board spill, page-71

Additional info,

As P B has pointed out ABU has optionality, & currently in discussion with parties in reference to tenements that don't represent what ABU deems to be there core future
focus regarding potential joint ventures, one example of a Joint venture that's shows significant upside is the IGO-ABU-JV, discovery -Bumblebee's first round of drilling
results were outstanding see below.

ASX Ann 06/Oct 2015
Multi-element surface geochemistry anomaly > 1 kilometre in strike length & metal
association and geology indicate analogies to Cloncurry style iron oxide copper gold
(IOCG) deposits.& the first high grade drill results in the entire region,
being close to the surface is a bonus.

2 metres averaging 1.3g/t gold, 34.6g/t silver, 7.4% copper, 1.3% lead, 1.6% zinc
and 0.09% cobalt ~25 metres below surface.

7 metres averaging 3.3g/t gold, 37.7g/t silver, 3.2% copper, 0.9% lead, 1.3% zinc
and 0.08% cobalt ~30 metres below surface.

5 metres averaging 2.4g/t gold, 12.4g/t silver, 1.4% copper, 0.2% lead, 1.0% zinc
and 0.1% cobalt ~48 metres below surface.

ASX Ann- 07/12/16
ABM and Independence Group Extend Exploration Agreement

Key terms of the Lake Mackay Exploration Agreement
During the initial term of the Agreement IGO will:
• Sole fund exploration and meet statutory expenditure commitments on the tenements;
• Pay all government rents and charges;
• Cover payments and charges to the Traditional Owners in accordance with Central Land Council
agreements; and
• Meet the cost of obtaining grant of exploration licence applications that were added to the
Agreement.
During or up to three months after the initial term of the Agreement, IGO can elect to enter into
a farm in and joint venture agreement whereby it can earn a 70% joint venture interest in the Tenements by:
• Making a $1 million cash payment to ABM or subscribing for ABM shares to the value of $1.5
million with a 6 month escrow period; and
• Sole funding an additional $6 million of exploration on the Tenements within 4 years of making
the election to proceed with the farm-in.​