Announcement PDF 603 Page 1 of 7 15 July 2001 Form 603 Corporations Act 2001 Section 671B Notice of initial substantial holder To Company Name/Scheme EQ RESOURCES LIMITED ACN/ARSN 115 009 106 1. Details of substantial holder (1) CRONIMET Australia Pty Ltd and its related bodies corporate listed in Annexure A Name ACN/ARSN (if applicable) 632 257 688 The holder became a substantial holder on 29/07/2024 2. Details of voting power The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows: Class of securities (4) Number of securities Fully paid ordinary shares Person's votes (5) 127,323,657 Voting power (6) 127,323,657 5.81% 3. Details of relevant interests The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows: Holder of relevant interest Nature of relevant interest (7) Class and number of securities See Annexure A 4. Details of present registered holders The persons registered as holders of the securities referred to in paragraph 3 above are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder (8) Class and number of securities See Annexure B 5. Consideration The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows: Holder of relevant interest See Annexure B Date of acquisition 29/07/2024 Consideration (9) Class and number of securities Cash Non-cash N/A See Annexure C – the issuance of new EQ Resources Limited shares in consideration for the transfer of joint venture assets under the joint venture interest transfer agreement 6. Associates The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows: Name and ACN/ARSN (if applicable) Nature of association 127,323,657 fully paid ordinary shares 603 CRONIMET Services GmbH N/A CRONIMET CREMETAL GmbH N/A CRONIMET North-East GmbH N/A CRONIMET ALFA GmbH N/A Metalloy Metalle-Legierungen GmbH CRONIMET Great Britain Ltd. N/A CRONIFER U.K. Ltd. N/A 127,323,657 fully paid ordinary shares NICHEL LEGHE SpA (Vittuone) N/A CRONIMET Italia SRL (in Liquidation) CRONIMET Latvia SIA N/A CRONIMET (Holland) b.v. N/A CRONIMET PL Sp. Z.o.o. (Inowroclaw) CRONIMET HISPANIA, S. A. N/A CRONIMET Fagersta AB N/A CRONIMET Norr AB (Luleå) N/A Lulea Industrifastighteter AB N/A CRONIMET Raw Materials Suisse AG CRONIMET S.A. N/A CRONIMET Corporation N/A Unico Alloys and Metals Inc. N/A CRONIMET Holdings, Inc. N/A CRONIMET Specialty Metals USA, Inc. CRONIMET Domestic International Sales Corp. CRONIMET Green Energy Inc. N/A Millheim Phase 2 Solar Partners LLC CRONIMET Brasil Ltda. N/A 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares CRONIMET Invest Brasil Ltda. N/A N/A N/A N/A N/A N/A N/A N/A 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares Page 4 of 7 15 July 2001 Südbeckenstraße 22, DE 76189 Rheinhafenstr. 12, DE 76189 Südbeckenstraße 22, DE 76189 Rupert Bodner Str. 25, DE 81245 Oststraße 134, DE 22844 Unit 14A, Cannock Wood Industrial Estate, Cannock Wood Street, UK Staffordshire WS120PL Hardwick View Road, Holmewood Industrial Estate, Holmewood, UK S42 5SA Via M.L.King 12/14, IT 20010 Via Ca Marcello, 8, IT 30171 Sprīdīša iela 1, LV-1034 Vlasweg 7, NL 4782 Klopot 10 A, PL 88 100 Muelle AZ-2 del Dique de Zierbena nº 2 y 4, ES 48508 P.O. Box 123, SE 737 23 Terminalspåret 11, SE 954 32 Murbruksvägen 14, SE 973 45 Hinterbergstr. 56, CH 6312 Riva Caccia 1 A, CH 6900 1 Pilarsky Way, PA 15001 1177 Joyce Avenue, OH 43219 1 Pilarsky Way, PA 16125 209 Reynolds Industrial Park Road, PA 15001 1 Pilarsky Way, PA 15001 C/O CRONIMET, 1 Pilarsky Way, PA 15001 1 Pilarsky Way, PA 15001 Av. Engenheiro Roberto Zuccolo, 255 - Vila Leopoldina, BR CEP 05307 - 190 Av. Engenheiro Roberto Zuccolo, 255 - Vila Leopoldina, BR CEP 05307 - 190 603 CRONIMET Services GmbH CRONIMET CREMETAL GmbH CRONIMET North-East GmbH CRONIMET ALFA GmbH Metalloy Metalle-Legierungen GmbH CRONIMET Great Britain Ltd. CRONIFER U.K. Ltd. NICHEL LEGHE SpA (Vittuone) CRONIMET Italia SRL (in Liquidation) CRONIMET Latvia SIA CRONIMET (Holland) b.v. CRONIMET PL Sp. Z.o.o. (Inowroclaw) CRONIMET HISPANIA, S. A. CRONIMET Fagersta AB CRONIMET Norr AB (Luleå) Lulea Industrifastighteter AB CRONIMET Raw Materials Suisse AG CRONIMET S.A. CRONIMET Corporation Unico Alloys and Metals Inc. CRONIMET Holdings, Inc. CRONIMET Specialty Metals USA, Inc. CRONIMET Domestic International Sales Corp. CRONIMET Green Energy Inc. Millheim Phase 2 Solar Partners LLC CRONIMET Brasil Ltda. CRONIMET Invest Brasil Ltda. CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 CRONIMET Australia Pty Ltd ACN 632 257 688 Page 6 of 7 15 July 2001 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares 127,323,657 fully paid ordinary shares Mt Carbine Joint Venture Interest Transfer Agreement Brisbane mccullough.com.au | Sydney | Canberra info@mccullough.com.au ABN 42 721 345 951 Table of contents Parties .............................................................................................................................................. 