<SEC-DOCUMENT>0001193125-18-044823.txt : 20180214
<SEC-HEADER>0001193125-18-044823.hdr.sgml : 20180214
<ACCEPTANCE-DATETIME>20180214120110
ACCESSION NUMBER:		0001193125-18-044823
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180214
FILED AS OF DATE:		20180214
DATE AS OF CHANGE:		20180214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAMECO CORP
		CENTRAL INDEX KEY:			0001009001
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				980113090
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		18609507

	BUSINESS ADDRESS:	
		STREET 1:		2121 11TH ST W
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
		BUSINESS PHONE:		3069566200

	MAIL ADDRESS:	
		STREET 1:		2121 11TH ST W.
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d492932d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
</HEAD>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of
Foreign Private Issuer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule <FONT STYLE="white-space:nowrap">13a-16</FONT> or
<FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Under the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of February, 2018 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Cameco
Corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Commission file <FONT STYLE="white-space:nowrap">No.&nbsp;1-14228)</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2121-11th Street West </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Saskatoon, Saskatchewan, Canada S7M 1J3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U></U>Form <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9746;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule <FONT STYLE="white-space:nowrap">12g3-2(b)</FONT> under the Securities Exchange Act of 1934. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U></U>No&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
<FONT STYLE="white-space:nowrap">Rule&nbsp;12g3-2(b):</FONT> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit Index </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
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<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:37.30pt; display:inline; font-size:8pt; font-family:Times New Roman; " ALIGN="center">Exhibit&nbsp;No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:37.25pt; display:inline; font-size:8pt; font-family:Times New Roman; " ALIGN="center">Description</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:29.35pt; display:inline; font-size:8pt; font-family:Times New Roman; " ALIGN="center">Page&nbsp;No.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Joint Venture Inkai Subsoil Use Contract &#150; Amended and Restated as of November&nbsp;30, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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,
thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: February&nbsp;14, 2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cameco Corporation</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">By:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>&#147;Sean A. Quinn&#148;</I></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sean A. Quinn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Vice-President, Chief Legal Officer and Corporate Secretary</TD></TR>
</TABLE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>d492932dex1.htm
<DESCRIPTION>EX-1
<TEXT>
<HTML><HEAD>
<TITLE>EX-1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>JOINT VENTURE INKAI</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Subsoil Use Contract </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Amended and Restated as of November&nbsp;30, 2017 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[Note: This document has been prepared by Cameco and is an unofficial consolidation of the following documents: </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(a)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>The original contract dated July&nbsp;13, 2000; </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(b)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Amendment to the Contract No.&nbsp;507 dated November&nbsp;27, 2007; </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(c)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Amendment No.&nbsp;2 dated October&nbsp;18, 2009; </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(d)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Amendment No.&nbsp;3 dated April&nbsp;14, 2011; </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(e)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Amendment No.&nbsp;4 dated December&nbsp;20, 2013; </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(f)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Amendment No.&nbsp;5 dated November&nbsp;15, 2016; and </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(g)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Amendment No.&nbsp;6 dated November&nbsp;30, 2017.] </B></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGENCY OF THE REPUBLIC OF KAZAKHSTAN </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ON INVESTMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Of State
Registration of Subsoil Use Contract </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">Astana</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13&nbsp;July 2000</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Herewith, the Subsoil Use Contract, issued on the basis of Licenses Series AI #1370D and #1371D dated of 20&nbsp;April 1999,
has been registered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Subsoil Use Contract is entered into by </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Agency of the Republic of Kazakhstan on Investments (a Competent Body) and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Limited Liability Partnership JV Inkai </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For exploration and
further extraction of uranium at Block #1, (#2) and #3 of the Inkai Deposit in the <FONT STYLE="white-space:nowrap">South-Kazakhstani</FONT> Oblast of the Republic of Kazakhstan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Type of Mineral: Uranium </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Registration #507 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Chairman of the Agency of the</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Republic of Kazakhstan on</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Investments</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>D. Kuanyshev</B></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CONTRACT</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>for the Extraction of Uranium at Block No.&nbsp;1 and the Exploration and Subsequent </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Extraction of Uranium at Block No.&nbsp;2 and Block No.&nbsp;3 of the lnkai Deposit in the South </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kazakhstani Region Republic of Kazakhstan </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>in accordance with License Series AY 1370D (uranium) and License Series AY 1371D </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(uranium) both dated April&nbsp;20, 1999 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>the Republic
of Kazakhstan as represented by the Agency for Investment </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Competent Organ) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Joint Venture
Inkai Limited Liability Partnership (the Subsoil User) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>City of Astana </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Republic of Kazakhstan </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>July&nbsp;13, 2000 </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table of Contents </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 1 DEFINITIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 2 PURPOSE OF THIS CONTRACT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 3 TERM OF THIS CONTRACT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 4 CONTRACT TERRITORY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 5 OWNERSHIP RIGHTS RELATING TO PROPERTY AND INFORMATION; EXPROPRIATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 6 RIGHT OF THE STATE TO REQUISITION OR ACQUIRE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 7 GENERAL RIGHTS AND OBLIGATIONS OF THE PARTIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 8 WORK PROGRAM</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 10 ACCOUNTING CONTROL</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 11 MEASURING</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 12 IMPLEMENTATION OF CONTRACTORS&#146; WORK</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 13 FINANCE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 14 TAXATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 15 ACCOUNTING PROCEDURE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 16 INSURANCE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 17 LIQUIDATION, LIQUIDATION FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 18 ENVIRONMENTAL PROTECTION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 19 SAFETY OF PERSONNEL AND GENERAL POPULATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 20 OBLIGATIONS OF THE PARTIES FOR BREACH OF CONTRACT TERMS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 21 FORCE MAJEURE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 22 CONFIDENTIALITY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 23 ASSIGNMENT OF RIGHTS AND OBLIGATIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 24 GOVERNING LAW</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 25 RESOLUTIONS OF DISPUTES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 26 GUARANTEE OF CONTRACT STABILITY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 27 CONDITIONS FOR CONTRACT TERMINATION AND SUSPENSION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 28 LANGUAGE OF THE CONTRACT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article 29 ADDITIONAL PROVISIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RESOURCE USE CONTRACT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Contract for the Extraction of Uranium at Block No. l<B> </B>and for the Exploration and subsequent Extraction of Uranium at Block No.&nbsp;2 and Block
No.&nbsp;3, both of the Inkai Deposit in the Suzak region of the South Kazakhstani Oblast of the Republic of Kazakhstan, is entered into on July&nbsp;13, 2000 between the Republic of Kazakhstan as represented by the State Agency for Investment (the
&#147;Competent Organ&#148;) and the <FONT STYLE="white-space:nowrap">Kazakh-Canadian</FONT> Joint Venture Inkai Limited Liability Partnership (the &#147;Subsoil User&#148;), which has been issued Licenses for
<FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resource Use Series AY 1370D (uranium) and Series AY 1371D (uranium) both dated April&nbsp;20, 1999. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. In accordance with the
Constitution of the Republic of Kazakhstan, the <FONT STYLE="white-space:nowrap">sub-soil</FONT> and all <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources are in the ownership of the State. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The State wishes to rationally and effectively use <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources and to have exploration and mining operations
conducted. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. The Subsoil User wishes, and has the financial resources, to rationally and effectively conduct Exploration and Extraction and to
subsequently export and market Ore Mineral in accordance with State law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. The Government has delegated to the Competent Organ the right to enter into
and implement this Contract for the Exploration and Extraction of Ore Mineral in accordance with State law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. The Competent Organ and the Subsoil User
agree that this Contract shall regulate their respective rights and obligations relating to the conduct of Exploration and Extraction on Block No.&nbsp;1, Block No.&nbsp;2 and Block No.&nbsp;3 of the Deposit. The Competent Organ acknowledges that
this Contract takes into account the investments made under the contract for use of <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources signed by Uranerzbergbau-GmbH (Germany) and the Ministry of Energy and Coal of the Republic of Kazakhstan
on November&nbsp;14, 1996 and that such investments shall be included in this Contract. Attached as Appendix 3 is a copy of the Subsoil User&#146;s audited financial statements for prior years up to the year ending on December&nbsp;31, 1999 that
show the amount of the Subsoil User&#146;s investment to that date and copies of certain Deeds of Transfer relevant to such audited financial statements, and attached as Appendices 5 and 6, respectively, are proof of payment of the US
[<B>REDACTED</B>] dollar signing bonus and a copy of the data purchase agreement of February&nbsp;28, 1997. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NOTE: The dollar amount has been redacted
from Recital 5.] </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now, therefore, the Parties hereby agree as follows: </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Defined terms used in this
Contract are identified by capitalization of the initial letter and shall have the meanings set forth in this Article, the Resource Code (as hereinafter defined) and in other legislative acts regarding various kinds of natural resources and <FONT
STYLE="white-space:nowrap">man-made</FONT> mineral formations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.1 &#147;<B>Annual Programme for the Procurement of Goods, Work and Services</B>&#148;
means a document prepared by the Subsoil User and determining the range and quantities of goods, works and services, and procurement methods and timing as planned by the Subsoil User for a calendar year. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.2 &#147;<B>Block No.</B><B></B><B>&nbsp;1</B>&#148; means the area described by the geographical coordinates contained in paragraph&nbsp;3 of License Series
AY 1370D (uranium) dated April&nbsp;20, 1999 a copy of which is attached as Appendix 1. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.3 &#147;<B>Block No.</B><B></B><B>&nbsp;2 and Block
No.</B><B></B><B>&nbsp;3</B>&#148; means the area described by the geographical coordinates contained in paragraph 3 of License Series AY 1371D (uranium) dated April&nbsp;20, 1999 a copy of which is attached as Appendix 2. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.4 &#147;<B>Commencement of Commercial Extraction</B>&#148; means that the Subsoil User has commenced commercial Extraction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.5 &#147;<B>Commercial Discovery</B>&#148;<B> </B>means a discovery on the Contract Territory of one or more new deposits of Ore Mineral that can be
economically Extracted. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.6 &#147;<B>Competent Authority</B>&#148; means the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan, which
acts on behalf of the Republic of Kazakhstan with respect to the performance of the rights related to conclusion and performance of this Contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.7
&#147;<B>Competent Organ</B>&#148; means the State Agency for Investments which is the agency of the Republic of Kazakhstan which has been delegated the authority to execute and implement this Contract. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.8 &#147;<B>Contract</B>&#148; means this present Contract for the Extraction of Uranium at Block No.&nbsp;1 and the Exploration and Extraction of Uranium at
