

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_63

Riyadh

99.790

02-Jan-25

01-Jan-30

20250300434

Ar_Rayan_A

Ar_Rayan_A_01

Riyadh

99.712

09-Nov-25

08-Nov-30

20250300397

Ar_Rayan_A

Ar_Rayan_A_02

Riyadh

99.709

09-Nov-25

08-Nov-30

20250300422

Ar_Rayan_A

Ar_Rayan_A_03

Riyadh

99.710

09-Nov-25

08-Nov-30

20250300410

Ar_Rayan_A

Ar_Rayan_A_04

Riyadh

85.542

09-Nov-25

08-Nov-30

20250300426

Ar_Rayan_A

Ar_Rayan_A_05

Riyadh

57.126

09-Nov-25

08-Nov-30

20250300420

Ar_Rayan_A

Ar_Rayan_A_06

Riyadh

42.787

09-Nov-25

08-Nov-30

20250300419

Ar_Rayan_A

Ar_Rayan_A_07

Riyadh

99.760

09-Nov-25

08-Nov-30

20250300403

Ar_Rayan_A

Ar_Rayan_A_08

Riyadh

99.765

09-Nov-25

08-Nov-30

20250300377

Ar_Rayan_A

Ar_Rayan_A_09

Riyadh

99.766

09-Nov-25

08-Nov-30

20250300400

Ar_Rayan_A

Ar_Rayan_A_10

Riyadh

99.840

09-Nov-25

08-Nov-30

20250300421

Ar_Rayan_A

Ar_Rayan_A_11

Riyadh

99.830

09-Nov-25

08-Nov-30

20250300361

Ar_Rayan_A

Ar_Rayan_A_12

Riyadh

91.847

09-Nov-25

08-Nov-30

20250300449

Ar_Rayan_A

Ar_Rayan_A_13

Riyadh

94.670

09-Nov-25

08-Nov-30

20250300398

Ar_Rayan_A

Ar_Rayan_A_14

Riyadh

99.770

09-Nov-25

08-Nov-30

20250300548

Ar_Rayan_B

Ar_Rayan_B_02

Riyadh

99.789

09-Dec-25

08-Dec-30

20250300562

Ar_Rayan_B

Ar_Rayan_B_03

Riyadh

99.796

09-Dec-25

08-Dec-30

20250300540

Ar_Rayan_B

Ar_Rayan_B_04

Riyadh

99.799

09-Dec-25

08-Dec-30

20250300564

Ar_Rayan_B

Ar_Rayan_B_05

Riyadh

99.803

09-Dec-25

08-Dec-30

20250300549

Ar_Rayan_B

Ar_Rayan_B_06

Riyadh

66.859

09-Dec-25

08-Dec-30

20250300542

Ar_Rayan_B

Ar_Rayan_B_07

Riyadh

8.952

09-Dec-25

08-Dec-30

20250300326

Ar_Rayan_B

Ar_Rayan_B_08

Riyadh

39.021

29-Oct-25

28-Oct-30

20250300324

Ar_Rayan_B

Ar_Rayan_B_09

Riyadh

4.251

29-Oct-25

28-Oct-30

20250300566

Ar_Rayan_B

Ar_Rayan_B_10

Riyadh

98.421

09-Dec-25

08-Dec-30

20250300412

Ar_Rayan_B

Ar_Rayan_B_102

Riyadh

99.780

09-Nov-25

08-Nov-30

20250300439

Ar_Rayan_B

Ar_Rayan_B_103

Riyadh

99.790

09-Nov-25

08-Nov-30

20250300409

Ar_Rayan_B

Ar_Rayan_B_104

Riyadh

99.790

09-Nov-25

08-Nov-30

20250300447

Ar_Rayan_B

Ar_Rayan_B_105

Riyadh

99.800

09-Nov-25

08-Nov-30

20250300366

Ar_Rayan_B

Ar_Rayan_B_106

Riyadh

99.800

09-Nov-25

08-Nov-30

20250300423

Ar_Rayan_B

Ar_Rayan_B_107

Riyadh

99.790

09-Nov-25

08-Nov-30

20250300413

Ar_Rayan_B

Ar_Rayan_B_108

Riyadh

99.790

09-Nov-25

08-Nov-30

20250300438

Ar_Rayan_B

Ar_Rayan_B_109

Riyadh

99.780

09-Nov-25

08-Nov-30

20250300322

Ar_Rayan_B

Ar_Rayan_B_11

Riyadh

99.793

29-Oct-25

28-Oct-30

20250300386

Ar_Rayan_B

Ar_Rayan_B_110

Riyadh

99.780

09-Nov-25

08-Nov-30

20250300445

Ar_Rayan_B

Ar_Rayan_B_115

Riyadh

99.841

09-Nov-25

08-Nov-30

20250300411

Ar_Rayan_B

Ar_Rayan_B_116

Riyadh

99.780

09-Nov-25

08-Nov-30

20250300381

Ar_Rayan_B

Ar_Rayan_B_117

Riyadh

99.780

09-Nov-25

08-Nov-30

20250300450

Ar_Rayan_B

Ar_Rayan_B_118

Riyadh

99.790

09-Nov-25

08-Nov-30

20250300446

Ar_Rayan_B

Ar_Rayan_B_119

Riyadh

99.800

09-Nov-25

08-Nov-30

20250300546

Ar_Rayan_B

Ar_Rayan_B_12

Riyadh

99.793

09-Dec-25

08-Dec-30

20250300424

Ar_Rayan_B

Ar_Rayan_B_120

Riyadh

99.770

09-Nov-25

08-Nov-30

20250300401

Ar_Rayan_B

Ar_Rayan_B_121

Riyadh

99.760

09-Nov-25

08-Nov-30

20250300539

Ar_Rayan_B

Ar_Rayan_B_122

Riyadh

99.758

09-Dec-25

08-Dec-30

20250300430

Ar_Rayan_B

Ar_Rayan_B_123

Riyadh

99.750

09-Nov-25

08-Nov-30

20250300375

Ar_Rayan_B

Ar_Rayan_B_124

Riyadh

99.750

09-Nov-25

08-Nov-30

20250300376

