EXTENSION MOLYBDENUM SUPPLY AGREEMENT AMONG GENERAL MOLY, INC. AND NEVADA MOLY, LLC, as SELLERS AND ARCELORMITTAL PURCHASING SAS, as BUYER Dated as of April 16, 2010

Exhibit 10.2

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR
PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH
OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED AS {****}. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION.

EXECUTION VERSION

EXTENSION MOLYBDENUM SUPPLY AGREEMENT

AMONG

GENERAL MOLY, INC.

AND

NEVADA MOLY, LLC,

as SELLERS

AND

ARCELORMITTAL PURCHASING SAS,

as BUYER

Dated as of April 16, 2010

TABLE OF CONTENTS

			Page

RECITALS			1

AGREEMENT			1

1.	Definitions and Interpretation		1
	1.1	Definitions	1
	1.2	Interpretation	5

2.	Effectiveness; Supply and Purchase of Product		5
	2.1	Effectiveness	5
	2.2	Supply of Product Prior to Effective Date	6
	2.3	Supply of Products Following Effective Date	6
	2.4	Delivery Schedule; Shortfalls	6
	2.5	Take-or-Pay	6
	2.6	Composition of Products	7
	2.7	Specifications	7
	2.8	Restrictions on Sales	7
	2.9	Buyer’s Failure to Pay	8
	2.10	Use of Liberty Project Resources for Deficiencies	8

3.	Pricing and Payment Terms		8
	3.1	Base Product Price	8
	3.2	Additional Product Price	9
	3.3	Determination of Market Price	9

4.	Deliveries and Invoices		9
	4.1	Delivery Point	9
	4.2	Invoices	9
	4.3	Assaying Adjustments	10
	4.4	No Prejudice	11

5.	Term; Termination		11
	5.1	Term	11
	5.2	Termination	11
	5.3	Effect of Termination	12

6.	Indemnification		12
	6.1	Procedure	12
	6.2	Remedies	12
	6.3	Limitations	13
	6.4	Indemnification by Seller	13

7.	Force Majeure		13

8.	Confidentiality	14

9.	Waiver	15

10.	Governing Law; Language	15

11.	Notices	16

12.	Rules of Construction	16

13.	Assignment; No Benefit	17

14.	Relationship of the Parties	17

15.	Severability	17

16.	Taxes and Expenses	17

17.	Currency	18

18.	Counterparts	18

19.	Entire Agreement	18

20.	Amendment	18

21.	Waiver of Jury Trial	18

22.	Dispute Resolution	18

23.	Limitation of Liability	18

24.	Remedies Cumulative	18

25.	Safety, Health and the Environment	18

26.	No Fraud; No Corruption	19

27.	Relationship to Hanlong Supply Agreement	19

28.	Joint and Several Liability	19

29.	Entry into Other Supply Agreements	20

EXTENSION MOLYBDENUM SUPPLY AGREEMENT

THIS EXTENSION MOLYBDENUM SUPPLY AGREEMENT (this “Agreement”), dated April 16, 2010, and effective as of the Effective Date (defined below), is among General Moly, Inc., a Delaware corporation (the “Company”), Nevada Moly, LLC, a Delaware limited liability company (“Nevada Moly” and together with the Company, “Seller”), and ArcelorMittal Purchasing SAS, a French joint stock company (“Buyer”), acting as an agent in the name and on behalf of its Affiliates (as defined below) for which it has a mandate to purchase the Products (as defined below) from time to time.

RECITALS

A. Eureka Moly, LLC, a Delaware limited liability company (“Eureka Moly”), leases and intends to operate a mine located in Eureka County, Nevada (the “Mount Hope Mine”) from which it intends to produce Technical Grade Molybdenum Oxide (“TMO”), in the form of powder and carbon-free briquettes, that meets or exceeds the standards on Schedule A (such TMO produced from the Mount Hope Mine, the “Products”).

B. As of the date hereof, (1) the Company owns 100% of Nevada Moly, which owns an 80% equity interest in Eureka Moly and (2) POS-Minerals Corporation, a Delaware corporation and affiliate of POSCO Canada Ltd., owns a 20% equity interest in Eureka Moly.

C. As of the date hereof ArcelorMittal S.A., a company incorporated under the laws of Luxembourg (“AM SA”) owns approximately 8,256,699 shares of the Common Stock (as defined below).

D. The Company and Buyer have on 20 December 2007 entered into the Existing ArcelorMittal Supply Agreement (as defined below).

E. Seller wants to sell to Buyer, and Buyer wants to purchase from Seller, Products available from Seller’s share of production at the Mount Hope Mine (as defined below), and, to the extent of a shortfall of production, from the Seller’s share of production from the Liberty Project (as defined below), upon the terms and subject to the conditions set forth herein, which are intended to come into existence after the expiry of the Existing ArcelorMittal Supply Agreement.

In consideration of the mutual covenants contained in this Agreement, the parties, intending to be legally bound, agree as follows:

AGREEMENT

1. Definitions and Interpretation.

1.1 Definitions. In addition to the capitalized terms defined elsewhere in this Agreement, for purposes of this Agreement:

“Adjusted Market Price”: (a) Market Price times (b) {****}.

“Affiliate”: Means any Person means any other Person directly or indirectly, through one or more intermediaries, controlling, controlled by or under common control with such Person. A Person will be deemed to control another Person if the controlling Person is the beneficial owner of greater than 50% of any class of voting securities (or other voting or equity interests) of the controlled person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of capital stock, by contract or credit arrangement, as trustee or executor, or otherwise; provided none of the Company and its subsidiaries shall be deemed an affiliate of Buyer and neither Buyer, POS-Minerals Corporation, China Han Long Mining Development Limited, a Hong Kong corporation, nor any of their respective Affiliates shall be deemed to be an affiliate of the Company or Nevada Moly.

“beneficial ownership” and correlative terms: As determined pursuant to Rule 13d 3 and Rule 13d-5 under the Securities Exchange Act of 1934, as amended, and any successor regulation.

“Business Day”: A day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by Law to close.

“Common Stock”: The Company’s common stock, par value $0.001 per share.

“Competent Authority”: The Person or Persons so designated by Buyer.

“Delivery Point”: Means {****}.

“Dollars” The lawful currency of the United States.

“Effective Date”: Means the date on which (i) the Existing ArcelorMittal Supply Agreement expires or earlier terminates, and (ii) all of the conditions set forth in Section 2.1 have been satisfied; provided that this Agreement shall not become effective (a) if the Existing ArcelorMittal Supply Agreement is terminated by the Company pursuant to Section 8.2 of the Existing ArcelorMittal Supply Agreement, or (b) unless and until the Hanlong Supply Agreement has become effective.