Block No.&nbsp;2 and Block No.&nbsp;3 of the Inkai Deposit entered into between the Competent Authority and the Subsoil User together with all attachments hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.9 &#147;<B>Contract Territory</B>&#148; means the area covered by Block No.&nbsp;1, Block No.&nbsp;2 and Block No.&nbsp;3 and designated for Exploration and
Extraction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.10 &#147;<B>Contract Year</B>&#148; means a period of twelve (12)&nbsp;consecutive months of the Gregorian Calendar; in the context of this
Contract, it begins from the Effective Date of the Contract or any anniversary thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.11 &#147;<B>Contractor</B>&#148; means a Third Party who has
entered into an agreement with the Subsoil User for the fulfilment of any part of the Subsoil User&#146;s work obligations under this Contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.12
&#147;<B>Date of Confirmation of Reserves</B>&#148; means the date that the authorized State Organ approves the reserves for a Commercial Discovery. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.13 &#147;<B>Deposit</B>&#148; means the Inkai deposit located in the Suzak region of the South Kazakhstani
Oblast of the Republic of Kazakhstan which contains a natural accumulation of Ore Mineral capable of industrial development under existing technical and economic conditions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.14 &#147;<B>Effective Date</B>&#148; or &#147;<B>Effective Date of the Contract</B>&#148; means the date of registration of this Contract as set forth in
Article 3.1. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.15 &#147;<B>Exploration</B>&#148;<B> </B>means prospecting for, and assessment of, Ore Mineral Deposits in accordance with the terms of
this Contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.16 &#147;<B>Extraction</B>&#148; means the entire scope of works associated with uranium extraction from underground to surface in the
form of uranium-bearing pregnant solution. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.17 &#147;<B>Extraction Primary Cost</B>&#148; means disbursements defined in the international financial
reporting standards and the State law on accounting and directly associated with extraction of mineral resources from underground to the day surface. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.18
&#147;<B>Fiscal Year</B>&#148; means each period of twelve (12)&nbsp;consecutive months starting January&nbsp;1 and ending December 31. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.19
&#147;<B>Geological Concession</B>&#148; means the document attached to License Series AY 1371D (uranium) dated April&nbsp;20, 1999 a copy of which is attached as Appendix 2 which defines the geographical boundaries of the provided <FONT
STYLE="white-space:nowrap">Sub-soil</FONT> Resource block designated for Exploration activities permitted by such License. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.20 &#147;<B>Goods of
Kazakhstan Origin</B>&#148; means goods with certificate of origin issued for internal circulation as the evidence that its origin is the Republic of Kazakhstan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.21 &#147;<B>Government</B>&#148; means the Government of the Republic of Kazakhstan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.22 &#147;<B>Investors</B>&#148; means Cameco Corporation of Canada and its affiliates and subsidiaries, and NAC &#147;KazAtomProm&#148; (Kazakhstan) who have
registered the Subsoil User for the joint development of the Deposit, and &#147;Investor&#148; means either Cameco Corporation of Canada and its affiliates or NAC &#147;KazAtomProm&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.23 &#147;<B>Kazakhstan Content in Goods</B>&#148; means a percentage of the local materials cost and the costs incurred by the manufacturer of goods to
process the goods in the territory of the Republic of Kazakhstan, in the final cost of goods. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.24 &#147;<B>Kazakhstan Content in Personnel</B>&#148;
means a number of Kazakhstan personnel in percentage to the total number of personnel involved to perform under a contract, with a breakdown by each category of workers and clerks. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.25 &#147;<B>Kazakhstan Content in Work (Service)</B>&#148; means the aggregate total cost portion of the Kazakhstan content in goods used to perform the
work, in the price of an agreement and/or in remuneration of employees who are citizens of the Republic of Kazakhstan, in the payroll of the work (service) supplier under a Contractor agreement or a service contract, less the cost of goods used to
perform the work and prices of subcontractor agreements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.26 &#147;<B>Kazakhstan Manufacturer of Goods</B>&#148; means citizens of the Republic of
Kazakhstan and/or legal entities of the Republic of Kazakhstan that manufacture goods of Kazakhstan origin. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.27 &#147;<B>Kazakhstan Supplier of Work and Services</B>&#148; means citizens of the Republic of Kazakhstan
and/or legal entities established in accordance with laws of the Republic of Kazakhstan located within the territory of the Republic of Kazakhstan and engage no less than ninety-five percent of citizens of the Republic of Kazakhstan of the total
staff. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.28 &#147;<B>Licensed Work</B>&#148; means all work in accordance with this Contract. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.29 &#147;<B>Licenses</B>&#148; means License Series AY 1370D (uranium) and License Series AY&nbsp;1371D (uranium) both issued on 20&nbsp;April 1999 to the
Subsoil User by the Government of the Republic of Kazakhstan which Licenses authorize the Subsoil User to conduct Extraction of Uranium at Block No.&nbsp;1 and Exploration and subsequent Extraction of Uranium at Block No.&nbsp;2 and Block
No.&nbsp;3, and includes any amendments to or reissues of such Licenses and &#147;License&#148; means either one of such Licenses. Copies of the Licenses are attached as Appendices 1 and 2. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.30 &#147;<B>Mineral Raw Materials</B>&#148; means uranium extracted from underground to the day surface in the form of Pregnant Solutions excluding uranium
brought back to underground with leaching sulfuric acid solutions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.31 &#147;<B>Mining Allotment</B>&#148; means the appendix to this Contract which is
an integral part of this Contract and which defines, both graphically and descriptively, the subsurface blocks at which the Subsoil User has the right to conduct Extraction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.32 &#147;<B>Mining Concession</B>&#148; means the document attached to License Series AY 1370D (uranium) dated April&nbsp;20, 1999 a copy of which is
attached as Appendix 1 which defines the geographical boundaries of the provided <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resource block designated for Extraction activities permitted by such License. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.33 &#147;<B>Nuclear <FONT STYLE="white-space:nowrap">Non-proliferation</FONT> Agreement</B>&#148; means the &#147;Treaty on the <FONT
STYLE="white-space:nowrap">Non-proliferation</FONT> of Nuclear Weapons&#148; signed in Geneva on July&nbsp;1, 1968 and to which the Republic of Kazakhstan became a party on December&nbsp;13, 1993. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.34 &#147;<B>Operations</B>&#148; means work related to Exploration or Extraction of Ore Mineral conducted on the Contract Territory in accordance with this
Contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.35 &#147;<B>Ore Mineral</B>&#148; means uranium contained underground and suitable for use in the material production. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.36 &#147;<B>Parties</B>&#148; means the participants in this Contract in accordance with State law and Party means either one of the Parties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.37 &#147;<B>Pregnant Solution</B>&#148; means a process solution, which is generated by the interaction of sulfuric acid solution with the specific acid
concentration (working solution) and the ore leached and extracted (pumped out) to day surface and containing uranium. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.38 &#147;<B>Register of Goods,
Work and Services Employed for Subsurface Operations</B>&#148;<B> </B>means<B> </B>a statement information system established to control and monitor the procurement of goods, works and services used in subsurface operations, as well as electronic
procurement and listing of goods, works and services employed for subsurface use operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.39 &#147;<B>Resource Code</B>&#148; means the Presidential Decree &#147;On
<FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources and the Use of <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources&#148; having the force of law No.&nbsp;2828 dated 27&nbsp;January 1996 as amended up to the date of the signing of
this Contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.40 &#147;<B>State</B>&#148; or &#147;<B>Republic</B>&#148; means the Republic of Kazakhstan and any successor thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.41 &#147;<B>State Organ</B>&#148; means a central executive body of the Republic of Kazakhstan competent to fulfil certain functions on behalf of the State.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.42 &#147;<B><FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources</B>&#148; means that portion of the earth&#146;s crust located below the top
layer of soil or, in the absence of soil, below the earth&#146;s surface or a water bed, extending to a depth accessible for the conduct of Operations subject to scientific and technological capabilities and, in the context of this Contract,
includes all Ore Mineral found within the geological zones described in paragraphs 2 and 3 of each License. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.43 &#147;<B>Subsoil User</B>&#148; means
Joint Venture Inkai Limited Liability Partnership founded by Cameco Corporation and NAC &#147;KazAtomProm&#148; having signed this Contract with the Competent Authority and having the right to conduct Operations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.44 &#147;<B>Tax Code</B>&#148; means the Code of the Republic of Kazakhstan enacted by the Law of the Republic of Kazakhstan No. <FONT
STYLE="white-space:nowrap">99-IV</FONT> dated 10&nbsp;December 2008 &#150; On Taxes and Other Obligatory Payments to the Budget (the Tax Code). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.45
&#147;<B>Tax Legislation</B>&#148; means the Tax Code as amended and other legislative and regulatory documents to be adopted under the Tax Code. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.46
&#147;<B>Third Party</B>&#148; means any legal or physical person other than the Competent Authority, the Subsoil User or the Investors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.47
&#147;<B>Work Program</B>&#148; means the plans for Operations attached as Appendix 4 which the Subsoil User shall have the right to conduct in accordance with the Resource Code. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 2 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURPOSE OF
THIS CONTRACT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1 The purpose of this Contract is to determine the contractual relationship between the Competent Authority and the Subsoil User, in
accordance with State law in effect as of the Effective Date, concerning the conduct of Operations. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERM OF THIS CONTRACT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1 This Contract
shall come into effect on the date of its registration with the appropriate State Organ and shall be valid during the period specified in paragraph 4 of the Licenses. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the first paragraph of this Clause 3.1, after the expiry the terms of the Licenses, the term of the Contract shall be valid until 13.07.2045.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.2 The term of this Contract may be extended in accordance with the Legislation of the Republic of Kazakhstan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.3 Upon extension of the term of this Contract, the terms hereof may be changed by written agreement of the
Parties, if such changes are not less favorable to the Subsoil User than the terms and conditions set forth herein and if such changes do not touch upon the balance of the economic interests of the Parties. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 4 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONTRACT
TERRITORY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.1 The Subsoil User shall conduct Exploration and Extraction within the boundaries of the Contract Territory in accordance with this
Contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.2 Should it be discovered during Exploration and/or Extraction that the geographical boundaries of the Deposit are outside the Contract
Territory, then the question of widening the Contract Territory shall be decided by means of amending this Contract without any tender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.3 <FONT
STYLE="white-space:nowrap">Re-establishment</FONT> of 100% of contracted territory occupied by Sites No.&nbsp;2 and 3, except for the area for which Mining Allotment will be granted, shall be carried out upon completion of exploration activities.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A part of the Contract Territory at Block No.&nbsp;2 and Block No.&nbsp;3 of 407 square kilometres with balance reserves C1 + C2 [<B>REDACTED</B>] metric
tons of uranium as of 02.01.2017 are subject for return. Herewith the Contract Territory, within which Subsoil User conducts Extraction is 139&nbsp;square kilometres with balance reserves C1 + C2&nbsp;[<B>REDACTED</B>] metric tons of uranium as of
02.01.2017, for which the Mining Allotment was granted (Appendix No.&nbsp;2 to Amendment No.&nbsp;6 which replaces Appendix No.&nbsp;10 to the Contract). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NOTE: The amounts have been redacted from Section&nbsp;4.3.] </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.4 The Subsoil User shall be reimbursed for costs incurred by it for the Commercial Discovery in respect of the reserves subject to return under the <FONT
STYLE="white-space:nowrap">split-up</FONT> balance sheet approved by SRC protocol. The above costs shall be reimbursed in accordance with Article&nbsp;60.5.3, Article 60.13 and Article 61.2 of Law No. <FONT STYLE="white-space:nowrap">291-IV</FONT>
of the Republic of Kazakhstan &#147;On Subsoil and Subsoil Use&#148;, effective as of the date of registration of Amendment No.&nbsp;6. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The reimbursement
shall be made by a lump sum payment of the full amount of such costs, subject to inflation determined on the basis of the official statistical information of the Authorized body for state statistics. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The period for reimbursement of such costs shall be established by the Competent Authority under Article 60.5.3 of Law No.