Ar_Rayan_B

Ar_Rayan_B_125

Riyadh

99.740

09-Nov-25

08-Nov-30

20250300374

Ar_Rayan_B

Ar_Rayan_B_126

Riyadh

99.740

09-Nov-25

08-Nov-30

20250300364

Ar_Rayan_B

Ar_Rayan_B_127

Riyadh

99.800

09-Nov-25

08-Nov-30

20250300429

Ar_Rayan_B

Ar_Rayan_B_128

Riyadh

99.800

09-Nov-25

08-Nov-30

20250300365

Ar_Rayan_B

Ar_Rayan_B_129

Riyadh

99.810

09-Nov-25

08-Nov-30

20250300556

Ar_Rayan_B

Ar_Rayan_B_13

Riyadh

99.786

09-Dec-25

08-Dec-30

20250300415

Ar_Rayan_B

Ar_Rayan_B_130

Riyadh

99.810

09-Nov-25

08-Nov-30

20250300435

Ar_Rayan_B

Ar_Rayan_B_131

Riyadh

99.820

09-Nov-25

08-Nov-30

20250300360

Ar_Rayan_B

Ar_Rayan_B_132

Riyadh

99.820

09-Nov-25

08-Nov-30

20250300414

Ar_Rayan_B

Ar_Rayan_B_133

Riyadh

99.830

09-Nov-25

08-Nov-30

20250300334

Ar_Rayan_B

Ar_Rayan_B_14

Riyadh

81.220

30-Oct-25

29-Oct-30

20250300335

Ar_Rayan_B

Ar_Rayan_B_15

Riyadh

99.760

30-Oct-25

29-Oct-30

20250300331

Ar_Rayan_B

Ar_Rayan_B_16

Riyadh

99.773

30-Oct-25

29-Oct-30

20250300328

Ar_Rayan_B

Ar_Rayan_B_17

Riyadh

99.779

30-Oct-25

29-Oct-30

20250300336

Ar_Rayan_B

Ar_Rayan_B_18

Riyadh

99.781

30-Oct-25

29-Oct-30

20250300565

Ar_Rayan_B

Ar_Rayan_B_19

Riyadh

90.496

09-Dec-25

08-Dec-30

20250300544

Ar_Rayan_B

Ar_Rayan_B_21

Riyadh

28.291

09-Dec-25

08-Dec-30

20250300541

Ar_Rayan_B

Ar_Rayan_B_22

Riyadh

8.971

09-Dec-25

08-Dec-30

20250300547

Ar_Rayan_B

Ar_Rayan_B_23

Riyadh

8.429

09-Dec-25

08-Dec-30

20250300560

Ar_Rayan_B

Ar_Rayan_B_24

Riyadh

91.172

09-Dec-25

08-Dec-30

20250300338

Ar_Rayan_B

Ar_Rayan_B_25

Riyadh

99.811

30-Oct-25

29-Oct-30

20250300337

Ar_Rayan_B

Ar_Rayan_B_26

Riyadh

99.809

30-Oct-25

29-Oct-30

20250300333

Ar_Rayan_B

Ar_Rayan_B_27

Riyadh

99.802

30-Oct-25

29-Oct-30

20250300341

Ar_Rayan_B

Ar_Rayan_B_28

Riyadh

99.799

30-Oct-25

29-Oct-30

20250300329

Ar_Rayan_B

Ar_Rayan_B_29

Riyadh

99.818

30-Oct-25

29-Oct-30

20250300345

Ar_Rayan_B

Ar_Rayan_B_30

Riyadh

99.821

30-Oct-25

29-Oct-30

20250300339

Ar_Rayan_B

Ar_Rayan_B_31

Riyadh

99.825

30-Oct-25

29-Oct-30

20250300342

Ar_Rayan_B

Ar_Rayan_B_32

Riyadh

99.830

30-Oct-25

29-Oct-30

20250300563

Ar_Rayan_B

Ar_Rayan_B_33

Riyadh

41.104

09-Dec-25

08-Dec-30

20250300557

Ar_Rayan_B

Ar_Rayan_B_34

Riyadh

18.617

09-Dec-25

08-Dec-30

20250300558

Ar_Rayan_B

Ar_Rayan_B_35

Riyadh

74.622

09-Dec-25

08-Dec-30

20250300340

Ar_Rayan_B

Ar_Rayan_B_36

Riyadh

99.803

30-Oct-25

29-Oct-30

20250300550

Ar_Rayan_B

Ar_Rayan_B_37

Riyadh

46.481

09-Dec-25

08-Dec-30

20250300346

Ar_Rayan_B

Ar_Rayan_B_38

Riyadh

13.229

30-Oct-25

29-Oct-30

20250300553

Ar_Rayan_B

Ar_Rayan_B_39

Riyadh

85.001

09-Dec-25

08-Dec-30

20250300344

Ar_Rayan_B

Ar_Rayan_B_40

Riyadh

99.782

30-Oct-25

29-Oct-30

20250300347

Ar_Rayan_B

Ar_Rayan_B_41

Riyadh

99.770

30-Oct-25

29-Oct-30

20250300332

Ar_Rayan_B

Ar_Rayan_B_42

Riyadh

99.774

30-Oct-25

29-Oct-30

20250300330

Ar_Rayan_B

Ar_Rayan_B_43

Riyadh

99.747

30-Oct-25

29-Oct-30

20250300327

Ar_Rayan_B

Ar_Rayan_B_44

Riyadh

99.751

30-Oct-25

29-Oct-30

20250300559

Ar_Rayan_B

Ar_Rayan_B_45

Riyadh

82.599

09-Dec-25

08-Dec-30

20250300543

Ar_Rayan_B

Ar_Rayan_B_46

Riyadh

1.991

09-Dec-25

08-Dec-30

20250300552

Ar_Rayan_B

Ar_Rayan_B_47

Riyadh

9.510

09-Dec-25

08-Dec-30

20250300551

Ar_Rayan_B

Ar_Rayan_B_48

Riyadh

93.554

09-Dec-25

08-Dec-30

20250300567

Ar_Rayan_B

Ar_Rayan_B_49

Riyadh

99.777

09-Dec-25

08-Dec-30

20250300555

Ar_Rayan_B

Ar_Rayan_B_50

Riyadh

99.821

09-Dec-25