“Eureka Moly LLC Agreement”: The Amended and Restated Limited Liability Company Agreement of Eureka Moly, LLC, dated February 26, 2008, between Nevada Moly and POS-Minerals Corporation.

“Existing ArcelorMittal Supply Agreement”: The Molybdenum Supply Agreement, dated December 28, 2007, between the Company and Buyer.

“Existing Obligations”: Seller’s obligations relating to the supply of Products from Seller’s share of production at the Mount Hope Mine that are in existence as of the date of this Agreement (other than the Existing ArcelorMittal Supply Agreement), and are set forth in Schedule B.

“FCA”: Means the delivery of goods on truck, rail car or container at the specified point (depot) of departure, which is usually the seller’s premises, or a named railroad station or a

named cargo terminal or into the custody of the carrier, at seller’s expense. The point (depot) at origin may or may not be a customs clearance center. Buyer is responsible for the main carriage/freight, cargo insurance and other costs and risks.

“First Threshold”: An amount calculated as follows:

US${****} per pound of molybdenum

x Threshold Adjustment

For clarification, (a) the First Threshold will only be adjusted annually, which will occur within 30 days of the information necessary to calculate the applicable {****} Percentage increase becoming publicly available {****}, and (b) to the extent the information necessary to calculate such adjustment is not available at the beginning of the applicable year, the adjustment will be calculated when such information becomes available and applied retroactively to the beginning of such year.

“Floor Price”: An amount per pound calculated as follows:

US${****} per pound of molybdenum

x (1 + {****} Percentage Increase)

For clarification, (a) the Floor Price will only be adjusted {****}, which will occur within {****} of the information necessary to calculate the applicable {****} Percentage increase becoming publicly available {****}, (b) to the extent the information necessary to calculate such adjustment is not available {****}, the adjustment will be calculated when such information becomes available and applied retroactively {****}, and (c) the Floor Price will be calculated as set forth above regardless of the Market Price or any other adjustments to the Product Price.

“Hanlong Supply Agreement” means that certain Molybdenum Supply Agreement, dated March 4, 2010, among the Company, Nevada Moly, China Han Long Mining Development Limited, a Hong Kong corporation and Hanlong (USA) Mining Investment, Inc., a Delaware corporation.

“Law”: Any applicable U.S. federal, state or local or any foreign statute, code, ordinance, decree, rule, regulation or general principle of common or civil law or equity.

“Losses”: Any claims, losses, liabilities, damages, demands, fines, penalties, administrative and judicial proceedings and orders, judgments, remedial action, enforcement actions of any kind, and all reasonable and documented costs and expenses incurred in connection therewith (including reasonable attorneys’ fees).

“Market Price”: Means the average of the Xxxxx’x Metals Week published prices for TMO Dealer Oxide over (a) {****} or (b) {****}, as Buyer may determine annually pursuant to Section 3.3. In the event that the basis for the Market Price currently in general use ceases to exist or ceases to be published, Seller and Buyer shall meet promptly with a view to agreeing on a new pricing basis and the date for bringing such basis into effect.

“New York City”: New York, New York, U.S.A.

“Person”: An individual, limited or general partnership, corporation, trust, limited liability company, unincorporated organization, association, joint venture or a government or agency or political subdivision or instrumentality thereof.

“{****} Percentage Increase”: {****}.

“Product Price”: As defined in Section 3.

“Second Threshold”: An amount calculated as follows:

US${****} per pound

x Threshold Adjustment

For clarification, (a) the Second Threshold will only be adjusted annually, which will occur within 30 days of the information necessary to calculate the applicable {****} Percentage increase becoming publicly available {****}, (b) to the extent the information necessary to calculate such adjustment is not available at the beginning of the applicable year, the adjustment will be calculated when such information becomes available and applied retroactively to the beginning of such year, and (c) in no event shall Second Threshold be less than the Floor Price.

“Seller’s Share of Product”: Product distributed or distributable to Nevada Moly or its Affiliates pursuant to Article 10 of the Eureka Moly LLC Agreement or otherwise constituting Products to which Nevada Moly has distribution or sale rights.

“SGS Group”: A group of entities associated with SGS SA, a Swiss société anonyme.

“Sojitz Agreement”: The Molybdenum Supply Agreement, dated August 8, 2008, between the Company and Sojitz Corporation

“Term”: The term of this Agreement.

“Three-Month LIBOR”: Means the three month LIBOR rate as published in The Wall Street Journal on the date an applicable invoice is due hereunder. If Three-Month LIBOR is not available from such source, the Three-Month LIBOR will be based on the arithmetic mean of the respective rates quoted by at least two leading reference banks selected by Seller offered to leading banks for deposits in Dollars for a period of three months in the London interbank market at or about 11:00 a.m. (London, England time) on the date an applicable invoice is due hereunder.

“Threshold Adjustment”: An amount calculated as follows:

1 + (Percentage {****} Increase / 2)

“Trigger Date” has the meaning ascribed to it under the Existing ArcelorMittal Supply Agreement.

“United States” or “U.S.” or “U.S.A.”: The United States of America.

“US$”: Dollars.

1.2 Interpretation.

1.2.1 Unless the context of this Agreement otherwise clearly requires, (i) references to the plural include the singular, and references to the singular include the plural, (ii) references to one gender include the other gender, (iii) the words “include,” “includes” and “including” do not limit the preceding terms or words and shall be deemed to be followed by the words “without limitation,” (iv) the terms “hereof,” “herein,” “hereunder,” “hereto” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, (v) reference to day, without the explicit qualification of “business” refers to a calendar day, (vi) references to a month, quarter, year or such other subdivision, without the explicit qualification of “fiscal”, refers to a calendar month, quarter, year or other such subdivision, respectively (vii) all references to “the date hereof,” “the date of this Agreement” or similar terms (but excluding references to the date of execution hereof) refer to the date first above written, notwithstanding that the parties may have executed this Agreement on a later date, (viii) any reference to “pounds” in this Agreement refers to pounds of molybdenum contained in the Products, and (ix) references to any Person include such Person’s respective successors, assigns, transferees, lessees, heirs, executors and administrators, whether by merger, consolidation, amalgamation, reorganization, sale of assets or otherwise.

1.2.2 Unless otherwise set forth herein, references in this Agreement to (i) any document, instrument or agreement (including this Agreement) (A) include and incorporate all exhibits, schedules and other attachments thereto, (B) include all documents, instruments or agreements issued or executed in replacement thereof and (C) mean such document, instrument or agreement, or replacement or predecessor thereto, as amended, modified or supplemented from time to time in accordance with its terms and in effect at any given time, and (ii) a particular Law referenced herein means such Law as amended, modified, supplemented or succeeded, from time to time and in effect at any given time. When a reference is made in this Agreement to Articles, Sections or any other subdivision, such reference is to an Article, a Section or other subdivision of this Agreement, unless otherwise indicated. When a reference is made in this Agreement to a party or parties, such reference is to parties to this Agreement, unless otherwise indicated.

