general meeting, page-4

There is something I don't understand here. I've reread this a few times and this is how I'd summarise the agreement:

Snow Peak to advance $3m to complete the PFS on the Mt Garnet Tin Project (The Project). On its completion, Snow Peak may elect to acquire a 50% interest in the Project. It will make an election to either:

- form a JV company with CSD, and pay into it 100% of the Project's NPV (as calculated in the PFS , less the Advance already made), OR such other amount as subsequently agreed between CSD and Snow Peak – for 50% of the share capital of the JV; or

- not form a JV with CSD (but nominate an alternative structure satisfactory to CSD), and pay 100% of the Project's NPV (as calculated in the PFS , less the Advance already made), OR such other amount as subsequently agreed between CSD and Snow Peak - for a 50% interest in the Project; or

- no further funding to be contributed by Snow Peak , but they receive a % interest on the Project equal to the Advance. The % interest being calculated pro-rata to the NPV or such other valuation as subsequently agreed by the Company and Snow Peak.


So presuming I understand it correctly, why would Snow Peak ever pay the full Project's NPV - for only 50% of the project?