Anglo Australian Resources NL (ASX: AAR) (the Company) confirms that it has now received payment of the final $900,000 from AuKing Mining Limited (AuKing) (ASX: AKN) with respect to the Koongie Park Project Agreement announced on 25 June 2020 (the Agreement). In accordance with the terms of the Agreement, AuKing has earned a 25% participating interest in the Koongie Park Joint Venture, an unincoporated Joint Venture between the Company and AuKing (Joint Venture). AuKing has the opportunity to earn up to a 75% interest in the Joint Venture by funding exploration and project development studies (as stipulated below). ▪ AuKing may earn a further 25% interest in the Joint Venture by incurring expenditure of $1.5 million over an initial period of twenty-four (24) months, including expenditure on exploration, testwork and related analysis to establish a commercially viable processing solution for the Koongie Park oxide ores (First Earn-In Milestone). ▪ At AuKing’s election, AuKing can earn a further 25% interest in the Joint Venture by incurring additional expenditure of $1,500,000 over a subsequent twelve (12) month period, including expenditure on exploration activities and feasibility studies with a view to establishing mining operations on the Onedin and Sandiego deposits on the Tenements (Second Earn-In Milestone).