1.2.3 The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall in no way modify or affect the meaning or constructions of any of the terms or provisions hereof.

2. Effectiveness; Supply and Purchase of Product.

2.1 Effectiveness. This Agreement shall have no force and effect unless the following conditions have been met:

2.1.1 AM SA, together with its Affiliates, shall have beneficial ownership of more than 11,100,000 shares of Common Stock, provided, that such required number of shares of Common Stock shall be adjusted, as appropriate, if the Company shall, at

any time after the date of this Agreement, declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock; and

2.1.2 On or prior to April 15, 2015, Buyer shall have sent written notice to Seller indicating that (i) Buyer elects to make this Agreement effective, and (ii) the condition set forth in Section 2.1.1 has been satisfied.

2.2 Supply of Product Prior to Effective Date. No obligations to supply or purchase Products under this Agreement will exist prior to the Effective Date.

2.3 Supply of Products Following Effective Date. After the Effective Date, upon the terms and subject to the conditions set forth in this Agreement, each year, Seller agrees to supply and sell to Buyer, and Buyer agrees to purchase from Seller, the lesser of (a) 3,000,000 pounds or (b) 100% of Seller’s Share of Product (less the Existing Obligations) for such year plus any TMO supplied pursuant to Section 2.10.

2.4 Delivery Schedule; Shortfalls. Deliveries of the Products under this Agreement will be made by Seller to Buyer in approximately equal monthly installments. Buyer and Seller will reasonably cooperate with each other in connection with forecasting, ordering and delivery schedules and procedures. Without limiting the foregoing, prior to the first day of each month, Seller shall provide Buyer with the schedule for shipment of Product in the following month that commences at least 30 days after the date the schedule is provided to the Buyer. In the event that Seller does not deliver the full installment amount of Products in any given year, or shorter period for the first and last year of the Term, if this Agreement begins or ends on a date other than January 1, Buyer is entitled to demand that any available portion of the shortfall (the “Shortfall Amount”) be delivered in the three month(s) following the end of such year provided that (a) Seller’s Share of Product, less any amount required to be delivered pursuant to Section 2.3 or committed pursuant to the Existing Obligations, is sufficient to meet the Shortfall Amount, and (b) any Products that any third party owns or controls will not be considered available to fulfill any Shortfall Amount. In the event of such a shortfall, Seller agrees not to sell any Products to any third party, except pursuant to the Existing Obligations, without Buyer’s prior written consent unless and until any properly requested Shortfall Amount has been delivered.

2.5 Take-or-Pay. Except as set forth in this Section 2.5, Buyer shall take delivery of Products made available by Seller in the amounts and on the terms set forth in this Agreement. Notwithstanding anything herein to the contrary, Buyer agrees that in the event that Buyer fails to take delivery of Products made available by Seller in the amounts and on the terms set forth in this Agreement, (a) Buyer will still be obligated to pay Seller with respect to such Products as though Buyer had taken delivery pursuant to the terms of this Agreement, and (b) Seller shall store such Product free of charge for 30 days after the initial delivery date. If Buyer has not taken the Products 30 days after the initial delivery date for any reason, Seller agrees to continue to store the Products without cost to Buyer if Seller reasonably has space and the availability to do without disruption of Seller’s operations. If after the initial 30 day period Seller is unable to continue to store such Products on site for Buyer without incurring additional

costs for storage containers or other third party expenses, then Buyer shall pay Seller all out-of-pocket expenses incurred by Seller related to the storage, carrying and handling of such Product. Seller shall invoice Buyer for the costs and expenses related to the handling, carrying and storing of such Product. If Seller fails to pay such invoice for a period of 60 days after the issuance of such invoice, Seller shall have the right to sell enough of the stored Product sufficient to pay such outstanding invoice. Notwithstanding the foregoing, (i) if Buyer has not taken the Products on the initial delivery date because of an Event of Force Majeure that makes it impossible for Buyer to take delivery, Seller shall store Products for Buyer without cost to Buyer for the first 60 days during the continuation of such an Event of Force Majeure, and (ii) thereafter, all such Products shall be treated as otherwise provided in this Section 2.5.

2.6 Composition of Products. Product shall be TMO powder in bulk super sacks or other such form of TMO product manufactured by Seller that is reasonably acceptable to Buyer. No later than 30 days prior to the first day of each quarter during the Term of this Agreement, Buyer shall notify Seller of the form of Product it wishes to purchase in the following quarter. Seller shall produce the requested form of Product unless it is commercially unreasonable to produce such form of Product. If Seller determines that a requested form of Product is commercially unreasonable to produce, it will deliver TMO powder in bulk super sacks, or such other form of Product that Buyer requests that is commercially reasonable to produce. Notwithstanding the foregoing, if Buyer requests any change in the agreed form of Product supplied during any quarter, Seller shall, subject to the terms of Section 3.2, and receipt of reasonable advance notice from Buyer, use commercially reasonable efforts to provide the new form of Product requested.

2.7 Specifications. The specifications and technical requirements of the Products to be delivered hereunder are set forth in Schedule A (the “Specifications”). Notwithstanding anything to the contrary, Buyer will not be required hereunder to purchase any Products which do not comply with the Specifications. Seller will, at its expense, supply a certificate confirming that each shipment of Products complies with the Specifications.

2.8 Restrictions on Sales.

2.8.1 Without the prior written consent of Seller (which shall be at the sole discretion of Seller), until the expiration or earlier termination of the Sojitz Agreement, Buyer will not (a) sell, transfer or otherwise distribute any Products within Japan, or enter into an agreement or arrangement with another party for its sale, transfer or distribution of Products within Japan, or (b) take any other action to intentionally circumvent the restriction set forth in clause (a) above.

2.8.2 Without the prior written consent of Seller (which shall be at the sole discretion of Seller), Buyer will not (a) sell, transfer or otherwise distribute any Products within the People’s Republic of China, or enter into an agreement or arrangement with another party for its sale, transfer or distribution of Products within the People’s Republic of China, or (b) take any other action to intentionally circumvent the restriction set forth in clause (a) above. Notwithstanding the foregoing, Buyer may sell, transfer or otherwise distribute Products to any of its Affiliates located within the People’s Republic of China, provided, that such Affiliates

shall not further sell, transfer or otherwise distribute any Products within the People’s Republic of China.

2.8.3 Other than stated in Sections 2.8.1 and 2.8.2, Buyer shall be free to sell the Products delivered by the Seller to any of its Affiliate or any third party.