<FONT STYLE="white-space:nowrap">291-IV</FONT> of the Republic of Kazakhstan &#147;On Subsoil and Subsoil Use&#148;, effective as of the date of registration of Amendment No.&nbsp;6. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 5 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OWNERSHIP
RIGHTS RELATING TO PROPERTY AND INFORMATION; </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPROPRIATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.1 All physical and <FONT STYLE="white-space:nowrap">non-physical</FONT> assets acquired by the Subsoil User for the conduct of Operations shall be and
remain the property of the Subsoil User. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.2 Mineral raw materials containing Ore Mineral extracted during Operations and products of processing of these
materials within the Contract Territory on the terms of the agreements to be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">entered by the Subsoil User for processing of its production by the enterprises located outside the Contract
Territory (including foreign companies) are the property of the Subsoil User, having the right to be in charge and to enter into civic-legal agreements in accordance with Article 62 of the Resource Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.3 The ownership rights specified in the Article 5.1 of this Contract may be pledged or otherwise encumbered in favour of Third Parties in order to provide
financing for Operations in accordance with State laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.4 Information relating to the geological structure of the
<FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources such as data on <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources, geological parameters of the Deposit, the amount of Ore Mineral reserves, the development conditions as well as
other peculiarities of the <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources contained in the geological reports, maps and other materials shall be the property of the State if obtained as the result of budgetary allocations, and shall be
the property of the Subsoil User if obtained at the Subsoil User&#146;s expense. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.5 The Competent Authority acknowledges that the Subsoil User purchased
in February 1997 all of the geological data from the Ministry of Geology and the Protection of <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources of the Republic of Kazakhstan relating to the Deposit and thereby fulfilled all obligations
regarding payment for the State&#146;s geological information and data. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.6 The Subsoil User shall, free of charge and in conformance with established
standards, give geological and other information on the <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources acquired during Operations to the State Organ authorized to supervise mineral use and protection for storing, systematisation and
summary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.7 Use of geological information relating to the <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources for educational, scientific,
commercial and other purposes which has been obtained at the Subsoil User&#146;s expense and delivered in accordance with Article 5.6 of this Contract shall be determined by a separate agreement between the Subsoil User and the State Organ
authorized to supervise mineral use and protection which agreement shall provide for the continued confidentiality of such information until the date of expiration of this Contract. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.8 Upon the termination of this Contract, all geological information shall become the property of the State. The Subsoil User shall be obligated to transfer
free of charge to the State Organ authorized to supervise mineral use and protection all documents and other materials relating to geological information, including primary materials. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.9 [<B>REDACTED</B>] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.9.1 [<B>REDACTED</B>]
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.9.2 [<B>REDACTED</B>] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NOTE:
Provisions dealing with expropriation and corresponding compensation details have been redacted from Section&nbsp;5.9.] </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 6
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RIGHT OF THE STATE TO REQUISITION OR ACQUIRE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.1 In the event of war, civil disorder or other events contemplated under State law relating to emergency situations, the State has the right to requisition
part or all of the <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">belonging to the Subsoil User. Requisition may be conducted in a quantity necessary for State needs during the
duration of such emergency situation. The State guarantees compensation for requisitioned <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources based on world market prices as of the date of requisition but, in any event, no less than the
amount that the Subsoil User would have been able to sell the requisitioned <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources to its third party customers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.2 The State has a right of first refusal to acquire up to one percent (1%) of the Subsoil User&#146;s estimated annual production of uranium from the
Deposit. Notice of intent to exercise such right shall be given to the Subsoil User in writing by an authorized State Organ not less than ninety (90)&nbsp;days prior to the Contract Year in which the State wishes to exercise such right. Such notice
shall contain all information reasonably necessary for the Subsoil User to comply with the request, including, without limitation, identification of the quantity of uranium to be acquired, the manner of and timing of acquisition, the means of
transportation and the place of delivery. The price per kilogram for uranium so requisitioned by the State shall be as agreed to by the Subsoil User and the State but no higher than the average price per kilogram of uranium obtained by the Subsoil
User in the Year immediately prior to the Year in which the State exercises its right of requisition. All transportation, insurance and other costs connected with any such acquisition shall be paid by the State in accordance with the general
practices for uranium sale and purchase agreements. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article <FONT STYLE="white-space:nowrap">6-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>KAZAKHSTAN CONTENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1-1</FONT></FONT> The content percentage of Kazakhstan personnel involved into this Contract performance shall amount to minimum 100% (hundred percent) of workers, minimum 70% (seventy
percent) of technical and engineering employees, and minimum 60% (sixty percent) of management staff for the entire Contract life. Foreign personnel content shall decrease by years as compulsory education programs are completed and qualification
degree of Kazakhstan personnel increases. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1-2</FONT></FONT> Kazakhstan original
percentage in relation to goods and equipment purchased by the Subsoil User shall be 40% (forty percent) in average of total price of goods and equipment required for the Contract performance. It shall be required to use equipment, material and end
products manufactured in the Republic of Kazakhstan in case of those compliance with the legislation of the Republic of Kazakhstan on technical regulations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1-3</FONT></FONT> Kazakhstan original percentage in relation to works and services
purchased by the Subsoil User shall amount to 90% (ninety percent) as minimum of total price of works and services required for the Contract performance. It shall be required to involve Kazakhstan companies to perform works and provide services
during the subsoil use operations including utilization of air, railway, sea/river and other transportations in case these services comply with the standards, price and quality of similar services provided to
<FONT STYLE="white-space:nowrap">non-residents</FONT> of the Republic of Kazakhstan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1-4</FONT></FONT> The Contractor shall pay penalties and fines as required by the
legislation for <FONT STYLE="white-space:nowrap">non-fulfillment</FONT> of obligations related to Kazakhstan content. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 7
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL RIGHTS AND OBLIGATIONS OF THE PARTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1 The Subsoil User shall have the following rights: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.1.1 to conduct Operations on the Contract Territory on an exclusive basis; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.2 to independently perform any legally permissible activities relating to
<FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resource use on the Contract Territory in accordance with the conditions set forth in this Contract; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.3 to use the results of its activities in its own discretion; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.4 to independently and on an exclusive basis undertake any activity related to Operations within the Contract Territory, and to receive mining concessions
and all other permissions required for Operations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.5 to import and export assets, equipment, technology and other materials necessary for the conduct
of Operations and to export Ore Mineral produced as a result of Extraction in accordance with this Contract and State law; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.6 to freely make both
inside the State, in the State currency, and outside of the State, in freely convertible hard currency, all transfers of funds related to Operations and investment activity under this Contract, including, without limitation: capital investments,
profits, dividends, capital gains, operating income, income from the sale of assets or liquidation of investments, interest income, payments for management services and technological assistance, income from the sale of property, compensation and
reimbursement paid in respect of any loss or damage, payments arising out of contractual obligations, including payments relating to loans made by Parties or other lenders, all on condition that all taxes and other mandatory payments to the State
permitted by this Contract are made in accordance with State law and international treaties to which the State is a party; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.7 to receive and retain
currency of other states, including currency received from the sale of Ore Mineral, in bank accounts inside and outside of the State in accordance with State laws; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.8 to open and retain hard currency accounts outside the State in one or more reputable financial institutions, where it is possible to keep funds generated
by sales of Ore Mineral, funds for repayment of loans and other funds. Such accounts can be used to transfer funds stipulated in Article 7.1.7 of this Contract in accordance with State laws; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.9 to independently establish the price for the Ore Mineral the Subsoil User sells; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.10 to market and export Ore Mineral resulting from Extraction to any jurisdiction that adheres to the Nuclear
<FONT STYLE="white-space:nowrap">Non-proliferation</FONT> Agreement if export to such jurisdiction is not prohibited by: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) an international treaty to
which the State is a party; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) a State law relating to national security interests, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">provided that such treaty or State law is applied to all other producers in the uranium industry on a
<FONT STYLE="white-space:nowrap">non-discriminatory</FONT> basis; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.11 to build on the Contract Territory and, if necessary, on other land allocated to
the Subsoil User in accordance with State law, facilities for industrial and social use, which are required for the normal course of Operations, and also to use infrastructure free of charge (except infrastructure for which the payment of a fee is
generally applicable), including roads </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and means of communication, by agreement with the owners of such means of communication if owned by individual owners, both within the Contract Territory and outside its boundaries, all in
accordance with State laws; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.12 upon agreement with owners thereof, to use public facilities both within and outside of the Contract Territory to store
product waste from Operations in accordance with methods and standards stipulated by State law and to use any transport routes or transportation means to arrange for shipment to and from the Contract Territory, in accordance with standards and rules
for transportation of dangerous cargo, without the collection of additional fees other than those generally applicable, and to obtain an uninterrupted supply of energy (heat and electricity) under commercially competitive prices in accordance with
anti-monopoly State laws; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.13 in accordance with State laws and all applicable international conventions, treaties and agreements entered into by the
State and valid on the Effective Date, and under the control of the authorized State Organ, to export, by any routes and modes of transportation, uranium produced from Operations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.14 if uranium import quotas are imposed by any jurisdiction, to receive from the authorized State Organs a share of any such import quotas equal to the
Subsoil User&#146;s percentage contribution to the aggregate annual production of uranium by Kazakhstan for the five (5)&nbsp;years immediately preceding the year in which such import quota is imposed, but in any event no less than [<B>REDACTED</B>]
percent; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NOTE: The percentage has been redacted from Section&nbsp;7.1.14.] </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.15 in accordance with State laws regarding currency and banking regulations, to open and use bank accounts outside the borders of the State for purposes of
receiving and holding sales revenues; provided that the Subsoil User may freely and without paying any commissions other than those which are generally applicable, receive and make payments in foreign currency into and out of the State. Financial
transactions within the State territory shall be concluded in the national currency of the State; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.16 to maintain the Subsoil User&#146;s books,
accounts and all financial statements in accordance with internationally accepted accounting standards applicable to the mining industry. The Parties recognise that the books, accounts and financial statements of the Subsoil User shall be maintained
in both the national currencies of the State and the United States of America, and may be prepared in accordance with both the applicable laws of the State and internationally accepted accounting standards; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.17 to involve Contractors in carrying out Operations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.18
to assign all or part of its rights to Third Parties in accordance with State laws and Article 23 of this Contract; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.19 to terminate the Subsoil
User&#146;s business activities in accordance with the terms of this Contract and State laws; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1.20 in the event of termination of this Contract, to have
the right to independently use, dispose of, and distribute property owned by the Subsoil User in accordance with State laws including bankruptcy legislation; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.1.21 to exercise any other rights set forth in the Resource Code or other State laws, or this
Contract; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.1.22 to have the right to export uranium on the same terms and conditions as any other Kazakhstani producer in the uranium
industry, and to receive all licenses, permissions, approvals and consents necessary for export of uranium on the same terms and conditions as any other Kazakhstani producer in the uranium industry. The Competent Authority will assist the Subsoil
User in obtaining all licenses, permissions, approvals and consents necessary for export of uranium on a timely basis. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.2 The Subsoil User shall have the
following obligations: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.1 to begin the Work Program after State registration of this Contract in accordance with this Contract; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.2 to select the most effective and commercially acceptable methods and technologies to conduct Exploration and Extraction based on accepted
