Ann: Supplementary Prospectus and Supplementary Application Form, page-23

I don't think that this is correct. They way I interpret it is that S32 have the right to exercise their Earn In Option (EIO). This means that they will now move into the Earn In Agreement (EIA) phase which can be completed within 90 days and/or mutually extended. So between now and the time of the final results, S32 May choose to execute the final agreement. If they do then they proceed but if they don't, S32 has option 2 which means that they have an option to match a third party's offer at a later stage. Option 1 was the funding of the Geo survey. Had S32 not agreed to option 1 they would not have had the right to match any offer which may come later on by a third party. To me this smells as if there might be others which had knocked on the door for a partnership in the project but their offer was not in ICG's best interest. S32 has to throw out cash for the survey in order to secure an option to beat any offers being thrown later down the track....