2.8.4 For the sake of clarity, Buyer shall be free to sell the Products through public trading platforms (such as London Metal Exchange) at any time notwithstanding limitations contained in Sections 2.8.1 and 2.8.2.

2.9 Buyer’s Failure to Pay. Without limiting any other rights set forth in this Agreement, including the termination rights set forth in Section 5, Seller shall have no obligation to deliver any Products to Buyer if any invoice required to be paid by Buyer pursuant to this Agreement remains unpaid for a period of sixty (60) days after the due date for such invoice, unless such invoice is being contested in good faith. In the case of a dispute, the undisputed portion of the invoice shall be paid in accordance with the terms of this Agreement and the contested portion of the invoice shall be resolved in accordance with Section 22.

2.10 Use of Liberty Project Resources for Deficiencies. If at any time after the Effective Date, production at the Mount Hope Mine is not sufficient for Seller to deliver 3,000,000 pounds per year to Buyer, Seller will, to the extent commercially reasonable, supply any such deficiency from available TMO complying with the Specifications produced from its Liberty Project in Xxx County, Nevada (the “Liberty Project”) that Seller does not otherwise sell to a third party. Notwithstanding the foregoing, nothing in this Agreement will prohibit Seller or any of its Affiliates from entering into any supply agreement with respect to Products produced at the Liberty Project.

3. Pricing and Payment Terms. The price payable by Buyer to Seller for Products supplied by Seller to Buyer pursuant to this Agreement (the “Product Price”) shall be (a) for 50% of Products delivered, equal to the Adjusted Market Price plus the Additional Product Price, if applicable; and (b) for 50% of Products delivered, equal to the Base Product Price plus the Additional Product Price, if applicable, subject to adjustment as set forth elsewhere in this Agreement.

3.1 Base Product Price. The base price payable by Buyer to Seller for Products supplied by Seller to Buyer pursuant to this Agreement (the “Base Product Price”) will be as follows:

3.1.1 If the Market Price is less than or equal to the Floor Price, the Base Product Price will be equal to the Floor Price; and

3.1.2 If the Market Price exceeds the Floor Price, the Base Product Price will be determined as follows:

(a) If the Market Price is less than or equal to the First Threshold, the Base Product Price will be calculated as follows:

Floor Price

+ [(Market Price – Floor Price) x {****}]

(b) If the Market Price is more than the First Threshold but less than the Second Threshold, the Base Product Price will be calculated as follows:

Floor Price

+ [(First Threshold – Floor Price) x {****}]

+ [(Market Price – First Threshold) x {****}]

Floor Price

+ [(First Threshold – Floor Price) x {****}]

+ [(Second Threshold – First Threshold) x {****}]

+ [(Market Price – Second Threshold) x {****}]

3.2 Additional Product Price. Buyer will pay an additional amount (the “Additional Product Price”) for Products that are supplied hereunder (as agreed to by Buyer and Seller as set forth herein) in a form other than TMO powder packaged in bulk super sacks, equal to Seller’s additional costs to (i) convert such Products from the form required to be delivered hereunder to such other form of Products, and (ii) package such other form of Product, plus {****} of such additional cost.

3.3 Determination of Market Price. No later than November 30 of each year during the term of this Agreement, Buyer will give written notice to Seller of the percentage of Product to be delivered during the following calendar year to which the pricing basis described in clause (a) of the definition of “Market Price” in Section 1.1 will apply, and the percentage of Product to be delivered during the following year to which the pricing basis described in clause (b) of the definition of “Market Price” in Section 1.1 will apply, which will aggregate 100%.

4. Deliveries and Invoices.

4.1 Delivery Point. Except as otherwise set forth herein, all Products will be delivered to the Delivery Point. The Product Price calculations provided in this Agreement are on an FCA Delivery Point basis for delivery by Seller to the Delivery Point. Title and risk in each shipment of Products will pass from Seller to Buyer upon delivery FCA Delivery Point.

4.2 Invoices.

4.2.1 On or after the earlier of Seller’s receipt of a xxxx of lading evidencing Buyer’s receipt of Product at the Delivery Point, and the end of each month, Seller will invoice Buyer by sending an invoice to the Competent Authority for the Product delivered

(or for which Buyer is obligated to pay pursuant to Section 2.5 during that month), and the corresponding Product Price.

4.2.2 If at the time of Seller’s receipt of a xxxx of lading or the end of a month, the price for the Product sold has not been determined, Seller will issue a provisional invoice based on the average Product Price of Products delivered in the prior month in which the Product Price was known (a “Provisional Invoice”). If a Provisional Invoice is issued, Buyer shall pay 90% of the amount of such Provisional Invoice pursuant to the terms of Section 4.2. Seller shall issue a final invoice as soon as the correct Product Price is known, which shall set forth the difference, if any, between the amount paid pursuant to the Provisional Invoice and the correct Product Price. To the extent that the actual Product Price exceeds the amount paid pursuant to the Provisional Invoice, Buyer shall promptly pay such difference to Seller. To the extent that the actual Product Price is less than the amount paid pursuant to the Provisional Invoice, such amount shall be credited against the amount owed by Buyer on the next invoice issued by Seller to Buyer.

4.2.3 The amount shown on such invoice (or 90% of the amount in the case of a Provisional Invoice) will be due and payable by wire transfer to an account identified by Seller within {****} the issuance of the invoice. If Buyer fails to pay any invoice amount due pursuant to this Agreement on or before the applicable due date, interest on the unpaid amount at a rate per annum equal to Three-Month LIBOR plus 1.5% will accrue daily from the applicable due date until the date the unpaid amount is paid and shall be due and payable at the time when the unpaid amount is paid or otherwise within five Business Days after demand by Seller therefor.

4.3 Assaying Adjustments.

4.3.1 Buyer has the right to appoint a neutral sampler (the “Sampler”), approved by Seller (which approval will not be unreasonably withheld or delayed), to take samples of the Products at the Delivery Point. In the event that Buyer determines that Seller has delivered non-conforming Product which should result in an adjustment to the Product Price (an “Assay Adjustment”), Buyer will notify Seller in writing of such determination (along with its results of analysis of such Product) within 60 days of delivery of such Product. Buyer and Seller will appoint a mutually agreeable third party to assist in the resolution of such matter (the “Referee”) within 30 days of delivery of such notice. If Buyer and Seller fail to appoint the Referee within such 30-day period, SGS Group (or such other mutually agreeable third party, in the event that SGS Group or its successor ceases to exist) will appoint the Referee at either Buyer’s or Seller’s request. The Referee will analyze the sample of such Product taken by the Sampler and the closest to the Referee’s results of either the assay set forth in the notice delivered by Buyer pursuant to this Section 4.3.1, or the assay set forth in the relevant certificate supplied by Seller pursuant to Section 2.7 will be final and binding upon Buyer and Seller, in the event of a tie the Referee results will govern.