08-Dec-30

20250300545

Ar_Rayan_B

Ar_Rayan_B_51

Riyadh

63.007

09-Dec-25

08-Dec-30

20250300325

Ar_Rayan_B

Ar_Rayan_B_54

Riyadh

70.762

29-Oct-25

28-Oct-30

20250300323

Ar_Rayan_B

Ar_Rayan_B_55

Riyadh

99.795

29-Oct-25

28-Oct-30

20250300343

Ar_Rayan_B

Ar_Rayan_B_56

Riyadh

99.792

30-Oct-25

29-Oct-30

20250300393

Ar_Rayan_B

Ar_Rayan_B_57

Riyadh

99.770

09-Nov-25

08-Nov-30

20250300391

Ar_Rayan_B

Ar_Rayan_B_58

Riyadh

99.770

09-Nov-25

08-Nov-30

20250300385

Ar_Rayan_B

Ar_Rayan_B_63

Riyadh

99.800

09-Nov-25

08-Nov-30

20250300384

Ar_Rayan_B

Ar_Rayan_B_64

Riyadh

99.790

09-Nov-25

08-Nov-30

20250300399

Ar_Rayan_B

Ar_Rayan_B_65

Riyadh

99.780

09-Nov-25

08-Nov-30

20250300362

Ar_Rayan_B

Ar_Rayan_B_68

Riyadh

99.768

09-Nov-25

08-Nov-30

20250300444

Ar_Rayan_B

Ar_Rayan_B_69

Riyadh

99.770

09-Nov-25

08-Nov-30

20250300371

Ar_Rayan_B

Ar_Rayan_B_70

Riyadh

99.760

09-Nov-25

08-Nov-30

20250300408

Ar_Rayan_B

Ar_Rayan_B_71

Riyadh

99.760

09-Nov-25

08-Nov-30

20250300394

Ar_Rayan_B

Ar_Rayan_B_72

Riyadh

99.780

09-Nov-25

08-Nov-30

20250300392

Ar_Rayan_B

Ar_Rayan_B_73

Riyadh

99.790

09-Nov-25

08-Nov-30

20250300436

Ar_Rayan_B

Ar_Rayan_B_74

Riyadh

99.790

09-Nov-25

08-Nov-30

20250300372

Ar_Rayan_B

Ar_Rayan_B_76

Riyadh

99.800

09-Nov-25

08-Nov-30

20250300359

Ar_Rayan_B

Ar_Rayan_B_77

Riyadh

99.810

09-Nov-25

08-Nov-30

20250300425

Ar_Rayan_B

Ar_Rayan_B_78

Riyadh

99.840

09-Nov-25

08-Nov-30

20250300427

Ar_Rayan_B

Ar_Rayan_B_79

Riyadh

99.830

09-Nov-25

08-Nov-30

20250300373

Ar_Rayan_B

Ar_Rayan_B_80

Riyadh

99.830

09-Nov-25

08-Nov-30

20250300437

Ar_Rayan_B

Ar_Rayan_B_84

Riyadh

99.810

09-Nov-25

08-Nov-30

20250300407

Ar_Rayan_B

Ar_Rayan_B_85

Riyadh

99.770

09-Nov-25

08-Nov-30

20250300428

Ar_Rayan_B

Ar_Rayan_B_89

Riyadh

99.921

09-Nov-25

08-Nov-30

20250300451

Ar_Rayan_B

Ar_Rayan_B_90

Riyadh

99.800

10-Nov-25

09-Nov-30

20250300363

Ar_Rayan_B

Ar_Rayan_B_91

Riyadh

99.800

09-Nov-25

08-Nov-30

20250300404

Ar_Rayan_B

Ar_Rayan_B_92

Riyadh

99.760

09-Nov-25

08-Nov-30

20250300406

Ar_Rayan_B

Ar_Rayan_B_93

Riyadh

99.760

09-Nov-25

08-Nov-30

20250300383

Ar_Rayan_B

Ar_Rayan_B_94

Riyadh

99.750

09-Nov-25

08-Nov-30

20250300405

Ar_Rayan_B

Ar_Rayan_B_95

Riyadh

99.740

09-Nov-25

08-Nov-30

20250300378

Ar_Rayan_C

Ar_Rayan_C_01

Riyadh

99.818

09-Nov-25

08-Nov-30

20250300389

Ar_Rayan_C

Ar_Rayan_C_02

Riyadh

99.760

09-Nov-25

08-Nov-30

20250300443

Ar_Rayan_C

Ar_Rayan_C_03

Riyadh

99.770

09-Nov-25

08-Nov-30

20250300395

Ar_Rayan_C

Ar_Rayan_C_04

Riyadh

99.770

09-Nov-25

08-Nov-30

20250300368

Ar_Rayan_C

Ar_Rayan_C_05

Riyadh

99.770

09-Nov-25

08-Nov-30

20250300416

Ar_Rayan_C

Ar_Rayan_C_06

Riyadh

99.740

09-Nov-25

08-Nov-30

20250300390

Ar_Rayan_C

Ar_Rayan_C_07

Riyadh

99.740

09-Nov-25

08-Nov-30

20250300382

Ar_Rayan_C

Ar_Rayan_C_08

Riyadh

99.740

09-Nov-25

08-Nov-30

20250300367

Ar_Rayan_C

Ar_Rayan_C_09

Riyadh

99.740

09-Nov-25

08-Nov-30

20250300417

Ar_Rayan_C

Ar_Rayan_C_10

Riyadh

99.737

09-Nov-25

08-Nov-30

20250300402

Ar_Rayan_C

Ar_Rayan_C_11

Riyadh

99.780

09-Nov-25

08-Nov-30

20250300379

Ar_Rayan_C

Ar_Rayan_C_12

Riyadh

99.780

09-Nov-25

08-Nov-30

20250300388

Ar_Rayan_C

Ar_Rayan_C_13

Riyadh

99.780

09-Nov-25

08-Nov-30

20250300442

Ar_Rayan_C

Ar_Rayan_C_14

Riyadh

99.790

09-Nov-25

08-Nov-30

20250300440

Ar_Rayan_C

Ar_Rayan_C_15

Riyadh

99.790

09-Nov-25

08-Nov-30

20250300441

Ar_Rayan_C

Ar_Rayan_C_16