standards of world practice and the geological and other characteristics of the Deposit; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.3 to use the Contract Territory only for the
purpose of Exploration and Extraction as set forth in this Contract; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.4 to conduct Extraction on Block No.&nbsp;1 in strict accordance
with State law and the Work Program attached as Appendix 4, and to conduct Exploration and Extraction on Block No.&nbsp;2 and Block No.&nbsp;3 in strict accordance with State law and the Work Program attached as Appendix 4. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.5 not to hinder other persons from free movement within the Contract Territory, from using public infrastructure and communications
facilities, or from conducting any types of work, including Exploration and Extraction of <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources other than Ore Mineral, unless such other activities interfere with special safety or environmental
considerations related to Extraction or interfere with Operations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.6 to observe established technological norms in the conduct of
Operations, as such norms relate to the safety of its personnel and the population; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.7 on a mandatory basis to use equipment, material
and prepared products made in the State, to the extent they are in accordance with standards and other requirements established by a tender conducted in the State in a manner determined by the Government provided, however, that if any such
equipment, material or prepared products are not available within the State, the Subsoil User may obtain such equipment, material or prepared products from foreign organizations with the permission of an authorized State Organ; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.8 on a mandatory basis to employ Kazakhstani enterprises and organizations for the performance of work and services during the conduct of
Operations, including the use of air, rail, water and other forms of transport, if such work and services are in accordance with standards and other requirements established by a tender conducted in the State in a manner determined by the Government
provided, however, that if such types of work or services are not available in the State, to use the services of foreign organizations with the permission of an authorized State Organ; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.9 the Subsoil User is obliged to finance, during the exploration and (or) mining period, the
education, training and retraining of the employees who are the Kazakhstani nationals involved in the execution of this Contract and/or education of Kazakhstani nationals to the list of specialties approved by a competent authority to the amount of
at least USD [<B>REDACTED</B>] per year at the exchange rate of the National Bank of the RK as of the date of the fulfillment of the obligation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>[NOTE: The dollar amount has been redacted from Section&nbsp;7.2.9.]</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Should the amount of money spent on the training commitment as of the end of any year be in excess of the amount prescribed by this clause, the
excessive amount will be offset against the training commitment of future periods and accounted as the cost of the period against which it has been offset. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The fulfillment of the training commitment specified herein is the cost actually incurred by the Subsoil User to finance the training and
retraining of Kazakhstani nationals, including procurement of goods, works and services to the list provided by the local executive authority of an oblast, city of the republican status or the capital and approved by the competent authority, with
the purpose of improving material and technical facilities of the institutions of the respective oblast, city of the republican status or the capital which train specialists in the field directly related to the subsoil use; or the cost incurred to
finance the professional training and retraining of personnel in own training (educational) centers of the Subsoil User; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.10 to submit
information on the implementation of the Work Program to the Competent Authority as required by State law; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.11 to annually submit
reports on expenditure of the funds for education, indicating the enlisting students&#146; names, educational programs, educational institutions, and the periods for education. The Subsoil User and the Competent Authority agree that money which is
spent by the Subsoil User on grants to legal and physical persons for purposes of training shall be counted towards the financing required for training Kazakhstani specialists; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.12 to enable free access to required documents, information and places of work for controlling bodies of the State in the performance of
their duties and to timely rectify all violations detected by them; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.13 to pay taxes and duties described in Article 14 in a timely
fashion in accordance with State laws and this Contract; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.14 to preserve objects of cultural and historical importance located in the
Contract Territory during Operations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.15 to forecast long-term environmental impacts caused by Operations and to submit such forecasts
to the Competent Authority and the State Organs responsible for protection of the environment not later than one (1)&nbsp;year prior to the expiration of this Contract; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.16 to rehabilitate any land and other natural objects within the boundaries of the Mining Allotment after termination of Operations and to
perform conservation and decommissioning of the mine site and related facilities and restoration of lands affected by Operations in accordance with the Work Program, feasibility study, design plan and State laws; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.17 to mitigate damage to the environment, personnel, other enterprises, or the population,
caused by Operations to the extent compatible with conducting Operations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.18 throughout the contract period, the Subsoil User will
make annual contributions for social and economical development of the region and its infrastructure to the amount net less than USD <B>[REDACTED]</B> and not more than USD <B>[REDACTED]</B> at the exchange rate of the National Bank of the RK as of
the date of the fulfillment of the obligation, paid to the budget of the local executive authority according to the budgetary classification code 206114 &#147;Subsoil user contributions for social and economical development of the region and its
infrastructure&#148; as per the Uniform Budgetary Classification approved by the order no.&nbsp;403 of the Minister of Finance of the Republic of Kazakhstan dd. September&nbsp;18, 2014 (registered with the Ministry of Justice of the Republic of
Kazakhstan under no.&nbsp;9756 on September&nbsp;26, 2014); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">With effect from 2019, the Subsoil User will make annual contributions for
social and economic development of the region and its infrastructure in the amount not less than USD [<B>REDACTED</B>] but not more than USD [<B>REDACTED</B>] at the exchange rate of the National Bank of the RK as of the date of fulfillment of the
obligation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>[NOTE: The dollar amounts have been redacted from Section&nbsp;7.2.18.]</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.19 perform the pilot production at Block 3 in 2012-2014; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.20 make the mining feasibility study and the report including reserve estimation in 2014-2015; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.21 before the end of 2011, commence going even with the Exploration Programme for 2009 and beginning of 2010; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.22 every year and not later than February&nbsp;1 of the procurement plan year, submit the Goods, Work and Service Procurement Programme for
the oncoming year to the Competent Authority according to the forms and procedures approved by the Government of the Republic of Kazakhstan; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.23 every quarter but not later than the 15th of the month next to the reported period, submit the Goods, Work and Service Procurement and
Kazakhstan Content in Personnel Fulfillment Reports to the Competent Authority according to the forms and procedures approved by the Government of the Republic of Kazakhstan; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.24 every year and not later than February&nbsp;1, submit the Medium-Term and <FONT STYLE="white-space:nowrap">Long-Term</FONT> Procurement
Programme for Goods, Work and Services for the future years to the Competent Authority according to the forms and procedures approved by the Government of the Republic of Kazakhstan; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.25 every quarter but not later than the 15th of the month next to the reported period, submit to the Competent Authority, according to the
forms and procedures approved by the Government of the Republic of Kazakhstan, the Cost Reports for training, advance training and refresher training of personnel who are the Kazakhstan citizens and who are involved into the Contract fulfillment or
the Kazakhstan citizens training according to the list of disciplines approved by the Competent Authority; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.26 obtain registration in the Register of goods, work and services employed for subsurface
operations and related manufacturers/suppliers; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.27 in case any amendments are made to the Annual Goods, Work and Service Procurement
Programme, submit to the Competent Authority the information of such amendments within five business days according to the forms and procedures approved by the Government of the Republic of Kazakhstan; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.2.28 to finance research and development, scientific and engineering, design and experimental works performed by Kazakh producers of goods,
works and services in the amount equal to at least [<B>REDACTED</B>] percent of the total annual revenue from contractual operations annually. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>[NOTE: The percentage has been redacted in Section&nbsp;7.2.28.]</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.3 The Competent Authority shall have the following obligations: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.3.1 to assist the Subsoil User in implementing all of the Subsoil User&#146;s rights set forth in Article 7.1 of this Contract; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.3.2 to execute and implement this Contract in the manner and under the conditions contemplated by State laws; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.3.3 to submit to the Government proposals on revocation of this Contract, in the event of
<FONT STYLE="white-space:nowrap">non-fulfilment</FONT> of Contract conditions by the Subsoil User, or the amendment of such conditions; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.3.4 to assist the Subsoil User in acquiring the right to use land in accordance with this Contract; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.3.5 to assist the Subsoil User in obtaining all authorizations required to conduct Exploration and Extraction; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.3.6 to ensure that the regulations, procedures, State laws and reporting requirements applicable to the Subsoil User shall not differ from
those required at the other uranium mining production centres operating now or in the future in the State. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.4 The Competent Authority shall have the
following rights: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.4.1 to represent the State in negotiations with the Subsoil User under the terms of this Contract, to sign this
Contract, and to present this Contract for State registration; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.4.2 to make proposals to the Government to amend the conditions of this
Contract during the course of implementation of this Contract; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.4.3 to reasonably demand from the Subsoil User periodic and selective
reports on fulfilment of the terms of this Contract; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.4.4 to inspect the conduct of Operations by the Subsoil User, including
documentation of the Subsoil User related to the activities under this Contract; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.4.5 to have access to any job sites within the Contract Territory related to Operations within
the limits of its competence and in accordance with State laws; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">7.4.6 to verify the Subsoil User&#146;s compliance with the terms of
this Contract, and to have its representatives present during the conduct of Operations. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 8 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WORK PROGRAM </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.1 The Work Program to the
Contract shall be attached as Appendix No.&nbsp;1 to Amendment No.&nbsp;6 &#150; Work Program to Contract No.&nbsp;507 dated July&nbsp;13, 2000 for the Extraction of Uranium at Block No.&nbsp;1 and the Exploration and Subsequent Extraction of
Uranium at Block No.&nbsp;2 and Block No.&nbsp;3 of the Inkai Deposit in the South Kazakhstan Region Republic of Kazakhstan (which, with effect from 2017, shall replace the current Appendix No.&nbsp;4 to the Contract). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.2 The Work Program has been prepared on the basis of the &#147;Preliminary Technical and Economic Evaluation&#148; by the Subsoil User and studies and the
expert evaluation of the reserves of the Deposit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.3 Obligations of the Subsoil User in respect of minimum expenditures under the Work Programs as set
forth in this Contract commence at the Effective Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.4 The Contractor&#146;s annual production volume shall be 2,000 mTU per year effective 2012. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With effect from 2017, the annual production volume shall increase according to the Work Program with 4,000 tonnes of uranium per year to be achieved in 2019
and subsequent years based on extension and modernization of production and processing works in accordance with Clauses 71.4(2) and 71.4(3) of Law No <FONT STYLE="white-space:nowrap">291-IV</FONT> of the Republic of Kazakhstan &#147;On Subsoil and
Subsoil Use&#148;, in accordance with &#147;Minutes of the meeting regarding modernization of current production and processing complex of JV Inkai in connection with extension of the contract term until 13&nbsp;July 2045&#148; dated
29&nbsp;November 2017, as well as approved project documents. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 9.1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PERIOD OF EXTRACTION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1.1 The Subsoil
User shall have the exclusive right to conduct Extraction within the Mining Allotment until July&nbsp;13, 2045. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1.2 The Subsoil User shall commence work
on Block No.&nbsp;1 in accordance with paragraph&nbsp;4 of License No. AY 1370D (uranium) dated April&nbsp;20, 1999. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1.3 In the event of a Commercial
Discovery on Block No.&nbsp;2 and Block No.&nbsp;3 and if the Subsoil User makes a decision to start Extraction, the Subsoil User shall be granted the exclusive right for Extraction for a period of twenty-five (25)&nbsp;consecutive years after the
approval of the work program related to Extraction by the Competent Authority and any extension of such term in accordance with the provisions of Article 3. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1.4 The Subsoil User&#146;s annual production output shall be 1,500 mTU starting from 2010. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With effect from 2017, the annual production volume shall increase according to the Work Program with 4,000 tonnes of uranium per year to be achieved in 2019
and subsequent years. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1.5 The Subsoil User shall have the right to carry out exploration within the area of subsoil identified by the
Mining Allotment in accordance with Article 33.4 of Law No <FONT STYLE="white-space:nowrap">291-IV</FONT> of the Republic of Kazakhstan &#147;On Subsoil and Subsoil Use&#148;, effective as of the date of registration of Amendment No.&nbsp;6. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 9.2 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PERIOD OF
EXPLORATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.2.1 The Subsoil User is granted the exclusive right to conduct Exploration on Block No.&nbsp;2 and Block No.&nbsp;3 under License No.
