Ann: ESR secures Strategic Investment to advance Timor-Leste, page-29

Under the terms of the Subscription Agreement, theCompany grants the Subscriber the right to register as firstranking security over the Spargoville Nickel Mineral Rightsuntil the Company is able to provide the Subscriber withwritten notice that 20,000 tonnes of Ore have been deliveredto a port for sale. In the event that the Company is unable tonotify the Subscriber of 20,000 tonnes of Ore being deliveredto the port for sale within 18 months of entering theSubscription Agreement, the Company will transfer itsinterests under the Nickel Rights Agreement and doeverything to reasonable effect the transfer of these rights.

Because if you don't attempt to mine it, it will be transferred to the subscriber in 18 months time? I suppose you could also buy 20kt of ore to deliver to a port somewhere, will probably cost more than 350k though.

Actually, I just re-read the ann. There is also a 0.25% manganese royalty. Spargoville + royalty for $350k seems decent. Also, no escrow? Hmm . As first ranking security, if ESR went under, they will still get the royalty and Spargoville.

I know Carr Boyd is the main assett, but I'm curious, can they sell Spargoville without shareholder approval? I wonder if ASX can butt in.