Don't think so. Barra AXA 30-04-2020 reads With access to mills in the Eastern Goldfields becoming increasing scarce, the ability to utilise FMR’s 100% owned nearby Greenfields Mill is considered a significant opportunity to monetise ore from Burbanks at current gold price highs. The key terms of the agreement are as follows: • The agreement initially considers mining the Burbanks North deposit to a depth of up to 35m and the Main Lode South deposit to a depth of up to 75m depth (“Initial Licence Areas”). • FMR will be responsible for funding the grade control drilling in the Initial Licence Area as an allowable deduction from future profits. • If FMR elect to proceed with mining in the Initial Licence Area, they then carry all mining and financial risks. • Processing is to be conducted at FMR’s nearby Greenfields mill. • The first $8 million dollars in net profits from the Initial Licence Area is to be set aside in a “Future Fund” trust for exploration at Burbanks at depth and along strike. • Any additional profits to be distributed 80/20 with Barra having a 20% free carried interest. • A Burbanks Consultation Committee will be formed with equal representation from the parties to consider Future Fund exploration programs and “Future Mine Plans”. • If the Burbanks Consultation Committee recommends Future Mine Plans, FMR may elect to proceed within 90 days. • Within 30 days, Barra may elect to increase its interest from 20% free carried to 50% by contributing up to 50% of the mining and exploration costs and in turn, earn up to 50% of the revenue and profits from Future Mine Plans. • If FMR elect not to proceed with a Future Mine Plan, Barra may assume 100% risk and reward and commence the Future Mine Plan independently. • The term of the agreement is for 3 years, with FMR also having the option to extend for a further 3 years.
GSR Price at posting:
3.7¢ Sentiment: Buy Disclosure: Held