AY 1371D (uranium) issued April&nbsp;20, 1999 for eight (8)&nbsp;continuous years until 13.07.08, with provision of extension for two (2)&nbsp;years. Such eight (8)&nbsp;year period can be extended for a period of up to two (2)&nbsp;years by mutual
agreement of the Parties and the Government in accordance with the Resource Code. Prior to any extension, the Parties shall first define the remaining portion of the Contract Territory under License No.&nbsp;AY 1371D (uranium) and shall make
appropriate amendments to the Work Program. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.2.2 The Subsoil User is granted the exclusive right for Exploration at Block 3 for the period until
July&nbsp;13, 2018, taking into consideration the extension of appraisal period for 3&nbsp;(three) years. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.2.3 The Subsoil User shall commence work on
Block No.&nbsp;2 and Block No.&nbsp;3 in accordance with paragraph 4 of License No. AY 1371D (uranium) dated April&nbsp;20, 1999. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.2.4 Upon completion of
the period for Exploration, and any extensions thereof under Article 9.2.1, Block No.&nbsp;2 and Block No.&nbsp;3 shall be returned other than those areas having a Commercial Discovery. The return of Block No.&nbsp;2 and Block No.&nbsp;3 shall occur
together with the delivery of materials on the Subsoil User&#146;s Exploration work conducted thereon in the form set forth under applicable regulations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.2.5 The Subsoil User shall, in accordance with this Contract, define the portions of Block No.&nbsp;2 and Block No.&nbsp;3 to be returned and give notice
thereof to the Competent Authority no later than thirty (30)&nbsp;days prior to each such return. In the event that the Subsoil User shall conclude that there will be no Commercial Discovery anywhere on Block No.&nbsp;2 and Block No.&nbsp;3, then
the Subsoil User shall have the right to return the entire area prior to the expiration of the Exploration period, and shall have no obligation to make any expenditures after the date of such return; provided that the Subsoil User shall comply with
all requirements of State law relating to environmental protection and the safety of personnel and population and reclamation requirements on Block No.&nbsp;2 and Block No.&nbsp;3. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.2.6 Returned portions of the Contract Territory shall comply with all requirements of State law concerning the protection of natural resources. The Subsoil
User shall, at its own expense, rehabilitate returned territory and other natural objects damaged by Operations so that such territory and other natural objects can be used for the same purposes they were used for prior to the commencement of
Exploration Operations. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 9.3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COMMERCIAL DISCOVERY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.3.1 If the Subsoil
User discovers a deposit of Ore Mineral in the course of conducting Exploration on Block No.&nbsp;2 and/or Block No.&nbsp;3 that, in the judgement of the Subsoil User, is a potential Commercial Discovery, then the Subsoil User shall promptly so
inform the Competent Authority, and shall no later than twelve (12)&nbsp;months after giving such written notice to the Competent Authority prepare a work program for estimating the reserves of such potential Commercial Discovery and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 16 </P>


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obtaining additional information necessary to evaluate the economic viability of such potential Commercial Discovery. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.3.2 No later than eighteen (18)&nbsp;months after the completion of Exploration for a potential Commercial Discovery, the Subsoil User shall prepare, within
the context of the Work Programs, a feasibility study on the development of such potential Commercial Discovery. Each such feasibility study shall assess the value of the economically recoverable Ore Mineral reserves in the ground for Extraction and
then be presented to the Competent Authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.3.3 The authorized State Organ shall ensure State evaluation of the Subsoil User&#146;s feasibility study
for a potential Commercial Discovery based on publicly available market prices for Kazakhstan uranium at the time of such evaluation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.3.4 In the event
of a Commercial Discovery on Block No.&nbsp;2 or Block No.&nbsp;3, the Subsoil User shall have an exclusive right to conduct Extraction upon satisfaction of all conditions set forth in License No. AY 1371D (uranium) dated April&nbsp;20, 1999. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 10 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ACCOUNTING
CONTROL </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10.1 The Subsoil User shall maintain accounting records for Operations under this Contract, and shall preserve such accounting documentation
for the term indicated by State laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10.2 The Subsoil User shall submit financial reports regarding Operations to the Competent Authority in accordance
with procedures established by State laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10.3 The Subsoil User shall submit financial and statistical reports on its activities to State Organs at such
intervals and in such manner as set forth in State law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10.4 The Subsoil User shall submit the state statistical reports in accordance with Form <FONT
STYLE="white-space:nowrap">No.&nbsp;1-LKU</FONT> (report on performance of license and contract conditions) for combined operations under Blocks 1 and 2 (Extraction) without separation of volumes, and separately for Block 3. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 11 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MEASURING
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.1 Measuring and weighing of Ore Mineral extracted on the Contract Territory shall be conducted by the Subsoil User in accordance with methods and
practice applicable in the State. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.2 Every six (6)&nbsp;months, the Subsoil User shall, with the participation of representatives of the Competent
Authority, conduct tests of the equipment and metres used for weighing and measuring Ore Mineral. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.3 If in the course of such tests or examination it
appears the equipment or measuring devices have defects and in such case if it is impossible to determine the date when such defect occurred, the duration of such defect shall be determined as half of the period from the preceding inspection to the
time the defect was discovered. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.4 In the event that the Subsoil User considers it necessary to introduce changes to the measuring methods or to replace
existing measuring equipment, then the Subsoil User shall notify the Competent </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 17 </P>


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Authority of this fact no later than thirty (30)&nbsp;days prior to such introduction in order to give sufficient time for representatives of the Competent Authority to be present at such changes
or replacement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 12 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IMPLEMENTATION OF CONTRACTORS&#146; WORK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.1 Upon request of the Competent Authority, the Subsoil User shall submit annual plans of <FONT STYLE="white-space:nowrap">sub-contract</FONT> work and
other information related to such work in accordance with State law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.2 On a mandatory basis, the Subsoil User shall use equipment, material and
prepared products made in the State, to the extent they are in accordance with standards and other requirements established by a tender conducted in the State in a manner determined by the Government provided, however, that if any such equipment,
material or prepared products are not available within the State, the Subsoil User may obtain such equipment, material or prepared products from foreign organizations with the permission of an authorized State Organ. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.3 On a mandatory basis, the Subsoil User shall employ Kazakhstani enterprises and organizations for the performance of work and services during the conduct
of Operations, including the use of air, rail, water and other forms of transport, if such work and services are in accordance with standards and other requirements established by a tender conducted in the State in a manner determined by the
Government provided, however, that if such types of work or services are not available in the State, the Subsoil User may use the services of foreign organizations with the permission of an authorized State Organ. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.4 The Subsoil User shall have the right to determine the standards and other requirements for any such tenders with respect to the technical qualities of
goods and services, prices, work parameters and delivery terms, subject to the Work Programs approved by the Competent Authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.5 The Subsoil User
shall be responsible for the implementation of contracts in accordance with the laws of the State. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 13 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FINANCE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13.1 The Subsoil User shall be
responsible for financing the costs of Operations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13.2 The Subsoil User may freely receive loans in any currency in the State and outside the State in
order to finance the Subsoil User&#146;s activities provided that such loans do not violate State law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13.3 The Subsoil User may maintain bank accounts
both in the national currency of the State and in foreign currency in banks within the State and in banks outside of the State, in order to implement the terms of this Contract and to receive funds which represent receipts and revenue under the
terms of this Contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13.4 Payments made to the State pursuant to this Contract shall be made in a manner determined by State law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13.5 The Subsoil User shall make hard currency transactions in accordance with State law relating to the control of hard currency. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 14 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TAXATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14.1 Subsoil User shall pay
taxes and other obligatory payments to the budget in compliance with the Tax legislation in effect on the date when such payment obligations arise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>14.1.1 Signature Bonus </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Subsoil User paid a signature bonus in the amount of $[<B>REDACTED</B>] US dollars. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>14.1.2 Past Costs </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
past costs incurred by the State for geological survey of the Contract Area in the amount of $[<B>REDACTED</B>] US dollars shall be paid by the Subsoil User to the budget as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Subsoil User has already paid for the use of the geological information which is [<B>REDACTED</B>] of the above-mentioned amount, i.e. $[<B>REDACTED</B>] US dollars, as provided for in clause 1.4 of the Contract for
Geological Information Purchase dated 28.02.1997, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the amount of $[<B>REDACTED</B>] US dollars has been paid by the Subsoil User in 2008 in quarterly installments by $[<B>REDACTED</B>] US dollars each as stipulated in clause 14.2.5.4.1, </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Subsoil User undertakes to pay the remaining amount of $[<B>REDACTED</B>] US dollars as required by Tax Legislation. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NOTE: The dollar amounts and percentages have been redacted from Section&nbsp;14.1.] </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14.2 Custom Duties </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Subsoil User shall pay customs
duties as required by the Customs Legislation of the Republic of Kazakhstan effective on the date of the customs declaration receipt. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14.3 Transfer
Pricing </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Governmental authorities monitoring transfer pricing shall have a right to adjust taxation objects in compliance with laws on legislative and
governmental monitoring of transfer pricing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14.4 Retirement Insurance, Social Payments </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Subsoil User shall withhold and transfer to the Pension Fund obligatory pension contributions of its employees in compliance with the law on retirement
insurance and shall be responsible for complete calculation and timely payment of social taxes to the State Social Security Fund in compliance with the law on obligatory social security, all in effect on the date when such obligations arise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14.5 Penal Sanctions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">14.5.1 Penal
sanctions for violation of the Tax legislation shall be applied in accordance with the law in effect on the date when such violation was committed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">14.5.2 Penal sanctions for violation of <FONT STYLE="white-space:nowrap">non-tax</FONT> payments
shall be applied at the rates established by the legislation effective on the date when such violation was committed. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 15
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ACCOUNTING PROCEDURE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15.1 The
Subsoil User shall maintain complete and precise accounting records of all its revenues and expenditures related to the implementation of this Contract in accordance with the standards for accounting procedures established by State law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15.2 All accounting books and accounting reports of the Subsoil User shall be accessible to inspection by the Competent Authority and other State Organs in