1 Background ...................................................................................................................................... 1 Agreed terms ................................................................................................................................... 2 1 2 3 Definitions and interpretation .............................................................................................. 2 1.1 Definitions 2 1.2 Interpretation 11 Agreement to sell and buy the Sale Interest ...................................................................... 12 2.1 Agreement 12 2.2 Effective Date Transfer of Control 12 2.3 Consideration 12 2.4 Title 13 Acknowledgment of continuing agreements ...................................................................... 13 The Parties acknowledge that the following agreements that involve the Parties will remain on foot after Completion: 13 4 5 6 7 Conditions Precedent ......................................................................................................... 13 4.1 Conditions Precedent to performance of agreement 13 4.2 Parties must cooperate 14 4.3 Termination if Conditions Precedent not fulfilled 15 4.4 Waiver of Conditions Precedent 15 Conduct before Completion ................................................................................................ 15 5.1 Conduct requiring the consent of the Buyer 15 5.2 Notification of a material change 15 Completion ......................................................................................................................... 16 6.1 Time, date, and place for Completion 16 6.2 Seller’s obligation on Completion 16 6.3 Buyer’s obligations at Completion 17 6.4 Interdependence 17 6.5 Failure to achieve Completion 18 6.6 Completion Board Resolutions 18 Repayment of Working Capital Amount ............................................................................. 18 7.1 Repayment of Working Capital Amount 18 7.2 Interest calculation 19 73488201v21 | Mt Carbine Joint Venture Interest Transfer Agreement 8 9 10 11 12 13 14 Liabilities ............................................................................................................................ 19 8.1 Buyer responsibility for Assumed Liabilities 19 8.2 Indemnity and release 19 Conduct after Completion Date .......................................................................................... 20 9.1 Exercise of rights of registered holder 20 9.2 Obligations with respect to the Seller Managing Director 20 9.3 Obligations with respect to the equipment sale 20 Seller warranties ................................................................................................................ 20 10.1 Seller warranties 20 10.2 Application of Warranty 20 10.3 Qualifications to Warranty 21 10.4 Reliance by Buyer 21 10.5 Indemnity 22 10.6 Buyer due diligence 22 Limitations of liability ........................................................................................................ 22 11.1 Notice of Claims 22 11.2 Time limit to bring Claim 23 11.3 Exclusion of certain loss 23 11.4 Minimum quantum of Claim 23 11.5 Maximum liability 23 11.6 Statutory actions 23 11.7 Obligation to mitigate 24 11.8 Sole remedy 24 Capacity ............................................................................................................................. 24 12.1 Title and capacity 24 12.2 Legal advice 24 Announcements and confidentialitys ................................................................................. 25 13.1 PPSA confidentiality agreement 25 13.2 Obligations of confidence 25 13.3 Exclusions 25 13.4 Restriction on disclosure 25 13.5 Knowledge of Confidential Information 26 13.6 Injunctive relief 26 13.7 Continuing obligation 26 13.8 Public announcement 26 GST ..................................................................................................................................... 26 14.1 73488201v21 Definitions | Mt Carbine Joint Venture Interest Transfer Agreement 26 ii 15 14.2 GST exclusive 27 14.3 Supply of a Going Concern 27 14.4 Buyer’s warranty 27 14.5 Seller’s warranties 27 14.6 Taxable Supply 27 14.7 Breach of Recipient’s warranty 27 14.8 Later GST change 27 14.9 Reimbursement or indemnity 28 14.10 Warranty that Tax Invoice is issued regarding a Taxable Supply 28 General ............................................................................................................................... 28 15.1 Amendments 28 15.2 Assignment 28 15.3 Counterparts 28 15.4 No merger 28 15.5 Entire agreement 28 15.6 Further assurances 28 15.7 No waiver 29 15.8 Governing law and jurisdiction 29 15.9 Severability 29 15.10 Notice 29 15.11 Costs 31 15.12 Method of payment 31 15.13 Non-revocation of power of attorney 31 Schedule 1 ..................................................................................................................................... 