4.3.2 The costs and expenses related to the procedures set forth in this Section 4.3 (including the costs of the Sampler) will be borne by the party whose results are furthest from the results of the Sampler. In the event that the results of the Sampler are exactly between those of Seller and the Buyer, each of Seller and the Buyer will bear 50% of any such

costs and expenses. For the purpose of the foregoing, the “results” of Seller will refer to the assay results set forth on the related invoice.

4.3.3 In the event that the final determination results in an obligation on a party to pay additional amounts or to reimburse any sum, such payment or reimbursement will be settled promptly by credit or debit notes and the invoice following the final determination shall be adjusted accordingly.

4.4 No Prejudice. Payment of an invoice by Buyer does not constitute acceptance of the Products covered by such invoice and is without prejudice to any and all claims Buyer may have against Seller in connection therewith. Buyer will have the right to accept any portion of any shipment of Products notwithstanding that it may reject the balance thereof. Acceptance by Buyer of all or any portion of a shipment of Products will not constitute a waiver of any claim which Buyer may have regarding the Products.

5. Term; Termination.

5.1 Term. The term of this Agreement will commence on the Effective Date and expire ten (10) years after the Effective Date, unless earlier terminated in accordance with the terms of this Agreement, or extended in writing by the parties.

5.2 Termination. This Agreement may be terminated by:

5.2.1 either Buyer or Seller at any time in the event of a material breach of this Agreement by the other, provided a written termination notice identifying the material breach has been given to the breaching party and the breach has not been cured within 60 days from the date of said notice; provided further that for clarification purposes any breach of Section 2.8 will be considered to be a “material breach” of this Agreement; or

5.2.2 either Buyer or Seller at any time, by written notice, in the event:

(a) of insolvency of the other;

(b) of the filing of a voluntary petition in bankruptcy of the other;

(c) of the making of an assignment for the benefit of creditors by the other, excluding assignments of accounts receivable;

(d) of the inability of the other to pay its debts as they come due;

(e) the other has a receiver or other custodian of any kind appointed to administer any substantial amount of the other’s property;

(f) of the filing of an involuntary petition in bankruptcy with respect to the other;

(g) any proceedings for the reorganization of the other, or for the readjustment of any of the other’s debts, under any laws, now or hereafter existing, for the relief of insolvent debtors, will be commenced by or against the other; or

(h) of the discontinuation of the other of its business;

5.2.3 by Buyer, in the event that after the Effective Date, Seller fails to meet the delivery requirements of Products set forth in Section 2 for a period of ninety (90) days, provided a written termination notice identifying the failure to delivery Product has been given to Seller and the failure has not been corrected within 30 days from the date such notice was given; or

5.2.4 by Seller, in the event that Buyer fails to pay any amount required to be paid by Buyer pursuant to this Agreement on or before the due date therefor under this Agreement, provided a written termination notice identifying the unpaid amount has been given to Buyer and the invoice has not been paid within 60 days from the date such notice was given.

5.3 Effect of Termination. Unless notified otherwise by Buyer, upon a termination of this Agreement, Seller will fill all outstanding obligations to supply the Products in accordance with the terms of this Agreement. Buyer will accept and pay for all conforming Products delivered in accordance herewith. Termination will be without prejudice to the rights and obligations of the parties which have accrued prior to the effective date of termination. Sections 4, 6 and 8 through 24, inclusive, will survive the expiration or termination of this Agreement.

6. Indemnification.

6.1 Procedure. If Buyer claims that any of the Products fail to conform with the Specifications or fail to be in compliance with all applicable laws (excluding claims relating to Assay Adjustments which will be resolved in accordance with Section 4.3), Buyer will notify Seller of its claim (“Claim”), and provide Seller with all relevant documentation of the Claim, no later than 60 days after the date of delivery of such Products. Upon receipt of a Claim, Seller will have the right to inspect such Products and all evidence of the Claim, and Seller and Buyer will attempt to reach an agreement as to whether the Claim is valid.

6.2 Remedies. If it is determined by Buyer and Seller that the Claim is valid, Seller will elect one of the following actions to remedy the failure, and will deliver notice thereof to Buyer 30 days prior to taking any such action:

6.2.1 delivering to Buyer conforming Products to replace the nonconforming Products;

6.2.2 refunding to Buyer the purchase price paid by Buyer with respect to the nonconforming Products in return provided that Seller will have the option to take possession of the nonconforming Products; or

6.2.3 applying a credit to the next purchase to be made by Buyer hereunder.

If, upon receipt of notice of the intent to take one of the actions above, Buyer instead desires Seller to take another action listed above to remedy the failure, Buyer will deliver notice of such desire to Seller. If upon delivery of such notice Buyer and Seller do not agree on the action to be taken, such matter will be resolved pursuant to the arbitration procedures set forth in Section 22. The removal and replacement of nonconforming Products will be at Seller’s sole expense (including all costs of transportation, duties, taxes and insurance), and Seller will reimburse Buyer for all costs (including all costs incurred with respect to transportation, duties, taxes and insurance) incurred by Buyer in connection with the replacement of nonconforming Products.

If Buyer and Seller cannot agree on the validity of a Claim, such matter will be considered a Dispute and will be resolved pursuant to the procedures set forth in Section 22.

6.3 Limitations. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EXCEPT AS PROVIDED HEREIN, SELLER EXPRESSLY DISCLAIMS, AND MAKES NO OTHER EXPRESS OR IMPLIED WARRANTIES OF ANY TYPE, WHETHER OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR USE OR OTHERWISE, WITH RESPECT TO THE PRODUCTS.

6.4 Indemnification by Seller. Seller will at all times defend, indemnify, protect and hold harmless Buyer and its affiliates and their directors, officers, agents, employees, participants and assigns, from and against any and all Losses arising in whole or in part out of the willful misconduct and/or negligent performance of any obligations of Seller under this Agreement; provided, however, that Seller will not be required to indemnify any indemnified Person for any Losses to the extent resulting from the misconduct or negligence of such indemnified Person.