accordance with their authority as determined by State law. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 16 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INSURANCE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.1 Within one hundred twenty
days (120)&nbsp;after the Effective Date, the Subsoil User shall prepare and present to the Competent Authority for its approval, an insurance program on all risks, property and other material connected with Operations. Such insurance shall be
established in accordance with State law and take into account international standards and practices. The types of insurance policies and the policy limits of such insurance policies shall be at the discretion of the Subsoil User in accordance with
State law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.2 Insurance is envisaged for property risks and liability risks connected with the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">16.2.1 transportation and storage of freight delivered to the areas where Operations are conducted; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">16.2.2 property of the Subsoil User used for Operations, including rented or leased property; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">16.2.3 general civil and legal liability relating to Third Parties; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">16.2.4 legal liability for environmental damage to Third Parties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.3 The Subsoil User shall be obligated to provide insurance coverage for its employees in accordance with State laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.4 The Subsoil User shall select insurance companies at its own discretion in accordance with State laws. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 17 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LIQUIDATION,
LIQUIDATION FUND </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.1 Six (6)&nbsp;months prior to the expiration of the term of this Contract, the Subsoil User shall submit to the Competent
Authority for confirmation by the Competent Authority a program for the reclamation and decommissioning of the effects of Operations under this Contract, including expenditures required for such reclamation and decommissioning. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.2 Reclamation, decommissioning and conservation activities shall be conducted in accordance with the procedures established by the Government. Liquidation
and conservation of the technological, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 20 </P>


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monitoring, controlling and other wells shall be maintained in accordance with rules and norms of personnel safety and mineral protection. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.3 The reclamation and decommissioning plan shall provide for the removal or decommissioning of structures and equipment used during the course of Operations
of the Subsoil User on the Contract Territory. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.4 Contributions to the reclamation fund established under Article 17.7 and other charges for reclamation
and decommissioning made by the Subsoil User shall be included in the cost of Exploration and Extraction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.5 If the actual reclamation and
decommissioning costs shall be less than the amount contributed per Article 17.7, the remaining amounts shall be included in taxable income of the Subsoil User. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.6 If the State chooses, at its own risk, to continue the use of all or part of the structures which were returned to it by the Subsoil User upon the
expiration of this Contract, then in such case the Subsoil User shall not have any obligation with respect to the implementation of the reclamation and decommissioning plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.7 The Subsoil User shall establish a fund (the &#147;Reclamation Fund&#148;) to secure the Subsoil User&#146;s reclamation and decommissioning obligations
under this Contract. The Subsoil User shall open an account with a reputable bank of its choosing to hold contributions to the Reclamation Fund. Contributions to the Reclamation Fund shall be made in US dollars. Withdrawals from the Reclamation Fund
shall require the authorization of the Subsoil User and the Competent Authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Contributions to the Reclamation Fund shall be made annually within
thirty (30)&nbsp;days following the end of each Fiscal Year after the Commencement of Commercial Extraction. The Subsoil User&#146;s annual contribution to the Reclamation Fund shall be: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) for each of the first five annual contributions, [<B>REDACTED</B>] percent of the Subsoil User&#146;s gross revenues for the preceding
Fiscal Year; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) for each of the next fifteen annual contributions, [<B>REDACTED</B>] percent of the Subsoil User&#146;s gross revenues
for the preceding Fiscal Year; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) for each of the remaining annual contributions, [<B>REDACTED</B>] percent of the Resource
Use&#146;s gross revenues for the preceding Fiscal Year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NOTE: The percentages have been redacted from Section&nbsp;17.7.] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Subsoil User may deduct from each annual contribution to the Reclamation Fund the sum of its actual expenditures on reclamation and decommissioning
activities for the preceding Fiscal Year and any interest earned on the Reclamation Fund and not previously deducted. The Subsoil User shall have no obligation to make contributions to the Reclamation Fund once the amount of the Reclamation Fund is
US five hundred thousand (US $500,000) dollars or greater. Interest earned on the Reclamation Fund once the amount of the Reclamation Fund is US five hundred thousand (US $500,000) dollars or greater shall be released to the Subsoil User to support
ongoing reclamation work. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Parties acknowledge that they will consider the feasibility of securing the Subsoil User&#146;s reclamation and
decommissioning obligations by means of a letter of credit or similar financial instrument. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 18 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ENVIRONMENTAL PROTECTION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.1 During the
implementation of this Contract the Subsoil User shall comply with State laws relating to <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources and environment protection and shall take all necessary measures in order to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">18.1.1 protect the life and health of the local population from the consequences of Operations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">18.1.2 ensure rational use of <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">18.1.3 retain natural landscapes and the biological diversity of the environment, and <FONT STYLE="white-space:nowrap">re-cultivate</FONT>
damaged soils and other geomorphologic structures; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">18.1.4 maintain the surface of the Contract Territory in order to prevent, to the
extent possible, earthquakes, landslides, floods and soil subsidence. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.2 During the conduct of Operations the Subsoil User shall, as a priority, observe
the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">18.2.1 Preservation of natural resources (subject to the conduct of Operations) which include: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) prevention of land from <FONT STYLE="white-space:nowrap">man-made</FONT> desolation; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) prevention of water and wind erosion of soil; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) isolation of absorption to freshwater levels in order to prevent contamination; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(d) compliance with other requirements in accordance with environmental legislation; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(e) establishment of a Sanitary-Protection Zone (&#147;SPZ&#148;) in accordance with the sanitary classification and estimates of the airborne
contaminant dispersion and estimated extent of the contaminant plume in groundwater of the upper aquifer at the end of the operations of the ISL wellfield; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(f) proper establishment of the SPZ; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(g) maintaining on the border of the SPZ of surface contamination levels not exceeding maximum allowed limits for settlement with consideration
of the baseline level. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">18.2.2 The Subsoil User shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) ensure full preliminary geological study of <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources in order to reliably estimate size
and structure of reserves of Ore Mineral of the Deposit; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) ensure rational use of <FONT STYLE="white-space:nowrap">Sub-soil</FONT>
Resources at all stages of Exploration and Extraction; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) ensure full economic recovery of Ore Mineral in accordance with the Work
Program; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(d) protect <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources from floods, fires, explosions, collapse of overlying
bedrock, and other uncontrolled factors which would lower the quality of the Deposit or render its exploitation and refinement more complicated; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(e) prevent pollution of <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources during the
conduct of Exploration and Extraction; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(f) observe the provisions of Article 27 hereof relating to suspension or cessation of Exploration
and Extraction, and of Article 17 relating to liquidation; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(g) ensure ecological requirements in respect of the storage and disposal of
industrial and ordinary waste in order to prevent them from contaminating surface or ground water; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(h) ensure full Extraction of
economically recoverable reserves of Ore Mineral; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(i) keep records of Ore Mineral extracted and left in the ground, as well as
processing products and industrial waste in the course of development of the Deposit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Subsoil User shall ensure the completeness and
authenticity of hydro-geological, environmental, engineering-geological and technological studies of the Contract Territory in accordance with the Work Programs, which has been agreed to with an authorized State Organ. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.3 The necessary environmental prerequisite for the start of Operations shall be the issuance of a positive conclusion by State ecological expertise
concerning the design plan documents, and the completion of analysis of the environmental impact stipulating the issuance of permits for the use of natural resources. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.4 The Subsoil User shall obtain permission to use natural resources from the State environmental protection organ prior to beginning Operations under this
Contract. The Subsoil User shall not be liable and the Government hereby awards and presents the Subsoil User with immunity, in respect of any claim, lawsuit, liability, loss, cost or expense relative to, or arising with respect to, or in connection
with, any environmental, health or safety liabilities existing at, under or near the Contract Territory: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">18.4.1 prior to the effective
date of the Resource Use Contract signed by Uranerzbergbau-GmbH on November&nbsp;14, 1996; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">18.4.2 at any time if not resulting from
Operations by the Subsoil User. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Environmental, health, or safety liabilities existing prior to the Effective Date will be documented prior to the
commencement of commercial Extraction by means of an environmental assessment to be included in the technical design plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.5 The Subsoil User shall
monitor <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources and the condition of the environment in order to study the environmental impact caused by the activities under this Contract, and shall take timely measures to remedy any material
negative effects. Data in respect of operational monitoring and reports regarding environmental impact shall be submitted to the authorized environmental protection State Organs. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.6 The Subsoil User shall rectify any material negative environmental effects caused by its activities on the Contract Territory, carry out any necessary
rehabilitation, and provide compensation for any material environmental damage in accordance with 18.4 and Article 17. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 23 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.7 Authorized State Organs shall exercise control over compliance with the Resource Code and environmental
legislation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.8 After this Contract has expired or upon a staged return of the Contract Territory, the Subsoil User shall return the Contract Territory
in a condition acceptable for its designated use as of the Effective Date in accordance with State law. The Competent Authority agrees that the designated use of the Contract Territory as of the Effective Date was mining for Ore Mineral and other <FONT
STYLE="white-space:nowrap">Sub-soil</FONT> Resources, and grazing for livestock such as horses, camels, cattle and sheep. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.9 The Subsoil User undertakes
the responsibility not to damage any archaeological, historical or religious objects or natural parks of the State in existence as of the Effective Date, as well as any necropolis in the Contract Territory. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.10 The Parties intend that the Subsoil User shall take into account environmental and safety issues and make every reasonable effort to prevent
contamination and damage to the environment, reservoirs, underground water, soil, flora and fauna in accordance with contemporary international mining practices. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.11 The Subsoil User shall fully inform the public regarding the environmental condition of the Contract Territory and any changes as a result of Operations.
