GRL godolphin resources limited

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No mateThat agreement with Orange on the Calerie tenement is an...

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RED328

3,372 Posts.

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28/02/22

11:39

Post #: 59867250
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Originally posted by LukeYu: ↑

It's on their home page

Godolphin Resources Ltd has executed binding Term Sheets for Farm-in Joint Venture (“JV”) Agreements on its Calarie, Wiseman’s Creek and Ophir Projects with Orange Minerals Pty Ltd (“Orange”). With its exploration focus on the Lewis Ponds, Copper Hill East, Mount Aubrey and Gundagai Projects, a farm-out became the optimum means to advance Calarie, Wiseman’s Creek and Ophir.Under the terms of the Agreements, Orange can earn 51% of the Calarie Project (EL8555, EL8580, ML739) by spending $0.75 million, and 51% of the Wiseman’s Creek (EL8544) and Ophir (EL8323) projects by spending $0.35 million on each Project.The Term Sheets stipulate that Orange must spend a minimum of $250k on the Calarie Project (including 1,000 metres of drilling) and a minimium of $100k on each of the Wiseman’s Creek and Ophir Projects (including 500 metres of drilling) before 28 February 2022. Godolphin has an option to contribute after Orange has earned 51% in these projects.If Godolphin declines that option, then Orange may earn up to 70% of the Calarie Project by spending an additional $0.75 million ($1.5 million in total) by February 2026, and up to 70% of the Wiseman’s Creek and Ophir Projects by spending an additional $0.65 million ($1.0 million in total for each Project) by February 2026.

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No mate
That agreement with Orange on the Calerie tenement is an existing agreement, here is the latest announcement going back to 09/12/2021
The original agreement even predates this by a long shot.
https://godolphinresources.com.au/downloads/announcements/grl_2021120901.pdf

This Trading Halt is a new matter that is not available publicly and I would assume that the final signoffs have not taken place yet.
Its a new deal with someone of significant profile.
RED

GRL Price at posting: 12.0¢ Sentiment: Buy Disclosure: Held
12 Upvote

0 Great analysis

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