Identification of Land Area Clause Samples

Identification of Land Area. 7.2.1 Promptly following, but (unless agreed otherwise by the Technical Committee) in any event within sixty (60) calendar days of, the Effective Date, Ma’aden, in consultation with IE Mena, shall identify and recommend to the Technical Committee specific land areas from within the Ma’aden Land (the “Recommended Land Area”) to be explored during the Exploration Phase using techniques which include the use of the Typhoon™ Units and including techniques to be applied prior to conducting a Survey. 7.2.2 The Technical Committee shall meet to review and consider the Recommended Land Area within ten (10) Business Days of the recommendation having been made pursuant to Clause 7.2.1 (Identification of Land Area) (unless agreed otherwise by the Technical Committee) with a view to making the decision referred to in Clause 7.2.3 (Identification of Land Area). 7.2.3 Within a further one (1) month of the date on which the Technical Committee convenes in accordance with Clause 7.2.2 (Identification of Land Area) (subject to any delays arising pursuant to outstanding requests by the Technical Committee for Ma’aden to supply further information with respect to the Recommended Land Area) the Technical Committee shall decide by vote: (A) to accept some or all of the Recommended Land Area for initial Exploration Work by the Company as part of the Generative Exploration Stage; (B) not to accept some or all of the Recommended Land Area for initial Exploration Work by the Company as part of the Generative Exploration Stage; and /or (C) to determine that the Company applies to MIMR for further Reconnaissance Licenses and/or Exploration Licenses in respect of additional land areas complementary to and in the vicinity of the existing Ma’aden Land (the “Additional Land Areas”).