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 19 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAFETY
OF PERSONNEL AND GENERAL POPULATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.1 The Subsoil User shall enforce observance of safety rules and standards set out in State law, as well as
take appropriate measures to prevent and remedy work-related accidents and failures, and to satisfy sanitation standards and regulations during Operations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.2 Exploration and Extraction is prohibited if there is any danger to life or health of people caused by Operations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.3 State control over compliance by the Subsoil User with safety regulations and industrial sanitation standards during Exploration and Extraction shall be
exercised by specially authorized State Organs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.4 The primary safety requirements of Exploration and Extraction are as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.1 employment of specially trained personnel having relevant qualifications, and mine management personnel having appropriate background;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.2 provision of special safety clothes and equipment for personal and collective safety; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.3 use of machinery, equipment and materials that meet safety and sanitation requirements; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.4 keeping account of appropriate storage and consumption of explosives and blasting devices and equipment, and their proper and safe use;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.5 implementation of geological, mine surveying and other observations and studies necessary to ensure a technological cycle and
predict dangerous situations; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.6 timely updating of technical documents and plans for liquidating the consequences of any
accident, and providing clearly defined boundaries of safe work zones; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.7 compliance with all requirements of the design plan on
development of the Deposit; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.8 maintaining sanitary, anti-epidemiological measures in order to prevent occupational diseases; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.9 creating working conditions favorable for employee&#146;s health; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.10 arranging for preliminary and periodical medical supervisions of employees operating in a difficult and unfavorable conditions of human
health; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.11 arranging for a lab and technical control of the state of working parameters at work places; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.12 providing good quality drinking water for the employees in standard quantities; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.13 providing to the employees a full range of all sanitary additional rooms (lockers, showers, etc.) in accordance with the existing
norms; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.14 providing a radiation safety; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">19.4.15 prior to the start of Operations the appropriate design plan of Operations shall be agreed with local authorities of State sanitary and
epidemiological supervision. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.5 In the event of any direct threat to life and health of the Subsoil User&#146;s personnel and/or the local population,
responsible officers of the Subsoil User shall immediately cease Operations, ensure the evacuation of personnel to a safe place and inform the Competent Authority and the local executive authorities about such threat. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.6 Implementing of all technical work under this Contract related to Exploration and Extraction of Ore Mineral at the Inkai Deposit shall be made only in
accordance with design plans approved by the State Organs of Mining and Technical Supervision of the Agency of the Republic of Kazakhstan on Emergency Situations. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 20 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OBLIGATIONS
OF THE PARTIES FOR BREACH OF CONTRACT TERMS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">20.1 For violations of the terms and conditions of this Contract, the Parties shall bear responsibility
as established by State laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">20.2 The Subsoil User will pay a fine for failure to fulfill or improper fulfillment of the following obligations thereof:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) Failure to meet the local content of GWS obligation &#150; [<B>REDACTED</B>] of the amount of
<FONT STYLE="white-space:nowrap">non-fulfilled</FONT> obligation of the period; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) Failure to meet the local content of workforce
obligation &#150; [<B>REDACTED</B>] monthly calculation indexes (MCI)&nbsp;as established by the RK law &#147;On the republican budget&#148; effective as of the 1st of January of the respective year; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 25 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) For <FONT STYLE="white-space:nowrap">non-execution</FONT> of financial liabilities in the
amount of [<B>REDACTED</B>] from the sum of <FONT STYLE="white-space:nowrap">non-executed</FONT> liability for the reporting period, in terms of social payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NOTE: The amounts of the penalties have been redacted.] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, should the actual costs incurred by the Subsoil User be lower than those taken into account when this Contract was signed, the working program and
design documents were approved, due to the change in market prices or for any other reason beyond control of the Subsoil User, yet the physical scope of Subsoil User&#146;s commitments under this Contract, the working program and design documents
has been fulfilled in full, such decrease in the actual costs of the Subsoil User shall not be deemed a breach of this Contract and may not be used as grounds for early unilateral termination of this Contract. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 21 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORCE
MAJEURE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">21.1 Neither of the Parties hereto shall bear responsibility for <FONT STYLE="white-space:nowrap">non-fulfilment</FONT> or improper
fulfilment of any of its obligations under this Contract if such <FONT STYLE="white-space:nowrap">non-fulfilment</FONT> or improper fulfilment is caused by Force Majeure circumstances. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">21.2 Force Majeure circumstances include any events which are beyond the control of the Parties including without limitation, the following: civil and
political disturbances; war; terrorism; revolution or rebellion; natural disaster; strike; embargo; fire; explosion; flood; severe or unusual weather conditions during which it is impossible to conduct Operations and any other circumstances which
are beyond the control of the Parties; provided that the Competent Authority shall not be entitled to claim Force Majeure with respect to any act, failure to act or delay in acting by the Government or any State Organ or State-owned enterprise which
prevents the Competent Authority from fulfilling its obligations hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">21.3 Any Party subject to Force Majeure circumstances shall notify the other
Party thereof as soon as possible by sending written notice which shall indicate the commencement date thereof and describe such Force Majeure circumstances. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">21.4 In the event of any Force Majeure, the Parties shall, within a reasonable period of time, hold a meeting for the purpose of finding an acceptable solution
to the situation, and each shall use their best efforts to minimise the effects of such circumstances. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">21.5 If in the event of any Force Majeure, work
under this Contract is fully or partially suspended, then the period of time planned for completion of such work shall be extended by the period during which the Force Majeure circumstances continue. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 22 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONFIDENTIALITY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">22.1 Information which is
received or acquired by a Party as part of the process of implementing this Contract shall be considered confidential. A Party may use such information in preparing any reports required by State law; however, the State Organ reviewing the report
will be informed that the report contains confidential information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">22.2 A Party shall not have the right to disclose confidential information to Third
Parties without the consent of the disclosing party, except as follows: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">22.2.1 if such information is used as part of a judicial proceedings or its disclosure is
required for purposes of complying with stock exchange rules; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">22.2.2 if such information is disclosed to Third Parties offering
services to the Subsoil User, provided that such Third Parties become obligated to consider such information as confidential and use such information in a manner determined by the Parties and for such time as determined by the Parties; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">22.2.3 if such information is disclosed to a bank or other financial institution from which the Subsoil User is obtaining finance, provided
that such bank or other financial institution becomes obligated to consider such information as confidential and use such information only in relation to such financing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">22.3 The Parties agree that confidentiality of all information which is received or acquired by a Party as part of the process of implementing this Contract
shall be observed until the date shown in Article 3.1 hereof if the disclosing party has indicated that it is confidential. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 23
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ASSIGNMENT OF RIGHTS AND OBLIGATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.1 Assignment of rights and obligations under this Contract to any Third Party (other than to subsidiaries of the Subsoil User) by the Subsoil User shall be
permitted only upon the written consent of the Competent Authority which shall not be unreasonably withheld; provided that the Subsoil User without the consent of the Competent Authority may assign, pledge, mortgage or otherwise encumber its rights
hereunder to or in favor of a bank, lender or other financial institution if the Subsoil User considers it necessary to do so in connection with the financing of Operations and such financing is used solely for purposes of Operations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.2 Expenses incurred by the Subsoil User in connection with any assignment of rights and obligations hereunder shall be borne by the Subsoil User and shall
not be reimbursed by the State. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.3 The Subsoil User and any Third Party to which the Subsoil User assigns its rights and obligations hereunder shall
have joint liability hereunder so long as the Subsoil User continues to have any direct or indirect interest in this Contract. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article
24 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GOVERNING LAW </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">24.1 The
Parties shall comply with State laws in exercising their respective rights and performing their respective obligations under this Contract. The interpretation and effect of this Contract shall be governed by the laws of the State. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 25 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RESOLUTIONS
OF DISPUTES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25.1 The Parties shall make every effort to settle any dispute or disagreement which may arise in connection with the execution or
interpretation of any of the provisions of this Contract by negotiation. The Parties recognize that State laws in regards to the interpretation of commercial contracts are still developing. In recognition of this the Parties agree to reference
international standards of contract interpretation in any such negotiations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25.2 [<B>REDACTED</B>] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25.3 [<B>REDACTED</B>] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25.4 [<B>REDACTED</B>] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25.5 [<B>REDACTED</B>] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NOTE: The dispute resolution
mechanism and corresponding details have been redacted from Article 25.] </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 26 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GUARANTEE OF CONTRACT STABILITY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">26.1
[<B>REDACTED</B>] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">26.2 [<B>REDACTED</B>] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">26.3
[<B>REDACTED</B>] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NOTE: Provisions dealing with contract stability have been redacted from Sections 26.1, 26.2 and 26.3] </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">26.4 The State guarantees to the Subsoil User that during the entire term of this Contract the Subsoil User shall have the right to engage in free private
enterprise activity and to ensure the protection and support of such activity including, without limitation, the inviolability of property rights, the right to independently set prices for Ore Mineral, the protection of commercial secrets, and the
right to be free of unlawful interference with its business activity, all in accordance with the Law of the Republic of Kazakhstan on the Protection and Support of Private Enterprise. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 27 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONDITIONS
FOR CONTRACT TERMINATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND SUSPENSION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>27.1 Suspension of this Contract </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">27.1.1
The Competent Authority or the State agency authorized with respect to the use and protection of <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources has the right to require the suspension of Exploration or Extraction for a period of up to
six (6)&nbsp;months if the Subsoil User: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) engages in activity not contemplated under this Contract or violates the terms of this
Contract; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) engages in activity not contemplated under the Work Program; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) in the course of its activities systematically violates State law relating to environmental protection or work safety,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 28 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
provided, however, that if the cause of such proposed suspension relates to Articles&nbsp;27.1.1(a) or (b), then the Competent Authority or the State agency authorized with respect to the use and
protection of <FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources shall give the Subsoil User prior written notice of such cause and a reasonable period in which to cure such cause prior to requiring suspension of Operations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">27.1.2 If Operations are suspended, the Competent Authority or the State agency authorized with respect to the use and protection of <FONT
STYLE="white-space:nowrap">Sub-soil</FONT> Resources shall give the Subsoil User written notice thereof stating the cause for such suspension in reasonable detail and establishing a reasonable period for the Subsoil User to cure such cause. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">27.1.3 The Competent Authority or the State agency authorized with respect to the use and protection of
<FONT STYLE="white-space:nowrap">Sub-soil</FONT> Resources shall give the Subsoil User written notice upon the curing of any cause for suspension of Operations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>27.2 Termination of this Contract </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">27.2.1
The Competent Authority has the right to terminate this Contract upon the occurrence and continuation of any of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) the
failure of the Subsoil User to cure the cause of any suspension of this Contract under Article 27.1 hereof within the time period established therefor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) the failure of the Subsoil User to commence Operations within the time period established under this Contract; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) if it is impossible to cure a cause for suspension relating to a threat to human life or to the environment; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(d) if the Subsoil User materially violates this Contract or the Work Program; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(e) if the Subsoil User is adjudged a bankrupt by a court of competent jurisdiction, unless the Subsoil User&#146;s right to use <FONT
STYLE="white-space:nowrap">Sub-soil</FONT> Resources under this Contract has been pledged in accordance with the Resource Code; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(f) upon
the early termination of the Licenses in accordance with this Contract and the legislation of the State; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(g) in the event of interruption
by the Subsoil User of Operations planned in the Work Program for a period of more than ninety (90)&nbsp;days excluding interruptions caused by events of Force Majeure and/or due to planned shutdowns for economic reasons with a prior written notice
to the Competent Authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">provided, however, that if the cause of such proposed termination relates to Articles&nbsp;27.2.1(b), (d), (e)
or (g), then the Competent Authority shall give the Subsoil User prior written notice of such cause and a reasonable period in which to cure such cause prior to adopting any decision to terminate this Contract. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">27.2.2 The Competent Authority has the right, prior to adopting any decision concerning the termination of this Contract, to require the
Subsoil User to cease the conduct of Operations by means of written notice to the Subsoil User. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 29 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">27.3 <B>Invalidity of this Contract</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">27.3.1 This Contract may be declared invalid based solely on a judicial determination in accordance with State law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">27.4 If the Competent Authority decides and is entitled to terminate this Contract in accordance with Article 27.2, then this Contract shall be terminated
within ninety (90)&nbsp;days after receipt by the Subsoil User of written notice from the Competent Authority advising the Subsoil User of the termination of this Contract. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">27.5 Termination of this Contract in accordance with this Article 27 shall not relieve the Parties from any obligations in existence as of the date of receipt
by the Subsoil User of the written notice of termination from the Competent Authority. Any disputes between the Parties regarding the termination of this Contract and the consequences thereof shall be resolved in accordance with Article 25 of this
Contract. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 28 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LANGUAGE OF THE CONTRACT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.1 The text of
this Contract shall be in the English, Russian and State languages and each version shall have equal legal force. In the event of any inconsistency or conflict involving the provisions of this Contract, or in case of any arbitration, the English and
Russian language versions of this Contract will be used to resolve such inconsistency or dispute and both texts shall be considered on an equal basis. In the case of any conflict between the English and Russian texts of this Contract in any court
proceedings or in any arbitration under this Contract, the court or arbitration tribunal (as applicable) shall conform the two texts to the extent possible using general principles of fairness and making reference, where necessary, to generally
accepted standards of the international uranium mining industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NOTE: The prevailing language provision differs among the amendments to the
Contract.] </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.2 The Parties agree that the English and Russian languages shall be used as languages of communication. After the Effective Date,
technical documentation and information concerning Operations shall be compiled in Russian and English. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.3 Unless stipulated otherwise, documents and
information relating to administrative activities shall be compiled in the English and Russian languages. Tables and other reporting documents which are not included in the system of State reporting may be printed with captions in the English and
Russian languages and they may be completed in the State, Russian and English languages. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.4 Upon request of the Competent Authority any document related
to this Contract shall be presented in the State language within a reasonable time period. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 29 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADDITIONAL PROVISIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29.1 <B>Notices.