32 Corporate details ................................................................................................................ 32 Schedule 2 ..................................................................................................................................... 33 Warranties (clause 1.1) ...................................................................................................... 33 Execution ....................................................................................................................................... 36 Annexure A ..................................................................................................................................... 39 Equipment .......................................................................................................................... 39 Annexure B ..................................................................................................................................... 40 Joint venture interim balance sheet as at 31 May 2024 ..................................................... 40 73488201v21 | Mt Carbine Joint Venture Interest Transfer Agreement iii Mt Carbine Joint Venture Interest Transfer Agreement 04 July 2024 Dated ______________________ Parties Seller CRONIMET Australia Pty Ltd ACN 632 257 688 of Level 1, 371 Queen Street Brisbane QLD 4000 Buyer Mt Carbine Retreatment Pty Ltd ACN 115 016 030 care of Leydin Freyer Corp Pty Ltd, Level 4, 96-100 Albert Road, South Melbourne, VIC, 3205 Manager Mt Carbine Retreatment Management Pty Ltd ACN 633 215 844 care of Leydin Freyer Corp Pty Ltd, Level 4, 96-100 Albert Road, South Melbourne, VIC, 3205 EQ Resources EQ Resources Limited ACN 115 009 106 care of Leydin Freyer Corp Pty Ltd, Level 4, 96-100 Albert Road, South Melbourne, VIC, 3205 MCQ Mt Carbine Quarries Pty Ltd ACN 065 645 650 care of Leydin Freyer Corp Pty Ltd, Level 4, 96-100 Albert Road, South Melbourne, VIC, 3205 Cronimet CRONIMET Asia Pte Ltd UEN 201217827C of 60 Paya Lebar Road #09-40, Paya Lebar Square, 409051 Singapore Background A The Seller and Buyer are the participants in the Joint Venture in the following proportions: (i) Seller – 50%; and (ii) Buyer – 50%, (each, a Joint Venturer). B The Manager is the manager of the Joint Venture. C To conduct the operations of the Joint Venture, the Joint Venturers entered into the Sublease. The Joint Venture has also entered into the ROPOA and Offtake Advance Agreement. 73488201v21 | Mt Carbine Joint Venture Interest Transfer Agreement D The Seller is the legal and beneficial owner of the Sale Interest (including the Sale Shares). E The parties wish to enter this agreement to document the terms and conditions under which: (i) the Seller has agreed to sell, and the Buyer agrees to buy, the Sale Interest; (ii) the Seller has agreed to enter into a Deed of Surrender of Lease no earlier than 48 hours prior to Completion; and (iii) the Joint Venturers will transfer: (A) the ROPOA, the Offtake Advance Agreement, the Offtake Advance Security Agreements to the Buyer; and (B) the Equipment Leases, the Royalty Payment and Funding Deed, and the Financier’s Deed of Covenant to the Buyer. Agreed terms 1 Definitions and interpretation 1.1 Definitions The following definitions apply unless context requires otherwise: Term Definition ASIC means the Australian Securities and Investments Commission. Agreement means this agreement and the terms and conditions contained herein. Assumed Liabilities means all of the Liabilities and obligations in relation to or in respect of the Sale Interest arising in respect of the period on and from the Effective Date in relation to the Sale Interest and whether incurred, accrued, arising or connected to the period before, on or after the Effective Date, including (without limitation) all Liabilities in respect of; (a) any contract which forms part of the Joint Venture Property to which the Seller is a party or holds a beneficial interest; (b) all Liabilities in respect of any Environmental Law; and (c) all Liabilities outlined in Annexure B, which are shown in the interim balance sheet of the Joint Venture as at the Effective Date. ASX means ASX Limited ACN 008 624 691. Authorisation means: (a) 73488201v21 | an approval, authorisation, consent, declaration, exemption, notarisation, license, quota, permit or Mt Carbine Joint Venture Interest Transfer Agreement 2 Term Definition waiver, however described, and any condition attaching to it; and (b) in the context of anything that could be prohibited or restricted by law if a Government Agency acts in any way within a specified period, the expiry of the period without that action being taken, including any renewal, consolidation, replacement, extension or amendment of any of them. Business Day means a day that is not a Saturday, Sunday or public holiday in Brisbane, Australia. Claim means any claim, action, proceeding or demand, however it arises and whether it is present or future, fixed