RE:Rad - Please explain Funded vs Carried Interest Schocor,
It is neither Funded Interest, nor Carried Interest. It is "Free Carried Interest".
If what you say was correct, then BAY would have to start recording a 20% liability or provision in its accounts once AW passes the 10M mark. Based on Thomas' email, BAY will not be contributing to any exploration budgets. However, once the decision to mine is made (i.e. usually this means DFS completion as we see in the market), any further expenses, including exploration related activities, will need to be borne according to JV interest, or BAY faces dilution of interest from this point onwards until 10% followed by 2.5% NSR.