Here is an extract out of the Dec 2024 Half Year Report being Note 10 on page 31 about the Tererro Project. It doesn't really tell us much about what is happening and these appear to relate to options to acquire additional tenements. The existing tenements are also listed in the Tenement Schedules of the Quarterly Reports. If you check these last two Reports they also itemise under the heading of Financials the dominant exploration and evaluation expenditure by project and these do not include any references to the Tererro Project so it seems there has been little or no such expenditure on this project recently :-
NOTE 10: COMMITMENTS
Jones Hill Deposit
The Company entered into option agreements with two unrelated parties (“Vendors”
, each of which hold 10 Federal mining claims over and around the Jones Hill VMS Deposit (Jones Hill Deposit), which forms part of the larger Tererro VMS Project. The agreements provide the Company with a twelve-year option to acquire a 100% interest in the Jones Hill Deposit. Remaining commitments related to the Jones Hill Deposit at reporting date but not recognised as liabilities, include the following:
1. The Company has until 16 June 2031 to conduct further exploration and to evaluate the development of a mining operation.
2. Until the Company completes a positive feasibility study into the development of Jones Hill, annual cash payments of US$10,000 on or before 16 June each year, to extend its option for a further 12 months; 3. Once the Company completes a positive feasibility study into the development of Jones Hill, subsequent annual cash payments of US$20,000 on or before 16 June each year, to extend its option for a further 12 months;
4. To exercise its option to acquire a 100% interest in the mining claims, the Company is required to pay each Vendor US$500,000 (total US$1,000,000). The option can be exercised at any time during the twelve-year option period. Title in the mining claims will be transferred to the Company at the time this payment is made;
5. On commencement of commercial production, the Company is required to pay each Vendor US$1,000,000 (total US$2,000,000); and
6. 24 months after commencement of commercial production, the Company is required to pay each Vendor US$1,000,000 (total US$2,000,000).
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