GAL discovery-impact on Mt Thirsty?, page-120

Thanks for pointing this out. I was a bit unsure about the actual ownership of R63/4, as the 2021 CNJ AR shows 50/50 ownership of all four CNJ/GSR MTJV Project tenements, which is clearly not quite the case.

As I understand things now, the current CNJ/GSR 50/50 MTJV Project comprises four tenements i.e. Retention Licence R63/4, Exploration Licences E63/1267 and E63/1790, and Prospecting Licence P63/2045.

Retention Licence R63/4 is held solely by Meteore (Meteore is a 100% held subsidiary of Conico), whereas the other 3 tenements are jointly held (50/50) by GSR and Meteore.

FYI: Barra (BAR) changed their name to Greenstone Resources (GSR) in November last year.

From the above, I deduce that Retention Licence R63/4 (hence the "R") was the most advanced tenement of the four, and thus also the "jewel in the crown", not only for CNJ, but also for the CNJ/GSR MTJV Project. For this reason, although CNJ were quite happy to include R63/4 in the CNJ/GSR 50/50 MTJV agreement, CNJ still wanted to retain 100% ownership of R63/4 (looking like a very wise move right now!).

Just for the record, a retention licence is an optional licence between the exploration and mining stages. It gives the licensee (licence holder) tenure over the land before progressing to a mining licence. Under a retention licence, the licence holder will need to comply with an agreed work program that develops the resource towards mining. The maximum licence term for a retention licence is 10 years. A retention licence, however, may be renewed.

On the basis that R63/4 looks to be 100% owned by Conico, and given that we now know that GAL's exciting new Callisto Prospect could possibly extend up to 1.5 kms into R63/4, CNJ and GSR may eventually have to rethink the terms of the CNJ/GSR 50/50 MTJV Project, in order to reflect the potentially far greater value of Conico's 100% owned R63/4 tenement (within the CNJ/GSR 50/50 MTJV Project). Of course it is still very early days!

Finally, given GAL's major Mt. Thirsty/Norseman discovery revelations last week, and accordingly, the potentially considerable added value of Conico's 100% owned R63/4 tenement, I expect that CNJ are already working feverishly on their further exploration plans at R63/4, as well as the future of the CNJ/GSR 50/50 MTJV Project, and will therefore give us a very detailed update about all this within the next few weeks.

Cheers.