HGO

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5.4¢ hillgrove resources limited

Ann: $6m Funding Agreement For The Sale of Kanmantoo Royalty, page-87

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VYR

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29/08/22

14:32

Post #: 63384810
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Originally posted by HIO: ↑

It looks like Wednesday is a big day for shareholders - lets hope all conditions are met and some guidance is given for the way forward. It is quite relevant that the Freeport agreement is for mine development and not ongoing costs.
Attached from announcement 24/8:

The key terms of the agreement include:Hillgrove to receive consideration of $6 million at Completion.Completion is subject to satisfaction or waiver of conditions precedent by 31 August 2022.Outstanding conditions precedent include no material adverse events; ando registration of caveat with Department of Energy and Mining.Consideration to be used exclusively for capital expenditures and to fund working capital for completingunderground development, plant refurbishment and restarting and commissioning the KanmantooUnderground Project.Freepoint to receive 2.5% of net smelter returns for the first 85,000 tonnes of payable copper at theKanmantoo project, reducing to 0.5% thereafter.Royalty will not be payable on garnet as well as any processing or reprocessing of historical tailings.Authorised for release by the Board of Hillgrove Resources Limited.

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"Royalty will not be payable on garnet as well as any processing or reprocessing of historical tailings."

Nice to see that the potential to recover the gold etc. in the tailings has been excluded. The mention of Garnet is a bit intriguing.

HGO Price at posting: 4.2¢ Sentiment: None Disclosure: Held
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