7. Force Majeure. Neither Buyer nor Seller will be liable to the other for default or delay in the performance of its obligations hereunder when and to the extent that such default or delay is caused by order, injunction or stay entered by any court with valid jurisdiction, war, civil commotion, strike, labor dispute, work stoppage or slowdown, storm, earthquake, explosion, insurrection, epidemic or quarantine restriction, fire, flood, act of God, the inability to maintain in full force and effect all permits required to carry out planned mining operations due to intervention of government or any other similar contingency beyond the reasonable control of the parties (the occurrence of any of the foregoing will be an “Event of Force Majeure”); provided, however, that no Event of Force Majeure will have occurred in the event of a strike, labor dispute, work stoppage or slowdown initiated by, or involving only, workers or employees within Seller’s organization. The occurrence of an Event of Force Majeure will not terminate this Agreement, absent the written consent of the parties otherwise; provided, however, that Buyer may, at its option, terminate this Agreement if an Event of Force Majeure prevents, or

Buyer reasonably anticipates that it will prevent, Seller from meeting its obligations in whole or in substantial part under this Agreement for more than ninety consecutive days during the Term. Both Seller and Buyer will use their commercially reasonable best efforts to avoid the occurrence and remove the causes of an Event of Force Majeure and to continue performance of their respective obligations hereunder promptly following the removal of such causes. If an Event of Force Majeure prevents a party from meeting its obligations hereunder in part, but not in whole, the parties will use their commercially reasonable best efforts to equitably adjust the parties’ respective obligations hereunder consistent with and in furtherance of the purposes hereof. Should Seller invoke force majeure conditions, the Buyer will be entitled to obtain from alternative sources such Products as it reasonably requires during the period that Events of Force Majeure subsist, and the quantities Products obtained under such conditions will be deducted from the amount of Products Buyer is required to purchase hereunder.

8. Confidentiality.

8.1 During the Term, each of Buyer and Seller will be in a position to receive certain of each other’s confidential, privileged and proprietary information (“Confidential Information”); provided that Confidential Information excludes any information:

8.1.1 which is or becomes available to the public through no act, omission or fault of, and absent any breach of a covenant or obligation hereunder by, the party whose obligation it is to keep such information confidential;

8.1.2 which the party whose obligation it is to keep such information confidential may have received lawfully from any third party without restrictions as to disclosure thereof and without breach of this Agreement; or

8.1.3 which was developed by the party whose obligation it is to keep such information confidential without (as established by documentation or by other appropriate evidence) the use of the other party’s Confidential Information or any breach of this Agreement or any other agreement.

Seller agrees that the Confidential Information of Buyer, and Buyer agrees that the Confidential Information of Seller, is an integral and key part of the assets of each respective entity and that the unauthorized use or disclosure of the other party’s Confidential Information would seriously damage the owner thereof in its business. As a consequence of the above, Seller and Buyer hereby agree that, during the Term and thereafter:

8.2 During the term of this Agreement and until the fifth anniversary of the expiration or earlier termination of this Agreement, neither of Seller and Buyer will, directly or indirectly:

8.2.1 use any of the other party’s Confidential Information, except as may be necessary to perform its obligations hereunder; or

8.2.2 disclose, furnish or make accessible, or cause any person to disclose, furnish or make accessible, any aspect of the other party’s Confidential Information to any Person (other than the other party),

except, in either case Section 8.2.1 or 8.2.2, as set forth in Section 8.1.2 or as may be expressly authorized by the other party in writing or as required by Law or pursuant to a court order; provided, however, that prior to any compelled disclosure, the party whose obligation it is to keep such information confidential will have given the other party notice of the circumstances relating to such compelled disclosure and an opportunity to seek an appropriate protective order with respect thereto.

8.3 Except as required by Law or pursuant to a court order, each of Seller and Buyer will:

8.3.1 use no less than the care a reasonably prudent Person would use in safeguarding his, her or its Confidential Information;

8.3.2 limit access to the other party’s Confidential Information to its employees and representatives who require access to such Confidential Information for the purposes of performing its obligations hereunder and who have agreed to be bound by the terms of this Section 8; and

8.3.3 refrain from any action or conduct which might reasonably or foreseeably be expected to compromise the confidential, privileged or proprietary nature of the other party’s Confidential Information.

8.4 Each of Seller and Buyer will comply with reasonable requests made by the other from time to time regarding the protection of the confidential, privileged and proprietary nature of the other party’s Confidential Information. Upon the written request of either party, the other party will promptly return to the requesting party all of the requesting party’s Confidential Information, including any and all copies and summaries thereof, in each case in any format (whether written, electronic or otherwise).

8.5 For purposes of this Section 8, the term the “Seller” will include all Affiliates of Seller, and the term “Buyer” will include all Affiliates of Buyer. Nothing in this Section 8 will operate to prevent a party from disclosing such information as is required by applicable Law or the rules or policies of any securities exchange on which a party’s securities may be listed.

9. Waiver. The failure of any party to enforce at any time any of the provisions of this Agreement will in no way be construed to constitute a waiver of any such provision nor in any way to affect the validity of this Agreement or any part hereof, including the right of any party thereafter to enforce each and every provision. The waiver by any party of any breach or violation of any provision of this Agreement by the other parties will not operate or be construed to be a waiver of any subsequent breach or violation thereof.

10. Governing Law; Language. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of the State of New York, including Section 5-1401 of the New York General Obligation Law, applicable to agreements made and to be performed entirely within the State of New York, without giving effect to the conflict of law principles thereof that would cause the application of the laws of any jurisdiction other than the State of New York. This Agreement has been negotiated and executed

by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall govern. For the avoidance of doubt, to the extent it would otherwise be applicable, the United Nations Convention on the International Sales of Goods shall not apply to this Agreement, and all questions of interpretation regarding the sale of any goods purchased under this Agreement shall be determined in accordance with the Uniform Commercial Code as adopted and in effect in the State of New York.

11. Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s address set forth below or to such other address as a party may designate by notice under this Section 11, and shall be either (a) delivered by hand, (b) made by telecopy or facsimile transmission or (c) sent by Federal Express, DHL, UPS or another internationally recognized delivery service.

If to Buyer:	ArcelorMittal Purchasing SAS
	0 xxx Xxxxx Xxxxxxxxx
	Xx Xxxxxx Xxxxx-Xxxxx
	00000 Xxxxxx
	Attention: General Manager Stainless Steel Raw Materials
	Facsimile: 33 1 7192 0996

If to Seller:	General Moly, Inc.
	0000 Xxxx Xxxx.
	Xxxxx 000
	Xxxxxxxx, XX 00000
	X.X.X.
	Attention: Chief Executive Officer
	Facsimile: x0 (000) 000-0000

With a copy to:	Holme Xxxxxxx & Xxxx LLP
	0000 Xxxxxxx Xxxxxx
	Xxxxx 0000
	Xxxxxx, XX 00000-0000
	U.S.A.
	Attention: W. Xxxx Xxxxxx, Esq.
	Facsimile: x0 (000) 000-0000

All notices, requests, consents and other communications hereunder shall be deemed to have been given (i) if by hand, at the time of the delivery thereof to the receiving party at the address of such party set forth above; (ii) if by telecopy or facsimile transmission, on the day that receipt thereof has been acknowledged by electronic confirmation or otherwise; or (iii) if sent by internationally recognized delivery service, on the day of actual receipt.

