RE: Gold ATH7 Feb 2025 11:33
The agreement gives Oracle exposure to the upside of potential exploration success and thereafter development of the Northern Zone Project.
Key Terms:
ยท Riversgold to farm-in to the Northern Zone Project with the right to earn up to 80% beneficial interest via:
o Immediate cash consideration of A$50,000 payable to Oracle
o Exploration Expenditure (examples of which are set out in the HOA) of not less than A$600,000 within the next two years.
ยท Riversgold has the option to withdraw if it has incurred A$200,000 of Exploration Expenditure in the first year.
ยท Thereafter Oracle to retain 20% interest, which would be funded at its sole discretion under a joint venture agreement that would be put in place.