</B>All notices shall be made in writing in the Russian and English languages and both texts shall have equal legal force. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 30 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">29.1.1 All notices shall be delivered by fax or international courier service to the addresses of
the Parties specified in this Contract, or to another address specified in writing by the Parties. Any notice which is only delivered by mail shall not be deemed valid. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">29.1.2 Any notice sent by fax is subject to confirmation by forwarding an original by international courier service within ten (10)&nbsp;days
after transmission, otherwise such notice shall not be considered validly delivered in accordance with Article 29.1.1. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">29.1.3 Notices
shall be addressed to authorized representatives of the Parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">29.1.4 Any notice delivered by courier shall be considered valid upon
delivery. In the event of transmission by fax a notice is considered valid at the moment of transmission if the sender has received a precise and accurate transmission report subject to Article&nbsp;29.1.2. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">29.1.5 In the event of transmission, forwarding or delivery of a notice to a recipient on a <FONT STYLE="white-space:nowrap">non-working</FONT>
day in the recipient&#146;s country, or after 17:00 on any working day, then such notice is considered delivered to a recipient at 9:00 a.m. on the next working&nbsp;day. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:106.15pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Competent Authority Address:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Subsoil User&#146;s Address:</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ministry of Energy of the</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Republic of
Kazakhstan</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19 Kabanbai batyr Ave., Astana</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">010000, Republic of
Kazakhstan</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +7 (7172) <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">97-68-01</FONT></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax: +7 (7172)
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">97-69-71</FONT></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attention: Chairman of the Agency</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joint Venture Inkai Limited Liability Partnership</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Floor 5, ESKO business center, 1G</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Madeli kozha str., Shymkent
160021</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Republic of Kazakhstan</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +7 7252 997 182</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax: +7 7252 997 183</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attention: General Director</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="14%" VALIGN="top" ALIGN="left">With&nbsp;a&nbsp;copy&nbsp;to:</TD>
<TD ALIGN="left" VALIGN="top">Cameco Corporation </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:4%; font-size:10pt; font-family:Times New Roman">2121 &#150;
11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Street West </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Saskatoon, Saskatchewan S7M 1J3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Canada </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Tel: (1 306) <FONT STYLE="white-space:nowrap">956-6285</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fax: (1 306) <FONT STYLE="white-space:nowrap">956-6302</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention: President </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">29.1.6 Either Party may change its address as set forth above by giving written notice to the other. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29.2 <B>Entire Agreement.</B> The rights and obligations of the Parties set forth herein shall be regulated solely by the provisions hereof, and shall not be
amended, altered or otherwise modified, except by written mutual agreement of the Parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29.3 [<B>REDACTED</B>] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NOTE: Section&nbsp;29.3 redacted as it is no longer relevant.] </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29.4 [<B>REDACTED</B>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 31 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29.5 <B>Constructive Approach.</B> The Parties hereby base their relationship under this Contract on principles
of goodwill and good faith and shall accordingly cooperate to achieve the mutual objectives hereof and to amicably resolve any misunderstandings or disputes that may arise. [<B>REDACTED</B>] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NOTE: Provisions relating to additional rights of the Subsoil User have been redacted from Sections 29.4 and 29.5.] </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29.6 <B>Waiver of Immunity.</B> The Government irrevocably waives any right of immunity it may have, whether as a sovereign or otherwise, from legal
proceedings (including without limitation, service of process, jurisdiction, post-judgement attachment and execution on property) against it in connection with this Contract. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29.7 <B>Cooperation.</B> By its execution hereof, the Government shall use its best efforts to ensure that all State Organs and local Government issue and
maintain in force in a timely manner all necessary permissions, approvals and other documents related to the realisation of this Contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29.8 <B>Waiver
of Rights.</B> <FONT STYLE="white-space:nowrap">Non-fulfilment</FONT> or delay by one of the Parties of any provision, of this Contract at any time shall not constitute a waiver of such provision. Each Party shall have a right to waive any of its
rights hereunder on the condition that such waiver shall be in writing and signed by such Party and on the condition that such waiver complies with State law in effect at the time of such waiver. Such waiver may set forth conditions, limitations and
terms governing such waiver. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29.9 <B>Severability.</B> In the event that any provision hereof shall in full or in part become invalid or inapplicable to a
Party hereto, or be recognised as unenforceable by a court of competent jurisdiction, such invalidity, inapplicability or unenforceability shall not affect the remaining provisions hereof, which shall retain full legal force and validity. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29.10 <B>Attachments.</B> All attachments to this Contract shall be integral parts hereof. Should any differences arise between the provisions of any appendix,
other than the Licenses, and this Contract, the provisions of this Contract shall prevail. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29.11 <B>Counterparts.</B> This Contract is executed in six
(6)&nbsp;original counterparts, two in Russian, two in English and two in State languages. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29.12 <B>This Contract </B>acknowledged and agreed to by the
partners of Joint Venture &#147;Inkai&#148;. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="47%"></TD></TR>


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<TD VALIGN="top"><U><B><I>&#147;Kazatomprom&#148;</I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><I><U>&#147;Cameco&#148;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Kazatomprom</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cameco Corporation</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 32 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, this Contract for the Extraction of Uranium at Block No.&nbsp;1 and the Exploration and
Extraction of Uranium at Block No.&nbsp;2 and Block No.&nbsp;3 of the Deposit between the State, as represented by the Agency of the Republic of Kazakhstan for Investment, and Joint Venture Inkai Limited Liability Partnership, has been duly executed
by the Parties&#146; authorized representatives as of the date and year first above written in the City of Astana, Republic of Kazakhstan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For and on
behalf of: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AGENCY OF THE REPUBLIC OF KAZAKHSTAN </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FOR INVESTMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Acting in its own name and as the
Competent Authority on behalf of the Republic of Kazakhstan </P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signed: <B><I><U>&#147;Mr.&nbsp;Dulat
Kuanishev&#148;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U></I></B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Dulat
Kuanishev, Chairman</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For and on behalf of: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>JOINT
VENTURE &#147;INKAI&#148; LIMITED LIABILITY PARTNERSHIP </B></P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signed: <B><I><U>&#147;G.
Catchpole&#148;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Catchpole,
General Director</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 33 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NOTE: The following appendices to this Contract have been redacted: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>APPENDIX 1 &#150; License Series AY 1370D (uranium) dated April&nbsp;20, 1999 and the Attached Mining Concession </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>APPENDIX 2 &#150; License Series AY 1371D (uranium) dated April&nbsp;20, 1999 and the Attached Mining Concession </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>APPENDIX 3 &#150; Copy of the Subsoil User&#146;s Audited Financial Statements for the Year Ending December&nbsp;31, 1999 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>APPENDIX 4 &#150; Work Programs </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>APPENDIX 5 &#150;
Proof of Payment of the Signing Bonus </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>APPENDIX 6 &#150; Copy of the Data Purchase Agreement of February&nbsp;28, 1997 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>APPENDIX 7 &#150; Minutes of the Meeting of the Deputy Prime Minister&#146;s Office
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">#17-11-11/</FONT></FONT></B>&#1048;<B></B><B><FONT STYLE="white-space:nowrap">-823</FONT> dated November&nbsp;11, 1999 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>APPENDIX 8 &#150; Decision of the Government of the Republic of Kazakhstan on the </B><B><I>[REDACTED]</I></B><B> dated November&nbsp;15, 1997 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>[NOTE: The subject of the decision has been redacted.] </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>APPENDIX 9 &#150; Expert Opinion of the Committee of the Republic of Kazakhstan on State Reserves dated May&nbsp;2, 2017 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>APPENDIX 10 &#150; Mining Allotment at Blocks No.&nbsp;1, 2 and 3 of the Inkai deposit, reg.
<FONT STYLE="white-space:nowrap">No.&nbsp;879-</FONT></B>&#1044;<B></B><B>-TII</B>&#1048;<B></B><B> dated 26.07.2017] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 34 </P>

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