12. Rules of Construction. The parties hereto agree that they have been represented by counsel during the negotiation, preparation and execution of this Agreement and, therefore,

waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document.

13. Assignment; No Benefit. This Agreement will be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties. This Agreement may not be assigned or otherwise transferred by Buyer or Seller without the prior written consent of the other; provided that Buyer may, without the consent of Seller, assign its rights and obligations under this Agreement to an Affiliate of Buyer. Buyer hereby acknowledges that any proposed assignment by Buyer to any other party, by operation of law or otherwise, is subject to Seller’s consent, which will be in Seller’s sole discretion and may be conditioned upon amendment to the payment terms set forth herein. Except as expressly contemplated by Section 6.4, nothing in this Agreement shall be construed to create any rights or obligations except between the parties, and no Person shall be regarded as a third-party beneficiary of this Agreement.

14. Relationship of the Parties. It is understood that each party is conducting business as a separate and distinct legal entity. Under no circumstances will any party, its agents and/or employees be considered agents, partners, representatives or employees of the other parties. No party will have the right to act as the legal representative of the other parties or to bind such other parties in any respect whatsoever or to incur any debts or liability in the name of or on behalf of such other parties. This Agreement creates no relationships of joint venturers, partners, associates or principal and agent between the parties.

15. Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party or to any circumstance, is adjusted by a governmental body, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties agree that the governmental body, arbitrator, or mediator making such determination will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

16. Taxes and Expenses. Except as expressly provided herein, each party will be responsible for payment of all taxes, if any, imposed upon it by applicable Law in connection with this Agreement; provided, that with respect to any new or increased taxes that come into effect due to changes in Law after the date of this Agreement, Seller will only be responsible for the portion of such taxes that are commonly borne by suppliers of Products in the industry. Each party will pay all of its own administrative expenses, including the fees and expenses of its counsel and other agents and representatives, incurred in connection with the preparation, execution and performance of this Agreement. Notwithstanding any provision in this Agreement, Seller will deduct and withhold any and all amounts required by applicable Law to be withheld and paid to any taxing authority in respect of any payments to be made to Buyer. In no event will Seller pay any “additional amounts” or “gross-up” payments to Buyer in order to compensate Buyer for any reduction in the net after-tax proceeds it receives as a result of any amounts required by applicable Law to have been deducted and withheld by Seller.

17. Currency. All references to dollars or amounts of money in this Agreement will be in Dollars.

18. Counterparts. This Agreement may be executed in counterparts (including by facsimile or similar means of electronic communication), each of which shall be deemed an original and all of which together shall constitute one agreement. This Agreement may be executed by facsimile signatures.

19. Entire Agreement. This Agreement, including schedules, exhibits or other documents referred to herein, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

20. Amendment. The terms and provisions of the Agreement may be modified, amended or waived, or consent for the departure from such terms and provisions may be granted, only by written consent of Seller and Buyer. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

21. Waiver of Jury Trial. Each of the parties hereto hereby waives to the fullest extent permitted by applicable Law any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated hereby.

22. Dispute Resolution. All disputes between the parties arising out of, relating to or in connection with this Agreement (a “Dispute”) and not otherwise settled by agreement between the parties shall be exclusively and finally settled in accordance with Schedule C.

23. Limitation of Liability. UNDER NO CIRCUMSTANCES WILL SELLER OR BUYER BE LIABLE FOR CONSEQUENTIAL, INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES HEREUNDER OR IN CONNECTION HEREWITH.

24. Remedies Cumulative. All remedies available to the parties for breach of this Agreement are cumulative and may be exercised concurrently or separately, and the exercise of any one remedy shall not be deemed an election of such remedy to the exclusion of other remedies.

25. Safety, Health and the Environment.

25.1 Safety at work, in particular safety of the parties and their personnel and those of their visitors, is a priority for the parties. Each party fully endorses these policies and adopts them as its own, in so far as they relate to the performance of its obligations under this Agreement.

25.2 Each party’s staff shall comply with the relevant safety rules of applicable Law, including those related to protective clothing and safety equipment and any local rules applicable to the plants.

25.3 Each party reserves the right to refuse access to any of its facilities to any of the other party’s staff or those of its sub-contractors and suppliers for failure to comply with safety, health and environmental rules.

25.4 Seller shall not bring any radioactive, materials or equipment onto Seller’s premises (but accepts no liability in relation to risk of such contamination by third parties, the transporter, or other causes beyond its reasonable control).

25.5 Without prejudice to the generality of its obligations under this clause, each party shall use all practicable and reasonable means to:

25.5.1 prevent or counteract the unlawful emission of any hazardous and/or radioactive substance from the Products loaded hereunder;

25.5.2 avoid the unlawful discharge from the Products as loaded hereunder into any drains or other conducting media of any hazardous and/or radioactive substance;

25.5.3 prevent the unlawful generation, accumulation or migration of any hazardous and/or radioactive substance from the Products loaded hereunder; and

25.5.4 prevent any environmental claims arising, or any circumstances arising likely to result in any environmental claims, resulting from or caused by the condition of Products as loaded hereunder,

in so far as such hazardous and/or radioactive substance is, or should be, under the control of such party pursuant to this Agreement.

26. No Fraud; No Corruption. Each party shall take all necessary steps, in accordance with good industry practice, to prevent any fraudulent activity by such party (including its employees) in connection with invoicing or payment pursuant to this Agreement. Each party shall notify the other immediately if it has discovered that any such fraud has occurred or is occurring. No party has offered or given, or agreed to give, to any employee, servant or representative of the other party any personal gift, commission or other consideration of any kind as an inducement or reward for doing, refraining from doing, or for having done or refrained from doing, any act in relation to the obtaining or execution or performance of this Agreement.

27. Relationship to Hanlong Supply Agreement. The parties agree and acknowledge that this Agreement is not, and shall not constitute, an “Existing Obligation” as such term is defined in the Hanlong Supply Agreement.

28. Joint and Several Liability. The Company and Nevada Moly shall be jointly and severally liable for Seller’s obligations under this Agreement.

