RE:RE:Hopefully
"Within two months (the “EV Resource Payment Date”) of filing an updated technical report (the “Updated Mineral Resource Estimate”), EVNi shall make further payment to Rogue (the “EV Resource Payment”) as follows: (i) $1.00 for each 30 nickel equivalent pounds of indicated mineral resources with a grade of 0.6% nickel or greater which are in excess of the 2010 Mineral Resource Estimate, plus (ii) $1.00 for each 1,500 nickel equivalent pounds of indicated mineral resources with a grade of less than 0.6% nickel, up to an aggregate maximum of $5,000,000.
The Company expects that the updated technical report will be commissioned in late 2021 to satisfy the above condition. The EV Resource Payment shall be paid to Rogue in cash, excepting that EVNi, in its sole discretion, may elect to pay all or a portion of the EV Resource Payment by issuing Common Shares (the amount to be satisfied by the issuance of Common Shares being referred to as the “Share Payment Amount”) to Rogue.
EVNi shall have the right to terminate its obligation to pay the EV Resource Payment to Rogue by granting Rogue the sole and exclusive right and option to acquire a 51% participating interest in the Langmuir Project, free and clearof all encumbrances excepting the Royalty. EVNi may exercise such right by notice in writing to Rogue delivered at any time prior to the EV Resource Payment Date, in which event Rogue shall have the right to exercise the option, and EVNi shall be relieved of its obligation to make the EV Resource Payment. Rogue may exercise such option at any time within two (2) months following: (i) the Updated Report Deadline, or (ii) the EV Resource Payment Date, as applicable, by delivering to EVNi a written notice confirming exercise of the option together with payment of $150,000 (plus HST, if applicable). Upon exercise of such option by Rogue, the parties shall negotiate and enter into a joint venture agreement in respect of the Langmuir Project in accordance with mining industry standards for exploration stage projects."