The agreement is conditional upon satisfactory completion of due diligence by Datamotion and URE entering into three joint venture (JV) agreements with Oroya to farm-in to the Mt Barrett, Moruya and Pambula projects on the following terms: In the Mt Barrett Project URE can earn: * a 25% interest in the project by identifying a JORC compliant indicated resource within two years of commencement of the Mt Barrett joint venture agreement. URE can then earn; * a further 26% (total 51%) by completing a Bankable Feasibility Study within four years of commencement of the Mt Barrett JV agreement. * can then earn a further 19% by payment to ORO of AUD5 million plus a further payment of 25% of an independent valuation of the value of the project in excess of AUD5 million.
In the Moruya Project URE can earn 70% in the project by sole funding a Bankable Feasibility Study and meeting all the Mining Act expenditure requirements for the Moruya Project until a decision to mine. In Pambula, URE can earn 70% in the project.
DKO Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held