RE: Naheed Menon5 Dec 2024 16:13
Key Terms:
· 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.
· Riversgold has the option to withdraw if it has incurred A$200,000 of Exploration Expenditure in the first year.
· 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.
Read through 9th May 2023 Rns for more info.