Ann: New Zealand Farmout Agreement Termination, page-36

Where does it say that the money will be returned? Surely an announcement of this significance should state one way or the other as to the implications of its earlier US$1.62m payment (ref announcement 4 April 2022).

Remember also, CP4 states:

CP4 is linked to Condition 1 such that the information provided to NZPAM and to MBIE will
enable the Minister to make the decision on approval or otherwise required under section 41 of
the Crown Minerals Act with respect to the Deed of Assignment and Assumption.

Now look back at CP1:

CP1 involves providing information to and seeking approval from two NZ Government agencies,
under the Crown Minerals Act. First, the regulator which manages New Zealand’s Crown
Minerals estate; New Zealand Petroleum and Minerals (NZPAM). Second, the NZ Ministry for
Business, Innovation & Employment (MBIE).
The process requires the provision of information concerning Advent’s financial and technical
capability.

Best guess: NZ regulators said: You guys (Advent) haven't proven your financial and technical capability to us so we're not going to approve this farmin transaction, even after we gave you an extra six months to prove it to us. [read: "You're muppets"]. So Breeze gets to say that he terminated it under CP4 cos the NZ govt wouldn't let him in.

I hope ASX is ensuring full and frank disclosure in all BPH/MMR announcements...