Riyadh

99.770

09-Nov-25

08-Nov-30

20250300431

Ar_Rayan_C

Ar_Rayan_C_17

Riyadh

99.760

09-Nov-25

08-Nov-30

20250300387

Ar_Rayan_C

Ar_Rayan_C_18

Riyadh

99.760

09-Nov-25

08-Nov-30

20250300561

Ar_Rayan_C

Ar_Rayan_C_19

Riyadh

99.758

09-Dec-25

08-Dec-30

20250300448

Ar_Rayan_C

Ar_Rayan_C_20

Riyadh

99.760

09-Nov-25

08-Nov-30

20250300295

Ar_Rayan_C

Ar_Rayan_C_21

Riyadh

91.623

08-Sep-25

07-Sep-30

20250300283

Ar_Rayan_C

Ar_Rayan_C_22

Riyadh

99.750

08-Sep-25

07-Sep-30

20250300289

Ar_Rayan_C

Ar_Rayan_C_23

Riyadh

99.750

08-Sep-25

07-Sep-30

20250300293

Ar_Rayan_C

Ar_Rayan_C_24

Riyadh

99.750

08-Sep-25

07-Sep-30

20250300294

Ar_Rayan_C

Ar_Rayan_C_25

Riyadh

99.760

08-Sep-25

07-Sep-30

20250300284

Ar_Rayan_C

Ar_Rayan_C_26

Riyadh

99.780

08-Sep-25

07-Sep-30

20250300288

Ar_Rayan_C

Ar_Rayan_C_27

Riyadh

99.780

08-Sep-25

07-Sep-30

20250300291

Ar_Rayan_C

Ar_Rayan_C_28

Riyadh

99.770

08-Sep-25

07-Sep-30

20250300306

Ar_Rayan_C

Ar_Rayan_C_29

Riyadh

99.770

14-Sep-25

13-Sep-30

20250300285

Ar_Rayan_C

Ar_Rayan_C_30

Riyadh

97.740

08-Sep-25

07-Sep-30

20250300298

Ar_Rayan_C

Ar_Rayan_C_31

Riyadh

99.800

08-Sep-25

07-Sep-30

20250300302

Ar_Rayan_C

Ar_Rayan_C_32

Riyadh

99.800

08-Sep-25

07-Sep-30

20250300296

Ar_Rayan_C

Ar_Rayan_C_33

Riyadh

99.800

08-Sep-25

07-Sep-30

20250300297

Ar_Rayan_C

Ar_Rayan_C_34

Riyadh

99.800

08-Sep-25

07-Sep-30

20250300287

Ar_Rayan_C

Ar_Rayan_C_35

Riyadh

99.810

08-Sep-25

07-Sep-30

20250300290

Ar_Rayan_C

Ar_Rayan_C_36

Riyadh

99.770

08-Sep-25

07-Sep-30

20250300292

Ar_Rayan_C

Ar_Rayan_C_37

Riyadh

99.770

08-Sep-25

07-Sep-30

20250300301

Ar_Rayan_C

Ar_Rayan_C_38

Riyadh

99.770

08-Sep-25

07-Sep-30

20250300300

Ar_Rayan_C

Ar_Rayan_C_39

Riyadh

99.760

08-Sep-25

07-Sep-30

20250300303

Ar_Rayan_C

Ar_Rayan_C_40

Riyadh

99.760

08-Sep-25

07-Sep-30

20250300316

Ar_Rayan_C

Ar_Rayan_C_41

Riyadh

99.720

15-Sep-25

14-Sep-30

20250300311

Ar_Rayan_C

Ar_Rayan_C_42

Riyadh

99.720

14-Sep-25

13-Sep-30

20250300314

Ar_Rayan_C

Ar_Rayan_C_43

Riyadh

99.720

15-Sep-25

14-Sep-30

20250300313

Ar_Rayan_C

Ar_Rayan_C_44

Riyadh

99.730

15-Sep-25

14-Sep-30

20250300310

Ar_Rayan_C

Ar_Rayan_C_45

Riyadh

99.730

14-Sep-25

13-Sep-30

20250300315

Ar_Rayan_C

Ar_Rayan_C_46

Riyadh

99.770

15-Sep-25

14-Sep-30

20250300309

Ar_Rayan_C

Ar_Rayan_C_47

Riyadh

99.760

14-Sep-25

13-Sep-30

20250300308

Ar_Rayan_C

Ar_Rayan_C_48

Riyadh

99.760

14-Sep-25

13-Sep-30

20250300307

Ar_Rayan_C

Ar_Rayan_C_49

Riyadh

99.760

14-Sep-25

13-Sep-30

20250300312

Ar_Rayan_C

Ar_Rayan_C_50

Riyadh

99.760

14-Sep-25

13-Sep-30

20250300432

Ar_Rayan_D

Ar_Rayan_D_02

Riyadh

99.687

09-Nov-25

08-Nov-30

20250300554

Ar_Rayan_D

Ar_Rayan_D_03

Riyadh

95.711

09-Dec-25

08-Dec-30

20250300418

Ar_Rayan_D

Ar_Rayan_D_04

Riyadh

35.860

09-Nov-25

08-Nov-30

20250300223

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_02

Riyadh-Najran

99.760

31-Jul-25

30-Jul-30

20250300239

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_04

Riyadh-Najran

99.750

31-Jul-25

30-Jul-30

20250300234

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_13

Riyadh-Najran

99.735

31-Jul-25

30-Jul-30

20250300230

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_14

Riyadh-Najran

99.682

31-Jul-25

30-Jul-30

20250300237

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_15

Riyadh-Najran

99.709

31-Jul-25

30-Jul-30

20250300226

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_16

