Ann: Chalice commences EM program on Julimar lookalike target, page-20

Hi ShareBeers, I have re-read the VMS announcement from last year outlining the CHN JV. It does state that VMS can contribute cash to maintain a 30% JV but is it not clear when this contribution is necessary. Given that the amount is max 30% and the CHN 70% is tied to spending $2.5m by July 2022 then my guess would be this is the same timeframe by which VMS must contribute cash to the project. Just the same it may be that they are required to contribute something by July 2021 in which case what you suggest makes sense. gla

• A 51% JV interest in the Project by spending $1.2 million on exploration within two years, including a minimum of $300,000 in the first year.
• A 70% JV interest in the Project by spending a further $2.5 million on exploration over the following two years.
• Venture can then elect to either contribute 30% or dilute to a minimum of 10% JVinterest, in which case the interest automatically reverts to a 1.25% NSR royalty.

https://wcsecure.weblink.com.au/pdf/VMS/02256942.pdf