Ann: Two New Lithium Prospects - Kirup Project, page-10

Cheap MC.
Drilling not far away.
If the drill bit hits thick spodumene, 10c here we come.

Previous owners seem pretty optimistic, as shows by their terms and conditions in BOLD at the time of the acquisition.
Low upfront costs for KGD.

• Kula to:
* pay $70,000 upon singing the Agreement and $130,000 upon completing the acquisition for
reimbursement of exploration expenditure costs incurred to date by Sentinel. The exploration
expenditure incurred to date includes tenement acquisition costs, rates, rent, tenement
management costs, geology consultants review of historical data and numerous site visits
collecting samples. These samples have been sent to the laboratory for analysis, results of which
will be reported in due course;
* issue 12,000,000 fully paid ordinary shares. As a result of ASX Listing Rule 10.7, these shares will
be subject to a 12-month escrow period from the date of issue.
* pay $2m payable in fully paid ordinary shares issued at the 10-day VWAP (commencing upon
announcing the resource), with a minimum issue price of $0.04 on completion of a JORC maiden
inferred resource on the Kirup Project of a minimum of 10mt of ore at a grade of 1% lithium (or
metal equivalent) or greater within 5 years of the Lithium Rights being acquired