Riyadh-Najran

99.710

31-Jul-25

30-Jul-30

20250300231

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_17

Riyadh-Najran

99.768

31-Jul-25

30-Jul-30

20250300238

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_18

Riyadh-Najran

99.766

31-Jul-25

30-Jul-30

20250300224

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_19

Riyadh-Najran

99.739

31-Jul-25

30-Jul-30

20250300258

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_20

Riyadh-Najran

79.169

17-Aug-25

16-Aug-30

20250300236

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_21

Riyadh-Najran

2.477

31-Jul-25

30-Jul-30

20250300255

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_28

Riyadh-Najran

71.222

17-Aug-25

16-Aug-30

20250300235

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_29

Riyadh-Najran

99.754

31-Jul-25

30-Jul-30

20250300232

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_30

Riyadh-Najran

99.755

31-Jul-25

30-Jul-30

20250300233

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_31

Riyadh-Najran

99.756

31-Jul-25

30-Jul-30

20250300240

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_32

Riyadh-Najran

99.757

31-Jul-25

30-Jul-30

20250300222

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_33

Riyadh-Najran

99.678

31-Jul-25

30-Jul-30

20250300245

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_34

Riyadh-Najran

99.676

05-Aug-25

04-Aug-30

20250300227

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_35

Riyadh-Najran

99.675

31-Jul-25

30-Jul-30

20250300241

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_36

Riyadh-Najran

99.675

31-Jul-25

30-Jul-30

20250300254

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_37

Riyadh-Najran

98.404

17-Aug-25

16-Aug-30

20250300256

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_44

Riyadh-Najran

85.648

17-Aug-25

16-Aug-30

20250300242

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_45

Riyadh-Najran

99.674

31-Jul-25

30-Jul-30

20250300243

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_46

Riyadh-Najran

99.675

31-Jul-25

30-Jul-30

20250300229

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_47

Riyadh-Najran

99.675

31-Jul-25

30-Jul-30

20250300228

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_48

Riyadh-Najran

99.677

31-Jul-25

30-Jul-30

20250300225

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_50

Riyadh-Najran

99.729

31-Jul-25

30-Jul-30

Total

Granted

36,584.758

415

Part 2

Exploration License Applications

Order

Number

Group

Name

Exploration

Licence Name

Region

Area

Licence

Blocks

Application

Date

16688

Ad_Dawadimi_A

Ad_Dawadimi_A-1

Riyadh

99.798

19-Dec-2022

16689

Ad_Dawadimi_A

Ad_Dawadimi_A-2

Riyadh

99.796

19-Dec-2022

16690

Ad_Dawadimi_A

Ad_Dawadimi_A-3

Riyadh

99.795

19-Dec-2022

16691

Ad_Dawadimi_A

Ad_Dawadimi_A-4

Riyadh

99.766

19-Dec-2022

16692

Ad_Dawadimi_A

Ad_Dawadimi_A-5

Riyadh

99.767

19-Dec-2022

16693

Ad_Dawadimi_A

Ad_Dawadimi_A-6

Riyadh

99.769

19-Dec-2022

16696

Ad_Dawadimi_A

Ad_Dawadimi_A-9

Riyadh

99.836

19-Dec-2022

16583

Ad_Dawadimi_B

Ad_Dawadimi_B-1

Riyadh

99.725

14-Dec-2022

16584

Ad_Dawadimi_B

Ad_Dawadimi_B-2

Riyadh

91.850

14-Dec-2022

16585

Ad_Dawadimi_B

Ad_Dawadimi_B-3

Riyadh

99.719

14-Dec-2022

16587

Ad_Dawadimi_B

Ad_Dawadimi_B-4

Riyadh

99.790

14-Dec-2022

16588

Ad_Dawadimi_B

Ad_Dawadimi_B-5

Riyadh

99.793

14-Dec-2022

16589

Ad_Dawadimi_B

Ad_Dawadimi_B-6

Riyadh

99.796

14-Dec-2022

