Ann: AUSTRALIA'S FIRST FIELD EVAPORATED SULPHATE OF POTASH, page-13

as i have read the deal on the gold ground the benefit to apc will be the same as the benefit tropicana is to igo i.e. a 30% free carried interest to the completion of a bfs. the only additional cash from sbm will be at the completion of the earn in period they will reimburse previous exploration costs up to $500k(?) or something of that magnitude.

perhaps also think of the mc if apc owned 30% of a deposit like gruyere or tropicana?

if gold is discovered and a bfs is completed and a mine constructed then apc will have to either sell its stake or contribute 30% of costs - and receive 30% of profits. the 30% of profits is the kicker and what could separate apc from the sop hopeful pack with a multi commodity income stream (think 'rich dad, poor dad').

all of the gold story is upside for apc with no out of pocket expenses, so they can focus on the sop, which results are speaking for themselves.