It seemed pretty clear at the time of the life saving capital raising.
From the 6 Sept 2017 capital raising announcement, under highlights.
"In addition, AngloGold has made a A$3.0M pre-payment on 31 August 2017 to Orinoco against the US$9.5M exploration earn-in agreement (Earn-in Agreement) it has with AngloGold at the Faina Goldfields Project (Faina Project), taking AngloGold’s total commitment as part of the capital raising to A$4M."
Notice how they refer to the agreement as "the US$9.5M exploration earn-in agreement (Earn-In Agreement) here. No mention of a "proposed MOU".
The same announcement goes on to say.
"Final documentation for the AngloGold Earn-in Agreement is expected to be completed by the end of September, with drilling scheduled to begin at Sertão shortly thereafter."
We never saw the finalisation in September or the "major" Sertao drilling program shortly after either.
In the detail of the announcement it also says
Earn-in Agreement Pre-payment AngloGold has made a A$3.0M pre-payment to Orinoco under an amendment to the terms of the previously announced Strategic Partnership MOU (MOU). The general terms of this MOU (refer ASX announcement – 07 February 2017) remain in place, with the following amendments:
• AngloGold provided A$3.0M on 31 August 2017 as a pre-payment against the three year Earn-in Agreement commitment of US$9.5M to fund exploration on the Faina Project;
• AngloGold will remain committed to spend the revised amount of US$9.5M less the A$3.0M pre-payment (i.e. at a 0.78 AUD:USD conversion rate the deduction would be US$2.34M) leaving the amended exploration spend required to complete the 70% exploration earn-in at US$7.16M; and
• In light of AngloGold completing the early payment of A$3.0M, Orinoco agrees that any annual staged spending milestones will be removed and the only obligation of AngloGold is to complete the amended total exploration spend (i.e. US$7.16M as noted above) by the end of 36 months from the date of the formal execution of the Earn-in Agreement.
Following execution by AngloGold of the Amended MOU with Orinoco, AngloGold will be entitled to appoint two nominees to the Board of Orinoco.
That doesn't say anything about a "proposed MOU" it actually says Anglo remain committed to spending the remainder of the earn-in money under an amendment to the terms of the previously announced Strategic Partnership MOU (MOU).
Either Anglo don't look so committed anymore, judging by the lack of drilling at Sertao and now OGX holding the can for the Antena/Xupe drilling on their own, or OGX is trying to do the dirty on the people who saved them from being gutted like fish.
The question is: are OGX going ahead with the Antena/Xupe drilling while Anglo maintain their right to 70% of the ground. If they are they are not acting too cleverly IMO. That would just be a free kick to Anglo. Unfortunately for shareholders and investors we have been left in the dark, not good disclosure IMO, we deserve much better and that's why I sold down my holding. I don't need this sort of BS. Esh
