Ann: Seymour Drilling Update, page-17

While GT1 has 51% currently they have an option to increase this to 80% for $3.5m of cash or script. At even a discount to current prices a probable NPV of Aubry mining is going to be in the high hundred's of millions if not into the billions. As long as no roadblocks to production are encountered, GT1 will be exercising this $3.5m option and increasing ownership to 80%.

What is less clear is the end game.

• Does GT1 buy-out ADV's remaining 20%?
• Does ADV proportionately fund its share to retain 20%?
• Is a ownership share reduction agreed with ADV's share decreasing but GT funding the project in full?

GT1's other 26,109ha doesn't have any ADV interests.