Material John Bull Option Terms
The key terms of the binding term sheets with TechGen Metals Limited, TechGen NSW Pty Ltd (TechGen
NSW) and Andrew Sloot (Sloot) regarding the John Bull project are set out below:
• On signing of the definitive agreement, Novo will reimburse TechGen NSW A$300,000 worth of
Novo shares at market value for expenditure incurred to date, which shares will be subject to a
four-month hold period pursuant to Canadian securities laws.
• Novo is required to complete 1,500 m of drilling in the first earn in period of 12 months.
• Following that initial period, if Novo chooses to continue, it will pay TechGen NSW, A$200,000
worth of Novo shares at market value for a second farm in period of 12 months, which shares will
be subject to a four-month hold period pursuant to Canadian securities laws.
• Novo is required to complete an additional 1,500 m of drilling in the second earn in period of 12
months.
• At completion of the second farm-in period, Novo has the option to terminate the agreement or
exercise the option and form an 80/20 unincorporated joint venture with TechGen NSW on EL9121,
(Micks Bull) in which TechGen is free carried until a decision is made to commence commercial
mining operations. If the option is exercised, Novo will obtain an 80% interest in the tenements.
Also, at completion of the second farm-in period, Novo has the option to form a 70/20/10
unincorporated joint venture with TechGen NSW and Sloot on EL8389 (John Bull) in which both
TechGen NSW and Sloot are free carried until a decision is made to commence commercial mining
operations. If this option is exercised, Novo will obtain a 70% interest in the tenement.
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