or unascertained, actual or contingent. Clearance Certificate means a valid certificate issued by the Commissioner of Taxation under Subdivision 14-D of Schedule 1 to the Taxation Administration Act 1953 (Cth) that covers a period of time including the time when this document is entered into, Completion and the time when the certificate is provided to the Buyer. Completion means completion of the sale and purchase of the Sale Interest under this document. Completion Date means the date that the last Condition Precedent is satisfied or waived in accordance with clause 4.1 or another date the Buyer and Seller agree in writing. Conditions Date means 31 July 2024. Conditions Precedent means the conditions precedent to performance of the obligations under this document, set out in clause 4.1. Confidential Information means: (a) the terms of this document, the parties’ negotiations and information relating to the Sale Interest; (b) any information relating to the business and affairs of a party or the Joint Venture; (c) any information relating to the customers, clients, employees, subcontractors or other persons doing business with a party; (d) information which is by its nature confidential; (e) information which is designated as confidential by that party; or (f) information which the other party knows or ought to know, is confidential, and includes all trade secrets, knowhow, financial information and other commercially valuable information of that party. Consideration 73488201v21 | has the meaning given to that term in clause 2.2. Mt Carbine Joint Venture Interest Transfer Agreement 3 Term Definition Consideration Shares means fully paid ordinary shares in the capital of EQ Resources with a price per share of AUD$0.09 and the number of shares at AUD$0.09 totalling the Consideration Shares Payment to be issued by EQ Resources pursuant to this document. Consideration Shares Payment means US$7,500,000. Contaminant means: (a) a gas, liquid or solid; (b) an odour; (c) an organism (whether alive or dead) including a virus; (d) energy, including noise, heat, radioactivity and electromagnetic radiation; or (e) a combination of contaminants. Contamination means, for any land, the presence in, on or under the land of a Contaminant at a concentration above the concentration at which the Contaminant is naturally present (respectively) in, on or under the land or land in the same locality. Continuing Clauses means clauses 1, 2.2, 13 and 15. Corporations Act means Corporations Act 2001 (Cth) Cronimet Intercreditor Deed means the intercreditor deed to be agreed between QIC and Cronimet in which the parties agree as to the priority that each party shall have in relation to certain security interests held by each. Deal With means, in relation to an asset, to assign, transfer, declare a trust over or otherwise to alienate, or create or allow the creation of an Encumbrance over or in respect of that asset. Deed of Cross Security means the deed of cross security dated 14 May 2019 between the Joint Venturers and the Manager, under which the parties secure their obligations under the Joint Venture Agreement. Deed of Surrender of Lease means a deed under which the Seller and the Buyer agree to surrender and relinquish any and all rights, interest and obligations under the Sublease. Disclosure Material means all documents and written information given to the Buyer by the Seller in connection with the sale of the Sale Interest by the Seller to the Buyer before the date of this agreement. Effective Date means 30 June 2024. Encumbrance means: 73488201v21 | (a) any interest, right or power that in substance secures payment or performance of any obligation, for example a Security Interest; (b) a notice under section 255 of the Income Tax Assessment Act 1936 (Cth), subdivision 260-A in Mt Carbine Joint Venture Interest Transfer Agreement 4 Term Definition schedule 1 Taxation Administration Act 1953 (Cth), or any similar legislation, but not including any Permitted Encumbrances. Environment Environmental Aspect Environmental Law means all components of the earth, including: (a) land, air and water; (b) any layer of the atmosphere; (c) flora and fauna; (d) any organic or inorganic matter; (e) any living organism (including humans); (f) any human made or modified structure or area; (g) the aesthetic characteristics of the components of the earth, including appearance, sound, odour, taste, texture or climate; and (h) natural ecosystems (or parts of ecosystems) that include any of the components referred to in paragraphs (a) to (g) above. means the interaction, relationship or impact of a past or present operation, activity, structure, building or chattel with the Environment, including for example: (a) impacts of operations, activities, structures, buildings or chattels on items of heritage or flora or fauna; (b) operations, activities, structures, buildings or chattels causing Pollution or