TSXV:MD - Post Discussion
Post by
geolteacher on Nov 02, 2023 3:33pm
essentials of the Rio Tinto JV that includes Galinee:
source: June 14, 2023 Midland news release. The agreement (effective 13 June 2023) with Rio Tinto [RT] covers ten properties:
Mythril-Corvette, Mythril-East, Mythril-Chisaayuu, Galinee, Moria, Shire, Komo, Warp, Sulu, and Picard. (someone was a Star Trek fan...).
RT is the operator.
It looks to me like the earn-ins (50%, and optional to 70%) are for the whole of all ten properties - but I'm not an attorney. Anyone read this it differently?
RT can earn 50% over 5 years, if it: - expends >$2M in 1st 18 months (by 13 December, 2024).
- expends >$14.5M in 5 years. (by 13 June 2028)
- makes $100K cash payments per year.
After exercising the option above, RT can earn up to 70% if it expends $50M in exploration, after it exercises the first option (see bullets above).
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