Well I actually agree with you and I got it wrong Post 33235277...

Well I actually agree with you and I got it wrong Post 33235277
"As per the terms of the Head of Agreement they can't just walk away without spending the committed monies..... " and I apologise to you and the thread in doing so.

So far Phase 3 earn-in,
The company has make the cash payment of $50,000 and issued GMS 12,500,000 shares.
Of the minimum spend required to proceed, the company must spend a further US$1,000,000 within a further period of 12 months, to which US$465,000 (estimated from quarterly budget) has/or is being spent on this drilling campaign at Turesi.

In my opinion only, the company won't at present abandon Turesi only because the scheduled return of the drillers (29th May) and with the time line spacing of pending assays (only the first hole is currently at Perth) we will only have one results back by the time the drilling is back in full swing (unless they need more R & R and their return is delayed). Subsequently, the rest of the current drilling programme should/will be finished by the time that all the 7 hole results are known.

If the assays are disappointing, and they decide to abandon Turesi, then they have until 20th February 2019 (the required spend time line) to spend the balance (US$535,000) within the Morabisi project, or walk away. This would mean that they would be foregoing any other prospective minerals/metals on the rest of the tenement with the words of King reverberating in my head of the "Greenbushes/Pilgangaroo scale."

Would the already spent money be offset against the penalty clause of meeting a portion of the minimum expenditure requirements applicable for that stage?

Walking away would certainly leave a lot of egg on faces and the reputations of all involved (JV Partners (GSM) for convincing GPP, and the GPP board for convincing the market that they had the rival to Greenbushes and the Pilgangaroo region) in tatters.

All IMO only ......

cheers