Contamination; and (c) operations or activities producing waste. means any legislation or any general law principle: (a) Environmental Protection Act 1994 (QLD); (b) authorising or controlling the use of land, air or water, or the erection, placement or removal of structures and buildings; (c) about the prevention, control, abatement or investigation of Contamination or Pollution or their results; (d) about the storage, handling or transport of dangerous goods, hazardous material, asbestos or waste; (e) relating to conservation of flora, fauna or Heritage Items; (f) that has as one of its purposes or that results in protection of the Environment; or (g) authorising or controlling any Environmental Aspect. Equipment means the equipment used in the operation of the Project as set out in Annexure A. Equipment Leases means equipment lease agreements dated 17 December 2019 and 28 September 2021 between the Seller and the Manager as agent for the Joint Venture under which the Seller leases the Equipment (as detailed in Annexure A). 73488201v21 | Mt Carbine Joint Venture Interest Transfer Agreement 5 Term Definition Equipment Security means the specific security agreement over the Equipment granted by the Buyer in favour of the Seller to secure, among other things, the repayment of the Working Capital Amount from the Buyer to the Seller. Excluded Liabilities all Liabilities of the Seller, other than the Assumed Liabilities. Excluded Liability Claim means any Claim in respect of the Seller’s obligations under clauses 8.2(c), 13 and 14. Escrow Deed means a deed entered into between EQ Resources and the Seller (or the Seller’s nominee) in which the Seller (or Seller’s nominee) agrees that the Consideration Shares are subject to an escrow period of 12 months from the Completion Date. Financier’s Deed of Covenant means the deed of covenant between Cronimet, the Buyer, the Seller, and the Manager dated 14 May 2019. General Security Deed (MCQ) means the general security deed between MCQ, the Buyer and the Seller dated 28 June 2019, under which MCQ creates a security interest in favour of the Joint Venturers, to secure the payment of secured money and performance of MCQ’s obligations under the Sublease. Government Agency means: (a) a government or government department or other body; (b) a governmental, semi-governmental or judicial person; or (c) a person (whether autonomous or not) who is charged with the administration of a law. GSD (OAA) Cronimet and Buyer means the general security deed in relation to the Offtake Advance Agreement between Cronimet and the Buyer (dated 14 May 2019), whereby the Buyer granted a security interest in favour of Cronimet to secure the payment of monies owed by the Buyer under the Offtake Advance Agreement. GSD (OAA) Cronimet and Seller means the general security deed in relation to the Offtake Advance Agreement between Cronimet and the Seller (dated 6 May 2019) whereby the Seller granted a security interest in favour of Cronimet to secure the payment of monies owed by the Seller under the Offtake Advance Agreement. GST Act means A New Tax System (Goods and Services Tax) Act 1999 (Cth). Heritage Item means an item of cultural heritage (Indigenous or otherwise). Insolvency Event means any of the following events: 73488201v21 | (a) an application is filed for the winding up of the party; (b) an order is made for the winding up of the party; (c) the shareholders of the party pass a resolution to wind up the company; (d) a controller as defined in section 9 Corporations Act, or similar person, is appointed to the party or any of Mt Carbine Joint Venture Interest Transfer Agreement 6 Term Definition its assets, or takes possession or control of the party or any of its property; (e) a provisional liquidator is appointed to the party; (f) the party is placed into administration (as defined in section 9 Corporations Act); (g) any step is taken towards placing the party into administration; (h) the party advises the other party that it is financially unable to meet any of its obligations under this document; (i) the party suspends payment of its debts, or a class of its debts; (j) the party ceases to carry on all or a material part of its business or threatens to do so; (k) the party is unable to pay its debts as and when they fall due and payable or states that it is unable to do so; (l) any event happens in Australia or any other country or territory in respect of a party that is similar to any of the events in this definition. Any event that takes place as part of a solvent reconstruction, amalgamation, merger, or consolidation, on terms approved in writing by the other party beforehand and in compliance with those terms is excluded from this definition. Interest Rate means 1 month USD Secured Overnight Financing Rate (SOFR) plus 3%. Joint Venture means the unincorporated joint venture established by and under the Joint Venture Agreement. Joint Ve