16590

Ad_Dawadimi_B

Ad_Dawadimi_B-7

Riyadh

91.834

14-Dec-2022

16591

Ad_Dawadimi_B

Ad_Dawadimi_B-8

Riyadh

95.810

14-Dec-2022

16592

Ad_Dawadimi_B

Ad_Dawadimi_B-9

Riyadh

98.840

14-Dec-2022

17161

Ar_Rayan_B

Ar_Rayan_B-59

Riyadh

99.770

8-Jan-2023

17165

Ar_Rayan_B

Ar_Rayan_B-60

Riyadh

99.838

8-Jan-2023

17169

Ar_Rayan_B

Ar_Rayan_B-61

Riyadh

99.838

8-Jan-2023

17186

Ar_Rayan_B

Ar_Rayan_B-62

Riyadh

99.792

8-Jan-2023

17197

Ar_Rayan_B

Ar_Rayan_B-66

Riyadh

99.777

8-Jan-2023

17199

Ar_Rayan_B

Ar_Rayan_B-67

Riyadh

99.772

8-Jan-2023

17220

Ar_Rayan_B

Ar_Rayan_B-75

Riyadh

99.790

8-Jan-2023

17239

Ar_Rayan_B

Ar_Rayan_B-81

Riyadh

99.877

8-Jan-2023

17240

Ar_Rayan_B

Ar_Rayan_B-82

Riyadh

99.816

8-Jan-2023

17243

Ar_Rayan_B

Ar_Rayan_B-83

Riyadh

99.812

8-Jan-2023

17248

Ar_Rayan_B

Ar_Rayan_B-86

Riyadh

99.778

8-Jan-2023

17250

Ar_Rayan_B

Ar_Rayan_B-87

Riyadh

99.782

8-Jan-2023

9162

Ar_Rayan_B

Ar_Rayan_B-88

Riyadh

99.787

8-Jan-2023

17136

Ar_Rayan_B

Ar_Rayan_B-96

Riyadh

99.740

8-Jan-2023

17141

Ar_Rayan_B

Ar_Rayan_B-97

Riyadh

99.736

8-Jan-2023

17144

Ar_Rayan_B

Ar_Rayan_B-98

Riyadh

99.732

8-Jan-2023

17146

Ar_Rayan_B

Ar_Rayan_B-99

Riyadh

99.770

8-Jan-2023

17148

Ar_Rayan_B

Ar_Rayan_B-100

Riyadh

99.774

8-Jan-2023

17150

Ar_Rayan_B

Ar_Rayan_B-101

Riyadh

99.778

8-Jan-2023

17191

Ar_Rayan_B

Ar_Rayan_B-111

Riyadh

99.771

8-Jan-2023

17192

Ar_Rayan_B

Ar_Rayan_B-112

Riyadh

99.768

8-Jan-2023

17196

Ar_Rayan_B

Ar_Rayan_B-113

Riyadh

99.772

8-Jan-2023

17198

Ar_Rayan_B

Ar_Rayan_B-114

Riyadh

99.776

8-Jan-2023

16976

Najran

Najran-95

Najran

99.736

28-Dec-2022

19097

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A-64

Riyadh

99.635

15-May-2023

19101

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A-65

Riyadh

99.692

15-May-2023

19105

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A-66

Riyadh

99.802

15-May-2023

19107

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A-67

Riyadh

99.849

15-May-2023

19108

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A-68

Riyadh

99.790

15-May-2023

19095

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A-69

Riyadh

99.829

15-May-2023

19099

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A-70

Riyadh

99.760

15-May-2023

19104

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A-71

Riyadh

99.804

15-May-2023

19106

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A-72

Riyadh

99.769

15-May-2023

19103

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A-73

Riyadh

99.765

15-May-2023

19096

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A-74

Riyadh

99.762

15-May-2023

9449

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_75

Riyadh

99.760

15-May-2023

9451

Wadi_Ad_Dawasir_A

Wadi_Ad_Dawasir_A_76

Riyadh

41.850

15-May-2023

16762

Wadi_Ad_Dawasir_B

-1

Riyadh-Najran

99.757

25-Dec-2022

17028

Wadi_Ad_Dawasir_B

-22

Riyadh-Najran

99.760

1-Jan-2023

17069

Wadi_Ad_Dawasir_B

-49

Riyadh-Najran

99.730

2-Jan-2023

17072

Wadi_Ad_Dawasir_B

-51

Riyadh-Najran

99.728

2-Jan-2023

17074

Wadi_Ad_Dawasir_B

-52

Riyadh-Najran

99.727

2-Jan-2023

17075

Wadi_Ad_Dawasir_B

-53

Riyadh-Najran

99.728

2-Jan-2023

Total

5,807.961

Part 3

Exploration License Rejected

Order

Number

Group

Name

Exploration

Licence Name

Region

Area

Licence

Blocks

Rejected

Date

9107

Ar_Rayan_B

Ar_Rayan_B_20

Riyadh

99.795

10-Nov-2025

9067

Ar_Rayan_B

Ar_Rayan_B_52

Riyadh

