I haven't read the thing but these things are generally set up this way because
mineral exploration is expensive and extremely uncertain. The company paying for the drilling is taking all the risk (coughing up the dough, providing the people etc) and there is probably a minimum spend to earn their %. If they find something toro get 20% for no further expenditure and risk, it makes perfect sense.
I am not familiar with NT mining legislation however if it is like WA there is an annual expenditure commitment from the lease holder in order to keep the tenement in good standing, Toro may not wish to spend anything on (risky) exploration at the moment but don't want to lose the lease - this is unlikely to the main driver for the decision of course
I haven't read the thing but these things are generally set up...
Add TOE (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
43.5¢ |
Change
-0.005(1.14%) |
Mkt cap ! $52.32M | |||
| Open | High | Low | Value | Volume |
| 44.5¢ | 45.0¢ | 42.5¢ | $106.3K | 241.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 29792 | 43.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 44.5¢ | 1641 | 1 |
View Market Depth
| Last trade - 16.10pm 03/05/2024 (20 minute delay) ? |
|
|||||
|
Last
44.5¢ |
Change
-0.005 ( 1.14 %) |
||||
| Open | High | Low | Volume | ||
| 45.0¢ | 45.0¢ | 43.0¢ | 57578 | ||
| Last updated 15.56pm 03/05/2024 ? | |||||
| TOE (ASX) Chart |