The way I understand this based on the below from the binding...

The way I understand this based on the below from the binding agreement with AKM on the Alaskan projects, and as @wombat777 stated above with them now having 51% ownership is, and this is based off the Option date starting 18th December 2017 :

(c) Stage 2 (51% interest) – Nova will earn a further 21% interest in Newco through spending an additional $1million on exploration over the first 2 years from the date of exercise of the Option. If Nova does not satisfy the Stage 2 expenditure requirement in full, it must relinquish its 30% interest in Newco.

(d) Stage 3 (70% interest) – Nova will acquire a further 19% interest in Newco through spending an additional $2 million on exploration in years 3 and 4 from the date of the exercise of the Option. If Nova does not satisfy its Stage 3 expenditure in full, it will maintain its 51% interest.

Nova had to spend the $1M in the first two years. This gave us until around 18th December 2019. This has been achieved within 9 months, in fact in excess of the $1M by a further $359k.

This effectively leaves them a further 3 years to spend the additional $1.7M to reach the $3M to earn the additional 19% to take them up to their 70% interest.

As we are aware, the guys are fast tracking this, so would imagine that this will be completed well within time, but the point to note is that if Nova does not satisfy its Stage 3 expenditure, it will retain that 51% ownership regardless.

Nice position to be in.