GXY Relationship, page-70

From Cobra (LIT) ASX release 7/7/2015 being sate of exercise

Terms of AgreementAs previously announced, the licenses will provide Cobre conditional exclusivity within Western Australia for up to 25 years and exclusivity at two other locations anywhere in the world.“Given the nature of the licenses provided, Cobre has first mover advantage over competitors” Mr Griffin said. Under the terms of the licenses issued to Cobre Montana, it will be subject to: A requirement to continue testing with Strategic Metallurgy Gross product royalty of 2% License exclusivity for all of Western Australia for 5 years from exercise Exclusivity extended another 20 years if Cobre commits to build a plant anywhere in the world during the initial 5 year exclusivity period Two further license options available anywhere in the world, with Cobre having the right to change nominations by agreement with Strategic. One of these licenses has been assigned to the Cinovec project in the Czech Republic where Cobre Montana plans to operate in Joint Venture with European Metals Holdings Limited.“We have been exceptionally pleased with the test results using this technology and the license agreements provide us with the ability to lock in our position, with no additional outlay as further testing progresses,” Mr Griffin said.“Furthermore, the arrangement effectively gives Cobre Montana exclusive first rights to utilise the technology anywhere in the world and potentially have front running in WA for over 25 years.”