ok im too dumb to post links but this is what I see with HDG2...

ok im too dumb to post links but this is what I see with HDG

2 tenements.

Tenement 1. ATM pure domestic play, mid range C/V, the higher grade stuff SHOULD be of export quality coal but no guarantees. This is where the 400 MT Jorc inferred comes from. Target of approx 1 billion

Ownership structure 75% ownership with 500k upfront and 3 million spent on drilling within the first year.

THEN they can increase this ownership to 99% at 10c/tonne of all INDICATED and MEASURED resource. So, lets say JORC of 1.2 billion 800 MT inferred, that is only 40 million for 99% ownership of the 1.2 billion OR they can just stay at 75% ownership having payed the 3.5 million.

Tenement 2. Again SHOULD yield some level of export coal going off historical results. Target of 1.3 billion tonne for this land.

Basically HDG get 90% ownership of this land for 70 million dollars OR they get whatever % ownership their drilling costs PLUS 6-9million dollars gives them. SO essentially they can drill and pay a bit for what will probably be a 30% interest (at a guess) or pay 70million (to which this initial drilling cost and 6-9million are inclusive) to have a 90% interest.

So to summarise.

Block A 75% interest- drilling costs
99% interest - INDICATED AND MEASURED resource ( NOT INFERRED) at 10 c/tonne

Block B <90% interest- Good luck working out the exact metrics!! We'll just ignore this part of it!

90% interest- 70 million

The announcements have the best detail, but it takes a while to work out the exact arrangement. Tt's a pretty weird business deal imo.