Ann: Presentation RIU Explorers Conference, page-12

Tiger555 - "Under the terms of the Agreement, ERM will sole fund

$2.0 million within 3 years of execution to earn a 51% equity
position, following which it can elect to sole fund a further
$2.0 million over an additional 3 year period to increase​

its equity to 75%."

"Evolution to sole fund A$15m of exploration over 3 years for a 65% interest in

the TCMF.
o Evolution can earn an additional 10% interest in the TCMF by spending a​

further A$10m over two years."

So ERM will have 35% of 51% (17.85%) and then probably 25% of 75% (18.75%) for spending nothing.