The way I read it they get only the 500k. The $3m are just exploration expenses not money for PIO.... So selling 75% of the potential to get 25% of the real mine plus 500k. Potential currently being valued at not so very much whereas the real mine would be worth millions. So not a bad deal! But only gives them 500k cash.
Ann: NST Enters Joint Venture for Acra Gold Project,NST-PIO.AX, page-26
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