Ann: Blackstone Secures $5m in Oversubscribed Placement, page-12

Received the meeting papers today. The performance options have an exploration target: "a drill result representing a 2% cobalt equivalent-metres intersection".

Does this mean 2% co @ 1m = 0.2% @ 10m etc.?
Or does it mean 1m of 2% cobalt equivalent including other valuable metals?
Or a combination of both, say 2m @ 0.5% co and 8g/t au?

I just looked at JORC Code 2012 clause 50 (mentioned under the definition), but it didn't say anything about equivalent-metres, it explains the conditions for other metals comprising an equivalence.