99.809

10-Nov-2025

9072

Ar_Rayan_B

Ar_Rayan_B_53

Riyadh

99.804

10-Nov-2025

8777

Ar_Rayan_D

Ar_Rayan_D_01

Riyadh

99.723

10-Nov-2025

8928

Najran

Najran_79

Najran

99.744

31-Dec-2025

8930

Najran

Najran_80

Najran

99.747

31-Dec-2025

8934

Najran

Najran_82

Najran

99.741

31-Dec-2025

8996

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_03

Riyadh-Najran

99.755

14-Apr-2025

9017

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_05

Riyadh-Najran

99.754

14-Apr-2025

9018

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_06

Riyadh-Najran

99.755

14-Apr-2025

9019

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_07

Riyadh-Najran

99.756

14-Apr-2025

9020

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_08

Riyadh-Najran

99.758

14-Apr-2025

9021

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_09

Riyadh-Najran

99.712

14-Apr-2025

9022

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_10

Riyadh-Najran

99.711

14-Apr-2025

9023

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_11

Riyadh-Najran

99.710

14-Apr-2025

9024

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_12

Riyadh-Najran

99.709

14-Apr-2025

9005

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_23

Riyadh-Najran

99.765

14-Apr-2025

9006

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_24

Riyadh-Najran

99.767

14-Apr-2025

9009

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_25

Riyadh-Najran

99.759

14-Apr-2025

9011

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_26

Riyadh-Najran

99.757

14-Apr-2025

9013

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_27

Riyadh-Najran

99.756

14-Apr-2025

9049

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_38

Riyadh-Najran

99.674

14-Apr-2025

9000

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_39

Riyadh-Najran

99.675

14-Apr-2025

9001

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_40

Riyadh-Najran

99.676

14-Apr-2025

9004

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_41

Riyadh-Najran

99.678

14-Apr-2025

9007

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_42

Riyadh-Najran

99.676

14-Apr-2025

9008

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_43

Riyadh-Najran

99.675

14-Apr-2025

9048

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_54

Riyadh-Najran

99.728

14-Apr-2025

9050

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_55

Riyadh-Najran

99.729

14-Apr-2025

9051

Wadi_Ad_Dawasir_B

Wadi_Ad_Dawasir_B_56

Riyadh-Najran

99.731

14-Apr-2025

7024

Ar_Rayan_B

Ar_Rayan_B_01

Riyadh

99.787

11-Jan-2023

16928

Najran

Najran_81

Najran

99.744

20-Feb-2023

16978

Najran

Najran_96

Najran

99.739

26-Feb-2023

8895

Najran

Najran_01

Najran

99.596

30-Jan-2025

8897

Najran

Najran_02

Najran

99.593

30-Jan-2025

8898

Najran

Najran_03

Najran

99.591

30-Jan-2025

8952

Najran

Najran_15

Najran

99.645

30-Jan-2025

8953

Najran

Najran_16

Najran

99.648

30-Jan-2025

8903

Najran

Najran_33

Najran

99.762

30-Jan-2025

8905

Najran

Najran_34

Najran

99.760

30-Jan-2025

8931

Najran

Najran_47

Najran

99.703

30-Jan-2025

8933

Najran

Najran_48

Najran

99.706

30-Jan-2025

8936

Najran

Najran_49

Najran

99.756

30-Jan-2025

8992

Najran

Najran_64

Najran

99.751

30-Jan-2025

8896

Najran

Najran_65

Najran

99.752

30-Jan-2025

8937

Najran

Najran_83

Najran

99.739

30-Jan-2025

8939

Najran

Najran_84

Najran

99.737

30-Jan-2025

9259

Ad_Dawadimi_A

Ad_Dawadimi_A_07

Riyadh

