Ann: Company Update - Greater Riqueza Project, page-13

Also looks like Ross has negotiated well with S32 for ICG in comparison to AQD....

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Phase 1 Interest - South32 acquires 60% interest in Project in return for funding a program of work

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Phase 2 Interest - South32 acquires additional 10% interest in Project in return for all additional project expenditure needed to complete Project pre-feasibility study

Whereas the S32 and AQD deal is

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During the Initial Funding Period (expenditure of US$4.0M) South32 will sole-fund all Approved Programs and Budgets to earn a 70% interest in the project.

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At the completion of the Initial Funding Period, South32 has 60 days within which to elect to earn a further 10% equity in the project by completing a pre-feasibility study at its sole cost.