Don’t forget about this too (From the quarterly exactly a year ago (Sep 2019)):
YANDAL PROJECT – FLUSHING MEADOWS GOLD RESOURCE Maximus royaltyThe Yandal Project (also known as Ironstone Well) currently includes one contractual agreement whereby Yandal Resources, formally Orex Mining Pty Ltd [Orex] was proposing to progress the Flushing Meadows gold project in which Maximus retains a $40 per ounce royalty interest.The Royalty Agreement is in respect of granted Mining Lease M53/1093, which hosts the Flushing Meadows Resource, and adjacent exploration licences E53/1963 and E53/1964.The royalty obligation by Yandal Resources to Maximus Resources includes;a) $40 per ounce on the first 50,000 ounces of gold from the tenement area. Orex must prepay the first $200,000 of royalties (representing the first 5,000 ounces of gold production) upon commencement of gold production from any part of the tenement areab) $20 per ounce for gold in excess of 50,000 ounces and less than 150,000 ounces in respect of gold from the tenement areaAdditionally, there is a 3% net smelter return royalty for any gold by-product or co-product from the tenement area.The Maximus Royalty is a capped royalty and is satisfied once there is 150,000 ounces of gold produced from any part of the tenement area resulting in a $4,000,000 royalty being returned to Maximus.The current Flushing Meadows Mineral Resource Estimate was conducted in 2007 and stands at 1.549 million tonnes at 1.6 g/t gold for 81,000 ounces.Yandal Resources are currently seeking to list on the ASX with an initial public offering (IPO) of $5m, a part of which will be directed towards developing its gold deposits, including Flushing Meadows, into production.
Yandal Resources yesterday announced a resource upgrade from the 81,000 ounce mineral resource estimate (MRE) that was provided approx. a year ago. They have added over 100,000 ounces to this MRE. They are looking to increase this MRE.
Pity we had to forego this tenement when we were encountering or cash flow issues.
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