99.839

26-Jan-2023

9261

Ad_Dawadimi_A

Ad_Dawadimi_A_08

Riyadh

99.837

26-Jan-2023

Total

4,886.714

Part 4

Maaden Ivanhoe licenses (Auction 9)

License

Number

Group

Name

Area

km2

Licence

Blocks NO.

Issue

Date_G

Expiry

Date

20260300203

Dhiran

NS47

76.79

04-May-26

03-May-31

20260300218

Dhiran

NS57

89.05

04-May-26

03-May-31

20260300220

Dhiran

NS58

78.11

04-May-26

03-May-31

20260300214

Dhiran

NS59

89.88

04-May-26

03-May-27

20260300210

Dhiran

NS60

89.87

04-May-26

03-May-27

20260300216

Dhiran

NS61

89.86

04-May-26

03-May-31

20260300209

Dhiran

NS73

48.76

04-May-26

03-May-31

20260300206

Dhiran

NS74

89.95

04-May-26

03-May-31

20260300224

Dhiran

NS75

89.94

04-May-26

03-May-31

20260300208

Dhiran

NS76

89.93

04-May-26

03-May-31

20260300223

Dhiran

NS77

89.92

04-May-26

03-May-31

20260300217

Dhiran

NS78

89.91

04-May-26

03-May-31

20260300215

Dhiran

NS87

90.03

04-May-26

03-May-31

20260300213

Dhiran

NS88

90.02

04-May-26

03-May-31

20260300204

Dhiran

NS89

90.01

04-May-26

03-May-31

20260300211

Dhiran

NS92

87.61

04-May-26

03-May-31

20260300221

Dhiran

NS93

87.25

04-May-26

03-May-31

20260300207

Dhiran

NS94

91.35

04-May-26

03-May-31

20260300205

Dhiran

NS108

78.95

04-May-26

03-May-31

20260300219

Dhiran

NS109

72.33

04-May-26

03-May-31

20260300222

Dhiran

NS110

63.27

04-May-26

03-May-31

20260300212

Dhiran

NS111

98.29

04-May-26

03-May-31

20260300036

Meshaeed

NS10

89.61

22-Feb-26

21-Feb-31

20260300034

Meshaeed

NS26

99.40

22-Feb-26

21-Feb-31

20260300035

Meshaeed

NS38

98.34

22-Feb-26

21-Feb-31

Total

2,148.41

Schedule 7

Metals

Gold

Silver

Copper

Zinc

Nickel

Tantalum

Tin

Pyrite

Iron

Ore Fe >40%

Iron

Ore Fe <40%

Niobium

Rare

Earth Elements

Lithium

Platinum

Group Metals

Uranium

Chromium

Molybdenum

Vanadium

Feldspar

Bauxite/Aluminium

Ore

Rutile

Tungsten

Diamonds

Manganese

Lead

Potash

Cobalt*

Schedule 8

ONGOING SERVICES ARRANGEMENT

Term

Details

Parties

SAUDI

ARABIAN MINING COMPANY (MAADEN), 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 Bakr Al Sadeeq Road (Exit

6), P.O. Box 68861, Riyadh 11537, the Kingdom of Saudi Arabia (“Maaden”) and

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"),

(Maaden and IE each being a "Party" and together

the "Parties").

Scope of the Services

May include:

1)     survey

the remainder of the Maaden Land, Substitute Maaden Land and any Additional Land Areas (the "Surveying Activities");

and

2)     procure

that the Surveying Activities will be supported by full data processing and modeling by CGI, in each case on a commercial basis,

together, the "Services".

The Services are to be rendered in accordance with the requirements

and to the standards typical for this type of services.

Duration

3 years, or such shorter

period as is required to complete the (defined) Services

Cost

On terms which are no more

onerous to Maaden than IE and/or I-Pulse has entered into with its other customers / users of the Typhoon technology.

Miscellaneous

The Agreement will contain

other provisions customary for contracts for the provision of the Services, such as confidentiality, intellectual property warranties,

limitations of liability and indemnities, customary corporate warranties.

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32-0633823

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450 E Rio Salado Parkway, Suite 130

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