Ann: Half Yearly Report and Accounts, page-3

I haven't read the actual details of any announcements or agreements in this regard so can't answer with specifics in mind but "free carry to decision to mine" generally means the free carried party does not have to contribute to any of the project costs up to a decision to mine. Often this will also specifiy that the project gets to a bankable level of feasibilty and include a dilution to a royalty or net smelter royalty (for base metals) where the free carried party can't or elects not to contribute funding to maintain its share once the decision to mine has been made.

I'm not sure but I'd say its likely the free carried interest only applies to the tenements that AOP had their original interests in, unless there is a specific clause in their agreement that captures new ground that ERX might apply for or acquire. Sometimes these types of clauses do exist restricting the earn-in party from applying for or doing deals on "neighbouring" ground without the vendor of the original ground maintianing the same share in any new ground (which area of influence will be specified in the agreement). The converse might also apply, ie the vendor might also be restricted from applying for or doing deals on neighbouring ground unless the earn-in party have a right to earn-in on the new ground on the same terms as the original ground. Would need to check to comfirm my above suspicion. Esh