opportunity, page-4

No... Refer below...

Stage 1:
o BMG will pay Carpentaria $5.0m cash and $8.0m to fund exploration and Pre Feasibility work to define up to 1 billion tonnes of inferred resource within two years and thereby earn 40% in the project.
o These payments will be staged over 3 months


Stage 2:
o On completion of Stage 1 and a positive Pre Feasibility Study, BMG pays Carpentaria $25.0m and will thereby earn 51% in the Joint Venture.


Stage 3:
o BMG funds a Bankable Feasibility Study (estimated cost $20.0m) to be completed within two years of Stage 2.
o On completion of this Study, BMGs JV interest will reach 80% when a further $23.0m is paid to Carpentaria.


Stage 4:
o When a decision is made to develop the Project, Carpentaria retains a 20% free carried interest up to the targeted production of 20 mtpa of iron ore concentrate