The high-level terms of the HOA include an initial Farm-in expenditure of $2m over a period of three years to earn a controlling 51% equity in the 287km2 tenement package. ERM can then elect to spend a further $2m over three years to earn a total interest of 75%. ERM must spend a minimum of $500,000 in exploration expenditure within the first twelve months. ERM is the manager and operator during the Farm-in and while it holds a majority interest. The Rover tenements fall within the Area of Mutual Interest for the Tennant Creek JV, whereby our JV partner, Evolution Tennant Creek Pty Ltd (a wholly owned subsidiary of Evolution Mining) have the right to elect to include the Rover tenements in the Tennant Creek Mineral Field Farm–in and Joint Venture agreement.
Hope EVN will contribute to cost of farm in if this happens
ERM Price at posting:
15.0¢ Sentiment: Hold Disclosure: Held
