Ann: 30% CU Intersected in Narrow Sediment Horizon at Wodger, page-83

"but it was just for the tenements, not the minerals"

'What does that mean and how does that work in reality?'

If AUR wanted to sell its interest in the Doolgunna tenement, say, to SFR then the right of first refusal to MLX (then WGX) dictated that AUR had to firstly offer it to WGX at the same price etc. The cancellation by WGX of that right freed up AUR and increased the value of these assets. It was an encumbrance. All tenements are now not so encumbered.

If AUR now wanted to sell, say, W-F-BB (its 80% that is) to SFR then there would now be no need to offer it to WGX first-up and so a deal could be done between AUR and SFR without going through the FROR hoop. However,any purchase by SFR would be subject to the pre-existing contractual rights ie Fe's free-carry til a decision to mine was made and WGX's rights to the gold from the 80% share.