Ann: Lake Torrens IOCG Project - Drilling Update, page-33

Worth remembering the JV agreement...
Maybe we can assume now that FMG will likely achieve the 51% beneficial interest over the Vulcan site, and is also likely to increase it to 80% over the next 8 years or perhaps earlier.
Its anybody's guess though how much TAS might make out of this.

Tasman Resources Ltd (“Tasman” and FMG Resources Pty Ltd, a subsidiary of Fortescue
Metals Group Limited (ASX:FMG Fortescue ” have executed a formal Farm-in
and Joint Venture Agreement (“Agreement” over Tasman’s wholly owned Exploration
Licence 5499 that hosts the Vulcan iron oxide-copper-gold-uranium (“IOCGU” prospect,
approximately 30km north of BHP’s Olympic Dam mine in South Australia

• Fortescue may earn a 51% beneficial interest by sole funding A$4 million plus GST on
exploration expenditure within a 3 year period.
• Fortescue must expend a minimum of A$1 million before it can withdraw. If
Fortescue withdraws before expending A$4 million it will earn no interest.
• After earning a 51% interest, Fortescue may at its election, increase its Joint Venture
interest to 80% by sole funding a further A$7 million plus GST on exploration
expenditure within a further 5 year period. If Fortescue withdraws before expending
the further A$7 million its interest will remain at 51%.
• After Fortescue has ceased to sole fund the exploration expenditure, all parties must
contribute to Joint Venture expenditure proportionally to their Joint Venture
interests from time to time or may elect to not contribute, in which case its Joint
Venture interest will be diluted in accordance with standard industry dilution
provision.
• If the interest of either party in the Joint Venture falls below 10%, the other party has
the right to purchase all of that interest at 90% of its then fair market value.
• Fortescue will be the manager both while earning its interest and during the Joint
Venture.