ADG (ASX) Good news on Cosmo (maybe)

Originally posted by playwithfire: ↑

11.5 E38/2274 Deed of Sale and Related Documentation
On 2 September 2011, 3D Resources Limited (ACN 120 973 775) (DDD, as purchaser), Michael Joseph Foley (Foley, as vendor)
and Preston Flynn entered into a Deed of Sale (Deed of Sale) in respect of Exploration Licence 38/2274 (E38/2274).
On 8 May 2013, Foley transferred 75% of his right, title and interest in E38/2274 (Interest) to DDD free from all encumbrances
or restrictions. On 22 September 2020, DDD transferred the Interest to Cosmo Gold.
Under the Deed of Sale, within a period of 2 years of gaining access to E38/2274 (which will commence as soon as Ministerial
consent is obtained for the YTAC Access Agreement signed on 17 December 2020), Cosmo Gold is obliged to carry out an
exploration program in respect of E38/2274. If Cosmo Gold fails to undertake the exploration program within that two year
period, Foley is entitled to repurchase the Interest for $1.00.
The Deed of Sale obliges the Company to make a number of milestone payments (Milestone Payments) to Foley upon the
occurrence of certain events in relation to E38/2274 (Milestones). The parties also entered into documentation varying the
Deed of Sale on 14 September 2016, 15 March 2017, 15 January 2018 and 6 July 2020 (Variations). These Variations provided
for certain advance payments to Foley in anticipation of fulfilment of the Milestones, and that any work undertaken on
E38/2274 would not constitute DDD gaining access to E38/2274 for the purposes of the Deed of Sale. DDD has previously
advanced payments to Foley pursuant to the Variations, such that presently the only Milestone Payment to be paid is
$16,000 upon completion of the initial exploration plan and program in adherence with all native title, social and
indigenous requirements.
The Deed of Sale (or the Variations) does not establish a joint venture between the Company and Foley and accordingly
the Company carries the risk of being a co-owner of E38/2274 without a formal joint venture agreement. The Deed of Sale
also provides DDD/the Company with control of E38/2274, and sole discretion to make decisions affecting it and enabling
it to determine all activities to be undertaken
Project Details
(a) Cosmo Gold Pty Ltd are the Registered Holders of 5 Tenements and 3 Applications, Michael Joseph
Foley is part holder with Cosmo Gold Pty Ltd for 1 granted Tenement and Adderstone Holdings Pty Ltd
is the holder of 1 application of which Cosmo Gold Pty Ltd has an Exclusive Option to acquire. All
tenements and applications are managed under the Cosmo Newbery Project

Tenement No. Registered Holder Date Granted Expiry
Michael Joseph Foley - 250/1000 shares
E38/2274 Cosmo Gold Pty Ltd - 750/1000 shares 21/04/2009 10/06/2011 9/06/2021
E38/2627 Cosmo Gold Pty Ltd 29/03/2011 11/05/2012 10/05/2022
E38/2774 Cosmo Gold Pty Ltd 17/09/2012 29/07/2013 28/07/2023
E38/2851 Cosmo Gold Pty Ltd 13/05/2013 12/03/2014 11/03/2024
E38/3249 Cosmo Gold Pty Ltd 04/07/2017 18/07/2018 17/07/2023
Adderstone Holdings Pty. Ltd. (ABN 29 054
E38/3250 557 078) (Exclusive Option Agreement) 04/07/2017 n/a n/a
E38/3456 Cosmo Gold Pty Ltd 26/11/2019 n/a n/a
E38/3457 Cosmo Gold Pty Ltd 26/11/2019 n/a n/a
E38/3525 Cosmo Gold Pty Ltd 06/08/2020 n/a n/a

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Hi @playwithfire or should I say Mr Hastings. That was a confidential agreement which has been breeched. There will be consequences. PS. what say you @GravityWaves

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Last 0.7¢		Change -0.001(12.5%)		Mkt cap ! $7.826M

Open	High	Low	Value	Volume
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