Ann: LRS Operations Update, page-171

Hello all ,

That was an amazing announcement of nothing wasn’t it now lol.

I’ve sold close to 18million oppies and only hold 2 now and dropped over 60k I might add. Hey if I stayed I may have recovered but if I stayed I could have lost the rest and as most have said theres better plays right now and I need to recover.

Just one thing I wouldn’t mind clarification on and if anyone can please explain.

First Quantum Minerals (FQM) Joint Venture – Terms
• Antares Peru (FQM 100% owned subsidiary) to complete geophysical survey and following which may elect to proceed with a rights assignment and an option to earn an initial 51% of the project by completing 4,000m of drilling within 6 months of obtaining drilling approvals.
• Antares may exercise the first option within a maximum of 48 months after obtaining advanced stage drill permits, and will earn 51% on completion of drilling and technical studies to support a JORC resource estimate of >1Mt contained copper equivalent.
• PLR to receive staged payments totalling US$0.5 million over the option period, as an additional condition precedent to exercise the option.
• Antares can earn up to a total of 80% of the project when technical documentation of work completed is provided to support a decision to mine. PLR free carried up to decision to mine. Antares will have an option to buy PLR’s remaining 20% share based on an independent valuation. PLR will then retain a 2% NSR royalty. Antares will have the right to reduce the NSR to 1% by paying US$40 Million cash to PLR.

Now PLR is Pilbara on the EUR market if I’m correct. So what exactly do we get out of this JV with FQM?