Ann: Investor Conference Call - 19 October 2023, page-10

Goes back a long way but I suspect there is some sort of funky Hera "Life of Mine" agreement/royalty on Page 4 of this document signed between YTC and Glencore back in 2012.







A relevant bit here on page 4:







Moral of the story - always define "life of mine" and set definitions about "life of mine" with regard to the fact that companies often close mines, go bankrupt and/or sell them to other companies....

I expect that Glencore are attempting to argue that AMI has to use Glencore for offtake and marketing of Hera base metal concentrates even though the mine has changed hands numerous times since 2012.



Here is the "fine print" in the AMI equity raising from 31 May 2023: