Yes, what's done is done! But, as I said in my last post, you...

Yes, what's done is done!

But, as I said in my last post, you can expect a new deal if both sides want to trade. I expect that they will want to trade. So, the Doolgunna terms may change as part of any new deal.

Go back and look at what the side deal was perhaps going to be.

23 March ann from HQ

JV Offer

1. The JV was for Auris’ Doolgunna, Morck’s Well East and Cashmans project areas. A land package of 755 km2 (Figure 1).

2. The incoming JV partner to spend $5 million on exploration expenditure across the farm-in areas in the first 2 years before it can withdraw.

3. Stage 2 required a $4 million spend across the tenements within four years to earn up to 51%.

4. Stage 3 required an additional $3 million spend within 6 years to earn up to 75% of the project areas.

5. Following $12 million of expenditure the incoming JV partner will have earned 75% in all the projects.

6. If at any time a JORC resource of 50,000 tonnes of copper (inferred category) was identified, then the JV partner was deemed to have immediately earned 75% of all the project areas.

Auris Option and Conditions

7. Conditional on the JV proceeding, Auris was offered the option to accept an equity subscription of $3 million (the “Offer”).

8. The Offer came with the following conditions: a. Auris must spend $2 million within 2 years on its remaining exploration projects (non-JV tenements). If a discovery is made on the non-JV tenements, then any subsequent sale by Auris of those tenements would be subject to an irrevocable pre-emptive right. b. Any new projects acquired by Auris within the Bryah Basin would also be subject to the irrevocable pre-emptive right in the event of a sale by Auris of those projects.

The Board didn't like this deal, and so rejected it, the reasons being (23/3 ann again):

The 2018 Transaction recently announced by Auris was superior to the March 2017 JV Proposal in the following ways:

• The March 2017 JV Proposal Offer, would have, if accepted, significantly encumbered all of Auris’ current and potential new projects in the Bryah Basin and would have left the Company as merely an exploration division of the JV partner with no independence or associated corporate appeal.

• The March 2017 JV Proposal would have handed over control of the majority of the Company’s assets without a Discovery

. • The 2018 Transaction that Auris has transacted with Sandfire, resulted in the Company being well-funded and fully leveraged to the future exploration success on its 100% owned projects and only dilutes its interest in the Farm-in tenements following the completion of a Feasibility Study on a Discovery. • No fees were paid to a third party in relation to the 2018 Transaction.