Ann: Australian Gold Conference Presentation, page-18

So both S2R and Newmont have minimum commitments in terms of spend and drilling with the option to extend or exit at as those commitments are fulfilled.

GLENLOGAN
S2R is earning up to an 80% interest in this project from ASX-listed Legacy Minerals (“Legacy”). The agreement comprises an earn-in and joint venture phase, with key terms as follows:
• S2R to issue Legacy with 1 million ordinary shares on signing, representing a consideration of approximately A$150,000 at a deemed price of A$0.15 per share
• Minimum commitment is to drill the Shellback magnetic anomaly within 12 months and to undertake 1,200 metres of diamond drilling
• S2 can spend A$2 million within 2 years of signing to earn a 51% participating interest
• Following this, S2 can elect to spend a further A$4 million within a further 3 years to earn an additional 19% interest for a 70% participating interest, including a minimum of 8,000 metres of diamond drilling.

BAULOORA
Principal terms of the joint venture with Newmont
Phase 1 - $5M earn-in for 51%
• Subject to satisfying the minimum commitments, Newmont may acquire a 51% farm-in interest in the Bauloora tenements by spending a total of A$5 million within 48 months.
• Undertaking 4,000m of drilling within 48 months.
• Legacy Minerals will act as operator during the initial earn in period.
Phase 2 - $10M earn-in for 75%
• Subject to completion of Phase 1, Newmont may earn a further 24% farm-in interest in the
tenements by spending an additional A$10 million.
• Undertaking a further 8,000m of drilling within 48 months.
Newmont financing facility and Mining Joint Venture
• A Mining Joint Venture may be formed between the Company’s upon the decision to mine.
• At the discretion of Legacy Minerals, LGM may enter an agreement to be loan carried
through to production through a Newmont financing facility, allowing Newmont to earn-in
up to 80%.
• The loan would be re-paid from Legacy Minerals’ 20% share of any future mining proceeds.