RE: JV Terms for Pitfield11 Apr 2024 13:31
Genghis the 6th April 2022 states
"Empire has also agreed to pay Century performance-based payments in the following amounts, either in cash or Shares at Empire's election:
(i) an amount equal to 1% of the Shares on issue immediately prior to Empire first announcing no later than 5 years after the date of acquisition that exploration drilling on any of the Projects determines multiple (more than 2) intersections exceeding 30% Cu metre or 50g Au metre; and
(ii) an amount equal to 2% of the Shares on issue immediately prior to Empire first announcing no later than 5 years after the date of acquisition a Mineral Resource in the inferred category or better compliant with the JORC Code 2012 exceeding 250Kt Cu metal equivalent in relation to any of the Projects,"
The Jorc 2012 code defines Mineral Resources as
"A ‘Mineral Resource’ is a concentration or occurrence of solid material of economic interest in
or on the Earth’s crust in such form, grade (or quality), and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity
and other geological characteristics of a Mineral Resource are known, estimated or interpreted
from specific geological evidence and knowledge, including sampling. Mineral Resources are
sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured
categories."
What is ambiguous about that?