29. Entry into Other Supply Agreements. If, (i) during the Term, Seller enters into any other agreement or series of related agreements (a) pursuant to which Seller agrees to supply molybdenum products from the Mount Hope Mine to a third party prior to the Trigger Date or (b) having a term of one year or more pursuant to which Seller agrees to supply molybdenum products from the Mount Hope Mine after the Trigger Date, and in either case such agreement contemplates a floor price that is more than US$0.50 per pound lower than the Floor Price in effect in any month during the Term, or (ii) during the Term, Seller enters into a new agreement with China Han Long Mining Development Limited, or its Affiliates, or amends the Hanlong Supply Agreement, in either case to provide more favorable financial terms than this Agreement, then Seller will promptly provide Buyer notice thereof together with a copy of such agreement(s). Within 30 days of delivery of such notice, Buyer may, at its option, deliver written notice to Seller of its desire to amend this Agreement to provide for the same monthly floor price and all other financial terms and conditions as such new agreement(s), and the parties agree to cooperate promptly and in good faith to prepare and execute such amendment. If the parties are unable to do so within 60 days after delivery of Buyer’s notice of its desire to amend this Agreement, such matter will be resolved pursuant to the procedures set forth in Section 22.

[Signature page follows]

The parties have executed this Agreement as of the date first above written.

SELLER:

	GENERAL MOLY, INC.


	By:	/s/ Xxxxx X. Xxxxxx
	Name:	Xxxxx X. Xxxxxx
	Title:	Chief Executive Officer


	NEVADA MOLY, LLC


	By:	/s/ Xxxxx X. Xxxxxx
	Name:	Xxxxx X. Xxxxxx
	Title:	Chief Executive Officer

[SIGNATURE PAGE OF EXTENSION MOLYBDENUM SUPPLY AGREEMENT]

BUYER:

	ARCELORMITTAL PURCHASING SAS


	By:	/s/ Xxxxxxxx Xxxxx
	Name:	Xxxxxxxx Xxxxx
	Title:	Member Group Mgt Board

[SIGNATURE PAGE OF EXTENSION MOLYBDENUM SUPPLY AGREEMENT]

SCHEDULE A
(to Extension Molybdenum Supply Agreement)

Technical Molybdic Oxide, Western Grade

SPECIFICATION MOLYBDENUM OXIDE

Mo	{****}

Cu	{****}

S	{****}

C	{****}

P	{****}

Si	{****}

Pb	{****}

A-1

SCHEDULE B
(to Extension Molybdenum Supply Agreement)

Existing Obligations

1.		Molybdenum Supply Agreement, dated March 4, 2010, among the Company, Nevada Moly, China Han Long Mining Development Limited, a Hong Kong corporation and Hanlong (USA) Mining Investment, Inc., a Delaware corporation.

2.		Molybdenum Supply Agreement, dated May 14, 2008, between the Company and SeAH Besteel Corporation.

3.		Molybdenum Supply Agreement, dated August 8, 2008, between the Company and Sojitz Corporation.

B-1

SCHEDULE C
(to Extension Molybdenum Supply Agreement)

Dispute Resolution

1. All Disputes not otherwise settled by agreement between the parties shall be finally settled by binding arbitration under the Rules of Arbitration (the “Rules”) of the International Chamber of Commerce (the “ICC”) by arbitrators appointed in accordance with the Rules then in effect, except to the extent the Rules conflict with the provisions of this Schedule C, in which event the provisions of this Schedule C shall control. The parties specifically agree that any time before the Tribunal has been appointed, a party may seek a preliminary injunction or other interim relief before a court of competent jurisdiction to the extent necessary to preserve the status quo or to preserve a party’s ability to obtain meaningful relief pending the outcome of the arbitration under this Schedule C.

2. In the event of any Dispute and before arbitration may be commenced, upon notice by any party to the other party to such Dispute (the “Dispute Negotiation Notice”), such Dispute must immediately be referred to one representative of the executive management of Seller designated by Seller and one representative of the executive management of Buyer designated by Buyer, who must be authorized to settle the Dispute. Such representatives must promptly meet in a good faith effort to resolve the Dispute. If the representatives so designated do not resolve the Dispute within ten (10) Business Days after the delivery of the Dispute Negotiation Notice, the Dispute will be exclusively and finally resolved by binding arbitration as described in this Schedule C.

3. The arbitration shall be conducted before a panel of three arbitrators, each of whom must be fluent in English, have experience in the mining industry in the United States, and be neutral and independent of the parties to the Dispute (the “Tribunal”). The claimant shall appoint one arbitrator and the respondent must appoint one arbitrator, as provided in the Rules. The third arbitrator shall be selected by the two arbitrators so appointed; provided that if the two arbitrators so appointed fail to select the third arbitrator within thirty (30) days after the date on which the second of such two arbitrators is appointed, then the third arbitrator shall be appointed by the ICC Court. The third arbitrator, regardless of how selected, shall chair the Tribunal.

4. The place of arbitration shall be New York, New York. The arbitration shall be conducted in English; provided that (i) any party thereto, at its cost, may provide for the translation of the proceedings into a language other than English, and (ii) any party thereto may elect to submit documents or other information to the Tribunal in English, (iii) any witness whose native language is not English may elect to give testimony in English or in such witness’s native language, with simultaneous interpretation into English if such testimony is given in such native language. If simultaneous interpretation is so made, the interpreter will be appointed by the Tribunal. Each party to any arbitration or its legal counsel may also hire an interpreter at such party’s own expense, and may participate in the examination and cross-examination of witnesses at any hearing.

5. Unless the Tribunal orders an earlier date or the parties to the arbitration otherwise agree, not less than thirty (30) days before the beginning of the evidentiary hearing, each party to the arbitration shall submit to the other parties to the arbitration the

C-1

documents that it may use at the hearing and a list of the witnesses whom such party may call at the hearing.

6. The Tribunal shall have no authority to award any indirect, incidental, special, consequential, or punitive damages, and each party irrevocably waives its right to recover any such damages.

7. The decision of the Tribunal will be final and binding. Any award made in the arbitration will be enforceable in any court of competent jurisdiction, including without limitation in any jurisdiction where one or more of the parties is domiciled or has assets. For purposes of an action for recognition or enforcement of the award, each party irrevocably waives any objection that it might have to personal jurisdiction in the courts of a jurisdiction where one or more of the parties is domiciled or has assets.

8. Notwithstanding the pendency of any arbitration, the obligations of the parties under this Agreement will remain in full force and effect; provided that no party will be considered in default under this Agreement (except for defaults for the payment of money) during the pendency of an arbitration specifically relating to the default. Each party to any arbitration must bear its own costs and expenses in connection with such arbitration, unless the Tribunal determines otherwise.

The parties shall use their commercially reasonable efforts to encourage the Tribunal to enter a final award resolving the Dispute within 180 days from the appointment of the Tribunal. Notwithstanding any provision to the contrary in this Schedule C, the parties to any arbitration under this Schedule C may agree at any time to discontinue and terminate such arbitration.

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EXTENSION MOLYBDENUM SUPPLY AGREEMENT AMONG GENERAL MOLY, INC. AND NEVADA MOLY, LLC, as SELLERS AND ARCELORMITTAL PURCHASING SAS, as BUYER Dated as of April 16, 2010

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